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EXECUTIVE SUMMARY <br />Project Name: Running Iron Ranch <br />Client: Collins Cockrel & Cole, Attorneys <br />For San Juan Water <br />Conservancy District <br />Property Location: Pagosa Springs, Colorado <br />Purpose of the Appraisal: Current Market Value <br />Definition of Market Value: Federal Register <br />Highest and Best Use: Residential /Recreational <br />Subdivision or Estate Property <br />Property Rights Appraised: <br />Date of Value: <br />Gross Land Area: <br />Zoning: <br />Type of Property: <br />Final Estimate of Value: <br />Fee Simple <br />July 31, 2007 <br />673.57 Acres <br />None <br />Ranch Land & River Front <br />Parcel <br />Acreage <br />Value / Acre <br />Total Value <br />Main Ranch <br />653.71 Acs <br />$13,500 <br />$8,825,000 <br />rounded <br />Improvements <br />653.71 Ac <br />$300 <br />$200,000 rounded <br />Gravel Lease <br />n/a <br />n/a <br />$10,000 <br />River Tract <br />19.86 Ac <br />$75,000 <br />$1,489,500 <br />Total <br />673.53 <br />$10,524,585 <br />Rounded <br />$10,525,000 <br />Page 3 <br />