Sun River Ranch

SUN RIVER RANCH

Located in Lewis & Clark and Teton Counties Augusta, Montana

Offered Exclusively by TABLE OF CONTENTS

INTRODUCTION �� 1 LOCATION & ACCESS ��2 PHYSICAL DESCRIPTION ��4 ELEVATION, CLIMATE & PRECIPITATION ��6 CONSERVATION EASEMENT ��6 MINERAL RIGHTS ��6 WATER RIGHTS ��7 IMPROVEMENTS ��8-21 FISHING & HUNTING ��22 AREA HISTORY ��23 AREA RECREATION ��24 UTILITIES & SERVICES ��25 REAL ESTATE TAXES ��25 FENCES & BOUNDARY LINES ��25 SUMMARY STATEMENT ��26 OFFERING PRICE & CONDITIONS OF SALE �� 27 STATE OF MONTANA MAP ��29

INTRODUCTION

The Sun River Ranch, adjacent to Montana’s majestic Rocky Mountain Front – one of the most stunning geological thrust-belt formations in North America, contains approximately 3,050± total acres straddling the Sun River. The Ranch is set in the dramatic intersection between the striking Rocky Mountains to the west and the vast grassy prairies to the east. The tranquility and privacy of the surreal setting represent an attractive opportunity to own a remarkable “turn-key” fly-fishing and equestrian property on renowned trout water. The Ranchis conveniently located about 17 miles west of Augusta and a comfortable 1¼-hour drive from the commercial and private airport services in Great Falls. The architecturally-designed main compound is a tasteful combination of log and stone sited above the Sun River providing commanding vistas of the River and The Front’s Sawtooth Ridge and Castle Reef. It is easy to appreciate the thought and effort put into the placement and design of each structure on the Ranch. Too often the process of placing improvements in an inimitable landscape is hastily done. The owner of the Sun River Ranch spent nearly a year carefully evaluating and assessing locations for views, weather and sunshine. Built in 2002, attention to every detail is evident in this masterfully-crafted and architecturally-correct home. The state-of-the-art technology, supreme quality and unsurpassed style that is boasted throughout the home make the Sun River Ranch the ultimate Montana retreat. Complementing the home is a carefully designed five-stall equestrian barn, complete with attendant’s quarters, tack room, wash bayand grooming station. The private helipad and hangar located near the compound provides for ease of travel for those who take advantage of personal air travel. The Ranch must be personally experienced to appreciate the extraordinary care and detail that have been put into the design, construction and final finish. The Sun River courses through the Ranch for over three miles and is a tributary of the Missouri River – a relatively unknown tail-water fishery created by Gibson Dam. The deep holes, frequent riffles, runs and glides of this scenic section of the Sun offer boundless fishing. The riparian corridor along the Sun River is graced by large stands of cottonwood trees, aspens and willows. A five-acre stocked pond has been meticulously enhanced to create an ideal environment for prolific rainbows. Devoted anglers will also appreciate that the famed tail-water stretch of the Missouri River below Holter Dam is a comfortable hour’s drive from the Ranch. The wildlife on the Ranch is abundant and is further enhanced by the adjoining 19,000-acre Sun River Game Range and immediate access to the Bob Marshall and Scapegoat Wilderness areas. The recreational opportunities that the Ranch offers to the next fortunate owner are unique and abundant. Individuals desirous of escaping to the cool summer evenings and temperate summer days to enjoy horseback riding, fishing and hunting in a premier location will appreciate the opportunity the Sun River Ranch provides. The Seller owns an additional 1,341± deeded acres located southeast of the Sun River Ranch. This additional acreage can be purchased in conjunction with the Sun River Ranch and would provide a nice irrigated base and additional pasture if a new owner was desirous of expanding the agricultural component of the Sun River Ranch. Additional details of this parcel are described in the Physical Description section of this Offering Brochure, or feel free to contact our Bozeman office for price, maps, water rights and acreage classification.

