<SEC-DOCUMENT>0001213900-17-004576.txt : 20170503
<SEC-HEADER>0001213900-17-004576.hdr.sgml : 20170503
<ACCEPTANCE-DATETIME>20170503170744
ACCESSION NUMBER:		0001213900-17-004576
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20170503
DATE AS OF CHANGE:		20170503

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CADIZ INC
		CENTRAL INDEX KEY:			0000727273
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				770313235
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-214318
		FILM NUMBER:		17810332

	BUSINESS ADDRESS:	
		STREET 1:		550 SOUTH HOPE STREET
		STREET 2:		SUITE 2850
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90071
		BUSINESS PHONE:		213-271-1600

	MAIL ADDRESS:	
		STREET 1:		550 SOUTH HOPE STREET
		STREET 2:		SUITE 2850
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90071

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CADIZ LAND CO INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PACIFIC AGRICULTURAL HOLDINGS INC
		DATE OF NAME CHANGE:	19920602

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ARIDTECH INC
		DATE OF NAME CHANGE:	19880523
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>f424b5050317_cadizinc.htm
<DESCRIPTION>PROSPECTUS SUPPLEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; font-family: Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed
Pursuant to Rule 424(b)(5)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">Registration
No. 333-214318</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Prospectus
Supplement dated May 1, 2017</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">(to Prospectus
dated November 14, 2016)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 91px; width: 162px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Cadiz
Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Warrants
to Purchase Common Stock and shares of Common Stock underlying the Warrants</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
and Cadiz Real Estate LLC, as borrowers, are parties to that certain Credit Agreement dated as of May 1, 2017 (which we refer
to as the &ldquo;Credit Agreement&rdquo;) along with Apollo Special Situations Fund, L.P. and other lenders from time to time
party to the Credit Agreement (which we refer to collectively as the &ldquo;Investors&rdquo;) and Wells Fargo Bank, National Association,
as agent (which we refer to as the &ldquo;Agent&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to this prospectus supplement and the accompanying prospectus, we are offering warrants (which we refer to as the &ldquo;warrants&rdquo;)
for the purchase of an aggregate 357,500 shares of our common stock, par value $0.01 per share (which we refer to as the &ldquo;common
stock&rdquo;), to the Investors in connection with the incurrence of senior secured term loans under the Credit Agreement. This
prospectus also relates to the offering of shares of common stock issuable upon exercise of the warrants. The number of shares
of common stock subject to the warrants may be increased to 362,500 shares of common stock by agreement between us and the Investors.
We will allocate a value to the warrants upon the closing date under the Credit Agreement in accordance with its terms. We will
receive no proceeds from the offering of the warrants. If the warrants are exercised for cash, we would receive the warrant exercise
price.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
warrants are not and will not be listed for trading on The NASDAQ Global Market or any other securities exchange or nationally
recognized trading system. There is no market through which the warrants may be sold, and the Investors may not be able to resell
the warrants purchased under this prospectus supplement. This may affect the pricing of the warrants in the secondary market,
the transparency and availability of trading prices, and the liquidity of the warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">You
should read carefully this prospectus supplement and the accompanying prospectus, as well as the documents incorporated by reference
herein and therein, before you invest in our securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
common stock is traded on the NASDAQ Global Market under the symbol &ldquo;CDZI.&rdquo; On May 1, 2017, the closing price of our
common stock was $15.00.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Investing
in our common stock involves risks that are described in the &ldquo;Risk Factors&rdquo; section beginning on page S-3 of this
prospectus supplement and on page 2 of the prospectus. You should carefully read and consider those risks before making an investment
decision.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or
passed upon the adequacy or accuracy of this prospectus supplement. Any representation to the contrary is a criminal offense.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
currently anticipate that the final settlement of the offering will take place on or prior to June 15, 2017. See &ldquo;Plan of
Distribution.&rdquo; The warrants offered hereby are being sold directly by us without the use of underwriters or agents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
date of this prospectus supplement is May 1, 2017.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TABLE
OF CONTENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>PROSPECTUS
SUPPLEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%; padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><A HREF="#a1"><FONT STYLE="font-family: Times New Roman, Times, Serif">ABOUT THIS PROSPECTUS SUPPLEMENT AND THE ACCOMPANYING PROSPECTUS</FONT></A></TD>
    <TD STYLE="width: 10%; padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">ii</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><A HREF="#a2"><FONT STYLE="font-family: Times New Roman, Times, Serif">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">ii</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><A HREF="#a3"><FONT STYLE="font-family: Times New Roman, Times, Serif">SUMMARY</FONT></A></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">S-1</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><A HREF="#a4"><FONT STYLE="font-family: Times New Roman, Times, Serif">THE OFFERING</FONT></A></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">S-2</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><A HREF="#a5"><FONT STYLE="font-family: Times New Roman, Times, Serif">RISK FACTORS</FONT></A></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">S-3</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><A HREF="#a6"><FONT STYLE="font-family: Times New Roman, Times, Serif">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">S-3</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><A HREF="#a7"><FONT STYLE="font-family: Times New Roman, Times, Serif">DESCRIPTION OF SECURITIES BEING OFFERED</FONT></A></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">S-4</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><A HREF="#a8"><FONT STYLE="font-family: Times New Roman, Times, Serif">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">S-7</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><A HREF="#a9"><FONT STYLE="font-family: Times New Roman, Times, Serif">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">S-7</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><A HREF="#a10"><FONT STYLE="font-family: Times New Roman, Times, Serif">EXPERTS</FONT></A></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">S-7</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><A HREF="#a11"><FONT STYLE="font-family: Times New Roman, Times, Serif">WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">S-7</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>PROSPECTUS</B></FONT></TD></TR>

