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Headwaters Forest Appraisal Review - Page 6 



REVIEWER ASSUMPTIONS AND LIMITING CONDITIONS 



1. The Appraisal Review memorandum attached is based on information and data 

 contained in the appraisal report which is the subject of the review. Data 

 and infomation from other sources way be considered. If so, they are 

 identified and noted as such. 



2. It is assumed that such data and Information are factual and accurate. 



3. The reviewer reserves the right to consider any new or additional data or 

 information which may subsequently become available. 



4. Unless otherwise stated, all assumptions and limiting conditions contained 

 In the appraisal report, which Is the subject of this appraisal review, are 

 also conditions of this review. 



REVIEHER CERTIFICATION 



I certify that, to the best of my knowledge and belief: 



1. The facts and data reported by the review appraiser and used in the review 

 process are true and accurate. 



2. The analyses, opinions, and conclusions In this review report are limited 

 only by the assumptions and limiting conditions stated In this review 

 report, and are my personal, unbiased professional analyses, opinions, and 

 conclusions. 



3. I have no present or prospective Interest In the property that is the 

 subject of this report and I have no personal Interest bias with respect to 

 the parties involved. 



4. My compensation is not contingent on an action or event resulting from the 

 analyses, opinions, or conclusions In, or the use of, this review report. 



5. My analyses, opinions, and conclusions were developed and this review report 

 was prepared In conformity with the Uniform Standards of Professional 

 Appraisal Practice. 



6. I personally Inspected the subject property of the report under review. 



7. No one provided significant professional assistance to the person signing 

 this review. 



RONALD B. CECCHI Date 



Regional Appraiser 



