Director's Dealings CADIZ HOLDINGS LIMITED –DIRECTORS’ INTERESTS Incorporated in the Republic of South Africa) (Registration number 1997/007258/06) Share code: CDZ ISIN: ZAE000017661 DIRECTORS’ INTERESTS In compliance with Rules 3.63 – 3.74 of the JSE Listing Requirements, the following information is disclosed: Cadiz announces the granting of share appreciation rights in terms of the Cadiz Share Appreciation Rights Plan (CSARP). The initial grant is based on the 8 March 90 VWAP share price of 147.9 cents per share, increasing by the fringe benefit tax interest rate and decreasing by dividends paid by the company, and vests in four equal annual tranches on 31 March 2016 to 31 March 2019 subject to employment and performance conditions. Director: Frank Cadiz Office held: Director of major subsidiary Company: Cadiz Asset Management (Pty) Ltd Number: 3 333 332 Value: R4 929 998.03 Offer date: 11 March 2013 Acceptance date: 13 March 2013 Class of shares: Ordinary Nature of transaction: Grant of share rights. Nature of interest: Direct beneficial, off-market Director: Evan Jones Office held: Director of major subsidiary Company: Cadiz Asset Management (Pty) Ltd Number: 2 250 000 Value: R3 327 750 Offer date: 11 March 2013 Acceptance date: 14 March 2013 Class of shares: Ordinary Nature of transaction: Grant of share rights Nature of interest: Direct beneficial, off-market Director: Francois van Wyk Office held: Director of major subsidiary Company: Cadiz Asset Management (Pty) Ltd Number: 6 000 000 Value: R8 874 000 Offer date: 11 March 2013 Acceptance date: 13 March 2013 Nature of transaction: Grant of share rights Nature of interest: Direct beneficial, off-market Clearance in terms of paragraph 3.66 has been given by the designated persons 14 March 2013Sponsor: Investec Bank Limited Date: 14/03/2013 05:18:00 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.