TERMS AND CONDITIONS OF INVESTMENT ACCOUNTS

1 CHOICE OF PRODUCT
1.1 You must choose the investment product you wish to invest in. We will not provide any income tax or any other advice pertaining to your
choice, and you should seek independent tax advice from a suitably qualified consultant.
1.2 Investment products cannot be converted or transferred from one type to another, unless it is permitted in terms of specific product rules.

2 INVESTMENT RECORD
After the investment account is opened, we will provide you with the details of the investment account you have chosen.

3 USE OF THE ACCOUNT

3.1 You agree that:
3.1.1 we will open an investment account for you, the type of account and styling of which will be indicated by you;
3.1.2 you will supply us with the details of the signing arrangements (and any changes thereto) on the Account;
3.1.3 you will conduct the Account in a manner acceptable to us;
3.1.4 we reserve the right to monitor the use of the Account for assessing compliance with and adherence to the Product Specifications;
3.1.5 if you no longer qualify for the Account, we have the right to migrate you to an account for which you do meet the qualifying criteria. Such
migration will be communicated to you beforehand and the terms and conditions and Fees for that account will then apply;
3.1.6 we have the right to claim any difference in the pricing applicable to the two accounts from you, from the date that you cease to qualify for
the Account to the date of the migration;
3.1.7 you may not cede, assign or otherwise encumber any of your rights or obligations in and to the Account (including the funds held in the
Account) without our prior written consent, which consent may be subject to any terms and conditions stipulated by us at our sole
discretion; and
3.1.8 you authorise us to accept instruction by electronic means.

4 DEPOSITS
4.1 The number and size of deposits that can be made on the Account are subject to Product Specifications and the method of how the deposit
is made.
4.2 Interest will start accumulating on your Account only from the date on which a deposit (regardless of the source) is cleared (if this differs from
the opening date of the Account) and not from the date the funds are processed.
4.3 If illegal money (counterfeit banknotes or any other purported banknotes not accepted as legal tender in South Africa) or defective notes
(dye-stained or mutilated banknotes where the serial number is illegible or defaced) are deposited into the Account, we reserve the right to
reverse any value given to you for such dye-stained notes.
4.4 We reserve the right to set a maximum amount that may be invested in any investment product.

5 FREEZING, SUSPENSION, MODIFICATION, RESTRICTION AND TERMINATION

5.1 Subject to clause 1, you may terminate this Agreement at any time without giving us notice.
5.2 We may freeze, suspend, modify or restrict your account or terminate this Agreement immediately at any time without prior notice to you
due to, including but not limited to, the following circumstances:
5.2.1 Our being compelled to do so by law.
5.2.2 Our having reasonable suspicion that the Account is being used for illegal or unlawful or fraudulent purposes.
5.2.3 Your conduct resulting in a breach of our regulatory obligations.
5.3 We will give you reasonable notice if we want to freeze, suspend, modify or restrict your Account or terminate this Agreement due to,
including but not limited to, the following circumstances, as determined at our sole discretion:
5.3.1 Our being compelled to do so by law.
5.3.2 Reputational risks or operational or business reasons.
5.3.3 You no longer qualifying for the Account according to our Product Specifications.
5.3.4 Your breaching the Agreement.
5.3.5 Your breaching any other agreement with us.
5.4 We must comply with local and international laws, regulations, policies and requirements with regard to anti-money-laundering, counter-
terrorist financing and sanctions. We may therefore continuously screen, verify, process and monitor all your and any related information,
instructions and transactions effected by you and/or on your behalf. This may also result in your transactions or the use of your account
being prohibited, delayed, withheld, limited, declined or conditionally approved, your funds being confiscated and/or our relationship being
terminated.
5.5 If your account is frozen, suspended, modified or terminated, you will need to make alternative arrangements for any monthly debit and stop
orders on the Account.

