CADIZ INC — Director's Dealing 2006

Jul 10, 2006

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: CADIZ INC (CDZI)
CIK: 0000727273
Period of Report: 2006-06-30

Reporting Person: Peloton Partners, LLP (10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value ("Common Stock")	1046640	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Convertible Term Loan	$16.50	2011-06-30	Common Stock (1218307)		Indirect

Footnotes

F1: The shares of Common Stock to which this line refers are held indirectly by Peloton Partners, LLP (the "Reporting Person"),
in its capacity as the registered investment adviser of certain funds. The Reporting Person is a registered investment
adviser and as such disclaims all beneficial ownership of these shares and in any case disclaims beneficial ownership of
these shares except to the extent of the Reporting Person's pecuniary interest in the shares. The Reporting Person is a
registered investment adviser but has elected to file Form 3 nonetheless.

F2: Convertible Term Loan provides Peloton Partners the right to purchase Common Stock.

F3: The Conversion Price in Item 4 above is dependent upon the respective Tranche (A or B) of the Term Loan and other provisions
in the Term Loan affecting the conversion price. The exercise price for the two Tranches will most likely be $18.50 and
$23.10.

F4: The Convertible Term Loan to which this line refers are held indirectly by the Reporting Person in its capacity as the
registered investment adviser of certain funds. The Reporting Person is a registered investment adviser and as such
disclaims all beneficial ownership of this Convertible Term Loan and in any case disclaims beneficial ownership of this
Convertible Term Loan except to the extent of the Reporting Person's pecuniary interest in the Convertible Term Loan. The
Reporting Person is a registered investment adviser but has elected to file Form 3 nonetheless.