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2.3. CURRENT SHAREHOLDERS <br /> A total 562 shares of stock in LACC are held by stockholders, and the total number of <br /> treasury shares is zero. A list of stockholders and their share ownership in LACC is provided <br /> in Table B1 in Appendix B. Xcel Energy is currently leasing out all of its shares to irrigators. <br /> The stockholders and lessees are listed in Appendix B in Table B3. <br /> A total 1233.25 shares of stock in CECC are held by stockholders, and the total number of <br /> treasury shares is zero. A list of stockholders and their share ownership in CECC is <br /> provided in Table B2 in Appendix B. Xcel Energy is currently leasing out all of its shares to <br /> irrigators. The stockholders and lessees are listed in Appendix B in Table B4. <br /> 2.4. ORGANIZATIONAL HISTORY <br /> LACC and CECC were formed in the mid-1870s when the first water rights were <br /> appropriated. LACC was formally incorporated in the State of Colorado in 1941 and CECC <br /> in 1910. Both companies have continuously operated to irrigate a combined 8,300 acres of <br /> land in the vicinity of Las Animas, Colorado. In 1985, Public Service Company of Colorado <br /> (PSCo) purchased a majority interest in both LACC and CECC. PSCo has consistently <br /> leased back 100 percent of its water shares to irrigators in every year since its purchase. <br /> 2.5. FINANCIAL STATUS <br /> A summary of LACC's and CECC's financial report for fiscal years 2011, 2012 and 2013 are <br /> provided in Tables 1 and 2, respectively. The complete financial reports are included in <br /> Appendix C. The companies typically have operated in a cash neutral mode over the years, <br /> balancing income with expenses. Both companies maintain a small operating reserve to <br /> fund capital projects and meet unanticipated expenses. Excess annual operating revenues <br /> are typically held in reserve to offset revenue shortfalls or capital expenses. <br /> September 2014 Draft <br /> Page 16 <br />