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V17a_�rers <br />C� IIIiN <br />REAL ESTATE APPRAISAL <br />• <br />RUNNING IRON RANCH <br />2980 E. HIGHWAY 160 <br />PAGOSA SPRINGS, CO 81147 <br />PREPARED FOR <br />Mr. Evan D. Ela, Attorney <br />Collins Cockerel & Cole <br />Attorneys for San Juan Water Conservancy District <br />Mr. Fred Schmidt, Representative <br />3900 Union Boulevard, Suite 400 <br />Denver, CO 80228 -1556 <br />• <br />Date of Value <br />August 15, 2007 <br />• <br />Date of Report <br />August 22, 2007 <br />By <br />WALTERS & MULLINS, INC. <br />Timothy L. Walters, MAI <br />918 Fourth Street <br />Alamosa, Colorado 81101 <br />