Investor Presentaiton

1944 Water Treaty Contingencies for Drought • Extraordinary Drought-What is it? - When Mexico has Difficulty Delivering Run- off of 350,000 af/Year Any Deficiencies at the End of 5 Year Cycle SHALL Be Made Up in Following Cycle • Whenever Conservation Capacities of U.S. in Two International Reservoirs Are Filled, a Cycle SHALL Be Terminated & All Debits Fully Paid

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