— 1 — LOCATION & ACCESS

The Sun River Ranch is located in Lewis & Clark and Teton Counties just a few miles below the Gibson Reservoir and 17 miles west of Augusta on Sun Canyon Road – a well-maintained graveled county road. Choteau is about an hour’s drive northeast of the Ranch, and Great Falls, the third largest city in Montana, is a comfortable 1¼-hour drive from the Ranch. Driving from Great Falls to the Ranch, take Interstate 15 north to State Highway 200 at Vaughn. Follow Highway 200 west to Simms where the highway divides and bear west on State Highway 21; then slightly south on US-287 towards Augusta. Drive west out of Augusta on Fleming Street and northwest on Sun Canyon Road for approximately 13 miles. Located on the Ranch about 100 yards from the main residence is a modern hanger and helicopter pad. The 2,500± square foot steel framed structure which has a pilot’s room and kitchenette is located next to the concrete pad which is equipped with lighting for nighttime approach and landing. GREAT FALLS Known in Montana as the “Electric City,” Great Falls is the commercial and banking hub of north central Montana. With a population of approximately 60,000, Great Falls offers a complete and diverse array of retail, dining, supply and equipment services. The Great Falls Clinic Medical Center also provides quality health care and surgical services. Malmstrom Air Force Base, located just east of Great Falls, is home to the 341st Missile Wing, one of three U.S. Air Force Bases that maintain and operate the Minuteman III intercontinental ballistic missile.

Convenient commercial air service is provided at Great Falls International Airport with good connections offered by Allegiant Air, Delta, Frontier, Alaska and United Airlines. Currently, direct flights are available to Denver, Las Vegas, Minneapolis, Phoenix, Salt Lake City and Seattle. For up-to-date flight schedules and airport information, please refer to the airport website: www.gtfairport.com. Great Falls International Airport also has two fixed based operators (FBO’s) – Holman Aviation (www.holmanaviation.com) and Front Range Aviation, Inc. (www.frontrangeaviationmt.com).

— 2 — LOCAL SERVICES & SURROUNDING AREA Augusta offers limited services which include a gas station, grocery store, post office and several cafés – a classic Montana ranching town. Choteau, the Teton County seat, sits about 40 minutes to the north and provides a larger range of services. A well-maintained public airstrip is situated on the northeast edge of Choteau. Located at an elevation of 3,942’, the 75’ x 5,000′ asphalt runway is in good condition. Communications for this facility are available through Salt Lake City at Frequency 133.4/285.4 (Great Falls RCAG). Families can expect their children to receive a high-quality kindergarten through high school education at Augusta Public Schools. Students attend from the surrounding community to experience the unique environment of the small-sized multi-grade classrooms. The high school is classified as a Class C school (under 160 students) by the Montana High School Association and provides a great learning environment and competitive interscholastic athletic programs. School bus service provides round trip transportation for elementary and high school students in the area. The Augusta community has traditionally been very supportive of the school system and has historically supported school bonds for capital improvements and upgrades.

The local area is comprised of traditional agricultural operations combined with recreational landowners. Situated within minutes of the Ranch are several of the most noted land forms of the Rocky Mountain Front – Castle Reef, Sawtooth Ridge and the stunning Sun River Canyon. This majestic panorama of rugged limestone peaks, sheer walls, towering reefs and deeply-cut canyons provides a viewscape like nothing else in North America. Approximate distances to other area cities and towns from the main home of the Sun River Ranch are as follows: Augusta 17 miles Choteau 47 miles Great Falls 72 miles Helena 92 miles Missoula 153 miles Bozeman 188 miles

— 3 — PHYSICAL DESCRIPTION

The topography of the Sun River Ranch can generally be described as a mountain to prairie setting with strong water influences throughout. The Sun River is a significant geographical attraction as it flows from west to east through the center of theRanch for about 3½ miles, in places creating a deep canyon-like setting. Much of the Ranch contains hills, valleys and dramatic rock outcroppings and formations providing a diverse and awe-inspiring landscape. The Sun River Ranch encompasses approximately 1,589 deeded acres plus an additional 1,460± acres of State and Bureau of Land Management (BLM) lease land.

