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Share Ownership <br />There are approximately 75 share owners in the Company. This number may vary from year to <br />year as lands are sold or otherwise exchanged. There are 250 shares outstanding in the Company. <br />The Company was originally set up with two shares per quarter-section of land. <br />Limitations on Share Use <br />Shares in the Company are "tied" to specific parcels of land lying within the Company's service <br />area. This means that share owners must also sell lands historically irrigated with any shares they <br />wish to sell, or they must dry up lands from which shares were moved. <br />Water Rights of the Company <br />The Company owns 18 different water appropriations on the Rio Grande. Appropriations owned <br />by the Company total 367.02 cfs. The Company's number one priority for 3.00 cfs (McDonald <br />right) is owned entirely by three individual share owners. Similarly, the Company's number 308 <br />328 and 353 priorities totaling 4.35 cfs are owned entirely by two individual share owners. Many <br />of the Company's rights are relatively junior in priority to other water rights on the Rio Grande <br />and they are frequently called out. <br />Priority Number Amount Cumulative <br /> (cfs) Amount <br />11 3.00 3.00 <br />297 105.10 108.10 <br />308 0.75 108.85 <br />328 0.75 109.60 <br />353 2.85 112.45 <br />1903-17A 11.07 123.52 <br />1903-22C 36.84 160.36 <br />1903-24E 59.90 220.26 <br />1903-30D 20.18 240.44 <br />1903-34E 22.79 263.23 <br />1903-37D 20.84 284.07 <br />1903-41 D 24.74 308.81 <br />1903-45E 16.20 325.01 <br />1903-46E 15.63 340.64 <br />1903-49F 10.42 351.06 <br />1903-52 E 6.51 357.57 <br />1903-57D 6.84 364.41 <br />1903-61 B 2.61 367.02 <br />Flow conditions in the Rio Grande are such that the Prairie Ditch is typically able to divert <br />approximately 108 cfs beginning in mid-May (through priority number 297). By the end of May <br />the Company is able to divert under its more junior priorities. After peak flow periods and in late <br />June as flow decline, these more junior priorities go out and the Ditch is usually back down to <br />108 cfs. By mid-July the Ditch is usually out of priority under all rights. <br />Several share owners in the Company also own shares in other ditch systems. The Company <br />allows the co-mingling of their water with other sources although it does not deliver water for <br />other systems unless it does not interfere with their own operations. <br />C:Acdss\PRCanal.doc The Prairie Ditch Company Interview June 21, 1999 -Page 2 of 5 <br />