Update to shareholders STELLAR CAPITAL PARTNERS LIMITED (Incorporated in the Republic of South Africa) (Registration number 1998/015580/06) ("Stellar" or the "Company") Share code: SCP ISIN: ZAE000198586 UPDATE TO SHAREHOLDERS Shareholders are referred to the SENS announcement published by Hudaco Industries Limited (“Hudaco”) on 10 November 2015 (“the Hudaco Announcement”). The Hudaco Announcement states that, in addition to instituting legal proceedings against, among others, certain former directors and other entities within the Cadiz Holdings Limited group, Hudaco has also instituted legal proceedings against Cadiz Asset Management Proprietary Limited. Cadiz Holdings Limited is a Stellar investee company. We note that Hudaco commenced action against Cadiz Asset Management Proprietary Limited t/a Cadiz Specialised Asset Management, Registration No 1996/009475/07. The latter entity is the entity that was directly involved in the transaction in issue. It is recorded that Cadiz Asset Management Proprietary Limited, Registration No 1953/001254/07 was not involved in the transaction and is not cited as a defendant in the proceedings instituted by Hudaco. All steps are being taken to procure the correction of the Hudaco Sens announcement. Furthermore the Cadiz group companies that are named in the action have advised Stellar that they deny any and all claims made or advanced in the action against them. The claim has been handed over to Cadiz’ insurers and the action will be vigorously defended. JOHANNESBURG 11 November 2015 Sponsor: Stellar Advisers (Pty) Ltd Date: 11/11/2015 01:32:00 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.