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Mr. Mike Gibson <br /> December 14, 2006 <br /> Page 7 <br /> foot. This difference is justifiable and reasonable given the more intensive competition for water <br /> rights in the Arkansas River basin due to urban growth on the front range. <br /> Opinion of Value <br /> We believe the value of the Anaconda Ditch water rights offered by Rio Grande Ranches, <br /> Inc. is $2,918 per acre-foot of historical consumptive use Assuming that a change of use by the <br /> Water Court will yield 306 acre-feet of historical consumptive use on an average annual basis, the <br /> total value will be $892,900. <br /> Certification <br /> We certify that: <br /> 1. The statements of fact contained in this letter report are true and correct. <br /> 2. The reported analyses, opinions, and conclusions are limited only by the reported <br /> assumptions, limiting conditions, and legal instructions, and are our personal, unbiased <br /> professional analyses, opinions, and conclusions. <br /> 3. We have no present or prospective interest in the property appraised and no personal <br /> interest or bias with respect to the parties involved. <br /> 4. The compensation received by our firm for the appraisal is not contingent on the analyses, <br /> opinions, or conclusions reached or reported. <br /> 5. No one provided significant professional assistance to us other than our staff and those <br /> identified in the text of this letter report. <br /> Please let us know if we can answer any questions. <br /> Sincerely yours, <br /> HELTON &WILLIAMSEN, P.C. <br /> Thomas A. Williamson <br /> r a •® <br /> Frank C. Healy <br /> TAW/FCH/mlc <br /> Enclosure <br /> C:1S27011121406.TAW <br />