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3. The OAC has utilized GIC shares as a source for replacement water supply since 2003 by means of an annual lease. 4. The GIC augmentation deliveries to the river are located at an ideal location immediately upstream from the location of OAC well depletions. 5. The GIC water deliveries are also located such that exchanges can be made to the Ogilvy Ditch headgate, allowing the GIC water to be delivered into newly developed reservoir storage under the Ogilvy Ditch system. OAC has also elected to pursue the development of junior water rights by application incase number 07CW331. However, it is not expected that a permanent plan for augmentation would provide for un-curtailed pumping without the inclusion of senior water rights. 7.1 Greeley Irrieation Comgany The Greeley Irrigation Company (GIC) owns a 5/8th interest in the water rights decreed to the Greeley Canal No. 3, as well as 60 preferred rights in Fossil Creek Reservoir. The decree entered in Case No. 96CW658 found that the average annual consumptive use per share under the GIC system was 10.31 acre-feet, based upon aditch-wide historical use analysis. The 2008 SWSP (Appendix D) includes additional information related to the GIC water rights, including a summary of historical consumptive use and return flow obligation. 8.0 PROJECT ANALYSIS 8.1 GIC Water Riehts Table 2 summarizes the 6.0 shares of GIC for which OAC is seeking financial assistance. TABLE 2 Greel Irri ation Com an Shares Available forPurchase Seiler ° ff of "Stiares Sale 1P"ricb Consumptive Use(ac-ft) Cost per Share Cost per CUAc-Ft Union Well Augmentation Group 1.0 $55,000 10.3 $55,000 $5,340 Hoshiko Farms, Inc. 2.0 $100,000 20.6 $50,000 $4,854 SLW Ranch Company, LLC 3.0 $150,000 30.9 $50,000 $4,854 TOTAL 6.0 $305,000 61.8 $50,833 $4,935 The market value of GIC shares is easily determined based upon sales transactions. Because the Feasibility Study of the Ogilvy Augmentation Comparry Page 5 Well Augmentation Project