ZEDER INVESTMENTS LIMITED - Trading Statement

Trading Statement

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

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

Zeder, an investment holding company, continues to use the 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 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. Once-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.   Following the issue of 207.7m Zeder shares pursuant to the
     reported internalisation of the management agreement effective
     1 September 2016, Zeder’s SOTP value as at 26 September 2016
     amounted to R14.5bn or R8.38 per share;

2.   For the six-month period ended 31 August 2016:

     -   Recurring headline earnings from investments per share will
         be between 20.1 cents and 21.1 cents, or between 1.9% and
         6.5% lower than the 21.5 cents reported for the six-month
         period ended 31 August 2015;

     -   Recurring headline earnings per share will be between 14.5
         cents and 15.3 cents, or between 0.6% and 5.8% lower than
         the 15.4 cents reported for the six-month period ended 31
         August 2015;

     -   Headline earnings per share will be between 13.8 cents and
         14.8 cents, or between 126.2% and 142.6% higher than the 6.1
         cents reported for the six-month period ended 31 August
         2015; and

     -   Attributable earnings per share will be between 13.5 cents
         and 14.5 cents, or between 206.8% and 229.5% higher than the
         4.4 cents reported for the six-month period ended 31 August
         2015.

The decrease in recurring headline earnings per share was mainly due
to the tougher trading conditions experienced at select unlisted
investments.

Zeder’s headline earnings per share increased mainly as a result of
no performance management fee provided for during the period under
review, as well as a lower BEE charge incurred by Pioneer Food Group
Limited.

Attributable earnings per share increased by a higher percentage than
headline earnings per share mainly due to non-headline losses
incurred in the comparative period in the prior year.

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 2016 will be published on or about 5 October 2016.

Stellenbosch
29 September 2016

Sponsor
PSG Capital

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