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CAPITAL STOCK $525,000

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105,000 SHARES $soc EACH

·-w!!P!!!JT!IITTT!mTTll'n~~~'!"-~H.H.!.rrr!.!.!J.TTJ!.!.!ffi~.~~1;,_'-I

Colorado non-profit corporation

m4iz (!lerfifi:ez f4zrf Lower Ar k ansas Wate r Management Association , a * t6>t/z,o o-tUf2el'l,ff

Goe hundred forty fanr aod oa/J DD Jha1"e6>(!/'t/20 (}cpita/Jtoc/u[!/' THE FORT LYON CANAL COMPANY transferable only on the books of the company in person or by Attorney on surrender of this Certificate and under such conditions as may be imposed by the By-Laws of the Company or rules established by the Board of Directors of the said

.,. Company, The stock represented by this Certificate is subject to assessments as provided by the Articles of Incorporation and By-Laws of the Company and to

all by-laws, rules and regulations adopted by the Company, and to all existing liens on the water right represented by said stock, whether created by law, or the predecessor in ownership of this stock or otherwise.

~ And the said owner of this Certificate, by virtue thereof, is entitled to 144 / l OO cubic feet of water per second of time from said canal to be used ·,) on the following described land:

***

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1 OS,000 SHARES $soc EACH

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* Colorad o n o n - p ro f it corp orat i o n

m4is (fferfifi:es t4at Lo wer Ar k ansas Wa t er Manag e ment Assoc i ation, a * &S/tlt&O-Wlzel,(, ff

---Two hundre d f our and no/1 00----------------------------- J/z.a;y~,:S>fft/2e,- (]afitabJto-c10ff

TffB FORT LYON CANAL COMPANY, transferable only on the books of the company in person or by Attorney on surrender of this Certificate and under such conditions as may be imposed by the By-Laws of the Company or rules established by the Board of Directors of the said Company.

The stock represented by this Certificate is subject to assessments as provided by the Articles of Incorporation and By-Laws of the Company and to all by-laws, rules and regulations adopted by the Company, and to all existing liens on the water right represented by said stock, whether created by law, or the predecessor in ownership of this stock or otherwise.

And the said owner of this Certificate, by virtue thereof, is entitled tc7 0 4 / l 00 cubic feet of water per second of time from said canal to be used on the following described l;:.mrl

DrY--!.l~ of Farm l NW½ 25 :-NE1.i :: 2J~.-22n5 l ;_' Bent : Count

the said water to be delivered pro rata and in accordance with the rules and regulations governing the distribution thereof established by the Corporation, and/or its directors, and is also subject to all decrees of court establishing the right to the use of water by the said Company or limiting the use thereof, now or hereafter entered.

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, " . <•:t .d44~ rn+-: 1":'\1'0 ·N CAN ··r:;;,,~r ·· .' • .J .:· . / ••·• ··••. • ' i.t<\.t Co,1,,r;ANC;

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105,000 SHARES $Sao EACH

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L*Col o rado n on-profit corp oration

@¼iz <!lerftft:eS. f4af Lower Arkansas Water Managemen t Associ a t i on, a * f,6'/ t/2oo-CU-/ze1·</;/'

---On e hund red f orty f our and no/1 00----------- ------------ J/2a1"&/[!/'tlzo Ocpita/Jto-c/u[!/' TffB FORT LYON CANAL COMPANY, transferable only on the books of the company in person or by Attorney on surrender of this

, Certificate and under such conditions as may be imposed by the By-Laws of the Company or rules established by the Board of Directors of the said ~.· Company.

·. The stock represented by this Certificate is subject to assessments as provided by the Articles of Incorporation and By-Laws of the Company and to all by-laws, rules and regulations adopted by the Company, and to all existing liens on the water right represented by said stock, whether created by law, or the predecessor in ownership of this stock or otherwise.

And the said owner of this Certificate, by virtue thereof, is entitled to 144/l00 cubic feet of water per second of time from said canal to be used on the following described land:

nry-up at Farm 2SE ~ 23-22-51, Ben t County , Colorado changed to augmentation*** the said water to be delivered pro rata and in accordance with the rules and regulations governing the distribution thereof established by the

Corporation, and/or its directors, and is also subject to all decrees of court establishing the right to the use of water by the said Company or limiting the use thereof, now or hereafter entered.

