CADIZ INC — Director's Dealing 2007

May 3, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CADIZ INC (CDZI)
CIK: 0000727273
Period of Report: 2007-05-01

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
2007-05-01	Common Stock	S	3760	$22.40	Disposed	1349320	Indirect
2007-05-02	Common Stock	S	4454	$22.6625	Disposed	1344866	Indirect

Footnotes

F1: ING Groep N.V. sold 3,760 shares at a price of $22.40 a share, which equals a gross aggregate consideration of $84,224.

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

F3: ING Groep N.V. sold 4,454 shares at a price of $22.6625 a share, which equals a gross aggregate consideration of $100,939.