X0306 4 2019-04-22 0 0000727273 CADIZ INC CDZI 0001423875 Water Asset Management LLC 509 MADISON AVENUE SUITE 804 NEW YORK NY 10022 0 0 1 0 Common Stock, par value $0.01 ("Common Stock") 2019-04-22 4 C 0 291057 6.75 A 3258219 I See footnote Convertible Promissory Note 6.75 2019-04-22 4 C 0 1964643 0 A 2020-03-05 Common Stock 291057 0 I See footnote The securities reported herein are directly held by investment funds and/or managed accounts for which Water Asset Management, LLC, a New York limited liability company (the "Reporting Person"), serves as investment manager. The Reporting Person disclaims beneficial ownership of the securities reported herein, except to the extent of its pecuniary interest therein. The Convertible Promissory Note issued pursuant to the Indenture, dated as of March 5, 2013 (the "Indenture"), between the Issuer and The Bank of New York Mellon Trust Company, N.A., as trustee, is convertible at any time at the conversion rate equivalent to 148.148 shares of the Issuer's common stock per $1,000 of the then accreted principal amount of the Convertible Promissory Note on the conversion date. /s/ Water Asset Management, LLC; By its Chief Operating Officer, Marc Robert 2019-05-02