The Nedcor Transaction includes an allocation of 0.18% of Nedcor’s enlarged issued share capital to black non-executive directors (which equates to 0.22% of Nedcor’s South African businesses). The holding of shares by non-executive directors creates an alignment of their interests with those of other shareholders.

The structuring and funding of the non-executive directors’ scheme will be on a similar basis to the Eyethu Corporate Client Scheme. In order not to compromise directors’ independence, no specific performance conditions will apply to individual directors’ shareholdings. Holdings and vesting period conditions will apply.