1. CADIZ INC. (NASDAQ: CDZI) Corporate Overview

2. January 2015 This presentation contains forward-looking statements that are subject to significant risks and uncertainties, including statements related to the future operating and financial performance of the Company. Although the Company believes that the expectations reflected in its forward- looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Cadiz Inc. Safe Harbor Agreement 2

3. CADIZ CRA DANBY PIUTE Cadiz Inc. o 45,000 acres of land and water rights in San Bernardino County, California. o Operations primarily include agricultural development implementation of water supply and groundwater storage projects. 3

4. o 1,300 sq. mile watershed. o Approximately 20 million acre- feet (AF) of water in storage in the alluvial aquifers. o Water being lost to evaporation at highly saline dry lakes. o Cadiz owns 34,000 acres of private land at base of watershed – Permits to use and deliver water from aquifer. Cadiz Valley Water Resource Cadiz Dry Lake Bristol Dry Lake 5 Miles 66 Fenner Valley Orange Blossom Wash Granite Mountains Providence Mountains New York Mountains 4

5. o Long-term Projections of Supply Crisis for California’s Traditional Water Supplies o Demand for New Water Supply Alternatives - Major Infrastructure Projects (reservoirs, Delta tunnels) pursued by State, $7.5 Billion water bond approved by voters in Nov 2014. Variety of local supply projects (desalination, recycling, supply augmentation, aquifer storage conservation) actively sought by all water providers (utilities, retailers, public agencies, real estate developers, agriculture). o Rising Price of Water in California - Rates have historically increased approx. 6% per year. Market prices for reliable water reaching $1,000AF; short-term spot market $2,000/AF. Market Conditions 5

6. Supplemental Water Supply Alternatives 6 ProjectAnnual YieldUnit Cost ($/AF) Long-term Annual Supply OCWD Groundwater Replenishment System70,000$900 West Basin Seawater Desalter22,000 to 112,000$1,366 to $1,835 MWDOC - Dana Point Desalter16,500$1,403 Carlsbad Seawater Desalination 48,000 to 56,000 $ 2,014 to $2,257 Huntington Beach Seawater Desalination 56,000 $1,768 to $1,812 Camp Pendleton Seawater Desalination 56,000 $1,900 to $2,340 Elsinore Valley Repurified Water (Wildomar) 3,000 $1,312 Central Basin Repurified Water (Southeast) 15,000 $1,672 MWD Untreated/Treated Tier 2 Rate-$735 - $1,032 Short-term/Dry-year Supply Buena Vista Water Storage District12,000$1,135 Madera County Farmers3,200$2,190 Riverdale Farmers600$1,800

7. o Cadiz Valley Agricultural Development 160-acre organic vineyard (harvests dried-on-vine raisins.) Joint venture with Ag company to plant up to 1,500 acres of lemons, 340 of which planted to date.  Rent $200/acre/yr; profit share not to exceed $1,200/acre/yr. Total 9,600 acres permitted for Ag. Current Operations 7 o Cadiz Valley Water Conservation, Recovery and Storage Project Permits for 2.5 million AF of water deliveries over 50 years; not to exceed 75,000 AF/yr. Current wellfield capacity on property to pump 20,000 AF/year.

8. o Land Conservation Bank 7,500 acres undeveloped land owned by Cadiz in high density tortoise habitat (Piute property). Final stage of approval as conservation bank in State of CA entitlement process. Bank credits would be sold to development projects with mitigation requirements. o Cadiz Northwest Pipeline 96-mile 30” steel pipeline, idle in ground, with water delivery capacity 20 – 30,000 AF/year. Intersects major California water infrastructure. Other Assets 8

9. Cadiz Valley Water Conservation, Recovery & Storage Project

10. Phase 1 - Project Design o Intercept and conserve groundwater before it reaches dry lakes. o Put conserved water to beneficial use in So. California via wellfield at Cadiz and pipeline constructed within active railroad ROW. 10

11. Phase 1 - Permitting Process o 2011 – 2012: Public environmental review process. Final Environmental Impact Report (FEIR) summarizes there will be NO significant impacts caused by Project operations. o July 31, 2012: Project approved and FEIR certified by Santa Margarita Water District finding no impacts from project operation. o October 1, 2012: San Bernardino County Supervisors approve project withdrawals of 2.5 million AF over 50 years under groundwater management plan (GMMMP). o 2013 – 2015: U.S. BLM certification process that project within the scope of the railroad right-of-way; i.e. furthers railroad purposes. 11

