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<br />VALUATION <br />OF PART TO BE ACQUIRED <br /> <br />LAND VALUATION <br />Repr C bl Sal <br /> <br />esentative om ara e es <br /> Subject Compo No.1 Comp No.2 Comp No.3 Compo No.4 <br /> David Glass Hibernia National James <br />Grantor Billy J. Williams Investments,LLC Bank Christopher <br /> Martin <br /> Larry Whitener Tony Bowden Ting's <br />Grantee Stephen Brown and wife, Misty and Stacy <br /> Whitener Bowden Corporation <br />Date 09/03/03 07/15/03 05/02/02 11/30/01 <br />Unit Price $3.83/SF $4.06/SF $1.93/SF $3.32/SF <br />Relative 3171 Lamar 2404 Lamar S/L Lamar 3890 Lamar <br />Location Avenue Avenue Avenue, East of Avenue <br /> Collegiate <br />Financing Similar Similar / Similar Similar <br />Conditions Similar Similar Similar Similar <br />of Sale <br />Market Similar Similar Similar Similar <br />Conditions <br />Adjusted <br />for $3.83/SF $4.06/SF $1.93/SF $3.32/SF <br />Condition <br /> 0.27 Acres 0.198 Acres 1.19 Acres 2.0716 Acres <br />Size 0.3894 Acre Similar Similar Superior Superior <br /> 0% 0% +5% +10% <br />Shape Rectangular Similar Similar Similar Similar <br /> 0% 0% 0% 0% <br />Access / Interior Similar Inferior Similar Similar <br />Frontage 0% -10% 0% 0% <br />Location Similar Similar Similar Inferior <br /> 0% 0% 0% -10% <br />Adjusted $3.83/SF $3.65/SF $2.03/SF $3.32/Acre <br />Indicated <br />Unit $3.50/SF <br />Value <br /> <br />SALES COMPARISON APPROACH - LAND ONLY <br /> <br />The Sales Comparison Approach is based upon the principle of substitution. In essence, this principle states that a <br />prudent purchaser will pay no more for any particular property than would cost them to acquire an equally desirable <br />alternate property. In other words, this approach to value seeks to estimate a market value for the subject property by <br />comparison with other transactions that have occurred in the marketplace. <br /> <br />The Sales Comparison Approach utilizes sales of similar properties to the subject as the basis for an indication of market <br />value. Comparison is made between each sale and the subject property for different characteristics including, but not <br />limited to, financing terms, conditions of sale, market conditions, property location, size, shape, frontage/access and <br />flood plain characteristics, etc. These adjustments are made to the sales price of a comparable property to arrive at an <br />indication of what it would have sold for had it been essentially the same as the subject property. After considering these <br />adjustments for dissimilar characteristics, the appraiser arrives at an estimate of value for the subject property. <br /> <br />Page 3 <br />