<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><A HREF="#a12"><FONT STYLE="font-family: Times New Roman, Times, Serif">ABOUT THIS PROSPECTUS</FONT></A></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">ii</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><A HREF="#a13"><FONT STYLE="font-family: Times New Roman, Times, Serif">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">ii</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><A HREF="#a14"><FONT STYLE="font-family: Times New Roman, Times, Serif">AVAILABLE INFORMATION</FONT></A></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">ii</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><A HREF="#a15"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase">Information Incorporated by Referenc</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">E</FONT></A></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">iii</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><A HREF="#a16"><FONT STYLE="font-family: Times New Roman, Times, Serif">THE COMPANY</FONT></A></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><A HREF="#a17"><FONT STYLE="font-family: Times New Roman, Times, Serif">RISK FACTORS</FONT></A></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><A HREF="#a18"><FONT STYLE="font-family: Times New Roman, Times, Serif">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="padding: 0 0 0 10pt; font-family: Times New Roman, Times, Serif; text-indent: -10pt"><A HREF="#a19"><FONT STYLE="font-family: Times New Roman, Times, Serif">RATIO OF EARNINGS TO FIXED CHARGES AND COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS</FONT></A></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><A HREF="#a20"><FONT STYLE="font-family: Times New Roman, Times, Serif">DESCRIPTION OF DEBT SECURITIES</FONT></A></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">4</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><A HREF="#a21"><FONT STYLE="font-family: Times New Roman, Times, Serif">DESCRIPTION OF CAPITAL STOCK</FONT></A></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">10</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><A HREF="#a22"><FONT STYLE="font-family: Times New Roman, Times, Serif">DESCRIPTION OF OFFERED PREFERRED STOCK</FONT></A></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">12</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><A HREF="#a23"><FONT STYLE="font-family: Times New Roman, Times, Serif">DESCRIPTION OF WARRANTS</FONT></A></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">13</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><A HREF="#a24"><FONT STYLE="font-family: Times New Roman, Times, Serif">DESCRIPTION OF SUBSCRIPTION RIGHTS</FONT></A></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">14</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><A HREF="#a25"><FONT STYLE="font-family: Times New Roman, Times, Serif">DESCRIPTION OF UNITS</FONT></A></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">15</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><A HREF="#a26"><FONT STYLE="font-family: Times New Roman, Times, Serif">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">15</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><A HREF="#a27"><FONT STYLE="font-family: Times New Roman, Times, Serif">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">18</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><A HREF="#a28"><FONT STYLE="font-family: Times New Roman, Times, Serif">EXPERTS</FONT></A></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">18</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a1"></A><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ABOUT
THIS PROSPECTUS SUPPLEMENT AND THE ACCOMPANYING PROSPECTUS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
prospectus supplement and the accompanying prospectus form part of a registration statement on Form S-3 that we filed with the
Securities and Exchange Commission (or the &ldquo;Commission&rdquo;) using a &ldquo;shelf&rdquo; registration process. This document
consists of two parts. The first part is this prospectus supplement, which describes the specific terms of this offering. The
second part is the accompanying prospectus, which contains more general information. Before you invest in our warrants, you should
read both this prospectus supplement and the accompanying prospectus, together with additional information described below under
the caption &ldquo;Where You Can Find More Information.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
the description of this offering varies between this prospectus supplement and the accompanying prospectus, you should rely upon
the information in this prospectus supplement. Any statement made in the accompanying prospectus or in a document incorporated
or deemed to be incorporated by reference therein will be deemed to be modified or superseded for purposes of this prospectus
supplement to the extent that a statement contained in this prospectus supplement or in any other subsequently filed document
that is also incorporated or deemed to be incorporated by reference in this prospectus supplement modifies or supersedes that
statement. Any statement so modified or superseded will not be deemed, except as so modified or superseded, to constitute a part
of this prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
are responsible for the information contained in or incorporated by reference in this prospectus supplement, the accompanying
prospectus and any related free writing prospectus we have authorized for use in connection with this offering. This prospectus
supplement may be used only for the purpose for which it has been prepared. Neither we nor any other person has authorized anyone
to provide information different from the information contained in this prospectus supplement, the accompanying prospectus and
any related free writing prospectus and the documents incorporated by reference herein and therein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
are not making an offer to sell our securities in any jurisdiction where the offer or sale is not permitted. You should not assume
that the information appearing in this prospectus supplement, the accompanying prospectus or any free writing prospectus we have
authorized for use in connection with this offering is accurate as of any date other than the date of the applicable document.
Neither this prospectus supplement nor the accompanying prospectus constitutes an offer or an invitation to subscribe for and
purchase any of our securities, and may not be used for or in connection with an offer or solicitation by any person, in any jurisdiction
in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
this prospectus supplement and the accompanying prospectus, unless expressly noted or the content indicates otherwise, the words
&ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our,&rdquo; &ldquo;Cadiz,&rdquo; &ldquo;the Company&rdquo; and similar references mean
Cadiz Inc. and its subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a2"></A><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
statements in this prospectus supplement and the documents incorporated by reference herein that are not historical facts should
be considered &ldquo;forward looking statements&rdquo; within the meaning of the &ldquo;safe harbor&rdquo; provisions of the Private
Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that
may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Some of the forward-looking statements can be identified by the use of
words such as &ldquo;believe,&rdquo; &ldquo;expect,&rdquo; &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;should,&rdquo; &ldquo;seek,&rdquo;
&ldquo;approximately,&rdquo; &ldquo;intend,&rdquo; &ldquo;plan,&rdquo; &ldquo;estimate,&rdquo; &ldquo;project,&rdquo; &ldquo;continue&rdquo;
or &ldquo;anticipates&rdquo; or similar expressions or words, or the negatives of those expressions or words. Although we believe
that our plans, intentions and expectations reflected in, or suggested by, such forward-looking statements are reasonable, we
can give no assurance that such plans, intentions, or expectations will be achieved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Some
of the important factors that could cause actual results to differ materially from our expectations are disclosed under &ldquo;Risk
Factors&rdquo; and elsewhere in this prospectus supplement and the accompanying prospectus. All subsequent written and oral forward-looking
statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by these cautionary
statements. Additional risks, uncertainties and other factors are incorporated herein by reference to our most recent Annual Report
on Form 10-K and our subsequent Quarterly Reports on Form 10-Q, as updated by our subsequent filings under the Exchange Act. Except
as otherwise required by applicable securities laws, we undertake no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events, changed circumstances, or any other reason, after the date
of this prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->ii<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a3"></A><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SUMMARY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>About
Cadiz</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
are a land and water resource development company with 45,000 acres of land in three areas of eastern San Bernardino County, California.
Virtually all of this land is underlain by high-quality, naturally recharging groundwater resources, and is situated in proximity
to the Colorado River and the Colorado River Aqueduct (&ldquo;CRA&rdquo;), California's primary mode of water transportation for
imports from the Colorado River into the State. Our properties are suitable for various uses, including large-scale agricultural
development, groundwater storage and water supply projects. Our main objective is to realize the highest and best use of our land
and water resources in an environmentally responsible way.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
believe that the long-term highest and best use of our land and water assets can best be realized through the development of a
combination of water supply and storage projects at our properties. Therefore, the Company has been primarily focused on the development
of the Cadiz Valley Water Conservation, Recovery and Storage Project (&ldquo;Water Project&rdquo; or &ldquo;Project&rdquo;), which
will capture and conserve millions of acre-feet<FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT> of native groundwater currently
being lost to evaporation from the aquifer system beneath our 34,000-acre property in the Cadiz and Fenner valleys of eastern
San Bernardino County (the &ldquo;Cadiz/Fenner Property&rdquo;), and deliver it to water providers throughout Southern California.
A second phase of the Water Project would offer storage of up to one million acre-feet of imported water in the aquifer system.
We believe that the ultimate implementation of this Water Project will provide a significant source of future cash flow.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
primary factor driving the value of such projects is ongoing pressure on California&rsquo;s traditional water supplies and the
resulting demand for new, reliable supply solutions that can meet both immediate and long-term water needs. Available supply is
constrained by environmental and regulatory restrictions on each of the State&rsquo;s three main water sources: the CRA, the State
Water Project, which provides water supplies from Northern California to the central and southern parts of the state, and the
Los Angeles Aqueduct, which delivers water from the eastern Sierra Nevada mountains to Los Angeles. Southern California's water
providers rely on imports from these systems for a majority of their water supplies, but deliveries from all three into the region
have been below capacity over the last several years.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Availability
of supplies in California also differs greatly from year to year due to natural hydrological variability. Over the last several
years, California has struggled through an historic drought featuring record-low winter precipitation and reservoir storage levels.
However, following a series of strong storms through the 2016-2017 winter, California has received record amounts of rain and
snow, eliminating drought conditions in much of Northern California and easing drought in the South. The rapid swing from drought
to an extremely wet year has challenged California's traditional infrastructure system, and deliveries into Southern California
from the State Water Project, Colorado River Aqueduct and Los Angeles Aqueduct remain below capacity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Water Project is a local supply option in Southern California that could help address the region&rsquo;s water supply challenges
by providing new reliable supply and local groundwater storage opportunities in both dry and wet years. The Project has received
permits in accordance with the California Environmental Quality Act (&ldquo;CEQA&rdquo;) which allow the capture and conservation
of 2.5 million acre-feet of groundwater over 50 years under the terms of a groundwater management plan approved by San Bernardino
County, which is responsible for groundwater use at the Project area.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
2017 working capital requirements relate largely to the final development activities associated with the Water Project and those
activities consistent with the Water Project related to further development of our land and agricultural assets. While we continue
to believe that the ultimate implementation of the Water Project will provide the primary source of our future cash flow, we also
believe there is significant additional value in our underlying agricultural assets. Demand for agricultural land with water rights
is at an all-time high; therefore, in addition to our Water Project proposal, we are engaged in agricultural joint ventures at
the Cadiz/Fenner Property that put some of the groundwater currently being lost to evaporation from the underlying aquifer system
to immediate beneficial use. We have farmed portions of the Cadiz/Fenner Property since the late 1980s relying on groundwater
from the aquifer system for irrigation and have found the site is well suited for various permanent and seasonal crops. Presently,
the property has 2,100 acres leased to third parties for a variety of crops, including citrus, dried-on-the-vine raisins and seasonal
vegetables.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
also continue to explore additional uses of our land and water resource assets, including renewable energy development, the marketing
of our approved desert tortoise land conservation bank, which is located on our properties outside the Water Project area, and
other long-term legacy uses of our properties, such as habitat conservation and cultural development.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Corporate
Information</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
are a Delaware corporation with our principal executive offices located at 550 South Hope Street, Suite 2850, Los Angeles, California
90071. Our telephone number is (213) 271-1600. We maintain a corporate website at www.cadizinc.com. The information contained
in, or that can be accessed through, our website is not a part of this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1
</SUP>One acre-foot is equal to approximately 326,000 gallons or the volume of water that will cover an area of one acre to a
depth of one-foot. An acre-foot is generally considered to be enough water to meet the annual water needs of one average California
household.&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 4; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a4"></A><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>THE
OFFERING</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 38%; padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Securities
    offered</FONT></TD>
    <TD STYLE="width: 62%; padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
    are offering warrants for the purchase of an aggregate 357,500 shares of common stock to the Investors in connection with
    entering into the Credit Agreement. The number of shares may be increased, upon the agreement of the Company and the Investors,
    to 362,500 shares of common stock. This prospectus also relates to the offering of shares of common stock issuable upon exercise
    of the warrants.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Common
    stock outstanding after this offering</FONT></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
    of May 1, 2017, the number of shares of common stock outstanding was 22,257,646.&nbsp;&nbsp;The number of shares to be issued
    pursuant to this offering will depend on whether the warrants are exercised by the Investors.&nbsp;&nbsp;If the warrants are
    fully exercised by the Investors, we will be required to issue an additional 357,500 shares of common stock (or 362,500 shares
    of common stock upon the agreement of the Company and the Investors).&nbsp;&nbsp;Therefore, assuming the issuance of 357,500
    shares of common stock upon exercise of the warrants, the total number of shares outstanding after giving effect to the offering
    would be 22,615,146 (or 22,620,146 if the number of warrant shares is increased to 362,500 upon the agreement of the Company
    and the Investors).</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Warrant
    terms</FONT></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
    warrants have an exercise price of $14.94 per share, subject to adjustment as provided pursuant to the terms of the warrants.&nbsp;&nbsp;The
    warrants have a five year term. A holder of a warrant may exercise the warrant, from time-to-time, from the Original Issue
    Date, as defined in the warrants, through 4:00 P.M., Eastern Standard Time on the Expiration Date, as defined in the warrants.&nbsp;&nbsp;For
    a more detailed discussion of the warrants, see &ldquo;Description of Securities Being Offered.&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Use
    of proceeds</FONT></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
    the warrants are exercised for cash, we will receive the exercise price.&nbsp;&nbsp;Any proceeds we receive from exercise
    of the warrants will be used for general corporate purposes.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">NASDAQ
    Global Market symbol</FONT></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">CDZI</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a5"></A><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>RISK
FACTORS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
business is subject to significant risks. Before you invest in our securities you should carefully consider, among other matters,
the risks and uncertainties described below, as well as the other information contained or incorporated by reference in this prospectus
supplement and the accompanying prospectus, including our consolidated financial statements and accompanying notes and the information
under the heading &ldquo;Risk Factors&rdquo; in our most recent annual report on Form 10-K and quarterly reports on Form 10-Q.
See &ldquo;Information Incorporated by Reference.&rdquo; If any of the risks and uncertainties described in this prospectus supplement
or the accompanying prospectus or the documents incorporated by reference herein actually occur, our business, financial condition,
or results of operations could be adversely affected in a material way. This could cause the trading price of our common stock
to decline, perhaps significantly, and you may lose part or all of your investment. Please note that additional risks not presently
known to us or that we currently deem immaterial may also impair our business, financial condition and operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Risks
Relating to Ownership of the Warrants</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>You
may not be able to resell the warrants.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">There
is no established trading market for the warrants being offered in this offering, and we do not expect such a market to develop.
In addition, we do not intend to apply for listing of the warrants on any securities exchange or other nationally recognized trading
system; therefore you may not be able to resell your warrants. If your warrants cannot be resold, you will have to depend upon
any appreciation in the value of our common stock over the exercise price of the warrants in order to realize a return on your
investment in the warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Investors
will have no rights as a common stockholder with respect to their warrants until they exercise their warrants and acquire our
common stock.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Until
you acquire shares of our common stock upon exercise of your warrants, you will have no rights with respect to the shares of our
common stock underlying the warrants. Upon exercise of your warrants, you will be entitled to exercise the rights of a common
stockholder only as to matters for which the record date occurs on or after the exercise date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>If
an Investor owns a significant number of shares of our common stock, the Investor may be unable to exercise its warrants.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
warrants being offered hereby will prohibit a holder from receiving shares of our common stock upon exercise of the warrants to
the extent that such exercise would cause the Holder Group, as defined in the warrants, to become, directly or indirectly, a beneficial
owner of more than 4.99% of our common stock. This percentage (i) may be increased or decreased, in the holder&rsquo;s sole discretion,
upon 61 days&rsquo; written notice to the Company, provided, however, that in no event may the beneficial ownership limitation
exceed 19.99% of shares of common stock outstanding as of any date from the original issue date of the warrant through the Expiration
Date and (ii) shall automatically be increased to a maximum percentage of 19.99% on the date that is 15 days prior to the Expiration
Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
a result, you may not be able to exercise your warrants for shares of our common stock at a time when it would be financially
beneficial for you to do so. In such circumstance, you could seek to sell your warrants to realize value but you may be unable
to do so.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a6"></A><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>USE
OF PROCEEDS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
will receive no proceeds from the offering of the warrants that are being offered to the Investors in connection with entering
into the Credit Agreement. Assuming no increase in the number of shares of common stock subject to the warrants, if all of the
warrants for 357,500 shares of common stock are exercised for cash, we would receive the exercise price of the warrants, which
would total $5,341,050. If the number of shares of common stock subject to the warrants is increased to 362,500, we would receive
a total of $5,415,750 if the warrants are exercised in full. The proceeds from the exercise of the warrants, if any, will be used
for general corporate purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a7"></A><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>DESCRIPTION
OF SECURITIES BEING OFFERED</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
are offering warrants to purchase an aggregate of 357,500 shares of our common stock. The number of shares subject to the warrants
may be increased, upon the agreement of the Company and the Investors, to 362,500 shares of common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Following
the completion of this offering and assuming no increase in the number of shares of common stock covered by the warrants, we will
have warrants to purchase a total of up to 715,000 shares of our common stock outstanding. If the number of shares subject to
the warrants is increased to 362,500, we will have warrants to purchase a total of up to 720,000 shares of our common stock outstanding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
warrants have a term of five years and a per share exercise price of $14.94, subject to adjustment as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If,
at any time after the warrants are issued, the number of shares of common stock outstanding is increased by a stock dividend payable
in shares of common stock or by a subdivision or split-up of shares of common stock, then, following the record date for the determination
of holders of common stock entitled to receive such stock dividend, or to be affected by such subdivision or split-up, the exercise
price shall be appropriately decreased by multiplying each price by a fraction, the numerator of which is the number of shares
of common stock outstanding immediately prior to such increase and the denominator of which is the number of shares of common
stock outstanding immediately after such increase.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If,
at any time after the warrants are issued, the number of shares of common stock outstanding is decreased by a combination or reverse
stock split of the outstanding shares of common stock into a smaller number of shares of common stock, then, following the record
date to determine shares affected by such combination or reverse stock split, the exercise price shall be appropriately increased
by multiplying the price by a fraction, the numerator of which is the number of shares of common stock outstanding immediately
prior to such decrease and the denominator of which is the number of shares of common stock outstanding immediately after such
decrease.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the event of any capital reorganization, any reclassification of our capital stock (other than changes in par value or as a result
of a stock dividend or subdivision, stock-split, reverse stock-split or combination of shares), any consolidation or merger where
we are not the survivor or where there is a change in or distribution with respect to our common stock, or sale, transfer or other
disposition of all or substantially all of our property, assets or business to a third party, each warrant will be exercisable
for the kind and number of shares of stock or other securities or property of ours or of any successor to which the holder of
the number of shares of common stock deliverable (immediately prior to the time of such reorganization, reclassification, consolidation,
merger or disposition of assets) upon exercise of the warrant would have been entitled upon such reorganization, reclassification,
consolidation, merger or disposition of assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
warrants also include a reduction to the exercise price in the following instances:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)
if, at any time after the warrants are issued, we issue any shares of common stock, options to purchase or rights to subscribe
for common stock, securities by their terms convertible into or exchangeable for common stock, or options to purchase or rights
to subscribe for such convertible or exchangeable securities (collectively &ldquo;Equity Issuances&rdquo;) without consideration
or for consideration per share less than the greater of (x) the exercise price in effect immediately prior to the issuance of
such common stock or securities and (y) the Fair Market Value per share of the common stock immediately prior to such issuance
(the greater of (x) and (y), the &ldquo;Reference Price&rdquo;), or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)
if we directly or indirectly redeem, purchase or otherwise acquire any shares of our common stock, options to purchase or rights
to subscribe for our common stock, securities by their terms convertible into or exchangeable for shares of our common stock,
or options to purchase or rights to subscribe for such convertible or exchangeable securities (collectively, &ldquo;Equity Acquisitions&rdquo;),
for a consideration per share (plus, in the case of such options, rights, or securities, the additional consideration required
to be paid to us upon exercise, conversion or exchange) greater than the Fair Market Value per share of common stock immediately
prior to the earlier of (x) the announcement of such event or (y) such event.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the event of an Equity Issuance, the exercise price will be lowered to a price equal to the price obtained by multiplying the
exercise price in effect immediately prior to the Equity Issuance by a fraction of which (x) the numerator will be the sum of
(i) the number of shares of common stock outstanding immediately prior to the Equity Issuance and (ii) the number of additional
shares of common stock which the aggregate consideration for the number of shares of common stock so offered would purchase at
the Reference Price and (y) the denominator will be the number of shares of common stock outstanding immediately after the Equity
Issuance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the event of an Equity Acquisition, the exercise price will be lowered to a price equal to the price obtained by multiplying (i)
the exercise price in effect immediately prior to the Equity Acquisition by (ii) a fraction (A) the numerator of which will be
(1) the product of (a) the number of shares of common stock outstanding and (b) the Fair Market Value per share of the common
stock, in each case immediately prior to the Equity Acquisition, minus (2) the aggregate consideration paid by the Company in
such event (plus, in the case of such options, rights, or convertible or exchangeable securities, the aggregate additional consideration
required to be paid to the Company upon exercise, conversion or exchange), and (B) the denominator of which will be the product
of (1) the number of shares of common stock outstanding immediately after the Equity Acquisition and (2) the Fair Market Value
per share of common stock immediately prior to the Equity Acquisition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
we have issued or issue in the future any of our securities to a financial institution, lender, other credit provider, leasing
company or other lessor in connection with the provisions of any financing or lending agreements, containing provisions (including,
without limitation, anti-dilution and registration rights) which are more favorable than those set forth in the warrants, we will
make such provisions (or any more favorable portion thereof) available to the warrant holders and will enter into amendments necessary
to confer such rights on the warrant holders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">None
of the adjustments discussed herein will apply to (i) the issuance and exercise of options to purchase shares of common stock
and the issuance of shares of common stock made to eligible recipients pursuant to any equity incentive plan duly adopted by our
Board of Directors in the ordinary course of business, or (ii) any issuance of shares of common stock upon conversion of our convertible
debt securities outstanding as of the business day immediately preceding the date of the Credit Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Upon
an adjustment of the exercise price as set forth above, a warrant holder will be entitled to purchase a number of shares of common
stock (calculated to the nearest 1/100th of a share) obtained by multiplying the exercise price in effect immediately prior to
such adjustment by the number of shares of common stock issuable on the exercise of the warrant immediately prior to such adjustment
and dividing that product by the exercise price resulting from such adjustment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">After
giving effect to all of the provisions discussed above, the number of shares of common stock purchasable upon exercise of the
warrants will be increased when the exercise price is adjusted to an amount below the then-existing par value of the common stock,
including successive adjustments to the exercise price to an amount further below the then-existing par value. The number of additional
shares purchasable upon exercise of the warrants will be equal to the number obtained by dividing (i) the product of (A) the number
of shares purchasable upon exercise of the warrants before application of this adjustment and (B) the difference between the then-existing
par value per share of the common stock minus the adjusted exercise price, by (ii) the difference between the Fair Market Value
of the common stock on the exercise date minus the then-existing par value per share of the common stock subject to the warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
exercise price may be paid (i) with cash, (ii) by instructing us to withhold a number of shares of common stock then issuable
upon exercise of the warrant with an aggregate Fair Market Value equal to the exercise price, (iii) by surrendering to us shares
of common stock previously acquired by the warrant holder with an aggregate Fair Market Value equal to the exercise price, or
(iv) any combination of the foregoing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A
warrant holder generally will not receive shares of our common stock upon exercise of the warrant to the extent that such exercise
or receipt would cause the Holder Group, defined as any group in respect of Common Stock, where &ldquo;group&rdquo; has the meaning
established under Section 13(d) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;) and the rules
promulgated thereunder, if the warrant holder or any other person having beneficial ownership of common stock beneficially owned
by the warrant holder is a member of such group, directly or indirectly, a beneficial owner of a number of shares of common stock
that exceeds the Maximum Percentage, defined as 4.99%, of outstanding shares of common stock, which percentage may be increased
or decreased by the warrant holder; provided, however, that if at any time after the date of the warrant the Holder Group beneficially
owns in excess of 4.99% of the outstanding common stock (excluding any common stock that could be acquired by exercise of the
warrant), then the Maximum Percentage will automatically increase to 9.99%, which may nonetheless be increased or decreased by
the warrant holder. In no event, however, will the warrant holder increase the beneficial ownership limitation described herein
to raise the Maximum Percentage in excess of 19.99% as of any date from the date of the warrant through the expiration date of
the warrant. The Maximum Percentage will automatically be increased to 19.99% on the date that is 15 days prior to the expiration
date of the warrant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
addition, the Company may not, without stockholder approval as required by the applicable rules of the Company&rsquo;s principal
Trading Market, as defined in the warrants, issue an amount of common stock upon exercise of the warrants that would exceed, in
the aggregate, 19.99% of the number of shares of common stock outstanding as of November 29, 2016. If such issuance cap is met,
warrant holders will receive Fair Market Value for the number of shares by which the exercise is reduced as a result of such issuance
cap.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
term &ldquo;Fair Market Value&rdquo; is defined in the warrants as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)
as to any common stock listed or quoted on a Trading Market, the 10-Day VWAP determined in respect of such primary Trading Market
and (ii) as to any common stock not listed or quoted on a Trading Market or any other security, (A) the Ten Day Average of the
average closing prices of such security&rsquo;s sales on all domestic securities exchanges on which such security may at the time
be listed, or (B) if there have been no sales on any such exchange such that the foregoing Ten Day Average cannot be calculated,
the average of the highest bid and lowest asked prices on all such exchanges at the end of the Business Day immediately prior
to the date that Fair Market Value is determined as of, or (C) if on any day such security is not listed any domestic securities
exchange such that neither the foregoing Ten Day Average nor the foregoing bid-and-asked price average can be calculated, the
average of the highest bid and lowest asked prices at the end of the Business Day immediately prior to the date that Fair Market
Value is determined in the domestic over-the-counter market as reported by the National Association of Securities Dealers Automated
Quotation System or similar organization (and in each such case excluding any trades that are not bona fide, arm&rsquo;s length
transactions). If neither the foregoing clause (i) nor clause (ii) is applicable, then (i) the &ldquo;Fair Market Value&rdquo;
of such security as of an applicable determination date shall be as determined in accordance with the Appraisal Procedure.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the event we declare or pay any dividends or if any other distribution is made on or with respect to our common stock, the warrant
holder as of the record date established by our Board of Directors for such dividend or distribution will be entitled to receive
a fee (the &ldquo;Dilution Adjustment&rdquo;) in an amount (whether in the form of cash, securities or other property) equal to
the amount (and in the form) of the dividends or distribution that such holder would have received had the warrant been exercised
as of the date immediately prior to the record date for such dividend or distribution; provided, however, that if we declare and
pay a dividend or distribution on our common stock consisting in whole or in part of common stock, then no Dilution Adjustment
will be payable in respect of the warrant and, in lieu thereof, the applicable adjustment will apply.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
above description of the warrants is qualified in its entirety by reference to the full text of the Form of Warrant attached
as Exhibit E to the Credit Agreement, which is attached to the Current Report on Form 8-K we filed on May 2, 2017, which we
incorporate herein by reference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a8"></A><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>PLAN
OF DISTRIBUTION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We,
the Investors and the Agent have entered into the Credit Agreement. Pursuant to the Credit Agreement, the Investors have agreed
to make secured term loans to us in an aggregate principal amount of $60,000,000.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
are offering warrants for the purchase of 357,500 shares of common stock directly to the Investors in connection with entering
into the Credit Agreement. We may, with the agreement of the Investors, increase the number of shares of common stock subject
to the warrants to 362,500 shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
will receive no proceeds from the offering of these securities, although if the warrants were to be exercised for cash we would
receive the exercise price. No underwriters or agents will be involved, and no commissions will be payable by us with respect
to the offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
of our obligations under the Credit Agreement will be secured by first priority security interests in substantially all of our
assets. The Credit Agreement includes customary representations, warranties and covenants, and acceleration, indemnity and events
of default provisions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a9"></A><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>LEGAL
MATTERS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
validity of the securities offered hereby will be passed upon for us by Mitchell Silberberg &amp; Knupp LLP, Los Angeles, California.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a10"></A><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>EXPERTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
financial statements and management&rsquo;s assessment of the effectiveness of internal control over financial reporting (which
is included in Management&rsquo;s Report on Internal Control over Financial Reporting) incorporated in this prospectus supplement
by reference to our Annual Report on Form 10-K for the year ended December 31, 2016 have been so incorporated in reliance on the
report (which contains an explanatory paragraph relating to the Company&rsquo;s ability to continue as a going concern as described
in Note 2 to the financial statements) of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given
on the authority of said firm as experts in auditing and accounting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a11"></A><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WHERE
YOU CAN FIND MORE INFORMATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
have filed with the Commission a registration statement on Form S-3 under the Securities Act of 1933, as amended, to register
with the Commission the securities being offered in this prospectus supplement and the accompanying prospectus. This prospectus
supplement and the accompanying prospectus, which constitute a part of the registration statement, do not contain all of the information
set forth in the registration statement or the exhibits and schedules filed with the registration statement. For further information
about us, and the securities being offered, reference is made to the registration statement and the exhibits and schedules filed
with the registration statement. Any statements contained or incorporated by reference in this prospectus supplement regarding
the contents of any contract or any other document that is filed as an exhibit to the registration statement are not necessarily
complete, and each such statement is qualified in all respects by reference to the full text of such contract or other document
filed as an exhibit to the registration statement. We file annual, quarterly and current reports, proxy and registration statements
and other information with the Commission. You may read and copy any reports, statements, or other information that we file, including
the registration statement of which this prospectus supplement and the accompanying prospectus form a part, and the exhibits and
schedules filed with the registration statement, without charge at the public reference room maintained by the Commission, located
at 100 F Street, NE, Room 1024, Washington, D.C. 20549, and copies of all or any part of the registration statement may be obtained
from the Commission on the payment of the fees prescribed by the Commission. Please call the Commission at 1-800-SEC-0330 for
further information about the public reference room. Our filings with the Commission, including the registration statement, are
available to you on the Commission&rsquo;s website at http://www.sec.gov. In addition, documents that we file with the Commission
are available on our website at www.cadizinc.com. Unless specifically incorporated by reference into this prospectus supplement
or the accompanying prospectus, information contained on our website is not, and should not be interpreted to be, part of this
prospectus supplement or the accompanying prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
are &ldquo;incorporating by reference&rdquo; into this prospectus supplement and the accompanying prospectus specified documents
we file with the Commission. The information we incorporate by reference into this prospectus supplement is an important part
of the prospectus of which this prospectus supplement is a part.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
incorporate by reference into this prospectus supplement the information contained in the following documents, which is considered
to be a part of this prospectus supplement:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         Annual Report on Form 10-K for the year ended December 31, 2016, filed on March 16, 2017;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         definitive Proxy Statement on Schedule 14A filed on April 21, 2017, but only to the extent
                                         that such information was incorporated by reference into our Annual Report on Form 10-K
                                         for the year ended December 31, 2016;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         Current Reports on Form 8-K filed on February 3, 2017 and on May 2, 2017;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         description of our common stock as set forth in our registration statement filed on Form
                                         8-A under the Exchange Act on May 8, 1984, as amended by reports on:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.75in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form
                                         8-K filed with the SEC on May 26, 1988;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.75in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form
                                         8-K filed with the SEC on June 2, 1992;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.75in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form
                                         8-K filed with the SEC on May 18, 1999; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.75in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Annual
                                         Report on Form 10-K for the year ended December 31, 2003, filed on November 2, 2004.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
also incorporate by reference all additional documents that we file with the Commission pursuant to Sections 13(a), 13(c), 14
or 15(d) of the Exchange Act, which are filed after the effective date of the registration statement and prior to the termination
of the offering of securities offered pursuant to this prospectus supplement and the accompanying prospectus. We are not, however,
incorporating, in each case, any documents or information that we &ldquo;furnish&rdquo; to, and not file with, the Commission
in accordance with its rules and regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any
statement contained in a document incorporated or deemed to be incorporated by reference into this prospectus supplement will
be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained in this prospectus
supplement or any other subsequently filed document that is deemed to be incorporated by reference into this prospectus supplement
modifies or supersedes the statement. Any statement so modified or superseded will not be deemed, except as so modified or superseded,
to constitute a part of this prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
filings with the Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form
8-K, and definitive proxy statement, and any amendments to those filings, are available free of charge on our website (www.cadizinc.com)
as soon as reasonably practicable after they are filed with, or furnished to, the Commission. Our website and the information
contained on that site, or connected to that site, are not incorporated into and are not a part of this prospectus supplement.
You may also obtain a copy of these filings at no cost by writing or telephoning us at the following address:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cadiz
Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">550
S. Hope Street</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Suite
2850</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Los
Angeles, California 90071</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Attention:
Investor Relations</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Telephone:
(213) 271-1600</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
will provide without charge upon written or oral request to each person, including any beneficial owner, to whom a prospectus
is delivered, a copy of any and all of the documents which are incorporated by reference in this prospectus but not delivered
with this prospectus (other than exhibits unless such exhibits are specifically incorporated by reference in such documents).
You may request a copy of these documents by writing or telephoning us at the above address.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
person has been authorized to give any information or to make any representation not contained in this prospectus supplement,
and, if given or made, such information and representation should not be relied upon as having been authorized by us. Neither
this prospectus supplement nor the accompanying prospectus constitute an offer to sell or a solicitation of an offer to buy any
of the securities offered hereby in any jurisdiction or to any person to whom it is unlawful to make such offer or solicitation.
Neither the delivery of this prospectus supplement or the accompanying prospectus nor any sale made hereunder will under any circumstances
create an implication that there has been no change in the facts set forth in this prospectus supplement or the accompanying prospectus
or in our business, financial condition or affairs since the date hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">PROSPECTUS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>$40,000,000</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps"><B>Cadiz
Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 142px; width: 127px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>DEBT
SECURITIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>COMMON
STOCK</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>PREFERRED
STOCK</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Warrants</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>SUBSCRIPTION
RIGHTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Units</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">By
this prospectus and an accompanying prospectus supplement, we may from time to time offer and sell, in one or more offerings,
up to $40,000,000 in any combination of debt securities, common stock, preferred stock, warrants, subscription rights and units.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
will provide you with more specific terms of these securities in one or more supplements to this prospectus. You should read this
prospectus and the applicable prospectus supplement carefully before you invest.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
may offer these securities from time to time in amounts, at prices and on other terms to be determined at the time of the offering.
We may offer and sell these securities to or through underwriters, dealers or agents, or directly to investors, on a continuous
or delayed basis. The supplements to this prospectus will provide the specific terms of the plan of distribution. The price to
the public of such securities and the net proceeds we expect to receive from such sale will also be set forth in the applicable
prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
common stock is listed on the Nasdaq Global Market under the symbol &ldquo;CDZI&rdquo;. On October 28, 2016, the closing price
of our common stock as reported by the Nasdaq Global Market was $7.40 per share.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Investing
in these securities involves certain risks. See &ldquo;Risk Factors&rdquo; beginning on page&nbsp;2.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>NEITHER
THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR
PASSED UPON THE ADEQUACY OR ACCURACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Prospectus
dated November 14, 2016</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TABLE
OF CONTENTS</B></FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%; text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.25in; font-family: Times New Roman, Times, Serif"><A HREF="#a12"><FONT STYLE="font-family: Times New Roman, Times, Serif">About This Prospectus</FONT></A></TD>
    <TD STYLE="width: 10%; text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">ii</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.25in; font-family: Times New Roman, Times, Serif"><A HREF="#a13"><FONT STYLE="font-family: Times New Roman, Times, Serif">Special Note Regarding Forward-Looking Statements</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">ii</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.25in; font-family: Times New Roman, Times, Serif"><A HREF="#a14"><FONT STYLE="font-family: Times New Roman, Times, Serif">Available Information</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">ii</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.25in; font-family: Times New Roman, Times, Serif"><A HREF="#a15"><FONT STYLE="font-family: Times New Roman, Times, Serif">Information Incorporated by Reference</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">iii</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.25in; font-family: Times New Roman, Times, Serif"><A HREF="#a16"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Company</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font-family: Times New Roman, Times, Serif"><A HREF="#b1"><FONT STYLE="font-family: Times New Roman, Times, Serif">About Cadiz</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font-family: Times New Roman, Times, Serif"><A HREF="#b2"><FONT STYLE="font-family: Times New Roman, Times, Serif">Corporate Information</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.25in; font-family: Times New Roman, Times, Serif"><A HREF="#a17"><FONT STYLE="font-family: Times New Roman, Times, Serif">Risk Factors</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.25in; font-family: Times New Roman, Times, Serif"><A HREF="#a18"><FONT STYLE="font-family: Times New Roman, Times, Serif">Use of Proceeds</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.25in; font-family: Times New Roman, Times, Serif"><A HREF="#a19"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ratios of Earnings to Fixed Charges and Combined Fixed Charges and Preferred Dividends</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.25in; font-family: Times New Roman, Times, Serif"><A HREF="#a20"><FONT STYLE="font-family: Times New Roman, Times, Serif">Description of Debt Securities</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">4</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font-family: Times New Roman, Times, Serif"><A HREF="#b3"><FONT STYLE="font-family: Times New Roman, Times, Serif">General</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">4</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font-family: Times New Roman, Times, Serif"><A HREF="#b4"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subordination</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">6</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font-family: Times New Roman, Times, Serif"><A HREF="#b5"><FONT STYLE="font-family: Times New Roman, Times, Serif">Conversion and Exchange</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">7</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font-family: Times New Roman, Times, Serif"><A HREF="#b6"><FONT STYLE="font-family: Times New Roman, Times, Serif">Global Securities</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">7</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font-family: Times New Roman, Times, Serif"><A HREF="#b7"><FONT STYLE="font-family: Times New Roman, Times, Serif">Restrictive Covenants</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">7</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font-family: Times New Roman, Times, Serif"><A HREF="#b8"><FONT STYLE="font-family: Times New Roman, Times, Serif">Defeasance</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">7</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font-family: Times New Roman, Times, Serif"><A HREF="#b9"><FONT STYLE="font-family: Times New Roman, Times, Serif">Satisfaction and Discharge</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">8</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font-family: Times New Roman, Times, Serif"><A HREF="#b10"><FONT STYLE="font-family: Times New Roman, Times, Serif">Modification of the Indentures</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">8</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font-family: Times New Roman, Times, Serif"><A HREF="#b11"><FONT STYLE="font-family: Times New Roman, Times, Serif">Events of Default, Notice and Waiver</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">9</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font-family: Times New Roman, Times, Serif"><A HREF="#b12"><FONT STYLE="font-family: Times New Roman, Times, Serif">Consolidation, Merger or Sale of Assets</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">10</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font-family: Times New Roman, Times, Serif"><A HREF="#b13"><FONT STYLE="font-family: Times New Roman, Times, Serif">Governing Law</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">10</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.25in; font-family: Times New Roman, Times, Serif"><A HREF="#a21"><FONT STYLE="font-family: Times New Roman, Times, Serif">Description of Capital Stock</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">10</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font-family: Times New Roman, Times, Serif"><A HREF="#b14"><FONT STYLE="font-family: Times New Roman, Times, Serif">General</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">10</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font-family: Times New Roman, Times, Serif"><A HREF="#b15"><FONT STYLE="font-family: Times New Roman, Times, Serif">Common Stock</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">10</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font-family: Times New Roman, Times, Serif"><A HREF="#b16"><FONT STYLE="font-family: Times New Roman, Times, Serif">Certain Other Provisions of the Certificate</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">11</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font-family: Times New Roman, Times, Serif"><A HREF="#b17"><FONT STYLE="font-family: Times New Roman, Times, Serif">Limitations on Directors&rsquo; Liability</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">11</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font-family: Times New Roman, Times, Serif"><A HREF="#b18"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indemnification of Directors and Officers</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">11</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font-family: Times New Roman, Times, Serif"><A HREF="#b19"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exchange Listing</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">11</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font-family: Times New Roman, Times, Serif"><A HREF="#b20"><FONT STYLE="font-family: Times New Roman, Times, Serif">Anti-Takeover Effects of Delaware Law</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">11</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.25in; font-family: Times New Roman, Times, Serif"><A HREF="#a22"><FONT STYLE="font-family: Times New Roman, Times, Serif">Description of Offered Preferred Stock</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">12</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.25in; font-family: Times New Roman, Times, Serif"><A HREF="#a23"><FONT STYLE="font-family: Times New Roman, Times, Serif">Description of Warrants</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">13</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font-family: Times New Roman, Times, Serif"><A HREF="#b21"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exercise of Warrants</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">14</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.25in; font-family: Times New Roman, Times, Serif"><A HREF="#a24"><FONT STYLE="font-family: Times New Roman, Times, Serif">Description of Subscription Rights</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">14</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.25in; font-family: Times New Roman, Times, Serif"><A HREF="#a25"><FONT STYLE="font-family: Times New Roman, Times, Serif">Description of Units</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">15</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.25in; font-family: Times New Roman, Times, Serif"><A HREF="#a26"><FONT STYLE="font-family: Times New Roman, Times, Serif">Plan of Distribution</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">15</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font-family: Times New Roman, Times, Serif"><A HREF="#b22"><FONT STYLE="font-family: Times New Roman, Times, Serif">General</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">16</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font-family: Times New Roman, Times, Serif"><A HREF="#b23"><FONT STYLE="font-family: Times New Roman, Times, Serif">Underwriters and Agents</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">16</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font-family: Times New Roman, Times, Serif"><A HREF="#b24"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dealers</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">17</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font-family: Times New Roman, Times, Serif"><A HREF="#b25"><FONT STYLE="font-family: Times New Roman, Times, Serif">Direct Sales</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">17</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font-family: Times New Roman, Times, Serif"><A HREF="#b26"><FONT STYLE="font-family: Times New Roman, Times, Serif">Institutional Purchasers</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">17</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font-family: Times New Roman, Times, Serif"><A HREF="#b27"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indemnification; Other Relationships</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">17</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font-family: Times New Roman, Times, Serif"><A HREF="#b28"><FONT STYLE="font-family: Times New Roman, Times, Serif">Market-Making, Stabilization and Other Transactions</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">17</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.25in; font-family: Times New Roman, Times, Serif"><A HREF="#a27"><FONT STYLE="font-family: Times New Roman, Times, Serif">Legal Matters</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">18</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.25in; font-family: Times New Roman, Times, Serif"><A HREF="#a28"><FONT STYLE="font-family: Times New Roman, Times, Serif">Experts</FONT></A></TD>
    <TD STYLE="text-align: center; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">18</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font-family: Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font-family: Times New Roman, Times, Serif"></P>