6 PRODUCT WITHDRAWAL/DISCONTINUATION
6.1 If it becomes uneconomical or commercially impractical for us to provide the product or service offered in terms of this Agreement or if we are
unable to continue to provide the product or service, for whatever reason, we may terminate that product or service on reasonable notice to
you.
6.2 We will give you information of comparable products.
6.3 If you do not select an alternative product or service, we will be entitled to move you to a product or service that we identify as suitable for
your needs.

7 PRIVACY CONSENT
7.1 You give us consent to process your personal information in relation to your applications for financial products and/or services from us,
subject to our privacy policies and within the parameters of applicable laws. The processing will include, without limitation, conducting
affordability assessments, credit scorings and any other profile building, that can help us appropriately allocate a product or service offering
that is suited to your needs. The consent will also extend to us processing your personal information as we may deem fit for your and/or our
legitimate interest.
7.2 You also give us the right to:
7.2.1 collect your personal information from third parties when reasonably necessary and/or if it is impractical to collect the data directly from
you;
7.2.2 share your personal information with third parties if necessary, to provide financial products or services to you;
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7.2.3 process your personal information for purposes of complying with any legislative or regulatory requirements;
7.2.4 transfer and/process your personal information outside the Republic of South Africa, where necessary, on condition that such transfer
and/or processing is subject to applicable laws binding corporate rules or binding agreement;
7.2.5 process your special personal information (such as race, ethnic origin, biometric information or alleged criminal behaviour), only where
necessary and subject to our Privacy Policy and applicable laws.
7.3 You have the right to:
7.3.1 request confirmation from us, free of charge, whether or not we hold your personal information;
7.3.2 request the record or a description of your personal information held by us;
7.3.3 request information about all third parties who have, or have had, access to your personal information;
7.3.4 correct or delete your personal information;
7.3.5 withdraw your consent at any time by providing notice to us;
7.3.6 object to your personal information to be held by us;
7.3.7 lay a complaint at the Information Regulator regarding your personal information in terms of the Promotion of Access to Information Act,
2 of 2000.

8 INTEREST
8.1 We are entitled to determine, at our discretion, the interest rates applicable to our investment products. These interest rates are available on
request at any of our branches or at www.nedbank.co.za, or through our dedicated investment desks.
8.2 Except for fixed-deposit investment accounts, interest rates on our investment accounts are subject to change according to changes in the
Market Rate and may also be linked to the Prime Rate.
8.3 Interest will be calculated daily based on a year of 365 days (whether the year is a leap year or not) and on the daily balance in the Account.
8.4 If the date of the initial deposit differs from the date of opening of the Account, and a rate change occurs in the interim period, the interest
rate applicable will be the rate as at the date when the initial deposit cleared on the Account (regardless of the date on which the Account
was opened).
8.5 Subject to Product Specifications, if you deposit less than the minimum amount required for an investment product, you may not earn any
interest on those funds until the minimum amount required in terms of the Product Specifications is deposited.
8.6 When you apply for the investment account, you are entitled, subject to Product Specifications, to choose the frequency at which interest
must be paid out or have it capitalised. Interest can be paid out monthly, quarterly, half-yearly, annually or on the expiry date of the
investment period, depending on the investment product type.
8.7 If the interest is paid out to you monthly, the investment will yield interest at a nominal rate. If the interest is capitalised, the investment will
yield interest at an effective rate. The effective rate will be higher than the nominal rate due to the compounding effect of capitalised interest.
8.8 The interest rate on a fixed deposit will be linked directly to the interest frequency selected for the amount invested at the time. No monthly
capitalisation of interest occurs on fixed deposits, unless the product specifically allows for this. Interest can, however, be capitalised on
expiry of the deposit.
8.9 If the interest payment date is a Sunday or public holiday, depending on the Product Specifications the interest will be paid out on the
preceding or following business day.
8.10 Subject to Product Specifications, we may, at our discretion, offer you a preferential interest rate. This means the interest rate we offer to you
will be higher than the standard interest rate offered at the time on your investment product. On a notice deposit product, if the standard
interest rate changes, this change will apply to you immediately, but the preferential variance will not change. This preferential interest rate
will only be applied for an agreed term and you must renegotiate the interest rate with us after maturity (where applicable) of the investment
product or once the preferential interest rate expires.
8.11 We may, at our discretion, change the interest rates offered on our investment products for the purposes of competitions and promotional
campaigns. These interest rates will be applicable only to the product(s) specified and will be valid only for the period of the particular
competition and promotion. Thereafter the standard interest rate will revert to the interest rate applicable at that time.

