NEDBANK GROUP LIMITED - Nedbank Group Executive Leadership Change Retirement of Mfundo Nkuhlu

Nedbank Group Executive Leadership Change – Retirement of Mfundo Nkuhlu

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 number: 1951/000009/06
JSE share code: NED                                JSE alpha code: BINBK
NSX share code: NBK                                (Nedbank)
A2X share code: NED
ISIN: ZAE000004875
JSE alpha code: NEDI
(Nedbank Group or Group)


NEDBANK GROUP EXECUTIVE LEADERSHIP CHANGE – RETIREMENT OF MFUNDO NKUHLU

Nedbank Group shareholders are advised that Mfundo Nkuhlu, Chief Operating Officer of Nedbank
Group and executive director of Nedbank Group Limited and Nedbank Limited, has elected to take
early retirement at the end of the year, having reached the age of 60.

Mfundo joined Nedbank in April 2004 as Managing Executive: Nedbank Africa and subsequently
served as Managing Executive: Corporate Banking; and Managing Executive: Nedbank Corporate
before being appointed Chief Operating Officer and executive director of Nedbank Group and
Nedbank with effect from 1 January 2015.

During more than 22 years with the Nedbank Group, Mfundo has made a significant contribution to
the group's strategy, operations and growth. As Chief Operating Officer, he has played a key role in
strengthening the group's operational capabilities, driving strategic execution and supporting the
Group through periods of significant change and transformation.

Beyond Nedbank, Mfundo has made a meaningful contribution to the South African financial
services sector and broader economy through his leadership roles, including as Chairperson of the
Financial Sector Transformation Council and as a member of the Board Exco of the Banking
Association of South Africa. Prior to joining Nedbank, he held senior positions at the South African
Revenue Service and the Department of Trade and Industry.

The Group board thanks Mfundo for his exceptional service, leadership and contribution to the Group
over the past 22 years, and looks forward to his continued leadership for the rest of the year.

Following Mfundo's retirement on 31 December 2026, the role of Group Chief Operating Officer will
be discontinued and the responsibilities associated with the role will be reallocated within the existing
Group Executive Committee structure.


Sandton
3 August 2026

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

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

Date: 03-08-2026 10:00:00
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