Shareholders were advised on 2 December 2021 that Mpho Makwana's term as Non-executive Chairperson of Nedbank Group and Nedbank Limited was planned to end at the Companies' annual general meetings (AGMs) in 2023, and in line with this announcement, Mpho will retire at the close of the Nedbank Group AGM on 2 June 2023. The boards of the Companies announced the appointment of Mr. Daniel Mminele (57) as an independent non-executive director and Chairperson-designate of the Companies. The required regulatory approval for the appointment has been received.

The appointment has been made in terms of the Group's policy on the nomination and appointment of directors. Daniel's appointment as an independent non-executive director of the Companies will be effective from 1 May 2023 and the boards of the Companies have resolved to elect Daniel as Chairperson of the Companies immediately following the conclusion of the Nedbank Group AGM scheduled to be held on 2 June 2023. Daniel has significant banking and financial services experience.

He is the outgoing Chair of Alexander Forbes Group Holdings Limited and Alexander Forbes Investments Limited (having tendered his resignation with effect from 30 April 2023), a former Chief Executive of ABSA Group and ABSA Bank Limited, and served two 5-year terms as Deputy Governor of the South African Reserve Bank (SARB) where his responsibilities during his second term included Financial Markets, International Economic Relations and Policy, as well as the Human and Operations Cluster. His committee memberships included the Governors' Executive Committee, the Monetary Policy Committee, Financial Stability Committee, Risk Management Committee and the Prudential Committee. Before joining the SARB in September 1999, he worked for African Merchant Bank and Commerzbank in South Africa, and WestLB in the UK and Germany for 12 years.

Daniel holds Associate Certificates of the Chartered Institute of Bankers (London) in association with City Polytechnic of London/Guildhall University; and a German Banking Diploma (Bankkaufmann) from Sparkasse Paderborn and the Chamber of Industry and Commerce in Bielefeld (Germany). Daniel also served for the most part of 2022 as Head: Presidential Climate Finance Task Team where he led and coordinated the work to give effect to the Just Energy Transition Partnership, as well as the development of the Just Energy Transition Investment Plan, which was launched in November 2022. Daniel's appointment follows a robust succession process for the Chairperson that commenced early in 2022 and was led by Hubert Brody, Nedbank Group's Lead Independent Director.