CADIZ INC — Director's Dealing 2006

Apr 20, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CADIZ INC (CDZI)
CIK: 0000727273
Period of Report: 2006-04-18

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
2006-04-18	Common Stock	S	388	$17.9974	Disposed	1415804	Indirect
2006-04-19	Common Stock	S	2360	$17.9886	Disposed	1413444	Indirect

Footnotes

F1: ING Groep N.V. sold 388 shares at a price of $17.9974 a share, which equals a gross aggregate consideration of $6,983.

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

F3: ING Groep N.V. sold 2,360 shares at a price of $17.9886 a share, which equals a gross aggregate consideration of $42,453.