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Form C - Undertaking - Quarterly Reports - Colorado Department Of Regulatory Agencies Page 5

Item E.

Financial Statements.

Rule 51-7.4

Form and Content of Financial Statements

A. The annual financial statements, or any other financial statements

required to be filed with the Commissioner, except as noted in B.

below, shall be audited by a Certified Public Accountant ("CPA")

and contain:

An Unqualified Auditor's Report,

Balance Sheet,

Statement of Operations,

Statement of Changes in Shareholders' Equity

Statement of Cash Flows, and

All notes and disclosures as required by generally accepted

accounting principles ("GAAP")

Comparative financial statements shall be prepared for all entities

that have been in operation for more than 12 months.

B. The Interim financial statements required to be filed with the

Commissioner shall be reviewed by a CPA and contain:

A CPA's Unqualified Accountant's Review Report,

Balance Sheet,

Statement of Operations,

Statement of changes in Shareholders' Equity

Statement of Cash Flows, and

All notes and disclosures as required by GAAP

unless waived by order of the Commissioner.

Comparative financial statements shall be prepared for all entities

that have been in operation for more than 12 months.

C. Any and all other presentations of financial data including, but not

limited to, projections and supplementary data shall be reviewed by

a CPA and be covered by an Unqualified Accountant's Review

Report issued by a CPA.

ii.

For any business acquisition required to be described in answer to

Item B above, provide the same information as required by section

E(i) above.

Item F.

List of purchasers.

Form C - Undertaking - Quarterly Reports - Colorado Department Of Regulatory Agencies Page 5