1. CADIZ INC. Sustainable Land, Water & Agricultural Resources (NASDAQ: CDZI) June 2015

2. 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 Inc. o California renewable resources company with 45,000 acres of land assets and water rights. o Permits for developed agriculture and water supply projects. o History of innovative use of best irrigation practices and water technologies. o Largest approved desert tortoise land bank in California. 3

4. o California: 4 th Year of Drought, Historic Mandatory Rationing. o Systemic Infrastructure Failure. o Growing Need for New Water Supply Alternatives Variety of local supply projects and large infrastructure actively sought by all water providers. So Cal Self-Sufficiency o Rising Price of Water in California - Rates have historically increased approx. 6%/year. Market prices for reliable water now $1,000/AF - $2,000/AF. Drought penalties $3,000+ Market Conditions 4

5. o 1,300 sq. mile watershed -size of Rhode Island. o Aquifer holds approx. 20 million AF, comparable to Lake Mead. o Estimated average natural recharge 32,500 AF/year o Cadiz Inc. only significant overlying land user. About the Cadiz Valley Cadiz Dry Lake Bristol Dry Lake 5 Miles 66 Fenner Valley Orange Blossom Wash Granite Mountains Providence Mountains New York Mountains 5

6. Water Wasted to Evaporation Dry Lake Crust Beneath Dry Lake Surface Desert Research Institute measured evaporation from the Dry Lakes at approximately 32,000 AF/year. Billions of gallons of water lost every year. 6

7. 7 Innovative and Sustainable Water Source for Southern California Conservation & Recovery Phase Expand existing well-field and manifold system on Cadiz Inc. property to create “picket fence” to conserve water. Capture 2.5 million acre-feet over 50-years and deliver via a 43-mile buried pipeline to Colorado River Aqueduct within Arizona & California Railroad right-of-way provide RR improvements. NO adverse environmental impacts from operations Creates reliable supply for 100,000 families: Water Providers in 5 So. Cal. Counties would receive water. Cadiz Water Project

8. Imported Water Storage Phase o Once hydraulic barrier established in Phase 1 to limit loss of water to evaporation, Project can import water in wet years to store in the aquifer system for return when needed in dry years. o Total storage capacity = 1 million acre-feet. o Larger than local surface reservoirs, including Diamond Valley Lake. Phase 2 Groundwater Storage Solution 8

9. Innovative Connection between all 3 CA Water Transportation Routes 9

10. Project is Nearly Shovel Ready Environmental Impact Report: Certified by Santa Margarita Water District Board of Directors, July 2012 Groundwater Management, Monitoring & Mitigation Plan: Approval by San Bernardino County Board of Supervisors, October 2012 CEQA Litigation: All challenges to Project denied by OC Superior Court, December 2014. On Appeal. 10

11. Next Steps  Conclude Appeals (Q4 2015)  CRA tie-in and conveyance terms with Metropolitan Water District. (Q3-Q4 2015)  BLM certification (Q3-Q4 2015)  Project financing and construction (Q1 2016) 11

12. 12 2015 CalASFMRA Western Ag Professionals Trend Report Imperial Valley: Good Adaptability (Produce) Imperial Valley: Average Adaptability (Alfalfa) Palo Verde Valley: Irrigation Field CropsImperial Valley: Limited Adaptability Good agricultural land with access to water in local areas trade in the $8,000 to $11,000 per acre area and have been increasing steadily in value over the past decade $ / Acre Agricultural Land Value

13. Financials (@3/31/15) 13 Shares Outstanding17.7 Million Market Capitalization$145 Million Cash on hand$13.5 Million Debt – Sr. Secured$45 Million Debt – Convertible$60 Million Enterprise Value$250 Million

14. For more information, visit www.cadizinc.com IR@cadizinc.com Twitter: @Cadiz_Inc IR@cadizinc.com