The deeded land is generally classified as follows: 1,200± Acres of Pasture 389± Acres of Riparian and River Ground 1,589± Total Deeded Acres The leased land is generally classified as the following: State of Montana Lease Land 560± Acres of Native Range and Pasture BLM Lease Land 900± Acres of Native Range and Pasture 1,460± Total Leased Acres It should be noted that an additional 1,341± acres owned by the Seller is available for purchase and is located approximately 8 miles southeast of the Sun River Ranch. The Lower Sun River Ranch is comprised of 158± flood irrigated acres with the balance consisting of strong stands of native grass. The Lower Sun River Ranch provides for additional Sun River frontage as well as a nice irrigated base and pasture expanding the agricultural component of the Sun River Ranch. The Lower Sun River Ranch can be purchased in conjunction with the Sun River Ranch and is being offered at $1,500,000. Please contact our Bozeman office for additional information including water rights and maps. — 4 — — 5 — ELEVATION, CLIMATE & PRECIPITATION

The Ranch sits at an average elevation of approximately 4,400 feet above sea level. Due to the surrounding mountains and the Sun River running through the core of the Ranch, the weather can change rapidly. The average annual precipitation is 14 inches, with the majority of the rainfall occurring in May and June. The average growing season in the area is approximately 93 days with frosts ending in early June and beginning in early September. Average high temperatures in June, July and August range from 72° to 81° Fahrenheit. In December, January and February average low temperatures are between 32° and 41°. Summer average minimum temperatures range from 45° to 51°. Winter average minimum temperatures are typically between 11° and 16°. There is plenty of sunshine throughout the year.

CONSERVATION EASEMENTS

The Sun River Ranch is protected by a conservation easement held with the Montana Land Reliance. A complete copy of the easement is available to interested Buyers by contacting our Bozeman Office.

MINERAL RIGHTS

The Seller will convey with the Ranch 100% of whatever mineral, oil, gas, geo-thermal, hydro-carbon and gravel rights it actually owns, subject to reservations by previous owners. The Seller makes no representation as to the quantity or quality of any mineral or other subsurface rights appurtenant to the Ranch.

— 6 — WATER RIGHTS & WATER RIGHT CLAIMS

DOMESTIC Claim Number Priority Date Source Name Flow Rate 41K 160854 00 1954 Spring, Unnamed Tributary Of Sun River 7.00 GPM 41K 81677 00 1992 Groundwater 10.00 GPM 41K 96445 00 1932 Spring, Unnamed Tributary Of Sun River 30.00 GPM 41K 96446 00 1932 Spring, Unnamed Tributary Of Sun River 7.50 GPM

FISH AND WILDLIFE Claim Number Priority Date Source Name Flow Rate 41K 30016077 2005 Groundwater 35.00 GPM

IRRIGATION Claim Number Priority Date Source Name Flow Rate 41K 160855 00 1932 Waste & Seepage, Unnamed Tributary Of Sun River 136.00 GPM 41K 160856 00 1932 Francis Creek 204.00 GPM 41K 160857 00 1932 Waste & Seepage, Unnamed Tributary Of Sun River 374.00 GPM 41K 96439 00 1932 Buttolph Creek 10.00 GPM 41K 96440 00 1932 Spring, Unnamed Tributary Of Sun River 119.00 GPM

STOCK According to the Department of Natural Resources and Conservation, the Ranch has current filings on numerous stock water rights. A complete list of Stock Water Rights is available upon request through our Bozeman Office. All water rights in Montana are subject to eventual re-adjudication by the Montana Water Court and, as a result of that process, may be changed as to validity, amount, priority date, place of use and other such changes as the Court determines. The Seller has made all of the filings currently required and will transfer the water rights as they currently stand with no warranty of future viability.

— 7 — IMPROVEMENTS

All of the improvements on the Ranch, including interior and perimeter fencing, are very well maintained. They are very functional and appear to reflect no large future deferred maintenance expenses.

