Cadiz Signs Final Agreement to Develop and Manage Agricultural Enterprise in Egypt.

SANTA MONICA, Calif.--(BUSINESS WIRE)--Nov. 8, 1999--

Cadiz Inc. (Nasdaq:CLCI) is pleased to announce that the company and its wholly owned subsidiary, Sun World International, Inc., have signed a final agreement with Kingdom Agricultural Development Company (KADCO) to develop and manage one of the largest planned agricultural developments in the world.

KADCO, a company currently 100 percent controlled by His Royal Highness Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, has committed $300 million in equity to develop up to 100,000 acres of agricultural land in southern Egypt, naming it the Tushka Project.

The final agreement, which was executed by company executives and His Royal Highness Prince Alwaleed Bin Talal, incorporates the principles and financial terms contained within the previously approved initial agreement, including equity ownership and marketing/licensing fees.

The Tushka Project is the cornerstone in the Egyptian government's multibillion-dollar South Valley Project, an immense infrastructure plan designed to irrigate more than 500,000 acres of desert land to foster urban and agricultural development.

The South Valley Project involves the construction of a 43-mile (70-kilometer) canal that diverts water from Egypt's Lake Nasser, the reservoir formed on the Nile River by the Aswan High Dam, to four separate parcels of land -- the first being the Tushka site.

Founded in 1983, Cadiz is a publicly held agricultural and water resources firm. With its subsidiary, Sun World International, Cadiz is one of the largest vertically integrated agricultural companies in California. The company owns significant landholdings in Southern California with substantial underlying water resources.

Further information on the company can be obtained by visiting its Web site at www.cadizinc.com.

This release 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. Factors that could cause actual results or events to differ materially from those reflected in the company's forward-looking statements include seasonality, price and yield fluctuations in the agricultural operations, timing and terms of various approvals required to complete the company's water programs, and other factors and considerations detailed in the company's Securities and Exchange Commission filings.