12. Phase 1- Project Participants o Project Participants are AA-rated water agencies or utilities and large agricultural districts. o More than 50,000 AF/year project supplies reserved under definitive contract agreement, option agreement, or Letters of Intent. o Demand is in excess of Project capacity. To account for oversubscription, participation being prioritized in final definitive purchase agreements. Agreements expected to be completed within the first half of 2015. o In addition, Arizona & California Railroad has reserved water and power from the Project for critical railroad purposes. 12

13. Phase 1 - Project Pricing Structure 1.Water Supply Component  2014 Definitive Purchase & Sale Agreement at $960/AF delivered to Aqueduct.  5% cap on average annual escalation. 2.Carry-over Storage Component  2014 Definitive Purchase & Sale Agreement at $1,500/AF of reserved storage. Capacity in Phase 1 = 150,000 AF.  Annual storage administrative fee $20/AF. 13

14. Phase 1 - Litigation o 4 th Quarter 2012: Litigation filed by Project opponents challenging environmental approvals and related permits.  6 separate cases proceeded to trial in 2013. All cases coordinated before one Judge. o October 2014: Court denied all claims against Project and upheld the environmental and permitting approvals. Court also awarded legal costs to the defending parties. o December 2015: All 6 cases appealed to California Court of Appeals, 4 th District. 14

15. o Primary activities: Expand the existing agricultural well field by approximately 12 new wells. Construct 43-mile buried pipeline to Colorado River Aqueduct within 200ft. right-of-way. Access natural gas power source for the well field and ancillary facilities. o Capital cost projected at $250 million. o Timeline: Early stage pre- construction activity occurring in 2015 on Cadiz property. Pipeline and build out of facilities expected to occur in 2016. Phase 1 – Construction 15

16. o Company has invested over $170m to acquire and develop the assets needed to implement the Project. o After operating costs and cap-ex amortization, cash flows from long- term contracts are estimated to be approximately $500-$600/AF (plus 5% inflator). (1) o Cash flows from short-term contracts are expected to track pricing in short-term/emergency supply market. (1 In signed 2014 Purchase Agreement inflator based on US BLS Water & Sewer Index. O & M from site to Aqueduct estimated at $75/AF. Minor treatment cost prior to Aqueduct estimated at $60/AF. Phase 1 – Return on Investment 16

17. Next Steps 2015: Implement project in coordination with SMWD and other project participants  Negotiate and execute sales agreements with current option holders and additional participants. (Q1 – Q2)  Final design and pre-construction activities (Q1-Q4)  Advance CRA tie-in and exchange terms with Metropolitan Water District. (Q2-Q3)  Resolve BLM certification & CEQA appeal (Q3& Q4)  Project financing and construction (Q4) 17

18. o Import water when available for storage in the aquifer system at Project area, return to agencies when needed in dry years. o Facilities – Cadiz NW 96-mile pipeline, new recharge basins, new pump station. o Capital costs – $30 - $40 million, plus costs to prepare the 96-mile pipeline. o Capacity – 1 million acre-feet of storage. o Value – Estimated charge of $1,500/AF to reserve storage capacity, plus annual storage fees. Phase 2 – Imported Water Storage 18

19. Map – So Cal Water System 19 Phase 1 & 2 would link Cadiz to main water transportation routes in California.

20. Corporate Details

21. Financial (@12/31/14) CASH - $16.2 million o Working capital through Q2 2016. o Funding for construction planning activity. DEBT - $105 million outstanding o $45 million Senior Secured Mortgage, 8% Interest PIK, Maturity March 2016. o $60 million Convertible Bond at $8.05/share, 7% Interest PIK, Maturity March 2018. 21

22. 22 Shares O/S: 17.7 million Market Capitalization:$180 million Fully Diluted Shares O/S (upon Bond conversion) : 25 million Debt O/S:$105 million Debt O/S (upon Bond conversion):$45 million Enterprise Value:$285 million Capitalization (12.31.14)

23. For more information, visit www.cadizinc.com email: ir@cadizinc.com 23