Results of Operations

CD calculates that Ponderosa will earn a total company overall rate of return of 7.81% at present rates for test year 2009 as compared to Ponderosa's calculation of 4.18%. The difference in these two rates of return is due to CD's and Ponderosa's different estimates and calculations of Ponderosa's revenues, expenses, and rate base as discussed above. Appendix A to this resolution compares Ponderosa's total company results of operations at present rates for test year 2009, as estimated by CD and Ponderosa.