Cadiz SCSSC June 2015 Presentation

1. CADIZ INC.
Sustainable Land, Water & Agricultural Resources
(NASDAQ: CDZI)
June 2015

2. June 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
2

3. Cadiz Inc.
o California renewable resources company with 45,000 acres of
land assets and water rights.
o Permits for developed agriculture and water supply projects.
o History of innovative use of best irrigation practices and water
technologies.
o Largest approved desert
tortoise land bank in
California.
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4. o California: 4th Year of Drought, Historic Mandatory Rationing.
o Systemic Infrastructure Failure.
o Growing Need for New Water Supply Alternatives
• Variety of local supply projects and large infrastructure actively sought by
all water providers.
• So Cal Self-Sufficiency
o Rising Price of Water in California -
• Rates have historically increased approx. 6%/year.
• Market prices for reliable water now
$1,000/AF - $2,000/AF.
• Drought penalties $3,000+
Market Conditions
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5. o 1,300 sq. mile watershed
-size of Rhode Island.
o Aquifer holds approx. 20
million AF, comparable
to Lake Mead.
o Estimated average
natural recharge 32,500
AF/year
o Cadiz Inc. only significant
overlying land user.
About the Cadiz Valley
Cadiz Dry
Lake
Bristol Dry
Lake
5 Miles
66
Fenner Valley
Orange
Blossom
Wash
Granite
Mountains
Providence
Mountains
New York Mountains
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6. Water Wasted to Evaporation
Dry Lake Crust Beneath Dry Lake Surface
Desert Research Institute measured evaporation from the Dry Lakes at
approximately 32,000 AF/year. Billions of gallons of water lost every
year.
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7. 7
Innovative and Sustainable Water Source for
Southern California
Conservation & Recovery Phase
• Expand existing well-field and manifold system on Cadiz Inc. property
to create “picket fence” to conserve water.
• Capture 2.5 million acre-feet over 50-years and deliver via a 43-mile
buried pipeline to Colorado River Aqueduct within Arizona &
California Railroad right-of-way provide RR improvements.
• NO adverse environmental impacts from operations
• Creates reliable supply for 100,000 families: Water Providers in 5 So.
Cal. Counties would receive water.
Cadiz Water Project

8. Imported Water Storage Phase
o Once hydraulic barrier established in Phase 1 to limit loss of
water to evaporation, Project can import water in wet years to
store in the aquifer system for return when needed in dry
years.
o Total storage capacity = 1 million acre-feet.
o Larger than local surface reservoirs,
including Diamond Valley Lake.
Phase 2 Groundwater Storage Solution
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9. Innovative Connection between all 3 CA Water Transportation
Routes
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10. Project is Nearly Shovel Ready
• Environmental Impact Report: Certified by Santa Margarita
Water District Board of Directors, July 2012
• Groundwater Management, Monitoring & Mitigation Plan:
Approval by San Bernardino County Board of Supervisors,
October 2012
• CEQA Litigation: All challenges to Project denied by OC
Superior Court, December 2014. On Appeal.
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11. Next Steps
 Conclude Appeals (Q4 2015)
 CRA tie-in and conveyance terms with
Metropolitan Water District. (Q3-Q4 2015)
 BLM certification (Q3-Q4 2015)
 Project financing and construction (Q1 2016)
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12. 12
• 2015 CalASFMRA Western Ag Professionals Trend Report
Imperial Valley: Good Adaptability (Produce) Imperial Valley: Average Adaptability (Alfalfa)
Palo Verde Valley: Irrigation Field CropsImperial Valley: Limited Adaptability
Good agricultural land with access to water in local areas trade in the $8,000 to $11,000 per acre area
and have been increasing steadily in value over the past decade
$/Acre$/Acre
$/Acre$/Acre
-
$ 2,000
$ 4,000
$ 6,000
$ 8,000
$ 10,000
$ 12,000
$ 14,000
2007 2008 2009 2010 2011 2012 2013 2014
-
$ 2,000
$ 4,000
$ 6,000
$ 8,000
$ 10,000
2007 2008 2009 2010 2011 2012 2013 2014
-
$ 1,000
$ 2,000
$ 3,000
$ 4,000
$ 5,000
$ 6,000
$ 7,000
$ 8,000
2007 2008 2009 2010 2011 2012 2013 2014
-
$ 2,000
$ 4,000
$ 6,000
$ 8,000
$ 10,000
$ 12,000
$ 14,000
2007 2008 2009 2010 2011 2012 2013 2014
Agricultural Land Value

13. Financials (@3/31/15)
13
Shares Outstanding 17.7 Million
Market Capitalization $145 Million
Cash on hand $13.5 Million
Debt – Sr. Secured $45 Million
Debt – Convertible $60 Million
Enterprise Value $250 Million

14. For more information, visit
www.cadizinc.com
IR@cadizinc.com
Twitter: @Cadiz_Inc