CADIZ INC — Director's Dealing 2007

May 23, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CADIZ INC (CDZI)
CIK: 0000727273
Period of Report: 2007-05-22

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
2007-05-22	Common Stock	S	859	$23.7747	Disposed	1326377	Indirect

Footnotes

F1: ING Groep N.V. sold 859 shares at a price of $23.7747 a share, which equals a gross aggregate consideration of $20,422.

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