EAGLE COUNTY VACANT LAND SALES 7/01/ /30/2008

*TIME ADJUSTED SALES : The price for which a property sold adjusted for the effects of inflation or deflation between the date of sale and the date of appraisal. AGRICULTURAL PROPERTIES AGRICULTURE R027060 239111400009 50 100 5399 4137 161.82 6,320 7/21/2006 3,290,000 3,290,000 R059030 169104300023 TROUGH RD 50 100 5498 4147 37.27 1,460 9/22/2006 250,000 250,000 EAST VAIL / BOOTH FALLS BOOTH FALLS R007535 210102301020 003080 BOOTH FALLS CT 100 204 6853 100 0.39 800,000 12/20/2006 844,800 844,800 VAIL CORE, LIONSHEAD, GOLF COURSE VAIL VALLEY R009909 210109101018 001537 SPRING HILL LN 200 224 6955 1112 0.318 2,850,000 9/4/2007 2,495,000 2,495,000 POTATO PATCH VAIL POTATO PATCH R009132 210106301018 000809 POTATO PATCH DR 250 250 7057 100 0.482 1,300,000 8/10/2006 1,351,000 1,351,000 WEST VAIL / INTERMOUNTAIN LIONS RIDGE FILING 4 R009488 210301415011 001466 ASPEN GROVE LN 260 254 7150 100 0.598 130 1,040,000 8/30/2007 1,000,000 1,000,000 R054466 210312215002 001687 BUFFEHR CREEK RD 260 254 7150 1112 2.134 130 1,040,000 3/14/2008 1,000,000 1,000,000 HIGHLAND MEADOWS #1 R004128 210314102003 002075 VERMONT RD 260 278 7157 1115 0.79 800,000 8/7/2007 1,100,000 1,100,000 VAIL NORTH OF WEST EXIT R018718 210311413014 002417 GARMISCH DR 260 282 7253 1115 0.48 750,000 7/31/2006 351,000 351,000 R018718 210311413014 002417 GARMISCH DR 260 282 7253 1115 0.48 750,000 8/1/2006 750,000 750,000 R012911 210311401014 002379 CHAMONIX LN 260 282 7253 100 0.245 750,000 4/17/2008 795,000 795,000 VERMONT ROAD/WEST VAIL R059614 210314103026 002120 VERMONT RD 260 290 7157 1112 0.6 75 600,000 5/11/2007 500,000 500,000 VAIL INTERMOUNTAIN R003981 210315404004 003105 BELLFLOWER DR 260 292 7158 100 0.36 585,000 10/18/2006 380,000 380,000 R005873 210314310020 002851 BASINGDALE BLVD 260 292 7158 100 0.386 585,000 8/29/2007 585,000 585,000 R006485 210314301045 002754 SNOWBERRY DR 260 292 7158 100 1.145 125 731,250 10/31/2007 750,000 750,000 MINTURN/REDCLIFF NORTH MINTURN TAYLOR AVENUE R056423 210326208003 560 TAYLOR ST 300 316 7353 100 0.156 82 445,750 7/2/2007 425,000 425,000 R058905 210326204013 532 N TAYLOR ST 300 316 7353 1112 0.174 76 459,890 8/16/2007 400,000 400,000 R060794 210326205006 564 N TAYLOR ST 300 316 7353 1112 0.149 84 436,130 4/11/2008 520,000 520,000 MINTURN MIXED USE NORTH OF MEEK AVENUE ADJ SALE Page 1 of 21

*TIME ADJUSTED SALES : The price for which a property sold adjusted for the effects of inflation or deflation between the date of sale and the date of appraisal. R003740 210326312002 000271 MAIN ST 300 318 7355 1115 0.201 69 483,000 5/30/2007 760,000 760,000 SOUTH MINTURN R040088 210335101081 001131 MAIN ST 300 326 7355 1112 0.191 71 473,310 5/6/2008 500,000 500,000 REDCLIFF R000650 220519406009 WATER ST 300 340 7451 100 0.23 75 232,940 10/27/2006 100,000 100,000 R001500 220519404001 000361 PINE ST 300 340 7451 1212 0.175 150 90 319,020 9/22/2007 400,000 400,000 EAGLE-VAIL / AVON WHISKEY HILL R015244 210317403002 000591 EAGLE DR 400 360 7550 1112 0.71 525,000 9/13/2006 720,000 720,000 R052284 210317403031 400 360 7550 100 0.99 525,000 6/29/2007 850,000 850,000 R004014 210317103005 000237 DAISY LN 400 360 7550 1112 0.693 525,000 9/12/2007 555,700 555,700 EAGLE VAIL FILING I DUPLEX R015255 210317208018 000285 STONE CREEK DR 400 362 7552 400 0.25 350,000 9/26/2006 295,000 295,000 R015083 210307303031 001608 DEER BLVD 400 362 7552 1112 0.25 90 315,000 11/9/2006 250,000 250,000 R013991 210317210013 000239 ELK LN 400 362 7552 400 1.9 350,000 3/27/2007 330,000 330,000 R015095 210512402009 001429 DEER BLVD 400 362 7552 400 0.28 350,000 9/10/2007 460,000 460,000 WILDRIDGE DUPLEX R023129 194335205015 004080 WILDRIDGE RD W 400 402 7651 100 0.5 110 440,000 12/22/2006 700,000 700,000 R023131 194335205016 004090 WILDRIDGE RD W 400 402 7651 100 0.42 110 440,000 12/22/2006 500,000 500,000 R023025 194335301016 002470 OLD TRAIL RD 400 402 7651 100 0.46 75 300,000 1/3/2007 310,000 310,000 R023256 194335103011 005151 LONGSUN LN 400 402 7651 100 0.51 125 500,000 1/3/2007 406,800 406,800 R023108 194335301027 002610 BEARTRAP RD 400 402 7651 1112 1.01 400,000 2/2/2007 349,000 349,000 R023081 194335302015 002900 JUNE CREEK TRL 400 402 7651 100 0.74 45 720,000 4/18/2007 780,000 780,000 R023081 194335302015 002900 JUNE CREEK TRL 400 402 7651 100 0.74 45 720,000 4/20/2007 885,000 885,000 R023048 210502102003 002060 BEAVER CREEK PT 400 402 7651 1112 0.37 150 600,000 4/24/2007 480,000 480,000 R023239 194335103002 005075 WILDRIDGE RD E 400 402 7651 100 1.1 125 500,000 4/27/2007 560,000 560,000 R023237 194335103001 005091 WILDRIDGE RD E 400 402 7651 100 1.34 150 600,000 5/7/2007 620,000 620,000 R043398 194335404008 001051 WILDWOOD RD #W 400 402 7651 100 1.54 23 736,000 5/25/2007 800,000 800,000 R023282 194335102025 005351 FERRET LN 400 402 7651 1112 0.55 125 500,000 6/14/2007 625,000 625,000 R059804 194335204033 005178 LONGSUN LN #W 400 402 7651 1112 0.389 200,000 7/10/2007 195,000 195,000 R023256 194335103011 005151 LONGSUN LN 400 402 7651 100 0.51 125 500,000 5/7/2008 500,000 500,000 R023254 194335103010 005141 LONGSUN LN 400 402 7651 100 0.74 110 440,000 5/13/2008 550,000 550,000 BEAVER CREEK/ARROWHEAD ARROWHEAD MOUNTAIN R052015 210515201011 002355 CRESTA RD 450 459 1751 400 2.057 120 2,400,000 2/8/2007 2,410,500 2,410,500 ADJ SALE Page 2 of 21

