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Mid—Continent Resources <br /> July 14, 1986 <br /> Page — 3 — <br /> REVISED MARKET DATA APPROACH (7/14/86) <br /> The market data approach as before has very limited usefulness because of <br /> the Pack of highly comparable sales. <br /> A calculation was made employing the gross rent multiple. The revised gross <br /> rent estimate was extended against the gross rent multiple of 7.0 as in the <br /> original report. To this amount was added the excess land contribution of 4.5 <br /> acres. <br /> It should be noted that the writer observed additional use by Mid—Continent <br /> Resources of the excess land. However, for consistency with the original <br /> report the methodology employed remains the same. <br /> REVISED MARKET DATA APPROACH SUMMARY (7/14/86) <br /> Gross Rent Estimate $271 ,990 x 7.0 GRM =$1 ,903,930 <br /> Surplus Land Contribution 196,020 SF x $2.00 Psf = $392,040 <br /> Market Approach Estimate $2,295,970 <br /> ApplegaW & Co_ Real Estate Appraisers <br />