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 Date: 10/09/2014 03:54:00 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.