WILDER RANCH
DEWEY COUNTY, SOUTH DAKOTA


LOCATION: 4 miles south of Timber Lake, South Dakota.

SIZE: The ranch consists of 7,600 deeded acres.

FENCES: The complete exterior of the ranch has an 8 foot woven wire and
wooden post elk fence. All of the breeding pens and holding pens
on the interior of the ranch and all cross fences have the same type
of fencing. There are approximately 50-57 miles of exterior and interior elk fence.

WATER: There is a well near the house that supplies water for the house.
There is a well north of the house, a well by the main barn at the
headquarters and a new well between the headquarters and the
lodge. A water pipeline runs from the northwest part of the ranch
diagonally to the southeast area of the ranch. There are 8 hydrants in the big pasture that get water from the well at the house which is supplied to the hydrants from underground water pipelines. A branch of the Moreau River crosses the southern part of the ranch. There are quite a few dams and dugouts on the ranch.

TOPOGRAPHY: The topography varies from nearly level to hilly areas with deep
brushy, tree filled draws. The ranch has very good winter
protection.

TAXES: The 2007 taxes on the deeded land are approximately $17,200.00.

VEGETATION: The pastures consist mainly of buffalo grass, gramma grass,
western wheat grass and crested wheat grass.

MINERAL RIGHTS: The Sellers will convey all owned gas, oil and mineral and fossil
rights.

IMPROVEMENTS: The improvements consist of a fully furnished 184 ft. by 54 ft.
hunting lodge with 10 large rooms plus a complete living quarters,
lobby/dining room, kitchen and large garage/storage area. This storage area is large enough for at least two more rooms. The owner thinks that in addition to two more rooms, there would still be a large enough area for a shop. Please see list of personal property to go with lodge. Other improvements are a two story house for the ranch foreman, a large barn near the house with a complete indoor elk handling facility, several other barns and outbuildings, 50 to 57 miles of elk fence and about 5 miles of water pipeline plus water piped to the breeding and holding pens. There is also a set of working corrals/pens at the headquarters.

HAYLAND: There are about 300 acres of cropland used primarily for hay crops
and this land was planted to sudan grass in 2007.

CARRYING CAPACITY: The Owner is presently running about 1100 elk on the property
and we think this consists of approximately 480 elk females, about
170 calves, 57 yearling heifers, 95 two year old cows, 80 huntable bulls in 2008, 10 breeder bulls, 45 yearling bulls, 180 shooter bulls.(The actual number of elk on the ranch will need to be confirmed by the owner.) The Broker and Seller make no actual guarantee or representation of the carrying capacity of this ranch. Buyers will have to make their own determination regarding carrying capacity of this ranch.

SCHOOL: The closest grade school and high school is in Timber Lake, SD.

POSSESSION: Negotiable.

LISTED PRICE: $5,300,000.00 or $697.37 per acre.

EXHIBIT B
WILDER ELK RANCH
INVENTORY OF FARM EQUIPMENT


1988 Honda Fourtrax 300 TRX 300, Not running and may not be worth fixing.

Belarus 532 w/TA 28 Westendorf loader, Serial #264483, Engine #238441, is located at the ranch but not running.

Ford Bidirectional, Serial #253728, Model #27690, OK

Belarus 9345 Turbo, Serial #371686, with Westendorf TA-28 Loader, clutch is out of this tractor and we understand that it is being picked up Saturday or Monday for repair.

New Holland 855 Auto Wrap Baler, Serial #837214, is at the ranch but is not working, needs repair.

Ford F-350, 4 door, VIN #2FTJW36M7LCA02145, is at the ranch but the transmission needs to be fixed.

Army Truck, 6 Wheel, ID #0225-26578, USA #4M4202, is at the ranch, turns over.

John Deere Box Scraper, 079524 RH A0793, 0 79523 LH W, OK.

Red Flatbed Trailer (sure-pull) License Plate #T269445. OK

Chevrolet 2500, pickup, VIN #LGCFK24K3JZ216952. OK

Auger J 207-16 J/WR70-46/51, Serial #81404. OK

Roller Trailer w/grain tank, Serial #none, the grain tank is on the back of the chevy p/u and there are no wheels on the trailer.

