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Second Party Opinion: Nedbank Group Ltd. and Nedbank Ltd.'s Sustainable Finance Use of Proceeds Fundraising Framework

Nedbank Group Ltd. (Nedbank Group) is the holding company of Nedbank Ltd. (Nedbank), which accounts for more than 90% of the group's assets. Nedbank is the fourth-largest bank in South Africa, representing roughly 17% of the local banking system's total assets and deposits. Nedbank's corporate and investment banking division typically drives about 45% of headline earnings, while retail business represents another 45%.