Acceptance Of Options By Directors 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”) ACCEPTANCE OF OPTIONS BY DIRECTORS 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 acceptance of options is disclosed: 1. 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 Share options to acquire ordinary shares DATE OF AWARD 28 February 2019 DATE OF ACCEPTANCE 28 February 2019 OPTION STRIKE PRICE R4.36 (Zeder’s 30-day volume weighted average traded price at 28 February 2019) NUMBER OF OPTIONS ACCEPTED 6,468,828 TOTAL RAND VALUE OF OPTIONS R28,204,090.08 VESTING DATE OF OPTIONS Vesting in tranches of 25% each on the 2nd, 3rd, 4th and 5th anniversary of the award NATURE OF TRANSACTION Acceptance of award of options to acquire ordinary shares in terms of a share incentive scheme NATURE AND EXTENT OF INTEREST IN Direct, beneficial THE TRANSACTION CLEARANCE OBTAINED Yes 2. NAME OF DIRECTOR JH le Roux COMPANY OF WHICH I AM A DIRECTOR Zeder Investments Limited STATUS: EXECUTIVE/NON-EXECUTIVE Executive TYPE AND CLASS OF SECURITIES Share options to acquire ordinary shares DATE OF AWARD 28 February 2019 DATE OF ACCEPTANCE 28 February 2019 OPTION STRIKE PRICE R4.36 (Zeder’s 30-day volume weighted average traded price at 28 February 2019) NUMBER OF OPTIONS ACCEPTED 3,503,451 TOTAL RAND VALUE OF OPTIONS R15,275,046.36 VESTING DATE OF OPTIONS Vesting in tranches of 25% each on the 2nd, 3rd, 4th and 5th anniversary of the award NATURE OF TRANSACTION Acceptance of award of options to acquire ordinary shares in terms of a share incentive scheme NATURE AND EXTENT OF INTEREST IN Direct, beneficial THE TRANSACTION CLEARANCE OBTAINED Yes Clearance for the above was obtained in accordance with paragraph 3.66 of the JSE Limited Listing Requirements. Stellenbosch 1 March 2019 Sponsor PSG Capital Date: 01/03/2019 04:10:00 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.