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Applegate & Co. REAL ESTATE APPRAISERS <br /> 1112 Grand Avenue, Suite One <br /> P.O. Box 1417 <br /> Glenwood Springs, Colorado 81602 <br /> E.H. (Ted) Applegate III (303)945-8114 <br /> July 15, 1986 <br /> Mr. Robert Delaney <br /> Executive Vice President and General Council <br /> Mid-Continent Resources <br /> P.O. Drawer 790 <br /> Glenwood Springs, Colorado 81602 <br /> RE: Revised Real Estate Appraisal <br /> Mid-Continent Industrial Property <br /> Carbondale, Colorado <br /> File No. 88073486-42 <br /> Dear Mr. Delaney: <br /> On May 18, 1984, 1 prepared a narrative appraisal report relating to the <br /> captioned property. My conclusion of market value as developed by three <br /> approaches to value, was $800,000, of which $525,000 was allocated to land. <br /> Mr. George Wear has requested that I revise the original appraisal to reflect <br /> changes in the property and in the property value that have occurred since <br /> May 18, 1984. The purpose of this letter is to revise the original appraisal to <br /> indicate changes if any. <br /> The descriptive material included in the original study has not been repeated <br /> in this summary letter. However, this letter should be considered as a part <br /> of and an amendment to the earlier report. <br /> In preparing this amendment report, I have reviewed my file from the first <br /> appraisal. I have also taken into consideration additional cost, income and <br /> market data. I made a re-inspection of the subject property. <br /> My inspection revealed no significant changes in the property. <br />