*TIME ADJUSTED SALES : The price for which a property sold adjusted for the effects of inflation or deflation between the date of sale and the date of appraisal. R052018 210515201014 002210 CRESTA RD 450 459 1751 400 1.036 2,000,000 4/2/2007 1,500,000 1,500,000 R052005 210515201001 001580 CRESTA RD 450 459 1751 400 1.108 140 2,800,000 4/9/2007 2,795,000 2,795,000 R052011 210515201007 002495 CRESTA RD 450 459 1751 400 1.485 180 3,600,000 4/12/2007 2,691,800 2,691,800 R052021 210515201017 002121 CRESTA RD 450 459 1751 1112 1.075 2,000,000 5/3/2007 2,000,000 2,000,000 R052022 210515201018 2145 CRESTA RD 450 459 1751 1112 1.286 140 2,800,000 6/29/2007 2,775,000 2,775,000 R052011 210515201007 002495 CRESTA RD 450 459 1751 400 1.485 180 3,600,000 4/21/2008 4,250,000 4,250,000 MOUNTAIN STAR R040219 194336109005 000104 RABBIT BRUSH 450 420 6976 1112 3.91 1,400,000 10/25/2006 1,400,000 1,400,000 R040207 194336108003 000141 GROUND PLUM 450 420 6976 100 1.59 85 1,190,000 3/12/2007 1,200,000 1,200,000 R040275 194336410001 000587 PAINTBRUSH 450 420 6976 1112 6.17 132 1,848,000 8/22/2007 1,925,000 1,925,000 R040218 194336109004 000162 GOLDENROD RD 450 420 6976 100 6.9 132 1,848,000 10/24/2007 1,850,000 1,850,000 ARROWHEAD DUPLEX R017816 210503405006 000200 RIVERBEND DR 450 478.1 7189 1115 0.61 1,000,000 1/31/2008 1,050,000 1,050,000 BEAVER CREEK/HOLDEN ROAD R011593 210513204019 000149 HOLDEN RD 450 454 7750 400 0.971 1,750,000 4/4/2007 1,768,000 1,768,000 STRAWBERRY PARK R042897 210524203018 000540 STRAWBERRY PARK RD 450 456.01 8886 400 1.82 135 6,750,000 7/30/2007 7,000,000 7,000,000 BACHELOR GULCH VILLAGE R045018 210523101005 003792 DAYBREAK RDG 450 458 8979 1112 0.67 175 5,600,000 2/20/2007 5,900,000 5,900,000 R045050 210514401008 002139 DAYBREAK RDG 450 458 8979 1112 1.82 175 5600000 8/7/2007 5,800,000 5,800,000 EDWARDS / WOLCOTT HOMESTEAD HIGH R022379 210505302009 000066 ALLEN CIR 500 508 8988 1112 0.184 60 300,000 8/28/2006 295,000 295,000 R022432 210508204007 000030 FREMONT RD 500 508 8988 400 0.42 500,000 3/15/2007 475,000 475,000 R056072 210505320012 000191 HERITAGE PARK PL 500 508 8988 400 0.223 500,000 5/4/2007 495,000 495,000 R022454 210508201026 000017 SPRING CREEK CT 500 508 8988 1112 0.85 500,000 1/9/2008 425,000 425,000 HIGH HOMESTEAD III SINGLE FAMILY R044466 210508108006 000077 RUSSELL TRL 500 508.01 8988 100 0.4 500,000 7/6/2006 550,000 550,000 R044468 210508108008 000115 RUSSELL TRL 500 508.01 8988 100 0.45 500,000 8/16/2006 505,000 505,000 R044474 210508108014 000196 RUSSELL TRL 500 508.01 8988 100 3.05 110 550,000 9/13/2006 550,000 550,000 R044387 210508107014 000031 REMINGTON TRL 500 508.01 8988 100 0.29 500,000 11/17/2006 434,500 434,500 R044412 210509203005 000592 GOLD DUST DR 500 508.01 8988 100 0.43 500,000 11/17/2006 519,400 519,400 R044430 210509204006 000587 GOLD DUST RD 500 508.01 8988 100 0.51 500,000 11/17/2006 568,400 568,400 BRETT RANCH R058500 210506102021 000308 BRETT TRAIL SOUTH 500 536 8990 400 0.939 500,000 8/4/2006 515,000 515,000 ADJ SALE Page 3 of 21

*TIME ADJUSTED SALES : The price for which a property sold adjusted for the effects of inflation or deflation between the date of sale and the date of appraisal. LAKE CREEK SUBDIVISION FILING 4 R045888 210518102023 000120 BROOK PL 500 542 8051 100 4.99 240 1,134,000 7/21/2006 1,133,000 1,133,000 PILGRIM DOWNS R032497 210713403002 001195 PILGRIM DR 500 550.2 7270 400 9.868 1,650,000 9/26/2007 1,650,000 1,650,000 CREAMERY GULCH RANCH R041326 210508303004 000520 OLD CREAMERY RD 500 550.3 8348 1112 3.43 1,020,000 9/15/2006 1,015,000 1,015,000 COLOROW AT SQUAW CREEK R031213 210713402008 1808 COLOROW RD 500 560 8055 100 19.24 485,000 4/15/2008 485,000 485,000 BELLYACHE RIDGE FILINGS 1 & 2 R014145 194135202011 004303 BELLYACHE RIDGE RD 500 570 8057 1112 1.453 125 335,000 7/12/2006 335,000 335,000 R014415 194135302001 004625 BELLYACHE RIDGE RD 500 570 8057 100 1.19 130 348,400 4/6/2007 350,000 350,000 R027061 194135202020 005189 BELLYACHE RIDGE RD 500 570 8057 1112 4.29 300 804,000 5/11/2007 850,000 850,000 WOLCOTT SPRINGS R042651 194135101005 000288 TRAVIS RD 500 574.01 8149 100 10 640,000 11/8/2006 735,000 735,000 R045894 194127104003 000416 WOLCOTT SPRINGS RD 500 574.01 8149 1112 12.47 640,000 1/4/2007 690,000 690,000 R030393 194126300066 SPRINGS RD 500 574.01 8149 550 37 640,000 2/9/2007 625,000 625,000 R059215 194126400055 500 574.01 8149 1112 36 85 544,000 2/26/2007 529,200 529,200 R042696 194126401001 000913 JOUFLAS RANCH RD 500 574.01 8149 530 11.17 640,000 3/13/2008 642,000 642,000 RED SKY RANCH R052173 194122302004 000190 ASPEN BLUFF LN 500 576 8058 1112 1.651 82 697,000 7/11/2006 720,000 720,000 R052120 194121301009 001571 RED SKY RD 500 576 8058 400 2.328 850,000 12/20/2006 825,000 825,000 R052139 194121402005 000038 ELK BUGLE 500 576 8058 1112 1.644 850,000 3/14/2007 875,000 875,000 R052196 194128102003 000175 ELK BUGLE 500 576 8058 400 2.753 150 1,275,000 3/29/2007 1,300,000 1,300,000 R052193 194127203005 000730 ASPEN BLUFF LN 500 576 8058 1112 1.095 82 697,000 4/19/2007 680,000 680,000 R052191 194127203003 000820 ASPEN BLUFF LN 500 576 8058 400 1.053 850,000 8/2/2007 860,000 860,000 R052121 194121302001 001770 RED SKY RD 500 576 8058 400 1.12 110 935,000 8/31/2007 950,000 950,000 R055051 194121405009 001200 RED SKY RD 500 576 8058 400 1.343 850,000 9/6/2007 850,000 850,000 R052184 194122401003 000152 E LAKESIDE TRL 500 576 8058 400 1.371 95 807,500 11/19/2007 800,000 800,000 TIMBER SPRINGS R052321 194136100004 000800 TIMBER SPRINGS DR 500 578 1002 550 37.44 1,400,000 10/20/2006 1,925,000 1,925,000 R052322 194136100005 000700 TIMBER SPRINGS DR 500 578 1002 550 35.091 1,400,000 4/16/2007 1,450,000 1,450,000 RED CANYON R028373 194125402013 000052 RED CANYON CREEK RD 500 580 6986 100 35.23 85 467,500 9/22/2006 475,000 475,000 BERRY CREEK LOWER DUPLEX R019386 210503102017 500 602 8152 400 0.38 122 414,800 5/14/2007 529,000 529,000 ADJ SALE Page 4 of 21