— 8 — MAIN RESIDENCE Built in 2002, the main residence on the Ranch is a perfect complement to the site, which is located on a bluff above the Sun River and provides stunning panoramic views of Castle Reef and the Rocky Mountain Front. There is a massive log porte-cochere that enhances the covered front porch that extends the full length of the 7,328± square foot home. The custom front door set in a beautiful river-rock surround sets the stage for the architectural experience inside the home. As you enter the slate-covered foyer, your eye draws past the custom log banisters and chandeliers through the great room to the expansive mountain views captured in the windows that pan the entire room. The great room has wide-plank oak flooring that extends through all of the living areas in the home. The hand-stacked river rock fireplace anchors the great room and features a custom-scribed log mantle. There is a generous hearth on the fireplace that provides a comfortable place to soak up the heat from a roaring fire.

The open kitchen is the center of the home and provides an inviting location for the cooks and guests to gather while soaking in the views of Castle Reef pouring through the windows. The slab counter tops have red highlights, which complement the rustic red barn-wood cabinetry. The commercial-grade appliances will satisfy any level of culinary event and include a full Sub-Zero refrigerator and Viking range with six burners, griddle and double ovens. The pantry is conveniently located in the kitchen and has motion-activated lighting that illuminates a second full Sub-Zero freezer and enough shelving for all of your storage needs. The view of the Front, Castle Reef and the Sun River from the kitchen sink are sure to keep everybody in line for dish washing duties. The dining room features an ingenious roll-up window system that allows for alfresco dining when the conditions allow and storm protection when Mother Nature rolls down the East Slope. There are few locations anywhere that provide the dining splendor and majesty of the Sun River Ranch. — 9 — The master bedroom is located on the main level of the home and features a wall of river rock and a birds-eye perspective looking down the Sun River. Adjoining the master is a space with two day beds that could be converted into an office area with access to the deck that wraps around the home overlooking the river below. The master bathroom features a vintage claw-foot tub, twin blue glass sinks, slate flooring and steam shower with three shower heads, including a rain shower and hand-held unit. Off the master bathroom there is a private river-rock patio with an outdoor shower overlooking the majestic vistas. A custom-made log stairway and railing lead to a private loft area with two twin beds, a hammock nestled in the log beams and a small area utilized for exercise equipment. The laundry room features a stacking Maytag washer and dryer with laundry sink, full cabinets and counter surround. There is an additional bedroom suite on the upper level that has custom log doors and plank-fir siding accents, creating a cozy and welcoming space for guests. The private bathroom is accented with slate flooring and custom river-rock shower. When the alluring draw of the Sun River comes to an end for the day, the lower level of the home has the ultimate gathering space with heavy timber beams and a rustic fir-panel ceiling. The leather furnishings and over-sized chairs surround a beautiful river-rock fireplace. The lower level features a covered stone patio with a river-rock wall that provides comfortable seating and a wader washing station after a day on the river. The river-rock theme extends to the surround on the custom wine-cellar door with a vintage bistro painting. The wine cellar is beautifully finished with cedar racks and maintains a perfect 61 degrees at 31% humidity. There are stocked fly-tying desks and a felt covered poker table to continue the gathering and discussion of the latest water conditions and up-to-date fishing reports. Just in case hydration is required, there is a full wet bar with a Marvel beverage chiller and Scotsman ice maker. The adjoining utility room has an oversized sink, full refrigerator, dishwasher and additional stacking Maytag washer and dryer. — 10 — — 11 — There is a third bedroom suite on the lower level with ensuite bath and a beautiful bunk room that includes six twin bunks that were custom made with reclaimed barnwood. All the lower-level bedrooms have direct access to the patio and the ample windows and high ceilings allow the ever-present mountain and riparian-corridor views to flood the spaces. There is another full bathroom with a tile shower for bunk-room guests. The custom-projection theater is outfitted with top-of-the-line electronic components from Sony, AMX, Boston and Integra and includes a surround speaker system that is sure to satisfy any movie aficionado. The couch, love seat, chair with ottoman and several bean bags provide comfortable seating when the time comes to relax with some popcorn and the latest Hollywood feature. The mechanical room is impeccably laid out and maintained. The entire compound is tied into a substantial back-up generator system which is located in a separate building to ensure the peace and tranquility if back-up power is required. This system has been customized by the Ranch Manager and is operated weekly to ensure serviceability when required. **The tasteful décor of the home compliments the architectural design of the home and many of the Main Residence furnishings and personal property could be purchased via separate Bill of Sale.

