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STOCK ASSIGNMENT <br /> For value received, C. R. Evans, hereby sells, assigns and transfers 500 <br /> shares of stock of The Excelsior Irrigating Company unto the COLORADO <br /> WATER CONSERVATION BOARD, which stock is standing in the name of the <br /> undersigned on the books and records of the company represented by <br /> Certificate No. 9, and do hereby irrevocably constitute and appoint <br /> as attorney-in-fact <br /> to transfer the said stock on the books of the company with full power of <br /> substitution in the premises. This Stock Assignment shall be effective <br /> solely in the event of an issuance by a Colorado District Court of an order <br /> authorizing a foreclosure sale of said shares of stock pursuant to Rule <br /> 120 of the Colorado Rules of Civil Procedure. <br /> Dated November 20, 2003 <br /> C.P. <br /> C. R. Evans <br /> Appendix 4 to Loan Contract C153748 Amendment No. 2 <br />