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SECTIONTWO 2.1 PROJECT SPONSOR Description of Sponsoring EntitY Knouth Dam and Reservoir are presently owned by Bar D Ranch, LLC, Vance D. Brand Manager (50%); and Robert C. and Patricia A. Brand (50%) {Brands). The Brands are SDIC shareholders and will be transferring a portion of their shares to SDIC to help facilitate the dam improvements. Correspondence related to this agreement is presented in Appendix A. The description of this transfer is presented in Section 3.3.2 Water Rights. SDIC is a Colorado Mutual Ditch Compa.ny and a Non-profit Corporation. Articles of Incorporation and Bylaws are included in Appendix B. SIDC's source water is from Beaver Park Reservoir and a 92.2 cfs direct flow decree from Saint Vrain Creek. Beaver Park Reservoir is located in Boulder County in the Roosevelt National Forest. Beaver Park Reservoir is owned by Saint Vrain Reservoir and Fish Company. SIDC owns 50.16% shares in the Saint Vrain Reservoir and Fish Company; while Highland Ditch Company owns the remaining shares. The location map shown in Appendix C shows the location of the Supply Ditch owned and operated by SIDC but does not show the location of Beaver Park Reservoir. The map also shows the location of Knouth Reservoir. SIDC was incorporated in March 1909 and construction on the ditch began shortly thereafter. SIDC has been in operation continuously since 1909 and has delivered water and applied assessments since its inception. The current 2007 SIDC assessments are $140 per share of stock. Financial statements for 2005 through 2006 are included in Appendix D. For the year 2006 SIDC had income of approximately $147,182.50 with expenses of approximately $133,521.47. Assets listed include cash account, accounts receivable, equipment, and property including the ditch rider's residence. Total assets indicated that SIDC was valued in 2006 at $202,045.73 and they had no long-term liabilities. ~~ 2-1