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<br />TWO RIVERS WATER COMPANY AND <br />HUERFANO-CUCHARAS IRRIGATION COMPANY <br />NOTES TO THE UNAUDITED PROFORMA STATEMENTS <br />DECEMBER 31, 2009 <br /> <br /> <br /> <br />Principals of the Proforma Statements <br /> <br />The proforma balance sheet as of December 31, 2009 and the statement of operations for the year ending December 31, 2009 were prepared as <br />if Two Rivers Water Company (Two Rivers) owned 74% of the Huerfano-Cucharas Irrigation Company (HCIC) as of January 1, 2009. <br /> <br />Consolidation Entries <br /> <br />The proforma statements are shown before consolidation of Two Rivers with HCIC and after consolidation. The consolidation entries reflect <br />the elimination of all material intercompany accounts. <br /> <br /> <br /> <br />Page 17