APPRAISAL REPORT VACANT LAND 204.26 ACRES SOUTHEAST CORNER OF DEWDNEY AVENUE 8: CONDIE ROAD 10001 DEWDNEY AVENUE NW 20-17-20-2 EXT. 1 2201 CONDIE ROAD SW 20-17-20-2 EXT. 2 REGINA, SASKATCHEWAN AS AT OCTOBER 23, 2013 PREPARED BY: PETER M. LAWREK, B.A., AACI, P. APP. LJB LAWREK JOHNSON BIRD APPRAISALS CONSULTING LTD. 2126 ROSE STREET REGINA, SASKATCHEWAN 014-0044 LJB Appraisals LJB Lawrek Johnson Bird REAL ESTATE APPRAISALS AND CONSULTING LTD. COMMERCIAL - INDUSTRIAL - AGRICULTURAL - PROPERTY TAX ASSESSMENTS 2126 Rose Street 24(1)(k) Regina, Saskatchewan S4P 2A4 24(1)(k) Saskatchewan Ministry of Highways Infrastructure October 23, 2013 1650 Park Street Regina, Saskatchewan S4N 2G1 Attention: 24(1)(k) Land Property Manager Southern Region Dear Madam: Re: Appraisal Report Vacant Land Southeast corner of Dewdney Avenue and Condie Road 204.26 acres 10001 Dewdney Avenue NW 20-17-20-2 Ext. 1 2201 Condie Road SW 20-17-20-2 Ext. 2 Regina, Saskatchewan In accordance with your instructions, we have prepared an appraisal report of the above property. The purpose of the appraisal is to estimate the market value of the property as at October 23, 2013 which was the date of inspection. The intended use of the appraisal is to assist in the purchase of the land for a proposed roadway. We have personally inspected the property and have analyzed all available information considered pertinent. Based on this inspection and analysis the market value as at October 23, 2013 is estimated to be: NW 20-17-20-2 Ext. 1 116.86 acres $35,000/acre $4,090,000 SW 20-17-20-2 Ext. 2 87.40 acres $30,000/acre ?2l622.000 Total $6,712,000 Note: The estimate of value is based on the following assumptions: 1) That access would be allowed from Dewdney Avenue in order to develop the land for an industrial subdivision. 2) That Saskatchewan Highways would only require a minimal amount of the subject land for an intersection at Dewdney Avenue and the proposed West Regina Bypass. If too much land is taken a subdivision development might be unfeasible. 3) That City of Regina water and sewer connections could be obtained at feasible costs. 4) That the underground pipelines on the subject land do not make an industrial subdivision unfeasible. The following report outlines the market data collected and analyzed and the appraisal methods employed. Respectfully Submitted, LJB Lawrek Johnson Bird Appraisals Consulting Ltd. 24(1)(k) C14-0044 LJB Appraisals 3 Table of Contents PART ONE – INTRODUCTION Letter of Transmittal Table of Contents 1 2 3 PART TWO - BASIS OF THE APPRAISAL Client and Intended Use of the Report Purpose of the Assignment Property Rights Appraised Type of Report Effective Date of Value Definition of Market Value Scope of Work Assumptions & Limiting Conditions 4 4 4 4 4 4 4 5 6 PART THREE - FACTUAL INFORMATION Identification of the Property / Title Information Sales History Neighbourhood, City and Area Data Province of Saskatchewan Data Description of Land & Site Analysis Assessment and Taxes Land Use Controls / Zoning 8 8 8 8 8 12 13 13 PART FOUR - ANALYSES & CONCLUSIONS Characteristics of the Market Principle of Highest and Best Use Land Value Estimate by the Direct Comparison Approach Exposure and Marketing Time Analysis Appraiser's Certification Appraiser's Qualifications 13 14 14 14 31 32 32 SUPPORTING DATA Aerial Photographs City of Regina – Proposed Boundary Alteration Neighbourhood Map Zoning Map West Regina Bypass Maps Parcel Plans Certificate of Title 35 36 37 38 39 40 42 44 C14-0044 LJB Appraisals 4 PART TWO - BASIS OF THE APPRAISAL Client and Intended Use of the Report The report is intended for use only by the client, Saskatchewan Ministry of Highways & Infrastructure and those parties determined by the client. This report is intended to assist in the purchase of the land for a proposed roadway and no other use. Use of this report by others is not intended by the appraiser and any liability in this respect is strictly denied. Purpose of the Assignment To estimate the market value of the property as at the effective date. Property Rights Appraised Fee Simple ownership subject to any leases outlined in this report. Type of Report Short Narrative, current value. Effective Date of Value October 23, 2013 Definition of Market Value As defined by the Appraisal Institute of Canada in the Canadian Uniform Standards of Professional Appraisal Practice. "The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of the specified date and the passing of title from seller to buyer under conditions whereby: 1) 2) 3) 4) 5) buyer and seller are typically motivated; both parties are well informed or well advised, and acting in what they consider their own best interests; a reasonable time is allowed for exposure in the open market; payment is made in terms of cash in Canadian dollars or in terms of financial arrangements comparable thereto; the price represents the normal consideration for the property sold unaffected by special creative financing or sales concessions granted by anyone associated with the sale." Market value as defined by International Valuation Standards 2000: “Market value is the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an armslength transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.” C14-0044 LJB Appraisals 5 Scope of Work Inspection We inspected the property. The identification of the property also involved a review of mapping prepared by the local municipality, and our earlier files on the property. Type of Analysis This appraisal complies with the Standards of the Appraisal Institute of Canada and the International Valuation Standards. We are competent in this type of appraisal analysis and have appraised this type of property previously. Data Research We received our instructions from the client who provided information on the property. Publications produced by the municipality provided information on applicable land use controls. Sources of market evidence included, as appropriate, the local real estate board, Land Title Office transactions - including those reported by local assessors, real estate agents, vendors and purchasers active in the market. The Information Services Corporation provided information on the state of title. Audits and Technical Investigations We did not complete technical investigations such as: Detailed investigations or engineering review of the plans of the structure; An environmental review of the property; A site or building survey; Investigations into the bearing qualities of the soils Audits of financial and legal arrangements concerning the leases Verification The analysis set out in this report relied on written and verbal information obtained from a variety of sources we considered reliable. Unless otherwise stated herein, we did not verify client-supplied information, which we believed to be correct. C14-0044 LJB Appraisals 6 Assumptions & Limiting Conditions 1. The client to whom this report is addressed may use it in deliberations affecting the subject property only, and in so doing, the report should not be extracted, but used in its entirety. 