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Colorado Water Conservation Board <br /> Southeastern Colorado Water Conservancy District <br /> Acting By and Through its Water Activity Enterprise <br /> August 1, 2017 <br /> Page 3 <br /> the CWCB does not establish an attorney-client relationship between the CWCB and this <br /> firm. <br /> This opinion letter is furnished to you solely for your information and benefit <br /> in connection with the initial execution and delivery of the Loan Documents and may not be <br /> relied upon by you for any other purpose or relied upon by any other person without the prior <br /> written consent of this firm. <br /> Respectfully submitted, <br /> BUTLER SNOW LLP <br />