*TIME ADJUSTED SALES : The price for which a property sold adjusted for the effects of inflation or deflation between the date of sale and the date of appraisal. R015788 210503202010 000140 JUNE CREEK RD 500 602 8152 400 0.38 200 680,000 5/17/2007 710,000 710,000 BERRY CREEK LOWER SINGLE FAMILY R015646 210504103007 000123 HOWARD DR 500 602.2 8152 100 0.31 115 391,000 8/2/2006 340,000 340,000 R015544 210504202008 000640 CHAROLAIS CIR 500 602.2 8152 1112 0.36 185 629,000 2/14/2007 644,500 644,500 R019646 210504106007 000520 WINSLOW RD 500 602.2 8152 1112 0.4 200 680,000 7/11/2007 715,000 715,000 BERRY CREEK RANCH FILING 4 R019747 210504111001 000140 PINTO DR 500 618 8249 400 0.7 550,000 6/21/2007 945,000 945,000 R019491 210504110002 000121 CORRAL RD 500 618 8249 1112 0.44 550,000 6/20/2008 785,000 785,000 CORDILLERA CORDILLERA DIVIDE R031560 210712204004 001335 CORDILLERA WY 550 550 8349 400 2.51 110 440,550 7/18/2006 447,675 375,000 R031538 210712103001 001630 CORDILLERA WY 550 550 8349 400 2.02 400,500 8/1/2006 398,232 337,000 R041153 210701406011 000273 GRANADA HILL 550 550 8349 400 0.89 400,500 2/16/2007 399,240 360,000 R030211 210701403005 000222 GRANADA HILL 550 550 8349 1112 2.39 145 580,730 3/28/2007 580,260 529,000 R040442 210712107010 000315 GRANADA GLEN 550 550 8349 100 6.24 90 360,450 4/19/2007 374,256 345,000 R054456 210701403010 550 550 1002 400 21.186 320 4,480,000 6/1/2007 9,502,976 8,960,000 R054457 210701403011 550 550 1002 400 2.01 35 490,000 6/1/2007 9,502,976 8,960,000 R031523 210701401013 000220 CASTEEL RIDGE 550 550 8349 400 2.14 220 881,100 7/19/2007 969,862 925,000 CORDILLERA RANCH R040460 210715104003 000030 ELK SPRING CT 550 550.1 8350 100 2.06 130 708,500 7/24/2006 722,249 605,000 R040923 210710407006 000524 RED DRAW 550 550.1 8350 100 1.27 43 234,350 7/31/2006 236,372 198,000 R042248 210715108009 000832 FOREST TRL 550 550.1 8350 100 1.46 65 354,250 8/7/2006 336,784 285,000 R040903 210710301001 000035 RED DRAW 550 550.1 8350 100 1.07 50 272,500 8/14/2006 286,562 242,500 R040492 210711305005 000020 W TIMBER DRAW 550 550.1 8350 100 1.45 65 354,250 8/16/2006 366,327 310,000 R041931 210711203002 1435 RED DRAW 550 550.1 8350 100 0.97 45 245,250 9/7/2006 243,276 208,000 R044075 210714105018 000059 ASPEN MEADOWS RD 550 550.1 8350 1112 1.33 545,000 9/12/2006 619,888 530,000 R040922 210710407005 000500 RED DRAW 550 550.1 8350 100 1.27 55 299,750 9/18/2006 327,488 280,000 R044069 210714105012 000251 ASPEN MEADOWS RD 550 550.1 8350 100 2.15 545,000 9/29/2006 567,256 485,000 R047811 210709405009 000026 THE SUMMIT TRL 550 550.1 8350 400 1.052 60 327,000 9/29/2006 345,032 295,000 R047802 210709406030 000073 SUMMIT TRL 550 550.1 8350 1112 0.977 55 299,750 10/2/2006 303,843 262,500 R040904 210710301002 000075 RED DRAW 550 550.1 8350 100 1.29 60 327,000 10/30/2006 341,462 295,000 R041517 210710305002 000109 PEREGRINE DR 550 550.1 8350 100 1.25 50 272,500 10/31/2006 273,170 236,000 R040461 210715104004 000050 ELK SPRING CT 550 550.1 8350 1112 1.11 60 327,000 11/6/2006 343,620 300,000 R044071 210714105014 000193 ASPEN MEADOWS RD 550 550.1 8350 1112 2.27 545,000 11/15/2006 581,290 507,500 R040464 210714204003 000205 ELK SPRING TRL 550 550.1 8350 100 2.43 85 463,250 12/4/2006 464,653 410,000 ADJ SALE Page 5 of 21

*TIME ADJUSTED SALES : The price for which a property sold adjusted for the effects of inflation or deflation between the date of sale and the date of appraisal. R047803 210709406031 000149 THE SUMMIT TRL 550 550.1 8350 400 1.041 55 299,750 12/8/2006 315,057 278,000 R040883 210710401010 000053 FOREST TRL 550 550.1 8350 100 0.93 45 245,250 12/21/2006 226,660 200,000 R040922 210710407005 000500 RED DRAW 550 550.1 8350 100 1.27 55 299,750 1/18/2007 313,908 280,000 R045593 210709406024 000083 NORGAARD WY 550 550.1 8350 100 2.03 50 272,500 1/29/2007 291,486 260,000 R041520 210710410001 000166 PEREGRINE DR 550 550.1 8350 100 1.57 545,000 2/1/2007 537,865 485,000 R045536 210709401006 003387 FENNO DR 550 550.1 8350 1112 1.13 80 436,000 2/13/2007 426,965 385,000 R041540 210715201001 000337 BLACK BEAR TRL 550 550.1 8350 1112 1.6 45 245,250 3/13/2007 241,318 220,000 R041536 210710303005 000181 BLACK BEAR TRL 550 550.1 8350 100 1.13 30 163,500 4/2/2007 178,992 165,000 R040478 210711404003 000636 SADDLE RIDGE 550 550.1 8350 100 1.33 105 572,250 4/3/2007 574,944 530,000 R040951 210711308002 000922 RED DRAW 550 550.1 8350 100 1.06 60 327,000 4/24/2007 320,016 295,000 R044042 210714404009 000312 BEARDEN RD 550 550.1 8350 1112 2.26 120 654,000 4/26/2007 650,880 600,000 R044293 210715111002 000322 FOREST TRL 550 550.1 8350 100 0.93 130 708,500 5/4/2007 670,437 625,000 R041529 210710305007 000398 PEREGRINE DR 550 550.1 8350 100 0.97 40 218,000 5/17/2007 225,267 210,000 R045596 210709406027 000777 GRAHAM RD 550 550.1 8350 100 2.1 55 299,750 5/30/2007 305,719 285,000 R045602 210709407004 000314 GRAHAM RD 550 550.1 8350 100 2.34 40 218,000 6/11/2007 222,726 210,000 R041524 210710410003 242 PEREGRINE DR 550 550.1 8350 1112 1.47 90 490,500 6/22/2007 556,815 525,000 R041542 210715107002 000407 BLACK BEAR TRL 550 550.1 8350 1112 1.18 545,000 7/9/2007 523,201 499,000 R040971 210711203007 001650 RED DRAW 550 550.1 8350 100 1.01 55 299,750 7/16/2007 290,958 277,500 R039768 210714202003 000005 STAG GULCH CT 550 550.1 8350 1112 1.14 545,000 7/27/2007 550,462 525,000 R040495 210711305008 97 E TIMBER DRAW 550 550.1 8350 100 1.07 55 299,750 7/31/2007 293,580 280,000 R040501 210711305014 000036 E TIMBER DRAW 550 550.1 8350 100 0.8 70 381,500 8/27/2007 399,014 385,000 R044030 210714301008 000368 ELK WOODS RD 550 550.1 8350 1112 1 55 299,750 8/31/2007 295,374 285,000 R044051 210714404016 000369 BEARDEN RD 550 550.1 8350 400 2.01 75 408,750 9/12/2007 404,598 395,000 R040893 210710403001 000124 FOREST TRL 550 550.1 8350 100 2.14 120 654,000 10/4/2007 652,869 645,000 R041538 210710303007 000233 BLACK BEAR TRL 550 550.1 8350 100 1.65 55 299,750 10/23/2007 310,745 307,000 R045605 210709407007 000092 SUNQUIST RD 550 550.1 8350 100 2.14 45 245,250 12/3/2007 250,000 250,000 R040883 210710401010 000053 FOREST TRL 550 550.1 8350 100 0.93 45 245,250 4/17/2008 244,000 244,000 CORDILLERA RANCH CLUSTER R051985 210715208003 000113 PRITCHEL PL 550 550.11 8353 400 1.092 60 198,000 1/15/2008 200,000 200,000 CORDILLERA SUMMIT R050855 210716102003 000092 PINE MARTEN WY 550 550.5 8350 400 2.541 80 436,000 7/11/2006 358,140 300,000 R050894 210716302009 000201 GOLDEN BEAR DR 550 550.5 8350 400 2.277 95 517,750 9/6/2006 567,256 485,000 R049680 210715401002 000811 GRANITE SPRINGS TRL 550 550.5 8350 400 9.094 65 354,250 9/19/2006 350,880 300,000 R049648 210715308007 000096 PIKES WY 550 550.5 8350 400 6.958 95 517,750 9/27/2006 508,776 435,000 R049684 210715203005 000447 GRANITE SPRINGS TRL 550 550.5 8350 1112 5.501 545,000 10/21/2006 567,175 490,000 ADJ SALE Page 6 of 21

