River City Partnership Tax I.D. 47-0822299 02/21/05

Distribution of Earnings from January 1, 2004 to December 31, 2004

FEDERAL SHORT TERM MID TRM LONG TRM MISC. FOREIGN VALUATION

TAXABLE TAX FREE CAPITAL CAPITAL CAPITAL INCOME/ TAXES NET UNITS

NO. NAME DIVIDENDS INTEREST INTEREST GAINS GAINS GAINS EXPENSE PAID PROFIT PURCHASED

=================================================================================================================

TOTAL INCOME 162.18 0.00 0.00 0.00 0.00 1233.09 -146.98 0.00 1248.29

WITHDRAWALS DURING THE PERIOD

1 Brett & Britney G 0.31 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.31

2 Craig & Erika Hip 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

3 Stuart Roberts 2.50 0.00 0.00 0.00 0.00 -3.23 -0.44 0.00 -1.17

4 Carol White 2.50 0.00 0.00 0.00 0.00 -3.22 -0.44 0.00 -1.16

BALANCE TO BE DISTR. 156.87 0.00 0.00 0.00 0.00 1239.54 -146.10 0.00 1250.31

REMAINING INCOME DISTRIBUTION

1 Clay & Jackie Hil 29.43 0.00 0.00 0.00 0.00 233.32 -27.50 0.00 235.25 180.52

2 Craig & Erika Hip 0.64 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.64 0.00

3 Jim & Mary Nichol 26.16 0.00 0.00 0.00 0.00 207.58 -24.47 0.00 209.27 160.60

4 Thomas O'Hara 33.85 0.00 0.00 0.00 0.00 268.28 -31.62 0.00 270.51 207.59

5 Stuart Roberts 0.07 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.07 0.00

6 Bill Schaffer 28.58 0.00 0.00 0.00 0.00 226.74 -26.72 0.00 228.60 175.43

7 Connie Schaffer 28.59 0.00 0.00 0.00 0.00 226.74 -26.73 0.00 228.60 175.43

8 Patrick Schaffer 9.48 0.00 0.00 0.00 0.00 76.88 -9.06 0.00 77.30 59.31

9 Carol White 0.07 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.07 0.00

-------- -------- -------- --------- --------- --------- -------- --------- ------- --------

