Directors' Interests CADIZ HOLDINGS LIMITED 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 grant is based on the 2 June 2014 90 day VWAP share price of 108.5 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 2017 to 31 March 2020 subject to employment and performance conditions. Director: Fraser Shaw Office held: Director Company: Cadiz Holdings Limited Number: 2 000 000 Value: R2 170 000.00 Offer date: 02 June 2014 Acceptance date: 09 June 2014 Class of shares: Ordinary Nature of transaction: Grant of share rights Nature of interest: Direct beneficial, off-market Director: Frank Cadiz Office held: Director of major subsidiary Company: Cadiz Asset Management (Pty) Ltd Number: 500 000 Value: R542 500.00 Offer date: 02 June 2014 Acceptance date: 09 June 2014 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: 500 000 Value: R542 500.00 Offer date: 02 June 2014 Acceptance date: 09 June 2014 Nature of transaction: Grant of share rights Nature of interest: Direct beneficial, off-market Cadiz announces the awarding of restricted shares in terms of the Cadiz Restricted Share Plan (RSP). In terms of the plan employees receive a portion of their annual performance award in equity rather than cash. The awards, which are based on the 2 June 2014 10 day VWAP share price of 109.2 cents per share, vest in two equal tranches on 10 June 2015 and 10 June 2016 with 50% of the shares vesting on each date subject to a one year sale restriction. Director: Fraser Shaw Office held: Director Company: Cadiz Holdings Limited Number: 93 429 Value: R102 024.47 Offer date: 02 June 2014 Acceptance date: 09 June 2014 Class of shares: Ordinary Nature of transaction: Award of ordinary shares Nature of interest: Direct beneficial, off-market Company Secretary: Charl Schmahl Office held: Company Secretary Company: Cadiz Holdings Limited Number: 32 234 Value: R35 199.53 Offer date: 02 June 2014 Acceptance date: 09 June 2014 Class of shares: Ordinary Nature of transaction: Award of ordinary shares Nature of interest: Direct beneficial, off-market Clearance in terms of paragraph 3.66 has been given by the designated persons Cape Town 10 June 2014 Sponsor: Investec Bank Limited Date: 10/06/2014 07:30:00 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.