Exercise And Related Net-Cash Settlement Of Share Options In Terms Of The Zeder Group Share Incentive Trust ZEDER INVESTMENTS LIMITED (Incorporated in the Republic of South Africa) Registration number: 2006/019240/06 Share code: ZED ISIN code: ZAE000088431 (“Zeder” or “the Company”) EXERCISE AND RELATED NET-CASH SETTLEMENT OF SHARE OPTIONS IN TERMS OF THE ZEDER GROUP SHARE INCENTIVE TRUST Upon the exercise of the share options referred to below, Zeder elected to settle same on a net-cash basis in line with Zeder’s remuneration policy. Accordingly, no shares were traded and there is therefore no obligation to report same. Due to the net-cash settlement, the executive directors did not receive any Zeder shares in respect of such options exercised, but only the net after-tax amount in cash. This amount has been utilised to reduce debt obligations towards Zeder in terms of the share incentive scheme. In the interest of transparency, the following information regarding the exercise of options is consequently disclosed: 1. NAME OF DIRECTOR N Celliers COMPANY OF WHICH A DIRECTOR Zeder Investments Limited STATUS: EXECUTIVE/NON-EXECUTIVE Executive TYPE AND CLASS OF SECURITIES Options in relation to ordinary shares OPTION STRIKE PRICE R4.10 NUMBER OF OPTIONS EXERCISED 1 248 474 EXERCISE DATE OF OPTIONS 26 August 2019 PERIOD OF EXERCISE Participants have a 180-day period from the vesting date of 28 February 2019 during which the options can be exercised NATURE OF TRANSACTION Exercise of share options by the director at the closing price on the exercise date of R4.52 per share and related net-cash settlement (Off-market transaction) NATURE AND EXTENT OF INTEREST IN Direct, beneficial THE TRANSACTION 2. NAME OF DIRECTOR JH le Roux COMPANY OF WHICH A DIRECTOR Zeder Investments Limited STATUS: EXECUTIVE/NON-EXECUTIVE Executive TYPE AND CLASS OF SECURITIES Options in relation to ordinary shares OPTION STRIKE PRICE R4.10 NUMBER OF OPTIONS EXERCISED 304 878 EXERCISE DATE OF OPTIONS 26 August 2019 PERIOD OF EXERCISE Participants have a 180-day period from the vesting date of 28 February 2019 during which the options can be exercised NATURE OF TRANSACTION Exercise of share options by the director at the closing price on the exercise date of R4.52 per share and related net-cash settlement (Off-market transaction) NATURE AND EXTENT OF INTEREST IN Direct, beneficial THE TRANSACTION Clearance for the above was obtained in accordance with paragraph 3.66 of the JSE Limited Listings Requirements. Stellenbosch 27 August 2019 Sponsor PSG Capital Date: 27/08/2019 03:00:00 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.