CADIZ INC — Director's Dealing 2006

Jan 25, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CADIZ INC (CDZI)
CIK: 0000727273
Period of Report: 2005-11-18

Reporting Person: MORGAN STANLEY (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-11-18	Common Stock	P	2000	$20.02	Acquired	1506600	Direct
2005-11-21	Common Stock	P	8320	$19.96	Acquired	1514920	Direct
2005-11-22	Common Stock	P	5000	$19.46	Acquired	1519920	Direct
2005-11-23	Common Stock	P	1495	$19.37	Acquired	1521415	Direct
2005-11-28	Common Stock	P	480	$19.96	Acquired	1521895	Direct
2005-11-30	Common Stock	P	1200	$19.94	Acquired	1523095	Direct
2005-12-01	Common Stock	P	615	$20.26	Acquired	1523710	Direct
2005-12-02	Common Stock	P	2400	$20.79	Acquired	1526110	Direct
2005-12-06	Common Stock	P	380	$20.99	Acquired	1526490	Direct
2005-12-07	Common Stock	P	627	$21.16	Acquired	1527117	Direct
2005-12-08	Common Stock	P	164	$20.75	Acquired	1527281	Direct
2005-12-09	Common Stock	P	200	$21.45	Acquired	1527481	Direct

Footnotes

F1: This Form 4 is being filed by more than one reporting person. Morgan Stanley & Co. International Limited is a wholly owned
subsidiary of Morgan Stanley. All shares held directly by Morgan Stanley & Co. International Limited are held indirectly by
Morgan Stanley.

F2: The reporting persons have disgorged to the issuer $114,358.20 in short-swing profits as a consequence of the transactions
reported on the Form 4s dated 1/25/2006 pursuant to section 16(b) of the Exchange Act of 1934.