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Lower Latham Reservoir Company <br />January 19, 2010 (UPDATED February 4, 2010) <br />Page 5 of 7 <br />Agenda Item 26a <br />Appraisal - An appraisal of the LLDC shares purchase was completed by Bud Clemons, Colorado <br />Certified General Appraiser, of Greeley in Apri12007, in conjunction with the previously approved <br />CWCB loan. The appraisal was considered current enough by both the Company and seller to <br />determine the sale price. The appraised market value of the historic consumptive use of the two <br />shares contemplated in the previous loan request was $393,750/share and the Company is paying <br />$393,750/share for the Klein Fann shares. <br />Financial Analysis <br />Table 3 shows a summary of the financial aspects of the loan request. The Company qualifies for <br />an agriculture interest rate of 2.75% for a 30-year term. <br />TABLE 2 " <br />TOTAL PROJECT COST SUMMARY <br />