TOTAL DISTRIBUTED 162.18 0.00 0.00 0.00 0.00 1233.09 -146.98 0.00 1248.29 958.87

PER UNIT 0.0173 0.0000 0.0000 0.0000 0.0000 0.1317 -0.0157 0.0000 0.1333

Value of Unit before distribution 1.30

Value of Unit after distribution 1.17

River City Partnership 02/21/05

INCOME AND EXPENSE STATEMENT FOR January 1, 2004 to December 31, 2004

INCOME

Dividends 162.18

Interest 0.00

Short term Cap. Gain 0.00

Mid term Cap. Gain 0.00

Long term Cap. Gain 1233.09

Miscellaneous Income 0.00

----------

Total Income 1395.27

EXPENSES

Expenses 146.98

----------

Net Profit 1248.29

==========

BALANCE SHEET AS OF December 31, 2004

After End of Period Distribution

ASSETS

Cash - Bank 380.06

Cash - Broker 1231.44

----------

Total Cash 1611.50

Investments 8275.28

----------

Total Assets 9886.78

==========

EQUITIES

Capital Account - Members 8430.08

Unrlzd Gains + Undist Erns 1456.70

----------

Total Equities 9886.78

==========

River City Partnership 02/21/05

Transactions Summary for the Period January 1, 2004 to December 31, 2004

BUY, SELL AND TRANSFER TRANSACTIONS

Date Security Name Type Shares Cost Price Comm/Fees LTCG MTCG STCG

03/24/04 Johnson and Johnso Buy 10.000000 495.40 495.40 10.99

03/24/04 Lowes Buy 5.000000 259.45 259.45 10.99

07/06/04 Walgreens Buy 15.000000 546.04 535.05 10.99

07/23/04 Coca-Cola Sell 21.000000 1093.45 944.97 10.99 -159.47

07/28/04 Walgreens Buy 10.000000 381.19 370.20 10.99

12/15/04 Starbuck's Cofee Sell 20.000000 465.80 1179.20 11.02 702.38

12/16/04 Starbuck's Cofee Sell 20.000000 477.80 1179.00 11.02 690.18

------- -------- --------

Totals 1233.09 0.00 0.00

CASH AND REINVESTED DISTRIBUTIONS

Date Security Name Type Shares Dividends Interest LTCG MTCG STCG Fees/FTax

01/15/04 Cardinal Health Div-Cash 0.45

01/26/04 Ethan Allen Div-Cash 2.00

01/30/04 Lowes Div-Cash 0.30

02/06/04 General Dynamics Div-Cash 1.60

03/09/04 Johnson and Johnson Div-Cash 2.40

03/11/04 Tribune Div-Cash 3.60

03/15/04 Coor's B-Molsons Div-Cash 4.10

04/01/04 Coca-Cola Div-Cash 10.00

04/15/04 Cardinal Health Div-Cash 0.45

04/26/04 Ethan Allen Div-Cash 2.00

04/30/04 Lowes Div-Cash 0.01

05/01/04 Lowes Div-Cash 0.45

05/07/04 General Dynamics Div-Cash 1.80

05/27/04 Ethan Allen Div-Cash 60.00

06/08/04 Johnson and Johnson Div-Cash 5.70

06/10/04 Tribune Div-Cash 3.60

06/15/04 Coor's B-Molsons Div-Cash 4.10

07/01/04 Coca-Cola Div-Cash 10.00

07/15/04 Cardinal Health Div-Cash 0.45

07/26/04 Ethan Allen Div-Cash 2.00

07/30/04 Lowes Div-Cash 0.60

08/06/04 General Dynamics Div-Cash 1.80

09/07/04 Johnson and Johnson Div-Cash 5.70

09/09/04 Tribune Div-Cash 3.60

09/13/04 Walgreens Div-Cash 1.31

09/15/04 Coor's B-Molsons Div-Cash 4.10

10/01/04 Coca-Cola Div-Cash 4.75

10/15/04 Cardinal Health Div-Cash 0.45

10/25/04 Ethan Allen Div-Cash 3.00

10/29/04 Lowes Div-Cash 0.60

11/12/04 General Dynamics Div-Cash 1.80

12/07/04 Johnson and Johnson Div-Cash 5.70

12/08/04 Tribune Div-Cash 3.60

12/13/04 Walgreens Div-Cash 1.31

12/15/04 Coca-Cola Div-Cash 4.75

12/15/04 Coor's B-Molsons Div-Cash 4.10

--------- --------- --------- --------- --------- ---------

Totals 162.18 0.00 0.00 0.00 0.00 0.00

STOCK DIVIDENDS, SPINOFFS AND MERGERS

Date Security Name Type Shares Cash LTCG MTCG STCG

---------- ---------- ---------- ----------

Totals 0.00 0.00 0.00 0.00

MEMBER DEPOSITS AND WITHDRAWALS

Date Description Cash Amount Units WD Fee Stk Val Trsfr

01/15/04 8 member payments 200.00 254.242776

02/01/04 Full WD - Gunderson -1190.79 -1061.227240 1.95

02/14/04 Full WD - Hipsher -1488.43 -1322.778259 102.33

02/15/04 7 member payments 170.00 141.361677

03/15/04 5 member payments 125.00 106.263945

04/15/04 5 member payments 125.00 102.790830

05/17/04 5 member payments 125.00 105.120160

06/16/04 5 member payments 125.00 100.650515

07/15/04 6 member payments 625.00 521.550697

08/16/04 6 member payments 150.00 133.193976

09/14/04 6 member payments 150.00 133.193976

09/14/04 Full WD - White -146.44 -166.505112 41.07

09/14/04 Full WD - Roberts -144.28 -166.858574 43.63

10/15/04 6 member payments 150.00 128.718150

11/15/04 6 member payments 150.00 115.749708

12/15/04 6 member payments 150.00 114.885432

---------- ---------- ---------- ----------

Totals -724.94 -759.65 188.98 0.00

CASH INCOME AND EXPENSES

Date Source Account Income Expense Interest Dividends

12/21/04 #2026 Conniue Schaffer Bank -125.00

---------- ---------- ---------- ----------

Totals 0.00 -125.00 0.00 0.00

River City Partnership 02/21/05

Valuation Statement as of December 31, 2004

FIRST BUY SHARES COST PRICE PER TOTAL PERCENT TOTAL COMPOUND

OR VALUATN OWNED PER TOTAL SHARE VALUE OF RETURN ANN. RET.

