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Cadiz Holdings Limited - Closure Of Investigation Into Share Transactions       
  Cadiz Holdings Limited                                                          
  (Incorporated in the Republic of South Africa)                                  
  Registration number 1997/007258/06                                              
  ISIN: ZAE000017661                                                              
  JSE Share code:  CDZ                                                            
  (`Cadiz` or `the company`)                                                      
  INVESTIGATION INTO SHARE TRANSACTIONS                                           
  The company is pleased to announce that following a detailed investigation by   
  the Financial Services Board into trading in shares of Cadiz announced on the 5 
  May 2004, the Insider Trading Directorate has decided to close their            
  investigation.                                                                  
  27 July 2004                                                                    
  Sponsor:                                                                        
  Investec Bank Limited                                                           
  Date: 28/07/2004 09:37:07 AM Produced by the JSE SENS Department                
                                                                                  

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