Trading Statement CADIZ HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1997/007258/06) JSE share code: CDZ ISIN: ZAE000017661 (“Cadiz Holdings” or “the group”) CADIZ HOLDINGS – TRADING STATEMENT Further to the trading statement released on SENS on 20 May 2014 advising that basic and diluted headline earnings per share for the year ended 31 March 2014 (“the period”) are expected to be between 15% and 20% higher than the corresponding period, shareholders are advised that this range has now been revised to an increase of between 20% to 25%. The reason for the change is an adjustment to headline earnings as a result of a minor loss on the disposal of fixed assets by an associate. There has been no further change to the earnings guidance which is as follows: Basic and diluted earnings per share for are expected to be between 10% and 15% higher than the corresponding period. Basic and diluted earnings per share from continuing operations are expected to be between 50% and 60% higher. The group’s results for the year ended 31 March 2014 will be announced on SENS on Monday 2 June 2014. The financial information on which this trading statement is based has not been reviewed or reported on by the group’s independent auditors. Cape Town 28 May 2014 Sponsor Investec Bank Limited Date: 28/05/2014 04:50:00 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.