<!-- Field: Page; Sequence: 13; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font-family: Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><A NAME="a12"></A><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ABOUT
THIS PROSPECTUS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
prospectus is part of a registration statement we filed with the Securities and Exchange Commission, or the &ldquo;Commission&rdquo;,
using the &ldquo;shelf&rdquo; registration process. Under the shelf registration process, using this prospectus, together with
a prospectus supplement, we may sell from time to time any combination of the securities described in this prospectus in one or
more offerings. This prospectus provides you with a general description of the securities that may be offered. Each time we sell
securities pursuant to this prospectus, we will provide a prospectus supplement that will contain specific information about the
terms of the securities being offered. A prospectus supplement may include a discussion of any risk factors or other special considerations
applicable to those securities or to us. The prospectus supplement may also add to, update or change information contained in
this prospectus and, accordingly, to the extent inconsistent, the information in this prospectus will be superseded by the information
in the prospectus supplement. You should read this prospectus, any applicable prospectus supplement and the additional information
incorporated by reference in this prospectus described below under &ldquo;Available Information&rdquo; and &ldquo;Information
Incorporated by Reference&rdquo; before making an investment in our securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
prospectus contains summaries of certain provisions contained in some of the documents described herein, but reference is made
to the actual documents for complete information. All of the summaries are qualified in their entirety by the actual documents.
Copies of the documents referred to herein have been filed, or will be filed or incorporated by reference as exhibits to the registration
statement of which this prospectus is a part, and you may obtain copies of those documents as described below under &ldquo;Available
Information.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Neither
the delivery of this prospectus nor any sale made under it implies that there has been no change in our affairs or that the information
in this prospectus is correct as of any date after the date of this prospectus. You should not assume that the information in
this prospectus, including any information incorporated in this prospectus by reference, the accompanying prospectus supplement
or any free writing prospectus prepared by us, is accurate as of any date other than the date on the front of those documents.
Our business, financial condition, results of operations and prospects may have changed since that date.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
have not authorized anyone to provide any information other than that contained or incorporated by reference in this prospectus,
a prospectus supplement or in any free writing prospectus prepared by or on behalf of us or to which we have referred you. We
take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give
you. We are not making an offer to sell securities in any jurisdiction where the offer or sale of such securities is not permitted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unless
the context otherwise requires, the terms &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our,&rdquo; &ldquo;Cadiz,&rdquo; and &ldquo;the
Company&rdquo; refer to Cadiz Inc., a Delaware corporation.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a13"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">Special
Note Regarding Forward-Looking Statements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
statements in this prospectus and the documents incorporated by reference that are not historical facts should be considered &ldquo;Forward
Looking Statements&rdquo; within the meaning of the &ldquo;Safe Harbor&rdquo; provisions of the Private Securities Litigation
Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results,
performance or achievements of the Company to be materially different from any future results, performance or achievements expressed
or implied by the forward-looking statements. Although we believe that our plans, intentions and expectations reflected in, or
suggested by, such forward-looking statements are reasonable, we can give no assurance that such plans, intentions, or expectations
will be achieved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Certain
risks, uncertainties, and other factors are incorporated herein by reference to our most recent Annual Report on Form&nbsp;10-K
and our subsequent Quarterly Reports on Form&nbsp;10-Q, along with the other information contained in this prospectus, as updated
by our subsequent filings under the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;). Except as otherwise
required by applicable securities laws, we undertake no obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events, changed circumstances, or any other reason, after the date of this prospectus.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a14"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">Available
Information</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
are subject to the informational requirements of the Exchange Act, and file reports, proxy statements and other information with
the Securities and Exchange Commission (the &ldquo;Commission&rdquo; or the &ldquo;SEC&rdquo;). We have also filed a registration
statement on Form S-3 with the Commission. This prospectus, which forms part of the registration statement, does not have all
of the information contained in the registration statement. You may read, free of charge, and copy, at the prescribed rates, any
reports, proxy statements and other information, including the registration statement, at the Commission&rsquo;s Public Reference
Room at 100 F Street, N.E., Washington, D.C. 20549. The public may obtain information concerning the operation of the Public Reference
Room by calling the Commission at 1-800-SEC-0330. The Commission also maintains a website that contains reports, proxy statements
and other information, including the registration statement. The website address is: http://www.sec.gov.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 14; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->ii<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a15"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">Information
Incorporated by Reference</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Commission allows us to &ldquo;incorporate by reference&rdquo; into this prospectus the information we file with them. The information
we incorporate by reference into this prospectus is an important part of this prospectus. Any statement in a document we have
filed with the Commission prior to the date of this prospectus and which is incorporated by reference into this prospectus will
be considered to be modified or superseded to the extent a statement contained in the prospectus or any other subsequently filed
document that is incorporated by reference into this prospectus modifies or supersedes that statement. The modified or superseded
statement will not be considered to be a part of this prospectus, except as modified or superseded.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
incorporate by reference into this prospectus the information contained in the following documents, which is considered to be
a part of this prospectus:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2015, filed on March
                                         14, 2016;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         Current Reports on Form&nbsp;8-K filed on February 12, 2016, March 10, 2016, April 29,
                                         2016, May 11, 2016, May 26, 2016, June 14, 2016 and June 23, 2016;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         Quarterly Reports on Form&nbsp;10-Q for the quarters ended March&nbsp;31, 2016 and June
                                         30, 2016, filed on May&nbsp;9, 2016 and August 8, 2016, respectively;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         description of our common stock as set forth in our registration statement filed on Form&nbsp;8-A
                                         under the Exchange Act on May&nbsp;8, 1984, as amended by reports on:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.75in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form&nbsp;8-K
                                         filed with the SEC on May&nbsp;26, 1988;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.75in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form&nbsp;8-K
                                         filed with the SEC on June&nbsp;2, 1992;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.75in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form&nbsp;8-K
                                         filed with the SEC on May&nbsp;18, 1999; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.75in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Annual
                                         Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2003, filed on November&nbsp;2,
                                         2004</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
also incorporate by reference all additional documents that we file with the Commission pursuant to Section&nbsp;13(a), 13(c),
14 or 15(d) of the Exchange Act that are filed after the date of the initial registration statement and prior to the effectiveness
of the registration statement or that are filed after the effective date of the registration statement of which this prospectus
is a part and prior to the termination of the offering of securities offered pursuant to this prospectus. We are not, however,
incorporating in each case, any documents or information that we are deemed to &ldquo;furnish&rdquo; and not file in accordance
with the Commission rules.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">You
may obtain a copy of these filings, without charge, by writing or calling us at:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cadiz
Inc.<BR>
550 South Hope Street<BR>
Suite 2850<BR>
Los Angeles, California 90071<BR>
Attention: Investor Relations<BR>
(213) 271-1600</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
dealer, salesperson, or other person has been authorized to give any information or to make any representation not contained in
this prospectus, and, if given or made, such information and representation should not be relied upon as having been authorized
by us or any selling shareholder. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any
of the securities offered by this prospectus in any jurisdiction or to any person to whom it is unlawful to make such offer or
solicitation. Neither the delivery of this prospectus nor any sale made hereunder shall under any circumstances create an implication
that there has been no change in the facts set forth in this prospectus or in our affairs since the date hereof.</FONT></P>


