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ZED - Zeder Investments Limited - Recurring headline earnings Zeder Investments Limited Incorporated in the Republic of South Africa Registration number: 2006/019240/06 JSE share code: ZED ISIN number: ZAE000088431 ("Zeder" or "the company") RECURRING HEADLINE EARNINGS Zeder continues to use the recurring headline earnings method to provide management and investors with a more realistic and transparent way of evaluating Zeder`s earnings performance. Recurring headline earnings represent the sum of Zeder`s effective interest in that of each investee, regardless of its percentage shareholding. The result is that investments in which Zeder or an investee holds less than 20% and are generally not equity accountable in terms of accounting standards, are included in the calculation of our consolidated recurring headline earnings. Marked-to-market fluctuations are excluded. 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 year ended 28 February 2011: - Recurring headline earnings per share will be between 26,0 cents and 28,0 cents, or between 10,2% and 18,6% higher than that for the year ended 28 February 2010; and - Headline earnings per share will be between 18,0 cents and 20,0 cents, or between 4,0% and 15,6% higher than that for the year ended 28 February 2010; and - Attributable earnings per share will be between 25,0 cents and 27,0 cents, or between 78,6% and 92,9% higher than that for the year ended 28 February 2010; and - Net asset value per share will be between 257,0 cents and 259,0 cents, or between 10,2% and 11,0% higher than at 28 February 2010. The significant increase in attributable earnings per share is mainly as a result of a non-headline profit made on the disposal of Zeder`s interest in KWV Holdings Ltd, as disclosed to shareholders on 7 February 2011. This financial information has not been reviewed or reported on by the auditor of Zeder. The audited results for the year ended 28 February 2011 will be published on or about 11 April 2011. Stellenbosch 6 April 2011 PSG Capital Sponsor to Zeder Date: 06/04/2011 10:35:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
