CADIZ INC — Director's Dealing 2006

May 4, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CADIZ INC (CDZI)
CIK: 0000727273
Period of Report: 2006-05-02

Reporting Person: ING GROEP NV (10% Owner)
Reporting Person: ING CAPITAL LLC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-05-02	Common Stock	S	8500	$17.50	Disposed	1339815	Indirect

Footnotes

F1: ING Groep N.V. sold 8,500 shares at a price of $17.50 a share, which equals a gross aggregate consideration of $148,750.

F2: ING Groep N.V. is the indirect parent company if ING Capital LLC through a chain of wholly-owned subsidiaries.