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1 05,000 SHARES $Sao EACH

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*Colorado nonp ro f it corpora t ion

m4is (ffertifi:es ±4ztf Lower Ar kansas Water Management Assoc i at i on, a * t6> t/z,&O-tU-IZel(,ff _

- -One hundred eighty e i gh t and no/100------------ - ------- J/2ares>fftk (5ajita/Jtoc/uff

TffB F'ORT LYON CANAL COMPANY transferable only on the books of the company in person or by Attorney on surrender of this ,-, Certificate and under such conditions as may be imposed by the By-Laws of the Company or rules established by the Board of Directors of the said ;_ Company_

The stock represented by this Certificate is subject to assessments as provided by the Articles of Incorporation and By-Laws of the Company and to all by-laws, rules and regu lations adopted by the Company, and to all existing liens on the water right represented by said stock, whether created by law, or the predecessor in ownership of this stock or otherwise,

., And the said owner of this Certificate, by virtue thereof, is entitled to 18 8 / 100 cubic feet of water per second of time from said canal to be used ,) on the following described land:

Dry-up of Farm 13 N%SE\ 29- 22-52 Bent County~ llchanged to augmentation delive~ed at***

the said water to be delivered pro rata and in accordance with the ru les and regulations governing the distribution thereof established by the Corporation, and/or its directors, and is also subject to all decrees of cou rt establishing the right to the use of water by the said Company or limiting the use thereof, now or hereafter entered,

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Colorado non-p ro f it corporation

ijl¼iz (!lerfifi:ez f¼ztf Lower Arkansas Wa t er Management Association, a * &.s>tltf;/ O-CU-/Ze/~ff .

- - One h undred f orty four and no/100 - - - - - - - - - Jlzo1·'&:S>g/'t/2e- Ccpita/Jtodg/' THE FORT LYON CANAL COMPANY transferable only on the books of the company in person or by Attorney on surrender of this

: Certificate and under such conditions as may be imposed by the By-Laws of the Company or rules established by the Board of Directors of the said ~- Company.

The stock represented by th is Certificate is subject to assessments as provided by the Articles of Incorporation and By-Laws of the Company and to all by-laws, ru les and regulations adopted by the Company, and to all existing liens on the water right represented by said stock, whether created by law, or the predecessor in ownership of this stock or otherwise.

. And the said owner of this Certificate, by virtue thereof, is entitled to 1 4 4/ l 00 cubic feet of water per second of time from said canal to be used ') on the following described land: Dry 11p o f Parm 19 E ¼E ~ 1 7-22-5 1 , Bent County, Co l orado changed to augmentatio.n ** ·*

the said water to be del ivered pro rata and in accordance with the rules and regulations governing the distribution thereof establ ished by the Corporation, and/or its directors, and is also subject to all decrees of court establishing the right to the use of water by the said Company or limiting the use

~: thereof, now or hereafter entered.

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105,000 SHARES $Soc EACH

-~IT-~!!I!!!!!!r!..ti.~,~ !-~ .~-.IJ.!.!E.!~.!!.f.!.~!Xl!TI~.l:'.!'/l

*Colorado non-profit corporation

m4iz <tl:erfifi:ez f4ctf Lower Arkansas Water Management Assoc i ation, a * &f/tko-tU-lzelt,ff

- - One hundred forty f our and no/100 - - - - - - cflz,af'<&S>fft/2e, ecpitabJio-cluff

THE FORT LYON CANAL COMPANY transferable only on the books of the co~pany in person or by Attorney on surrender of this Certificate and under such conditions as may be imposed by the By-Laws of the Company or rules established by the Board of Directors of the said

~- Company. The stocl~ represented by this Certificate is subject to assessments as provided by the Articles of Incorporation and By-Laws of the Company and to

all by-laws, rules and regulations adopted by the Company, and to all existing l iens on the water right represented by said stocl~, whether created by law, or the predecessor in ownership of this stock or otherwise.

. And the said owner of this Certificate, by virtue thereof, is entitled tol. 44/100 cubic feet of water per second of time from said canal to be used ~) on the following described land: · Dry- up of Farm 19 W~E~ 1 7-22-51 , Bent County, Colorado changed to augmentation***

the said water to be delivered pro rata and in accordance with the rules and regulations governing the distribution thereof established by the Corporation, and/or its directors, and is also subject to all decrees of court establishing the right to the use of water by the said Company or limiting the use thereof, now or hereafter entered.

