SUNFLOWER EQUINE APPRAISALS

The Appraisal Report consists of the following components:

• Title Page
• Letter of Transmittal
• Table of Contents
• The Appraisal Process
• General Information
• Description and Value Estimate of the Subject Property
• Appraiser's Certification
• Appraiser's Qualifications
• Addenda (supplemental info, photographs, photocopies)

The appraisal process incorporates three concepts.

1. The Appraisal Approach Used
2. Description of the Appraisal Approach
3. Location of the Property