2. While expert in appraisal matters, the author is not qualified and does not purport to give legal advice. It is assumed that: a) b) c) d) e) The legal description as furnished by the Land Titles Office is correct; Title to the property is good and marketable; There are no encroachments, encumbrances, restrictions, leases or covenants that would in any way affect the valuation, except as expressly noted herein; The existing use is a legally conforming use which may be continued and the required building permits have been acquired for all improvements; Rights of way, easements or encroachments over other real property and leases or other covenants noted herein are legally enforceable. Because these assumptions have been made, no investigation, legal or otherwise, has been undertaken which would verify these assumptions except as expressly noted herein. 3. The author is not a qualified surveyor. Sketches, drawings, diagrams, photographs etc. are presented in this report for the limited purpose of illustration and are not to be relied upon in themselves. 4. The author is not qualified to give engineering advice. It is assumed that there are no patent or latent defects in the subject improvements, that no objectionable materials such as Urea Formaldehyde foam are present, that they are structurally sound and in need of no immediate repairs, unless expressly noted within this report. No soil tests have been done, nor have tests been done of the heating, plumbing, electrical, air-conditioning or other systems and, for the purpose of this opinion, they are assumed to be in good working order. 5. No investigation has been undertaken with the local zoning office, the fire department, the buildings inspector, the health department or any other government regulatory agency unless such investigations are expressly represented to have been made in this report. The subject property must comply with such government regulations and, if it does not comply, its noncompliance may affect market value. To be certain of compliance, further investigations may be necessary. C14-0044 LJB Appraisals 7 6. Neither possession of this report nor a copy of it carries with it the right of publication. All copyright is reserved to the author and is considered confidential by the author and his client. It shall not be disclosed, quoted from or referred to, in whole or in part, or published in any manner, without the express written consent of the appraiser. This is subject only to confidential review by the Appraisal Institute of Canada. 7. Market data has been obtained, in part, from documents at the land registry office, or as reported by the real estate board. As well as using such documented and generally reliable evidence of market transactions, it was also necessary to rely on hearsay evidence. Except as noted herein, a reasonable attempt has been made to verify all such information. 8. Because market conditions, including economic, social and political factors, change rapidly and, on occasion, without warning, the market value expressed as of the date of this appraisal cannot be relied upon to estimate the market value as of any other date except with further advice of the appraiser. 9. The compensation for services rendered in this report does not include a fee for court preparation or court appearance, which must be negotiated separately. However, neither this nor any other of these limiting conditions is an attempt to limit the use that might be made of this report should it properly become evidence in a judicial proceeding. In such a case, it is acknowledged that it is the judicial body which will decide the use of the report which best services the administration of justice. 10. The appraiser is not qualified to comment on environmental issues that may affect the market value of the property appraised, including but not limited to pollution or contamination of land, buildings, water, groundwater or air. Unless expressly stated, the property is assumed to be free and clear of pollutants and contaminants, including but not limited to moulds or mildews or the conditions that might give rise to either, and in compliance with all regulatory environmental requirements, government or otherwise, and free of any environmental condition, past, present or future, that might affect the market value of the property appraised. If the party relying on this report requires information about environmental issues then that party is cautioned to retain an expert qualified in such issues. We expressly deny any legal liability relating to the effect of environmental issues on the market value of the property appraised. 11. Extraordinary Limiting Condition One or two of the three traditional approaches to value may have been excluded. The reasons for any exclusion are explained in this report. 