Exercise And Acceptance Of Options By A Director Zeder Investments Limited Incorporated in the Republic of South Africa Registration number: 2006/019240/06 JSE share code: ZED ISIN number: ZAE000088431 (“Zeder”) EXERCISE AND ACCEPTANCE OF OPTIONS BY A DIRECTOR In compliance with rules 3.63 to 3.74 of the JSE Limited Listings Requirements, the following information is disclosed: A) EXERCISE OF OPTIONS The following share options were exercised: NAME OF DIRECTOR N Celliers STATUS:EXECUTIVE/NON- Executive EXECUTIVE TYPE OF SECURITIES Shares CLASS OF SECURITIES Ordinary DATE OF TRANSACTION 27 February 2015 OPTION STRIKE PRICE R3.33 NUMBER OF OPTIONS EXERCISED 337 838 TOTAL RAND VALUE OF OPTIONS R1 125 000.54 STRIKE DATE OF OPTIONS 27 February 2015 PERIOD OF EXERCISE Participants have a 90-day period from the strike date during which options can be exercised NAME OF ASSOCIATE Namron Investments (Pty) Ltd RELATIONSHIP WITH DIRECTOR Director is a director of the associate and a trustee and beneficiary of the shareholder of the associate NATURE OF TRANSACTION Acquisition of shares in Zeder through the exercise of options (Off-market transaction) NATURE AND EXTENT OF Indirect, Beneficial INTEREST IN THE TRANSACTION CLEARANCE OBTAINED Yes Clearance to deal in these shares was obtained in accordance with rule 3.66 of the JSE Limited Listings Requirements. B) ACCEPTANCE OF OPTIONS The following share option awards were accepted: NAME OF DIRECTOR N Celliers STATUS:EXECUTIVE/NON- Executive EXECUTIVE TYPE AND CLASS OF SECURITIES Share options to acquire ordinary shares DATE OF AWARD 27 February 2015 DATE OF ACCEPTANCE 27 February 2015 OPTION STRIKE PRICE R7.71 (Zeder’s 30-day volume weighted average traded price at 27 February 2015) NUMBER OF OPTIONS AWARDED 525 292 TOTAL RAND VALUE OF OPTIONS R4 050 001.32 STRIKE DATE OF OPTIONS Exercisable in tranches of 25% each on the 2nd, 3rd, 4th and 5th anniversary of the award NATURE OF TRANSACTION Award of options to acquire ordinary shares NATURE AND EXTENT OF Direct, Beneficial INTEREST IN THE TRANSACTION CLEARANCE OBTAINED Yes Clearance to accept these share option awards was obtained in accordance with rule 3.66 of the JSE Limited Listings Requirements. Stellenbosch 3 March 2015 Sponsor PSG Capital Date: 03/03/2015 10:45:00 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.