1. Rodman & Renshaw Conference 09.09.15

2. 2 September 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

3. 3 Renewable resources company (NASDAQ: CDZI) with diverse land and water assets – o 45,000 acres of land o Abundant groundwater resources at all properties o 20-year organic farm development o Permits to implement new, innovative water supply project in ‘drought- stricken’ California About Cadiz

4. 4 Cadiz Assets in Southern California

5. 5 Market Overview: Urgent Need for Water in CA o 4 th Year of drought -- historic mandatory rationing and use restrictions. o Long-term challenges for traditional water infrastructure o Water pricing reflects surging demand Rates have historically increased approx. 6%/year. Market prices for reliable supply $1K/af - $2K/af Drought penalties @ $3K/af

6. 6 Cadiz Water Resources o 1,300 sq. mile watershed - size of Rhode Island. o Approx. +20 MAF, comparable to Lake Mead in gw storage. o Estimated average natural recharge 32,500 af/year o Cadiz Inc. only significant overlying land user. o Water pumped by Project is otherwise lost to evaporation each year from hyper-saline dry lakes.

7. 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, 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 served by retailers in 6 So. Cal. Counties receive water.

8. 8 Cadiz Valley Water Project - Phase 2 o Once hydraulic barrier established in Phase 1 limiting 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. 9 Interconnects Major CA Water Infrastructure

10. 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 AFY @ approx. $960/AF. o Storage reservations starting at $1,500/AF.

11. 11 Water Project Next Steps Q3 2015 Achievements Pre Construction Engineering/ Geotechnical Exploration Lucid Energy Green Power Affordable Chrome 6 Treatment CRA Capacity Review Amicus Support Filed in Appeal Q4 2015 Final Steps o BLM Certification of RR ROW use o MWD transportation arrangements o CEQA Appeals hearings o Contracts

12. 12 Agricultural Development o 45,000 acres of land held in fee simple with water rights all zoned to be developed for Ag.  9,600 acres under conditional use permits for Ag development o Comps at $7K - $11K/acre at full build out. o Agriculture would be developed consistent with Water Project permits or would be built out, if Project delayed.

13. 13 Financials @6/30/15 Shares Outstanding18 Million Market Capitalization$140 Million Cash$10 Million Debt – Sr. Secured *$46 Million Debt – Convertible*$60 Million Enterprise Value$246 Million Senior Secured Mortgage - $45M:8% Interest PIK, $35M Maturity March 2016, $11M Maturity June 2017 & Convertible Notes - $60M:Convert at $8.05/share, 7% Interest PIK, Maturity March 2018.

14. 14 Questions? For more information, visit www.cadizinc.com Email: IR@cadizinc.com Twitter: @Cadiz_IncIR@cadizinc.com