9 FEES AND TAXES

9.1 We will charge Fees in accordance with the prevailing Pricing Schedule, or as agreed with you. Such Fees will be debited in accordance with
the prevailing Product Specifications.
9.2 The Pricing Schedule that contains information regarding the Fees, is available at any branch or at www.nedbank.co.za.
9.3 You confirm that you have read and understood the Fees for your Account.
9.4 You must pay all Fees when due to us.
9.5 We are entitled at our reasonable discretion to vary any Fees, or the items attracting Fees.
9.6 We will give you reasonable notification before Fees or items that attract Fees change.
9.7 Fees that attract value-added tax will include value-added tax, which will be indicated on your statement relating to your Account.

10 INCOME TAX CERTIFICATES

10.1 After February each year, we will generate:
10.1.1 an IT3(b) certificate only if the amount of interest earned on an Account is equal to or more than the minimum amount prescribed by
SARS from time to time; and
10.1.2 an IT3(s) income tax certificate where applicable.
10.2 These certificates will be made available to you on request once they have been generated.
10.3 The certificates indicate the amount of interest accrued and interest paid in the particular tax year, irrespective of whether the interest is paid
out in the same tax year.
10.4 These certificates will be sent to SARS regardless of whether the interest paid or earned is equal to or more than the minimum amount of
interest prescribed by SARS from time to time.

11 STATEMENTS
11.1 We will, at our discretion, make regular statements relating to your Account available to you, subject to the relevant Product Specifications.
11.2 You elect to receive electronic statements.
11.3 At our sole discretion an additional cost may be levied against your Account for paper-based statements, whether posted or obtained at any
branch or through any of our self-service or digital channels.
11.4 It is your responsibility to check your Account regularly and report any discrepancies to us within 30 days of the date of your detection of the
discrepancy.
11.5 If there is a dispute in respect of the items appearing on a statement, our records will be prima facie (on the face of it) proof.

12 EARLY RELEASE
12.1 Other than in exceptional cases prescribed by law, we are obliged by law to charge a substantial penalty for the early release of a
notice and/or fixed investment.
12.2 You must provide us with reasons to support a request for the early release of a notice and/or fixed investment.
12.3 The penalty, including an administration fee, will be calculated by using the following formula:
percentage (%) of the amount withdrawn x remaining period (of investment) plus the administration fee
12.4 The rate of the percentage used to calculate the penalty and the amount of the administration fee, will be available on the latest
Nedbank Pricing Schedule on www.nedbank.co.za, at the NCC or through our dedicated investment desks.

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12.5 The penalty and administration fee will be debited from the withdrawal amount before it is paid to you.

13 LEGAL NOTICES
13.1 For all purposes under this Agreement the Parties choose the following addresses as their respective domicilia citandi et executandi:
13.1.1 us: Nedbank 135 Rivonia Campus, 135 Rivonia Road, Sandown, Sandton; and
13.1.2 you: the last known physical address supplied by you.
13.2 Any legal process to be served on any Party may be served on that Party at the address specified in this clause.
13.3 Legal notices will be valid and effective only if it is given in writing and delivered by hand or prepaid registered post.
13.4 If delivered by hand the notice will be deemed to have been received on the day of delivery, provided it was delivered to a responsible
person during ordinary business hours.
13.5 If delivered by prepaid registered post, the notice will be deemed to have been received within seven days of the posting date, unless the
contrary is proved.
13.6 Notwithstanding anything to the contrary in this clause, a written notice or other communication actually received by any Party will be
deemed to be adequate notice or communication to the Party, even if the notice or communication was not sent to or delivered at the Party’s
chosen address.
13.7 Any Party may, by written notice to the other Party, change the address for the purpose of this clause to any other address (other than a post
box number), provided that the change will become effective on the seventh business day after receipt of the notice.
13.8 It is your responsibility to ensure that we are kept informed of any changes to your personal information, including address and contact
details.

