Cadiz, Inc. | 2010 December
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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.