Disclosure of beneficial interests in securities NEDBANK GROUP LIMITED (Incorporated in the Republic of South Africa) Registration number: 1966/010630/06 JSE share code: NED NSX share code: NBK ISIN: ZAE000004875 (‘Nedbank Group’) DISCLOSURE OF BENEFICIAL INTERESTS IN SECURITIES Today, Old Mutual Limited (‘OML’) completed the unbundling of the majority of its shareholding in Nedbank Group (the ‘Unbundling’), which marks the completion of the final step in the managed separation of the Old Mutual plc group. The OML group has retained (in its shareholder funds) a strategic minority shareholding in Nedbank Group of 19.9% to underpin the ongoing commercial relationship between Nedbank Group and OML. The abovementioned shareholding is held by Old Mutual Life Assurance Company (South Africa) Limited (‘OMLACSA’), an indirect wholly-owned subsidiary of OML. In order to achieve this shareholding structure, certain internal transfers of Nedbank Group ordinary shares had to be undertaken by indirect wholly-owned subsidiaries of OML. Where such transfers comprised 5% or more of the issued ordinary share capital of Nedbank Group, OML advised Nedbank Group thereof. Accordingly, in compliance with paragraph 3.83 of the JSE Limited Listings Requirements and Section 122(1) of the Companies Act, 71 of 2008, shareholders are advised that Nedbank Group has received formal notification that: - Step 1: OMLACSA disposed of 74 740 222 Nedbank Group ordinary shares to Old Mutual Portfolio Holdings (SA) Pty Ltd (‘OMPH’), such that the total beneficial interest in Nedbank Group held by OMLACSA amounted to 2.04% of the total issued Nedbank Group ordinary shares, and the total beneficial interest in Nedbank Group held by OMPH amounted to 49.59% of the total issued Nedbank Group ordinary shares; - Step 2: OMPH disposed of 89 340 242 Nedbank Group ordinary shares to OMLACSA, such that the total beneficial interest in Nedbank Group held by OMPH amounted to 31.73% of the total issued Nedbank Group ordinary shares, and the total beneficial interest in Nedbank Group held by OMLACSA amounted to 19.90% of the total issued Nedbank Group ordinary shares; - Step 3: OMPH distributed 158 726 732 Nedbank Group ordinary shares to Old Mutual Group Holdings (SA) Ltd (‘OMGH’), such that the total beneficial interest in Nedbank Group held by OMPH amounted to 0% of the total issued Nedbank Group ordinary shares, and the total beneficial interest in Nedbank Group held by OMGH amounted to 31.73% of the total issued Nedbank Group ordinary shares; - Step 4: OMGH distributed 158 726 732 Nedbank Group ordinary shares to OML, such that the total beneficial interest in Nedbank Group held by OMGH amounted to 0% of the total issued Nedbank Group ordinary shares, and the total beneficial interest in Nedbank Group held by OML amounted to 31.73% of the total issued Nedbank Group ordinary shares; and - Step 5: OML distributed 158 726 732 Nedbank Group ordinary shares to OML shareholders in terms of the Unbundling, such that the total beneficial interest in Nedbank Group held by OML now amounts to 0% of the total issued Nedbank Group ordinary shares. Nedbank Group will, as required by section 122 (3)(a) of the Companies Act, 71 of 2008, file the required notices with the Takeover Regulations Panel. Sandton 15 October 2018 Sponsors to Nedbank Group: Nedbank CIB Merrill Lynch South Africa (Pty) Ltd Date: 15/10/2018 05:00:00 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.