Cadiz, Inc. | 2010
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December 2010

December 16, 2010 Dear Shareholder, As we approach the end of the year, we wanted to provide an update on the Company’s progress and describe what to expect in the year ahead. We are pleased to report that the Company enjoyed an excellent year in 2010, reaching many major milestones in the project development timeline for our Water Conservation, Recovery & Storage Project. As the Project enters the final phase of development, with the public environmental review process set to begin early next year, we can now see the finish line for project approval in 2011, with the construction phase to follow.

Cadiz Also Updates Progress in Project’s Environmental Review Phase LOS ANGELES (October 4, 2010) – Today Cadiz Inc. [NASDAQ: CDZI] is pleased to announce the addition of water-utility Suburban Water Systems (“Suburban”) to its Water Conservation & Storage Project (“Project”). Suburban is a wholly-owned subsidiary of SouthWest Water Company (“SouthWest Water”), a provider of water, wastewater and municipal utilities services to a population of over one million people from across the southern tier of the U.S.A.  By entering today into an Option Agreement with Cadiz for conserved water and related storage capacity in the Project, Suburban joins Santa Margarita Water District (“Santa Margarita”), Three Valleys Municipal Water District (“Three Valleys”), and Golden State Water Company (“Golden State) as a Project participant. With the addition of Suburban, 60% of the water to be conserved annually by the Project is now under option. The Company is in continuing discussions with additional potential participants.

Financing to Provide Funds for Cadiz Water Conservation Project Permitting Phase LOS ANGELES (September 30, 2010) – Cadiz Inc. [NASDAQ: CDZI] is pleased to announce that it has reached agreement with LC Capital Master Fund, Ltd., the Company’s existing lender, (“Lender”) for an additional $10 million working capital facility.  This facility, together with existing cash resources, has been designed to see the Company through completion of its Water Conservation & Storage Project’s (“Project”) environmental review and permitting process.

Press Release from the American States Water Company June 28, 2010 SAN DIMAS, Calif.--(BUSINESS WIRE <http://www.businesswire.com/> )--American States Water Company (NYSE:AWR) announced today that it had signed, through its subsidiary, Golden State Water Company (“GSWC”), an agreement to proceed with the Cadiz Water Conservation & Storage Project (“Cadiz Project”) and participate in the Cadiz Project’s environmental review. The agreement grants GSWC the right to acquire a firm annual supply of water once the environmental review is complete. GSWC will also commit funds to the environmental review and has committed to the goal of a general “environmental benefit” for the operation of the project.

Water Utility Serving 800,000 People Approves Agreements to Proceed with the Project and Participate in the Environmental Review June 28, 2010 LOS ANGELES – Today Cadiz Inc. [NASDAQ: CDZI] announced that the Golden State Water Company (“Golden State”), a subsidiary of American States Water [NYSE: AWR] and California’s second largest investor-owned water utility, has executed an Option Agreement to acquire conserved water and related storage capacity in the Cadiz Water Conservation & Storage Project (“Cadiz Project”), joining Santa Margarita Water District (“Santa Margarita”) and Three Valleys Municipal Water District (“Three Valleys”), which approved similar agreements last week.  The agreements, which were executed on June 25, 2010 and filed today by the Company with the Securities and Exchange Commission (“SEC”), grant Golden State the right to acquire a firm annual supply of water and commit funds to the environmental review of the Project.

Santa Margarita Water District Commits to Lead Environmental Review June 24, 2010 LOS ANGELES – Today Cadiz Inc. [NASDAQ: CDZI] announced that two Southern California water agencies have approved agreements to proceed with the Cadiz Water Conservation & Storage Project (“Cadiz Project”) and participate in the Project’s environmental review. The Boards of Directors of Santa Margarita Water District (“Santa Margarita”) and Three Valleys Municipal Water District (“Three Valleys”), which together serve over 650,000 customers in parts of Orange and Los Angeles Counties, have unanimously approved agreements that commit funds to an environmental review of the Cadiz Project and also grant the agencies the right to acquire a firm annual supply of water once the environmental review is complete.

Panel will review scientific basis for design and advise participants on the proposed Project's operating and monitoring plans

RANCHO SANTA MARGARITA, CA and LOS ANGELES, CA (May 2, 2010) – Today Santa Margarita Water District (“SMWD”) and Cadiz Inc. [NASDAQ: CDZI] (“Cadiz”) announced the formation of a 13-member Groundwater Stewardship Committee (“GSC”) comprised of leading experts who will guide the design of an operating plan and mitigation and monitoring program for the Cadiz Valley Water Conservation, Recovery and Storage Project (“the Project”).  SMWD is serving as the lead agency of the California Environmental Quality Act (“CEQA”) review for the Project, which proposes to provide a new, reliable water supply for SMWD and other Southern California communities by capturing and conserving thousands of acre-feet of native groundwater currently being lost to evaporation from an aquifer system located beneath Cadiz’s property in California’s Mojave Desert.  The operating plan and monitoring program will ensure that the Project is both sustainable and not harmful to the desert and watershed environment.

March 8, 2010 Internationally Renowned Firm Named Preferred Provider in Agreement with Cadiz; Believes in Sustainability of the Project Los Angeles, CA – Today, Cadiz Inc. [NASDAQ: CDZI] announced that following the completion of extensive field studies, Layne Christensen Company [NASDAQ: LAYN], a recognized  leader in water-related drilling, installation, and maintenance services, will be its preferred provider of well-field construction for the Cadiz Water Conservation & Storage Project (the “Project”). Under an agreement between Layne Christensen and Cadiz, Layne Christensen will have the right of first refusal on well-field construction for the Project. One of Layne Christensen’s largest offices in the United States is located in Fontana in San Bernardino County, California. From its Fontana office, Layne Christensen can provide water well infrastructure and labor for the Project.  Cadiz plans to conserve up to 50,000 acre-feet of water per year and to store and recover potentially one million acre-feet of water as part of the Project.

Groundwater Management Plan to Provide for the Long Term Safe Annual Withdrawal of 50,000 Acre-Feet of Water Each Year; Results Peer- reviewed by Leading Geologists and Verified by New Test Well Data

February 8, 2010 ONTARIO, CA – Today the internationally respected environmental firm CH2M Hill will unveil the findings of a comprehensive year-long study measuring the vast scale and recharge rate of the Cadiz aquifer system. The study, to be presented at a conference of the Association of Ground Water Agencies and American Ground Water Trust, describes a groundwater basin consisting principally of an alluvial and carbonate aquifer ranging in size between 17 and 34 million acre-feet, a volume of water larger than Lake Mead, the nation’s largest surface reservoir. (To view the presentation given by CH2M Hill at the conference, click here CH2M Hill Study PPT.)