12. Extraordinary Assumption Refer to Letter of Transmittal regarding any Extraordinary Assumptions. C14-0044 LJB Appraisals 8 PART THREE - FACTUAL INFORMATION Identification of the Property / Title Information Address/ 10001 Dewdney Ave, NW-20-17-20-2 Ext. 1, Parcel #165025414 & Legal Description: 2201 Condie Rd, SW-20-17-20-2 EXT. 2, Parcel #166005862 Regina, Saskatchewan Title Information: Refer to Certificate of Title in the Supporting Data section Sales History NW-20-17-20-2 Ext. 1 101225232 Saskatchewan Ltd. purchased the land for $82,040/acre on February 26, 2013 title #143310912 from Tappauf who purchased for $55,000 per acre in approx. March 2012 from Sisters of our Lady of the Missions Ltd. Tappauf did not take title. They did a land flip. SW-20-17-20-2 Ext. 2 101225232 Saskatchewan Ltd. purchased the land for $71,681/acre on February 26, 2013 title #143310473 from Tappauf who purchased in approx. March 2012 for $45,000 per acre from McNally Enterprises Ltd. Tappauf did not take title. They did a land flip. Neighbourhood, City and Area Data Province of Saskatchewan Data Location: Located in Western Canada between Alberta to west and Manitoba to east Population: 1,108,303 as of July 1, 2013 (Sask. Gov’t Bureau of Statistics) Size: 250,000 square miles Key Economic Sectors: Agriculture: the original economic base Manufacturing: Manufacturing shipments were $13.9 billion in 2012 while international exports of manufactured goods was $31.5 billion in 2012, an increase of 25% from 2010. (Govt of Saskatchewan). Mining: Sask. is the 3rd largest non-fuel mineral producing province in Canada. Saskatchewan accounted for 15.6% of the value of total Canadian mineral production in 2009. At just over $6.9 billion, Saskatchewan’s value of production was second largest in Canada in 2010. Saskatchewan’s mineral exploration spending is third largest in Canada. Oil & Gas: 2nd highest oil producing province with approx. $12.3 billion value of sales in 2011, 14% of all Canadian crude oil comes from Saskatchewan. 3rd highest natural gas producing province with $492 million value of sales in 2011. Advanced Technology: Approximately 14,000 people in some 300 Saskatchewan companies generate more than $1 billion a year, providing innovative products and services in telecommunications, digital communications, software development, monitoring and remote sensing, computerized banking, geomatics, health and environmental systems Research: 1/3 of Canada’s ag-biotech research takes place in Sk. CLS (synchrotron) in Saskatoon is one of the 2 most powerful of its kind in N. America. Weyburn has the world’s first and largest carbon capture and sequestration project. Advantage: One of the cheapest places to do business in the world Workforce: One of the best educated in Canada - nearly 50% of employees have a post secondary education. Trade: 60% of exports go to USA, 40% to the rest of the world. In 2011 more than half of Saskatchewan exports were mining, oil and gas related. Mining, oil and gas accounted for $16.7 billion of the $29.7 billion in exports. 62% of Saskatchewan’s international exports went to USA, and 38% to the rest of the world. In 2010, more than half of Saskatchewan exports were mining, oil and gas related. Mining, oil and gas accounted for $13.2 billion of the $23.7 billion in exports. Summary: Saskatchewan has experienced steady growth. GDP statistics: Year 2004 2005 Canada 3.1% 3.0% Saskatchewan 4.7% 2.8% Source: Stats Canada. Real GDP growth C14-0044 2006 2.8% -1.4% rates (%) 2007 2.2% 3.5% 2008 0.7% 4.9% 2009 -2.8% -4.2% 2010 3.2% 2.5% 2011 2.5% 4.9% 2012 1.8% 2.2% 2013 (F) 1.5% 2.9% LJB Appraisals 9 City Data Regina: Economic Base: - Capital of Province of Saskatchewan - 100 miles north of the US border near the south end of the province - Located on Trans Canada Highway - Agriculture service - Retail and distribution centre - High civil service numbers - Some of the largest employers are Viterra (grain company), Co-op Oil Refinery, Canada Life Insurance, Farm Credit Canada, Evraz Inc. NA (steel plant) Unemployment Rate September 2013 (Seasonally Adjusted) Regina 3.0% Saskatchewan 4.3% Canada 6.9% Saskatoon, Saskatchewan 4.4% Winnipeg, Manitoba 6.0% Edmonton, Alberta 5.1% Calgary, Alberta 4.7% Source: http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/lfss03ieng.htm Industries/Sectors that Drive the Regina Economy 1) 2) 3) 4) 5) 6) 7) 8) 9) Evraz Inc. Na. steel plant (formerly Interprovincial Steel Company, IPSCO): They employ approx. 1,000 full time employees. They have been expanding and expect continued growth in the future. Co-op Oil Refinery and Upgrader: They have 610 full time employees. They have been expanding and should continue to grow in the future. Head Office of Viterra grain company (formerly Saskatchewan Wheat Pool). They employ approx. 440 full time employees Western Canada Regional Head Office of Canada Life Insurance: Approx. 700 employees. No expansion expected. Head Office of Farm Credit Canada: Moved from Ottawa to Regina in about 1992. Approx. 400 Full time employees Government of Saskatchewan: They are the largest user of Regina office space. SaskPower Corp. employs approx. 1,000 full time employees in Regina, SaskEnergy Inc. employs about 450 full time employees, SaskTel employs approx. 2,069 full time employees. All of the Crown Corporations have grown in recent years and predict continued growth in the near future. Government of Canada: They have a substantial number of employees in Regina. As of January 2012 the Global Transportation Hub (GTH) total investment in infrastructure is $504 million. The GTH employs 800 as of Dec 31/12. Companies such as, Canadian Logistics Services, Yanke, Loblaw’s and AFI Distribution Group will operate out of the GTH. Mosaic Potash (formerly IMC/Cargill) employs approximately 350 people in the Regina office and at their mine in nearby Belle Plaine. C14-0044 LJB Appraisals 10 Regina Population History: June 30 2002 2003 2004 2005 2006 2007 2008 2009 2011 2012 187,429 184,006 186.766 187,772 185,010 188,065 192,232 192,912 204,120 207,429 Source: Government of Saskatchewan, Health Local Economy: Real Estate Market Residential: Multi-Family: Industrial/ Warehouse: Office: The Regina economy is relatively strong and growing. Relatively strong market. Highest demand is for low to mid range homes. Good demand by investors due to low interest rates and low vacancy rates. Vacancy rate 1.9%. (CMHC Apr/13). Strong demand by tenants. Good demand especially for smaller buildings. Vacancy rate as of January 2013 is 2.64% (survey by Avison Young realtors). Good demand by investors and tenants Dec. 31, 2006 3.63% Dec. 31, 2007 3.05% June 30, 2008 2.41% Dec. 31, 2008 1.95% July 31, 2009 1.73% Dec. 31, 2009 2.72% Sept. 2010 2.50% March 2011 2.17% Sept. 2011 1.73% March 2012 1.63% August 2012 1.42% February 2013 4.28% September 2013 5.25% Source: Harvard