ZEDER INVESTMENTS LIMITED - Trading statement

Trading statement

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

TRADING STATEMENT

Zeder's objective remains to maximise long-term wealth for its shareholders and, accordingly,
the key benchmark used by Zeder to measure performance is its sum-of-the-parts ("SOTP")
value per share.

Zeder, an investment entity in terms of IFRS® Accounting Standards, as issued by the
International Accounting Standards, is obliged in terms of the JSE Limited ("JSE") Listings
Requirements, to publish a trading statement should there be a reasonable degree of certainty
that its net asset value per share ("NAVPS") as at 31 August 2025 will differ by at least 20%
from its previous corresponding period.

Zeder accordingly hereby advises that a reasonable degree of certainty exists that its NAVPS
as at 31 August 2025 will be between R1.64 per share and R1.72 per share, being between
20.0% (or 43 cents per share) and 23.7% (or 51 cents per share) lower than the R2.15 per
share reported as at 31 August 2024, and between 2.8% (or 5 cents per share) and 7.3% (or
13 cents per share) lower than the R1.77 per share reported as at 28 February 2025. The
decrease will mainly be as a result of the special dividends of 31.0 cents per share paid to
Zeder shareholders and to a lesser extent the downward adjustments in the valuation of the
remaining unlisted investments compared to the previous corresponding period.

Shareholders are advised that Zeder's condensed unaudited interim results for the six months
ended 31 August 2025 will be released on Tuesday, 21 October 2025.

The information contained in this announcement has not been reviewed or reported on by the
external auditor of Zeder.

Stellenbosch
17 October 2025

      Transaction Advisor and Sponsor                   Independent Joint Sponsor
                PSG Capital                                  BSM Sponsors

Date: 17-10-2025 07:05:00
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