Exercise And Acceptance Of Options By Directors In Terms Of The Zeder Group Share Incentive Trust 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 DIRECTORS IN TERMS OF THE ZEDER GROUP SHARE INCENTIVE TRUST In compliance with Rules 3.63 to 3.74 of the JSE Limited Listings Requirements, the following information is disclosed: A) EXERCISE OF OPTIONS BY DIRECTORS The following share options were exercised in terms of the Zeder SIT: 1. NAME OF DIRECTOR N Celliers COMPANY OF WHICH I AM A Zeder Investments Limited DIRECTOR STATUS: EXECUTIVE/NON- Executive EXECUTIVE TYPE OF SECURITIES Shares CLASS OF SECURITIES Ordinary DATE OF TRANSACTION 28 February 2017 (1) – (3) OPTION STRIKE PRICE R3.33 (1) R4.10 (2) R7.71 (3) NUMBER OF OPTIONS EXERCISED 337 838 (1) 1 248 476 (2) 131 323 (3) TOTAL RAND VALUE OF OPTIONS R1 125 000.54 (1) R5 118 751.60 (2) R1 012 500.33 (3) STRIKE (EXERCISE) DATE OF 28 February 2017 (1) – (3) OPTIONS PERIOD OF EXERCISE Participants have a 30-day (1) – (3) period from the vesting date during which options can be exercised NAME OF ASSOCIATE Namron Investments Proprietary Limited RELATIONSHIP WITH DIRECTOR Director is a director of the 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 2. NAME OF DIRECTOR JH le Roux COMPANY OF WHICH I AM A Zeder Investments Limited DIRECTOR STATUS: EXECUTIVE/NON- Executive EXECUTIVE TYPE OF SECURITIES Shares CLASS OF SECURITIES Ordinary DATE OF TRANSACTION 28 February 2017 (1) – (2) OPTION STRIKE PRICE R4.10 (1) R7.71 (2) NUMBER OF OPTIONS EXERCISED 304 878 (1) 32 426 (2) TOTAL RAND VALUE OF OPTIONS R1 249 999.80 (1) R250 004.46 (2) STRIKE (EXERCISE) DATE OF 28 February 2017 (1) – (2) OPTIONS PERIOD OF EXERCISE Participants have a 30-day (1) – (2) period from the vesting date during which options can be exercised NAME OF ASSOCIATE Bakenskraal Trust RELATIONSHIP WITH DIRECTOR Director is a trustee and beneficiary 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 BY DIRECTORS The following share option awards were accepted in terms of the Zeder SIT: 1. NAME OF DIRECTOR N Celliers COMPANY OF WHICH I AM A Zeder Investments Limited DIRECTOR STATUS: EXECUTIVE/NON- Executive EXECUTIVE TYPE AND CLASS OF SECURITIES Share options to acquire ordinary shares DATE OF AWARD 28 February 2017 DATE OF ACCEPTANCE 28 February 2017 OPTION STRIKE PRICE R7.29 (Zeder’s 30-day volume weighted average traded price at 28 February 2017) NUMBER OF OPTIONS ACCEPTED 1 792 402 TOTAL RAND VALUE OF OPTIONS R13 066 610.58 VESTING DATE OF OPTIONS Vesting in tranches of 25% each on the 2nd, 3rd, 4th and 5th anniversary of the award NATURE OF TRANSACTION Acceptance of award of options to acquire ordinary shares in terms of a share incentive scheme NATURE AND EXTENT OF Direct, Beneficial INTEREST IN THE TRANSACTION CLEARANCE OBTAINED Yes 2. NAME OF DIRECTOR JH le Roux COMPANY OF WHICH I AM A Zeder Investments Limited DIRECTOR STATUS: EXECUTIVE/NON- Executive EXECUTIVE TYPE AND CLASS OF SECURITIES Share options to acquire ordinary shares DATE OF AWARD 28 February 2017 DATE OF ACCEPTANCE 28 February 2017 OPTION STRIKE PRICE R7.29 (Zeder’s 30-day volume weighted average traded price at 28 February 2017) NUMBER OF OPTIONS ACCEPTED 1 787 037 TOTAL RAND VALUE OF OPTIONS R13 027 499.73 VESTING DATE OF OPTIONS Vesting in tranches of 25% each on the 2nd, 3rd, 4th and 5th anniversary of the award NATURE OF TRANSACTION Acceptance of award of options to acquire ordinary shares in terms of a share incentive scheme NATURE AND EXTENT OF Direct, Beneficial INTEREST IN THE TRANSACTION CLEARANCE OBTAINED Yes Clearance to accept the above share option awards were obtained in accordance with Rule 3.66 of the JSE Limited Listings Requirements. Stellenbosch 1 March 2017 Sponsor PSG Capital Date: 01/03/2017 05:30:00 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.