— 12 — MANAGER’S HOME

The Manager’s house, built in 2001, is beautifully appointed with thick logs and a large river-rock fireplace that is the central feature of the great room, dining room and kitchen. The 2,468± square foot two-bedroom two-bathroom home includes a master bedroom with private master bath. The open loft area has a home office and additional sleeping quarters. High-quality finishes are evident throughout the home. The architectural design and finish of the Manager’s house exemplifies the consist level of quality applied to the entire compound.

— 13 — EQUESTRIAN BARN

The 3,920± square foot gable-roofed equestrian barn, built in 2001, is impeccably finished with the same green-metal roof and massive-log package that is found on the homes, which creates the cornerstone of this consistent, balanced and stunning compound. The entire barn floor is finished concrete and there are five horse stalls, all of which connect to covered outdoor corrals. The tack room is well laid out and includes built-in cabinetry, benches, rails and a multi-tiered rack for saddles. In addition, there is a work-out room with a multi-station ParaBody machine to keep you in top riding shape all season. A large heated shop completes the lower level of the barn and has three roll-up doors to accommodate easy access for machinery and equipment. The upper portion of the barn includes a generous bunk room that sleeps twelve comfortably with a common sitting area, kitchen and a bathroom with double sinks, showers and toilets. There is an expansive hay loft, suitable for holding ample amounts of hay and straw for livestock, or it could double as an expansive dance floor for the ultimate summer barn party.

— 14 — INDOOR RIDING ARENA The Sun River Ranch has a metal-sided 80' by 200' indoor arena with five roll-up doors that offer excellent access to both ends of the building and the exterior corral system. Portable panels are utilized to create an efficient system for livestock and equestrian uses. The arena is not heated or insulated, but is well lit with an array of flood lights. It is equipped with a heated tack room, full kitchen and modest two-bedroom living quarters are incorporated into the arena. The three above-ground 500-gallon bulk fuel tanks are conveniently located outside the arena for Ranch equipment needs and the gravel surface is sized to accommodate equipment parking and a material stockyard.

— 15 —

HELICOPTER PAD & AVIATION HANGER The Ranch is equipped with a helicopter landing pad and fully-insulated and heated aviation hangar. The concrete landing pad is approximately 60' by 60' and includes built-in aviation lighting. The hangar has folding aviation doors and is sized to accommodate aircraft up to a Bell 525. The hangar includes sleeping quarters with full bathroom and a partial kitchen.

— 18 — HISTORIC GUEST CABIN

There is an original ranch cabin that is nestled into the mature pine trees on a point over the river with the impressive cliff walls of Castle Reef forming the background. This one bedroom, one bathroom cabin has been fully restored with all of the modern conveniences, but retains the historic charm of a log cabin with a covered porch, swinging screen door and welcoming wood-burning fireplace. The hitching rail out front provides the perfect place to tie up your horse, or there is a beautifully manicured gravel path from the main compound should you choose to arrive on a more modern iron horse. This authentic cabin has always been a favorite with guests and it is easy to appreciate the attraction.

— 19 — FISHING CAMP The Fishing Camp on the eastern portion of the Ranch is located in a pristine setting above a magnificent swimming and fishing pool on the Sun River. This off-the-grid rustic camp is the perfect location for an on-ranch excursion and contains three cabins, a covered pavilion and horse corral with tack room. Two of the rustic cabins are outfitted with twin beds and sleeping lofts, while the third is a wash/bath cabin with stored water tanks and composting toilets. The covered pavilion area has dining and barbeque facilities which have been perfectly sited to capture all of the wildlife and activity of the river corridor below. The Camp is complete with log benches surrounding an outdoor fire pit, where you can roast marshmallows and revel in the activities of the day and soak in the majesty of the night sky at the Sun River Ranch.

