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<br />i. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />'. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br /> <br />RF-l, Page 2 <br /> <br />UNIT PRICE: <br /> <br />$3,400 per acre-foot of consumptive use water or $60, 197 per <br />share. However, the Sellers had to pay $1,388 per share in legal <br />and engineering costs plus $2,640 per share revegetation cost. <br />This would reduce the per share net proceeds to $56,169. <br />Beginning as of January 1, 2002, there is an 8.00 percent <br />escalation clause that is in effect through the date of closing that <br />would impact the fInal per share value of the water right. This is <br />equivalent to approximately $3,173 per acre-foot of consumptive <br />use. <br /> <br />Page 53 of 66 <br />