CADIZ INC — Director's Dealing 2007

Jun 5, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CADIZ INC (CDZI)
CIK: 0000727273
Period of Report: 2007-06-01

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
2007-06-01	Common Stock	S	740000	$22.00	Disposed	571432	Indirect

Footnotes

F1: ING Groep N.V. sold 740,000 shares at a price of $22.00 a share, which equals a gross aggregate consideration of $16,280,000.

F2: With the June 1, 2007 sale of 740,000 shares of common stock, the beneficial ownership of ING Groep N.V. and ING Capital LLC in Cadiz Inc. is less than 10%.

F3: ING Groep N.V. is the indirect parent company of ING Capital LLC through a chain of wholly-owned subsidiaries.