CDZ - Cadiz Holdings - Business model and change in directorate CADIZ HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1997/007258/06) JSE share code: CDZ ISIN: ZAE000017661 ("Cadiz Holdings" or "Cadiz" or "the group") CADIZ HOLDINGS - BUSINESS MODEL AND CHANGE IN DIRECTORATE Cadiz has begun implementing a more decentralised business model, which will give greater autonomy and accountability to business units. The group will have a primary focus on wholesale and retail asset management, ensuring that Cadiz Asset Management builds on its commitment to sustainable investment excellence, long-term client relationships and its strengths in responsible investing. Cadiz and BNP Paribas are committed to and focused on the integration, launch and success of BNP Paribas Cadiz Securities, in which Cadiz holds a 40% stake. The business will combine the respective strengths of Cadiz and BNP Paribas to market and sell South African equity products to institutional investors locally and abroad. Cadiz Corporate Solutions will continue its mergers and acquisition activities where the focus on the resources sector is paying dividends. It is well positioned to capitalise on the growing interest from Chinese and Indian investors through its strategic partnerships in these countries. As a result of the new decentralised business model, the head office infrastructure is being streamlined to reduce costs. The group management will in future focus on group strategy, monitoring business unit performance, managing group capital and providing shared services to the decentralised business units. The group has undertaken a prudent review of its capital requirements and as previously reported will declare a special dividend in March 2012. The benefits of the current restructuring are only expected to be realised from the 2012 financial year onwards. In line with this strategy and refocused business model, the directors of Cadiz are pleased to announce the appointment of Fraser Shaw as chief executive officer with effect from 21 February 2012. He is currently the chief operating officer and financial director of Cadiz. Fraser (52) succeeds Ram Barkai who has resigned as a director of the group with immediate effect after electing to take early retirement from October 2012 to enable him to pursue other interests. Ram, who joined Cadiz in 1996 to set up the structured product and asset management business, has been with Cadiz for 16 years and was appointed as chief executive in 2005. He has contributed significantly to the growth and success of the group which has recently undergone widespread changes to focus on asset management. The directors of Cadiz thank him for his dedicated service and wish him well in his future endeavours. Cadiz Holdings chairman, Peter-Paul Ngwenya, commented: "We are fortunate to be able to appoint an executive of Fraser`s calibre as our new chief executive. He has extensive experience in the financial services industry and in financial management, and has been with Cadiz for over 10 years. His appointment will ensure continuity in the leadership of the group and he will continue to serve as the financial director of Cadiz. The board joins me in wishing Fraser every success in his new role." Cape Town 21 February 2012 Sponsor Investec Bank Limited Date: 21/02/2012 09:30:01 Supplied by www.sharenet.co.za 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.