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Fair Market Value (Whole …

Henry Mikus Executive Director SCWMA 2300 County Center Dr., Ste. B100 Santa Rosa, CA 95403 RE: Teixeira Ranch Appraisal of real property located at 2535 Stage Gulch Road, Petaluma, Sonoma County, California; Assessor s Parcel Number 068- 040- 015 Dear Mr. Mikus: Pursuant to your request we have made an appraisal of the above referenced subject property for the purpose of estimating (1) its current fair Market Value as is, containing acres and including all improvements, (2) the current fair Market Value of the proposed acre project area, (3) a current fair Market lease amount attributable the whole and (4) a current fair Market lease amount attributable to the acre project area. It is our understanding that this appraisal report will be used to assist the client with a possible purchase or lease of the subject property or a portion thereof. This is a summary appraisal report and conforms to the Uniform Standards of Professional Appraisal Practice (USPAP).

The purpose of this appraisal is to determine the current market value, in fee simple, of (1) its current fair market value as is, containing ± 389.98 acres and including all improvements, (2) the

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