Executive Secretary:     Richard Gapmeyer

Phone:                             1 (801) 225-6746

Address:                         1156 South State Street #202

City & State:                    Orem, Utah 84058

Fax No.:                           1 (801) 224-4510

Company President:     Jack McKeey

Phone:                             254-3122

Address:                         10806 South 2700 West

City, State, zip:               Riverton, Utah

Water Source:                 Provo River and Utah Lake Jordan Valley Water 
                                          Conservancy has a contract to provide 40000AF 
                                          to this Company. Generally it comes from Utah Lake 
                                          but it can come from the Provo River if the JVWC 
                                          prefers not to pay pumping costs. Most of the 
                                          water comes from Utah Lake.

Total Shares:                     40,000

Delivery:                             One AF/Sh

Shares/acre:                       3 -5 shares per acre

Annual Fee:                        $.80 to $1.50 + $5 per Stock Certificate

Transferability:                  If there is capacity in the ditch system for the transfer

Delivery Area:                   Can't move shares from Salt Lake To Utah

Fee for new Stock Certificate: $10

History: The Welby Jacob Water Users Company was organized by the Jordan Valley Water Conservancy about 12 years ago. They purchased 40,000 acre feet of Utah Lake water and traded it to the better quality water in the Provo River. The Provo River water would run low in the late summer. The water users got a poorer quality water but they got a more consistent supply that would be there through the entire summer. The water is pumped out of the river in the Jordan Narrows into the Welby Jacob ditch system and the Jordan Valley Water Conservancy pays for the cost of pumping. The area south in Utah County has Jacob water stock and the area north in Salt Lake County has Welby water stock.

April 4, 2000 Richard Gapmeyer gave me the following information:
Welby Jacobs Irrigation: $500 to $1200/Sh/ 1AF/Sh = $500 to $1200/Sh

The information that he was giving me was in generalities and not to be relied on without additional sales information.

June 2000 A water investor offering $1000 per share. A water dealer is asking $1800 per share. The Irrigation Company will buy it back for $500/Sh.

Water Rights Sold

59-West SL        210 shares of Welby Jacob Irr Co.             8/2000     Price: $1128/Sh

59-West SL         5 shares of Welby Jacob Irr Co.                8/2000     Price: $1500/Sh

59-West SL         40 shares of Welby Jacob Irr Co.             12/2000     Price: $1300/Sh