ZEDER INVESTMENTS LIMITED - Trading statement and change to the board of directors

Trading statement and change to the board of directors

ZEDER INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 2006/019240/06
Share code: ZED
ISIN number: ZAE000088431
(“Zeder”)

SUM-OF-THE-PARTS (“SOTP”) VALUE AND RECURRING HEADLINE EARNINGS

Zeder, an investment holding company, continues to use SOTP value
and the 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 investments, and market-related valuations for
unlisted investments.

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:

1.   Its SOTP value per share as at 29 February 2016 was R8.03,
     being 12.5% lower than the R9.18 reported as at 28 February
     2015;

2.   Its SOTP value per share as at 31 March 2016 was R8.37;

3.   For the year ended 29 February 2016:

     -   Recurring headline earnings from investments per share
         will be between 53.5 cents and 54.5 cents, or between
         16.1% and 18.2% higher than the 46.1 cents reported for
         the year ended 28 February 2015;

     -   Recurring headline earnings per share will be between 41.9
         cents and 42.9 cents, or between 18.7% and 21.5% higher
         than the 35.3 cents reported for the year ended 28
         February 2015;

     -   Headline earnings per share will be between 36 cents and
         37 cents, or between 63.6% and 68.2% higher than the 22
         cents reported for the year ended 28 February 2015; and

     -   Attributable earnings per share will be between 52 cents
         and 53 cents, or between 152.4% and 157.3% higher than the
         20.6 cents reported for the year ended 28 February 2015.

The increase in recurring headline earnings per share was due to
improved earnings contributions from the majority of Zeder’s
underlying investments.

Zeder’s headline earnings per share increased as a result of the
aforesaid and no performance fee being payable in respect of the
year under review.

Attributable earnings per share increased by a higher percentage
than headline earnings per share mainly due to a dilution gain made
by Capespan following Golden Wing Mau’s, an associate, merger with
Joyvio. Both Golden Wing Mau and Joyvio are leading players in
China’s fresh fruit business.

This financial information has not been reviewed or reported on by
the auditor of Zeder. The audited results for the year ended 29
February 2016 will be published on or about 11 April 2016.

CHANGE TO THE BOARD OF DIRECTORS

In accordance with paragraph 3.59(a) of the Listings Requirements
of the JSE Limited, shareholders are hereby advised that Prof
Mohammad Karaan has been appointed as an independent non-executive
director of Zeder with immediate effect.

Prof Karaan joined the Development Bank of Southern Africa as an
economist and later returned to Stellenbosch to join the Rural
Foundation as Head of Research. In 1997, he joined the University
of Stellenbosch as a lecturer in Agricultural Economics. In October
2008, he became Dean of the Faculty of Agri Sciences at
Stellenbosch University. He is a member of the National Planning
Commission and holds various directorships in the agribusiness
sector, including Pioneer Food Group Limited.

The board welcomes the appointment of Prof Karaan and looks forward
to his contribution.

Stellenbosch
6 April 2016

Sponsor
PSG Capital

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