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SUMMARY APPRAISAL REPORT THE PROPERTIES LOCATED AT ALCOVA/PATHFINDER RESERVOIR ALCOVA, WYOMING 82620 BOOK TWO - ANALYSIS Prepared For Mr. Mike Haigler, Road, Bridge and Parks Director Board of County Commissioners Natrona County Date of Appraisal - January 30, 2012 Effective Date - December 1, 2011 Appraised By Edward J. Holthouse, CRS, CCIM Certified General Real Estate Appraiser SUBSECTION “A” APPRAISAL ANALYSIS ON THE ALCOVA CABIN SITES 1-100 ALCOVA RESERVOIR NATRONA COUNTY, WYOMING The following analysis is only part of the “Total Appraisal Report”, referred herein as Appraisal Report No. 6705, which includes both Book One – Basic Data Section plus addenda and Book Two – Parcel Analysis. Except as hereinafter provided, the Client may distribute copies of the “total appraisal report” in its entirety to such third parties as they may select; however, selected portions of this appraisal report shall not be given to third parties without the prior written consent of the signatories of this appraisal report. Holthouse Appraisal Group Analysis – 6705 Page A - 1 Holthouse Appraisal Group The Appraisal Firm of Phone Number - 307-265-7908 Edward J. Holthouse and Associates Fax Number - 307-265-3754 139 West Second Street, Suite 3E E-Mail - [email protected] PO Box 1747 Casper, Wyoming 82602-1747 January 30, 2012 Mr. Mike Haigler, Director Natrona County Road, Bridge and Parks Department 538 SW Wyoming Boulevard Mills, WY 82644 Dear Mr. Haigler: In fulfillment of our agreement, I have performed an appraisal on the real property, land only, known as Alcova Cabin Sites 1-100, Alcova Reservoir, Natrona County, Wyoming, herein referred to as the "subject property". The Appraiser’s opinions and conclusions are contained within this report and are reported in Summary Report format. The intended use of this report is to serve as a guide to my client, The Natrona County Board of Commissioners, Mr. Mike Haigler, Director, Natrona County Road, Bridge and Parks Department, 538 SW Wyoming Boulevard, Mills, Wyoming, (herein referred to as the “Client”) as their interests may be served in their efforts to establish the market value and market rents for the subject properties described in the Alcova and Pathfinder Reservoir Private Use Site Appraisal Plan dated April 12, 1991. The intended users of this appraisal assignment are The Natrona County Commissioners, Mr. Mike Haigler, Director, Natrona County Road, Bridge and Parks Department, and the United States Department of the Interior – Bureau of Reclamation. All other parties that choose to rely on the appraisal report should recognize that the assignment results were not developed or reported in a manner consistent with the needs or uses of parties other than those previously identified as the intended user. A copy of the engagement letter, including the Client’s instructions and guidelines, are located in the Addenda of this report. The appraisal assignment is to establish a supportable and defensible opinion of the subject’s market value (fee simple) and market rents for the subject’s “water front lots” and “non-water front lots”, as defined by the client, “land only excluding all leasehold improvements”, as of the effective date of the appraisal. I certify that I have experience in appraising properties similar to the subject of this report. I further certify that I am currently certified as "Certified General Appraiser" by the State of Wyoming Appraisal Board, whose laws and regulations comply with Title XI of the Federal Financial Institutions Reforms, Recovery, and Enforcement Act of 1989. I, Edward J. Holthouse, CRS, CCIM, hold Certified General Real Estate Appraiser Permit No. 438, issued by the State of Wyoming Certified Real Estate Appraiser Board. Holthouse Appraisal Group Analysis – 6705 Page A - 2 "Market value", as used herein, refers to the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under all conditions outlined in the Definition of Market Value contained in the body of this report. The methods I have used and all pertinent data gathered in my investigation are either included in this report or have been retained in the Appraiser's files. The "Limiting Conditions and Assumptions" applied to this report and the "Appraisers Certification" and "Qualifications" are found in the “Basic Data Section” of this report. The subject property's marketing time and exposure time are estimated to be one year or less based on the current market conditions. The appraisal was made in conformance with the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation. The appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan. Based on my completed appraisal analysis, the contents of which are contained in the ensuing report (two copies with original signatures are enclosed), the fee simple market value and market rents for the subject property “as non-water front lots” and “water front lots”, as of the effective date of this report, are: MARKET VALUE OF LAND – WATER FRONT LOTS NINETY FIVE THOUSAND DOLLARS $95,000 MARKET RENTS FOR THE LAND ONLY – WATER FRONT THREE THOUSAND TWO HUNDRED FIFTY DOLLARS $3,250 MARKET VALUE OF LAND – NON WATER FRONT LOTS SIXTY THOUSAND DOLLARS $60,000 MARKET RENTS FOR THE LAND ONLY – NON - WATER FRONT TWO THOUSAND FIFTY DOLLARS $2,050 Holthouse Appraisal Group Analysis – 6705 Page A - 3 EXTRAORDINARY ASSUMPTION: The Appraiser had previously obtained from the Natrona County Road and Bridge Department through an appraisal done by Irle R. Briggs dated July 9, 1991, information indicating that the 100 cabin site lots range in size between 0.37 acres to 2.1 acres with an overall average lot size of 0.64 acres or 27,878 sq. ft. This information, however, cannot be independently verified as the plat map recorded at the Natrona County Deed of Records lacks information adequate for a credible analysis. Therefore, the value opinion and other conclusions expressed in this report are subject to the extraordinary assumption that the average lot size is 27,878 sq. ft., subject to a survey. The client and intended users of this appraisal are cautioned that if this extraordinary assumption is incorrect, the value opinion and other conclusions expressed in this report could be significantly different. HYPOTHETICAL CONDITION NO. 1: The instructions of the Client are to appraise the value of the subject’s “lake front – water front” lots and “lake-view – non-water front” lots as if they were all equal in overall utility including lake access, location, size, topography and availability of services as it relates to the classification of the individual lot, which they are not. Therefore, the value opinion and other conclusions expressed in this report are subject to the hypothetical condition that all “lake-front – water front” lots are equal to each other in location, lake access, lot size, topography and availability of services and that all “lake-view – non-water front” lots are also equal to each other in location, lake access, lot size, topography and availability of services. The Client and intended users of this appraisal are cautioned that if this hypothetical condition is incorrect, the value opinion and other conclusions expressed in this report could be significantly different. HYPOTHETICAL CONDITION NO. 2: At the time of inspection the subject sites were improved with 100 various recreational cabins and various support buildings and improvements. The client has requested an appraised value of the land only excluding all tenant owned improvements but including off-site improvements or any other improvements installed or owned by the United States Government or any other entity. Off-site improvements considered are hydroelectric dams, beaches, lakeways, roadways, electrical service and transmission lines, docks, outdoor restrooms or any other improvement that is not considered a traditional tenant improvement. Therefore, the value opinion and other conclusions expressed in this report are subject to the hypothetical condition that the site is currently vacant with no tenant improvements. The Client and intended users of this appraisal are cautioned that if this hypothetical condition is incorrect, the value opinion and other conclusions expressed in this report could be significantly different. Respectfully submitted, _____________________________________ Edward J. Holthouse, CRS, CCIM Certified General Appraiser Permit No. 438 Holthouse Appraisal Group Analysis – 6705 Page A - 4 SUMMARY OF SALIENT FACTS AND CONCLUSIONS Identification of the Subject Property: Alcova Cabin Sites Lots 1-100, Alcova Reservoir, Natrona County, Wyoming. Legal Description: Lots 1-100, Alcova Cabin Sites, Alcova Reservoir, Natrona County, Wyoming. Purpose of the Appraisal: To arrive at a supportable and defensible opinion of value (fee simple) and market rents for the subject sites, as of the effective date of the appraisal. These sites are to be valued as “water front lots” and “non-water front lots”, as defined under the clients scope of work stated in the Basic Data Section of this report. Site Size: 100 cabin site lots ranging between 0.37 acres to 2.1 acres with an overall average lot

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