<!-- Field: Page; Sequence: 15; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->iii<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0"><A NAME="a16"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.1in; text-indent: -0.1in"><A NAME="b1"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">About
Cadiz</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
are a land and water resource development company with 45,000 acres of land in three areas of eastern San Bernardino County, California.&nbsp;&nbsp;Virtually
all of this land is underlain with high-quality, naturally recharging groundwater resources, and is situated in proximity to the
Colorado River and the Colorado River Aqueduct (&ldquo;CRA&rdquo;), a major source of imported water for Southern California.&nbsp;&nbsp;Our
properties are suitable for various uses, including large-scale agricultural development, groundwater storage and water supply
projects. Our main objective is to realize the highest and best use of our land and water resources in an environmentally responsible
way.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
believe that the long-term highest and best use of our land and water assets can best be realized through the development of a
combination of water supply and storage projects at our properties. Therefore, the Company has been primarily focused on the development
of the Cadiz Valley Water Conservation, Recovery and Storage Project (&ldquo;Water Project&rdquo; or &ldquo;Project&rdquo;), which
will capture and conserve millions of acre-feet<FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT> of native groundwater currently
being lost to evaporation from the aquifer system beneath our 34,000-acre property in the Cadiz and Fenner valleys of eastern
San Bernardino County (the &ldquo;Cadiz/Fenner Property&rdquo;), and deliver it to water providers throughout Southern California
(see &ldquo;Water Resource Development&rdquo;).&nbsp;&nbsp;We believe that the ultimate implementation of this Water Project will
provide a significant source of future cash flow.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
primary factor driving the value of such projects is ongoing pressure on water supplies throughout California, which has led Southern
California water providers to actively seek new, reliable supply solutions to plan for both short and long-term water needs.&nbsp;&nbsp;Available
supply is constrained by environmental and regulatory restrictions on each of the State&rsquo;s three main water sources:&nbsp;&nbsp;the
State Water Project, which provides water supplies from Northern California to the central and southern parts of the state, the
CRA and the Los Angeles Aqueduct.&nbsp;&nbsp;Southern California&rsquo;s water providers rely on imports from these systems for
a majority of their water supplies, but deliveries from all three into the region have been below capacity over the last several
years.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Availability
of supplies in California also differs greatly from year to year due to natural hydrological variability.&nbsp;&nbsp;Over the
last several years, California has struggled through a historic drought featuring record-low winter precipitation and reservoir
storage levels. In 2015, for the first time in the state&rsquo;s history, California Governor Jerry Brown mandated rationing of
25% statewide in an effort to curtail urban demand.&nbsp;&nbsp;An &ldquo;El Nino&rdquo; weather pattern developed at the end of
2015 and brought wet conditions to California, yet snowpack and precipitation remain average for the year, especially in Southern
California. According to the US Drought Monitor, as of February 2016, more than 99% of California remains abnormally dry.&nbsp;&nbsp;
The Water Project is one of the few nearly &ldquo;shovel-ready&rdquo; supply options in Southern California that could help alleviate
the region&rsquo;s water supply challenges. (See &ldquo;Water Resource Development&rdquo; below.) In addition to our water resource
development activities, we also continue to explore additional uses of our land and water resource assets, including new agricultural
opportunities, the development of a land conservation bank on our properties outside the Water Project area and other long-term
legacy uses of our properties, such as habitat conservation and cultural uses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
addition to an urgent need in California for new, reliable water supplies, demand for agricultural land with water rights is also
at an all-time high. Therefore, in addition to our Water Project proposal, we are pursuing ways in which the groundwater currently
being lost to evaporation from the aquifer system at the Cadiz/Fenner property can be immediately put to beneficial use through
sales, leasing, or agricultural joint ventures that are complementary to the Water Project.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify; background-color: white"><SUP>2
</SUP><FONT STYLE="font-family: Times New Roman, Times, Serif">One acre-foot is equal to approximately 326,000 gallons or the
volume of water that will cover an area of one acre to a depth of one-foot. An acre-foot is generally considered to be enough
water to meet the annual water needs of one average California household.</FONT><FONT STYLE="font-family: MS Mincho; font-size: 10pt">&#8232;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 16; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
have farmed portions of the Cadiz/Fenner Property since the late 1980s relying on groundwater from the aquifer system for irrigation
and we believe the site is well suited for various permanent and seasonal crops. In 1993, we secured permits to develop agriculture
on up to 9,600 acres of the property and withdraw groundwater from the underlying aquifer system for irrigation.&nbsp;&nbsp;We
initially developed 1,900 acres of agriculture at the Property, including a well-field and manifold system and since have maintained
various levels of agriculture at the Property as we focused on developing the Water Project.&nbsp;&nbsp;In February 2016 we completed
arrangements to lease 2,100 acres of the Cadiz/Fenner Property for agricultural development as a result of significant interest
from third parties in expanding agricultural activity at the Cadiz/Fenner Property.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
part of the agricultural expansion to be conducted under the lease arrangements, the groundwater production capacity of the property&rsquo;s
existing well-field is expected to be increased, which will provide additional infrastructure that is complementary to the Water
Project.&nbsp;&nbsp;Through work completed in 2015, including the drilling of three additional exploratory wells, we have now
identified suitable locations for the drilling of high-production wells powered by natural gas that could produce all of the water
allowable under our existing permit for implementation of the Water Project or alternatively to supply irrigation water for all
of the agricultural land.&nbsp;&nbsp;While any additional well-field development for agricultural use would be financed by our
agricultural partners as provided under our agricultural arrangements, the Company retained a call feature that allows us, at
any time in the initial 20 years, to acquire the well-field and integrate any new agricultural well-field infrastructure developed
into the Water Project&rsquo;s facilities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
2016 working capital requirements relate largely to the final development activities associated with the Water Project and those
activities consistent with the Water Project related to further development of our land and agricultural assets.&nbsp;&nbsp;While
we continue to believe that the ultimate implementation of the Water Project will provide the primary source of our future cash
flow, we also believe there is significant additional value in our underlying agricultural assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
also continue to explore additional uses of our land and water resource assets, including the marketing of our approved desert
tortoise land conservation bank, which is located on our properties outside the Water Project area, and other long-term legacy
uses of our properties, such as habitat conservation and cultural development.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.1in; text-indent: -0.1in"><A NAME="b2"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">Corporate
Information</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
are a Delaware corporation with our principal executive offices located at 550 South Hope Street, Suite 2850, Los Angeles, California
90071. Our telephone number is (213) 271-1600. We maintain a corporate website at www.cadizinc.com. The information contained
in, or that can be accessed through, our website is not a part of this prospectus.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a17"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">Risk
Factors</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">An
investment in our securities involves a high degree of risk. Certain risks relating to us and our business are described under
the headings &ldquo;Business&rdquo; and &ldquo;Risk Factors&rdquo; in our Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31,
2015, filed with the Commission on March&nbsp;14, 2016, which is incorporated by reference into this prospectus and which you
should carefully review and consider, along with the other information contained in this prospectus or incorporated by reference
herein, as updated by our subsequent filings under the Exchange Act, before making an investment in any of our securities. Additional
risks, as well as updates or changes to the risks described in the documents incorporated by reference herein, may be included
in any applicable prospectus supplement. Our business, financial condition or results of operations could be materially adversely
affected by any of these risks. The market or trading price of our securities could decline due to any of these risks, and you
may lose all or part of your investment. In addition, please read the section of this prospectus captioned &ldquo;Special Note
Regarding Forward-Looking Statements&rdquo;, in which we describe additional uncertainties associated with our business and the
forward-looking statements included or incorporated by reference in this prospectus. Please note that additional risks not presently
known to us or that we currently deem immaterial may also impair our business and operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Investment
in any securities offered pursuant to this prospectus involves risks and uncertainties. If one or more of the events discussed
in the risk factors were to occur, our business, financial condition, results of operations or liquidity, as well as the value
of an investment in our securities, could be materially adversely affected.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">You
should carefully consider the risk factors as well as the other information contained and incorporated by reference in this prospectus
before deciding to invest.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 17; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a18"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">Use
of Proceeds</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unless
otherwise provided in the applicable prospectus supplement, the net proceeds from the sale of the securities offered by this prospectus
and each prospectus supplement, the &ldquo;offered securities&rdquo;, will be used for general corporate purposes, which may include
working capital needs, the refinancing or repayment of existing indebtedness, capital expenditures, expansion of the business
and acquisitions. If any of the net proceeds from the offered securities will be used for acquisitions, we will identify the acquisition
in the applicable prospectus supplement. The net proceeds may be invested temporarily in short-term securities or to repay short-term
debt until they are used for their stated purpose.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a19"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">Ratios
of Earnings to Fixed Charges<BR>
and Combined Fixed Charges and Preferred Dividends</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
ratios of earnings to fixed charges and earnings to combined fixed charges and preferred stock dividend requirements are set forth
below for the periods indicated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Calibri,sans-serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Six
    months ended </B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="18" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Year
    Ended December&nbsp;31,</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">June
    30, 2016</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">2015</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">2014</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">2013</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">2012</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">2011</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 30%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ratio of Earnings to Fixed
    Charges</FONT></TD><TD STYLE="width: 1%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-family: Calibri,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 7%; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a</FONT></TD><TD STYLE="width: 1%; font-family: Calibri,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="width: 1%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-family: Calibri,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 7%; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="width: 1%; font-family: Calibri,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-family: Calibri,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 7%; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a</FONT></TD><TD STYLE="width: 1%; font-family: Calibri,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="width: 1%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-family: Calibri,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 7%; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a</FONT></TD><TD STYLE="width: 1%; font-family: Calibri,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="width: 1%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-family: Calibri,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 7%; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a</FONT></TD><TD STYLE="width: 1%; font-family: Calibri,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="width: 1%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-family: Calibri,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 7%; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a</FONT></TD><TD STYLE="width: 1%; font-family: Calibri,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="width: 1%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-family: Calibri,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 7%; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a</FONT></TD><TD STYLE="width: 1%; font-family: Calibri,sans-serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ratio of Earnings to Combined Fixed
    Charges and Preferred Stock Dividend Requirements</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)&nbsp;</FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Both
                                         (1)&nbsp;fixed charges and (2)&nbsp;combined fixed charges and preferred stock dividend
                                         requirements exceeded our earnings (loss) for the six months ended June 30, 2016 by $14.4
                                         million and for the years ended December 31, 2015, 2014, 2013, 2012 and 2011 by $24.0
                                         million, $18.9 million, $22.7 million, $19.9 million, and $16.8 million, respectively.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
the purpose of calculating both the ratios of earnings to fixed charges and earnings to combined fixed charges and preferred stock
dividend requirements, earnings represent net income from continuing operations before the cumulative effect of change in accounting
principles, less undistributed equity earnings, plus applicable income taxes plus fixed charges. Fixed charges, excluding interest
on deposits, include interest expense (other than on deposits) and the proportion deemed representative of the interest factor
of rent expense, net of income from subleases. Fixed charges, including interest on deposits, include all interest expense and
the proportion deemed representative of the interest factor of rent expense, net of income from subleases.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 18; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a20"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">Description
of Debt Securities</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
prospectus describes certain general terms and provisions of the debt securities. The debt securities may constitute either senior
or subordinated debt securities, and in either case will be unsecured, and may also include convertible debt securities. We will
issue any debt securities that will be senior debt under an Indenture between us and U.S. Bank National Association, as trustee
(the &ldquo;Senior Indenture&rdquo;). We will issue any debt securities that will be subordinated debt under an Indenture between
us and U.S. Bank National Association, as trustee (the &ldquo;Subordinated Indenture&rdquo;). We may also issue debt securities
under the Indentures between Cadiz Inc., as Issuer, and U.S. Bank National Association, as Trustee, dated as of March 5, 2013
and December 10, 2015 (the &ldquo;Existing Indentures&rdquo;). This prospectus refers to the Senior Indenture and the Subordinated
Indenture individually as the &ldquo;Indenture&rdquo; and collectively as the &ldquo;Indentures.&rdquo; The form of Senior Indenture
and the form of Subordinated Indenture are included as exhibits to the registration statement of which this prospectus forms a
part while the Existing Indentures are incorporated by reference as exhibits to the registration statement. The term &ldquo;trustee&rdquo;
refers to the trustee under each Indenture, as appropriate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Indentures are subject to and governed by the Trust Indenture Act of 1939, as amended. The Indentures are substantially identical,
except for the provisions relating to subordination, which are included only in the Subordinated Indenture. The following summary
of the material provisions of the Indentures and the debt securities is not complete and is subject to, and is qualified in its
entirety by reference to, all of the provisions of the Indentures, each of which has been filed as an exhibit to the registration
statement of which this prospectus is a part. We urge you to read the Indenture that is applicable to you because it, and not
the summary below, defines your rights as a holder of debt securities. You can obtain copies of the Indentures by following the
directions described under the heading &ldquo;Available Information.&rdquo;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.1in; font-family: Times New Roman, Times, Serif"><A NAME="b3"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">General</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
senior debt securities will rank equally with all of our other unsecured and unsubordinated debt. The subordinated debt securities
will be subordinated in right of payment to our &ldquo;Senior Indebtedness&rdquo;, as defined below in the section titled &ldquo;Subordination&rdquo;.
As of June 30, 2016, all of our $118,891,459 aggregate principal amount of existing debt would have ranked senior to the subordinated
debt securities and $76,223,279 aggregate principal amount of our debt would have ranked equally with the senior debt securities.
The Indentures do not limit the amount of debt, either secured or unsecured, which may be issued by us under the Indentures or
otherwise. We may limit the maximum total principal amount for the debt securities of any series. However, any limit under the
Indentures may be increased by resolution of our Board of Directors. We will establish the terms of each series of debt securities
under the Indentures in a supplemental Indenture, board resolution or company order. The debt securities under the Indentures
may be issued in one or more series with the same or various maturities and may be sold at par, a premium or an original issue
discount. Debt securities sold at an original issue discount may bear no interest or interest at a rate which is below market
rates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Indentures do not prohibit us or our subsidiaries from incurring debt or agreeing to limitations on our subsidiaries&rsquo; ability
to pay dividends or make other distributions to us, although the terms of specific debt securities may include such limitations.
The agreements governing our indebtedness, including the Existing Indentures, contain limitations on our ability to incur debt
or liens, conduct asset sales and pay dividends.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unless
we inform you otherwise in a prospectus supplement, we may issue additional debt securities of a particular series under the Indentures
without the consent of the holders of the debt securities of such series outstanding at the time of issuance. Any such additional
debt securities, together with all other outstanding debt securities of that series, will constitute a single series of securities
under the applicable Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unless
we inform you otherwise in a prospectus supplement, each series of our senior debt securities will rank equally in right of payment
with all of our other unsubordinated debt. The subordinated debt securities will rank junior in right of payment and be subordinate
to all of our unsubordinated debt.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
may issue debt securities from time to time in one or more series under the Indentures or under the Existing Indentures. We will
describe the particular terms of each series of debt securities we offer in a supplement to this prospectus or other offering
material. The prospectus supplement and other offering material relating to a series of debt securities will describe the terms
of such debt securities being offered, including (to the extent such terms are applicable to such debt securities):</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         title of the debt securities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">designation,
                                         aggregate principal amount, denomination and currency or currency unit;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">date
                                         of maturity;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         price or prices at which we sell the debt securities and the percentage of the principal
                                         amount at which the debt securities will be issued;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 19; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">whether
                                         the debt securities are senior debt securities or subordinated debt securities and applicable
                                         subordination provisions, if any;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                         limit on the total principal amount of the debt securities and the ability to issue additional
                                         debt securities of the same series;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">currency
                                         or currency units for which such debt securities may be purchased and in which principal
                                         of, premium, if any, and any interest will or may be payable;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">interest
                                         rate or rates (or the manner of calculation thereof), if any;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         times at which any such interest will be payable;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         date or dates from which interest will accrue on the debt securities, or the method used
                                         for determining those dates;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         place or places where the principal and interest, if any, will be payable;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                         redemption, sinking fund, satisfaction and discharge, or defeasance provisions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">whether
                                         such debt securities will be issuable in registered form or bearer form or both and,
                                         if issuable in bearer form, restrictions applicable to the exchange of one form for another
                                         and to the offer, sale and delivery of certificates in bearer form;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">whether
                                         and under what circumstances we may from time to time, without the consent of holders
                                         of debt securities, issue additional debt securities, having the same ranking and the
                                         same interest rate, maturity and other terms as the debt securities being offered, except
                                         for the issue price and issue date and, in some cases, the first interest payment date,
                                         whereby such additional securities will, together with the then outstanding debt securities,
                                         constitute a single class of debt securities under the Indentures, and will vote together
                                         on matters under the Senior Indenture;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                         material, federal income tax consequences;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">whether
                                         and under what circumstances we will issue the debt securities in whole or in part as
                                         Global Securities as described below under &ldquo;Global Securities&rdquo;;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">applicable
                                         conversion or exchange privileges;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                         defaults and events of defaults applicable to the debt securities to be issued;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">securities
                                         exchange(s) on which the securities will be listed, if any;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">whether
                                         any underwriter(s) will act as market maker(s) for the securities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">extent
                                         to which a secondary market for the securities is expected to develop;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">provisions
                                         relating to covenant defeasance and legal defeasance;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">provisions
                                         relating to satisfaction and discharge of the Indenture;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                         covenants or restrictions on us or our subsidiaries; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                         other specific terms of the offered debt securities, including any terms in lieu of those
                                         described in this prospectus and any terms which may be required by or advisable under
                                         United States laws or regulations such as those made a part of the applicable Indenture
                                         by the Trust Indenture Act of 1939.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 20; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Material
United States federal income tax consequences and special considerations, if any, applicable to any such securities will be described
in the applicable prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Debt
securities may be presented for exchange, and registered debt securities may be presented for transfer, in the manner, at the
places and subject to the restrictions set forth in the debt securities and as summarized in the applicable prospectus supplement.
Such services will be provided without charge, other than any tax or other governmental charge payable in connection with such
exchange or transfer, but subject to the limitations provided in the applicable Indenture. Debt securities in bearer form and
the coupons, if any, appertaining to such debt securities will be transferable by delivery.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.1in; font-family: Times New Roman, Times, Serif"><A NAME="b4"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">Subordination</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
indebtedness represented by the subordinated debt securities will be subordinated in right of payment to existing and future &ldquo;Senior
Indebtedness,&rdquo; as described in the Subordinated Indenture and any accompanying prospectus supplement. The term &ldquo;Senior
Indebtedness&rdquo; means:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">all
                                         indebtedness for money borrowed incurred by us, unless the terms of the instrument or
                                         instruments by which such indebtedness is incurred or created expressly provide that
                                         such indebtedness is subordinate to the subordinated debt securities or that such indebtedness
                                         is not superior in right of payment to the subordinated debt securities,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                         other indebtedness, obligation or liability incurred by us (including any guaranty, endorsement
                                         or other contingent obligation of ours in respect of, or to purchase, or otherwise acquire,
                                         any obligation of another), direct or indirect, absolute or contingent, or matured or
                                         unmatured, which is specifically designated by us as Senior Indebtedness in the instruments
                                         evidencing such indebtedness, obligation or liability at the time of its issuance or
                                         incurrence, or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                         deferral, renewal or extension of any of the foregoing.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;Senior
Indebtedness&rdquo; does not include:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         debt to any of our subsidiaries;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                         series of subordinated debt securities issued under the Subordinated Indenture, unless
                                         otherwise specified by the terms of any such series;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                         of our other debt which by the terms of the instrument creating or evidencing it is specifically
                                         designated as being subordinated to or pari passu with the subordinated debt securities;
                                         and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                         trade payables.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Subordinated Indenture does not limit our ability to incur additional indebtedness, including indebtedness that ranks senior in
priority of payment to the subordinated debt securities. A prospectus supplement relating to each series of subordinated debt
securities will describe any subordination provisions applicable to such series in addition to or different from those described
above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">By
reason of such subordination, in the event of dissolution, insolvency, bankruptcy or other similar proceedings, upon any distribution
of assets, (i)&nbsp;the holders of subordinated debt securities will be required to pay over their share of such distribution
in respect of the subordinated debt securities to the holders of Senior Indebtedness until such Senior Indebtedness is paid in
full and (ii)&nbsp;creditors of ours who are not holders of Senior Indebtedness may recover less, ratably, than holders of Senior
Indebtedness and may recover more, ratably, than holders of subordinated debt securities.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-indent: -0.1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-indent: -0.1in"></P>

