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Feasibility Study <br />Allen Lake & Lake Isabelle <br />PROJECT SPONSOR <br />The Left Hand Ditch Company (Company) was formed on February 27, 1866 when the all of the <br />owners of water rights on Left Hand Creek formed a mutual ditch company for the purpose of <br />making a diversion from South St Vrain Creek to the Left Hand Creek basin. The individual <br />water rights of the various persons forming the company were transferred to the Company for <br />distribution under a mutual ditch company system. The Company is made up of approximately <br />360 shareholders owning 16,647 shares of stock issued with 16,800 shares authorized. <br />The Left Hand Ditch Company is a mutual irrigating ditch company formed under C.R.S. §742 <br />101 to 118 is a perpetual corporation formed "to own and operate an irrigation and water system in <br />the Niwot region of Boulder County, Colorado, and in connection therewith own, control, <br />maintain and operate ditches, laterals, reservoirs, headgates, flumes, weirs, water rights and <br />decrees, and other property of a complete irrigation and water system; to employ such secretaries, <br />clerks, auditors, attorneys, water superintendents, ditch riders and laborers as may be needed; to <br />divert, store, measure and distribute water under the water rights, priorities, and decrees owned or <br />controlled by the Left Hand Ditch Company; to provide water to its stockholders for irrigation, <br />agricultural, stock water, domestic, industrial, commercial and all other beneficial uses or <br />purposes; and, in general, to carry on the business of providing such water to the stockholders of <br />the Corporation. ". (Article III, Amended and Restated Bylaws /Articles of Incorporation). <br />The original Articles of Incorporation are nearly illegible therefore Appendix G includes a copy of <br />the current Amended and Restated Bylaws /Articles of Incorporation adopted by the Shareholders <br />of the Company on February 6, 2010. The powers and authorities of the Company as exercised <br />by the Board of Directors are listed in Appendix G under Article VIII, Duties of Directors. <br />Section 8 directs that All notes, leases, deeds, contracts, and other documents including new <br />certificates of stock, shall be approved by the Board of Directors, signed by the President or Vice <br />President, and attested to by the Secretary or Assistant Secretary with seal affixed." <br />The Board of Directors consists of five persons who are stockholders or representatives of <br />stockholders in the Company. The five Directors each represent a district or division of the Left <br />Hand Ditch Company irrigation system. The districts are listed in the By Laws - Articles of <br />Incorporation Article xx. The officers of the Company consisting of a President, Vice President <br />Secretary, and Treasurer are members of the Board of Directors and are chose annually by the <br />Board. The duties of Board of Directors are listed in Article VII of the Bylaws /Articles of <br />Incorporation. <br />Revenues are derived principally from assessments charged on shares of stock owned by the <br />stockholders. A small amount of revenue comes from the lease of surface rights at Left Hand <br />Valley reservoir. Appendix A contains the most recent financial statement prepared by the <br />Company accountants for 2011. <br />Allen Lake and Lake Isabelle — 12.012 <br />Left Hand Ditch Company Page 1 <br />