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I I I I I I I I I I I I I I I I I , I I GRIMSLEY, WHITE & COMPANY 605 North 9th Street Certified Public Accountants Rocky Ford, Colorado 81067.1099 and Management Consultants 719.254-3348 INDEPENDENT AUDITORS' REPORT Board of Directors The Lake Henry Reservoir Company Ordway, Colorado We have audited the accompanying balance sheets of The Lake Henry Reservoir Company as of December 31, 1999 and 1998, and the related statements of revenue, expenses and changes in retained earnings, and cash flows for the years then ended_ These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audits in accordance with generally accepted auditing standards_ Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements_ An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation_ We believe that our audits provide a reasonable basis for our opinion_ In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of The Lake Henry Reservoir Company as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles_ ~LJh;ft~ GRIMSLt: WHITE & :OMP~Nj January 28, 2000 Page 1