<!-- Field: Page; Sequence: 21; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-indent: -0.1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-indent: -0.1in"><A NAME="b5"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">Conversion
and Exchange</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
terms, if any, on which debt securities of any series will be convertible into or exchangeable for our common stock, our preferred
stock, another series of our debt securities, other securities, property or cash, or a combination of any of the foregoing, will
be summarized in the prospectus supplement relating to such series of debt securities. Such terms may include provisions for conversion
or exchange, either on a mandatory basis, at the option of the holder, or at our option, in which the number of shares or amount
of our common stock, our preferred stock, another series of our debt securities, other securities, property or cash to be received
by the holders of the debt securities would be calculated according to the factors and at such time as summarized in the related
prospectus supplement.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.1in; text-indent: -0.1in"><A NAME="b6"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">Global
Securities</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
debt securities of a series may be issued in whole or in part in the form of one or more global securities that will be deposited
with, or on behalf of, a depositary identified in the prospectus supplement. Global securities will be issued in registered form
and in either temporary or definitive form. Unless and until it is exchanged in whole or in part for the individual debt securities,
a global security may not be transferred except as a whole by the depositary for such global security to a nominee of such depositary
or by a nominee of such depositary to such depositary or another nominee of such depositary or by such depositary or any such
nominee to a successor of such depositary or a nominee of such successor. The specific terms of the depositary arrangement with
respect to any debt securities of a series and the rights of and limitations upon owners of beneficial interests in a global security
will be described in the applicable prospectus supplement.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.1in; text-indent: -0.1in"><A NAME="b7"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">Restrictive
Covenants</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
will describe any restrictive covenants, including restrictions on any subsidiary, for any series of debt securities in a prospectus
supplement.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.1in; font-family: Times New Roman, Times, Serif"><A NAME="b8"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">Defeasance</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">At
our option, either (a)&nbsp;we will be Discharged (as defined below) from any and all obligations in respect of any series of
debt securities under the Indenture or (b)&nbsp;we will cease to be under any obligation to comply with the restriction on our
ability to merge, consolidate or sell assets set forth in the applicable Indenture, the requirement that we maintain our existence
or certain other restrictions, in either case if we deposit irrevocably with the trustee, in trust, specifically for the benefit
of the holders of such series, money or U.S. Government Obligations (as defined below) which through the payment of interest thereon
and principal thereof in accordance with their terms will provide money in an amount sufficient (in the written opinion of a nationally
recognized firm of independent public accountants in the case of U.S. Government Obligations or a combination of money and U.S.
Government Obligations) to pay all the principal of (including any sinking fund payments or analogous obligations), and interest
on, the debt securities of such series on the dates such payments are due in accordance with the terms of such series of debt
securities. To exercise such option, we are required to deliver to the trustee an opinion of tax counsel to the effect that holders
of the debt securities of such series will not recognize income, gain or loss for federal income tax purposes as a result of such
deposit and discharge and will be subject to federal income tax in the same amount and in the same manner and at the same times
as would have been the case if such deposit and discharge had not occurred.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
term &ldquo;Discharged&rdquo; is defined to mean that we are deemed to have paid and discharged the entire indebtedness represented
by, and obligations under, the debt securities of such series and to have satisfied all the obligations under the Indenture relating
to the debt securities of such series, except for</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         rights of holders of the debt securities of such series to receive, from the trust fund
                                         described above, payment of the principal of and the interest on the debt securities
                                         of such series when such payments are due;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         obligations with respect to the debt securities of such series with respect to temporary
                                         debt securities, registration, transfer, exchange, replacement of mutilated, destroyed,
                                         lost and stolen certificates, maintenance of a paying office and holding money in trust;
                                         and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         rights, powers, trusts, duties and immunities of the trustee under the applicable Indenture.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 22; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
term &ldquo;U.S. Government Obligations&rdquo; is defined to mean securities that are (i)&nbsp;direct obligations of the United
States of America for the payment of which its full faith and credit is pledged or (ii)&nbsp;obligations of a Person controlled
or supervised by and acting as an agency or instrumentality of the United States of America the payment of which is unconditionally
guaranteed as a full faith and credit obligation by the United States of America, which, in either case under clauses&nbsp;(i)
or (ii) are not callable or redeemable at the option of the issuer thereof, and also includes a depositary receipt issued by a
bank or trust company, as custodian with respect to any such U.S. Government Obligation held by such custodian for the account
of the holder of a depository receipt, provided that (except as required by law) such custodian is not authorized to make any
deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect
of the U.S. Government Obligation or the specific payment of interest on or principal of the U.S. Government Obligations evidenced
by such depository receipt.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.1in; text-indent: -0.1in"><A NAME="b9"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">Satisfaction
and Discharge</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
addition, an Indenture will cease to be of further effect with respect to the debt securities of a series issued under that Indenture,
subject to certain exceptions generally relating to compensation and indemnity of the trustee, when either:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">all
                                         outstanding debt securities of that series have been delivered to the trustee for cancellation
                                         and we have paid all sums payable by us under the Indenture with respect to such series,
                                         or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">all
                                         outstanding debt securities of that series not delivered to the trustee for cancellation
                                         either: (i)&nbsp;have become due and payable, (ii)&nbsp;will become due and payable at
                                         their stated maturity within one year, or (iii)&nbsp;are to be called for redemption
                                         within one year; and we have deposited irrevocably with the trustee, in trust, specifically
                                         for the benefit of the holders of such series, money or U.S. Government Obligations which
                                         through the payment of interest thereon and principal thereof in accordance with their
                                         terms will provide money in an amount sufficient (in the written opinion of a nationally
                                         recognized firm of independent public accountants in the case of U.S. Government Obligations
                                         or a combination of money and U.S. Government Obligations) to pay all the principal of
                                         (including any sinking fund payments or analogous obligations), and interest on, the
                                         debt securities of such series on the dates such payments are due in accordance with
                                         the terms of such series of debt securities.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.1in; text-indent: -0.1in"><A NAME="b10"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">Modification
of the Indentures</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Modifications
and amendments of each Indenture may be made by us and the trustee without the consent of the holders of the debt securities or
with the consent of the holders of not less than a majority in principal amount of all outstanding debt securities affected by
such modification or amendment; provided however, that no such modification or amendment may, without the consent of the holder
of each outstanding debt security affected thereby:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">change
                                         the stated maturity of the principal of, or any installment of principal of or interest
                                         on, any debt security;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">reduce
                                         the principal amount of or interest on, or any premium payable upon redemption of, any
                                         debt security;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">change
                                         certain other terms related to waiver of past defaults or covenants (such as covenants
                                         and provisions of the Indenture that may not be amended without the consent of the holder
                                         of each outstanding debt security of the series affected); or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">reduce
                                         the percentage of the principal amount of the outstanding debt security of any series,
                                         the consent of whose holders is required to modify or amend the applicable Indenture
                                         or waive compliance with, or consent to certain defaults under, the provisions of such
                                         Indenture.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
Board of Directors does not have the power to waive any of the covenants of each Indenture, including those relating to consolidation,
merger or sale of assets.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-indent: -0.1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-indent: -0.1in"></P>