Regina Office Status Report Retail: Relatively good demand for high quality locations. Vacancy rate as of January 2013 is 3.05% (Survey by Avison Young realtors. Comments: The overall real estate market is relatively good. Demand for Subject Property: Relatively good demand for land like the subject (without pipeline easements). C14-0044 LJB Appraisals 11 Number & Value of Building Permits Issued, Total, Regina, Historical Year Number Value ($000’s) 1990 1,751 102,791.7 1995 1,221 100,651.7 2000 1,462 113,331.8 2005 1,670 241,529.0 2006 1,919 276,927.9 2007 2,186 337,685.6 2008 2,387 342,372.1 2009 2,307 458,354.2 2010 2,539 426,790.7 2011 2,790 547,721.3 2012 3,342 773,272.6 2013 (8 mth) 2,133 456,418.3 Source: City of Regina, Urban Development Housing Starts, Regina CMA, Historical Year Single Detached Multiples Total 1990 320 151 471 1995 323 48 371 2000 459 156 615 2005 572 316 888 2006 749 237 986 2007 864 534 1,398 2008 979 396 1,375 2009 569 361 930 2010 708 639 1,347 2011 958 736 1,694 2012 1,289 1,804 3,093 2013 (8 mths) 834 1,219 2,053 Source: https://www03.cmhc-schl.gc.ca/catalog/productDetail.cfm?cat=58&itm=1&lang=en&fr=1344525147875 Neighbourhood Refer to the maps in the Supporting Data section. The subject land is located at the southeast corner of Dewdney Avenue and Condie Road which is only a dirt trail south of Dewdney Avenue. Condie Road is a dead end at the railway tracks to the south. The subject land is immediately east of the Global Transportation Hub and both the subject and the Hub are within the Regina city limits on the west side of Regina. The Hub was annexed into the City of Regina in 2009 and will be used for large warehouses and railway shipping. The proposed West Regina Bypass will now run through the middle of the subject land running north and south. There will be a major intersection at Dewdney Avenue. Neighbouring Properties North (across Dewdney Ave.): South: East: West (across Condie Rd.): Note: Conclusion: C14-0044 Farmland and proposed industrial subdivision Land owned by the Canadian Pacific Railway and then the Canadian Pacific Railway. The land already acquired for the proposed West Regina Bypass is immediately adjacent to the subject and then the Canadian Pacific Railway and then vacant land (Sakimay First Nation) with a gas station at the southwest corner of Dewdney Avenue and Pinkie Road. Vacant land in Global Transportation Hub. The City of Regina owns a 27.93 acre strip of land on the east and south sides of 2201 Condie Road which is a drainage ditch. The neighbourhood is a good location for the subject land. LJB Appraisals 12 Description of Land & Site Analysis 10001 Dewdney Avenue Location Southwest corner of Dewdney Avenue and the proposed West Regina Bypass extending west to Condie Road and extending south to the Canadian Pacific Railway. Land Size: 116.86 acres Services: City of Regina 600 mm (24 inch) water line on Dewdney Avenue. The nearest water and sewer is on the adjacent Global Transportation Hub lands. The water line to the GTH originates from north of the airport. The sewer system for the GTH goes directly to the City lagoons west of Regina. According to the City of Regina it is not feasible to extend a new water and sewer line from the City of Regina to the subject land. Therefore an arrangement for sewer and water with the GTH would be the procedure for servicing. Topography: Generally level, adequate drainage Easements: Refer to the Neighbourhood Map in the Supporting Data section. It shows the 2 petroleum pipeline easements that cross the land which would make development difficult. The area of the 2 pipelines is approx. 11.78 acres. Conclusion: Good access and exposure. 2201 Condie Road Location Land Size: Services: Topography: Easements: Conclusion: C14-0044 ½ mile south of the Southwest corner of Dewdney Avenue and the proposed West Regina Bypass extending west to Condie Road. 87.40 acres The nearest water and sewer is on the Global Transportation Hub lands. Generally level, adequate drainage Refer to the Neighbourhood Map in the Supporting Data section. It shows a petroleum pipeline easement in the northeast corner of approx. 1.78 acres. Poor access and limited exposure. LJB Appraisals 13 Assessment and Taxes Assessed Taxable Address Year Value Assessment Property Taxes 10001 Dewdney Ave. 2013 $ 223,400 $ 122,800 $ 1,851.37 2201 Condie Road 2013 $ 197,800 $ 108,700 $ 1,638.79 Total $ 3,490.16 Note: The subject land is assessed as agriculture land until it is developed. The effective date of the assessment is January 1, 2011. 2013 is general reassessment year which is done every 4 years. Land Use Controls / Zoning According to the City of Regina Zoning Bylaw No. 9250, the subject property is zoned: UH - Urban Holding This zone is designed to protect lands required for future urban development from premature subdivision and development. PART FOUR - ANALYSES & CONCLUSIONS C14-0044 LJB Appraisals 14 Characteristics of the Market There is a good demand for land like the subject (without pipeline easements). There are very few competing sites currently for sale. Principle of Highest and Best Use Definition: That reasonably probable and legal use of vacant land or an improved property which is physically possible, appropriately supported, financially feasible and that results in the highest value. The highest and best use of a property is a major factor affecting market value. The value of a property results from its use and varies with the present and prospective, actual and anticipated profit. Highest and best use can be simply stated as that use likely to produce the greatest net return over a given period of time. Criteria for determining highest and best use include: 1) The use must be legal and in compliance with zoning and building restrictions. 2) The use must be within the realm of probability; a likely one, not speculative or conjectural. 3) A demand for such use must exist. 4) The use must be profitable. 