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~, <br />Memo to Boulay <br />Jumbo Mountain Landsliding <br />page 10 <br />Allegation of Diminution of Value - No Conclusion Possible <br />Appraisals are performed for a variety of purposes, such as market <br />valuation, investment potential, income projection, acquisition of <br />financing, to enumerate only a few. Various appraisals correctly <br />consider very different assumptions. Without complete knowledge of <br />the purposes and methodology of an appraisal, it is difficult to <br />draw any conclusions. Comparing the conclusions of multiple <br />appraisals is even more challenging. In my opinion, the minimal <br />excerpts provided by the Mautz' in support of their claim of <br />devaluation supports no conclusions other than those stated above. <br />However, even these preliminary conclusions might be contradicted <br />by examination of the appraisal reports in their entirety. <br />cc: Susan McCannon <br />Dave Berry <br />Doc: M:\COAL\JAP\TDNREPLY.SUB <br />JP/Jp <br />