<!-- Field: Page; Sequence: 23; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-indent: -0.1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-indent: -0.1in"><A NAME="b11"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">Events
of Default, Notice and Waiver</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
following will be &ldquo;Events of Default&rdquo; with respect to any particular series of the debt securities under the Indentures:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">default
                                         in any payment of interest on such series when due, continued for 30 days;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">default
                                         in any payment of principal and premium, if any, of, or sinking fund installment on,
                                         such series when due;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">default
                                         in the performance, or breach, of any covenant or warranty of ours applicable to such
                                         series continued for 60 days after written notice to us by the trustee or the holders
                                         of at least 25% in principal amount of such series;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">certain
                                         events of bankruptcy, insolvency or reorganization; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                         other event of default we may provide for that series.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
Event of Default with respect to a particular series of debt securities necessarily constitutes an Event of Default with respect
to any other series of debt securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
trustee will, within 90 days after the occurrence of any default with respect to any series of the debt securities, give to the
holders thereof notice of such default known to the trustee, unless such default has been cured or waived (the term default for
this purpose means any event which is, or after notice or lapse of time, or both, would become, an Event of Default); provided
that, except in the case of a default in the payment of principal of (or premium, if any) or interest on any of such series of
debt securities or in the payment of any sinking fund installments, the trustee will be protected in withholding such notice if
and so long as it in good faith determines that the withholding of such notice is in the interest of the holders of the debt securities
of that series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
will be required to furnish to the trustee each year a statement as to the fulfillment by us of our obligations under the applicable
Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
holders of a majority in principal amount of the outstanding debt securities of any series may, in respect of such series, waive
certain defaults and may direct the time, method and place of conducting any proceeding for any remedy available to the trustee
or exercising any trust or power conferred on the trustee, provided that such direction shall not be in conflict with any rule
of law or with the applicable Indenture. The trustee has the right to decline to follow any such direction if the trustee in good
faith determines that the proceeding so directed would be unjustly prejudicial to the holders of debt securities of such series
not joining in any such direction or would involve the trustee in personal liability. Each Indenture provides that in case an
Event of Default occurs and is continuing with respect to any series of the debt securities, the trustee will be required to exercise
any of its rights and powers under such Indenture with the degree of care and skill such as a prudent man would exercise in the
conduct of his own affairs. Subject to such provisions, the trustee will be under no obligation to exercise any of its rights
or powers under the applicable Indenture at the direction of any of the holders of such debt securities unless such holders have
offered to the trustee reasonable security or indemnity against the costs, expenses and liabilities which might be incurred by
the trustee in complying with such direction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
an Event of Default occurs and is continuing with respect to the debt securities of any series, the trustee or the holders of
at least 25% in principal amount of such series may declare such series due and payable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Each
Indenture provides that no holder of debt securities of any series may institute any action against us under such Indenture (except
actions for payment of overdue principal or interest or premium, if any) unless the holders of at least 25% in principal amount
of such series have requested the trustee to institute such action and have offered the trustee reasonable indemnity, and the
trustee has not instituted such action within 60 days of such request.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-indent: -0.1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-indent: -0.1in"></P>

<!-- Field: Page; Sequence: 24; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-indent: -0.1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-indent: -0.1in"><A NAME="b12"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">Consolidation,
Merger or Sale of Assets</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
may not consolidate with or merge into any other corporation or sell our assets substantially as an entirety, unless:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         corporation formed by such consolidation or into which we are merged or the corporation
                                         which acquires our assets is organized in the United States and expressly assumes the
                                         due and punctual payment of the principal of (and premium, if any) and interest on all
                                         the debt securities, if any, issued under the applicable Indenture and the performance
                                         of every covenant of such Indenture to be performed by us; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">immediately
                                         after giving effect to such transaction, no Event of Default, and no event which after
                                         notice or lapse of time or both would become an Event of Default, has happened and is
                                         continuing.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Upon
any such consolidation, merger or sale, the successor corporation formed by such consolidation, or into which we are merged or
to which such sale is made, will succeed to, and be substituted for, us under such Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other
than the covenants described above, or as set forth in any accompanying prospectus supplement, the Indentures and the debt securities
do not contain any covenants or other provisions designed to afford holders of the debt securities protection in the event of
a takeover, recapitalization or a highly leveraged transaction involving us.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.1in; text-indent: -0.1in"><A NAME="b13"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">Governing
Law</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">New
York Law will govern the Indentures and the debt securities, without regard to its conflicts of law principles.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a21"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">Description
of Capital Stock</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
following statements relating to our capital stock do not purport to be complete, and are subject to, and are qualified in their
entirety by reference to, the provisions of the Certificate of Incorporation, as amended (the &ldquo;Certificate&rdquo;) and By-Laws,
as amended (the &ldquo;By-Laws&rdquo;) which are incorporated by reference as exhibits to the registration statement of which
this prospectus is a part.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.1in; font-family: Times New Roman, Times, Serif"><A NAME="b14"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">General</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Certificate authorizes a total of 70,100,000 shares of capital stock, of which 70,000,000 may be shares of common stock and 100,000
may be shares of preferred stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of June 30, 2016, 18,677,053 shares of common stock were issued and outstanding and options and warrants to purchase 507,500 shares
of common stock issued to directors, employees, consultants and lenders remain outstanding. As of June 30, 2016, the number of
stockholders of record of our common stock was 93.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.1in; text-indent: -0.1in"><A NAME="b15"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">Common
Stock</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subject
to the rights of the holders of any shares of preferred stock that may at the time be outstanding, record holders of common stock
are entitled to such dividends as the Board of Directors may declare. Holders of common stock are entitled to one vote for each
share held in their name on all matters submitted to a vote of shareowners and do not have preemptive rights or cumulative voting
rights. Holders of common stock are not subject to further calls or assessments as a result of their holding shares of common
stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
Cadiz is liquidated, the holders of shares of common stock are entitled to share ratably in the distribution remaining after payment
of debts and expenses and of the amounts to be paid on liquidation to the holders of shares of preferred stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
transfer agent for our common stock is Continental Stock Transfer &amp; Trust Company, New York, New York.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-indent: -0.1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-indent: -0.1in"></P>