5) The use must provide the highest net return to the land. 6) The use must produce the return for the longest possible time. The pipeline easement area cannot be used and a minimum building setback of 10 meters is required. The adjacent land (Global Transportation Hub) is used for industrial purposes. Based on the assumption outlined in the report the Highest and Best use of the land is an industrial subdivision. Land Value Estimate by the Direct Comparison Approach C14-0044 LJB Appraisals 15 This method involves the gathering, analyzing and comparing of data on similar properties that have been sold recently in the vicinity of the subject property. This approach to value affirms the principle of substitution which briefly states that a prudent purchaser will not pay more for a property than it would cost to buy an equally desirable substitute, provided that there is no delay in making substitution. The following land sales are analyzed: Index No. 1 Location: Sale Price: Sale Date: Land Size: Zoning Sale Price Per Acre: Comments SE 23-17-19-W2 Parcel #107277251 Southwest corner of Highway #1 East and Tower Road R.M. of Sherwood #159 East of Regina, Saskatchewan $7,000,000 July 15, 2012, title transfer Dec. 7/12 #143021876 141.22 acres, A - Agriculture $49,568 Seller: SFJ Inc. Buyer: 101217530 Saskatchewan Ltd. Harvard Developments Inc. Forster Projects Inc. s.19(1)(b) Index No. 2 C14-0044 LJB Appraisals 16 Location: Sale Price: Sale Date: Land Size: Zoning: Sale Price Per Acre: Comments: Buyer: Index No. 3 Location: Sale Price: Sale Date: Land Size: Zoning: Sale Price Per Acre: Comments: 10001 Dewdney Avenue Regina, Saskatchewan SE Corner of Dewdney Avenue and Condie Road Immediately east of Global Transportation Hub Within Regina city limits NW 20-17-20-W2 Parcel #165025414 $9,818,588 Title transfer Feb 26, 2013 title # 143310912 116.86 acres UH – Urban Holding $84,020 Seller: Tappauf s.19(1)(b) from Sisters of our Lady of the Missions Ltd. s.19(1)(b) 101225232 Saskatchewan Ltd. 2201 Condie Road Regina, Saskatchewan ½ mile south of Dewdney Avenue East side of Condie Road Immediately east of Global Transportation Hub Within Regina city limits SW 20-17-20-W2 Parcel #166005862 $6,264,954 Title transfer Feb 26, 2013 title # 143310473 87.40 acres UH – Urban Holding $71,681 Seller: Tappauf s.19(1)(b) from McNally Enterprises Ltd. s.19(1)(b) Buyer: 101225232 Saskatchewan Ltd. Index No. 4 C14-0044 LJB Appraisals 17 Location: Legal Description: Sale Price: Sale Date: Land Size: Zoning Sale Price Acre: Comments South side of Hwy#1 and Lewvan Dr. intersection R.M. of Sherwood #159 Immediately South of Regina, Saskatchewan NE 35-16-20-W2 Ext 43 NE 35-16-20-W2 Ext 4 Block C, Plan FM320 $9,611,490 June 28, 2012 title # 142385698, 142385700 and 142385711 Ext 43: 76.62 acres Ext 4: 17.61 acres Block C: 2.16 acres 96.39 acres HC - Highway Commercial AG1 - Agriculture $99,715 Seller: P.W. Lorch & Associates Ltd. Buyer: Hanjia Management Inc. s.19(1)(b) Index No.5 Location: Sale Price: Sale Date: Land Size: Zoning: Sale Price Per Acre: Seller: Buyer: Comments: LSD 2 (Ext 6) Parcel #111618570 Portion of SE 18-18-19-W2 ½ mile east of intersection of Inland Drive and Hwy#6 North, immediately east of Sherwood Industrial Park R.M. of Sherwood #159, ½ mile north of Regina city limits $1,675,000 January 16, 2012 title #141688637 40.1 acres Agriculture $41,771 Calvin & Patricia Kelly 101196187 Saskatchewan Ltd. s.19(1)(b) Index No. 6 C14-0044 LJB Appraisals 18 Location: Sale Price: Sale Date: Land Size: Zoning: Sale Price Per Acre: Seller: Buyer: Comments: Index No. 7 Location: Sale Price: Sale Date: Land Size: Zoning: Sale Price Per Acre: Seller: Buyer: Comments: Index No. 8 Location: C14-0044 NE 19-17-20-W2 R.M. of Sherwood #159 SW corner of Dewdney Avenue and Condie Road Purchased for the Global Transportation Hub on west side of Regina $1,720,290 April 9, 2010 title # 139101410 156.36 acres Agriculture $11,002 James & Patricia Tanner Gov’t of Saskatchewan s.19(1)(b) SE 19-17-20-W2 R.M. of Sherwood #159 ½ mile south of Dewdney Avenue on Condie Rd. Purchased for the Global Transportation Hub on west side of Regina $1,098,685 April 9, 2010 title #139101421 159.61 acres Agriculture $6,884 James & Patricia Tanner Gov’t of Saskatchewan s.19(1)(b) Wellman Estates Land, northwest Regina SW 9-18-20-W2 158.49 acres LJB Appraisals 19 Sale Price: Sale Date: Land Size: Zoning: LSD 11, 12 & 13 in NW 4-18-20-W2 119.62 acres SW 4-18-20-W2 159.36 acres Parcel A Plan 86R66653 (Portion of E ½ 5-18-30-W2) 159.81 acres All within Regina city limits except for SW 9 and Parcel A Just west of NW corner of 9th Ave. North & Courtney Street. North of Westhill and west of Sherwood Estates. $15,500,000 Signed February 3, 2011 June 17, 2013 title transfer #143762351 etc. 597.28 acres UH: Urban Holding for land inside city limits A: Agriculture for land in R.M. $25,953 Sale Price Per Acre: Comments: s.19(1)(b) Buyer: Seller: Dundee Developments 101154534 Sask. Ltd. (Wellman family) Index No. 9 Location: Asking Price: Land Size: Zoning: Asking Price Per Acre: Seller: Listing Agent: Comments: Index No. 10 Location: C14-0044 Westport Industrial Park NW & NE 16-17-20-W2 Immediately west of City of Regina Airport, south of CP Railway and east of Pinkie Rd. and the Regina City limits R.M. of Sherwood #159 $1,970,800 NW 156.65 acres NE 139.37 acres Total 296.02 acres AG1 – Agriculture $29,000 Marathon Development Corp. 24(1)(k) s.19(1)(b) NE 8-17-20-W2 Just west of City of Regina Airport LJB Appraisals 20 Sale Price: Sale Date: Land Size: Zoning: Sale Price Per Acre: Seller: Buyer: Index No. 11 Location: Sale Price: Sale Date: Land Size: Zoning: Sale Price Per Acre: Seller: Buyer: Index No. 12 Location: and the Regina City limits at the SW corner of Centre Road and the future West Regina Bypass. One mile west of Regina city limits at time of sale. R.M. of Sherwood #159 $2,304,720 December 2011 Sale fell through in mid 2013 104.76 acres AG1 – Agriculture $22,000 McNally Enterprises Ltd. Kal Tire s.19(1)(b) NE & NW 21-17-20-W2 Portions of SE & SW 21-17-20-W2 Just west of the RCMP training grounds and northwest of the Regina City airport within the Regina City limits. Dewdney Avenue is to the north, Pinkie Road is to the west, Courtney Street is to the east and 13th Avenue is to the south. $11,330,500 x 50% = $5,665.250 Early 2012. Title transfer April 4, 2013. Title nos. 143452391, 143452380, 143452403, 143452436. 