CADIZ INC — Director's Dealing 2006

Feb 22, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CADIZ INC (CDZI)
CIK: 0000727273
Period of Report: 2006-02-17

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-02-17	Common Stock	S	7300	$16.5005	Disposed	1854365	Indirect

Footnotes

F1: ING Groep N.V. sold 7,300 shares at a price of 16.5005 a share, which equals a gross aggregate consideration of $120,454.

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