Detailed Report - Nedbank Group Limited

BasedonthenetoftotalsharesonissuelesstreasurysharesaswellasthedilutionfromtheNedbankNamibiadeal,thefollowinganalysisispresented:Heldbyblackpeople Heldbyblackwomen HeldbyblackpeopleShareholdersCurrentInterest%VotingRightsEconomicInterestVotingRightsEconomicInterestBroadBasedEmployeeschemeNewEntrantBlackexecutivescheme 0.44% 0.44% 0.44% 0.00% 0.12% 0.00% 0.44% 0.44%Blackmanagementscheme 1.66% 1.11% 1.65% 0.55% 0.60% 0.00% 1.66% 1.66%Broadbasedemployeescheme 0.24% 0.08% 0.07% 0.00% 0.06% 0.00% 0.08% 0.12%Evergreenscheme 0.27% 0.27% 0.27% 0.13% 0.13% 0.27% 0.27% 0.27%Retailscheme 0.66% 0.45% 0.66% 0.00% 0.25% 0.13% 0.66%Corporatescheme 2.73% 2.56% 2.19% 0.68% 0.25% 0.49% Communityscheme 0.67% 0.67% 0.67% 0.45% 0.45% 0.67% 0.67%Nonexecutivescheme 0.16% 0.11% 0.11% 0.00% 0.09% 0.16%Wipholdconsortium 1.57% 1.57% 0.80% 1.57% 0.80% 1.57%BrimstoneConsortium 1.56% 1.08% 0.95% 0.21% 0.19% 0.26%AKACapital 0.35% 0.24% 0.18% 0.00% 0.00% 0.35%Taquanta 0.00% 0.00% 0.00% 0.02% 0.02% 0.00%TOTAL 10.32% 8.58% 7.99% 3.61% 2.96% 1.55% 2.45% 6.17% Excl.mandatedinvestments 13.27% 11.78% 10.48% 4.62% 3.78% 5.56% 3.20% 7.93%Table1a:OwnershipanalysisTheCodesprovidefortheexclusionofMandatedInvestmentsthat,ingeneral,willincludeshareholdingbyGovernment,StateOwnedEnterprises,etc.,overwhichNedbankhasnocontrolandwhoseownershipisdifficulttodetermine.Table2aputsNedbank’sdirectBlackOwnershipat10.3%,whichislowerthanthereported11.5%ofNedbankSApostissueofnewsharesatthetimeofthedealduetothevestingoftheRetail,Broadbasedemployee,CorporateandNonexecutiveDirectorschemes.ThevestingoftheAKAtrustduring2011alsofurtherdilutedtheblackownership.However,applyingtheexclusionofMandatedInvestments(i.e.excludingtheirshareholdingfromthetotalbase)aspertheCodes,thedirectauditedshareholdingrisesto13.3%.TheCodesalsoprovidefortheflowthroughofdirectownershipfromaholdingcompanyintoasubsidiarycompany.AsOldMutualSA’sBEEdealwasdoneatOMPlclevel,NedbankcanclaimaflowthroughoftheirdirectownershipproportionatetotheirholdinginNedbank,whichwastakenas51.8%asatDecember2011.FlowthroughBEEcomponentattributablefromOldMutualBlackshareholdingas%ofSAbusiness 29.48%InterestheldbyOldMutualinNedbank 51.77%Effectiveblackshareholding 15.26%NedbankclaimedvotingrightsEffectiveblackshareholding 25.58%ExcludingMandatedinvestments 28.53%TheBlackdirectshareholdinginOldMutualatthetimeofmeasurementwasverifiedas29.48%.BasedonOldMutual’sshareholdingof51.8%,Nedbankhastherighttoclaimadirectflowthroughof15.26%.ThisentitlesNedbanktoclaimadirectownershipof25.58%directblackownershipor28.53%excludingMandatedInvestments. NedbankGroupTransformationReport2011–FinalDraft.9