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first day of each quarter by the wall Street Journal, plus <br />two points. The loan principal, plus accrued interest, is <br />due on September 18, 1995. The loan is secured by 20,571 <br />shares in the .Union Ditch i Water Company which had a market <br />value on September 19, 1990 of approximately 54,000,000. <br />PUEBIA RAILROAD SERVICE COMPANY (^PRS"1: <br />1. PRS primarily provides the Parent Company's rail customers <br />welding and drilling services on new rail and used rails. <br />Billings to customers are normally handled by Pueblo <br />Railroad Service. On occasion a customer of CF&I requests <br />CFbI to bill welded rail in total instead of separate <br />billing by PRS. In those instances CF3I bills and collects <br />receivable and forwards PRS its share of proceeds. <br />2. PRS commenced operations in 1989 and capital was provided by <br />CFiI and certain subsidiaries in the form of loans as <br />follows: <br />CF6I Steel Corporation <br />Pueblo Metals Co. <br />Denver Metals Co. <br />Kansas Metals Co. <br />Fountain Sand i Gravel <br />(dissolved subsidiary <br />balance assumed by <br />CF6I Steel Corporation) <br />Total <br />Amount Balance Due <br />oan at 9/30/90 Due Date <br />53,000,000 52,250,000 $250,000 Qtrly <br />700,000 100,000 5/15/94 <br />700,000 1,000,000 6/14/94 <br />750,000 750,000 6/14/94 <br />1.350.000 1.350.000 6/14/94 <br />56.500.000 55.450.000 <br />Interest is based on prime rate plus 3/4~ and is due on a <br />quarterly basis. <br />Property of the plant site is owned by the Parent Company <br />and leased to PRS for $1,250/month. <br />4. General liability insurance, property insurance and <br />automobile insurance are carrisd by the Parent Company and <br />allocated to PRS on a monthly basis. Excess workers' <br />compensation carried by the Parent Company is also allocated <br />to PRS. <br />5. Certain exempt salaried employees wages for accounting and <br />other services are paid by the Parent Company and allocated <br />to PRS on a monthly basis. <br />6. Basic health coverage is provided to PRS's employees through <br />the Parent Company's self-insured plan administered by Alta. <br />5 <br />