Exercise Of Options By A Director 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 OF OPTIONS 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: 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 21 April 2017 (EXERCISE DATE) OPTION STRIKE PRICE R2.57 NUMBER OF OPTIONS EXERCISED 437 744 TOTAL RAND VALUE OF OPTIONS R1 125 002.08 STRIKE (VESTING) DATE 20 April 2017 OF OPTIONS PERIOD OF EXERCISE Participants have a 30-day 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 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 Listing Requirements. Stellenbosch 24 April 2017 Sponsor PSG Capital Date: 24/04/2017 12:25:00 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.