Cadiz Inc. Enters Strategic Groundwater Storage Development Agreement with Semitropic Water Bank

Today Cadiz Inc.

("Cadiz", the "Company"), principal of the Cadiz Valley Water Conservation, Recovery & Storage Project ("Cadiz Water Project"), is pleased to announce that it has executed a strategic development agreement ("Master Agreement") with Semitropic Water Storage District, the manager of one of the largest groundwater banking operations in the world. The Master Agreement sets forth principals for collaboration towards strategic opportunities to operate each party's respective groundwater storage programs for mutual benefit either though exchanges or transfers of water supplies. Through the strategic relationship, the parties will strive to identify opportunities to meet delivery or storage demands of each other's members and participating partners. The initial term of the Master Agreement is three years.