Nedbank Limited announced that In accordance with paragraphs 3.59 of the Listings Requirements and 6.39 of the Debt Listings requirements of the JSE Limited and further to the SENS announcement made on 2 June 2023 advising shareholders of the commencement of the succession process for the Chief Executive (CE) of the Group, the Nedbank Group and Nedbank Boards (the Boards) have, subject to regulatory approval, appointed Jason Quinn as CE-designate of Nedbank Group and Nedbank. After completing his notice period with his current employer, he will assume the role of CE on Mike Brown's planned retirement from the Boards at the close of the Nedbank Group annual general meeting currently scheduled for 31 May 2024. Mike will remain at Nedbank for a suitable period after he steps off the Boards to ensure a seamless handover to Jason.

Jason (49) (BAcc (Hons), CA(SA)) was most recently the Financial Director of Absa Group Limited and Absa Bank Limited (Absa), having been initially appointed to that role in 2016. Jason joined Absa in 2008 where he held finance roles in the Group and the Retail and Business Bank. He was also the Interim Group Chief Executive Officer of Absa from April 2021 to March 2022.

Before Absa, he joined Ernst & Young Inc. in 1992, where he held the role of partner from 2005 to 2008. Conveying his appreciation for Mike's significant contribution as CE since 2010 and prior to that as Chief Financial Officer from 2004, Nedbank Group Chairperson, Daniel Mminele, said `Mike's leadership during the Covid period led to him being awarded the Sunday Times Business Leader of the Year award in 2020, an award based on the outcome of the votes of the CEOs of the top 100 companies listed on the JSE. Mike championed the Group's purpose of using its financial expertise to do good and positively shaped the culture of Nedbank by fostering a culture of diversity and inclusion and the Group has maintained Level 1 BBBEE ratings for the last 5 years.

He also led the managed separation from Old Mutual that was successfully concluded in 2018. In a competitive landscape, he spearheaded the bank's digital transformation and innovation agenda, as well as the successful managed-evolution technology rebuild which established Nedbank's credentials as a leader in digital innovation and has resulted in Nedbank achieving the #1 bank rating in client satisfaction (Net Promotor Score) in South Africa. Mike has passionately supported various social and environmental issues by playing a key role in the CEO Initiative, Business Leadership SA where he is Deputy Chairman, and the Banking Association of SA where he was a past Chairman.

Mike has also been instrumental in fostering Nedbank's commitment to the green agenda as a strategic imperative, and in championing its social sustainability engagements in the communities serve including Nedbank's leading participation in the Youth Employment Service. When Mike leaves office after 30 years of service, he will have left an indelible imprint on the Group's history.