Rodman & Renshaw Conference 09.09.15

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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

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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

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Cadiz Assets in Southern California

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Market Overview: Urgent Need for Water in CA

o 4th 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

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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.

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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.

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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.

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Interconnects Major CA Water Infrastructure

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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.

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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 useo MWD transportation arrangementso CEQA Appeals hearingso Contracts

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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.

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Financials @6/30/15

Shares Outstanding 18 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.

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Questions?

For more information, visit www.cadizinc.com

Email: IR@cadizinc.com

Twitter: @Cadiz_Inc