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fil4is <!lerfifitS t4at Lower Arkansas Water Management Association, a * &J>tkbO-{oael,._ ff - -One hundred one and no/100 - - - - - -- -- J/za1y35>fft/2e {;cpita/Jto-c/uff

THE FORT LYON CANAL COMPANY transferable only on the books of the company in person or by Attorney on surrender of this Certificate and under such conditions as may be imposed by the By-Laws of the Company or rules established by the Board of Directors of the said Company.


And the said owner of this Certificate, by virtue thereof, is entitled tcJ.01/ 100 cubic feet of water per second of time from said canal to be used ') on the following described land: Dry-up of Farm_22 NE% of t he SE% 31-22- 51 Bent c9unty. Cplgrado changed to augmentation*** _

the said water to be delivered pro rata and in accordance with the rules and regulations governing the distribution thereof established by the Corporation, and/or its directors, and is also subject to all decrees of court establishing the right to the use of water by the said Company or limiting the use

». thereof, 12oi.v (i)r hereafter entered .

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105,000 SHARES $Sao EACH

-~A.~' u Mh I I f:t!l!.!111.D.ln~-,~~ fHTHTTOlTTTTTHHITJll :ro;;)f

Colorado non-profit

corporation

@4is (!lerfifi:es t4at Lower Arkansas Water Management Assoc i ation, a * [6'/ t1to 0-CUl'lel(., ff - - - -- Two hundred forty five and no/100- - - - - - - J/2a1<es/(!/'t/20 Ccpita/Jto-c/u[!/'

THE FORT LYON CANAL COMPANY, transferable only on the books of the company in person or by Attorney on surrender of this Certificate and under such conditions as may be imposed by the By-Laws of the Company or ru les established by the Board of Directors of the said

.,, Company. The stock represented by this Certificate is subject to assessments as provided by the Articles of Incorporation and By-Laws of the Company and to

all by-laws, rules and regulations adopted by the Company, and to all existing liens on the water right represented by said stock, whether created by law, or the predecessor in ownership of th is stock or otherwise.

And the said owner of this Certificate, by virtue thereof, is entitled to 245 / l 00 cubic feet of water per second of time from said canal to be used ,) on the following described land:

Drv-uo of Farm 23 s¾SE\ 31-22-5 the said water to be delivered pro rata and in accordance with the ru les and regu lations governing the distribution thereof established by the

Corporation, and/or its directors, and is also subject to all decrees of court establish ing the right to the use of water by the said Company or limiting the use J: thereof, now or hereafter entered .

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·-0rr~mTITI!!!!!!.t'":;'~l ,~"ffl" l"n"Til"TTTTJJJ"m"111 :r~,~)f

, Colorado non-profit corporation

<QI4iz @rrfifirz f4ztf Lower Arkansas Water Management Assoc i ation, a * M>tkbO-tU-fzel-Lff

- Thr ee hundred t wenty-two and no/100 - - - - - - Jlz.a1Y!6>(!/'t/2e, (]cpita/Jto-ck,[!/' THB FORT LYON CANAL COMPANY transferable only on the books of the company in person or by Attorney on surrender of this

,, Certificate and under such conditions as may be imposed by the By-Laws of the Company or rules established by the Board of Directors of the said 3/ Company.


. And the said owner of this Certificate, by virtue thereof, is entitled to 322/lOOcubic feet of water per second of time from said canal to be used 'i on the followiriq described land:

Dry- up or Farm 25 W~NE\NW\ and BE\- ll-22-48, Bent County, Colorado changed to augmentatiO'fi--1,+.,.

the said water to be delivered pro rata and in accordance with the rules and regu lations governing the distribution thereof established by the Corporation, and/or its directors, and is also subject to all decrees of court establishing the right to the use of water by the said Company or limiting the use

I thereof, now or hereafter entered.

