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Table 7: TWC Share Ownership Year 2001 Blended Interest Rate Shareholder Rate Cateaorv Year 2001 Rate # Shares TWC Rate x Shares WRCC Agricultural 3.5% 150 525 WSSC Blended 4.77% 300 1431 Municipal/Agricultural Totals 450 1956 Blended rate for TWC $2"08 million Blended Rate = 1956 / 450 shares 4"3% Construction Fund Loan (Note: The rate for the $1.6 million Emergency loan was 4.5%. When combined with the new $2.08 Construction Fund loan at 4.3%, the over.all weighted loan rate for the full $3.68 million loan is 4.4%.) Table 8 is a summary of the financial aspects of the project. Annual assessments will increase from $100 per share, up to $646 per share with the two CWCB loans totaling $3.68 million. This represents an annual assessment increase of $546, or $16.28 per acre.foot, based on average annual diversions 15,085 acre-feet. a e " Flnancla ummary Proiect Cost $4,100,000 Total CWCB Loans (90% of Proiect Cost) $3,680,000 CWCB Loan Payment Amount, including 10% loan reserve $245,597 Number of Shareholders 2 Number of Shares of Stock 450 Current Assessment oer Share $100 Future Assessment oer Share $646 Annual Project Cost per acre-foot $16.28 (Average annual diversions: 15,085 acre.feet) T bl 8 . IS With the exception of the CWCB loans, all other funding for the project will come from cash reserves and a one-time assessment increase from the two major shareholders. The TWC would have no other debt service on this project. Operation and maintenance costs are expected to decrease with the rehabilitation of the tunnel, and can be accommodated by the Company's existing budget. Credit worthiness: TWC has no debt, other than the two CWCB loans. Table 9 shows the Financial Ratios and indicates average ability to repay with the project in place. Tunnel Water Company Laramie-Poudre Tunnel Feasibility Study September 2000 (Updated December 2000) Page 13 of 15