SECURITY TS DRP DATE THIS DATE SHARE COST THIS DATE THIS DATE TOTAL SINCE 01/01/04

=============================================================================================================

Cardinal Health CAH 01/01/04 15.000 58.2407 873.61 58.1500 872.25 8.0% -4.73% -4.73%

Coca-Cola KO 01/01/04 19.000 46.2784 879.29 41.6400 791.16 7.2% -18.06% -18.07%

Coor's B-Molsons TAP 01/01/04 20.000 55.1945 1103.89 75.6700 1513.40 13.8% 36.56% 36.59%

Ethan Allen ETH 01/01/04 20.000 36.0600 721.20 40.0200 800.40 7.3% 3.99% 3.99%

General Dynamics GD 01/01/04 5.000 62.1980 310.99 104.6000 523.00 4.8% 17.40% 17.42%

Johnson and John JNJ 01/01/04 20.000 50.3295 1006.59 63.4200 1268.40 11.6% 29.80% 29.82%

Kohl's KSS 01/01/04 10.000 55.2690 552.69 49.1700 491.70 4.5% 9.41% 9.42%

Lowes LOW 01/01/04 15.000 48.5027 727.54 57.5900 863.85 7.9% 5.45% 5.46%

Tribune TRB 01/01/04 30.000 39.0750 1172.25 42.1400 1264.20 11.5% -17.48% -17.49%

Walgreens WAG 07/06/04 25.000 37.0892 927.23 38.3700 959.25 8.8% 3.94% 8.26%

---------- ---------- ------

Total Securities this Date 8275.28 9347.61 85.3% ------ ------

Returns for Securities Shown from First Buy or Valuation Date 3.37% 3.37%

Security Returns from Start or Switchover to this Date 12.65% 12.66%

Cash on Hand - Bank 380.06 380.06 3.5%

Cash on Hand - Broker 1231.44 1231.44 11.2%

Cash on Hand - Suspense 0.00 0.00 0.0%

---------- ---------- ------

Total Cash Accounts this Date 1611.50 1611.50 14.7%

---------- ---------- ------

Total Securities and Cash Accounts This Date 9886.78 10959.11 100.0%

Petty Cash $ 0.00

Total number of Valuation Units to Date 9364.248982

Value of Each Unit This Date $ 1.170

Number of Units Each $ 1.00 will Purchase 0.854

River City Partnership 02/21/05

Members Status Report as of December 31, 2004

PAID IN TOTAL PAID IN UNITS TOTAL COMPOUND

SINCE PAID IN PLUS SINCE UNITS CURRENT PERCENT RETURN ANN RET

NO. NAME 01/01/04 TO DATE EARNINGS 01/01/04 OWNED VALUE OWNRSHP SINCE 01/01/04

=============================================================================================================

1 Hill, Clay & Ja 300.00 1845.00 1545.05 441.210325 1762.643440 2062.85 18.82% 15.11% 15.12%

2 Nichols, Jim & 300.00 1609.00 1370.84 421.281427 1568.156133 1835.23 16.75% 15.27% 15.28%

3 O'Hara, Thomas 300.00 2185.00 1823.86 468.275083 2026.770034 2371.96 21.64% 14.95% 14.96%

4 Schaffer, Bill 300.00 1820.00 1532.41 436.115226 1712.920066 2004.65 18.29% 15.15% 15.16%

5 Schaffer, Conni 300.00 1820.00 1532.41 436.115226 1712.920066 2004.65 18.29% 15.15% 15.16%

6 Schaffer, Patri 625.00 625.00 702.30 580.839243 580.839243 679.76 6.20% 9.85% 22.52%

--------- ---------- ---------- ---------- ----------- ---------- ------- ------ ------