<!-- Field: Page; Sequence: 25; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-indent: -0.1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-indent: -0.1in"><A NAME="b16"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">Certain
Other Provisions of the Certificate</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Delaware
law permits a corporation to eliminate the personal liability of its directors to the corporation or to any of its shareowners
for monetary damages for a breach of fiduciary duty as a director, except (i)&nbsp;for breach of the director&rsquo;s duty of
loyalty, (ii)&nbsp;for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law,
(iii)&nbsp;for certain unlawful dividends and stock repurchases or (iv)&nbsp;for any transaction from which the director derived
an improper personal benefit. The Certificate provides for such limitation of liability.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Certificate does not permit stockholder action by written consent in lieu of a meeting of stockholders. In addition, special meetings
of stockholders may be called only by the Board of Directors, the Chief Executive Officer or the President.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.1in; text-indent: -0.1in"><A NAME="b17"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">Limitations
on Directors&rsquo; Liability</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
Certificate of Incorporation eliminates the personal liability of a director to us and our shareowners for monetary damages for
certain breaches of his or her fiduciary duty as a director to the fullest extent permitted under the General Corporation Law
of the State of Delaware.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
provision offers persons who serve on our Board of Directors protection against awards of monetary damages resulting from certain
breaches of their fiduciary duty, including grossly negligent business decisions made in connection with takeover proposals for
us, and limits our ability or the ability of one of our shareowners to prosecute an action against a director for a breach of
fiduciary duty.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.1in; text-indent: -0.1in"><A NAME="b18"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">Indemnification
of Directors and Officers</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
By-Laws and Certificate provide that we will indemnify any of our directors, officers or employees to the fullest extent permitted
by the General Corporation Law of the State of Delaware against all expenses, liability and loss incurred in connection with any
action, suit or proceeding in which any such person may be involved by reason of the fact that he or she is or was our director,
officer or employee. We carry insurance policies in standard form indemnifying our directors and officers against liabilities
arising from certain acts performed by them in their capacities as our directors and officers. These policies also indemnify us
for any sums we may be required or permitted to pay by law to our directors and officers as indemnification for expenses they
may have incurred.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.1in; text-indent: -0.1in"><A NAME="b19"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">Exchange
Listing</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
common stock is listed on the Nasdaq Global Market under the symbol &ldquo;CDZI&rdquo;.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.1in; text-indent: -0.1in"><A NAME="b20"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">Anti-Takeover
Effects of Delaware Law</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cadiz
is subject to the &ldquo;business combination&rdquo; provisions of Section&nbsp;203 of Delaware law. In general, such provisions
prohibit a publicly held Delaware corporation from engaging in various &ldquo;business combination&rdquo; transactions with any
interested stockholder for a period of three years after the date of the transaction in which the person became an interested
stockholder, unless</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">prior
                                         to the date the interested stockholder obtained such status, the Board of Directors of
                                         the corporation approved either the business combination or the transaction that resulted
                                         in the stockholder becoming an interested stockholder;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">upon
                                         consummation of the transaction which resulted in the stockholder becoming an interested
                                         stockholder, the stockholder owned at least 85% of the voting stock of the corporation
                                         outstanding at the time the transaction commenced; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">on
                                         or subsequent to such date, the business combination is approved by the Board of Directors
                                         of the corporation and authorized at an annual or special meeting of shareowners by the
                                         affirmative vote of at least 66 2/3% of the outstanding voting stock which is not owned
                                         by the interested stockholder.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">A
&ldquo;business combination&rdquo; is defined to include mergers, asset sales and other transactions resulting in financial benefit
to an interested stockholder. In general, an &ldquo;interested stockholder&rdquo; is a person who, together with affiliates and
associates, owns (or within three years, did own) 15% or more of a corporation&rsquo;s voting stock. The statute could prohibit
or delay mergers or other takeover or change in control attempts with respect to Cadiz and, accordingly, may discourage attempts
to acquire Cadiz even though such a transaction may offer Cadiz&rsquo;s shareowners the opportunity to sell their stock at a price
above the prevailing market price.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 26; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>



<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><A NAME="a22"></A><FONT STYLE="text-transform: uppercase"><B>Description of Offered Preferred Stock</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">This prospectus describes certain
general terms and provisions of our preferred stock. When we offer to sell a particular series of preferred stock, we will describe
the specific terms of the securities in a supplement to this prospectus. The prospectus supplement will also indicate whether the
general terms and provisions described in this prospectus apply to the particular series of preferred stock. The preferred stock
will be issued under a certificate of designations relating to each series of preferred stock and is also subject to our Certificate
of Incorporation. The certificate of designations will be filed with the SEC in connection with an offering of preferred stock.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">Under the Certificate of Incorporation,
our Board of Directors has the authority to</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">create one or more series of preferred stock,</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">issue shares of preferred stock in any series up to the maximum number of shares of preferred stock authorized, and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">determine the preferences, rights, privileges and restrictions of any series.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">Our Board may issue authorized shares
of preferred stock, as well as authorized but unissued shares of common stock, without further shareholder action, unless shareholder
action is required by applicable law or by the rules of a stock exchange or quotation system on which any series of our stock may
be listed or quoted.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">The prospectus supplement will describe
the terms of any preferred stock being offered, including:</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">the number of shares and designation or title of the shares;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">any liquidation preference per share;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">any date of maturity;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">any redemption, repayment or sinking fund provisions;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">any dividend rate or rates and the dates of payment (or the method for determining the dividend rates or dates of payment);</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">any voting rights;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">if other than the currency of the United States, the currency or currencies including composite currencies in which the preferred stock is denominated and/or in which payments will or may be payable;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">the method by which amounts in respect of the preferred stock may be calculated and any commodities, currencies or indices, or value, rate or price, relevant to such calculation;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">whether the preferred stock is convertible or exchangeable and, if so, the securities or rights into which the preferred stock is convertible or exchangeable, and the terms and conditions of conversion or exchange;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">the place or places where dividends and other payments on the preferred stock will be payable; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">any additional voting, dividend, liquidation, redemption and other rights, preferences, privileges, limitations and restrictions.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt"></P>

<!-- Field: Page; Sequence: 27; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">All shares of preferred stock offered
will be fully paid and non-assessable. Any shares of preferred stock that are issued will have priority over the common stock with
respect to dividend or liquidation rights or both.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">Our Board of Directors could create
and issue a series of preferred stock with rights, privileges or restrictions which effectively discriminates against an existing
or prospective holder of preferred stock as a result of the holder beneficially owning or commencing a tender offer for a substantial
amount of common stock. One of the effects of authorized but unissued and unreserved shares of capital stock may be to make it
more difficult or discourage an attempt by a potential acquirer to obtain control of our company by means of a merger, tender offer,
proxy contest or otherwise. This protects the continuity of our management. The issuance of these shares of capital stock may defer
or prevent a change in control of our company without any further shareholder action.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">The transfer agent for each series
of preferred stock will be described in the prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><A NAME="a23"></A><FONT STYLE="text-transform: uppercase"><B>Description
of Warrants</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">We may issue warrants for the purchase
of common stock, preferred stock or debt securities. We may issue warrants independently or together with any offered securities.
The warrants may be attached to or separate from those offered securities. We may issue the warrants under warrant agreements to
be entered into between us and a bank or trust company to be named in the applicable prospectus supplement, as warrant agent, all
as described in the applicable prospectus supplement. The warrant agent will act solely as our agent in connection with the warrants
and will not assume any obligation or relationship of agency or trust for or with any holders or beneficial owners of warrants.
If we offer warrants, we will file the warrant agreement relating to the offered warrants as an exhibit to, or incorporate it by
reference in, the registration statement of which this prospectus is a part.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">The prospectus supplement relating
to any warrants that we may offer will contain the specific terms of the warrants. These terms may include the following:</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">the title of the warrants;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">the price or prices at which the warrants will be issued;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">the designation, amount and terms of the securities for which the warrants are exercisable;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">the designation and terms of the other securities, if any, with which the warrants are to be issued and the number of warrants issued with each other security;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">the aggregate number of warrants;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">any provisions for adjustment of the number or amount of securities receivable upon exercise of the warrants or the exercise price of the warrants;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">the price or prices at which the securities purchasable upon exercise of the warrants may be purchased;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">if applicable, the date on and after which the warrants and the securities purchasable upon exercise of the warrants will be separately transferable;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">a discussion of any material U.S. federal income tax considerations applicable to the exercise of the warrants;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">the date on which the right to exercise the warrants will commence, and the date on which the right will expire;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">the maximum or minimum number of warrants that may be exercised at any time;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">information with respect to book-entry procedures, if any; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">any other terms of the warrants, including terms, procedures and limitations relating to the exchange and exercise of the warrants.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0"></P>

<!-- Field: Page; Sequence: 28; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0"><A NAME="b21"></A><B>Exercise of Warrants</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: -7.2pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">Each warrant will entitle the holder
of warrants to purchase for cash the amount of common stock, preferred stock or debt securities, at the exercise price stated or
determinable in the prospectus supplement for the warrants. Warrants may be exercised at any time up to the close of business on
the expiration date shown in the applicable prospectus supplement, unless otherwise specified in such prospectus supplement. After
the close of business on the expiration date, if applicable, unexercised warrants will become void. Warrants may be exercised as
described in the applicable prospectus supplement. When the warrant holder makes the payment and properly completes and signs the
warrant certificate at the corporate trust office of the warrant agent or any other office indicated in the prospectus supplement,
we will, as soon as possible, forward the common stock, preferred stock or debt securities that the warrant holder has purchased.
If the warrant holder exercises the warrant for less than all of the warrants represented by the warrant certificate, we will issue
a new warrant certificate for the remaining warrants.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><A NAME="a24"></A><FONT STYLE="text-transform: uppercase"><B>Description
of Subscription Rights</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">We may issue subscription rights
to purchase shares of our common stock or preferred stock. These subscription rights may be issued independently or together with
any other security offered hereby and may or may not be transferable by the stockholder receiving the subscription rights in such
offering. In connection with any offering of subscription rights, we may enter into a standby arrangement with one or more underwriters
or other purchasers pursuant to which the underwriters or other purchasers may be required to purchase any securities remaining
unsubscribed for after such offering.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">The applicable prospectus supplement
will describe the specific terms of any offering of subscription rights for which this prospectus is being delivered, including
the following:</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">the price, if any, for the subscription rights;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">the exercise price payable for each share of common stock or preferred stock upon the exercise of the subscription rights;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">the number of subscription rights issued to each stockholder;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">the number and terms of the shares of common stock or preferred stock which may be purchased per each subscription right;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">the extent to which the subscription rights are transferable;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">any other terms of the subscription rights, including the terms, procedures and limitations relating to the exchange and exercise of the subscription rights;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">the date on which the right to exercise the subscription rights shall commence, and the date on which the subscription rights shall expire;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">the extent to which the subscription rights may include an over-subscription privilege with respect to unsubscribed securities; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">if applicable, the material terms of any standby underwriting or purchase arrangement entered into by us in connection with the offering of subscription rights.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">The description in the applicable
prospectus supplement of any subscription rights we offer will not necessarily be complete and will be qualified in its entirety
by reference to the applicable subscription rights certificate, which will be filed with the SEC if we offer subscription rights.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt"></P>

<!-- Field: Page; Sequence: 29; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><A NAME="a25"></A><FONT STYLE="text-transform: uppercase"><B>Description
of Units</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">As specified in the applicable prospectus
supplement, we may issue units consisting of one or more subscription rights, warrants, debt securities, shares of preferred stock,
shares of common stock or any combination of such securities issued by us or by third parties. The applicable prospectus supplement
will describe:</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">the terms of the units and of the subscription rights, warrants, debt securities, preferred stock and common stock comprising the units, including whether and under what circumstances the securities comprising the units may be traded separately;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">a description of the terms of any unit agreement governing the units; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">a description of the provisions for the payment, settlement, transfer or exchange or the units.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><A NAME="a26"></A><FONT STYLE="text-transform: uppercase"><B>Plan of Distribution</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">We may sell the securities offered
by this prospectus from time to time in one or more transactions;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">directly to purchasers;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">through agents;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">to or through underwriters or dealers; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">through a combination of these methods.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">A distribution of the securities
offered by this prospectus may also be effected through the issuance of derivative securities, including without limitation, warrants
and subscriptions.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">In addition, the manner in which
we may sell some or all of the securities covered by this prospectus includes, without limitation, through:</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">a block trade in which a broker-dealer will attempt to sell as agent, but may position or resell a portion of the block, as principal, in order to facilitate the transaction;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">purchases by a broker-dealer, as principal, and resale by the broker-dealer for its account; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">ordinary brokerage transactions and transactions in which a broker solicits purchasers.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">In addition, we may enter into derivative
or hedging transactions with third parties, or sell securities not covered by this prospectus to third parties in privately negotiated
transactions. In connection with such a transaction, the third parties may sell securities covered by and pursuant to this prospectus
and an applicable prospectus supplement or other offering materials, as the case may be. If so, the third party may use securities
borrowed from us or others to settle such sales and may use securities received from us to close out any related short positions.
We may also loan or pledge securities covered by this prospectus and an applicable prospectus supplement to third parties, who
may sell the loaned securities or, in an event of default in the case of a pledge, sell the pledged securities pursuant to this
prospectus and the applicable prospectus supplement or other offering materials, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt"></P>

<!-- Field: Page; Sequence: 30; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">A prospectus supplement with respect
to each series of securities will state the terms of the offering of the securities, including:</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">the terms of the offering;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">the name or names of any underwriters or agents and the amounts of securities underwritten or purchased by each of them, if any;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">the public offering price or purchase price of the securities and the net proceeds to be received by us from the sale;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">any delayed delivery arrangements;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">any initial public offering price;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">any underwriting discounts or agency fees and other items constituting underwriters&rsquo; or agents&rsquo; compensation;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">any discounts or concessions allowed or reallowed or paid to dealers; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">any securities exchange on which the securities may be listed.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">The offer and sale of the securities
described in this prospectus by us, the underwriters or the third parties described above may be effected from time to time in
one or more transactions, including privately negotiated transactions, either:</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">at a fixed price or prices, which may be changed;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">in an &ldquo;at the market&rdquo; offering within the meaning of Rule&nbsp;415(a)(4) of the Securities Act;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">at prices related to the prevailing market prices; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Calibri,sans-serif">&#9679;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman,serif">at negotiated prices.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><A NAME="b22"></A><FONT STYLE="font: 10pt Times New Roman,serif"><B>General</B></FONT> &nbsp;</P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">Underwriters, dealers, agents and
remarketing firms that participate in the distribution of the offered securities may be &ldquo;underwriters&rdquo; as defined in
the Securities Act of 1933. Any discounts or commissions they receive from us and any profits they receive on the resale of the
offered securities may be treated as underwriting discounts and commissions under the Securities Act. We will identify any underwriters,
agents or dealers and describe their commissions, fees or discounts in the applicable prospectus supplement, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0"><A NAME="b23"></A><B>Underwriters and Agents</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: -7.2pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">If underwriters are used in a sale,
they will acquire the offered securities for their own account. The underwriters may resell the offered securities in one or more
transactions, including negotiated transactions. These sales will be made at a fixed public offering price or at varying prices
determined at the time of the sale. We may offer the securities to the public through an underwriting syndicate or through a single
underwriter. The underwriters in any particular offering will be named in the applicable prospectus supplement or other offering
materials, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">Unless the applicable prospectus
supplement states otherwise, the obligations of the underwriters to purchase the offered securities will be subject to certain
conditions contained in an underwriting agreement that we will enter into with the underwriters at the time of the sale to them.
The underwriters will be obligated to purchase all of the securities of the series offered if any of the securities are purchased,
unless the applicable prospectus supplement says otherwise. Any initial public offering price and any discounts or concessions
allowed, reallowed or paid to dealers may be changed from time to time.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt"></P>