*TIME ADJUSTED SALES : The price for which a property sold adjusted for the effects of inflation or deflation between the date of sale and the date of appraisal. R049631 210715302003 001335 GORE TRL 550 550.5 8350 1112 2.878 80 436,000 2/1/2007 443,600 400,000 R049628 210715402002 001596 GORE TRL 550 550.5 8350 400 3.91 110 599,500 2/19/2007 598,860 540,000 R050876 210716204006 000123 PINE MARTEN WY 550 550.5 8350 1112 2.188 55 299,750 3/14/2007 296,163 270,000 R052542 210715308016 000139 PIKES WY 550 550.5 8350 1112 3.113 60 327,000 3/15/2007 328,960 299,900 R049677 210715401005 000838 GRANITE SPRINGS TRL 550 550.5 8350 400 6.366 110 599,500 4/24/2007 683,424 630,000 R050878 210716204008 000923 THE SUMMIT TRL 550 550.5 8350 400 2.071 50 272,500 5/4/2007 284,801 265,500 R050875 210716204005 000141 PINE MARTEN WY 550 550.5 8350 1112 2.15 55 299,750 5/12/2007 305,719 285,000 R050856 210716102004 000218 PINE MARTEN WY 550 550.5 8350 400 3.358 90 490,500 6/8/2007 498,482 470,000 R050896 210716302011 000127 GOLDEN BEAR DR 550 550.5 8350 400 3.325 155 844,750 7/20/2007 895,209 853,800 R050855 210716102003 000092 PINE MARTEN WY 550 550.5 8350 400 2.541 80 436,000 9/6/2007 440,449 430,000 R049624 210715301002 001282 GORE TRL 550 550.5 8350 400 5.657 75 408,750 9/18/2007 384,112 375,000 R049815 210720101002 000835 WEBB PEAK 550 550.5 8350 400 5.561 95 517,750 9/28/2007 512,150 500,000 R049658 210716403009 000714 GORE TRL 550 550.5 8350 400 7.126 175 953,750 10/4/2007 963,513 951,900 R050894 210716302009 000201 GOLDEN BEAR DR 550 550.5 8350 400 2.277 95 517,750 11/14/2007 500,000 500,000 R049674 210715303003 000722 GRANITE SPRINGS TRL 550 550.5 8350 400 2.238 85 463,250 11/16/2007 435,000 435,000 R049652 210716403003 000049 LADY BELLE WY 550 550.5 8350 400 2.628 80 436,000 12/5/2007 475,000 475,000 R050894 210716302009 000201 GOLDEN BEAR DR 550 550.5 8350 400 2.277 95 517,750 2/13/2008 525,000 525,000 R050883 210716205001 000940 THE SUMMIT TRL 550 550.5 8350 1112 2.184 65 354,250 2/18/2008 362,500 362,500 TERRITORIES AT CORDILLERA R045910 210717101003 000204 KICKING HORSE TRL 550 552 1002 100 36.58 32 448,000 2/20/2008 375,000 375,000 R045914 210717201007 002728 TERRITORY TRL 550 552 1002 100 36.61 32 448,000 3/21/2008 440,000 440,000 R045912 210717201005 000412 KICKING HORSE TRL 550 552 1002 100 35.33 32 448,000 5/31/2008 450,000 450,000 CORDILLERA VALLEY CLUB R042488 194332303006 000698 BEARD CREEK TRL 550 602.1 8981 400 1.01 145 928,000 8/25/2006 945,360 800,000 R047150 194331412012 000306 LEGACY TRL 550 602.1 8981 1112 0.506 640,000 2/21/2007 659,855 595,000 R047142 194331412004 000269 LEGACY TRL 550 602.1 8981 400 0.512 640,000 4/5/2007 637,862 588,000 R047144 194331412006 000313 LEGACY TRL 550 602.1 8981 400 0.607 640,000 9/4/2007 639,163 624,000 R042507 194331201014 001611 BEARD CREEK TRL 550 602.1 8981 400 1.4 120 768,000 9/14/2007 768,225 750,000 R042477 194332302011 000066 JUNIPER LN 550 602.1 8981 1112 0.68 120 768,000 10/10/2007 733,845 725,000 R042474 194332302008 000645 BEARD CREEK TRL 550 602.1 8981 400 1 120 768,000 10/30/2007 769,272 760,000 R043475 194331307003 001800 BEARD CREEK TRL 550 602.1 8981 400 0.45 80 512,000 11/7/2007 515,000 515,000 R042461 194331407009 001116 BEARD CREEK TRL 550 602.1 8981 400 0.5 130 832,000 12/31/2007 850,000 850,000 R042498 194331201005 000217 SPRING CREEK LN 550 602.1 8981 400 0.93 140 896,000 2/5/2008 895,000 895,000 R047151 194331412013 000280 LEGACY TRL 550 602.1 8981 400 0.502 640,000 3/12/2008 640,000 640,000 OUTLYING AREAS ADJ SALE Page 7 of 21

*TIME ADJUSTED SALES : The price for which a property sold adjusted for the effects of inflation or deflation between the date of sale and the date of appraisal. OUTLYING 201 R058188 210518305004 000380 WHISKEY RIDGE 700 201 2387 1112 35.102 4,195,390 9/25/2006 3,800,000 3,800,000 R058185 210518305001 000034 WHISKEY RIDGE 700 201 2382 1112 4.537 1,680,140 10/19/2006 3,000,000 3,000,000 R030434 220106200021 000801 HOLY CROSS DR 700 201 2389 1112 80 75 4,507,200 12/6/2006 3,900,000 3,900,000 R014895 210530100003 W LAKE CREEK RD 700 201 417753103 4177 20 1,990 7/18/2007 2,800,000 2,800,000 R016100 194320100001 700 201 2390 560 640 50 7,833,600 3/6/2008 9,500,000 9,500,000 R060684 210507103006 000999 LAKE CREEK RD 700 201 2384 540 13.425 2,725,810 5/13/2008 3,750,000 3,750,000 R060680 210507103004 000887 LAKE CREEK RD 700 201 5199 4117 13.334 6,080 5/19/2008 5,000,000 5,000,000 R060681 210507103005 000979 LAKE CREEK RD 700 201 5199 4117 15.169 6,910 5/19/2008 5,000,000 5,000,000 OUTLYING 301 R044911 247106200004 000810 RUEDI CREEK RD 700 301 3386 1112 30.11 770,820 7/14/2006 627,000 627,000 R021852 247307400003 700 301 5399 4137 29.628 8,570 9/6/2006 675,000 675,000 R056300 246510400007 003006 EMMA RD 700 301 5298 4117 39.6 14,920 12/28/2006 1,275,000 1,275,000 R026757 246511400005 002127 EMMA RD 700 301 3382 540 4.62 80 358,510 4/10/2007 376,485 376,485 R051387 246503300036 001088 HOOKS SPUR RD 700 301 3384 1112 13 520,000 5/31/2007 460,000 460,000 R027002 246708200003 PINON DR 700 301 3385 540 19.2 638,980 6/7/2007 475,000 475,000 R027390 246511300005 002701 EMMA RD 700 301 3385 1112 17.71 627,780 7/9/2007 2,460,000 2,460,000 R045677 246901100014 001000 RUEDI CREEK RD 700 301 3390 1112 150.89 60 1,810,620 1/14/2008 1,825,000 1,825,000 R030544 247307100007 700 301 5498 4147 40 1,560 2/7/2008 550,000 550,000 R040727 247306400010 700 301 5498 4147 40 1,560 2/7/2008 525,000 525,000 DIAMOND STAR RANCH R048788 193925102004 001550 DIAMOND STAR RD 700 582 5199 4117 37.29 9,790 9/29/2006 1,800,000 1,800,000 OUTLYING 701 R025026 193503100008 008317 COLORADO RIVER RD 700 701 5498 4147 46.06 1,800 5/23/2007 990,000 990,000 R057909 186134401002 9237 COLORADO RIVER RD 700 701 7387 1112 35.503 803,080 9/4/2007 990,000 990,000 WATERFORD RANCH R017863 185507100015 700 701.1 8770 550 40 290,000 10/13/2006 280,000 280,000 R018358 185528200079 700 701.1 8770 550 40 290,000 11/17/2006 295,000 295,000 R018388 185521400086 700 701.1 8770 550 40 290,000 1/5/2007 275,000 275,000 R025999 185529100102 700 701.1 8770 550 40 290,000 7/27/2007 314,000 314,000 R018855 185520300096 700 701.1 8770 550 40 290,000 10/10/2007 325,000 325,000 OUTLYING 801 R025669 237707200014 HOMESTAKE CREEK RD 700 801 8381 520 2.28 92,750 9/22/2006 117,500 117,500 FULFORD R048392 219723105001 EIGHTH ST 700 860 9090 100 0.287 90 52,200 10/24/2006 44,000 44,000 ADJ SALE Page 8 of 21

