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Attachment I <br />7 <br />SUMMAR Y OF SALIENT FACTS AND CONCL USIONS <br />Date of Valuation: December 08, 2009 <br />Property Appraised: +/- 289.53 acres is located west/northwest of San <br />Marcos at the end of Mountain High Drive. The <br />property is located approximately four miles <br />west/northwest of the San Marcos Central Business <br />District. <br />Purpose of the Appraisal: To estimate the market value of the fee simple title of <br />the subject property. <br />Legal Description: +/- 289.53 acres out of the John Williams Survey, <br />Abstract 471, Hays County, Texas. <br />Site Data: +/- 289.53 acres or 12,611,927 square feet <br />Historical Data: Clovis R. Barker and Medical X -Ray Consultants, <br />PA has owned the subject since June 30, ,1995 <br />according to the deed filed in Volume 1158, Page <br />659 of the Hays County Deed Records. The prior <br />owner had owned the subject for more than three <br />years. <br />Improvements: Old barn and fencing. <br />Estimated Marketing Time: +/- 1 year, according to current market activity and <br />recent sales of similar tracts in the subject area. <br />Exposure Period: 365 to 480 days <br />Value Indication: <br />Sale Comparison Approach: $45343,000 <br />Cost Approach: N/A <br />Income Approach: N/A <br />Final Value Estimate: $4,3431000 <br />GRAHAM & ASSOCIATES <br />