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IMai i File No.11-22061 Paoe#91
<br /> Certifications& Definitions File No.: 11-2206
<br /> Property Address: 39327 Harbour Rd City:Avondale State:CO Zip Code:81022
<br /> Client: Two Rivers Water Company Address: 2000 S Colorado Blvd,Annex Bldg Suite 200,Denver,CO 80222
<br /> Appraiser: John M.Andersen Address: Andersen Appraisals,40 S Villa Del Sol Ct,Pueblo West,CO 81007
<br /> APPRAISERS CERTIFICATION
<br /> I certify that,to the best of my knowledge and belief:
<br /> —The statements of fact contained in this report are true and correct.
<br /> —The credibility of this report,for the stated use by the stated user(s),of the reported analyses,opinions,and conclusions are limited only by
<br /> the reported assumptions and limiting conditions,and are my personal,impartial,and unbiased professional analyses,opinions,and conclusions.
<br /> —I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties
<br /> involved.
<br /> —I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.
<br /> —My engagement in this assignment was not contingent upon developing or reporting predetermined results.
<br /> —My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction
<br /> in value that favors the cause of the client,the amount of the value opinion,the attainment of a stipulated result,or the occurrence of a
<br /> subsequent event directly related to the intended use of this appraisal.
<br /> —My analyses,opinions,and conclusions were developed,and this report has been prepared,in conformity with the Uniform Standards of
<br /> Professional Appraisal Practice that were in effect at the time this report was prepared.
<br /> —I did not base,either partially or completely,my analysis and/or the opinion of value in the appraisal report on the race,color,religion,
<br /> sex,handicap,familial status,or national origin of either the prospective owners or occupants of the subject property,or of the present
<br /> owners or occupants of the properties in the vicinity of the subject property.
<br /> —Unless otherwise indicated,I have made a personal inspection of the property that is the subject of this report.
<br /> —Unless otherwise indicated,no one provided significant real property appraisal assistance to the person(s)signing this certification.
<br /> —I have not provided any services,as an appraiser or in any other capacity,with respect to the subject property of this appraisal report within the
<br /> previous 36 months immediately preceding the acceptance of this appraisal assignment.
<br /> DEFINITION OF MARKET VALUE*:
<br /> Market value means the most probable price which a property should bring in a competitive and open market under all conditions requisite
<br /> to a fair sale,the buyer and seller each acting prudently and knowledgeably,and assuming the price is not affected by undue stimulus.
<br /> Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions
<br /> whereby:
<br /> 1.Buyer and seller are typically motivated;
<br /> 2.Both parties are well informed or well advised and acting in what they consider their own best interests;
<br /> 3.A reasonable time is allowed for exposure in the open market;
<br /> 4.Payment is made in terms of cash in U.S.dollars or in terms of financial arrangements comparable thereto;and
<br /> 5.The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions
<br /> granted by anyone associated with the sale.
<br /> *This definition is from regulations published by federal regulatory agencies pursuant to Title XI of the Financial Institutions
<br /> Reform,Recovery,and Enforcement Act(FIRREA)of 1989 between July 5,1990,and August 24,1990,by the Federal Reserve System
<br /> (FRS),National Credit Union Administration(NCUA),Federal Deposit Insurance Corporation(FDIC),the Office of Thrift Supervision(OTS),
<br /> and the Office of Comptroller of the Currency(OCC).This definition is also referenced in regulations jointly published by the OCC,OTS,
<br /> FRS,and FDIC on June 7,1994,and in the Interagency Appraisal and Evaluation Guidelines,dated October 27,1994.
<br /> Client Contact Wayne Harding Client Name: Two Rivers Water Company
<br /> E-Mail: wharding ai 2dverswater.com Address: 2000 S Colorado Blvd,Annex Bldg Suite 200,Denver,CO 80222
<br /> APPRAISER SUPERVISORY APPRAISER(if required)
<br /> or CO-APPRAISER(if applicable)
<br /> re Su ervisory or
<br /> Appraiser a John M.Andersen Co Appraiser Name:
<br /> z Company: Andersen Appraisals Company:
<br /> e? Phone: (719)568-4113 Fax: (719)547-8536 Phone: Fax:
<br /> E-Mail: andappraisals(o)aol.com E-Mail:
<br /> Date Report Signed: 01/05/2012 Date Report Signed:
<br /> License or Certification#: CG40019884 State: CO License or Certification#: State:
<br /> Designation: Certified General Appraiser Designation:
<br /> Expiration Date of License or Certification: 12/31/2014 Expiration Date of License or Certification:
<br /> Inspection of Subject ®Did Inspect ❑Did Not Inspect(Desktop) Inspection of Subject ❑Did Inspect ❑Did Not Inspect
<br /> Date of Inspection: 12/21/2011 Date of Inspection:
<br /> GP AND Copyright®2007 by a la mode,inc.This form may be reproduced unmodified without written permission,however,a is mode,inc.must be acknowledged and credited.
<br /> Form GPLNDAD—'WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE 3/2007
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