CADIZ INC - Director's Dealing 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CADIZ INC (CDZI)
CIK: 0000727273
Period of Report: 2006-03-21

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

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-03-21	Common Stock	S	6820	$17.5351	Disposed	1705467	Indirect
2006-03-22	Common Stock	S	250000	$17.40	Disposed	1455467	Indirect
2006-03-22	Common Stock	S	9986	$18.1165	Disposed	1445481	Indirect

F1: ING Groep N.V. sold 6,820 shares at a price of $17.5351 a share, which equals a gross aggregate consideration of $119,589.

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 250,000 shares at a price of $17.40 a share, which equals a gross aggregate consideration of $4,350,000.

F4: ING Groep N.V. sold 9,986 shares at a price of $18.1165 a share, which equals a gross aggregate consideration of $180,911.