Cadiz, Inc. | 2011 December
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December 2011

For the past several years the state of California has worked to ensure that water supplies are available to meet demand. This effort has been complex and complicated by drought as well as systematic restrictions on all of the state's primary water supplies. During my time as the secretary of California's Environmental Protection Agency, I worked hard to implement environmentally sound policies to address many of California's most pressing environmental challenges, including water supply. While conservation has been crucial in helping to curb growth in water demand, most water policy experts agree that reducing demand alone will not be enough to meet the California's future water needs. We need new supplies.

Leading water fund increases its stake in the Company to 8%

LOS ANGELES, CA - (December 15, 2011) – Cadiz Inc. [NASDAQ: CDZI] is pleased to announce today that it sold 500,000 shares of the Company’s common stock to Water Asset Management, L.L.C (“WAM”), an existing shareholder, increasing the fund’s position in the Company to approximately 8%. The investment by WAM of $4.5 million, when combined with the proceeds of the direct private placement completed with affiliates of Altima Partners L.L.P. last week, results in an additional $11 million of working capital for the Company. As the Company has no payment obligation on its credit facility before 2013, the proceeds will be used to fund the Company’s development activities at optimal levels.

LOS ANGELES, CA - (December 6, 2011) – Cadiz Inc. [NASDAQ: CDZI] is pleased to announce two new developments related to the Company’s Cadiz Valley Water Conservation, Recovery and Storage Project (“Project”), including the issuance of the Project’s Draft Environmental Impact Report (“EIR”) and the addition of California Water Service Company, the third largest water utility in the U.S., as a Project Participant. The Project proposes to provide a new, reliable water supply to Southern California communities by capturing and conserving thousands of acre-feet of native groundwater that will otherwise be lost to evaporation from the aquifer system beneath the Company’s property in California’s Mojave Desert.