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PhD., P.E. has reviewed the site and project and is recommending an affordable, effective solution which can be constructed in a relatively short window of time, several weeks at most. Cost Estimates See Appendix H attached. Implementation Schedule The Company intends to go to bid as soon as financing is in place and complete the project over the 2011/12 winter months. Permitting We met with and briefed Terry McKee of the Corps of Engineers and Ken Kehmeier of the Colorado Department of Wildlife about the project. McKee provided a letter which confirms that the project is exempt under Section 404(f) found at 33 C.F.R. Part 323.2(a)(3). Kehmeier indicated that he and his staff will work with us during construction to minimize impacts to fish in that stretch of the river. We do not believe any other permitting is required for this project. Institutional Considerations None Financial Analysis The Company operates on a fiscal year ending November 30th each year. The lackson Ditch shareholders 2011 assessments are $2,275 for each full share outstanding and entitle each shareholder to a prorata share of the water distributed each year. Assessments and water distributions are prorated for fractional shares. The 2011 budget was approved by the Board of Directors and Shareholders at the annual meetings on January 28 and 29, 2011. If this application and financing is approved, the Company would include the annual debt service in the 2012 budget, to be presented and approved at annual meetings in January 2012. We are confident, based on the informal polling of shareholders owning well over a majority of the shares of the Company, that the debt service cost can and will be funded through an increase in assessments. The Project was described and discussed during the January 29, 2011 annual shareholders meeting, as well, with no opposition voiced. Jackson Ditch Company— Main Head Gate Check Structure Rehabilitation Project 6 July 2011