Disposal of shareholding in Overberg Agri Limited - Voluntary Announcement Zeder Investments Limited Incorporated in the Republic of South Africa (Registration number: 2006/019240/06) Share code: ZED ISIN: ZAE000088431 (“Zeder”) DISPOSAL OF SHAREHOLDING IN OVERBERG AGRI LIMITED – VOLUNTARY ANNOUNCEMENT 1. INTRODUCTION Shareholders are hereby advised that Zeder, acting through its wholly owned subsidiary, Zeder Financial Services Limited, has disposed of 812 856 ordinary shares in Overberg Agri Limited (“Overberg Agri”), constituting Zeder’s entire shareholding in Overberg Agri of approximately 10%, to Overberg Agri Beleggings (Proprietary) Limited, a wholly owned subsidiary of Overberg Agri (“Disposal”). 2. RATIONALE FOR THE DISPOSAL Zeder is an investor in the broad agribusiness industry with a specific focus on the food and beverage sectors. Over the past 18 months, Zeder has communicated a refined strategy to the market. It seeks larger, strategic stakes in entities that allow it to play a more active role in its underlying portfolio companies and assist with the determination of appropriate long-term strategies to help expand the respective businesses. While the investment in Overberg Agri was successful, the small percentage shareholding no longer fitted in with Zeder’s strategy. Zeder’s internal rate of return on this investment was in excess of 30%. 3. SALIENT DETAILS OF THE DISPOSAL In terms of the Disposal, Zeder disposed of its 812 856 ordinary shares in Overberg Agri for a consideration of R119.5 million, which consideration was settled through the transfer of approximately 1.35 million ordinary shares in Pioneer Food Group Limited to Zeder. The effective date of the Disposal was 6 February 2014. Stellenbosch 12 February 2014 Transaction Advisor and Sponsor PSG Capital Date: 12/02/2014 02:00:00 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.