APPRAISAL OF THE LIQUIDATION VALUE Mt. Ashland Ski Area For City of Ashland, Oregon OCTOBER 26 2006 AN ORDERLY LIQUIDATION VALUE APPRAISAL OF THE PROPERTY AT THE MT ASHLAND SKI AREA ASHLAND, OREGON OCTOBER 26, 2006 i 511 W 22nd Ave. Post Falls, ID 83854 (208) 457-1148 (208) 699-3817 Cell (866) 233-1947 Fax TED FARWELL MAI www.winterstar.us
[email protected] January 3, 2007 Mr. Lee Tuneberg City of Ashland Ashland OR Re: Appraisal – Orderly Liquidation Value of Mt. Ashland Ski Area Properties Dear Mr. Tuneberg; I have prepared an orderly liquidation value appraisal of the Mt. Ashland Ski Area properties in Jackson County, Oregon as requested and authorized by the City of Ashland by form contract dated October 4, 2006. The purpose of this appraisal is to estimate the orderly liquidation value of the Mt. Ashland Ski Area properties, as they existed on October 26, 2006. The properties are entirely located on a 1,180-acre USFS land use permit. This valuation is dated October 26, 2006. The attached report of 47 pages describes the properties and the appraisal process. CERTIFICATION I certify that, to the best of my knowledge and belief: The statements of fact contained in this report are true and correct. The report analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions, and conclusions. I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved.