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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 301 Raton Certified Public Accountants La Junta, Colorado 81050-1697 and Management Consultants 719-384-5489 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, 2000 and 1999, 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, 2000 and 1999, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles_ ~/.J.h;ft~ . GRIMSLt;, WHITE : COM~AN( January 18, 2001 Page 1