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<br /> <br /> <br />INDEPENDENT AUDITOR’S REPORT <br /> <br /> <br />To the Board of Directors and Shareholders of <br />Huerfano-Cucharas Irrigation Company <br /> <br />We have audited the accompanying balance sheet of Huerfano-Cucharas Irrigation Company as of December 31, 2009 and 2008, and the <br />related statements of activity and accumulated deficit and cash flows for the years then ended. These financial statements are the <br />responsibility of management. Our responsibility is to express an opinion on these financial statements based on our audit. <br /> <br />We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require <br />that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material <br />misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial <br />statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as <br />evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. <br /> <br />As discussed in Note 2, the Company has estimated the replacement costs of the common property and has disclosed this estimate in <br />supplemental unaudited information, which is not part of the basic financial statements. <br /> <br /> <br /> <br />Schumacher & Associates, Inc. <br />7931 S. Broadway, #314 <br />Littleton, CO 80122 <br /> <br />April 30, 2010 <br /> <br /> <br /> <br />Page 4