Keifer Built Horse trailer, Serial #1DVDP2026LK019492. OK

Westendorf Loader, TA-28, OK, on Ford Bidirectional tractor.

Haybuster 256+2, Serial #952285, is at the ranch but the hydraulics and the pickup need to be fixed.

Dodge 600, grain truck, VIN #D61FK6J024144, does not run. Has been at Beigler Equipment for a year or so. Cannot locate parts to get running.


3 Point Blade Landpride 35, OK.

International Harvester Dump truck, Serial #717221G297089, does not run.

Arts-Way Feeder Wagon, Silamix, 800-A, does not run.

Landpride Bush Hog, Serial #176581, RCR 2584. OK.

New Holland Square Baler Hayliner 273, Serial #172640. Don't know if it is working.

Powder River hydraulic cattle chute. Don't know if it is working.

2 John Deere loaders, model 145, one has an old bucket and one has no bucket.

Gooseneck flat bed trailer with homemade wooden bed, one side of hayrack fell off and the trailer needs to be repaired.

King Hitter Post driver, Serial #1E2D9, OK.

Snowblower on International truck, model HFA-117959, snowblower is ok, but the transmission and radiator are out on the truck.

Running gear with rail road ties on top(bale trailer), OK.

Newer Poulan riding lawnmower, OK.

Black tool trailer with air compressor, OK.

1962 Army Jeep, ¾ ton, 4X4, Serial #85546, Model T-245, OK.

Ex-cell Water Blaster power washer 3000psi, Serial #A01769, is not working.

Coleman Powermate air compressor, Serial #M1020320090, OK.

Acetylene cutting torch, OK.

Engine Cherry picker, Serial #71566, OK.

Kawasaki 750 LTD motorcycle, VIN #JKAKZDH18CA039026, OK.

International 1566 Farmall, Serial #2650125U011137, does not run.

New Holland hyra swing 116, Serial #580339, in need of repair.

John Deere 4230, without a loader, model 4230-SG, ROPS, Serial #2-090534R, in need of repair and is going into Isabel for repairs.

Fuel tank and electric fuel pump, 12 volt, Serial #F AJ-251, 705, model #SD1202, OK.

Conutti V12 side rake, Serial #636014, not working.

John Deere 2030 with 145 John Deere loader, Serial #194916CD, Type #4213 DL-03, the tractor needs work but the loader is ok.

Mack truck, VIN #VG6BA03B2JB051214, not running.

John Deere loader bucket, OK.

Gehl grinder mixer, model 55, Serial #9300, does not work.

Yamaha Virago 750 motorcycle, OK.

Yamaha YX600 motorcyle, OK.

Fleetwood drill press, Serial #23799, Model #50-IND, OK.

1997 Ford F-150 4X4, VIN #1FTDF1824VNB14671, not running.

1998 GMC 2500 pickup, Serial #1GTGK29R9XF075924, OK.

1992 GMC, Model K150, Suburban, Serial #1GKFK16K1NJ22411, OK.


ADDITIONAL RANCH PERSONAL PROPERTY TO STAY WITH RANCH

10 propane tanks all well pumping equipment
all waterers all stock tanks
all fuel tanks all interior and exterior fences and gates
all portable corral panels & gates all creep feeders
all outside livestock handling equipment all indoor/outdoor elk handling equipment
all elk sheds all fence & corral building materials
building materials stick welder
all work benches shop too box
shop bolt bin all feed bunks
all bale feeders indoor hydraulic squeeze chute
owned power lines
Regarding the ranch personal property the sellers will not be conveying the oil field pipe, guard rail material and any loose rafter material.

The owner thinks that there are approximately 57 miles of exterior and interior elk fence on the ranch. The entire exterior on the ranch is elk fenced except that the west fence of the lodge area has yard fence and barbed wire fence.

There are 8 water hydrants in the big pasture that get water from the well at the house which is supplied to the hydrants from underground water pipelines.

