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<br />TWO RIVERS WATER COMPANY (TWO RIVERS) AND <br />HUERFANO-CUCHARAS IRRIGATION COMPANY (HCIC) <br />UNAUDITED PROFORMA BALANCE SHEETS AS OF DECEMBER 31, 2009 <br />See notes to proforma consolidated statements <br /> <br /> <br />(in thousands) Two Rivers HCIC <br />Eliminating <br />Entries Consolidated <br />ASSETS: <br />Current Assets: <br />Cash and cash equivalents $616 $31 $ $647 <br />Accounts receivable - 7 7 <br />Note receivable 295 - 295 <br />Accrued interest receivable 4 - 4 <br />Advances and accounts receivable 1 - 1 <br />Income taxes receivable 489 - 489 <br />Deposits 202 - 202 <br />Prepaid expenses 16 1 17 <br />Assets held for sale 134 - 134 <br />Total Current Assets 1,757 39 1,796 <br /> <br /> Property, equip and construction in progress, net 94 165 259 <br /> <br />Other Assets <br />Mortgages receivable, net 232 - 232 <br />Investment in Boston Property, net 2,073 - 2,073 <br />Land and water shares 3,258 - 3,258 <br />Options on real estate 2,586 - 2,586 <br />Dam Construction 163 - (163) - <br />Other real estate owned - net 1,042 - 1,042 <br />Total Other Assets 9,354 - 9,191 <br />TOTAL ASSETS $11,205 $204 $(163) $11,246 <br /> <br />LIABILITIES & STOCKHOLDERS' EQUITY: <br />Current Liabilities: <br />Accounts payable $281 $5 $ $286 <br />Due to Two Rivers Water Company - 296 (296) - <br />Short term borrowings 950 - 950 <br />Accrued taxes payable - - - <br />Deposits held 30 - 30 <br />Accrued liabilities 5 - 5 <br />Total Current Liabilities 1,266 301 1,567 <br /> <br />Note Payable - long term 2,175 - 2,175 <br />Total Liabilities 3,441 301 3,742 <br /> <br />Stockholders' Equity: <br />Common stock 9 148 (148) 9 <br />Additional paid-in capital 9,200 - 9,200 <br />Accumulated (deficit) (4,120) (245) 245 (4,120) <br />Total Two Rivers Water Company Shareholders' Equity 5,089 (97) 4,992 <br />Noncontrolling interest in a subsidiary 2,675 - 36 2,711 <br /> Total Stockholders' Equity 7,764 (97) 7,667 <br />TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $11,205 $204 $(163) $11,246 <br /> <br />Page 15