Appraisal Report for ALP 46.27 acres Retro. Value 10/10/02

LOVE 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.
Preparation of this appraisal involved the following procedures:
1. On September 11, 2013, 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; Steve
Murphy, Review Appraiser, Office of Valuation Services, Department of the
Interior; and Russ Howard, General Manager, Animas-La Plata Project.
Russ Howard and Mark Chiarito then inspected the property with me and
described the boundary lines. 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. The
photographs showing the physical condition as of approximately the date of
value are particularly helpful. I reinspected the property on December 6 and
12, 2013 and took additional photographs.
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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