<!-- Field: Page; Sequence: 31; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">We may designate agents to sell
the offered securities. Unless the applicable prospectus supplement states otherwise, the agents will agree to use their best efforts
to solicit purchases for the period of their appointment. We may also sell the offered securities to one or more remarketing firms,
acting as principals for their own accounts or as agents for us. These firms will remarket the offered securities upon purchasing
them in accordance with a redemption or repayment pursuant to the terms of the offered securities. A prospectus supplement or other
offering materials, as the case may be, will identify any remarketing firm and will describe the terms of its agreement, if any,
with us and its compensation.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">In connection with offerings made
through underwriters or agents, we may enter into agreements with such underwriters or agents pursuant to which we receive our
outstanding securities in consideration for the securities being offered to the public for cash. In connection with these arrangements,
the underwriters or agents may also sell securities covered by this prospectus to hedge their positions in these outstanding securities,
including in short sale transactions. If so, the underwriters or agents may use the securities received from us under these arrangements
to close out any related open borrowings of securities.</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><A NAME="b24"></A><FONT STYLE="font: 10pt Times New Roman,serif"><B>Dealers</B></FONT> </P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">We may sell the offered securities
to dealers as principals. The dealer may then resell such securities to the public either at varying prices to be determined by
the dealer or at a fixed offering price agreed to with us at the time of resale.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0"><B><A NAME="b25"></A>Direct Sales</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: -7.2pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">We may choose to sell the offered
securities directly. In this case, no underwriters or agents would be involved.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0"><B><A NAME="b26"></A>Institutional Purchasers</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: -7.2pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">We may authorize agents, dealers
or underwriters to solicit certain institutional investors to purchase offered securities on a delayed delivery basis pursuant
to delayed delivery contracts providing for payment and delivery on a specified future date. The applicable prospectus supplement
or other offering materials, as the case may be, will provide the details of any such arrangement, including the offering price
and commissions payable on the solicitations.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">We will enter into such delayed
contracts only with institutional purchasers that we approve. These institutions may include commercial and savings banks, insurance
companies, pension funds, investment companies and educational and charitable institutions.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0"><B><A NAME="b27"></A>Indemnification; Other Relationships</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: -7.2pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">We may have agreements with agents,
underwriters, dealers and remarketing firms to indemnify them against certain civil liabilities, including liabilities under the
Securities Act. Agents, underwriters, dealers and remarketing firms, and their affiliates, may engage in transactions with, or
perform services for, us in the ordinary course of business. This includes commercial banking and investment banking transactions.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0"><B><A NAME="b28"></A>Market-Making, Stabilization and Other Transactions</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: -7.2pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">There is currently no market for
any of the offered securities, other than our common stock which is traded on the Nasdaq Global Market. If the offered securities
are traded after their initial issuance, they may trade at a discount from their initial offering price, depending upon prevailing
interest rates, the market for similar securities and other factors. While it is possible that an underwriter could inform us that
it intends to make a market in the offered securities, any such underwriter would not be obligated to do so, and any such market-making
could be discontinued at any time without notice. Therefore, no assurance can be given as to whether an active trading market will
develop for the offered securities. We have no current plans for listing of the debt securities, preferred stock, warrants or subscription
rights on any securities exchange or quotation system. Any such listing with respect to any particular debt securities, preferred
stock, warrants or subscription rights will be described in the applicable prospectus supplement or other offering materials, as
the case may be.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt"></P>

<!-- Field: Page; Sequence: 32; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">Any underwriter may engage in stabilizing
transactions, syndicate covering transactions and penalty bids in accordance with Rule&nbsp;104 under the Securities Exchange Act
of 1934. Stabilizing transactions involve bids to purchase the underlying security in the open market for the purpose of pegging,
fixing or maintaining the price of the securities. Syndicate covering transactions involve purchases of the securities in the open
market after the distribution has been completed in order to cover syndicate short positions.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">Penalty bids permit the underwriters
to reclaim a selling concession from a syndicate member when the securities originally sold by the syndicate member are purchased
in a syndicate covering transaction to cover syndicate short positions. Stabilizing transactions, syndicate covering transactions
and penalty bids may cause the price of the securities to be higher than it would be in the absence of these transactions. The
underwriters may, if they commence these transactions, discontinue them at any time.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><A NAME="a27"></A><FONT STYLE="text-transform: uppercase"><B>Legal Matters</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">Unless otherwise specified in the
applicable prospectus supplement, the validity of the securities offered by this prospectus will be passed upon for us by Mitchell
Silberberg &amp; Knupp LLP, Los Angeles, California. If legal matters in connection with offerings made by this prospectus are
passed on by counsel for the underwriters, dealers or agents, if any, that counsel will be named in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><A NAME="a28"></A><FONT STYLE="text-transform: uppercase"><B>Experts</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 18pt">The financial statements and management&rsquo;s
assessment of the effectiveness of internal control over financial reporting (which is included in Management&rsquo;s Report on
Internal Control over Financial Reporting) incorporated in this Prospectus by reference to the Annual Report on Form&nbsp;10-K
for the year ended December&nbsp;31, 2015 have been so incorporated in reliance on the report (which contains an explanatory paragraph
relating to the Company&rsquo;s ability to continue as a going concern as described in Note 2 to the financial statements) of
PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in
auditing and accounting.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0; text-align: center">18</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 18pt"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MP  +" !; *(! 1$ _\0 'P   04! 0$! 0$           $" P0%!@<("0H+
M_\0 M1   @$# P($ P4%! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$(
M(T*QP152T? D,V)R@@D*%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%56
M5UA96F-D969G:&EJ<W1U=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBI
MJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W
M^/GZ_]H " $!   _ *SZAKGPN\12Q:@C7FC7CDD=5(/4CT/M3]<\-O"(_%W@
M*Z=K<?O)((V.Z,]^/3U%78KG2_BSI7E2LMAXCMT^4@X$G^(_E5+P_P"*[GPY
M/)X4\<0-)9M\BR2<[ >G/=?>H]7T75OAQJB:[X=N'NM'DP2-VX;3V;V]#7H.
MFZKH?Q.\-O#(HW$8EA)P\3>H_P :\9\9^#=2\'WY65I);*0_N;@$X/L?0US7
MFR?WW_[Z-'FR?WW_ .^C1YLG]]_^^C1YLG]]_P#OHT>;)_??_OHT>;)_??\
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M"R^8?E/<=*\*^)/B6;Q-XK^PQR'[';RB*- >"2<%J]VT'38](T2TLHE"K%&
M<=SCDUH5B>+O#\'B3P]<V4R N5+1,1RK#H12>#()+7PI8P3*5DCCVL#ZBMRO
M)?B+I,OB>RU#6+<DKIC!(=O\8'+-74?#'Q,/$/A:%96S=6H\N7U/H:[*BO$/
MCE_R';#_ *Y?UKUGPM_R*^F_]<%_E6G-$D\+Q2J'C<%64]"#7A^AZI-X"^)=
MQI2N?[.N)MIC)X7=T(^F:]MN2&LY2.08S_*O#/A1_P E"N/H_P#.O<-1B,VF
MW,:@EGB90!WXJ'0[%=.T:VMDC$81.5QT-<Q\2O&J>%]&:WMG']HW*E8Q_<'=
MC7/_  F\%N@_X2/54+7,V3 'Z@'^+\:]6KY55'M?%")<9#QW2A\^N17U1&<Q
MJ1T(%.HI 0PR""/45D^)]2.FZ-(8O^/B8B&$#J6;@4_3](BMO#Z:=( 5,963
MW)Z_J:\7\.7TGP_^)D]C.2MI+(8WSTVD\-7O:L&4,IR#R#2UXA\<O^0[8?\
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& H _*O_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_X0!F17AI9@  24DJ  @    $ !H!!0 !
M    /@   !L!!0 !    1@   "@! P !     @   #$! @ 0    3@
M  !@     0   &     !    4&%I;G0N3D54('8U+C P /_; $,  0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! ?_; $,! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! ?_  !$( (X
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MN;K"P\3%QL?(R<K2T]35UM?8V=KBX^3EYN?HZ>KR\_3U]O?X^?K_V@ , P$
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M^EF^)GP0U8V[QV4W@KQ#>3R2^'(YP/(:]\&:J+O0+J!6\U;6WT^\>...^AW
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MK_AU!;R:5XA\)>(&L? GCS58+/R[FWU.QUJU/P^\6L\^5>TT:&9AF65_/O\
M@KEX3TC_ (*7_P#!/O\ 9<_X+=?LQ0MI'QV^".B^&_#W[4&D^%6\G5O#NL^&
M[K3+BYUTO;#^T!=?#?QJDUUIVJ&<3R^#=<T^^EV#3E\D XC_ ()R^-/$'_!$
M/_@KU\9_^";_ .T?=?VA^RW^TG>VO@:WO=?BC?PSJ-EXQB6;X1_$,R72+"]E
MJ>EZG=>!?&*Q,(1=W5U'>*TFBQA,WPM-XA_X-SO^"XC^%M2DU"#]BK]IB8F(
M,9+C3'^#_CK7+VUT*_\ M5UO\_6/@[XK7[)?N9FNIM#M[@SEO[5@D/M?[=^A
MZ7_P7$_X(Z?"C_@HG\,;.!_VSOV-+.[\/?M :!H*+%K>H^'_  ^''BQUBB#W
M\Q6&'2?B?X4F@N"L-C?^(=/5'O8RMMU%V+/_ (."?^"'KZA']FU;]O[_ ()_
M0QVK1 1CQ%XUT[0-#LY;B28SB6[N[7XE^#+2::.>"6-)/'_AN6)UC#ND@!X)
M_P %(/ 7B?\ X(;_ /!8#X/_ /!1#]G^S=OV7/VF/$MSXSO]'T%C+H&H:;K\
MFFW/QG^'D4S>9;1Q:M::L/&OA! ZQVSW5N++%MI;HG]!7_!</]BOP1_P5F_X
M)IZ/\</@(EGXK^(_P_\ "]G\??@/X@TX&:[\4^$+[1/[1\5>"%6!G\Y]?T)A
M<6UJ5>:W\1Z-90H4\RY27\AO^"<OBOP]_P %PO\ @CW\7O\ @FO\8M1@_P"&
MK_V1/#EK=?!G6];;&O3VNB1:E!\+]8FFU#SKB=-+NK6;X:>,)+?RYK?1KO2Y
M+D)<7$4LWLO_  :S?MY^)=%'Q2_X)1_M$37&B_$WX*:OXOUSX3:7XC:6/4TT
MC3-6^R_$7X;*;J0I++X8UF2;7M*L8T63^S+_ %=HA+:62B  _P ^F2.2&22*
M5&CEB=HY(W4J\<B,5='4X*LK JRD @@@\TROZ(O^#D+_ ()M-^PQ^VQJ7Q(\
M Z#)8_ +]I^?6/B'X+>TMT32O#7C5KL3>/O!$?D11PVBVNH7D.N:3;, 6TO5
MEBA,@LIMG\[M !1110 44JJS,%4%F8A5502S,3@  <DD\ #DG@5^V?[ '_!"
M']LS]MVPM_B=XATBP_9J_9FM$:^U_P"//QK8>%](?2+=5ENKKPIH.I26>J>(
M0L+%TU&1=/\ #PVOOUGS$\I@#\5;&QO=3O;33M-L[K4-0O[B&TL;&R@ENKR\
MN[B18K>VM;:!7FGN)Y66.*&)'DD=E1%+$"OZ-/V(/^#=#X__ !<\'Q?M$_MP
M^-_#_P"PM^ROI=I'KFK>)?BE/;:9\0M=T=667&D^&M3EM+;P]!>VBS/;:GXF
MNK>Y;$9LM$U#S 5^T+G]LS_@CA_P1.LKKPQ^P9\/+']O_P#;0TBWFLM3_:3^
M*]M;7_PY\'^*((VMYY_"E[9V>G1FSAN9+C99^ ECE>TCCM;CQW>2O+<#^>?]
MLO\ X*+?MH?\%&/'L6M?M!?%#Q-XV6?4MWA7X7>&Q?Z=\/O#]S<DP6]KX6\!
MZ?-/9B[*2"UBO)X[_6;A&\N6^F+MN /Z%_&W_!8O_@FY_P $J_"NK_!?_@C-
M^SOI/CWXJFSDTWQ+^V/\7+6ZUE]4U$_Z+=WVAC6I'\0^(8)HE=HK2"/PAX.A
MWQBUT;4(&F+_ (#']J+]K7]O7]JWPSXX^.OQ$^(7QV\?W;^++NSLW@FO;31[
M:3PSK4US;^&?"'A^SM]%\.Z7"BJOV71=)LK6*&.-&7:BX_2+]B/_ (-W/CG\
M5O!T/[1/[=WCG1OV#_V4=/@35M5\5?$Z^TG1OB1KFBF(2K-H7A?6Y4AT&.[+
MQP6M[XJ6&YDDD#V>A:B-B2?I-X+_ ."OG_!-+_@FQXDTC]GC_@D1^S1X=^+'
MB2Y>]TGX@?M5_&S3]1>^\81:'I=]>W TN^MQH'C#6[34;FS=E,#>$O#2&7[3
M9:)=1+;X .S_ .")'Q^M;[XL?MR_\$+/VX=)FM/"WQB\8_&O_A77AGQ<Z;M)
M\2:E=ZG=>,_!6EQW0"H=6T^U@\?^%#;7"H-9L;R^L%^TZ@LK>+?\$K_&.J?\
M$J/^"F'[3'_!'_\ :\$6K?LS_M2ZYJOPQTM_$ZB+PEK-YXBBU'1?AGXUMK:^
M$EO#IOQ3\)ZI;^&M;1+B/R=3DTN&ZFDFT@%?<_\ @XF_9YAL-<_9S_X+G_L.
MZLI2QUOP9!\2?$GAM7C-EXE\-ZR;7P!X_P!0M[5?]'N6O;<^ /%PFE4F>UTJ
MWN@SRSN^E_P5S^'GAG_@KI_P2\_9X_X*_P#[.-BMI\?OV>_"5BGQUTC0FV:Y
M86&C-8W/CNPD6R\V>6Z^%_C&"Y\3>'+UY(KE_".J7-X5C/EP0 'SA^QUXAUS
M_@@7_P %G_B7^QC\9;J:\_8W_:?FL?"EMJ7B$8\*7W@[QO*)OAEX]E6]%Q:3
MR>&;J^U#X?>,][HK0R:NUX7BMK,F"_@UW_@W3_X+@V%Y;B_3]B#]J226Z$$1
ME'A\_"7QYK=U:M;).QN;>YUCX+^*6BN%1W^UR^'%@,HCAUJ.5O9/VB]/L_\
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MBBTOXJ^$(;K0O$$,L<:-J]G?+*S7FHF,=W_P3?\ $NB?\%K?^"1GQH_X)?\
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M !6\$QRVA9(;3Q?H>K+XZ\)B:$1)J$TS6:31Z3+#'T7_  7!^&E]^RW^TO\
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MH+GPCKD[1$2:?/832-%:6*N_[R_!3]H'6O\ @M%_P1RU_7?@E\4]=^$'Q_\
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M=)_86_9\U1=0\+Z#J4"B1;/XR?$NS,MC$JWH%I=:1'<Z82D<SQ6NN0,XA_I
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MO/\ X)Y?%?\ :I_9S^.6@?#WXF?\$^OCPGC#3+*<>/-'U>\WVK:IH6@^(I_
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M]GH%[_;'A5A-')]ITCQ?HXN-.NK"0- =232-36/[=I5C-#\+?\&V%WJ&H?\
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!V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