523.69 acres UH – Urban Holding $21,636 Seller: Sherwood Multitech Estates Ltd. Buyer: Harvard Developments s.19(1)(b) Sale Date: Sale Price: Land Size: Zoning: Sale Price Per Acre: Seller: Buyer: SW 10-17-20-W2 East side of Courtney Street Southwest of Regina, Saskatchewan RM of Sherwood #159 June 17, 2013 title #143762621 $7,679,520 160 acres A - Agriculture $47,997 Lilie Ruth Farley Dundee Realty Corporation s.19(1)(b) Index No. 13 Location: NW 03-17-20-W2 C14-0044 LJB Appraisals 21 Sale Date: Sale Price: Land Size: Zoning: Sale Price Per Acre: Seller: Buyer: Index No. 14 Location: Sale Date: Sale Price: Land Size: Zoning: Sale Price Per Acre: Seller: Buyer: Index No. 15 Location: Sale Price: Sale Date: Land Size: Zoning: Sale Price Per Acre: Comments East side of Courtney Street Southwest of Regina, Saskatchewan RM of Sherwood #159 January 30, 2013 title #143223173 $7,144,518 159.88 acres A - Agriculture $44,687 Florence, Lyle & Susan Denton Dundee Realty Corporation s.19(1)(b) Portion of NE 03-17-20-W2 West side of Campbell Street Southwest of Regina, Saskatchewan RM of Sherwood #159 January 30, 2013 title #143223195 $6,629,860 148.41 acres A - Agriculture $44,673 Florence, Lyle & Susan Denton Dundee Realty Corporation s.19(1)(b) SW 3-17-20-W2 East side of Courtney Street 1/2 mile west of Regina city limits on the north side of Hwy #1 R.M. of Sherwood #159 West of Regina, Saskatchewan $7,400,000 September 20, 2012, Title #142699045 153.78 acres AG1 - Agriculture $48,121 Seller: Byron Howlett, Carol Howlett, Evan Howlett, Lyle Howlett, Margo Dutton Buyer: Dundee Realty Corporation Note: s.19(1)(b) Index No. 16 Location: Portion of SE 03-17-20-W2 C14-0044 LJB Appraisals 22 Sale Date: Sale Price: Land Size: Zoning: Sale Price Per Acre: Seller: Buyer: Index No. 17 Location: Sale Date: Sale Price: Land Size: Zoning: Sale Price Per Acre: Seller: Buyer: Index No. 18 Location: C14-0044 West side of Campbell Street & north Highway #1 Southwest of Regina, Saskatchewan RM of Sherwood #159 January 30, 2013 title #143223511 $4,830,502 108.10 acres A - Agriculture $44,685. Florence, Lyle & Susan Denton Dundee Realty Corporation s.19(1)(b) NW 10-17-20-W2 East side of Courtney Street Southwest of Regina, Saskatchewan RM of Sherwood #159 June 17, 2013 title #143762610 $7,676,640 160.06 acres A - Agriculture $47,961 Lilie Ruth Farley Dundee Realty Corporation s.19(1)(b) NW corner of Courtney Street and 9th Avenue North LJB Appraisals 23 Sale Price: Sale Date: Land Size: Zoning: Sale Price Per Acre: Comments: Index No. 19 Location: Regina, Saskatchewan 1) 500 Courtney Street North SE 4-18-20-W2, Parcel # 164799084 2) 1000 Courtney Street North NE 4-18-20-W2, Parcel #164799039 3) 1101 Pinkie Road North LSD 14 in NW 4-18-20-W2, Parcel #111685473 1) $17,552,159 2) $18,166,341 3) $4,781,500 $40,500,000 January 2013. Titles transferred April 1, 2013 title #’s 143434582, 164799039 and 111685473. 1) 145.32 acres 2) 151.44 acres 3) 39.86 acres 336.62 acres UH – Urban Holding $120,314 Seller: Saskatchewan Housing Corporation Buyer: Dundee Realty Corporation s.19(1)(b) Land Size: Zoning: Sale Price Per Acre: Seller: Buyer: NW 18-18-19-W2, Parcel #110907491 R.M. of Sherwood #159 One mile north of Regina city limits North of Sherwood Industrial Park East Side of Highway #6 North $2,695,000 (asking price was $2,695,000) June 28, 2011 on MLS Title transfer August 4, 2011 (#141030762) 107.78 acres Agriculture $25,005 King Farm Syndicate Holding Inc. Degelman Industries Ltd. s.19(1)(b) Comments: s.19(1)(b) Sale Price: Sale Date: Index No. 20 Location: C14-0044 SW 20-17-18-W2 LJB Appraisals 24 Sale Price: Sale Date: Land Size: Zoning: Sale Price Per Acre: Seller: Buyer: Index No. 21 Location: Sale Price: Sale Date: Land Size: Zoning Sale Price Per Acre: Comments Index No.22 Location: Sale Price: Sale Date: Land Size: Zoning: Sale Price Per Acre: Comments: Index No. 23 Location: C14-0044 ½ mile west of Southwest corner of Highways #1 and #362 which is the Pilot Butte access road. 4 miles east of Regina RM of Edenwold #158 $3,250,000 May 4, 2012 Title #142139998 133.58 acres Agriculture $24,330 Ronald & Mildred Leonard Gary L. Redhead Holdings Ltd. s.19(1)(b) SE 16-18-19-W2 Parcel #110907479 NE corner of Fleet St. extension and Inland Drive extension, one mile north of Regina city limits R.M. of Sherwood #159, Saskatchewan $2,500,000 Title transfer October 23, 2012 (#142831919) 159.85 acres AG1 - Agriculture $15,640 Seller: Hellen Marie Husum Buyer: First West Properties Inc. s.19(1)(b) LSD 1, 7 & 8 in SE 18-18-19-W2 R. M. of Sherwood #159 North of Regina Northwest corner of Inland Drive and Winnipeg St. North. $2,000,000 January 2012, title transferred March 13, 2012 #141892746, etc. 120.36 acres A - Agriculture $16,617 Seller: Orville and Evelyn Williams Buyer: DBR Developments Ltd. s.19(1)(b) 5 miles east of Regina city limits LJB Appraisals 25 Sale Price: Sale Date: Land Size: Zoning: Sale Price Per Acre: Seller: Buyer: NW 22-17-18-W2 Parcel #110908065 North Service Road Trans Canada Highway #1 R.M. of Edenwold #158 Across Highway from Great Plains Industrial Park. Across road to east of Balzer’s Canada Inc. $2,950,000 (asking price was $3,200,000) June 20, 2011 MLS Title transfer August 4, 2011 (#14027612) 141.27 acres Agriculture $20,882 Emerald Plains Properties Inc. Aquila Holdings Ltd. (owned by Carson Energy) s.19(1)(b) Comments: Index No. 24 Location: Sale Price: Sale Date: Land Size: Zoning: Sale Price Per Acre: Seller: Buyer: Index No. 25 Location: Sale Price: Sale Date: Land Size: Zoning: Sale Price Per Acre: Seller: Buyer: Index No. 26 Location: C14-0044 s.19(1)(b) Parcel X Plan 102067084 Ext. 0 Pt. of SW 20-17-20-W2 Regina, Saskatchewan $307,010 Sept. 13/11 title #141187642 27.93 Acres UH : Urban Holding $10,992 McNally Enterprises Ltd. City of Regina s.19(1)(b) Parcel S Plan 102023727 Ext. 0 Pt. of NW 20-17-20-W2 Regina, Saskatchewan $177,489 Sept. 24/10 title #139833366 19.73 acres UH : Urban Holding $8,996 Sisters or our Lady of the Missions Ltd. Government of Saskatchewan (Highways) for future West Regina Bypass. 2400 Condie Road LJB Appraisals 26 Sale Price: Sale Date: Land Size: Zoning: Sale Price Per Acre: Comments: Index No. 27 Location: Conditional Sale: Land Size: Zoning: Sale Price Per Acre: Seller: Listing Agent: Note: Regina, Saskatchewan 1 mile south of the SW corner of Dewdney Avenue and Condie Road a ½ mile west of the future West Regina Bypass. Immediately east of the Global Transportation Hub within Regina city limits. NE 18-17-20-W2 Parcel #109447892 $1,234,500 November 2012. Title transfer Jan 18, 2013 title # 143179500. 