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Granby Ditch & Reservoir Company Agenda Item 18 May 13, 2008 Page 4 of 5 Table 1. Financial Summary PROJECT/LOAN Total Project Cost $280,000 CWCB Loan $252,000 CWCB Loan (Including 1% Service Fee) $254,520 CWCB Annual Loan Payment $11,900 CWCB Loan Obligation (including 10% debt reserve funding) $13,100 Number of Shares 700 Annual Cost Per Share for Project $19.00 Annual Cost of Loan per AF (based on 259 AF recovered) $50.60 Assessments Current Future Assessments per share $18.00 $34.00 Creditworthiness : The Company’s current assessment is $18/share, which will need to be increased to $34 /share to cover the debt serv ice associated with th e CWCB loan. (Note: Assessments were already increased from $15/share in 2006 - 2007 to $18/share for 2008 in anticipation of the Reservoir reha bilitation.) The rates will need to be increased further at the Company’s annual shareholder meeting or at a special meeting to increase assessments. The Company has no existing debt. Table 2 shows the Financial Ratios for the Company’s revenues. Table 2. Financial Ratios Future Past 2 Years Financial Ratio w/ Project 161% 159% Operating Ratio (revenues/expenses) (Strong) (Strong) weak: <100% - average: 100% - 120% - strong: >120% $10.6/6.6K $10.5/6.6K Debt Service Coverage Ratio 130% (revenues-expenses)/debt service (N/A) (Strong) weak: <100% - average: 100% - 120% - strong: >120% $23.6-6.6/13K 36% 12% Cash Reserves to Current Expenses (Weak) (Weak) weak: <50% - average: 50% - 100% - strong: >100% $23/6.6K $2.3/19.7K $3.30 $9.85 Annual Operating Cost per Acre-Foot (based on 2000 AF) (Strong) (Strong) weak: >$20 - average: $10 - $20 - strong: <$10 $6.6K/2000 $19.7K/2000 Collateral - Security for the loan will be a pledge of revenues and th e storage rights within Granby Reservoir #12. This is in compliance with CWCB Financial Po licy #5 (Collateral).