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Beautiful
Plains Credit Union established a Member Equity Plan in 1995 to provide members
with an opportunity to share in the earnings of the credit union. Patronage
allocations are determined at the end of each year by the board of directors
based on the earnings of Beautiful Plains Credit Union during the past year
and then distributed to the members based on the amount of qualifying business
done with the credit union. Since the Member Equity Plan started in 1995, more
than $1,500,000 has been distributed to our members. Our 2003 patronage allocation
was set at $140,000 and distributed to members in April 2004 in the form of
surplus shares.
| Patronage Samples: |
| Member A |
| Residential mortgage average balance during the year |
$50,000 |
| Average Interest rate during the year |
6% |
| Interest paid during the year |
$3,000 |
| Patronage received estimated at 6.8% |
$204.00 |
|
| Member B |
| Farm loans average balance during the year |
$175,000 |
| Average Interest rate during the year |
6% |
| Interest paid during the year |
$10,500 |
| Patronage received estimated at 6.8% |
$714.00 |
|
| Member C |
| GIC/Term Deposit average balance during the year |
$55,000 |
| Average Interest rate during the year |
4.5% |
| Interest received during the year |
$2,475 |
| RRSP average balance during the year |
$72,000 |
| Average Interest rate during the year |
4.5% |
| Interest received during the year |
$3,240 |
| Patronage received estimated at 6.8% |
$388.62 |
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