*TIME ADJUSTED SALES : The price for which a property sold adjusted for the effects of inflation or deflation between the date of sale and the date of appraisal. R042236 219723401013 700 860 9090 100 0.117 29,000 11/11/2006 30,000 30,000 R016750 219723419002 ENNEN AVE 700 860 9090 1112 0.143 29,000 7/13/2007 26,666 26,666 R016950 219723412004 MAIN ST 700 860 9090 100 0.072 14,500 7/13/2007 13,334 13,334 R040740 219723101010 ELSIE AVE 700 860 9090 100 0.287 58,000 8/10/2007 55,000 55,000 R016759 219723403002 SIXTH ST 700 860 9090 100 0.126 29,000 8/23/2007 34,000 34,000 R017165 219723412005 MAIN ST 700 860 9090 100 0.215 43,500 6/30/2008 50,000 50,000 OUTLYING 901 R042849 219501201001 009025 BRUSH CREEK RD 700 901 9382 100 4.77 467,540 9/15/2006 800,000 800,000 R024510 211109100001 001906 COOLEY MESA RD 700 901 9388 1112 49.03 1,322,450 10/12/2006 2,653,800 2,653,800 R051042 211110304001 #C 700 901 9385 100 20.069 879,220 3/26/2007 895,000 895,000 R041726 210906200033 015435 HWY 6 #A 700 901 9381 520 1.53 150 417,160 8/24/2007 450,000 450,000 R060074 211131100045 700 901 5298 4117 277.78 64,400 9/18/2007 5,000,000 5,000,000 R060078 219305300001 700 901 5498 4147 140.582 5,490 9/18/2007 2,530,670 2,530,670 R051664 194128201002 700 901 5499 4147 35.993 900 10/26/2007 1,175,000 1,175,000 R051665 194128201001 700 901 5499 4147 38.011 950 10/26/2007 1,175,000 1,175,000 R057869 211106209001 000345 EAGLE ST 700 901 9387 1112 35.085 40 454,280 5/30/2008 370,000 370,000 COTTONWOOD ESTATES/COULTER CREEK R032968 218922401003 000270 BUCK POINT DR 700 1003 9053 1112 35.33 50 238,480 1/18/2007 225,000 225,000 BASALT MOUNTAIN 1-15 R054934 246704200005 002401 CEDAR DR 700 1080 3387 550 36.3 55 469,410 7/27/2007 475,000 475,000 FRYING PAN RIVER R027650 246907100001 001070 KINGS LAKE RD 700 1088 6683 530 8.82 150 1,200,000 7/27/2007 1,200,000 1,200,000 RUEDI SHORES AREA R034136 247106201007 000020 SPINNAKER LN 700 1114 6766 100 2.17 185,000 3/6/2007 185,000 185,000 R032120 247106302004 000289 WAPITI WY 700 1114 6766 100 1.06 110 203,500 3/22/2007 233,000 233,000 MINING CLAIMS R629008 238123400013 700 5001 6785 530 5 15,000 9/7/2006 20,000 20,000 R630012 219723400002 700 5001 5048 540 11.4 193,800 10/16/2006 215,000 215,000 EAGLE EAGLE RANCH R057426 210910310003 000033 HARVESTER CT 800 809 8453 400 0.551 80 228,000 7/7/2006 254,492 213,500 R055822 210910307010 000015 POPLAR PL 800 809 8453 400 0.572 84 239,400 7/12/2006 256,280 215,000 R057398 210909417004 000140 THRESHER CT 800 809 8453 400 0.441 80 228,000 8/1/2006 229,982 194,900 R053279 210904315003 800 809 8975 100 12.191 853,370 8/1/2006 3,658,000 3,100,000 R057923 210909419005 000165 N PENSTEMON LN 800 809 8453 1112 0.606 77 219,450 8/7/2006 265,500 225,000 ADJ SALE Page 9 of 21

*TIME ADJUSTED SALES : The price for which a property sold adjusted for the effects of inflation or deflation between the date of sale and the date of appraisal. R051221 210909409003 000046 W FOXGLOVE LN 800 809 8453 400 0.502 105 299,250 8/8/2006 354,000 300,000 R057423 210910309003 000036 HARVESTER CT 800 809 8453 1112 0.647 80 228,000 8/17/2006 228,920 194,000 R057968 210915205012 001000 FOURTH OF JULY RD 800 809 8453 100 0.6 285,000 8/17/2006 244,850 207,500 R051240 210909110009 001877 EAGLE RANCH RD 800 809 8453 1112 0.577 84 239,400 8/23/2006 241,900 205,000 R050071 210909201004 000111 LIME PARK DR 800 809 8453 100 0.425 91 259,350 9/6/2006 221,920 190,000 R055829 210910307017 002494 EAGLE RANCH RD 800 809 8453 400 0.379 84 239,400 9/8/2006 221,920 190,000 R057405 210909418005 000307 HARVESTER CT 800 809 8453 1112 0.666 91 259,350 9/8/2006 327,040 280,000 R057417 210910308004 000229 THRESHER CT 800 809 8453 1112 0.651 91 259,350 9/11/2006 292,000 250,000 R057943 210909419025 000064 N PENSTEMON LN 800 809 8453 1112 0.596 285,000 9/15/2006 302,512 259,000 R050334 210909406002 000031 IRIS PL 800 809 8453 100 0.622 84 239,400 9/22/2006 216,080 185,000 R057380 210909116002 000085 E HAYSTACKER DR 800 809 8453 400 0.534 91 259,350 10/2/2006 300,560 260,000 R057412 210909418012 000173 HARVESTER CT 800 809 8453 400 0.844 91 259,350 10/10/2006 324,836 281,000 R052418 210916104014 000378 HARRIER CIR 800 809 8453 1112 0.616 112 319,200 11/10/2006 286,000 250,000 R051189 210909409011 000297 FOURTH OF JULY RD 800 809 8453 1112 1.036 84 239,400 11/14/2006 197,340 172,500 R059113 210910311002 002809 E HAYSTACKER DR 800 809 8453 1112 0.853 285,000 12/4/2006 279,377 246,800 R059131 210910312012 002556 E HAYSTACKER DR 800 809 8453 100 0.636 285,000 12/4/2006 279,377 246,800 R059134 210910313001 002605 E HAYSTACKER DR 800 809 8453 100 0.642 285,000 12/4/2006 229,569 202,800 R059136 210915101002 002203 E HAYSTACKER DR 800 809 8453 1112 0.926 285,000 12/4/2006 323,752 286,000 R059156 210915206003 000078 ASTER CT 800 809 8453 100 0.536 285,000 12/4/2006 249,492 220,400 R059170 210915209001 000034 HOLLYHOCK CT 800 809 8453 1112 1.152 285,000 12/4/2006 215,080 190,000 R059171 210915209002 000074 HOLLYHOCK CT 800 809 8453 1112 0.798 285,000 12/4/2006 210,552 186,000 R059122 210910312003 002794 E HAYSTACKER DR 800 809 8453 100 0.519 285,000 12/5/2006 226,852 200,400 R059168 210915208005 002368 E HAYSTACKER DR 800 809 8453 1112 0.867 285,000 12/5/2006 264,888 234,000 R059148 210915103004 000064 CLOVER LN 800 809 8453 100 1.014 285,000 12/5/2006 376,276 332,400 R059114 210910311003 002775 E HAYSTACKER DR 800 809 8453 100 0.6 285,000 12/6/2006 259,454 229,200 R059119 210910311008 000026 ASTER CT 800 809 8453 100 0.667 285,000 12/6/2006 244,059 215,600 R059141 210915102004 002248 E HAYSTACKER DR 800 809 8453 100 0.939 285,000 12/6/2006 329,185 290,800 R059164 210915208001 002510 E HAYSTACKER DR 800 809 8453 100 0.799 285,000 12/6/2006 313,790 277,200 R059112 210910311001 002831 E HAYSTACKER DR 800 809 8453 100 1.022 285,000 12/7/2006 369,032 326,000 R059169 210915208006 002324 E HAYSTACKER DR 800 809 8453 100 0.737 285,000 12/11/2006 289,339 255,600 R059181 210915209012 002329 E HAYSTACKER DR 800 809 8453 100 1.063 285,000 12/12/2006 339,147 299,600 R057399 210909417005 000162 THRESHER CT 800 809 8453 400 0.566 80 228,000 12/13/2006 224,136 198,000 R059157 210915206004 000083 ASTER CT 800 809 8453 100 0.544 285,000 12/15/2006 229,569 202,800 R059115 210910311004 002753 E HAYSTACKER DR 800 809 8453 1112 0.667 285,000 12/20/2006 299,300 264,400 R059137 210915101003 002185 E HAYSTACKER DR 800 809 8453 100 0.84 285,000 12/22/2006 299,300 264,400 ADJ SALE Page 10 of 21