14 LIABILITY
14.1 Except where damage or loss arises directly or indirectly from our (or any person acting for or controlled by us) wilful misconduct
or gross negligence, we will not be liable to you for any damage or loss that you may suffer because of:
14.1.1 any action taken in terms of clause 5 or 6;
14.1.2 your use of electronic means to communicate with us;
14.1.3 any person having gained unauthorised access to any information or data;
14.1.4 incorrect information having been given to us or to any person, including any credit bureau; and
14.1.5 a delay, failure or malfunction of any ATM, SSK or other device (electronic or manual) or digital channel that you use to carry out
transactions on your Account.

15 CERTIFICATE OF BALANCE
The nature and amount of your obligation and the applicable interest rate will be determined and proved by a certificate or any other written
evidence (‘Certificate’) purporting to have been signed by a Nedbank manager, whose capacity or authority does not have to be proved.
Unless the contrary is proved, the Certificate will, on the production thereof, be binding and be prima facie proof of the content thereof and of
the fact that the amount is due and payable. The Certificate will be valid as a liquid document (alternatively proof of a liquidated amount) in any
competent court or for any other purpose.

16 JURISDICTION
At our option, any claim arising hereunder may be recovered in any magistrate’s court having jurisdiction, notwithstanding the amount of the
claim, and you hereby consent to the jurisdiction of that court.

17 GENERAL TERMS
17.1 Before opening an Account, we are entitled to satisfy ourselves of your suitability as an accountholder.
17.2 We are entitled to refuse to open an Account or accept a deposit.
17.3 You agree that we may combine any or all accounts you may have with us, without notifying you of that, and we may set off any amount that
you owe us from whatever cause against any money you have in any accounts with us. However, if we combine only some accounts, we will
still have the right to claim from you any amount in respect of an account that is not part of the combined accounts.
17.4 The Agreement constitutes the whole Agreement between the Parties in connection with the Account.
17.5 We may amend the Agreement and we will give you notice of any such amendments
17.6 Any latitude, indulgence or extension of time granted by us to you will not constitute a novation or waiver of our rights in terms of the
Agreement. The failure by any Party to enforce any provision of this Agreement will not in any way affect that Party’s right to require
performance of the provision at any time in the future.
17.7 Any amendment of the Agreement will not constitute a novation of this Agreement or of any of your previous obligations to us.
17.8 Should any provision of this Agreement be found by any competent court to be defective or unenforceable, the remaining provisions of this
Agreement will continue to be of full force.
17.9 The Agreement will be governed in accordance with the laws of the Republic of South Africa.

18 ALTERNATIVE DISPUTE RESOLUTION

18.1 We have a complaint process that is available through the NCC, any Nedbank branch or at www.nedbank.co.za.
18.2 If you have a dispute or a complaint regarding your Account, you will need to send us a written statement setting out the dispute or the
complaint. we undertake to investigate your dispute or complaint within a reasonable time; keep you informed during the investigation and
provide you with a final written response.
18.3 Should you not be satisfied with the response referred to above, you have the right to contact the Ombud for Banking Services and/or the
Financial Sector Conduct Authority and/or the National Consumer Tribunal using the details below:

Ombud for Banking Services Financial Sector Conduct Authority National Consumer Tribunal

