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Wed 22 Dec 2004, 16:23 DIRECTORS DEALING IN SECURITIES
CADIZ- DIRECTORS DEALING IN SECURITIES OF CADIZ HOLDINGS LIMITED                
CADIZ HOLDINGS LIMITED                                                          
(Incorporated in the Republic of South Africa)                                  
(Registration number 1997/007258/06)                                            
Share code:  CDZ   ISIN: ZAE000017661                                           
In compliance with Rules 3.63 - 3.74 of the JSE Listing Requirements, the       
following information is disclosed:                                             
Director:                Dan Ahern                                              
Office held:             Director of major subsidiary of Cadiz Holdings Limited 
Company:                 Cadiz Financial Strategists (Pty) Limited              
Nature of transaction:   Take up and purchase of shares pursuant to the vesting 
and exercising of options already granted and accepted 
                         in Cadiz                                               
Option strike price:     88 cps                                                 
Date of exercise:        22 December 2004                                       
Number of shares:        150 000                                                
Vesting date:            1 November 2003 and 1 November 2004                    
Period of vesting:       3 and 4 years                                          
Class of shares:         Ordinary                                               
Nature of interest:      Direct beneficial                                      
Value of transaction:    R132 000                                               
Clearance in terms of paragraph 3.66 has been given by RFG Cadiz the designated 
director                                                                        
22 December 2004                                                                
Sponsor: Investec Bank Limited                                                  
Date: 22/12/2004 04:07:03 PM                    
Produced by the JSE SENS Department
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