Lake Oswego Corporation

January 19, 2006

Dear Shareholders:

City of Lake Oswego Sewer Overflows

The City of Lake Oswego has experienced several instances of sanitary sewer overflows during periods of heavy rain. The discharge from these overflows may eventually drain into the lake. Under the Clean Water Act, the City has the responsibility to notify the public of these events and take necessary actions to prevent them in the future. If you want to report an overflow occurrence or get information on overflow events, please contact Joel Komarek (503.697.6588) at the City of Lake Oswego.