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Mid— Continent Resources <br />May 19, 1988 <br />Page — 8 — <br />The composite depreciation recognizing the additional age together with the <br />effective age correction on the magnetite plant total 45.78 percent, an <br />increase from 31.6 percent in the original report. <br />The operating employees report substantial increase in sales of rock dust to <br />various mines in the area in 1988, as well as substantial increases in overall <br />production. <br />These factors are believed to be a local indication of the more optimistic <br />marketplace discussed in the last paragraph of the area description. This <br />data would suggest that the decline in values, particularity in and that are <br />summarized herein, may likely be a cyclical low. <br />REVISED ESTIMATE OF VALUE <br />(MAY 19, 1988) <br />Land $250,000 <br />Improvements $3,090.000 <br />Total $3,340,000- <br />Applegate & Co. Real Estate Appraisers <br />