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<br />x. DISCUSSION OF SALES
<br />
<br />SUMMARY OF LA WMA STOCK SALES
<br />
<br /> Number Price per
<br /> of Price Per Acre-Foot of
<br />Sale No. Date Shares Total Price Share Consumptive Use
<br />LA WMA 1 08/08/2001 4 $6,000.00 $1,500.00 $1,500.00
<br />LA WMA 2 08/28/2001 17 $46,750.00 $2,750.00 $2,750.00
<br />LA WMA 3 12/28/2001 2 $5,000.00 $2,500.00 $2,500.00
<br />LA WMA 4 12/28/2001 2 . $5,000.00 $2,500.00 $2,500.00
<br />LA WMA 5 12/28/2001 4 $10,000.00 $2,500.00 $2,500.00
<br />LA WMA 6 12/28/2001 5 $12,500.00 $2,500.00 $2,500.00
<br />LA WMA 7 02/28/2002 23 $39,100.00 $1,700.00 $1,700.00
<br />LAWMA 11 03/2002 - 28 $47,600.00 $1,700.00 $1,700.00
<br /> 04/10/2003
<br />LAWMA12 03/2002 - 30 $51,000.00 $1,700.00 $1,700.00
<br /> 04/1 0/2003
<br />LA WMA 8 09/12/2002 2 $4,600.00 $2,300.00 $2,644.001
<br />LA WMA 9 09/13/2002 16 $32,000.00 $2,000.00 $2,300.001
<br />LAWMA 10 1 % 1/2002 7 $15,001.00 $2,143.00 $2,463.001
<br />LAWMA13 04/10/2003 54 $81,000.00 $1,500.00 $1,724.001
<br />
<br />1 The consumptive use conversion factor used for this sale was 0.87 acre-feet per share.
<br />
<br />A. Discussion of LA WMA Sales
<br />
<br />The price per acre-foot of consumptive use water is computed based upon 1.0 acre-foot per share
<br />for sales prior to April 15, 2002, and computed using 0.87 acre-foot per share for sales after April 15,
<br />2002. Prior to that date, the purchasing public generally assumed, as did LA WMA, that its water rights
<br />portfolio would yield, on average, 1.0 acre-foot per share. The 2002 drought resulted in a substantial
<br />reduction in 2003 supplies and a lowering of LA WMA's overall estimated average yield ofits shares. The
<br />0.87 acre-feet is based upon LA WMA' s operational study that reflects a more conservative allocation
<br />
<br />Page 54 of 66
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