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1998 Certified Valuation

Provided by V.J. Lupton
FAIVLE Registration No. 1221
For Alcorn Lupton and Associates Pty Ltd
Consultant Valuers and Land Economists

Paraphrased due to internet privacy.
The actual documents are available to serious inquirers...

... It is our opinion however that the overall property is enhanced by this scheme and that post potential investors would recognise the merits of the system and would endevour to capitalise on higher stock capacities in the future......

Ease of operation of the water management system

The huge capital cost of installing and implementing the total Natural Farming Sequence has already been undertaken. It is a fine working model to enable the commercial exploitation of the technology to other areas.

The system has been examined by the University of Sydney, University of Western Sydney and the University of Technology, Sydney.

The property adjoins the Bylong National Park and State Forest.

The property is located at the top of the watershed

Catchment area is a National Park

The property has renowned historical features including:

It was the first agricultural development west of the Great Divide in 1822

Has consistently produced the best equine athelites since 1922 in this renowned thoroughbred horse breeding area.

Heritage ands conservation features of the property.

One cannot truly estimate the cost of the capital works undertaken within the subject property. This valuation reflects some potential of the property as a model, providing a premium over and above the traditional approaches to a valuation of this nature.

In examining the proerty as a model for Bio Diversity, one must pay due cognisance to the capital works already undertaken. The property has been a working model for some fifteen years, hence proof of its success is readily evident apon a thorough inspection of the land. Further, it is acknowledged that Tarwyn Park maintains at least the equal production performance of similar properties, if not superior. This is especially so when one considers the prolonged drought conditions which have prevailed for some three or four years.

Examination of the existing water system and earthworks alone would currently require expenditure in the order of nine to ten million dollars ($9,000,000 - 10,000,000). Additionally there would be no lead time in establishing a system, hence at least five years would be saved further enhancing the value of the subject property. Research by UTS Groundwater Division proved that storable water has increased from 20 to 200 megalitres. With a simple alteration to the system which is currently in place capacity could increase to 400 megalitrees. Such would naturally reduce the salt content by a proportionate amount.

Following studies by eminent scientists, agronomists and experts in associated fields, it has been proven the intrinsic value of the existing property as model to be exploited and reproduced, could well be in the order of twelve to fifteen millions dollars ($12,000,000 - 15,000,000). Such considerations do not take into account the advanced stage of equine management techniques currently operating on the property. Additionally it has been proven that horses support these sustainable aspects of the research. The important results of biiodiversity (being the physical developement, health and stamina), are seldom assessed along with agricultural change.

Valuation Conclusion

The infrastructure on this property produced information that was accepted by the world environment engineers at the Beijing (China) Conference in June 1997, as..... "the philosophy to follow" .

The present conditions on the property known as Tarwyn Park, Bylong could not be reproduced for an expenditure of Twenty million dallars ($20,000,000). A current valuation of the propertry would not be accurately guaged until it was tested by the market, or by qualified international organisitions with the tested expertise to make such valuation judgmenets.

Provide by V.J. Lupton
FAIVLE Registration No. 1221
For Alcorn Lupton and Associates Pty Ltd
Consultant Valuers and Land Economists