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105,000 SHARES $500EACH

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(TI:4is (fferfifi:ez_ f4af Lower Arkansas Water Management Association, a * t6>tlWO-ttHlelt/?f'

- - - One hundred forty four and no/1 00- - - - - - - Jlzare:s>fftk {;cjJita/Jto-c/4-ff

THE FORT LYON CANAL COMPANY transferable only on the books of the company in person or by Attorney on surrender of this ,., Certificate and under such conditions as may be imposed by the By-Laws of the Company or rules established by the Board of Directors of the said 3/ Company.

The stod. represented by this Certificate is subject to assessments as provided by the Articles of Incorporation and By-Laws of the Company and to all by-laws, rules and regulations adopted by the Company, and to all existing liens on the water right represented by said stock, whether created by law, or the predecessor in ownership of this stock or o therwise.

And the said owner of this Certificate, by virtue thereof, is entitled tJ. 44/100 cubic feet of water per second of time from said canal to be used on the following described land:

, Dry-up of Farm 27 NE ~ 35-22-51, Bent County , Colorado, changed to augmentation***

the said water to be delivered pro rata and in accordance with the rules and regulations governing the distribution thereof established by the Corporation, and/or its directors, and is also subject to all decrees of court establishing the right to the use of water by the said Company or limiting the use

v: thereof, nQw,.o..l[ h.ereafter entered.

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t/2 is 10 t ~ ~ ctaJ/ ff_ May ~ ./l .. <j}.2_0_1_7 __

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105,000 SHARES $S0oEACH

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m4is QlerfifitS f4ztf Lower Arkansas Water Management Association, a * &J> tk O-CO/lel"''f!/C

---Two h undred si x teen and no/1 00 - - - - - - - - - - - - Jha1'e:5\!!f't/z,e, (;cpitaf Jto-c/u[!/'

THB FORT LYON CANAL COMPANY, transferable only on the books of the company in person or by Attorney on surrender of this Certificate and under such conditions as may be imposed by the By-Laws of the Company or rules established by the Board of Directors of the said Company.


And the said owner of this Certificate, by virtue thereof, is entitled to 2 J 6 / J QQCubic feet of water per second of time from said canal to be used •) on the following described land: '

Dry-up of Farm 27 NW~ 26 22 5 1 , Bent county , Colorado' delivered at Farm 27 (Ga~eby ** * the said water to be delivered pro rata and in accordance with the rules and regulations governing the distribution thereof established by the

Corporation, and/or its directors, and is also subject to all decrees of court establishing the right to the use of water by the said Company or limiting the use »: thereof, now or hereafter entered.

S:v Gfut1z&s/ C/tfz,e;,e[!/'t/2e- !ZJ,&t4efzt a1zd Jea'eta{!// /2au-e- /z,e;'etvzto- sttb-sai6-ed t/2eil" 1za1n&/ a1zd catcsed its> co-;jo-11ate-seo/ to-6e-gf/i:zecZ at· -?°as/ ./[zi;naJ>) <Jo-!o-1,ado--

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CAPITAL STOCK ~~~ '"''"""'""""' 105,000 SHARES

$ 525,000 !'j~~~~~~ iilri $ 500 EACH ··c@l lilh i l t ff!!!!!!!JJ!.!~~i·-~-'!.!.!J.~.'::r.!.'!"!X.~!".l:n~t~.!.t>ll{ ·c!!",mmrrmumurm 4~!.~.'.!.!.!.~.CTJ!.flffi!f.!¥/I

* Colorado non-p rofi t corpora t ion

'Ql¼is. (!lerfifi:es. f¼ctf Lower Arkansas Water Management Assoc i at i on I a * t6'/ tk 0-Wfze/'(, ff

----one hundred fi f ty si x and no/1 00 - - - - - - - - - - Jha1'&J>fft/2o GcpitaiJto-c~ff THB FORT LYON CANAL COMPANY, transferable only on the books of the company in person or by Attorney on surrender of this

, Certificate and under such conditions as may be imposed by the By-Laws of the Company or rules established by the Board of Directors of the said r Company.

' The stock represented by this Certificate is subject to assessments as provided by the Articles of Incorporation and By-Laws of the Company and to all by-laws, rul es and regulations adopted by the Company, and to all existing liens on the water right represented by said stock, whether created by law, or the predecessor in ownership of this stock or otherwise.

