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Thu 15 Mar 2007, 17:45 CDZ - Cadiz Holdings Limited - Directors Interests
CDZ
 CDZ                                                                             
    CDZ - Cadiz Holdings Limited - Directors Interests                          
    Cadiz Holdings Limited                                                      
    (Incorporated in the Republic of South Africa)                              
(Registration number 1997/007258/06)                                        
    Share code:  CDZ   ISIN: ZAE000017661                                       
                                                                                
    DIRECTORS` INTERESTS                                                        
In compliance with Rules 3.63 - 3.74 of the JSE Listing Requirements, the   
    following information is disclosed:                                         
    Director:                Matthew Nhlapo                                     
    Office held:             Director of major subsidiary of Cadiz Holdings     
Limited                                            
    Company:                 Cadiz Stock Broking (Pty) Ltd                      
    Nature of transaction:   Take up and purchase of shares pursuant to the     
                             vesting and exercising of options already granted  
and accepted in Cadiz and subsequent disposal to   
                             settle the debt and tax arising on the exercise of 
                             options                                            
    Option strike price:     88 cps                                             
Date of exercise:        14 March 2007                                      
    Number of options:       40 000                                             
    Vesting date:            1 October 2006                                     
    Period of vesting:       5 years                                            
Value of transaction:    R35 200.00                                         
    Date of sale:            14 March 2007                                      
    Number of shares sold:   20 141                                             
    Price per share:         510.00cps                                          
Value of transaction:    R102 719.10                                        
    Class of shares:         Ordinary                                           
    Nature of interest:      Direct beneficial                                  
    Cadiz announces the following conditional awards of ordinary shares in the  
capital of the Company by the Employee Share Trusts in terms of the Trust   
    Deeds. The awards are effective 12 March 2007 and vest 20% per year from    
    years three to seven. The strike price is 500 cents per share increasing by 
    a notional interest amount equivalent to the fringe benefits tax interest   
rate and decreasing by any distributions per share made by the Company.     
    Director:                Dan Ahern                                          
    Office held:             Director of major subsidiary of Cadiz Holdings     
                             Limited                                            
Company:                 Cadiz Securities (Pty) Ltd                         
    Number of shares:        700,000                                            
    Class of shares:         Ordinary                                           
    Nature of transaction:   Equity settled share appreciation rights allocated 
in terms of CHEST                                                           
    Nature of interest:      Direct beneficial                                  
                                                                                
    Director:                Ram Barkai                                         
Office held:             Director                                           
    Company:                 Cadiz Holdings Limited                             
    Number of shares         400,000                                            
    Class of shares:         Ordinary                                           
Nature of transaction:   Equity settled share appreciation rights allocated 
                             in terms of CHEST                                  
    Nature of interest       Indirect beneficial                                
    Director:                Erica Bruce                                        
Office held:             Director of major subsidiary of Cadiz Holdings     
                             Limited                                            
    Company:                 Cadiz Stock Broking (Pty) Ltd                      
    Number of shares         150,000                                            
Class of shares:         Ordinary                                           
    Nature of transaction:   Equity settled share appreciation rights allocated 
    in terms of CHEST                                                           
    Nature of interest       Direct beneficial                                  
Director:                Frank Cadiz                                        
    Office held:             Director of major subsidiary of Cadiz Holdings     
                             Limited                                            
    Company:                 Cadiz African Harvest Asset Management (Pty) Ltd   
Number of shares:        400,000                                            
    Class of shares:         Ordinary                                           
    Nature of transaction:   Equity settled share appreciation rights allocated 
                             in terms of CHEST                                  
Nature of interest:      Indirect beneficial                                
                                                                                
    Director:                Robbie Gonsalves                                   
    Office held:             Director of major subsidiary of Cadiz Holdings     
Limited                                            
    Company:                 Cadiz Special Projects Limited                     
    Number of shares:        400,000                                            
    Class of shares:         Ordinary                                           
Nature of transaction:   Equity settled share appreciation rights allocated 
                             in terms of CHEST                                  
    Nature of interest:      Indirect beneficial                                
    Director:                Evan Jones                                         
Office held:             Director of major subsidiary of Cadiz Holdings     
                             Limited                                            
    Company:                 Cadiz Asset Management (Pty) Ltd                   
    Number of shares:        600,000                                            
Class of shares:         Ordinary                                           
    Nature of transaction:   Equity settled share appreciation rights allocated 
                             in terms of CHEST                                  
    Nature of interest:      Direct beneficial                                  

    Director:                Kevin Morley                                       
    Office held:             Director of major subsidiary of Cadiz Holdings     
                             Limited                                            
Company:                 Cadiz Securities (Pty)Ltd                          
    Number of shares:        700,000                                            
    Class of shares:         Ordinary                                           
    Nature of transaction:   Equity settled share appreciation rights allocated 
in terms of CHEST                                  
    Nature of interest:      Direct beneficial                                  
    Director:                Matthew Nhlapo                                     
    Office held:             Director of major subsidiary of Cadiz Holdings     
Limited                                            
    Company:                 Cadiz Stock Broking (Pty) Ltd                      
    Number of shares         200,000                                            
    Class of shares:         Ordinary                                           
Nature of transaction:   Equity settled share appreciation rights allocated 
                             in terms of CBEET                                  
    Nature of interest       Direct beneficial                                  
                                                                                
Company Secretary:       Fraser Shaw                                        
    Company:                 Cadiz Holdings Limited                             
    Number of shares         250,000                                            
    Class of shares:         Ordinary                                           
Nature of transaction:   Equity settled share appreciation rights allocated 
                             in terms of CHEST                                  
    Nature of interest       Direct beneficial                                  
                                                                                
Director:                Darren Simpson                                     
    Office held:             Director of major subsidiary of Cadiz Holdings     
                             Limited                                            
    Company:                 Cadiz Stock Broking (Pty) Ltd                      
Number of shares         350,000                                            
    Class of shares:         Ordinary                                           
    Nature of transaction:   Equity settled share appreciation rights allocated 
                             in terms of CHEST                                  
Nature of interest       Direct beneficial                                  
                                                                                
    Director:                Phillip Sturgess                                   
    Office held:             Director of major subsidiary of Cadiz Holdings     
Limited                                            
    Company:                 Cadiz Asset Management (Pty) Ltd                   
    Number of shares         50,000                                             
    Class of shares:         Ordinary                                           
Nature of transaction:   Equity settled share appreciation rights allocated 
                             in terms of CHEST                                  
    Nature of interest       Direct beneficial                                  
    Director:                James Walsh                                        
Office held:             Director of major subsidiary of Cadiz Holdings     
                             Limited                                            
    Company:                 Cadiz Stock Broking (Pty) Ltd                      
    Number of shares         250,000                                            
Class of shares:         Ordinary                                           
    Nature of transaction:   Equity settled share appreciation rights allocated 
    in terms of CHEST                                                           
    Nature of interest       Direct beneficial                                  

    Clearance in terms of paragraph 3.66 has been given by the designated       
    person                                                                      
                                                                                
15 March 2007                                                               
    Sponsor: Investec Bank Limited                                              
Date: 15/03/2007 17:45:26 Produced by the JSE SENS Department.
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