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Riverside Cana1 and Al1en Extension Company Novei�iber 10, 2009 (UPDATED November 18, 2009) Page 2 of 5 The Company plans to address the following items with funds from this loan request: River Diversion Agenda [tem 26b The Company's river diversion is an earthen dike made of rock material that forces a portion of the river flow to be channeled toward the Company's headgate. This earthen dike lacks efficiency. Water seeps through the dike back into the river during high flows. During low river flows, the dike is insufficient to direct the Company's full decreed water rights to the Company's headgate. The diversion structure repairs will involve filling voids and excavation work. See a e A United States Bureau of Reclamation funded study of seepage losses along the Company's canal was conducted by Dr. Tim Gates with Colorado State University in August 2009. The study identified seepage areas to be addressed by lining the canaL Head ates and Downstream Flumes The Company never standardized all of its headgates ar flow measurement flumes along the canal. Headgate types vary along the system, many of which are in very poor operating condition. This concerns the Company from an operatar safety standpoint. The flumes downstream from the headgates also vary in size and condition. Not all of the flumes accurately measure flow; so to assure that all shareholders are getting their allotted amount of water, the Company plans to replace headgates and flumes to standardize the system. Loan Feasibility Study The Loan Feasibility Study, "Feasibility Study Considering Phased Canal Improvements" dated October 2009, was prepared by Stephen Smith, P.E., of Aqua Engineering, Inc. The study was prepared in accordance with the CWCB guidelines and includes an alternative analysis and cost estimates. Riverside Ditch and Allen Extension Company The Company is a non-profit mutua] ditch and irrigation company registered in the State af Colorado. There are 19 shareholders and 1428.33 shares of stock outstanding. The Company is �nanaged by a three-member Board of Directors. The Board has the authority to take on debt, terminate wat�r deliveries to shareholders that have not paid the annual assessn�ents, and has the power to offer shareholders' stock for sale to pay assessments that remain delinquent. Shareholders must approve increases in share assessments. The Company's amival meeting is held in Marcl� of each year; however, a special meeti�lb w�ill l�e held to approve the assessinents for this Project. That meeting will likely be ii� December 2009.