*TIME ADJUSTED SALES : The price for which a property sold adjusted for the effects of inflation or deflation between the date of sale and the date of appraisal. R059160 210915207001 000047 ASTER CT 800 809 8453 100 0.662 285,000 12/27/2006 231,380 204,400 R059162 210915207003 002485 E HAYSTACKER DR 800 809 8453 1112 0.72 285,000 12/27/2006 209,646 185,200 R059175 210915209006 000153 HOLLYHOCK CT 800 809 8453 100 0.847 285,000 12/28/2006 343,675 303,600 R059176 210915209007 000139 HOLLYHOCK CT 800 809 8453 100 0.928 285,000 12/29/2006 389,408 344,000 R059140 210915102003 002260 E HAYSTACKER DR 800 809 8453 100 1.107 285,000 1/4/2007 359,744 321,200 R059163 210915207004 002453 E HAYSTACKER DR 800 809 8453 100 0.827 285,000 1/5/2007 202,048 180,400 R052470 210916202003 001138 HERNAGE CREEK RD 800 809 8453 1112 0.69 84 239,400 1/23/2007 250,096 223,300 R057982 210916111009 000044 S PENSTEMON LN 800 809 8453 100 0.776 285,000 1/25/2007 240,800 215,000 R059149 210915103005 000055 CLOVER LN 800 809 8453 100 0.918 285,000 1/31/2007 394,688 352,400 R059150 210915103006 000021 CLOVER LN 800 809 8453 1112 1.235 285,000 1/31/2007 388,640 347,000 R052470 210916202003 001138 HERNAGE CREEK RD 800 809 8453 1112 0.69 84 239,400 2/7/2007 316,888 286,000 R052355 210909411001 000013 CALLIE CLARK CT 800 809 8453 400 0.812 84 239,400 2/9/2007 199,440 180,000 R059172 210915209003 000112 HOLLYHOCK CT 800 809 8453 100 0.689 285,000 2/16/2007 210,520 190,000 R059121 210910312002 002822 E HAYSTACKER DR 800 809 8453 100 0 204,920 2/21/2007 287,636 259,600 R052455 210916107009 000957 HERNAGE CREEK RD 800 809 8453 400 0.488 77 219,450 2/22/2007 196,670 177,500 R051241 210909110010 1891 EAGLE RANCH RD 800 809 8453 400 0.55 84 239,400 3/16/2007 252,080 230,000 R059177 210915209008 000121 HOLLYHOCK CT 800 809 8453 1112 1.004 285,000 3/16/2007 371,324 338,800 R059179 210915209010 000047 HOLLYHOCK CT 800 809 8453 100 0.786 285,000 3/16/2007 347,651 317,200 R059120 210910312001 002834 E HAYSTACKER DR 800 809 8453 100 0.854 285,000 3/28/2007 357,296 326,000 R059174 210915209005 000148 HOLLYHOCK CT 800 809 8453 1112 0.499 285,000 3/28/2007 270,492 246,800 R059130 210910312011 002578 E HAYSTACKER DR 800 809 8453 100 0.632 285,000 3/30/2007 265,232 242,000 R059180 210915209011 000017 HOLLYHOCK CT 800 809 8453 100 0.887 285,000 3/30/2007 347,651 317,200 R059167 210915208004 002410 E HAYSTACKER DR 800 809 8453 100 0.791 285,000 3/30/2007 226,652 206,800 R052367 210909411013 000038 CALLIE CLARK CT 800 809 8453 1112 0.467 84 239,400 4/2/2007 254,740 235,000 R059147 210915103003 000060 CLOVER LN 800 809 8453 100 1.088 285,000 4/2/2007 343,844 317,200 R057396 210909417002 000090 THRESHER CT 800 809 8453 1112 0.433 80 228,000 4/3/2007 220,052 203,000 R059166 210915208003 2448 E HAYSTACKER DR 800 809 8453 1112 0.912 285,000 4/4/2007 252,788 233,200 R059118 210910311007 002655 E HAYSTACKER DR 800 809 8453 100 0.645 285,000 4/10/2007 248,452 229,200 R059158 210915206005 000075 ASTER CT 800 809 8453 1112 0.735 285,000 4/12/2007 214,632 198,000 R059146 210915103002 000036 CLOVER LN 800 809 8453 100 1.244 285,000 4/16/2007 337,774 311,600 R059145 210915103001 000014 CLOVER LN 800 809 8453 100 1.41 285,000 4/16/2007 329,102 303,600 R052407 210916104003 000520 HARRIER CIR 800 809 8453 400 0.563 84 239,400 4/17/2007 259,076 239,000 R051189 210909409011 000297 FOURTH OF JULY RD 800 809 8453 1112 1.036 84 239,400 4/20/2007 259,184 239,100 R050317 210909305034 000340 ABRAMS CREEK DR 800 809 8453 100 0.466 105 299,250 4/24/2007 271,000 250,000 R055821 210910307009 000022 POPLAR PL 800 809 8453 1112 0.517 84 239,400 4/26/2007 203,250 187,500 ADJ SALE Page 11 of 21

*TIME ADJUSTED SALES : The price for which a property sold adjusted for the effects of inflation or deflation between the date of sale and the date of appraisal. R059116 210910311005 002727 E HAYSTACKER DR 800 809 8453 100 0.504 285,000 4/26/2007 267,531 246,800 R059117 210910311006 002693 E HAYSTACKER DR 800 809 8453 100 0.523 285,000 4/26/2007 233,710 215,600 R059178 210915209009 000083 HOLLYHOCK CT 800 809 8453 1112 0.849 285,000 5/11/2007 358,905 334,800 R059159 210915206006 000077 ASTER CT 800 809 8453 100 0.65 285,000 5/15/2007 212,256 198,000 R059182 210915209013 002287 E HAYSTACKER DR 800 809 8453 100 1.037 285,000 5/15/2007 325,459 303,600 R059163 210915207004 002453 E HAYSTACKER DR 800 809 8453 100 0.827 285,000 5/16/2007 234,768 219,000 R050311 210909305028 000459 ABRAMS CREEK DR 800 809 8453 1112 0.752 84 239,400 5/24/2007 321,600 300,000 R055809 210910306006 002407 EAGLE RANCH RD 800 809 8453 400 0.611 84 239,400 5/31/2007 262,640 245,000 R057389 210909116011 000111 THRESHER CT 800 809 8453 400 0.429 91 259,350 6/4/2007 291,500 275,000 R059142 210915102005 002220 E HAYSTACKER DR 800 809 8453 100 0.767 285,000 6/6/2007 312,488 294,800 R059165 210915208002 002482 E HAYSTACKER DR 800 809 8453 1112 0.877 285,000 6/7/2007 268,604 253,400 R059138 210915102001 002296 E HAYSTACKER DR 800 809 8453 100 0.715 285,000 6/21/2007 281,960 266,000 R059124 210910312005 002736 E HAYSTACKER DR 800 809 8453 100 0.645 285,000 6/29/2007 245,708 231,800 R053280 210904315004 800 809 8975 100 5.781 350 1,416,350 6/29/2007 1,696,000 1,600,000 R059129 210910312010 2604 E HAYSTACKER DR 800 809 8453 100 0.629 285,000 7/2/2007 251,415 239,900 R059125 210910312006 002708 E HAYSTACKER DR 800 809 8453 1112 0.771 285,000 7/18/2007 256,131 244,400 R059126 210910312007 002682 E HAYSTACKER DR 800 809 8453 1112 0.807 285,000 7/18/2007 265,563 253,400 R050133 210909301007 000072 W DOUBLE HITCH 800 809 8453 1112 0.6 84 239,400 7/27/2007 235,800 225,000 R052473 210916202006 001028 HERNAGE CREEK RD 800 809 8453 400 1.328 84 239,400 7/31/2007 317,020 302,500 R059171 210915209002 000074 HOLLYHOCK CT 800 809 8453 1112 0.798 285,000 7/31/2007 239,992 229,000 R059151 210915104001 002090 E HAYSTACKER DR 800 809 8453 100 0.8 285,000 8/6/2007 310,074 299,300 R059152 210915104002 002048 E HAYSTACKER DR 800 809 8453 100 0.746 285,000 8/6/2007 381,869 368,600 R059145 210915103001 000014 CLOVER LN 800 809 8453 100 1.41 285,000 8/8/2007 325,511 314,200 R057967 210915205011 001044 FOURTH OF JULY RD 800 809 8453 100 0.554 285,000 8/20/2007 212,380 205,000 R052437 210916106008 000726 HERNAGE CREEK RD 800 809 8453 400 0.647 84 239,400 8/24/2007 207,200 200,000 R059148 210915103004 000064 CLOVER LN 800 809 8453 100 1.014 285,000 9/4/2007 395,776 386,500 R059123 210910312004 002770 E HAYSTACKER DR 800 809 8453 100 0.569 285,000 9/28/2007 237,363 231,800 R059896 210915106008 001604 E HAYSTACKER DR 800 809 8453 400 1 285,000 9/28/2007 321,536 314,000 R059897 210915106009 001634 E HAYSTACKER DR 800 809 8453 400 1 285,000 9/28/2007 297,164 290,200 R059923 210915108008 000152 NEW YORK MOUNTAIN RD 800 809 8453 400 0.741 285,000 10/1/2007 380,006 375,500 R059845 210910315003 001082 E HAYSTACKER DR 800 809 8453 1112 0.978 285,000 10/23/2007 299,046 295,500 R050226 210905413002 800 809 8454 1115 0.498 30 113,930 11/14/2007 320,000 320,000 R059879 210910405024 000218 MOUNT JACKSON CT 800 809 8453 1112 0.61 285,000 12/27/2007 369,500 369,500 R059916 210915108001 001681 E HAYSTACKER DR 800 809 8453 400 0.991 285,000 12/28/2007 295,500 295,500 R057924 210909419006 000203 N PENSTEMON LN 800 809 8453 100 0.684 77 219,450 1/14/2008 190,000 190,000 ADJ SALE Page 12 of 21

