Disclosure of Share Transactions and Directors' Interests CADIZ HOLDINGS LIMITED Incorporated in the Republic of South Africa) (Registration number 1997/007258/06) Share code: CDZ ISIN: ZAE000017661 (the “Company”) DISCLOSURE OF SHARE TRANSACTIONS AND DIRECTORS’ INTERESTS DISCLOSURE OF SHARE TRANSACTIONS In accordance with section 122(3)(b)of the Companies Act 71 of 2008 (the “Act”) and section 3.83(b) of the JSE Listing Requirements, holders of ordinary shares in the Company are advised that: Raymond Cadiz has notified the Company that he disposed of ordinary shares in the Company such that his beneficial interest is 0% in the issued ordinary shares of the Company; and Friedshelf 1638 Proprietary Limited (“Friedshelf”) a vehicle established for management to hold shares in the Company has notified the Company that it acquired ordinary shares in the Company such that its beneficial interest is 20.7% in the issued ordinary shares of the Company. DIRECTORS’ INTERESTS In compliance with Rules 3.63 – 3.74 of the JSE Listing Requirements, the following information is disclosed: Director: Raymond Francis Galwey Cadiz Office held: Director Company: Cadiz Holdings Limited Number: 37 087 285 Price: R1.18 Value: R43 762 996.30 Transaction date: 16 March 2015 Class of shares: Ordinary Nature of transaction: Sale of shares off-market Nature of interest: Direct and indirect beneficial Clearance in terms of paragraph 3.66 has been given by the designated persons. Director: Roberto Gonsalves as trustee and beneficiary of The Benfica Trust, the sole current shareholder of Friedshelf 1638 Proprietary Limited. Office held: Director of a major subsidiary Company: Cadiz Corporate Solutions (Pty) Ltd Number: 50 915 347 Price: R1.18 Value: R60 080 190.46 Transaction date: 16 March 2015 Class of shares: Ordinary Nature of transaction: Purchase of shares off-market Nature of interest: Indirect beneficial Clearance in terms of paragraph 3.66 has been given by the designated persons. Friedshelf has been established by Roberto Gonsalves to allocate shares to members of the management team in the future. This vehicle has acquired a meaningful stake in the Company in terms of this transaction. Cape Town 20 March 2015 Sponsor: Investec Bank Limited Date: 20/03/2015 12:45:00 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.