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<br />. <br /> <br />Office: (970) 522 - 2267 <br />Res: (970) 334 - 2431 <br /> <br />NIENHUSER APPRAISAL SERVICES <br />107 South Third Box 1368 <br />Sterling, Colorado 80751 <br /> <br />March 17, 2003 <br /> <br />J an Illian - Contract Manager <br />Colorado Water Conservation Board <br />1580 Logan Street, Suite #750 <br />Denver, Colorado 80203 <br /> <br />. <br /> <br />Dear Ms. Illian: <br />As per a request by Alan Stromberger, I have prepared an appraisal report on the <br />two operating Sprinkler Irrigated Units under the ownership of Stromberger Land and <br />Cattle Co - LLC. The Market Value is for the fee simple interest in the subject property. <br />The accompanying report contains a total of 19 pages plus the exhibits and <br />addenda. I have made a careful study of the Subject Property and all information <br />contained in this report. I have made an inspection of the subject property on March 12, <br />2003. The effective date of the report is March 12, 2003. The market value conclusion <br />for the subject property is based on the Income Capitalization Approach and the Sales <br />Comparison Approach. All data and all information used in the compilation of this report <br />was gathered by myself from sources considered reliable and is assumed to be correct. <br />My estimate of the market value of the fee simple interest of the subject property, <br />as of the effective date of the appraisal was: <br /> <br />$445,000 <br />FOUR HUNDRED FORTY FIVE THOUSAND DOLLARS <br />CASH <br /> <br />The supporting data, analysis, and conclusions upon which this value estimate is <br />based are contained in the accompanying report. I trust you will find the report complete <br />and to your satisfaction, If you have any questions, feel free to contact me. <br /> <br /> <br />Sincerely, <br /> <br />Gr ry 1. Nienhuser <br />Certified General Appraiser <br />Colorado License #CG01324437 <br />Nebraska License #CG940161 <br /> <br />. <br />