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<br />Southwestern Portland Cement Company <br />October 7, 1993 <br />Page 2 <br />mineral estate under portions of the Land (the "Reserved <br />Interests") are described in the Title Report in title <br />exceptions 13, 14 and 17, copies of which are attached as <br />Appendix I. Such Reserved Interests are described in greater <br />detail in Exhibit A, and copies of the relevant instruments are <br />attached as Appendix II. <br />In order to ascertain the identity of the parties holding record <br />title to the Reserved Interests, we ordered and reviewed an <br />abstract of title (the "Abstract of Title") prepared by Deister, <br />Ward & Witcher, Inc., bearing identification DWW No. CO-15618, <br />covering the Reserved Interests from the dates of the <br />instruments creating the Reserved Interests to August 8, 1993. <br />C. Owners and Addresses of Reserved Interests. Based upon our <br />review of the Abstract of Title and the Title Report, we have <br />concluded that the apparent owners of the Reserved Interests, as <br />of August 8, 1993 are as follows: <br />Title Exception No. 13. The interests reserved by <br />Virginia Hill (Title Exception No. 13) are now owned of <br />record by T. H. Hammett, J. M. Dickson and The United <br />States National Bank of Denver as Trustees of The Trust <br />For The Hill Foundation, which trust is created by <br />instrument recorded on in Book 995 at page 147 of the <br />real property records of Boulder County, Colorado. <br />Title to such portion of the Reserved Interests was <br />vested in these trustees by Mineral Deed dated <br />March 26, 1956 and recorded in Book 1010 at page 61 of <br />the real property records of Boulder County, Colorado. <br />No address for the trustees or the trust is contained <br />in this recorded deed. <br />Since the date of the recording of the above-described <br />Mineral Deed, there have been no further conveyances of <br />such portion of the Reserved Interests. Based upon our <br />further inquiries, we believe that T. H. Hammett is <br />deceased, J. M. Dickson is no longer serving as Trustee <br />of The Trust, and the current Trustees are John Moran, <br />Jr., Francis Collopy and First Interstate Bank of <br />Denver, N.A., all having an address c/o First <br />Interstate Bank N.A., Trust Department, P.O. Box 5825, <br />Denver, Colorado 80217, Attention: Frank Plunkett. <br />