10. Capital Ratios

Del Oro's capital ratios as of November 30, 2000, shown as Exhibit E to the application and supplemental data dated January 25, 2001, are shown below as recorded and as adjusted to give pro forma effect to the $1,000,000 capital expenditures for Paradise Pines, $100,000 revolving line of credit, refinancing of $2,405,205 long-term debt, and the refinancing of short-term debt and other current maturities estimated at $589,958.

	Recorded		Adjustments	Pro Forma
Long-Term Debt	$2,526,717	52.9%	$1,689,958	$4,216,675	71.8%
Short-Term Debt	716,000	15.0%	(589,958)	126,042	2.2%
Total Debt	$3,242,717	67.9%	$1,100,000	$4,342,717	74.0%
Preferred Stock	-		-	-	-
Common Equity	1,531,375	32.1%	-	1,531,375	26.0
TOTAL	$4,774,092	100.0%	$1,100,000	$5,874,092	100.0%

Capital structures are normally subject to review in cost of capital or general rate case proceedings. We will not make a finding in this decision of the reasonableness of the projected capital ratios for ratemaking purposes.