— 20 — — 21 — FISHING & HUNTING

Controlling approximately 3.5 miles on both sides of the Sun River creates an enticing and exciting tailwater fishing reserve within the Ranch. The continuous riffles, pools and rapids of the river make it challenging for boaters to navigate this stretch, but there will be some traffic that will pass through during the high water periods. Sporty brown and rainbow trout thrive in the deep pools and feed in the riffles, generating good numbers of large fish willing to chase streamers, nymphs and dry flies. In addition to the Sun River, the Ranch has a stocked five-acre pond with healthy and aggressive rainbow trout. When the time comes to venture out for new waters, avid anglers will appreciate the proximity of the Ranch to other premier fisheries like the Missouri and Dearborn Rivers. The two forks of the Sun River originate in the renowned Bob Marshall Wilderness and flow into the Gibson Reservoir, which is formed by Gibson Dam. Gibson Dam is regulated for downstream irrigation needs and typically provides consistent river flows through the Ranch. Diversion Lake is just upstream from the Ranch and is the diversion point for both Pishkun and Willow Creek Reservoirs. Pishkun and Willow Creek Reservoirs, offer the angler opportunities to catch trout, perch, pike, as well as Kokanee salmon. This part of the state is well known to hunters and there are numerous and varied big game and bird hunting opportunities on the Ranch and in the surrounding areas. The upland bird populations in the area include Hungarian partridge, pheasant and sharp-tailed grouse. Modifying some of the Ranch pastures to include grain or food plots, would certainly enhance the upland bird populations and also be a significant draw for waterfowl traveling the Pacific and Central Migratory Fly Zones. The lush riparian habitat along the River and other tributary streams combined with the cover greatly enhances the quality and numbers of wildlife which is apparent through the abundant numbers of whitetail, mule deer and antelope scattered throughout the Ranch. Quality elk hunting is available in the neighboring Sun River Game range and Bob Marshal Wilderness, which are open to hunters with some restrictions. Bighorn sheep are also frequent visitors to the fields and bluffs along the river during the winter months, when the weather conditions typically push them down from their summer habitat in the surrounding Wilderness areas. The portion of the Ranch south of the Sun River is located in hunting District 425 and the northern portion is in hunting District 450. Specific information regarding hunting regulations, resident and non-resident license application and permits is available through the Montana Fish and Game web page at http://fwp.mt.gov/.

— 22 — AREA HISTORY

In the 1860s cattlemen were arriving in this area to take Adjoining The Bob to the east is the Gibson Reservoir. Although advantage of the prairie grasses to feed their herds. Before the the initial conversations about the Gibson Dam began in 1907, disastrous winter of 1886-87, it is said there were more than construction did not start until 1926, in part due to its remote half a million cattle in the immediate vicinity. In 1889 Montana location. Even then the nearest railroad was still 23 miles became a state, and away in Augusta. four years later in May Gibson Dam was the of 1893 the town site of first American dam Augusta was surveyed to be analyzed and and dedicated. It was designed according to named after the first the trial-load method. child born in the town, The trial-load method Augusta Hogan, daughter relies on mathematical of an early rancher, D.J. equations to determine Hogan. stresses and strains acting on a dam. This This small western town method would later be of Augusta is the gateway used in the design of to the immense Bob the Hoover Dam on the Marshall Wilderness and Colorado River. Gibson the adjoining Scapegoat Dam, an imposing, Wilderness. The “Bob” concrete half-moon, was named after Bob standing 199 feet high Marshall – an early with a crest length of forester, conservationist, 960 feet, is able to store and co-founder of The 99,000 acre feet of water Wilderness Society. In in its reservoir! Its base 1941 this region was is approximately 117 feet set aside as the South wide and tapers to 15 Fork, Pentagon, and Sun River Primitive Areas, and in 1964 it feet wide at the top. Construction of the Dam was completed in was designated as wilderness area when Congress passed the 1929, and it was the last of the major irrigation projects in the Wilderness Act. The wilderness area extends for 60 miles along Sun River drainage. the Continental Divide and consists of over one million acres. Although there are no paved roads within the area, there are 1,700 miles of trails that are accessible only by foot travel or horseback – a backpacker’s paradise. — 23 — AREA RECREATION