TOTALS 2125.00 9904.00 8506.87 2783.836530 9364.248982 10959.11 100.00% 34.01 6.03

River City Partnership 02/21/05

Cash Journal Listing from January 1, 2004 to December 31, 2004

AMOUNT BALANCE

DATE RECEIPTS EXPENDITURES BANK BROKER SUSPENSE TYPE DESCRIPTION

====================================================================================================

01/01/04 610.00 123.18 0.00 BEGINNING BALANCE

01/15/04 200.00 810.00 123.18 0.00 Payment Payments for 8 members

01/15/04 0.45 810.00 123.63 0.00 Div-Cash Cardinal Health

01/26/04 2.00 810.00 125.63 0.00 Div-Cash Ethan Allen

01/30/04 0.30 810.00 125.93 0.00 Div-Cash Lowes

02/01/04 1190.79 -380.79 125.93 0.00 Withd-Cash Gunderson, Brett & Britn

02/06/04 1.60 -380.79 127.53 0.00 Div-Cash General Dynamics

02/14/04 1488.43 -1869.22 127.53 0.00 Withd-Cash Hipsher, Craig & Erika

02/15/04 170.00 -1699.22 127.53 0.00 Payment Payments for 7 members

02/15/04 -1699.22 127.53 0.00 Withd-Cash Hipsher, Craig & Erika

02/24/04 780.00 -1699.22 907.53 0.00 Trsfr To #2019 transfer from ComF

02/24/04 780.00 -2479.22 907.53 0.00 Trsfr From #2019 transfer from ComF

03/09/04 2.40 -2479.22 909.93 0.00 Div-Cash Johnson and Johnson

03/11/04 3.60 -2479.22 913.53 0.00 Div-Cash Tribune

03/15/04 125.00 -2354.22 913.53 0.00 Payment Payments for 5 members

03/15/04 4.10 -2354.22 917.63 0.00 Div-Cash Coor's B

03/24/04 506.39 -2354.22 411.24 0.00 Buy Johnson and Johnson

03/24/04 270.44 -2354.22 140.80 0.00 Buy Lowes

04/01/04 10.00 -2354.22 150.80 0.00 Div-Cash Coca-Cola

04/15/04 125.00 -2229.22 150.80 0.00 Payment Payments for 5 members

04/15/04 0.45 -2229.22 151.25 0.00 Div-Cash Cardinal Health

04/26/04 2.00 -2229.22 153.25 0.00 Div-Cash Ethan Allen

04/30/04 0.01 -2229.22 153.26 0.00 Div-Cash Lowes

05/01/04 0.45 -2229.22 153.71 0.00 Div-Cash Lowes

05/07/04 1.80 -2229.22 155.51 0.00 Div-Cash General Dynamics

05/17/04 125.00 -2104.22 155.51 0.00 Payment Payments for 5 members

05/27/04 60.00 -2104.22 215.51 0.00 Div-Cash Ethan Allen

06/08/04 5.70 -2104.22 221.21 0.00 Div-Cash Johnson and Johnson

06/10/04 3.60 -2104.22 224.81 0.00 Div-Cash Tribune

06/15/04 4.10 -2104.22 228.91 0.00 Div-Cash Coor's B

06/16/04 125.00 -1979.22 228.91 0.00 Payment Payments for 5 members

06/28/04 500.00 -1979.22 728.91 0.00 Trsfr To

06/28/04 500.00 -2479.22 728.91 0.00 Trsfr From

07/01/04 10.00 -2479.22 738.91 0.00 Div-Cash Coca-Cola

07/06/04 546.04 -2479.22 192.87 0.00 Buy Walgreens

07/15/04 625.00 -1854.22 192.87 0.00 Payment Payments for 6 members

07/15/04 0.45 -1854.22 193.32 0.00 Div-Cash Cardinal Health

07/23/04 933.98 -1854.22 1127.30 0.00 Sell Coca-Cola

07/26/04 2.00 -1854.22 1129.30 0.00 Div-Cash Ethan Allen

07/27/04 800.00 -1854.22 1929.30 0.00 Trsfr To transfer from bank to br

