Re: 2008 Storage Water Allocation

August 1, 2008 Re: 2008 Storage Water Allocation Dear Shareholders and Waterusers, Enclosed you will find your 2008 Storage Water Allocation. We have had an incredible natural flow season this year. As of July 31st we were still drawing full natural flow and I suspect we will continue to draw natural flow through this weekend, but yesterday’s priority date was just one above us. That means I expect we will be drawing full storage on Monday, August 4th. We had pretty good reservoir fill this season as well. Our American Falls, Jackson, and Palisades Winter Water Savings all filled and our Palisades 1939 filled to about 70%. This season, after adjusting for reservoir, river, and system loss, most shareholders will see about 82% of a full supply (Company and District shares combined). Those of you with just Company shares will see about 70% of a full supply. Purchase and Option shares are worth about 85% of full supply. Since our natural flow lasted so long, this should provide a more than adequate supply to most shareholders. For those who might still be a little short, there should be sufficient water available to rent from other shareholders. It is up to you to monitor your water balance. I won’t be shutting folks off if they exceed their balance and we will charge for excess use as provided by Company Policy (3 times the assessment rate). If we use water at our ‘normal’ rate for the rest of the season, my model predicts we’ll have about 30,000 acre-feet of carryover if we continue to run until October 31st. An earlier harvest means more carryover. Finally, we need to update our tenant list so that storage balance letters go to the right folks. If you’ve rented your farm or if you’re renting a farm, please call Amy and let her know. If you received water allocation letters for farms you no longer rent, please call and let us know that as well. As always, if you have any questions do not hesitate to give us a call. Thank you, Steven T. Howser, General Manager

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