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: 2005-04-15

Reporting Person: MORGAN STANLEY (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-04-15	Common Stock	P	54000	$14.99	Acquired	1099742	Direct
2005-04-18	Common Stock	P	21200	$14.79	Acquired	1120942	Direct
2005-04-19	Common Stock	P	21585	$14.52	Acquired	1142527	Direct
2005-04-19	Common Stock	P	3300	$14.54	Acquired	1145827	Direct
2005-04-29	Common Stock	P	5000	$15.79	Acquired	1150827	Direct
2005-05-03	Common Stock	P	2700	$15.39	Acquired	1153527	Direct
2005-05-04	Common Stock	P	1500	$15.52	Acquired	1155027	Direct
2005-05-04	Common Stock	P	500	$15.30	Acquired	1155527	Direct
2005-05-05	Common Stock	P	50000	$14.05	Acquired	1205527	Direct
2005-05-05	Common Stock	P	2000	$15.48	Acquired	1207527	Direct
2005-05-05	Common Stock	P	2800	$15.30	Acquired	1210327	Direct
2005-05-06	Common Stock	P	1000	$15.68	Acquired	1211327	Direct
2005-05-06	Common Stock	P	1500	$15.45	Acquired	1212827	Direct
2005-05-09	Common Stock	P	500	$16.05	Acquired	1213327	Direct
2005-05-13	Common Stock	P	3000	$16.05	Acquired	1216327	Direct
2005-05-16	Common Stock	S	10000	$15.70	Disposed	1206327	Direct
2005-05-17	Common Stock	P	800	$15.80	Acquired	1207127	Direct
2005-05-18	Common Stock	P	5500	$16.26	Acquired	1212627	Direct
2005-05-19	Common Stock	P	500	$16.50	Acquired	1213127	Direct
2005-05-20	Common Stock	P	1060	$16.27	Acquired	1214187	Direct
2005-05-23	Common Stock	P	5000	$16.06	Acquired	1219187	Direct
2005-05-23	Common Stock	P	10000	$16.30	Acquired	1229187	Direct
2005-05-24	Common Stock	P	4000	$16.05	Acquired	1233187	Direct
2005-05-25	Common Stock	P	2500	$15.55	Acquired	1235687	Direct
2005-05-25	Common Stock	P	6000	$15.33	Acquired	1241687	Direct
2005-05-25	Common Stock	P	20000	$15.52	Acquired	1261687	Direct
2005-05-26	Common Stock	P	2000	$15.05	Acquired	1263687	Direct
2005-05-26	Common Stock	P	3000	$15.08	Acquired	1266687	Direct
2005-05-31	Common Stock	P	500	$17.04	Acquired	1267187	Direct
2005-06-01	Common Stock	P	200	$16.75	Acquired	1267387	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.