CADIZ INC — Director's Dealing 2006

Apr 4, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CADIZ INC (CDZI)
CIK: 0000727273
Period of Report: 2006-03-31

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
2006-03-31	Common Stock	S	15493	$17.6294	Disposed	1429988	Indirect

Footnotes

F1: ING Groep N.V. sold 15,493 shares at a price of $17.6294 a share, which equals a gross aggregate consideration of $273,132.

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