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I I I I I I I I I I I I I I I I I I I March 2004, Booth Land and Livestock to Pinneo Feed Lot. There was no value established because of co-ownership of the two companies RIVERSIDE IRRIGATION: I was unable to confirm many sales of Riverside Reservoir and Land Company. However, The Roth estate sold 2 private rights to Dom Ready Mix for $20,000.00 in 2002 and sold an additional two private rights back to Riverside Irrigation and Land Company in 2003 for $20,000.00. All other sales were associated with land sale. One share of Riverside Reservoir and Land Company should deliver 1/4 as much water in acre feet as Jackson Lake. However, Jackson Lake has a superior decree to Riverside which might make Jackson a little more valuable. It is apparent that Jackson Lake Reservoir and Irrigation Company has increased in value since January of2004. The most recent sales have been between $27,500.00 and $30,000.00. I believe that future sales of Jackson will be close to $30,000.00. I estimate the current market value of the Jackson Lake Reservoir and Irrigation Company shares to be $28,500.00. One Private Right of Riverside Reservoir and Land Company is equal to 4 shares. The only sales of Riverside Reservoir and Land Company Private Right that I was able to confirm were the sales in 2002 and 2003 and since all water has increased in value since 2003, I estimate the value of Riverside Reservoir and Land Company Private Right at $25,000.00 or $25,000.00/4 = $6,250.00 per share. 2 shares of Jackson Lake Reservoir and Irrigation Company@ $28,500.00 = 1 share of Riverside Reservoir and Land Company @ $6,250.00 = $57,000.00 $ 6,250.00 Total $63,250.00 SIXTY THREE THOUSAND TWO HUNDRED RFTY DOLLARS $ 63,250.00 I believe 6 months would be a reasonable marketing period for this property if it were to be placed on the open market in a competitive atmosphere. -3- O'NEll. & CO