41.15 acres UH – Urban Holding $30,000 Seller: John Kaminski and Audrey Wolf-Kaminski Buyer: The Global Transportation Hub Authority South portion of SW 5-17-20-W2 North side of Highway #1 ½ mile west of future West Regina Bypass Interchange West of Regina R.M. of Sherwood #159 $1,350,000 (May/12) Total of approx. 60 acres AG1 – Agriculture $22,500 Ailsby Enterprises Inc. 24(1)(k) s.19(1)(b) Index Map C14-0044 LJB Appraisals .IINAJN \f323?) \l I If \lB( ,4 26 1324 ?lsz' (?Index Analysis Table 014-0044 LJB Appraisals 28 Index 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 Location SE 23-17-19-W2 10001 Dewdney Ave. 2201 Condie Rd. S. Side Hwy #1 & Lewvan Dr. Pt. SE 18-18-19-W2 NE 19-17-20-W2 SE 19-17-20-W2 Wellman Estates NW Regina NW & NE 16-17-20-W2 NE 8-17-20-W2 NE & NW 21-17-20-W2 SW 10-17-20-W2 NW 3-17-20-W2 Pt. NE 3-17-20-W2 SW 3-17-20-W2 Pt. SE 3-17-20-W2 NW 10-17-20-W2 NW Corner of Courtney St. & 9th Ave. N. NW 18-18-19-W2 SW 20-17-18-W2 SE 16-18-19-W2 NW Corner of Inland Dr. & Winnipeg St. NW 22-17-18-W2 Pt. SW 20-17-20-W2 Pt. NW 20-17-20-W2 2400 Condie Rd. S. Pt SW 5-17-20-W2 Sale Price $7,000,000 $9,818,588 $6,264,954 $9,611,490 $1,675,000 $1,720,290 $1,098,685 $15,500,000 $1,970,800 $2,304,720 $5,665,250 $7,679,520 $7,144,518 $6,629,860 $7,400,000 $4,830,502 $7,676,640 $40,500,000 $2,695,000 $3,250,000 $2,500,000 $2,000,000 $2,950,000 $307,010 $177,489 $1,234,500 $1,350,000 Sale Date Jul-12 Feb-13 Feb-13 Jun-12 Jan-12 Apr-10 Apr-10 Feb-11 Asking Dec-11 Early 12 Jun-13 Jan-13 Jan-13 Sep-12 Jan-13 Jun-13 Jan-13 Jun-11 May-12 Oct-12 Jan-12 Jun-11 Sep-11 Sep-10 Nov-12 May-12 Land Size (Acres) 141.22 116.86 87.4 96.39 40.1 156.36 159.61 597.28 296.02 104.76 523.69 160 159.88 148.41 153.78 108.1 160.06 336.62 107.78 133.58 159.85 120.36 141.27 27.93 19.73 41.15 60 Zoning A UH UH HC A A A A AG1 AG1 UH A A A AG1 A A UH A A AG1 A A UH UH UH AG1 Sale Price Per Acre $49,568 $84,020 $71,681 $99,715 $41,771 $11,002 $6,884 $25,953 $29,000 $22,000 $21,636 $47,997 $44,687 $44,673 $48,121 $44,685 $47,961 $120,314 $25,005 $24,330 $15,640 $16,617 $20,882 $10,992 $8,996 $30,000 $22,500 Minimum Maximum Median $6,884 $120,314 $29,000 Analysis Index 1 ($49,598/acre) is on the Trans-Canada highway and in intended for future commercial use. It is superior to the subject land but sold in July 2012 and land prices have since increased. Index 2 ($84,020/acre) is the sale of the subject north parcel and the previous sale at $55,000/acre. Index 3 ($71,681/acre) is the sale of the subject south parcel and the previous sale at $45,000/acre. Index 4 ($99,715/acre) is an unreliable sale due to financing by the seller and motivation by the buyer. It is not considered relevant by Regina developers. Index 5 ($41,771/acre) is now an industrial subdivision with new buildings being constructed. Index 6 ($11,002/acre) and Index 7 ($6,884/acre) are expropriated lands adjacent and immediately west of the subject land. They are old transactions. C14-0044 LJB Appraisals 29 Index 8 ($25,953/acre) is an older deal but is intended for future industrial development. Index 9 (asking $29,000/acre) is in the R.M. of Sherwood but is adjacent to the City of Regina. Index 10 ($22,000/acre) is one mile south of the subject. Index 11 ($21,636/acre) is a good indicator but is larger. Index 12 – 17 ($44,687 - $48,121/acre) are intended for residential subdivision and are superior to the subject. Index 18 ($120,314/acre) is superior. It is intended for immediate residential development which is more profitable than industrial subdivision. Index 19 - 23 ($15,640 - $25,005/acre) are sales just outside of Regina. Index 24 ($10,992/acre) was a purchase of the subject SW 20 in September 2011. Index 25 ($8,993/acre) was a purchase of the subject NW 20 in September 2010. Index 24 & 25 were not expropriated. Index 26 ($30,000/acre) is immediately west of the subject SW 20. The GTH paid above market value to avoid having construct an access road for this land. Index 27 ($22,500/acre) is on the Trans-Canada highway in the R.M. of Sherwood. Conclusion Land intended for residential and commercial subdivision purposes will sell higher than land intended for industrial purposes due to the profit margins involved. Index 1 ($49,598/acre) is a superior property but is a July 2012 sale. Index 5 ($41,971/acre) is given weight. Index 9 ($29,000/acre) and Index 10 ($22,000/acre) are in the subject neighbourhood and are given weight. Index 11 ($21,636/acre) is given weight. It will soon be developed. Index 20 ($24,330/acre) was used for the new Redhead Equipment building on Highway #1 east of Regina. The subject north parcel NW20 has two pipelines that cross each other which restrict development. C14-0044 LJB Appraisals 30 Page 16 of this report indicates the sales history of the subject land. 10001 Dewdney Avenue (NW 20): Purchased for $55,000 per acre in approx. March 2012 and sold to the current owner for $84,020 per acre with title transfer Feb. 26/13. 2201 Condie Road (SW 20): Purchased for $45,000 per acre in approx. March 2012 and sold to the current owner for $71,681 per acre with title transfer Feb. 26/13. While these are verified sales, all four transactions are considered to be above market value. The land sales listed in this report clearly show that there have been sales of superior land for less per acre than the $71,681 and $84,020 per acre paid. The subject land is within the City of Regina limits but it has less potential for development profit than Index 1 ($49,598/acre) which will eventually be a retail development by Harvard Developments that will be similar to the Grasslands commercial area in Harbour Landing. Index 5 ($41,771/are) is smaller and is already under development with lot sales. It does not have the development issues (pipelines, access, etc.) that are problems for the subject. Indications are that Index 9 could be purchased for less than $25,000/acre and it is adjacent to the Regina city limits. Index 11 ($21,636/acre) is larger but is superior since it will be developed for