NEDBANK GROUP LIMITED - Nedbank Group and Nedbank: Changes to Chief Financial Officer

Nedbank Group and Nedbank: Changes to Chief Financial Officer

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 share code: NBKP
NSX share code: NBK                            ISIN: ZAE000043667
ISIN: ZAE000004875                             JSE alpha code: BINBK
JSE alpha code: NEDI                           (Nedbank)
(Nedbank Group)
(collectively ‘the Group’)

NEDBANK GROUP AND NEDBANK: CHANGES TO CHIEF FINANCIAL OFFICER

Shareholders are advised that Raisibe Morathi has resigned as the Chief Financial Officer
(CFO) and executive director on the Nedbank Group and Nedbank Boards with effect from
30 September 2020. She will remain employed by Nedbank until the end of October to
ensure an orderly handover. Raisibe has been CFO since September 2009 and is a highly
regarded professional, internally and externally. The Boards accept her resignation with
regret, but wish her every success in her future career aspirations.

In accordance with Nedbank Group’s executive succession plan and after a process overseen
by a panel of non-executive directors, Mike Davis, currently Group Executive: Balance Sheet
Management (BSM) and an existing member of Group Exco has been appointed as CFO-
designate with immediate effect, and as the Group’s Chief Financial Officer and to the Group’s
Boards on 1 October 2020.

Mike Davis (BCom(Hons), DipAcc, CA(SA), AMP) was appointed as Group Executive of BSM
and to the Group Executive Committee on 1 January 2015. He has significant industrywide
experience in finance, asset and liability management and capital management, having worked
in financial services for over 20 years. Mike is the current deputy-chairperson of the Nedbank
CFO Forum and has strong relationships within Nedbank and with shareholders and the
broader investment community and has consistently been part of the group’s results
roadshows and investor engagements.

Mike Brown, Chief Executive, said ‘It has been a privilege to work alongside Raisibe and whilst
we are disappointed that she has decided to pursue new opportunities outside of the Group,
we thank her for her valued contribution to Nedbank over the past decade. We will miss her
and wish her well in her future. I am thankful that in the current environment we were able to
make an immediate appointment into this important position and am confident Mike Davis will
seamlessly step into the role.’

Raisibe Morathi, outgoing CFO, said ‘I wish to thank the Board of Nedbank for the opportunity
afforded to me over the last several years, the experience gained is truly invaluable. It is in that
context that this is a moment of mixed emotions, sad to leave all my friends and colleagues at
Nedbank whilst also looking forward to opening a new chapter in my career. I remain a true
Nedbank loyalist whose connection as a client of 26 years will continue well beyond this period
and I congratulate Mike Davis and wish him well in the role, with full confidence that he will do
well.”

Nedbank Group Chairman, Vassi Naidoo, thanked Raisibe for her years of excellent service
to Nedbank as CFO and a member of Group Exco and the Nedbank Boards, and wished her
well in her future career aspirations.

Sandton
25 August 2020

Sponsors to Nedbank Group in South Africa:
Nedbank CIB
Merrill Lynch South Africa (Pty) Limited

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

Sponsors to Nedbank Limited in South Africa:
Nedbank CIB
Investec Bank Limited

Date: 25-08-2020 07:30:00
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.