Trading Statement ZEDER INVESTMENTS LIMITED (Incorporated in the Republic of South Africa) Registration number: 2006/019240/06 Share code: ZED ISIN number: ZAE000088431 ("Zeder") SOTP AND RECURRING HEADLINE EARNINGS Zeder, an investment holding company, continues to use the sum-of-the-parts (“SOTP”) value and recurring headline earnings per share benchmarks to provide management and investors with a realistic and transparent way of evaluating Zeder’s performance. Zeder’s SOTP value is calculated using the quoted market prices for all JSE-listed and over-the-counter (“OTC”) traded investments, and market related valuations for unquoted, unlisted investments. Zeder’s see-through SOTP value, however, is calculated on the exact same basis apart from using the see-through JSE-listed market price for Agri Voedsel’s investment in Pioneer Foods instead of Agri Voedsel’s own OTC share price. 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 as at 28 February 2014 will be between R4.90 and R5.05 per share, or between 22.8% and 26.6% higher than that as at 28 February 2013; 2. Its see-through SOTP value per share as at 28 February 2014 will be between R5.15 and R5.30 per share, or between 18.4% and 21.8% higher than that as at 28 February 2013; and 3. For the year ended 28 February 2014: - Recurring headline earnings per share will be between 29 cents and 30 cents, or between 12.8% and 16.7% higher than that of the prior year; - Headline earnings per share will be between 25 cents and 26 cents, or between 24.4% and 29.4% higher than that of the prior year; and - Attributable earnings per share will be between 29 cents and 30 cents, or between 42.6% and 44.6% lower than that of the prior year. The increase in recurring headline earnings per share was mainly due to improved contributions from Agri Voedsel (i.e. Pioneer Foods), Capespan, Zaad, Kaap Agri and Chayton. However, the positive effect of the aforementioned was to some extent offset by: • the cash proceeds from the disposal of the bulk of Zeder’s Capevin Holdings shares yielded a lower return than what the Capevin Holdings investment did during the prior year; and • a weaker performance from NWK and Suidwes, prior to disposing of same during September 2013, as a result of drought conditions experienced in their geographical locations. The aforementioned, coupled with higher marked-to-market gains, resulted in the increase in headline earnings per share. The decrease in attributable earnings per share was mainly as a result of the one-off non-headline gain on the disposal of the bulk of Zeder’s Capevin Holdings shares during the prior year. This financial information has not been reviewed or reported on by the auditor of Zeder. The audited results for the year ended 28 February 2014 will be published on or about 7 April 2014. Stellenbosch 2 April 2014 Sponsor PSG Capital Date: 02/04/2014 03:15:00 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.