Yellowstone Facility

The following is a summary of our visits with various architects and financial review analysis . . .

ATTACHMENT C

Site Plan

ATTACHMENT C

Pouppirt, Rande1507 Stillwater Avenue, Suite G Rande PouppirtCheyenne, WY 82009307.778.8236Pouppirt@aol.com

Availability – After May, 2006, their schedule is very open to our type of project.

Fee Structure – 7.5% to 10%. If we bid the construction the rate will be closer to the 10%. This is due to the extra work required to prepare bid packets, etc.

Experience – Other local work includes, Community House, Ed Murray & Son’s, United Way, Alta Vista School, numerous restoration projects, and building renovations. Currently working on a new facility for Security 1st in Laramie.

Market Views – Rande suggested and estimate of $200/sf plus architect fees for construction. Rande priced land in the city at around $10/sf. Retail lease rates at $13 to $16/sf and if a ‘build-to-suit’ around $20 to $25sf. Typical tenant finish is running at $45/sf.

Other – Randy is the Architect assisting the land developers and offered to discuss revising the plot layout to accommodate a drive-thru. The developer is in the engineering stages and will be taking the plan to the city in the near future.

Next Step – Rande is going prepare a proposal for conceptual work on the project by Tuesday, April 18th.

ATTACHMENT C

Pappas & Pappas Architects2617 East Lincolnway, Suite A Stephan A. Pappas, AIACheyenne, WY 82001307.638.1461spappas@pappasarchitects.com

Availability – Current availability is good(1 to 4 mns.), six(6) months out will not be good. Don’t forget to consider availability of consultants.

Fee Structure – Prefers to run hourly until design is complete, then move to % of construction (7% to 10%).Will build fee structure to meet our needs typically around 8.2% for $4m to $4.5m projects, or has done hourly not to exceed.

Experience – Primary work includes medical facilities & schools. Designed the Pinnacle Bank remodel (long time ago) and the Parkway Office building.

Market Views – Stephan estimated the market rates to be around $180/sf to $200/sf for the facility.

Other – Stephan suggested an RFP to bid the Construction Manager, then to work under a CMGC.

Next Step – Stephan is going to prepare a proposal for conceptual work on the project to be delivered no later than Tuesday, April 18th.

ATTACHMENT C

The Design Studio, Inc., TDSI1906 Thomes Avenue Randy Byers, AIA, LEEDCheyenne, WY 82001307.775.9970tdsirbyers@aol.com

Availability – Availability is good assuming an April, 2007 construction start. Anything sooner they will not be able to provide a service.

Fee Structure – Prefers a fixed fee for the design/drawing/bidding, then move into % of construction

Experience – Work includes numerous historic preservation projects, government, schools, and is currently contracted with Meridian for an addition and renovation.

Market Views – Randy estimates a high-end land per foot price of $12/ft.

Other – Randy will be joining the Warren FCU Board in May, he wanted to think about his place on this project.

Next Step – Randy will prepare a fee structure for the Program, Budget, Scheduling, and Planning phases of the project.

ATTACHMENT C

Lee Architects/Interior Designers2525 S. Wadsworth Blvd,Suite 21 Keith ZahllerDenver, CO 80227303.989.4500 x124kzahller@leearchitects.com

Availability – Availability is good for the project. Fee Structure – Standard 8% to 10%

Experience – Sixteen years of financial institution facilities. Successfully completed the Dell Range branch and 7th Avenue remodel. (40+ credit union clients/projects)

Other – Lee has recently completed credit union projects that include a retail establishment to compliment services and expand member services. (i.e. Starbucks)

Next Step – Lee will provide a proposal for the programming, schedule, floor plans, exterior design, and building site plan.