*TIME ADJUSTED SALES : The price for which a property sold adjusted for the effects of inflation or deflation between the date of sale and the date of appraisal. R057928 210909419010 000297 N PENSTEMON LN 800 809 8453 1112 0.649 77 219,450 2/15/2008 229,000 229,000 R050342 210909406010 000042 E FOXGLOVE LN 800 809 8453 100 0.53 105 299,250 2/20/2008 255,000 255,000 R052466 210916109001 000591 HERNAGE CREEK RD 800 809 8453 400 0.567 84 239,400 3/3/2008 275,000 275,000 R059147 210915103003 000060 CLOVER LN 800 809 8453 100 1.088 285,000 3/14/2008 370,000 370,000 R050334 210909406002 000031 IRIS PL 800 809 8453 100 0.622 84 239,400 3/19/2008 185,000 185,000 R057956 210915204002 000918 FOURTH OF JULY RD 800 809 8453 100 0.476 285,000 4/1/2008 245,000 245,000 R059911 210915107008 000100 PROSPECT PEAK RD 800 809 8453 400 0.679 285,000 4/13/2008 265,500 265,500 EBY CREEK MESA R040603 193932203020 000166 JUNIPER LN 800 814 6967 100 0.341 188,000 7/20/2006 143,040 120,000 EAGLE MAIN R021290 210905102010 000406 CAPITOL ST 800 816 8454 1112 0.287 218,750 9/18/2006 116,800 100,000 BLUFFS R055447 193933321011 000829 SECOND ST 800 817 8455 1112 0.201 165,000 7/27/2006 196,680 165,000 R055463 193933322007 898 SECOND ST 800 817 8455 1112 0.153 165,000 7/28/2006 164,496 138,000 R055536 193933404004 000454 BLUFFS DR 800 817 8455 1112 0.15 165,000 7/28/2006 176,416 148,000 R055526 193933403005 000350 BLUFFS DR 800 817 8455 100 0.205 115 189,750 8/1/2006 194,700 165,000 R055528 193933403007 000366 BLUFFS DR 800 817 8455 1112 0.167 115 189,750 9/27/2006 181,040 155,000 R055414 193933320015 000141 BLUFFS DR 800 817 8455 1112 0.195 110 181,500 9/29/2006 181,040 155,000 R055518 193933402001 000344 BLUFFS DR 800 817 8455 1112 0.202 165,000 10/25/2006 189,584 164,000 R055421 193933320022 000049 BLUFFS DR 800 817 8455 1112 0.174 110 181,500 11/8/2006 177,320 155,000 R055437 193933321001 000306 BLUFFS DR 800 817 8455 1112 0.146 165,000 12/18/2006 168,668 149,000 R055535 193933404003 000446 BLUFFS DR 800 817 8455 100 0.393 115 189,750 12/20/2006 185,648 164,000 R055525 193933403004 000335 BLUFFS DR 800 817 8455 1112 0.157 120 198,000 5/4/2007 187,600 175,000 TERRACE R042014 210904309012 000254 RING NECK 800 824 6680 100 0.448 170,000 11/20/2006 225,368 197,000 COMMERCIAL EAGLE RANCH R050226 210905413002 800 20817 5354 2130 1.06 249,300 11/14/2007 320,000 320,000 GYPSUM WILLOWSTONE R045714 211106206002 000095 WILLOWSTONE CT 850 918 8755 1112 0.226 142,000 8/7/2006 141,600 120,000 R045737 211106206025 000350 LN 850 918 8755 1112 0.278 118 167,560 7/16/2007 167,680 160,000 EAGLE RIVER ESTATES FILING 2 R029446 193731301022 000920 YORK VIEW DR 850 919 8758 1112 0.104 145 72,500 7/27/2006 71,520 60,000 R048742 193731301026 000945 YORK VIEW DR 850 919 8758 9149 0.303 125 125,000 6/25/2008 125,000 125,000 BUCKHORN VALLEY ADJ SALE Page 13 of 21

*TIME ADJUSTED SALES : The price for which a property sold adjusted for the effects of inflation or deflation between the date of sale and the date of appraisal. R057186 211111205010 000062 COCHISE DR 850 930 9050 1112 0.397 155,000 7/25/2006 153,768 129,000 R057190 211111205014 000022 COCHISE DR 850 930 9050 1112 0.275 155,000 7/25/2006 131,120 110,000 R057221 211111207003 000350 NAVAJO RD 850 930 9050 1112 0.192 155,000 9/21/2006 163,520 140,000 R057228 211111207010 000072 APACHE DR 850 930 9050 1112 0.169 155,000 10/13/2006 92,480 80,000 R057195 211111205019 000009 APACHE DR 850 930 9050 1112 0.24 155,000 2/21/2007 159,884 144,300 R057201 211111205025 000037 APACHE DR 850 930 9050 1112 0.182 155,000 3/8/2007 170,976 156,000 R057226 211111207008 000038 APACHE DR 850 930 9050 1112 0.241 155,000 10/8/2007 147,246 145,500 R057184 211111205008 000080 COCHISE DR 850 930 9050 400 0.217 155,000 2/28/2008 157,000 157,000 R057189 211111205013 000032 COCHISE DR 850 930 9050 1112 0.218 155,000 6/24/2008 157,500 157,500 HORSE PASTURE SUBDIVISION R041403 211108107003 000914 MAYNE ST 850 936 8880 1112 7.77 142 497,000 7/10/2006 500,640 420,000 SPRING CREEK R056452 211109103005 000148 ALPINE RANCH RD 850 937 8860 1112 2.413 361,950 12/11/2006 367,900 325,000 R056453 211109103006 000098 ALPINE RANCH RD 850 937 8860 1112 2.11 316,500 7/12/2007 314,400 300,000 R059721 211109402016 000092 MARIE RANCH RD 850 937 8860 100 2.082 70 218,610 11/19/2007 198,900 198,900 R059715 211109402010 000104 CHAPARRAL RANCH RD 850 937 8860 1112 2.027 70 212,840 6/20/2008 215,100 215,100 HARDSCRABBLE CREEK SUBDIVISION R056371 211120407006 000462 YALE CT 850 938 8853 1112 2.33 85 297,080 10/18/2006 300,560 260,000 R056379 211120407014 000532 YALE CT 850 938 8853 100 2.286 342,900 1/19/2007 347,200 310,000 R024392 211120101013 000171 YALE CT 850 938 8853 100 5.86 40 351,600 5/11/2007 268,000 250,000 R056370 211120407005 000290 YALE CT 850 938 8853 1112 3.612 60 325,080 10/17/2007 328,900 325,000 R024392 211120101013 000171 YALE CT 850 938 8853 100 5.86 40 351,600 5/12/2008 350,000 350,000 COTTON RANCH R045249 211108310006 000210 WHITETAIL DR 850 940 8976 400 0.51 180,000 8/1/2006 174,640 148,000 R043038 211108305001 000125 TIMBERWOLF 850 940 8976 400 0.353 70 126,000 8/14/2006 106,200 90,000 R045268 211108310025 000375 RED FOX DR 850 940 8976 400 0.49 118 212,400 8/30/2006 212,400 180,000 R045274 211108310031 000351 TIMBERWOLF 850 940 8976 1112 0.35 180,000 8/31/2006 166,734 141,300 R045229 211108304028 000255 WHITETAIL DR 850 940 8976 1112 0.39 180,000 10/25/2006 171,666 148,500 R043009 211108302011 000361 BLACK BEAR 850 940 8976 1112 0.362 80 144,000 11/21/2006 143,000 125,000 R043035 211108304012 000370 BLACK BEAR 850 940 8976 400 0.433 70 126,000 12/8/2006 135,840 120,000 R043036 211108304013 000380 BLACK BEAR 850 940 8976 400 0 70 126,000 12/8/2006 135,840 120,000 R045222 211108304021 000395 WHITETAIL DR 850 940 8976 1112 0.39 180,000 1/12/2007 184,800 165,000 R043017 211108303004 000190 BLACK BEAR 850 940 8976 1112 0.453 180,000 2/9/2007 188,360 170,000 R048140 211108314004 000085 COYOTE PL 850 940 8976 1115 0.507 125 225,000 4/13/2007 234,144 216,000 R048136 211108314002 000045 COYOTE PL 850 940 8976 1112 0.513 125 225,000 5/4/2007 230,480 215,000 ADJ SALE Page 14 of 21

