Cautionary Announcement 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”) CAUTIONARY ANNOUNCEMENT Shareholders are advised that the Company has recently received several approaches from third parties interested in acquiring a number of Zeder portfolio investments (“Approaches”). In the SENS announcement dated 9 September 2020, the Company’s board of directors indicated that they were currently considering Zeder’s future strategy following the disposal of its Pioneer Foods and Quantum Foods shareholdings. Such a new strategy could include unlocking the value of its investments in a responsible way. Zeder has excellent investee companies that are well positioned to continue playing a meaningful role and expand their footprint both locally and on the continent. Zeder is considering the Approaches in the context of its overall strategic review and is engaging with certain of these parties. Should the Approaches ultimately result in Zeder entering into transactions with one or more of these parties, such transactions may have a material effect on the price of the Company’s securities. Accordingly, shareholders are advised to exercise caution when dealing in the Company’s securities until a full announcement is made. The Company anticipates that the evaluation of these Approaches may take several months to finalise. Stellenbosch 14 April 2021 Sponsor PSG Capital Independent joint sponsor UBS South Africa Date: 14-04-2021 07:50:00 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.