. And the said owner of this Certificate, by virtue thereof, is entitled to 156/lOO cubic feet of water per second of time from said canal to be used ~) on the following described land: Dry-uJ? of Farm 27

Lot 1, N¼ SE ~ 26-22-51, Bent County , Colorado, changed to augmenta rion*** the said water to be delivered pro rata and in accordance with the rules and regulations governing the d istribution thereof established by the

Corporation, and/ or its directors, and is also subject to all decrees of court establishing the right to the use of water by the said Company or limiting the use thereof, now or hereafter entered.

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~ this/ 10th ,, c/ac!f/ff_ May J l. y0,20l 7

Ill ;(~ -L 1~ ~ -j'CJ'l.,dCII(

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105,000 SHARES $sooeACH

·7c?rr.~nnn1n~~~!.!~."!."~.!.!:!!!!!!Ef.!.!.!Il....TT.rri:~.,_t'-l

~Colorado non-profit corporation

m4iz Qlerfifi:ez f4ztf Lower Arkansas Water Management Association, a * {6'/ t/2_,e, O-W/Zel'(,ff

-- -One hundred forty four and no/100 - - - - J./2a1,y;,s>fftk Cqpda/Jto-c;t,ff

THB FORT LYON CANAL COMPANY transferable only on the books of the company in person or by Attorney on surrender of this ., Certificate and under such conditions as may be imposed by the By-Laws of the Company or rules established by the Board of Directors of the said 3/ Company. ·· The stock represented by this Certificate is subject to assessments as provided by the Articles of Incorporation and By-Laws of the Company and to


. And the said owner of this Certificate, by virtue thereof, is entitled to 144/ l 00 cubic feet of water per second of time from said canal to be used ,) on the following described land:

Dry -up of Farm 27 SW~ 26 22 5 1 . Bent County, Cal arado changed to a111Jrnentation* < <

the said water to be delivered pro rata and in accordance with the rules and regulat ions governing the distribution thereof established by the Corporation , and/or its directors, and is also subject to all decrees of court establishing the right to the use of water by the said Company or limiting the use

\ thereof, now or hereafter entered.

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tlui.- lO~b,, ,. das/ ff_ May r=-i4· 0:-..... 0_1 _7 _ _

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105,000 SHARES $sooeACH

-~rr.~TTTTIITI'TTl!.~.~i~!-~~!.II!!!!"!!.!:!.TTJ!X.!ITT~-~~.,/-I

non-pro f it corporation

W:¼is Qlerfifi:es f4ztf Lower Arkansas Water Management Association, a * &5> t_/2e,{)-[.{}fzelr.,ff

---Seventy two and no / 100- - - - - - - - - - -- - - - Jha1IB/ff t/w {]cpifabc_)toc/uff

THE FORT LYON CANAL COMPANY transferable only on the books of the company in person or by Attorney on surrender of this , Certificate and under such conditions as may be imposed by the By-Laws of the Company or rules established by the Board of Directors of the said

~-- Company. The stock represented by this Certificate is subject to assessments as provided by the Articles of Incorporation and By-Laws of the Company and to

all by-laws, rules and regulations adopted by the Company, and to all existing liens on the water right represented by said stock, whether created by law, or the predecessor in ownership of this stock o r otherwise.

And the said owner of this Certificate, by virtue thereof, is entitled to7 2/ 1 00 cubic feet of water per second of time from said canal to be used ,o on the following described land: Dry--up of Farm 33

E2 e x c e p t Lot 4 , 27-22-51 , Bent County, Colorado, changed to augrnentat i.,1n ~ -~ -~

the said water to be delivered pro rata and in accordance with the rules and regulations governing the distribution thereof established by the Corporation, and/or its directors, and is also subject to all decrees of court establishing the right to the use of water by the said Company or limiting the use thereof, now or hereafter entered .

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1 05,000 SHARES $500EACH

"G.!~.!~. ,~**! 111 l I J j lnTTTTm~,~~'''i"f"~lTOTITTT"J":t"H um11 r~·?,I

non-profi t corporation

(t[¼i:z. <!lerfifi:e:z. f¼ztf Lower Arkansas Water .Management Assoc i ation , a * {6> tko-tUflel"ff -- Thi rty two and no/100 - - - - - - - - J/2a1(&/(!/'t/w rJcpita/Jto-du(!/'

THE FORT LYON CANAL COMPANY transferable only on the books of the company in person or by Attorney on surrender of this Certificate and under such conditions as may be imposed by the By-Laws of the Company or rules established by the Board of Directors of the said

?' Company. The stock represented by this Certificate is subject to assessments as provided by the Articles of Incorporation and By-Laws of the Company and to

all by-laws, rules and regulations adopted by the Company, and to all existing liens on the water right represented by said stock, whether created by law, or the predecessor in ownersh ip of this stock or otherwise.

