The governing body adopts a stakeholder-inclusive approach in the execution of its duties in the long-term best interests of the organisation within its economic, social and environmental context.

Exception declaration

All the recommended practices in support of Principle 13 have been implemented.

Specific disclosures

(a) Disclosures in relation to the stakeholder relationships:

1. Whether the governing body is satisfied that the organisation's management of stakeholder relationships upholds the philosophy of Ubuntu-Botho, responsible corporate citizenship and stakeholder inclusivity.
   
   The board is satisfied that the organisation's management of stakeholder relationships upholds the philosophy of Ubuntu-Botho, responsible corporate citizenship and stakeholder inclusivity.
   
   Stakeholder engagement at Nedbank is overseen by GTSEC and material engagements are reported to the board annually through the Stakeholder Engagement chapter in our 2025 Governance Report. For further information, please refer to our 2025 Governance Report.
   
   The Group Stakeholder Relations and Public Affairs (GSRPA) team compiles an annual report to GTSEC incorporating input from Group Exco and the Nedbank Stakeholder Relations Forum (NSRF), which consists of representatives from all clusters across Nedbank. The process of engaging with our stakeholders is decentralised and forms part of the operations of our various clusters and business areas. This means that interactions with stakeholders, both formal and informal, are conducted by the functions directly aligned with the stakeholder group, on an ongoing basis. Stakeholder engagement is governed by the comprehensive Stakeholder Engagement Policy. The policy is reviewed and approved biannually by GTSEC.
   
   Key stakeholder engagement focus areas for 2025 included external stakeholder relationship-building; enabling dialogue sessions on issues of global, national and regional importance, including support and participation at the 2025 Business 20 (B20)/Group of 20 (G20) Summit events; and ensuring effective communication to ensure shared understanding. Annually, GSRPA facilitates an independent stakeholder relationship survey that measures overall satisfaction and attitudes towards the relationships held. The survey identifies engagement preferences and areas of improvement. While the quality of our stakeholder relationships was not measured in 2025 owing to realignment within the group stakeholder engagement function, preparations are underway for the 2026 independent stakeholder relationship survey.
   
   For further information, please refer to the section with the heading 'Our key stakeholders – their needs and expectations' in our 2025 Integrated Report.

(b) Disclosures in relation to the stakeholder engagement:

1. Whether the governing body is satisfied with the quality of the relationship with its shareholders.
   
   The board is satisfied with the quality of the relationships with its shareholders. The board has good, open and trusting relationships with shareholders and the investment community. This is evident in the board's annual environmental, social and governance (ESG) roadshow, which is regarded as best in market; the outcomes of AGM voting (all resolutions passed in 2025); and that Nedbank Group Board being ranked a top 3 board in the 2025 Extel Emerging EMEA buy- and sell-side analyst survey.
   
   For further information, please refer to the section with the heading 'Our key stakeholders – their needs and expectations' in our 2025 Integrated Report.

(c) Disclosures in relation to Group governance:

1. A high-level description of the group governance framework (applicable to organisations within groups).
   
   In accordance with best governance practices, the Nedbank Group Board has overall responsibility for governance across the group. Our Group Governance Framework sets out board governance standards that apply to Nedbank Group Limited and subsidiaries in the group. The framework provides a clear foundation for how governance is applied across the group, supporting our commitment to ethical and effective leadership, sound oversight and sustainable value creation for all stakeholders.
   
   The framework sets out the minimum board governance standards applicable to Nedbank Group Limited and its subsidiaries, providing a consistent governance foundation across the group while recognising the diversity of its operations. The framework distinguishes between tiers of subsidiaries, with governance requirements applied proportionately based on factors such as the nature, size, complexity, significance and risk profile of each entity.
   
   The framework respects the primacy of applicable local laws, regulations and constitutional documents in each jurisdiction in which the group operates, and where any conflict arises, local law prevails. The framework is informed by leading governance standards, codes of best practice and legislation. Accordingly, the framework supports ethical and effective leadership, sound oversight, and consistent governance outcomes across the group, while remaining responsive to local regulatory environments and the business context. In addition, our Group Operating Policy sets out the management principles that are in place for business clusters to provide oversight of the relevant subsidiaries within the group.
   
   For further information, please refer to the section with the heading 'Subsidiary governance' in the Governance review chapter of our 2025 Governance Report.

No assurance was provided in respect of the King V Disclosure Framework.