Appraisal Report for ALP Relinquishment Areas 1 & 2

LOVE APPRAISALS, INC.
12. no one provided significant professional assistance to the person signing this
report.
13. I have performed services as an appraiser regarding the property that is the
subject of this report within the three-year period immediately preceding
acceptance of this assignment. I appraised the entire 46.27 acres including
the Relinquishment Areas.
14. In my opinion, the market value of the perpetual easement interests held by
the United States in terms of cash or financing terms equivalent to cash are:
Relinquishment Easement Area #1 — $444,000
Relinquishment Easement Area #2 — $392,000
Combined Areas, #1 and #2 — $769,000
William B. Love Appraisals, Inc.
Maggie Love, MAI
Colorado Certified General Appraiser
No. C0OOOO1753
Effective Date of Appraisal: March 31, 2016
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