And the said owner of this Certificate, by virtue thereof, is en titled to3 2/100 cubic feet of water per second of time from said canal to be used ') on the following described land: Dry- up of Farm 33

Tract at land in 34-22-51, Bent County, Co ] orado,changed to augmentation*** the said water to be delivered pro rata and in accordance with the ru les and regulations governing the distribution thereof established by the

Corporation, and/or its di rectors, and is also subject to all decrees of court establish ing the r ight to the use of water by the said Company or limiting the use ·,: ther1;1.of. r1ow o r hereafter entered.

S:u <Jlltness/ CffJ/2o,ef t/2e, !lJ,eside1zt ad Jeouay/ /2auo /2e1<ea1zto-- stt6vai6-ed t/2eti" 1zam&/ a1ui caased its/ co-~o-1"ate,sea! to--6-e, gf/ia;ecl at -«ro/ kzilnao/, Oo-b1cacb-

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1 05,000 SHARES $500EACH

"G1!fmn:ro::r!!!J!rrTTTnn~~~!-~-~"!.!.'!.~.'!.TTE!.UITl:!i:~y.}

i Col orado non-p rofit corp o r ation

@41:s <!l:erfifi:e:s t4at Lower Ark a nsas Water Manag e ment Association I a * {6'/ t/2e,o--aJ-1Zel-{,ff

- - - - - Two h und red five and n o /100 - -- - - - J/2a;yz/fftk ecpaaf.Jto-cluff TffE FORT LYON CANAL COMPANY transferable only on the bool,s of the company in person or by Attorney on surrender of this

,-.c_ Certificate and under such conditions as may be imposed by the By-Laws of the Company or rules established by the Board of Directors of the said Company.


And the said owner of this Certificate, by virtue thereof, is entitled to 205/100 cubic feet of water per second of time from said canal to be used on the following described land: Dry - up of Farro 36 SW~ 1 4 - 22-51, Be n t County, Co l orado, changed to augmentation ** *

the said water to be delivered pro rata and in accordance with the rules and regulat ions governing the distribution thereof established by the Corporation, and/or its directors, and is also subject to all decrees of court establishing the right to the use of water by the said Company or limiting the use

~- ther'-'.°" iJJ..~ -'>r hereafter entered.

§z, Witn&J> 1'/J/2o,ef t/2o ..{l}"&idC/zt a1zd Jea'eta{!/ haoe, hC/<ett1zto-- sttb-J'cnbed theife, 1za17z&/ a1zd caased i/;s/ co--;j;;o--f'atoseab to--6-o #izetl at; -?aJ> J&zinz.aJ>, Go--b1(,ado--

ths 10th Le R~ £::017 ll Jeo,,Y"(JI # , gJ,c,<d'ml

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105,000 SHARES g;500EACH

·crrf'!!!!!ITTTTT!mur1n~l~!-~~J.ttrm'IT!J.TTJJ.!1IB!~~l/-I

Colorado non-p rofit corp oration

<QI:4iz (!lerfifi:ez t4at Lower Ar kansas Water Management Association, a * {6'/ t/2o0l.-Ufle/"ff .

, - - - -Seven and no/100 - - - - - - - - - - - - - - r1 /)_~:1-I /07A ,·:1- I r;. I /)_~ ·· ____________________________ ____ uaa;-'&5\!?J {]26 uryou:avucoavf!;

THE FORT LYON CANAL COMPANY, transferable only on the books of the company in person or by Attorney on surrender of this ,., . Certificate and under such conditions as may be imposed by the By-Laws of the Company or rules established by the Board of Directors of the said ~,· Company.


" And the said owner of this Certificate, by virtue thereof, is entitled to 7 / l 00 cubic feet of water per second of time from said canal to be used 11 on the following described land: •

Dry-up of Farm 36 SW4 14-22-51, Bent County , Colorad~changed to augmentation*** the said water to be delivered pro rata and in accordance with the rules and regulations governing the distribution thereof established by the

Corporation, and/ or its directors, and is also subject to all decrees of court establishing the right to the use of water by the said Company or limiting the use p: thereof, now or hereafter entered.

