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VALUATION OF SELECTED HENDERSON MILL WATER RIGHTS <br /> November 2019 <br /> The Vail Ditch comparable is in the Fraser River basin, which is similar to and near the <br /> Williams Fork basin. The market for this comparable is the upper Colorado River basin, <br /> which corresponds with the most likely market for the Subject Rights. <br /> 4.2 Incidental Water Rights <br /> As discussed above, the Incidental Water Rights have a reliable annual yield of 704 acre- <br /> feet. The water rights are junior to the senior 1,250 cfs Shoshone Power Plant right that <br /> diverts in Glenwood Canyon. The Incidental Water Rights are senior to the junior 158 cfs <br /> Shoshone Power Plant right, the Cameo Call water rights, and Denver Water's Williams <br /> Fork Reservoir storage water rights. The diversion season for the Incidental Water Rights <br /> is limited due to the Shoshone Power Plant senior call that typically is in effect during the <br /> late summer through the early spring period. In drought years, the Incidental Water <br /> Rights are in priority only during the period of snowmelt runoff that typically occurs during <br /> May and June. <br /> We conclude the Incidental Water Rights are most like the Vail Ditch comparable <br /> discussed above because the water rights are similar in seniority and diversion season and <br /> are located in neighboring watersheds. Because the Incidental Water Rights have been <br /> quantified in Water Court and are now decreed for mining and other uses, an <br /> approximately 10 percent upward adjustment was made to the Vail Ditch comparable. <br /> We therefore conclude that Incidental Water Rights have a 2019 market value of$14,200 <br /> per acre-foot, for a total value of$9,996,8005. <br /> 5 704 acre-feet multiplied by$14,200 per acre-foot <br /> MOVIE Spronk Water Engineers,Inc. Page 19 <br />