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RECONCILIATION AND CONCLUSIONS <br />This study has evolved, through the application Sales Comparison Approach to value, the <br />following indications of Market Value for the subject property as of May 19, 2004. <br />Market Value Indications <br />Land Value $385,000 <br />The Sales Comparison Approach investigated sales of land parcels considered comparable to the <br />subject. The most reliable unit of comparison extracted from these comparable sales was the price <br />per square foot of site area. These units of comparison allow for adjustment of price based on <br />variances between the comparable sales. The sales represented a good sample of comparable sites <br />that have sold within the past few years. This approach is considered to be the most reliable <br />indicator of market value for the subject property. <br />Upon your review of the report, we would be happy to discuss it with you. <br />Sincerely, <br />NICOLLET PARTNERS, INC. <br />ven M. DeCastei, AI <br />Principal <br />MN License ID No. 4000943 <br />WI License ID No. 605 <br />Attachments: <br />Certifications <br />Limiting Conditions <br />Professional Qualifications <br />Subject Photographs <br />Subject Plat Map <br />Comparable Land Sales Map <br />Sales Comparison Grids — Land Sales <br />NICOLLET PARTNERS, INC. <br />Little Canada Land Parcel <br />Page 27 <br />