ZEDER INVESTMENTS LIMITED - Trading Statement

Trading Statement

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”)

SOTP and RECURRING HEADLINE EARNINGS
Zeder, an investment holding company, continues to use the sum-of-the-
parts (“SOTP”) value and recurring headline earnings methods to provide
management and investors with a more realistic and transparent way of
evaluating Zeder’s performance. Zeder’s SOTP value is calculated using the
quoted market prices for all listed and over-the-counter (“OTC”) traded
unlisted investments, and market related valuations for unquoted, unlisted
investments.    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.

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:

1.   Its SOTP value per share will be between R3.25 and R3.35 per share, or
     between 3.2% and 6.3% higher than that as at 29 February 2012; and
2.   For the six month period ended 31 August 2012:

-    Recurring headline earnings per share will be between 8 cents and 9
     cents, or between 31,3% and 38,9% lower than that for the six months
     ended 31 August 2011;
-    Headline earnings per share will be between 5,5 cents and 6,5 cents, or
     between 26,1% and 37,5% lower than that for the six months ended 31
     August 2011; and
-    Attributable earnings per share will be between 10,5 cents and 11,5
     cents, or between 22,1% and 33,7% higher than that for the six months
     ended 31 August 2011.

The decrease in recurring headline earnings and headline earnings per
share was mainly due to 1) a lower earnings contribution from Pioneer
Foods; 2) initial losses incurred by Chayton, a startup business in its
development phase; and 3) a net interest expense as opposed to net
interest income in the prior year as a result of the debt raised to fund
the acquisitions of mainly Agricol and Chayton.

This financial information has not been reviewed or reported on by the
auditor of Zeder. The unaudited results for the six months ended 31 August
2012 will be published on or about 1 October 2012.
Stellenbosch
28 September 2012

Sponsor
PSG Capital

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