CADIZ INC — Director's Dealing 2006

Mar 21, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CADIZ INC (CDZI)
CIK: 0000727273
Period of Report: 2006-03-17

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
2006-03-17	Common Stock	S	45617	$17.5327	Disposed	1731838	Indirect
2006-03-20	Common Stock	S	19551	$17.6858	Disposed	1712287	Indirect

Footnotes

F1: ING Groep N.V. sold 45,617 shares at a price of $17.5327 a share, which equals a gross aggregate consideration of $799,789.

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 19,551 shares at a price of $17.6858 a share, which equals a gross aggregate consideration of $345,775.