!l:v <Jflt.1zeos/ <Jt½e1,eft/2e, .!i3Y~oide1zt a1zd Jea'eta(!// /2au-e, /2e1'ett1zto-- st.tb6'.aihd tltm" 1za1n&s> a1zd caased its/ co-;f o-1°ate,seo! to--6-e, ef/ixdl at $0/ ./uzinzao/, @o-!o-1"ach-tllts 10th daJtif- Ma y ,c:=') 1 A .,0. 201 7

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. Colorado non-p ro f it corporation

'<IT4iz Qlerfifi:ez_ f4ztf Lower Ar k ansas Water Management Assoc i a t ion, a * &S/tk o--w1zer ... ff - -One hundred n inety one and no/1 00 - - - - - - - Jha/"65>£/'tlw CcpitalJto--c/4.ff

THE FORT LYON CANAL COMPANY, transferable only on the books of the company in person or by Attorney on surrender of this , Certificate and under such conditions as may be imposed by the By-Laws o f the Company or rules established by the Board of Directors of the said V Company.


And the said owner of this Certificate, by virtue thereof, is entitled tol 9 1/10 0 cubic feet of water per second of time from said canal to be used ;) on the following described land:

Dry-up of Farm 39N w~ 12-22-49 , Be nt County, Colorado, changed ta augmentation*** the said water to be delivered pro rata and in accordance with the rules and regulations governing the d istribution thereof established by the

Corporation, and/or its directors, and is also subject to all decrees of court establishing the right to the use of water by the said Company or limiting the use l: thereof, now or hereafter entered .

._§2,; <ff{t;wss/ <f/.fze1'ef tlzb !J3,esic/eat a1zd Jec1"eta(!// /2au-e, 11,e;'ettlZtO ... Sttb--S"Cl'tb-ed tll,ei;" 1za17ws/ a1zd mtcsed its/ co-;j;o--1"atosea/ to, 6-o g[f'tirecl at -'tao/ J&zilnaJ>, Co--lo--1"ado--tlus, l O t h c/as/ ff_ May J{_ 0 201 7

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CAPITAL STO C K $525,000

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m4is filtrfifitS f4ctf La wer Ar kansas Wa t er

t - - - -On e hund red sixty s ix and no/1 00- - -

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Colorado non-pro f it c-o-rporation

1 b .L • 111, a - ,0'/ t/2,,o O(U-/Zel"" ff Jfta1Y:6> ff tlzo <Jcpitab Jio-d ff

TffB FORT LYON CANAL COMPANY, transferable only on the books of the company in person or by Attorney on surrender of this Certificate and under such conditions as may be imposed by the By-Laws of the Company or rules established by the Board of Directors of the said Company.

The stock represented by this Certificate is subject to assessments as provided by the Articles of Incorporation and By-Laws of the Company and to all by-laws, rules and regulations adopted by the Company, and to all existing liens on the water right represented by said stocl,, whether created by law, or the predecessor in ownership of this stock or otherwise.

And the said owner of this Certificate, by virtue thereof, is entitled to 166 / l 00 cubic feet of water per second of time from said canal to be used ,) on the followin_g described land: .

Dry -up of Farm 42 E½SW~ & W¼SE ~ & W¼ ~ W~ 28-22-48 Ben t County . Calarada, changed t o** * the said water to be d elivered pro rata and in accordance with the rules and regulations governing the distribution thereof established by the

Corporation, and/or its directors, and is also subject to all decrees of court establishing the right to the use of water by the said Company or limiting the use ~.· thereof, now or hereafter entered .

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C{1/'c/{(y.

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Colorado non-profit corpora t i on

m4is Qlerfifi:ez f4ctf Lower Arkansas Wa t er Management Associa t ion, a * &S>t/200-tUfUl(,,ff .

- - - - -One hundred seventy and no/100- - - - - -- Jha1'e6>;y't/2o Cq!Jita/Jtocfu;y' THE FORT LYON CANAL COMPANY, transferable only on the books of the company in person or by Attorney on surrender of this

, Certificate and under such conditions as may be imposed by the By-Laws of the Company or ru les established by the Board of Directors of the said ~-· Company.