Tel: 0860 800 900 Tel: 012 428 8000 Tel: 010 006 0484
+27 (0)11 712 1800 012 428 8012
080 020 2087 Fax: +27 (0)12 663 5693
Email: info@obssa.co.za 080 011 0443
Email: registry@nct.org.za
Physical address: Fax: 012 347 0221
Ground Floor, Physical address:
34 Fricker Road, Illovo, Johannesburg Email: info@fsca.co.za Ground Floor,
Block B,
Physical address: Lakefield Office Park,
Block B, Riverwalk Office Park, 41 272 West Avenue, corner West Avenue
Matroosberg Road, Ashlea Gardens, and Lenchen Avenue North, Centurion
Pretoria , 0081

Postal address: PO Box 35655, Menlo

Park, 0102

Nedbank Ltd Reg No 1951/000009/06. Licensed financial services and registered credit provider (NCRCP16).
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19 ACKNOWLEDGEMENT
19.1 You warrant that you have fully and truthfully answered all questions and responded to requests for information by us relating to this
Agreement.
19.2 You confirm that you understand and appreciate the risks and costs inherent in this Agreement, as well as your rights and obligations under
this Agreement.

20 EXTENDING THE TERM OF YOUR INVESTMENT

20.1 We may, at our discretion, allow you to extend the term of your investment account before its maturity date, without incurring any penalty
fees. You may not withdraw any portion of your capital when you opt to extend your investment. But you may deposit additional capital to
your investment account.
20.2 If you choose to extend your investment account, we will extend the maturity date for a longer period only and will offer you a new fixed
interest rate based on the product you chose.
20.3 You may choose to have the accrued interest (where applicable) on your existing term investment paid out to you or reinvested at the time
you request for the extension. Based on your instruction, you may choose to have the interest paid out to you monthly, quarterly, half-yearly,
yearly or on expiry, into the account of your choice.

21 INTERPRETATION AND DEFINITIONS

In these terms and conditions:
21.1 clause headings are for convenience only;
21.2 unless the context indicates a contrary intention:
21.2.1 the singular includes the plural and vice versa;
21.2.2 any gender includes the other genders;
21.2.3 a natural person includes a juristic person and vice versa; and
21.2.4 any number of days will be calculated by excluding the first and including the last day, or where the last day falls on a day that is not a
business day, the next business day.
21.3 unless the context requires otherwise, the following words and expressions have the meanings set out hereunder:

Account Your investment account regulated by the Agreement.

Agreement The agreement between the Parties as constituted by these terms and conditions, read together with the
application, the relevant Product Specification and Pricing Schedule (as amended from time to time) and any
subsequent agreement with you pertaining to the Fees (as amended from time to time).
ATM Automated teller machine
Market Rate The rate that is determined by market circumstances, including the prevailing supply of and demand for money,
competitor activities and Nedbank’s funding requirements.
Fees Charges, costs, service, transaction and administration fees, and any other amount payable by you to us in
consideration for the Account.
NCC The Nedbank Contact Centre, number 0800 555 111
Party You and/or us.
Prime Rate The prime overdraft rate of interest charged by us from time to time, which is our publicly quoted prime lending
rate as certified by any bank manager, whose authority need not be proved.
Pricing Schedule Latest, leaflet or any other source of information stipulating the items that attract Fees and, in addition, the
corresponding Fees levied for such items and the effective date of the pricing.
Product Specification Specific features of and disclosures relating to products offered by us, including minimum deposits, minimum
balances, interest rates, costs, charges, fees and service fees.
Extending the term of Is the option available to you to extend your investment term deposit account for a longer period from a specified
your investment period before the maturity date of your existing investment account.
SSK Self-service kiosk.
we/us/our Nedbank Limited, registration number 1951/000009/06, with registered address Nedbank 135 Rivonia Campus,
135 Rivonia Road, Sandown, Sandton, 2196, and postal address PO Box 1144, Johannesburg, 2000.
you/your The applicant whose details are set out in the application.

Nedbank Ltd Reg No 1951/000009/06. Licensed financial services and registered credit provider (NCRCP16).
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