Net Cash Settlement On Exercise Of Share Options 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”) NET CASH SETTLEMENT ON EXERCISE OF SHARE OPTIONS NET CASH SETTLEMENT Upon the exercise of the share options referred to below, the Company elected to settle same on a net cash settlement basis. Accordingly, the below director will not receive Zeder shares in respect of such options, but only cash. EXERCISE OF OPTIONS BY A DIRECTOR IN TERMS OF THE ZEDER GROUP SHARE INCENTIVE TRUST In compliance with paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements, the following information regarding the exercise of options is disclosed: NAME OF DIRECTOR N Celliers COMPANY OF WHICH I AM A DIRECTOR Zeder Investments Limited STATUS: EXECUTIVE/NON-EXECUTIVE Executive TYPE AND CLASS OF SECURITIES Options in relation to ordinary shares OPTION STRIKE PRICE R3.33 (1) R4.10 (2) NUMBER OF OPTIONS EXERCISED 337,837 (1) 1,248,476 (2) DATE OF EXERCISE OF OPTIONS 31 October 2018 (1) – (2) VESTING DATE OF OPTIONS EXERCISED 28 February 2018 (1) – (2) PERIOD OF EXERCISE 28 February 2018 – 31 October 2018 (1) – (2) NATURE OF TRANSACTION Exercise of share options by a director on the exercise date at the closing price of R4.70 per share, with settlement occurring on a net cash settled basis 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 Listing Requirements. Stellenbosch 2 November 2018 Sponsor PSG Capital Date: 02/11/2018 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.