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Table 4. Financial Summary <br />Total Project Cost <br />CWCB Loan (�90% of Project Cost) <br />CWCB Annual Loan Payment, including 10% debt reserve <br />Number of Shareholders <br />Number of Shares of Stock <br />Current Assessment per Share (includes $10 for O&M) <br />Annual Assessment per Share for Project Only <br />Future Assessment per Share Including O&M <br />CREDIT WORTHINES�S <br />$1,335,000 <br />$1,200,000 <br />$63,066 <br />19 <br />500 <br />136 � ? <br />The Company currently has a loan from Palisades National Bank for $135,000, to which <br />engineering, legal, environmental, and permitting costs to date have been applied. This loan is <br />up for renewal on March 22, 2007. Current and anticipated financial ratios are shown in Table 5 <br />below. <br />Table 5. Financial Ratios <br />Financial Ratio Without the ro'ect With the ro'ect <br />Operating Ratio (revenue/expense) 100 % (varies as needed) 100 % <br />avera e avera e <br />Debt Service Coverage Ratio TBp 100 % <br />revenues-ex enses /debt service avera e <br />Cash Reserves to Current Expense 100 % 100 % <br />Avera e Avera e <br />Annual Operating Cost per AF $ 14.78 / AF $ 151 / AF <br />(338.2 AF, existing project) (average) (weak) <br />418 AF, ro osed ro'ect <br />ALTERNATIVE FINANCING CONSIDERATIONS: <br />The Reservoir Company has investigated alternatAVe financing sources. The Reservoir <br />Company has not needed financing in the past and has a strong philosophy of "pay as you go." <br />Alternative financing options have currently available rates of befinreen 6 to 10% per annum for a <br />30 year loan. The REServoir Company voted at their annual meeting in March 2004 to pursue <br />Bull Creek Reservoir, Canal and Power Company <br />Bull Creek Reservoir No. 4, Feasibility Study <br />Nov. 30, 2006 <br />Page 11 of 13 <br />