Update on the Transnet SOC Limited Dispute Regarding Interest Rate Swap Transactions 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 'group') UPDATE ON THE TRANSNET SOC LIMITED DISPUTE REGARDING INTEREST RATE SWAP TRANSACTIONS Shareholders are referred to the disclosures contained in the Nedbank Group 2023 Integrated Report published on 18 April 2024 (available online on the group's website at nedbankgroup.co.za) regarding Nedbank's ongoing engagements with Transnet SOC Limited ('Transnet') concerning interest rate swap transactions that took place between December 2015 and March 2016 ('swaps'), on which Regiments Capital (Pty) Ltd had acted as Transnet's appointed financial advisers. Shareholders are also referred to the group's media release dated 28 May 2024 and the Nedbank Group Voluntary trading update for the four months ended 30 April 2024 on SENS dated 31 May 2024, noting the termination of the mediation process with Transnet and Nedbank's position on possible litigation. In this context, Nedbank confirms that review proceedings have been served on it by Transnet and the Special Investigating Unit ('SIU') in respect of the swaps. Considering internal and independent external reviews commissioned by them, the Nedbank Board and management remain satisfied that Nedbank internal governance procedures were followed in respect of these swaps and that there is no evidence of any Nedbank staff dishonesty, corruption or collusion. The joint media statement by Transnet and the SIU of 26 July 2024 which states that Nedbank profited in excess of R2,736,094,704.82 in respect of the swaps is incorrect. The sales margin earned by Nedbank in respect of the swaps was market related and amounted to less than R43million. The swaps were commercially sound and the return on equity earned by Nedbank was fair, reasonable and appropriate at 15,5% over the life of the transactions. Nedbank will strongly defend the litigation against it and will pursue its counterclaims against Transnet and others. Sandton 26 July 2024 Enquiries Nedbank Group Investor Relations: Email: NedgroupIR@nedbank.co.za Alfred Visagie (Head: Investor Relations) Email: Alfredv@nedbank.co.za Sponsors Sponsors to Nedbank Group in South Africa: Nedbank Corporate and investment Banking, a division of Nedbank Limited Merrill Lynch SA Proprietary Limited t/a BofA Securities Sponsor to Nedbank Group in Namibia: Old Mutual Investment Services (Namibia) (Pty) Ltd Debt Sponsor to Nedbank Limited: Nedbank Corporate and Investment Banking, a division of Nedbank Limited Date: 26-07-2024 04:18:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.