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<br />TWO RIVERS WATER COMPANY (TWO RIVERS) AND <br />HUERFANO-CUCHARAS IRRIGATION COMPANY (HCIC) <br />UNAUDITED PROFORMA STATEMENT OF OPERATIONS FOR THE YEAR ENDING DECEMBER 31, 2009 <br />(In thousands) <br /> <br /> <br />See notes to proforma consolidated statements <br /> <br /> <br /> Two Rivers HCIC Combined <br /> <br />Revenue <br />Loan Fees and real estate income $91 $- $91 <br />Interest revenues 43 - 43 <br />Other Income 11 65 76 <br />Total Revenue 145 65 210 <br /> <br />Cost of loan fees including facilities and commissions 89 - 89 <br />Gross Profit 56 65 121 <br /> <br />Operating Expenses: <br /> General and administrative 1,723 226 1,949 <br /> Depreciation and amortization 7 3 10 <br /> Total operating expenses 1,730 229 1,959 <br />Loss from operations (1,674) (164) (1,838) <br /> <br />Other income (expense) <br />Impairments and bad debts - - - <br /> Gain on sale of investments 33 - 33 <br /> Interest income 42 - 42 <br /> Interest (expense) (54) - (54) <br />Other income (expense) - - - <br /> Total other income (expense) 21 - 21 <br />Net (Loss) Income from continuing operations before taxes (1,653) (164) (1,817) <br /> <br />Income tax benefit (expense) 314 - 314 <br />Net (Loss) Income from continuing operations (1,339) (164) (1,503) <br /> <br />Discontinued Operations <br />Loss from operations of discontinued real estate and mortgage business 2008) (1,922) - (1,922) <br />Income tax benefit 161 - 161 <br />Loss on discontinued operations (1,761) - (1,761) <br /> <br />Net (Loss) Income (3,100) (164) (3,264) <br /> <br />Less net (loss) attributable to the noncontrolling interest (175) (36) (211) <br /> <br />Net (Loss) Income $(2,925) $(128) $(3,053) <br /> <br />Page 16