Results of the Annual General Meeting and Voluntary Update of the Sum-Of-The-Parts Value ZEDER INVESTMENTS LIMITED Incorporated in the Republic of South Africa Registration number: 2006/019240/06 Share code: ZED ISIN number: ZAE000088431 (“Zeder”) RESULTS OF THE ANNUAL GENERAL MEETING AND VOLUNTARY UPDATE OF THE SUM-OF-THE-PARTS VALUE 1. RESULTS OF THE ANNUAL GENERAL MEETING Shareholders are hereby advised that all of the ordinary and special resolutions tabled at the annual general meeting of Zeder held at 08:30 today, 19 June 2015, at Spier Wine Estate, Baden Powell Drive, Stellenbosch, were approved by the requisite majority. The detailed voting results of the annual general meeting are set out below: Votes for as a Votes against Number of Number of Number of percentage of as a percentage shares voted at shares voted as shares total number of of total number the annual a percentage of abstained as a shares voted of shares voted general meeting votes percentage of (%) (%) exercisable (%) votes exercisable (%) Ordinary 93.00 7.00 951 867 015 65.93 0.32 resolution number 1: To re-elect Mr JF Mouton as director Ordinary 93.01 6.99 952 342 616 65.96 0.29 resolution number 2: To re-elect Mr AE Jacobs as director Ordinary 94.18 5.82 952 342 616 65.96 0.29 resolution number 3: To re-appoint Mr CA Otto as a member of the audit and risk committee Ordinary 100.00 - 952 342 616 65.96 0.29 resolution number 4: To re-appoint Mr GD Eksteen as a member of the audit and risk committee Ordinary 100.00 - 952 342 616 65.96 0.29 resolution number 5: To re-appoint Mr WA Hanekom as a member of the audit and risk committee Ordinary 100.00 - 952 342 616 65.96 0.29 resolution number 6: To re-appoint Pricewaterhouse Coopers Inc as auditor Ordinary 78.87 21.13 952 342 616 65.96 0.29 resolution number 7: General authority to issue ordinary shares for cash Special 100.00 - 952 342 616 65.96 0.29 resolution number 1: Inter-company financial assistance Special 100.00 - 952 342 616 65.96 0.29 resolution number 2: Financial assistance for the acquisition of shares in a related or inter-related company Special 97.23 2.77 951 942 616 65.93 0.32 resolution number 3: Share repurchases by Zeder and/or its subsidiaries 2. VOLUNTARY UPDATE OF THE SUM-OF-THE-PARTS (“SOTP”) VALUE Zeder's SOTP value per share is calculated using the quoted market prices for all JSE-listed and over- the-counter traded investments, and market-related valuations for unlisted investments. Shareholders are hereby advised that the information pertaining to unlisted assets and liabilities contained in Zeder’s online SOTP value calculation, available at www.zeder.co.za, have been updated as at 3 June 2015. The information provided is unaudited and for general information purposes only. 19 June 2015 Stellenbosch Sponsor PSG Capital Proprietary Limited Date: 19/06/2015 05:18:00 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.