Changes to the Board CADIZ HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1997/007258/06) JSE share code: CDZ ISIN: ZAE000017661 (“the Company” or “Cadiz”) CHANGES TO THE BOARD OF DIRECTORS Cadiz Holdings Limited has experienced a challenging past few years, culminating in the recent asset impairments which were disclosed in the Company’s interim results announcement on 14 November 2014. While the current investment performance of Cadiz Asset Management is not an unexpected trend in the life cycle of a value manager, the board, in consultation with a majority of its shareholders, believes that a proactive approach is necessary to drive the business successfully into the future. The board has therefore decided to make changes to its directorship by appointing three new directors. These directors will bring a fresh perspective and new energy to achieve the Company’s strategy with their wealth of business ability and experience, and in particular the track record of having turned around the fortunes of businesses in a variety of different industries. The remaining directors bring their significant experience and corporate memory from their years of service on the board. The Board will review all aspects of the business of Cadiz Asset Management and will seek to ensure that the asset management business returns to sustainable profitability. The Board looks forward to the continued commitment of all its clients, staff and shareholders during this time and wishes to reassure them that careful consideration will be taken before any changes to the existing business model are implemented. BOARD CHANGES The following have been appointed to the board as non-executive directors: Andrew Bonamour, William Marshall-Smith, and Brian Wootton. These directors are representatives of Blackstar Group SE (“Blackstar”) and bring a wealth of experience in fund management, operations, corporate finance and turnaround capability. They will participate actively in the review of the business. Blackstar has recently acquired an interest in Cadiz. Steven Saunders and Totsie Memela-Khambula have resigned from the board. The Board would like to thank them for their loyal and valuable service to Cadiz over several years and wish them well in their future endeavours. Following these changes to the Board, the composition of the Board committees will be amended in due course. FORWARD LOOKING The Board believes that the appointment of the new directors will be a catalyst to unlock the inherent value in the Company and create positive momentum. The fundamentals of the Company remain strong and these changes will serve to further enhance the prospects of the business. The Company is well capitalised and has a healthy balance sheet. CVs OF NEW DIRECTORS Andrew Bonamour Andrew is the founder of Blackstar Group SE ("Blackstar") and the CEO of Blackstar Group Proprietary Limited ("Blackstar SA") and Times Media Group Limited ("TMG"). Andrew previously worked at Brait where he held positions in investment banking, principal investment divisions and corporate finance. He serves on the boards of several listed and unlisted companies and holds a Bachelor of Commerce degree. William Marshall-Smith William joined Blackstar in 2005 and has over twelve years’ experience in corporate finance, public and private investing in Africa. William is a director of Blackstar SA and is the Finance Director of TMG. He serves on the boards of a number of private and publicly quoted companies and is a chartered accountant. Brian Wooton Brian has 20 years’ experience in executive management positions in the media, publishing and retail sectors as well as experience in mergers & acquisitions and corporate finance. Brian is a chartered accountant and has worked closely with Blackstar in the past. Cape Town 21 November 2014 Sponsor Investec Bank Limited Date: 21/11/2014 08:00:00 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.