The outdoor amenities of North Central Montana are abundant a beautiful backdrop of the Rocky Mountain Front. Golfing is and fulfill the prerequisites of any recreation enthusiast. The also available at the Choteau Country Club, and Great Falls has Bob Marshall Wilderness Complex situated just west of the several notable courses including Anaconda Hills, Meadowlark Ranch is comprised of 1,535,352 acres. “The Bob” is the fifth Country Club and the new Eagle Falls Golf Club. largest wilderness area in the United States. Its sustained beauty is due in part to the Wilderness Act of 1964 which prevents any For many decades, travelers have journeyed down the Missouri roads or structures from being created as well as motorized or to see the inspirational rock formations and limestone cliffs. mechanical equipment not Scenic boat tours are available being allowed in the area. The to enjoy the beauty that has Wilderness is accessible by changed little since the days foot or on horseback through of Lewis and Clark. To gain its abundant trail system. additional knowledge of the Hunting, fishing and camping “Corps of Discovery” Expedition are all allowed with the proper and the history of the area, it is permits. Wildlife within the well worth visiting the Lewis area includes grizzly and and Clark Interpretive Center in black bears, moose, elk, deer, Great Falls which offers lecture mountain goats, bighorn sheep, series, films and exhibits. wolverine, wildcats and lynx. Located about an hour from the To the northeast of the Ranch, Ranch west of Choteau, Teton near the town of Fairfield, lies Pass offers both winter and Freezeout Lake. While this summer recreational activities. Wildlife Management Area offers hunting, fishing and wildlife With an annual snowfall of approximately 250 inches, this cozy viewing, it is also the primary staging area for snow geese in their resort offers varying terrain for skiing and snowboarding. In the spring migration from the Gulf States. In early March as many as summer, the amazing views can be enjoyed by hiking and biking 300,000 snow geese and 10,000 tundra swans gather at the Lake the various trails. to rest before continuing to the extreme northwest Arctic Coast Each year on the last Sunday in June, the American Legion PRCA of Canada. Positioned between the Pacific and Central Migratory rodeo takes place in Augusta. For over 75 years, the community Fly Zones, the mountains tend to push migrating birds east thus has hosted the oldest and one of the largest rodeos in Montana, creating tremendous waterfowl hunting opportunities with the which draws the top rodeo athletes from around the nation. This massive migratory populations. annual event featuring a parade, Old-Time Wild Cow Milking and Fairfield also offers golfing at the Harvest Hills Golf Course with rodeo creates an exciting family affair. — 24 — UTILITIES & SERVICES

Electricity is provided by Sun River Electric Cooperative based in Fairfield. Telephone service is provided by Three Rivers Communications. Domestic water for the homes and corrals is provided by a spring. All residences are on individual septic systems. Annual electric costs typically run about $9,000 and propane has historically been approximately $14,700 per year.

REAL ESTATE TAXES

The taxes on the real estate and improvements for 2013 were $14,220.

FENCES & BOUNDARY LINES

The Seller is making known to all Potential Purchasers that there may be variations between the deeded property lines and the location of the existing fence boundary lines on the Sun River Ranch. The Seller makes no warranties with regard to the location of the fence lines in relationship to the deeded property lines, nor does the Seller make any warranties or representations with regard to specific acreage within the fenced property lines. The Seller is selling the Sun River Ranch in an “as is” condition which includes the location of the fences as they now exist. Boundaries shown on any accompanying maps are approximate. The maps are not to scale and are for visual aid only. The accuracy of the maps and information portrayed thereon is not guaranteed nor warranted.

— 25 — SUMMARY STATEMENT

The Sun River Ranch enjoys a premier location along the Rocky Mountain Front – one of Montana’s most desirable locales, and is graced by stunning views and unrivaled recreational opportunities. The privacy and sense of security the Ranch provides are highly coveted to those seeking solitude away from the masses of urban America. The current management of the Ranch does a wonderful job maintaining the quality and condition of the improvements. The absence of deferred maintenance on any of the buildings is readily apparent upon inspection of the Ranch. The native pastures have been leased to a neighboring rancher who runs a small herd of yearling cattle on the Ranch during the late spring/early summer months in order to manage the resource. The equestrian facilities and riding opportunities provided by the Ranch are unparalleled. A new owner can enjoy the vast trail systems of the nearby Scapegoat and Bob Marshall Wilderness Areas directly from the Ranch. The overall simplicity of ownership of the Ranch is also very attractive. The current owner does not live at the Ranch full time; however, the Ranch would lend itself well to either a full-time owner who could utilize the manager’s house as a guest home or continue to run the Ranch with a full-time manager/ caretaker. The ownership model of the Ranch can be kept very simple, allowing one to enjoy all the Sun River Ranch has to offer without the encumbrances of a complex agricultural unit.

