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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 land 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 />