14,500 Acres of undeveloped land near Pueblo, Colorado

1. August 19, 2008 CB Richard Ellis Appraisal:
A. Hypothetically as Entitled $92,000,000
B. As Is ($3,000/Acre) $44,500,000

2. Option - Expired December 21, 2009
($2,100/Acre) $30,453,000

3. Current Sales Price ($1,250/Acre) $18,125,000
Terms: Down $9,125,000
Balance $9,000,000
(Payable over 6 years @ 4% interest)

4. Cash Price ($1,050/Acre) $15,225,000