**The tasteful décor in the improvements compliments the architectural design of the Ranch and much of the furnishings, personal property and equipment could be purchased via separate Bill of Sale.

— 26 — OFFERING PRICE & CONDITIONS

The Sun River Ranch, as previously described herein, is offered at US $9,250,000 Cash or at Terms acceptable solely at the discretion of the Seller. The conditions of sale are as follows: 1. All offers to purchase or letters of intent must be in writing and accompanied by a wire transfer of 5.0% of the purchase price to the escrow account at Helena Abstract and Title Company; 2. Earnest money deposits will be placed in escrow with Helena Abstract and Title Company, which will then place the funds with local banks at nominal rates of interest accruing to the benefit of the Buyer until Closing; 3. All Prospective Buyers must demonstrate to the satisfaction of the Seller absolute financial capability to purchase the Ranch prior to scheduling an inspection of the Ranch; 4. The Seller will provide and pay for a standard owner’s title insurance policy. Title to the real property will be conveyed by a limited warranty deed; 5. Inventory of personal property will be transferred via a separate Bill of Sale at Closing; 6. All of the water right claims controlled by the Ranch will be transferred to the Buyer at Closing, and all of the mineral rights which the Seller actually owns will be conveyed to the Buyer at Closing; 7. Buyers’ Brokers are welcomed and invited to contact either Michael Swan or Tim Anderson in our Bozeman Office for information regarding Cooperation Policies; 8. Any additional documentation provided to Prospective Buyers and their Agents related to and expanding upon the information contained in this offering brochure will be subject to terms of a Confidentiality Agreement to be signed by the Prospective Buyer and their Agents prior to the delivery of such documentation.

The Seller reserves the right to effect a tax-deferred exchange for other real property in accordance with provisions in Section 1031 of the Internal Revenue Code. The Buyer will not be required to incur any additional expenses nor to step into the chain of title on any property which the Seller may acquire.

This entire Offering is subject to errors, omissions, prior sale, change or withdrawal without notice and approval of purchase by the Seller. Information regarding land classifications, acreages, carrying capacities, crop yields, potential profits, etc is intended only as general guidelines and have been obtained from sources deemed reliable; however, accuracy is not warranted or guaranteed by the Seller or Swan Land Company. Prospective Buyers should verify all information to their sole and complete satisfaction.

— 27 — Listed Exclusively by

Swan Land Company has been authorized by the Seller to act as their Exclusive Real Estate Agent on the sale of the Sun River Ranch.

This Offering is based on information believed to be correct; however, it is subject to errors, omissions, prior sale and change or withdrawal without notice. Information contained herein has been provided by the Seller or obtained from other sources deemed reliable. The Agent does not, however, guarantee accuracy and recommends that any Prospective Buyer conduct an independent investigation.

At closing of a purchase, the Buyer will state in writing that such investigation has occurred and the Buyer is satisfied with the Ranch and its suitability for the Buyer’s intents and purposes.

For more information or to make an appointment to inspect the Ranch please call:

Swan Land Company 1185 North 14th Avenue – Suite One Bozeman, Montana 59715 Office 406.522.7342 Toll Free 866.999.7342 www.swanlandco.com

Mike Swan Tim Anderson Managing Broker/Owner Broker Mobile 406.570.4897 Mobile 406.580.2229 [email protected] [email protected]

A 24-hour notice is requested to make proper arrangements for an inspection of the Sun River Ranch.

— 28 — — 29 —

406.522.7342 www.swanlandco.com 866.999.7342