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<br />I <br />r- <br />r <br />r' <br />r- <br />r- <br />[ <br />[: <br /> <br />I' <br /> <br />...J <br /> <br />~1 <br /> <br />; <br />-l <br /> <br />., <br /> <br />J <br /> <br />;.J <br /> <br />1 <br /> <br />J <br /> <br />May 30, 2003 <br />Ms. Sharon Burnham <br />Page 2 <br /> <br />Based on our research and analysis, and subject to the Limiting Conditions and Assumptions <br />included in this report, it is our opinion that the market value of the proposed conservation <br />easement for the subject property, as of the date of inspection, May 21, 2003 is as follows: <br /> <br />Value of Conservation Easement: $25,OOO/Ac. <br /> <br />Value of Conservation Easement per 20 Acre home site $ 500,000 <br /> <br />Subject's 77 Acre Conservation Easement $2,000,000 <br /> <br />The research and analysis upon which the above value conclusion is based are contained in the <br />attached appraisal report. The enclosed Limiting Conditions and Assumptions are a vital part of <br />the report. This report has been prepared in compliance with the Uniform Standards of <br />Professional Appraisal Practice (USPAP), particularly the revised reporting requirements set forth <br />under Standards Rule 2-2, the Financial Institutions Reform, Recovery. And Enforcement Act <br />(FIRREA), as revised in the Federal Register, Volume 59, Number 108, June 7, 1994, the <br />Appraisal Standards Board Statement on Appraisal Standards No.7, effective July 1, 1994, and <br />the instructions provided by the client, South Livermore Valley Agricultural Land Trust. <br /> <br />We are pleased to have had this opportunity to be of service. Please contact us if there are any <br />questions regarding this appraisal. <br /> <br />Sincerely, <br /> <br /> <br /> <br />ning <br />Certified G eral Real Estate Appraiser <br />State of California #AG007252 <br />