The stock represented by this Certificate is subject to assessments as provided by the Articles of Incorporation and By-Laws of the Company and to all by-laws, rul es and regulations adopted by the Company, and to all existing liens on the water right represented by said stocl,, whether created by law, or the predecessor in ownership of this stock or otherwise.

. And the said owner of this Certificate, by virtue thereof, is enti tl ed tol 70 /100 cubic feet of water per second of time from said canal to be used ;;) on the following described land:

Dry up of Farm 53 SE\NW\ & s~sw\ & NW\SE\ & r.ot 2 27 22-4B & N~NW!.i 34 22 4B Bent County*** the said water to be delivered pro rata and in accordance w ith the ru les and regulations governing the distribution thereof established by the

Corporation, and/or its directors, and is also subject to all decrees of court establish ing the r ight to the use of water by the said Company or limiting the use thereof, now or hereafter entered .

$z/ <ffltnesJ> <f/Yze1,ef t/2e, .!ZJ,esidazt a1zd JecPeta(!// haue, /2e1'etvzto-stt6-sc1i6-ed thet/" IZOl7WS> 01zd Catf.J'ed itJ> COl,PO-l"ate,seo? to-6-e, g/_J'tiz:ecl a.t $0/ J[zi;nao/, (io-/o-1"ac0-tlzif, 10th das/ff- Ma y ./( 0 2017

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105,000 SHARES a;sooEACH

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Colorado non-refit corporation

@4iz Qlerfifi:ez f4ctf Lower Arkansas Water Management Association, a * &5> tk 0-lU-IZCl,c., ff - - - Three hundred ninety nine and no/100 - - - - - - J/za1'&:S>£f'tk (;cpda/Jto-c/u£f'

THE FORT LYON CANAL COMPANY transferable only on the books of the company in person or by Attorney on surrender of this . Certificate and under such conditions as may be imposed by the By-Laws of the Company or rules established by the Board of Directors of the said

-/ Company. ·. The stock represented by this Certificate is subject to assessments as provided by the Articles of Incorporation and By-Laws of the Company and to


And the said owner of this Certificate, by virtue thereof, is entitled to 3 99 /100 cubic feet of water per second of time from said canal to be used on the fo llowing described land:

Dry-up at Farm 61 190 l acres in W~ of Section 23 in the NW at 26-22S-52W, 6th PM etc** the said water to be delivered pro rata and in accordance with the rules and regulations govern ing the distr ibution thereof established by the

Corporation, and/or its di rectors, and is also subject to all decrees of court establishing the right to the use of water by the said Company or limiting the use , ~: thereof, now or hereafter entered . , . .. . ~

~ 1Pit1WS's/ 1¼et'e£f't/2o !ZJ'eSidetzt a/zd Jea~eta(ff/ /2au-& /2et,avzto- sttbsaio-ed t/2et/" /ZO/n&s> a/zd coased its/ aHjJO-/"atosea! to-60 gfl'ta:dl at $c1> ./Uwnao/, (]o-b/<ado--t/2ri/ 10th dtJJ//ff- May ./( 0_ 2017

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*Col orad o non-profit corporation

@4iz: (!lerfifi:es t4at Lower Ark ansas Water Management Association, a * {6'/ t!zboa.Hze1t-ff

- - Two hundred t wenty fou r and no/100 - - - - - J/2a1Y:6>£f't/20 (]cpita/Jtoof£/'

THE FORT LYON CANAL COMPANY transferable only on the books of the company in person or by Attorney on surrender of tliis ,. Certificate and under such conditions as may be imposed by the By-Laws of the Company or rules established by the Board of Directors of the said ·.· Company.


And the said owner of this Certificate, by virtue thereof, is entitled t~ 24/ 100 cubic feet of water per second of time from said canal to be used } on the following described land:

Ory-up at Farro 64 N~ at 32& NW!:i 33-22-48 Bent County Calarada g changed ta augmentat i on*** the said water to be delivered pro rata and in accordance with the rules and regulations governing the distribution thereof established by the

Corporation, and/or its directors, and is also subject to all decrees of court establishing the right to the use of water by the said Company or limiting the use thereof, now or hereafter entered.

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