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<br />71 93352422 <br /> <br />LAWMA <br /> <br />PAGE 1214 <br /> <br />11/18/21211213 14:32 <br />~ <br /> <br />~ <br /> <br />Annual Meeting Notice <br />11/14/2003 <br />Page 3 <br /> <br />The actual Keesee purchase is estimated to cost $6 per share of these increased <br />,assessments. The reason that assessments would have to be higher in the event that <br />LAWMA does not complete the purchase is that the second lease payment would then <br />have to be paid, the original lease payment would not be a part of a new loan, and the <br />CWCB would demand payment of the interest during project completion and close out <br />the one open LAWrM. loan. <br /> <br />Therefore, at this year's annual meeting LAWMA's shareholders will be asked to <br />approve an increase in the share assessment rate for 2004 to $22.30 if the shareholders <br />authorize LAWMA to proceed with the purchase of one-half of the Keesee water rights <br />with financing from the CWCS and to $35.90 if the shareholders do not authorize <br />LAWMA to proceed with the purchase of one-half of the Keesee water rights with <br />financing from the CWCS. Additionally, if the shareholders authorize LAWMA to <br />proceed with the purchase of one~half of the Keesee water rights with CWeB financing <br />then the shareholders must also approve a long.term average assessment of $22.30 <br />with actual assessments in the range of $18.00 to $25:00 per share over the long.term. <br /> <br />The Board of Directors is very aware of the economic challenges facing individual <br />members during this drought. However, the Board is of the opinion that LAWMA must <br />proceed with the Keesee purchase with CWCS financing because adding this senior <br />water right to LAWMA's portfolio is needed to firm-up the dry year yield of LAWMA' s <br />water rights. <br /> <br />Please call the office at (719) 336 9696 if you have any questions. <br /> <br /> <br />William J. Grasmick. President <br /> <br />If you are unable 10 attend 1he meeting in per$on. plesse complete and return lhis proxy. Beeau!:e of the ineruud <br />Quorum rltQu(rement it is verY imoortant to attend thIs year or to aet your oroxv to someone who will attend. <br /> <br />x <br /> <br />PROXY <br /> <br />I hereby designate or the Secretary <br />of the Lower Arkansas Water Management Association as my proxy to act for me at the <br />meeting of members to be held December 2, 2003, including any adjourned meetings. <br /> <br />Signature <br /> <br />Member Name (please print) <br />