Voluntary Update On Sum-Of-The-Parts Value Per Share ZEDER INVESTMENTS LIMITED (Incorporated in the Republic of South Africa) (Registration number: 2006/019240/06) Share code: ZED ISIN: ZAE000088431 LEI:37890022AF5FD117D649 (“Zeder” or “the Company”) VOLUNTARY UPDATE ON SUM-OF-THE-PARTS VALUE PER SHARE Shareholders are referred to the Company’s SENS announcement dated 1 April 2020, regarding the declaration of a special gross dividend by the Company of 230 cents per share, pursuant to the disposal of its shareholding in Pioneer Food Group Limited to a subsidiary of Pepsico Inc. in terms of a scheme of arrangement. As an investment holding company, Zeder continues to use the Sum-of-the-Parts ("SOTP") value to provide management and investors with a realistic and transparent way to measure performance. Zeder's SOTP value per share is calculated using the quoted market prices for all JSE-listed investments and internal valuations for unlisted investments. Shareholders should note that the live SOTP per share value available on Zeder’s website, has been updated, following payment of the special dividend on 28 April 2020 out of cash reserves. In this regard, the SOTP value on Zeder’s website, as at close of business on 28 April 2020, amounted to R3.67 per share, taking into account the last traded closing share prices of Zeder’s JSE-listed investments. Shareholders are reminded that the SOTP value shown on Zeder’s website is for general information purposes only and does not constitute investment advice relating to securities or a representation that the security is a suitable or appropriate investment for any person or warrants any share price value in any form. Investors are advised to give independent consideration to and conduct independent investigation with regards to this information and the value of Zeder shares, and to obtain investment advice from their independent financial advisors. The information contained in this announcement has not been reviewed or reported on by the auditor of Zeder. Stellenbosch 29 April 2020 Sponsor PSG Capital Date: 29-04-2020 08:00:00 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.