ATTACHMENT C

Project SummaryYellowstone 15,000sf Facility

Capital Investment Construction $243/sf $3,639,600 Land $ 400,000 Data/phone/hard&software $ 32,754 Furnishings $ 80,850 Signage & Merchandising $ 70,000 Alarm/Security Equipment $ 151,496

Total Capital Investment $4,374,700

$292/sf

Refurbish King Sooper’s $ 15,000 One time printing/forms $ 5,750

Total Cash Outlay $4,395,450

Annual Financial Impact Interest Income $243,204 Lease Revenue (2,500sf) $ 50,000 ATM Interchange Income $ 7,200 Interest Income loss on avail. Cash ($175,818)* Dividend Expense ($ 80,952) Utilities/Operational increase $ 5,616 Net Depreciation increase ($ 93,144) Personnel ($ 4,536)

Decrease in annual Net Income ($ 48,430)

Increase in annual cash flow $ 44,714

*by end of 2009 cash is projected to fully recover

ATTACHMENT C

Financial ProjectionsYellowstone 15,000sf Facility

Balance Sheet12/31/07 12/31/08

12/31/09

Loans (7% growth) $173,358 $185,493 198,478Cash/Invest 19,596 25,724

32,981Fixed Assets 10,992 11,706

12,481Total Assets $203,946 $222,923

$243,940

Savings (10% growth) $170,375 $187,412 $206,153A/P, Other 6,280 6,280

6,280Total Liab. $176,655 $193,692

$212,433

Total Equity $ 27,291 $ 29,231 $ 31,507

Total Liab/Equity $203,946 $222,923 $243,940 5% NCUA Fixed Asset Cap 4.38% 4.23%

4.06%

Assumptions:Yellowstone opens in 2007, Colorado adds in 2008 & 2009 (at $500k each)

Loan Growth 7% 7% 7%

Share Growth 10% 10%10%

Income Statement12/31/07 12/31/08 12/31/09

Loan Int $12,677 $14,325 $15,757Cash Int 554 786 1,063 Total Int. $13,231 $15,111 $16,820Int. Exp 5,666 6,629 7,756A/P 180 250 250Total Inc Exp$ 5,846 $ 6,879 $ 8,006Prov LL $ 1,362 $ 1,457 $ 1,559Other Inc 5,421 5,754 6,105Other Exp 10,113 10,589 11,086

Net Income $ 1,331 $ 1,940 $ 2,274

ROA .65% .87% .93%Int. Margin 3.99% 4.19% 4.18%NonInt Exp/Assets 5.04% 4.89% 4.69%NonInt Exp/Tot Inc 59.42% 54.22% 48.36%

Assumptions:Loan Rate Increases 70bp in ’07, 40bp in ’08, 22bp in ‘09Share Rate Increases 100bp in ’07, 20bp in ’08, 23bp in ‘09

ATTACHMENT C

Warren FCU Historical Financial Trends

Actual Budget

2003 2004 %Chg 2005 % Chg 2006 % Chg

Total Loans 112,089 129,386 15.43% 146,339 13.10% 164,215 12.22%

Total Assets 164,963 168,895 2.38% 173,744 2.87% 184,246 6.04%

Total Savings140,034 142,530 1.78% 145,985 2.42% 154,886 6.10%

Total Liab/Equity 164,963 168,895 2.38% 173,744 2.87% 184,246 6.04%

Interest Income 8,516 9,028 6.01% 9,610 6.45% 11,253 17.10%

Interest Expense 2,498 2,272 - 9.05% 2,687 18.28% 3,758 39.84%

Other Income 2,656 3,381 27.30% 5.052 49.41% 5,127 1.49%

Other Expense 7,923 8,222 3.77% 9,252 12.53% 9,732 5.18%

Net Income 331 1,298 292.15% 1,314 1.22% 1,600 21.78%

ATTACHMENT C

Member MapWithin Footprint of Yellowstone Location

ATTACHMENT C

Yellowstone Area Demographics

Member Data

Accts Individ. HH Balance

Total Loans 2,622 1,624 1,387 $22,200,966

Total Deposits 8,519 3,801 2,485 $43,795,612

Total Invest./Other 226 178 125 $ 7,007,413

Totals: 11,367 3,895 2,512

15% of all loans 28% of all deposits

ATTACHMENT C