ZEDER INVESTMENTS LIMITED
 (Incorporated in the Republic of South Africa)
 Registration number: 2006/019240/06
 Share code: ZED
 ISIN: ZAE000088431
 LEI code: 37890022AF5FD117D649
 ("Zeder" or "the Company")


EXERCISE AND RELATED NET-EQUITY SETTLEMENT OF SHARE OPTIONS IN TERMS
OF THE ZEDER GROUP SHARE INCENTIVE TRUST (“SIT”)


Upon the exercise of the share options referred to below, Zeder elected to settle same on a
net-equity basis through the award of shares as detailed below:

 NAME OF DIRECTOR                                 JH le Roux

 COMPANY OF WHICH A DIRECTOR                      Zeder Investments Limited

 STATUS: EXECUTIVE/NON-EXECUTIVE                  Executive

 TYPE AND CLASS OF SECURITIES                     Options in relation to ordinary shares

 OPTION STRIKE PRICE                              R0.25

 NUMBER OF OPTIONS EXERCISED                      3 750 000

 EXERCISE DATE OF OPTIONS                         After   close    of        business      on
                                                  22 February 2023

 PERIOD OF EXERCISE                               Participants have a 180-day period from
                                                  the vesting date of 18 January 2023 during
                                                  which the options can be exercised

 NAME OF ASSOCIATE                                Bakenskraal      Investments    Proprietary
                                                  Limited

 RELATIONSHIP WITH DIRECTOR                       Director is a director of the associate, as
                                                  well as a trustee and beneficiary of the
                                                  shareholder of the associate

 NATURE OF TRANSACTION                            Exercise of share options by the director at
                                                  the last traded share price of R1.65 per
                                                  share on 22 February 2023, and related
                                                  after-tax net-equity settlement by way of
                                                  the award of 1 750 000 shares to the
                                                  director, with such shares to be transferred
                                                  by the director to his associate for an
                                                  amount equal to the R1.65 per share (Off-
                                                  market transaction)

 NATURE AND EXTENT OF INTEREST IN                 Indirect, beneficial
 THE TRANSACTION
Clearance for the above was obtained in accordance with paragraph 3.66 of the JSE Limited
Listings Requirements.

During the current financial year, the above strike price was adjusted pursuant to Zeder’s
payment of a special dividend in November 2022, such adjustment having occurred in terms
of clause 26 of the SIT deed, in accordance with the provisions of the scheme.


Stellenbosch
23 February 2023


                 Sponsor                              Independent Joint Sponsor
                PSG Capital                               Tamela Holdings