Disposal Of Quantum Foods Shareholding 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”) DISPOSAL OF QUANTUM FOODS SHAREHOLDING Shareholders are advised that on Friday, 12 June 2020 the Company’s wholly-owned subsidiary, Zeder Financial Services Limited, agreed to and disposed of all 61 620 084 shares held by it in Quantum Foods Holdings Limited (“Quantum Foods”), a JSE-listed integrated feed and poultry business, representing 32.1% of that company’s issued share capital (“Sale Shares”), to Country Bird Holdings Proprietary Limited or a subsidiary thereof (“Purchaser”), at a cash price of R5.00 per share (“Consideration”), resulting in an aggregate sale amount of R308 100 420 (“Disposal”). The share trade will settle, and the Consideration is to be received, on Thursday, 18 June 2020, with this being the effective date of the Disposal. Zeder received the Sale Shares when they were unbundled by Pioneer Food Group Limited in 2014, and assisted Quantum Foods with its restructuring, de-risking and repositioning following a turbulent period. Since being independently listed, Quantum Foods has evolved positively as an organisation under strong leadership and has consistently delivered commendable results, notwithstanding the cyclicality of the industry. The rationale for the Disposal has less to do with the investment prospects of Quantum Foods, but rather more with the strategic investment objectives of Zeder. Following receipt of the Consideration, Zeder’s net unencumbered cash reserves will amount to approximately R1.35 billion. In line with recently communicated guidance, Zeder will use these resources to ensure that its investees are appropriately capitalised during the Covid-19 crisis, while also investing in new opportunities, if and when opportune. In addition, the strategic options for share buybacks or special dividends will be reviewed and considered on an ongoing basis. The Disposal is not subject to any conditions precedent. Furthermore, no warranties have been provided by the Company and there are no further material terms to the Disposal. The value of the net assets comprising the Sale Shares, as at 29 February 2020, being the date of the Company’s last audited annual financial statements, was R188 million. The audited profits after tax attributable to the Sale Shares for the year ended 29 February 2020, was R12 million, based on the Company’s audited annual financial statements for the year ended 29 February 2020, which were prepared in terms of IFRS. Shareholders are referred to the financial results of Quantum Foods, available on its website (https://quantumfoods.co.za/), which provide further information on Quantum Foods. The Disposal constitutes a category 2 transaction in terms of the JSE Limited Listings Requirements. Zeder is proud of our association with Quantum Foods over the years and we wish all stakeholders well on the journey ahead. Stellenbosch 15 June 2020 Transaction Advisor and Sponsor PSG Capital Date: 15-06-2020 03:45:00 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.