07/27/04 800.00 -2654.22 1929.30 0.00 Trsfr From transfer from bank to br

07/28/04 381.19 -2654.22 1548.11 0.00 Buy Walgreens

07/30/04 0.60 -2654.22 1548.71 0.00 Div-Cash Lowes

08/06/04 1.80 -2654.22 1550.51 0.00 Div-Cash General Dynamics

08/16/04 150.00 -2504.22 1550.51 0.00 Payment Payments for 6 members

09/07/04 5.70 -2504.22 1556.21 0.00 Div-Cash Johnson and Johnson

09/09/04 3.60 -2504.22 1559.81 0.00 Div-Cash Tribune

09/13/04 1.31 -2504.22 1561.12 0.00 Div-Cash Walgreens

09/14/04 150.00 -2354.22 1561.12 0.00 Payment Payments for 6 members

09/14/04 146.44 -2500.66 1561.12 0.00 Withd-Cash White, Carol

09/14/04 144.28 -2644.94 1561.12 0.00 Withd-Cash Roberts, Stuart

09/15/04 -2644.94 1561.12 0.00 Withd-Cash Roberts, Stuart

09/15/04 -2644.94 1561.12 0.00 Withd-Cash White, Carol

09/15/04 4.10 -2644.94 1565.22 0.00 Div-Cash Coor's B

09/23/04 1500.00 -1144.94 1565.22 0.00 Trsfr To Transfer to cover Hipshe

09/23/04 1500.00 -1144.94 65.22 0.00 Trsfr From Transfer to cover Hipshe

10/01/04 4.75 -1144.94 69.97 0.00 Div-Cash Coca-Cola

10/15/04 150.00 -994.94 69.97 0.00 Payment Payments for 6 members

10/15/04 0.45 -994.94 70.42 0.00 Div-Cash Cardinal Health

10/25/04 3.00 -994.94 73.42 0.00 Div-Cash Ethan Allen

10/29/04 0.60 -994.94 74.02 0.00 Div-Cash Lowes

11/12/04 1.80 -994.94 75.82 0.00 Div-Cash General Dynamics

11/15/04 150.00 -844.94 75.82 0.00 Payment Payments for 6 members

12/07/04 5.70 -844.94 81.52 0.00 Div-Cash Johnson and Johnson

12/08/04 3.60 -844.94 85.12 0.00 Div-Cash Tribune

12/13/04 1.31 -844.94 86.43 0.00 Div-Cash Walgreens

12/15/04 150.00 -694.94 86.43 0.00 Payment Payments for 6 members

12/15/04 4.75 -694.94 91.18 0.00 Div-Cash Coca-Cola

12/15/04 4.10 -694.94 95.28 0.00 Div-Cash Coor's B

12/15/04 1168.18 -694.94 1263.46 0.00 Sell Starbuck's Cofee

12/16/04 1167.98 -694.94 2431.44 0.00 Sell Starbuck's Cofee

12/20/04 1200.00 505.06 2431.44 0.00 Trsfr To

12/20/04 1200.00 505.06 1231.44 0.00 Trsfr From

12/21/04 125.00 380.06 1231.44 0.00 Expense #2026 Conniue Schaffer –

River City Partnership 02/21/05

Complete Journal/Ledger Listing from January 1, 2004 to December 31, 2004

PAID IN DIVIDENDS MISCELLANEOUS GAIN UNREALIZED

DATE TYPE DESCRIPTION CASH INVESTMENTS BY MEMBERS RECEIVED RECEIVED ON SALES GAINS

DR DR CR CR CR CR CR

===================================================================================================================

01/01/04 Beginning Balances 733.18 8,630.25 7,258.32 0.00 0.00 0.00 2,105.11

01/15/04 Payment 8 member payments 200.00 200.00

01/15/04 Div-Cash Cardinal Health 0.45 0.45

01/26/04 Div-Cash Ethan Allen 2.00 2.00

01/30/04 Div-Cash Lowes 0.30 0.30

02/01/04 Withd-Cash Gunderson, Brett & (1,190.79) (904.98) (285.81)

