Appraisal Report for ALP Relinquishment Areas 1 & 2

I OVE APPRAISALS, INC.
SCOPE OF THE APPRAISAL
The scope of this appraisal encompasses the necessary research and
analysis to prepare a report in accordance with the intended use. All applicable
approaches to value are used. It is a self-contained report per Uniform Appraisals
Standards for Federal Land Acquisitions.
Preparation of this appraisal involved the following procedures:
1. On August 4, 2015, I participated in a pre-appraisal meeting and conference
call with Kathleen Ozga and Betty Reed, U.S. Bureau of Reclamation; Mark
Chiarito, Resource Management Specialist, U.S. Bureau of Reclamation;
Tim Feehan, Colorado Water Conservation Board and Steve Murphy,
Review Appraiser, Office of Valuation Services, Department of the Interior.
inspected the properties with Mark Chiarito as of the effective date of the
appraisal. Steve Murphy and Tim Feehan provided the Statement of Work
and the exhibits referenced in the Statement of Work. I have read and
analyzed the Statement of Work and exhibits. I also interviewed Russ
Howard, General Manager, Animas La-Plata Project, and Bruce Whitehead,
Animas La Plata Water Conservancy District.
2. Area, city, county and neighborhood data and market trends are based on
information compiled by our office over the last 50 years.
3. A thorough investigation and analysis of the market data has been
conducted. A more exact description of the market investigation is
contained in the valuation portion of this report.
4. The sales comparison approach is the only applicable approach to estimate
the value. The cost approach is not applicable because there are no
improvements. The income approach is not applicable because there are
no similar site rentals.
The scope of this appraisal is only limited by the above statements and the
assumptions and limiting conditions contained in this report. The intent of this
appraisal is to be in conformity with the Code of Professional Ethics and Standards
of Professional Practice of the Appraisal Institute; the Uniform Standards of
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