It should be noted that there will probably be no hay left over at the time of closing since most of the hay for the livestock is normally purchased from a neighbor that lives about a half mile from the ranch. This neighbor usually puts up about 9,000 bales of hay and the Wilder Ranch buys about 3,500 bales from him each year. They usually have a choice of red Siberian millet hay, sudan grass hay or alfalfa and the price has been ranging from $45.00 to $60.00 per ton and the neighbor charges $2.00 per bale to load and unload the hay with his own equipment at the Wilder Ranch. In addition to this the Wilder Ranch has about 300 acres of crop land normally used for hay crops and this land was in sudan grass in 2007. The Wilder put up about 770 bales of sudan grass in 2007. At any time the Wilder Ranch would normally have no more that 2 month's of hay on the ranch, as it is purchased as needed. If there is any hay left over at the time of closing, this hay would be conveyed to the buyer.

The owner is currently feeding the elk sudan grass hay plus about 3 pounds of corn per animal per day. Regarding the buffalo, most of the buffalo are still grazing in the big pasture but the owner will be bringing the cows in soon to wein the calves and at that time the cows will be fed some sudan grass hay. The condition of the elk and the buffalo seems to be very good according to the manager except for the 70 old elk cows which should be sent to slaughter.

The ranch generated approximately $173,430.00 from elk and buffalo hunting in 2007. At this time for 2008 there are eight booked hunts with deposits and there are about twelve hunts without deposits.
HOUSEHOLD PERSONAL PROPERTY

living room curtains and blinds stove/oven
refrigerator dishwasher
water softener

ELK INVENTORY 2007

Pen 1: 10 Breeder bulls
Pen 2: 70 old cows from initial inventory
Pen 3: 80 3-8 yr. old cows
Pen 4: 80 3-8 yr. old cows
Pen 5: 75 3-8 yr. old cows
Pen 6: 80 3-8 yr. old cows
Pen 7: 80 3-8 yr. old cows
Pen 8: 95 2 yr. old bulls, not huntable yet, maybe 2009
Pen 9: 80 shooter bulls to hunt in 2008
Pen 10 & 11: 15 3-8 yr. old cows
Pen 12: 45 yearling bulls and 57 yearling heifers born 2006
Sedan Field: 180 upcoming shooter bulls left that are not ready to hunt yet (born 1999 to 2003, 4-8 years old)
Calf Pen: 170 2007 calves
Approximately 1117 head of elk as per inventory of December 17, 2007.


TOTAL ELK INVENTORY CONDENSED
10 Breeder bulls
480 cows
95 2 year old cows
80 huntable bulls
45 yearling bulls
57 yearling heifers
180 shooter bulls
170 2007 calves
1,117 total head of elk

BUFFALO INVENTORY 2007

At the Timber Lake ranch there are 25 big older breeding bulls with bad horns, 25 big older breeding bulls in the 4-7 yr. old range with good horns, 50 head of yearling buffalo
and about 200 buffalo cows.

The Buyers may have their choice of any 20 male buffalo and any 100 female buffalo out of the total buffalo inventory.

LODGE PERSONAL PROPERTY
20 queen size beds 1 grill-lobby
1 king size bed 2 washers
20 mattresses 2 dryers
20 box springs 1 sink
20 sets of sheets 1 metal supply rack
20 bed spreads all kitchen appliances, utensils & cookware
44 pillows stove/oven in kitchen
10 night stands 2 outdoor grills
11 phones cutting bench
11 alarm clocks 2 stainless steel tables
12 recliners 1 three compartment sink
11 couches 1 storage counter
1 entertainment center 1 side by side cooler
11 coffee tables 5 freezers
11 air conditioner/heaters bakers rack
11 dressers 1 Bunn double coffee maker
11 25" TV's 7 dining room tables with chairs
11 receivers 7 outside swings
11 tables 2 outdoor double chairs
33 chairs 1 outside single chair
11 blinds 4 pine chairs in dining room
11 refrigerators 2 elk statues
11 sinks 1 outdoor air conditioning unit -dining room
11 light wall mounts linen table
11 mirrors linen cart
11 toilets hotel laundry cart
11 tubs 7 extra beds
11 2 cup coffee pots 3 additional entertainment centers
22 pictures
11 coat racks
11 smoke detectors
1 oak stage coach
1 table-lobby
1 chair-lobby
1 bench-lobby
2 couches-lobby
8 ceiling fans-lobby
8 double ceiling lights-lobby
8 single ceiling lights-lobby
3 bar lights-lobby
1 elk mount-lobby
1 deer mount-lobby