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Engineering LLC estimating the benefit of the North Fork Lease in terms of assisting the State of Colorado to comply with the Republican River Compact. 4.2. Hydrologic Evaluation The historical consumptive use charged to the State of Colorado for beneficial consumptive use of water diverted under the water rights that will be included in the North Fork Lease has been determined based on diversion records maintained by the Colorado State Engineer and accounting procedures specified in the Final Settlement Stipulation. See attached memorandum by Slattery Aqua Engineering LLC. The water rights included in the North Fork Lease account for 88% of the agricultural diversions in the North Fork basin for the 2003-2007 period. The RRWCD is currently leasing the remaining portion of the Laird Ditch water right that is not included in the North Fork Lease. As part of the Purchase and Sale Agreement between Yuma County and the surface right owners, certain Sellers have agreed to covenants on water rights that are not included in the purchase and sale that provide that they will never be used to redraw the boundaries of the Northern High Plains Basin or curtail existing water rights in the Basin in the future. As a result of these covenants, the North Fork Lease, and the lease of the remaining portion of the Laird Ditch water right, the RRWCD WAE will control approximately 98% of the agricultural diversions by Colorado ditches in the North Fork basin. 5.0 COST The cost of the North Fork Lease is $5 million for cone-time, upfront lease payment. There may be additional engineering and legal costs to complete the lease or change the water rights for in-stream flow purposes, but these are expected to be small and within the RRWCD WAE's normal engineering and legal expenses. 6.0 PERMITTING, APPROVAL BY RRCA, OR CHANGE OF WATER RIGHTS No permits are required for the North Fork Lease. The North Fork Lease does not require the approval of the RRCA for Colorado to benefit from the reduction in consumptive use from the North Fork Lease. No change of rights is necessary for the North Fork Lease, although the RRWCD WAE may request the CWCB to seek an instream flow right utilizing the water rights included in the North Fork Lease during the term of the lease. 7.0 IMPLEMENTATION SCHEDULE If the Yuma County bond election is successful, the North Fork Lease will begin in 2009. The key contingency is a bond election in November 2008 pursuant to the Purchase and Sale Agreement between Yuma County and the surface right owners. 8