Nedbank Group Limited                                  Nedbank Limited
(Incorporated in the Republic of South Africa)          (Incorporated in the Republic of South Africa)
Registration number: 1966/010630/06                     Registration No. 1951/000009/06
JSE share code: NED                                     JSE alpha code: BINBK
NSX share code: NBK
A2X share code: NED
ISIN: ZAE000004875
JSE alpha code: NEDI
(‘Nedbank Group’)
(collectively ‘the Companies’)


NEDBANK GROUP LIMITED AND NEDBANK LIMITED – NOTIFICATION OF FUTURE CHANGE
OF AUDIT FIRM

In June 2017, the Independent Regulatory Board of Auditors published a rule prescribing that auditors
of public interest entities in South Africa must comply with mandatory audit firm rotation (‘MAFR’),
whereby audit firms shall not serve as the appointed auditor of a public interest entity for more than 10
consecutive years, with effect from 1 April 2023.


The Boards and Audit committees of the Companies would like to inform the Companies’ stakeholders
that, following a comprehensive tender process, the Companies intend to appoint KPMG Inc. (‘KPMG’)
as one of the joint auditors for the financial year ending 31 December 2024. In line with MAFR
implementation timelines, Deloitte & Touche (‘Deloitte’) will rotate off the Companies’ audits on
conclusion of its external audit responsibilities for the year ending 31 December 2023, expected to be
at the conclusion of the relevant annual general meetings (‘AGMs’).


The appointment of KPMG and the designated audit partner is subject to approval by the South African
Reserve Bank’s Prudential Authority in accordance with section 61 of the Banks Act No. 94 of 1990 as
amended. In terms of section 90 of the South African Companies Act No. 71 of 2008, as well as
paragraph 3.84(g)(iii) of the JSE Listings Requirements and paragraph 7.3(e)(iv) of the Debt Listings
Requirements, the Companies intend to propose a resolution at their 2023 AGMs for the appointment
of KPMG for the 2024 financial year. The incumbent auditor Deloitte will continue to act as external
auditor to the Companies for the financial year ending 31 December 2023.


KPMG will provide its services alongside Ernst & Young, who has been nominated to remain the joint
external auditor of the Companies, subject to shareholder approval at the AGMs, until their rotation off
the Companies’ audits in line with MAFR implementation timelines.


Sandton
28 October 2022
Sponsors to Nedbank Group in South Africa:
Merrill Lynch SA Proprietary Limited t/a BofA Securities
Nedbank Corporate and Investment Banking, a division of Nedbank Limited


Sponsor to Nedbank Group in Namibia:
Old Mutual Investment Services (Namibia) (Pty) Ltd


Debt Sponsor to Nedbank Limited in South Africa:
Nedbank Corporate and Investment Banking, a division of Nedbank Limited