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Walters & Mullins, Inc. <br />Real Estate Appraisers • Consultants <br />918 FOURTH STREET, ALAMOSA, COLORADO 81101 <br />(719) 589 -5146 • FAX (719) 589 -0380 <br />Timothy L. Walters, MAI, SRA Monte G. Mullins, SRA <br />August 22, 2007 <br />Mr. Evan D. Ela <br />Collins Cockrel & Cole <br />Attorney for San Juan Water Conservancy District <br />Mr. Fred Schmidt, Representative <br />390 Union Boulevard <br />Denver, CO 80228 -1556 <br />RE: Estimate of Market Value <br />Running Iron Ranch, Cathy & Don Weber <br />Pagosa Springs, CO 81147 <br />Dear Mr. Ela: <br />As requested, I have made a physical inspection and analysis of the above - captioned <br />property. The purpose of this analysis has been to provide a supportable estimate of <br />market value on an "as is" basis. Property rights appraised are fee simple. Physical <br />and legal descriptions of the subject are contained in the body of this report. <br />I certify that I have personally inspected the property and assembled all of the data in <br />support of this estimate of value. I further certify that I have no present or <br />contemplated future interest in this property beyond this estimate of value, and that <br />this appraisal report has been made in conformity with the recommended and <br />professional standards of the Appraisal Foundation. it is the intention of this report to <br />be in compliance with federal regulations. <br />It is my opinion that the market value of the subject property, subject to the contingent <br />and limiting conditions contained herein, as of August 15, 2007 is: <br />TEN MILLION FIVE HUNDRED TWENTY -FIVE THOUSAND DOLLARS <br />($10,525,000) <br />Respectfully submitted, <br />Walters and Mullins, a Corporation <br />Timothy L. Walters, MAI <br />President <br />CO Cert. Genl. Appraiser #CG01313177 <br />