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Mid-Continent Resources <br /> July 15, 1986 <br /> Page - 3 - <br /> REVISED MARKET DATA APPROACH (7/15/86) <br /> The market data approach as before has very limited usefulness because of <br /> the lack of highly comparable sales. <br /> A calculation was made employing the sale price per acre method. The <br /> additional sales and data listing indicated improved industrial like properties <br /> ranged in sales price per acre from $72,600 to $246,840. These properties <br /> had land to building ratios ranging from 1 1 .3 to 59.9 to 1 . The land to building <br /> ratio of subject is 18.7 to 1 . It should be emphasized that the data is not very <br /> similar to subject. <br /> REVISED MARKET DATA APPROACH SUMMARY (7/15/86) <br /> 6. 12 acres X $130,000 4795,600 <br /> Market Approach Estimate $795,600 <br /> Applegate & Co. Real Estate Appraisers <br />