*TIME ADJUSTED SALES : The price for which a property sold adjusted for the effects of inflation or deflation between the date of sale and the date of appraisal. R048153 211108314012 000150 COYOTE PL 850 940 8976 400 0.674 125 225,000 6/29/2007 205,640 194,000 R042974 211108207001 000101 BLACK BEAR 850 940 8976 400 0.883 180,000 7/10/2007 170,824 163,000 R045238 211108305006 000285 TIMBERWOLF 850 940 8976 1112 0.36 180,000 7/13/2007 175,016 167,000 R048144 211108314006 000135 COYOTE PL 850 940 8976 400 0.507 125 225,000 7/13/2007 250,472 239,000 R045292 211108311017 000325 RED FOX DR 850 940 8976 400 0.39 180,000 7/27/2007 191,260 182,500 R045249 211108310006 000210 WHITETAIL DR 850 940 8976 400 0.51 180,000 10/15/2007 214,038 211,500 R045253 211108310010 000190 RED FOX DR 850 940 8976 400 0.36 180,000 11/6/2007 185,000 185,000 R048151 211108314010 000230 COYOTE PL 850 940 8976 400 0.7 125 225,000 4/10/2008 187,000 187,000 SKY LEGEND R058837 211107412020 000047 RIDGELINE LN 850 940.2 8977 1112 0.76 205 276,750 10/10/2006 277,440 240,000 R058814 211107410011 001520 S LEGEND DR 850 940.2 8977 400 0.433 170 229,500 10/27/2006 208,080 180,000 R058815 211107410012 1550 S LEGEND DR 850 940.2 8977 400 0.56 170 229,500 11/7/2006 217,360 190,000 R058827 211107412010 001375 S LEGEND DR 850 940.2 8977 400 0.434 180 243,000 12/18/2006 251,304 222,000 R057313 211107106004 000029 FOX HOLLOW 850 940.2 8977 400 0.478 140 189,000 4/13/2007 190,242 175,500 R058812 211107410009 001396 S LEGEND DR 850 940.2 8977 400 0.45 170 229,500 5/14/2007 230,480 215,000 R058820 211107412003 1305 S LEGEND DR 850 940.2 8977 400 0.412 135 182,250 5/17/2007 185,456 173,000 R058808 211107410005 001276 S LEGEND DR 850 940.2 8977 1112 0.479 170 229,500 5/22/2007 230,480 215,000 CHATFIELD CORNERS R053716 211117205008 000100 SPRINGFIELD ST 850 942 8995 1112 0.251 94 141,000 8/2/2006 135,700 115,000 R054405 211117303006 000260 COTTONWOOD PASS RD 850 942 8995 1112 2 155 232,500 8/24/2006 235,882 199,900 R054432 211118402002 000205 STONEY CREEK ST 850 942 8995 1112 0.258 150,000 9/21/2006 146,000 125,000 R054424 211118106002 000670 GRUNDEL WY 850 942 8995 1112 2.005 120 180,000 10/23/2006 184,960 160,000 R054398 211117211007 000115 STONEY CREEK ST 850 942 8995 100 0.302 110 165,000 10/27/2006 167,620 145,000 R053732 211117206010 000051 SPRINGFIELD ST 850 942 8995 1112 0.234 94 141,000 10/30/2006 138,720 120,000 R054425 211118106003 000770 GRUNDEL WY 850 942 8995 1112 2.005 120 180,000 11/7/2006 176,176 154,000 R054426 211118106004 000780 GRUNDEL WY 850 942 8995 100 2.005 120 180,000 12/15/2006 176,026 155,500 R054413 211118104007 000765 GRUNDEL WY 850 942 8995 1112 0.256 150,000 4/6/2007 189,700 175,000 R054414 211118104008 000775 GRUNDEL WY 850 942 8995 1112 0.255 150,000 4/6/2007 189,700 175,000 R054401 211117303002 000175 STONEY CREEK ST 850 942 8995 1112 0.293 110 165,000 8/21/2007 165,760 160,000 BRIGHTWATER R057636 211129205007 000101 FOXPROWL 850 950 8950 400 0.563 80 384,000 7/31/2006 369,520 310,000 R057658 211130102009 000205 BUCKTAIL 850 950 8950 400 1.483 110 528,000 7/31/2006 557,856 468,000 R058260 211129309002 000185 DOLL STATION 850 950 8975 400 0.538 93 35,020 7/31/2006 494,441 414,800 R058268 211129309010 000015 DOLL STATION 850 950 8975 400 0.502 93 32,680 7/31/2006 375,956 315,400 R058424 211130407008 000202 TALLGRASS 850 950 8975 400 0.6 85 35,700 7/31/2006 395,148 331,500 ADJ SALE Page 15 of 21

*TIME ADJUSTED SALES : The price for which a property sold adjusted for the effects of inflation or deflation between the date of sale and the date of appraisal. R058432 211130407016 000257 TALLGRASS 850 950 8975 400 0.59 41,300 7/31/2006 497,898 417,700 R058433 211130407017 000231 TALLGRASS 850 950 8975 400 0.489 34,230 8/1/2006 485,570 411,500 R058429 211130407013 000325 TALLGRASS 850 950 8975 400 0.852 145 86,480 8/8/2006 723,222 612,900 R057627 211129204008 000162 FOXPROWL 850 950 8950 1112 0.668 75 360,000 8/9/2006 385,270 326,500 R057607 211129202002 000021 BUCKTAIL 850 950 8950 400 1.498 480,000 8/14/2006 519,200 440,000 R057634 211129205005 000061 FOXPROWL 850 950 8950 400 0.662 80 384,000 8/15/2006 371,700 315,000 R058259 211129309001 000191 DOLL STATION 850 950 8975 400 0.639 110 49,200 8/15/2006 526,634 446,300 R058261 211129309003 000171 DOLL STATION 850 950 8975 400 0.563 93 36,650 8/15/2006 451,586 382,700 R058266 211129309008 000069 DOLL STATION 850 950 8975 400 0.512 93 33,330 8/15/2006 385,388 326,600 R058423 211130407007 000172 TALLGRASS 850 950 8975 400 0.64 85 38,080 8/15/2006 392,940 333,000 R058427 211130407011 000290 TALLGRASS 850 950 8975 400 0.613 42,910 8/15/2006 400,846 339,700 R058430 211130407014 000311 TALLGRASS 850 950 8975 400 0.504 35,280 8/15/2006 516,604 437,800 R058442 211130407026 000023 TALLGRASS 850 950 8975 400 0.693 48,510 8/15/2006 482,502 408,900 R058264 211129309006 000109 DOLL STATION 850 950 8975 400 0.514 93 33,460 8/17/2006 439,550 372,500 R058418 211130407002 000022 TALLGRASS 850 950 8975 400 0.84 85 49,980 8/28/2006 439,550 372,500 R058438 211130407022 000117 TALLGRASS 850 950 8975 400 0.506 35,420 8/28/2006 514,716 436,200 R058436 211130407020 000159 TALLGRASS 850 950 8975 400 0.499 34,930 8/29/2006 494,656 419,200 R058421 211130407005 000118 TALLGRASS 850 950 8975 400 0.806 85 47,960 8/31/2006 429,402 363,900 R058437 211130407021 000135 TALLGRASS 850 950 8975 400 0.491 34,370 9/6/2006 551,880 472,500 R058426 211130407010 000262 TALLGRASS 850 950 8975 400 0.623 85 37,070 9/7/2006 401,558 343,800 R057651 211130102002 000413 BUCKTAIL 850 950 8950 400 1.269 480,000 9/8/2006 475,609 407,200 R058435 211130407019 000181 TALLGRASS 850 950 8975 400 0.484 33,880 9/8/2006 525,366 449,800 R057655 211130102006 000301 BUCKTAIL 850 950 8950 400 1.458 480,000 9/15/2006 474,208 406,000 R058431 211130407015 000287 TALLGRASS 850 950 8975 400 0.642 44,940 9/22/2006 541,368 463,500 R057622 211129204003 000044 FOXPROWL 850 950 8950 400 0.65 80 384,000 9/26/2006 317,929 272,200 R057654 211130102005 000345 BUCKTAIL 850 950 8950 400 1.329 480,000 9/26/2006 450,380 385,600 R057657 211130102008 000239 BUCKTAIL 850 950 8950 400 1.324 480,000 9/26/2006 450,380 385,600 R058439 211130407023 000099 TALLGRASS 850 950 8975 400 0.641 44,870 9/28/2006 516,372 442,100 R058302 211130409001 000190 DOLL STATION 850 950 8975 400 0.699 110 53,820 10/25/2006 542,510 469,300 R057635 211129205006 000085 FOXPROWL 850 950 8950 400 0.674 80 384,000 11/1/2006 416,644 364,200 R057631 211129205002 000015 FOXPROWL 850 950 8950 400 0.747 80 384,000 11/15/2006 429,800 375,700 R057632 211129205003 000039 FOXPROWL 850 950 8950 400 0.679 80 384,000 11/15/2006 416,644 364,200 R058425 211130407009 000232 TALLGRASS 850 950 8975 400 0.663 85 39,450 11/15/2006 387,472 338,700 R057704 211130104015 000184 CUTBOW 850 950 8950 1112 0.94 123 590,400 4/16/2007 596,200 550,000 R057625 211129204006 000100 FOXPROWL 850 950 8950 400 0.558 75 360,000 5/31/2007 292,012 272,400 ADJ SALE Page 16 of 21