Sharenet Sites 
Sharenet Sites
Dealings in Securities by Executive Directors, Prescribed Officers and Company Secretary: Vesting of Shares
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
JSE alpha code: NEDI
(Nedbank Group)
DEALINGS IN SECURITIES BY EXECUTIVE DIRECTORS, PRESCRIBED OFFICERS AND COMPANY SECRETARY:
VESTING OF RESTRICTED SHARES PREVIOUSLY GRANTED IN 2023
The following information is disclosed in respect of the vesting of Nedbank Group restricted shares previously
granted to the executive directors, prescribed officers and the company secretary of Nedbank Group in terms
of the Nedbank Group (2005) Share Option, Matched Share and Restricted Share Scheme (Scheme).
This is a voluntary announcement as vesting is not classified as dealings in terms of the JSE Listings Requirements.
Restricted shares are issued at no cost to eligible employees and are fully taxable and subject to the deduction
of PAYE at the time of vesting. Participants are entitled to the dividends paid on all restricted shares from the
date that the award is granted.
The restricted share allocations were fully subject to the achievement of performance-based vesting
conditions. The corporate performance target vesting outcome was 46% and the executive directors,
prescribed officers and company secretary are accordingly entitled to 46% of the restricted shares which were
allocated on 22 March 2023 and which vested on 23 March 2026.
Details of the transactions are set out below.
Nature of transactions: 46% vesting of performance-based restricted shares in
terms of participation in the Scheme
Class of security: Ordinary shares
Grant date: 22 March 2023
Vesting date: 23 March 2026
Vesting price per share: R263,11
Nature of trades: Off market
Nature of all interests: Direct beneficial
Clearance to deal: Obtained in writing at the grant date
Name: MC Nkuhlu
Capacity: Chief Operating Officer
Number of vesting securities: 24 415
Total value: R6 423 830,65
Name: MH Davis
Capacity: Chief Financial Officer
Number of vesting securities: 22 380
Total value: R5 888 401,80
Name: A Bosman
Capacity: Prescribed Officer (Group Managing Executive: Corporate
& Investment Banking)
Number of vesting securities: 18 311
Total value: R4 817 807,21
Name: TG Sibiya
Capacity: Prescribed officer (Group Managing Executive: Nedbank
Africa Regions)
Number of vesting securities: 16 277
Total value: R4 282 641,47
Name: CJ Thomas
Capacity: Prescribed officer (Group Managing Executive: Personal &
Private Banking)
Number of vesting securities: 22 380
Total value: R5 888 401,80
Name: J Katzin
Capacity: Company Secretary
Number of vesting securities: 3 357
Total value: R883 260,27
---
As a result of not all the pre-determined corporate performance conditions being fully met in respect of the
performance-based restricted shares granted on 22 March 2023, the following restricted Nedbank Group
ordinary shares held by the executive directors, prescribed officers and company secretary of Nedbank Group
were forfeited on 23 March 2026:
Name Designation Number of Notional Total notional
restricted value of loss value forfeited
shares per share on
forfeited forfeiture
MC Nkuhlu Chief Operating Officer 28 661 R263,11 R7 540 995,71
MH Davis Chief Financial Officer 26 273 R263,11 R6 912 689,03
A Bosman Prescribed Officer 21 496 R263,11 R5 655 812,56
TG Sibiya Prescribed Officer 19 107 R263,11 R5 027 242,77
CJ Thomas Prescribed Officer 26 273 R263,11 R6 912 689,03
J Katzin Company Secretary 3 940 R263,11 R1 036 653,40
Sandton
25 March 2026
Sponsors to Nedbank Group in South Africa:
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Sponsor to Nedbank Group in Namibia:
Old Mutual Investment Services (Namibia) (Pty) Limited
Date: 25-03-2026 12:00:00
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.
