ZEDER INVESTMENTS LIMITED - Trading Statement

Trading Statement

ZEDER INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 2006/019240/06
Share code: ZED
ISIN number: ZAE000088431
(“Zeder”)

RECURRING HEADLINE EARNINGS

Zeder, an investment holding company, continues to use
the recurring headline earnings per share benchmark to
provide management and investors with a realistic and
transparent way of evaluating its earnings performance.

Zeder’s recurring headline earnings is the sum of its
effective interest in that of each of its underlying
investments. The result is that investments in which
Zeder holds less than 20% and are generally not equity
accountable in terms of accounting standards, are
included in the calculation of consolidated recurring
headline earnings. One-off items are excluded from
recurring headline earnings.

TRADING STATEMENT

In terms of the Listings Requirements of the JSE Limited,
a listed company is required to publish a trading
statement as soon as it becomes reasonably certain that
the financial results for the next period to be reported
on will show a 20% or more difference from those of the
previous corresponding period.

Zeder hereby advises that a reasonable degree of
certainty exists that for the six-month period ended 31
August 2014:

     -   Recurring headline earnings per share will be
         between 15.5 cents and 16.5 cents, or between
         68.5% and 79.3% higher than that of the six-
         month period ended 31 August 2013;

     -   Headline earnings per share will be between 15.4
         cents and 16.4 cents, or between 108.1% and
         121.6% higher than that of the six-month period
         ended 31 August 2013; and

     -   Attributable earnings per share will be between
         14.5 cents and 15.5 cents, or between 36.8% and
         46.2% higher than that of the six-month period
         ended 31 August 2013.

The increase in recurring headline earnings per share was
due to improved earnings contributions from the majority
of Zeder’s underlying investments.

Increased marked-to-market gains resulted in Zeder’s
headline earnings per share increasing by a higher
percentage than recurring headline earnings per share.

Attributable earnings per share increased by a lower
percentage than recurring headline earnings per share and
headline earnings per share, mainly because of a non-
headline fair value gain following Capespan becoming a
subsidiary during the previous corresponding financial
period.

This financial information has not been reviewed or
reported on by the auditor of Zeder. The unaudited
results for the six-month period ended 31 August 2014
will be published on or about 6 October 2014.

Stellenbosch
10 September 2014

Sponsor
PSG Capital

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