April 2016

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

3 Renewable resources company (NASDAQ: CDZI) with diverse land and water assets – o 45,000 acres of land w/ abundant groundwater resources o Agriculture is permitted use on all properties, with AG approvals on 9,600 acres in Cadiz Valley o 25+ year farming history. o Approved state and county permits to implement new water supply project in Southern California. About Cadiz

4 Cadiz Assets in Southern California

5 Market Overview – California o 4 th year of drought with a moderate El Nino condition. o Mandatory rationing - 25% of urban use cut through o Traditional water infrastructure/imports not able to meet ag & urban demand. o Agriculture heavily dependent on groundwater sources during drought. Limited locations with reliable groundwater supplies. o Water rates and Ag land pricing reflect surging demand.  Water Rates have increased approx. 6%/yr. over last 25 years.  Market prices for reliable supply $1,000 - $2,000 per acre-foot in  Short-term Ag water contracts over $1,500/AF  Ag land pricing has escalated +6%/year over last 10 years.

6 Cadiz Water Resources o 1,300 sq. mile watershed - size of Rhode Island. o Approx. +20 MAF in storage, comparable to Lake Mead. o Estimated average natural recharge 32,500 af/year. o Cadiz Inc. only significant overlying land user. o Water that is not pumped by Cadiz Project or used by Ag will be lost to evaporation from hyper-saline dry lakes.

7 Cadiz Valley Water Project Innovative and Sustainable Water Source for Southern California Phase 1 – Conservation & Recovery o Expand existing well-field and manifold system on Cadiz Inc. property to create “picket fence” to intercept and conserve water. o Recover 2.5 million acre-feet of water over 50 years, transport it through a 43 mile pipeline to the Colorado River Aqueduct and then throughout So. Cal. o NO adverse environmental impacts from Project operations o Creates reliable supply for 400,000 people, retailers in 6 So. Cal. Counties would receive water.

8 Cadiz Valley Water Project - Phase 2 o Once hydraulic barrier established in Phase 1 to limit loss of water to evaporation, Project can store imported water in wet years and return it to the system when needed in dry years. o Facilities – Additional pipeline, pump station and spreading basins. o Total storage capacity = 1 million acre-feet. o Larger than most surface reservoirs in So. Cal.

9 Project Interconnects w/ Major CA Water Infrastructure

10 Construction & Contracts o Phase 1 build-out costs estimated at $250M, includes  pipeline,  expanded wellfield,  ancillary facilities, including CR6 treatment & ROW improvements. o Project fully subscribed, with contracts and options to deliver 50,000 approx. $960/AF. o Storage reservations starting at $1,500/AF.

11 Water Project Next Steps  BLM ROW Resolve dispute with BLM over access to Railroad right-of-way for 43-mile water pipeline. Pursuing administrative, legislative and legal remedies in  CEQA March Appeals Cases oral argument. Ruling expected in Q  Participating Agencies Finalize contracts with Water Providers.  MWD Providers conclude water transportation arrangements with MWD of So. Cal.

12 Cadiz Agricultural Development o 45,000 acres of land held in fee simple with water rights all zoned to be developed for Ag. o 9,600 acres under conditional use permits for agriculture.  2,100 acres under 99-year lease to develop various crops and associated infrastructure. Feb 2016 payment of $12 million.  Options to lease additional 7,500 acres in 2016 for $43 million. o Agriculture to be developed consistent with Water Project permits and wellfield design. o Leases contain buyback provision to be exercised when Water Project implemented. o Comps at $7 - $11K/ acre, and have been steadily increasing.

13 Cadiz Agricultural Development o Potential crops include: Fruits & Vegetables (dates, vineyards, citrus, squash) Field crops (alfalfa, wheat, sudan grass, Bermuda grass) Biofuels (camellia, sweet sorghum and soybean). o Property benefits: Hot desert climate with moderate chill period in winter. No other overlying land uses in surrounding area (good soil quality). Access to major highway and rail transportation to reach variety of markets.

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 $ / Acre Agricultural Land Value

15 12/31/15 Shares Outstanding18 Million Market Capitalization$92 Million Cash$2.7 Million Debt – Sr. Secured *$44 Million Debt – Convertible**$64 Million Enterprise Value$200 Million * Senior Secured Mortgage - $44M: 8% Interest PIK, Maturity September 2017 ** Convertible Notes - $4M Convert at $8.05/share, 7% Interest PIK, Maturity March $60M Convert at $6.75/share, 7% Interest PIK, Maturity March 2020.

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