02/06/04 Div-Cash General Dynamics 1.60 1.60

02/13/04 Earnings Distribution 4.04 (4.35) 0.31

02/14/04 Withd-Cash Hipsher, Craig & Er(1,488.43) (1,104.71) (383.72)

02/15/04 Payment 7 member payments 170.00 170.00

03/09/04 Div-Cash Johnson and Johnson 2.40 2.40

03/11/04 Div-Cash Tribune 3.60 3.60

03/15/04 Payment 5 member payments 125.00 125.00

03/15/04 Div-Cash Coor's B-Molsons 4.10 4.10

03/24/04 Buy Johnson and Johnson (506.39) 495.40 (10.99)

03/24/04 Buy Lowes (270.44) 259.45 (10.99)

04/01/04 Div-Cash Coca-Cola 10.00 10.00

04/15/04 Payment 5 member payments 125.00 125.00

04/15/04 Div-Cash Cardinal Health 0.45 0.45

04/26/04 Div-Cash Ethan Allen 2.00 2.00

04/30/04 Div-Cash Lowes 0.01 0.01

05/01/04 Div-Cash Lowes 0.45 0.45

05/07/04 Div-Cash General Dynamics 1.80 1.80

05/17/04 Payment 5 member payments 125.00 125.00

05/27/04 Div-Cash Ethan Allen 60.00 60.00

06/08/04 Div-Cash Johnson and Johnson 5.70 5.70

06/10/04 Div-Cash Tribune 3.60 3.60

06/15/04 Div-Cash Coor's B-Molsons 4.10 4.10

06/16/04 Payment 5 member payments 125.00 125.00

07/01/04 Div-Cash Coca-Cola 10.00 10.00

07/06/04 Buy Walgreens (546.04) 546.04

07/15/04 Payment 6 member payments 625.00 625.00

07/15/04 Div-Cash Cardinal Health 0.45 0.45

07/23/04 Sell Coca-Cola 933.98 (1,093.45) (159.47)

07/26/04 Div-Cash Ethan Allen 2.00 2.00

07/28/04 Buy Walgreens (381.19) 381.19

07/30/04 Div-Cash Lowes 0.60 0.60

08/06/04 Div-Cash General Dynamics 1.80 1.80

08/16/04 Payment 6 member payments 150.00 150.00

09/07/04 Div-Cash Johnson and Johnson 5.70 5.70

09/09/04 Div-Cash Tribune 3.60 3.60

09/13/04 Div-Cash Walgreens 1.31 1.31

09/14/04 Payment 6 member payments 150.00 150.00

09/14/04 Withd-Cash White, Carol (146.44) (155.22) 8.78

09/14/04 Withd-Cash Roberts, Stuart (144.28) (158.64) 14.36

09/15/04 Div-Cash Coor's B-Molsons 4.10 4.10

10/01/04 Div-Cash Coca-Cola 4.75 4.75

10/15/04 Payment 6 member payments 150.00 150.00

10/15/04 Div-Cash Cardinal Health 0.45 0.45

10/25/04 Div-Cash Ethan Allen 3.00 3.00

10/29/04 Div-Cash Lowes 0.60 0.60

11/12/04 Div-Cash General Dynamics 1.80 1.80

11/15/04 Payment 6 member payments 150.00 150.00

12/07/04 Div-Cash Johnson and Johnson 5.70 5.70

12/08/04 Div-Cash Tribune 3.60 3.60

12/13/04 Div-Cash Walgreens 1.31 1.31

12/15/04 Payment 6 member payments 150.00 150.00

12/15/04 Div-Cash Coca-Cola 4.75 4.75

12/15/04 Div-Cash Coor's B-Molsons 4.10 4.10

12/15/04 Sell Starbuck's Cofee 1,168.18 (465.80) 702.38

12/16/04 Sell Starbuck's Cofee 1,167.98 (477.80) 690.18

12/21/04 Expense #2026 Conniue Schaf (125.00) (125.00)

12/31/04 Earnings Distribution 1,246.27 (157.83) 146.98 (1,233.09) (2.33)

12/31/04 Totals 1,611.50 8,275.28 8,430.08 0.00 0.00 0.00 1,456.70