residential, commercial and industrial uses. The subject has no potential for residential and limited commercial uses. Industrial would be the highest and best use. The subject land would be more valuable if both parcels had Dewdney frontage. Six Regina land developers were contacted and the question asked was whether they would pay $84,020/acre and $71,681/acre for the land. None said they would pay this price even if it was fully available for development. All of the developers indicated that they would not have been interested at all after knowing how much land would be required by Saskatchewan Highways for the interchange which leaves little left for development. The developers indicated that the pipelines that cross the subject land would be another reason to not purchase the subject land. A local engineer was interviewed who pointed out the difficulties and extra costs involved in developing land that has pipelines. Based on this analysis and with consideration to all factors the subject land value estimate is. C14-0044 LJB Appraisals 31 10001 Dewdney Avenue NW 20: 116.86 acres @ $35,000 /acre = $4,090,100 2201 Condie Road SW 20: 87.4 acres @ = $2,622,000 $30,000 /acre Exposure and Marketing Time Analysis Exposure Time The estimated length of time the property being appraised would have been offered on the market before the hypothetical consummation of a sale at market value on the effective date of the appraisal. Marketing Time Amount of time it might take to sell the property at the concluded market value during the period immediately after the effective date of the appraisal. Conclusion Based on a review of comparable sales and interviews with Realtors the estimate of market value is based on a 6 month exposure period. This would also be the marketing time. C14-0044 LJB Appraisals 32 Appraiser?s Certi?cation I certify that, to the best of my knowledge and belief: 1) The statements of fact contained in this report are true and correct. 2) The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, 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 with respect to the parties involved. 4) I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment; 5) My engagement in and compensation for this assignment were not contingent upon developing and reporting predetermined results, the amount of the value estimate, or a conclusion favouring the client; 6) My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP) and the International Valuation Standards 7) I have the knowledge and experience to complete the assignment competently; 8) I have made a personal inspection of the property that is the subject of this report. 9) No one provided signi?cant professional assistance to the person signing this report. 10) The Appraisal Institute of Canada has a mandatory continuing professional development program for designated members. As of the date of the report I have fulfilled the requirements of the program. 11) I am a member in good standing of the Appraisal Institute of Canada 12) Effective Date of Appraisal: October 23, 2013 13) Date of Inspection: October 23, 2013 14) Date of Report/Certi?cation: October 23, 2013 15) Location: 10001 Dewdney Avenue NW 20-17-20-2 Ext. 1 2201 Condie Road SW 20-17-20-2 Ext. 2 16) Estimate of Market Value: See report. 24(1 k) Appraiser's Quali?cations 014-0044 LJB Appraisals 24(1)(k) 14-0044 33 LJB Appraisals 34 Qualifications of Major Appraisals Completed: - 24(1)(k) , Appraiser (Cont'd) - C14-0044 LJB Appraisals 35 SUPPORTING DATA 0 14-0044 LJB Appraisals 36 Aerial Photographs C14-0044 LJB Appraisals 37 City of Reqina Proposed Boundary Alteration 014-0044 LJB Appraisals 38 Neighbourhood Map I?m-rid [Cl rem tr C14-0044 LJB Appraisals 39 Zoning Mag 014-0044 LJB Appraisals West Re ina ass Ma 5 014-0044 LJB Appraisals 1 4-0044 LJB Appraisals I 41 42 Parcel Plans Information Surface Parcel Number: 165025414 Serwces. LLD: NW 20-17-20-2 Ext 1 CO?Po?ahon Parcel Class Code: Parcel (Genetic) Area: 41.292 hectares (116.86 acres) Request Date: 16-Sep-2013 3:14:14 o'clock PM CST 109553878 153785651 161368l87 109447948? 199539952 738 99 I Ti? 35 13:53:52 199529951 1985616358 409505369? 16472 10%?636 O) .w 3: 109502647 164715228 165025414 93 1050253158 109553788 16025550 0! '3 510.21 88.09 109553733 166005862 166005851 165025492 111600571 165025413 1095 012614 20(an DISCLAIMER: THIS IS NOT A PLAN OF SURVEY. It is a consolidation of plans to assist in identifying the location. size and shape of a parcel in relation to other parcels: Parcel boundaries and area may have been adjusted to ?t with adjacent parcels. To determine actual boundaries, dimensions. or area of any parcel, refer to the plan. or consult a surveyor. 014-0044 LJB Appraisals 43 Information Surface Parcel Number: 155005552 LLD: SW Ext? CDTPOFGHOH Parcel Class Cede: Parcel [Generic] Area: 35.311 hectares [87.41] acres] Request Date: 15-Sep-2013 3:15:15 PM CST 1055 02511 151115222 155025111 115025355 1?50255*? 105553152 519.21 03! ED 3 F3 a 155005952 lEE'gFEgi 155025152 111500571 105553133 9 3 155025103 105502511 315.513 125552525? 105502550 105111552 202511120 111500555 .3552 1 immn 11511215 DISCLAIMER: THIS IS NUT A PLAN OF it is a c0ns0 idati0n 0f plans t0 assist in identifying the Ipcatipn, size and shape 0f a parcel in relati0n t0 0ther parcels. Parcel 00Lindaries and area may have been adjusted t0 fit with adjacent parcels. T0 determine actual p0undaries, dimensi0ns, 01' area 01? any parcel, refer t0 the plan, 01' c0nsult a suryey0r. 014-0044 LJB Appraisals 44 Certificate of Title Title Detail Province of Saskatchewan Land Titles Registry Title Title 143310912 As at: 11 Ang 2013 12:31:08 Title Status: Active Last Amendment Date: 06 Mar 2013 13:30:25.28? Parcel Type: Surface Issued: 28 Feb 2013 18:11:43.920 Parcel Value: $9,818, 588.00 CAD Title Value: $9,818,588.00 CAD Municipality: CITY OF REGINA Converted Title: Previous Title andfor Abstract #2 13983292? 101225232 SASKATCHEWAN LTD. is the registered owner [if Surface Parcel Reference Land Desci'mtionExtension 1 This title is subject to ant,r registered interests set out below and the exceptions, reservations and interests mentioned in section 14 of The Land Titles Act, 2000. Registered InteresE: Interest 161956244 Easement Value: WA Reg'd: 29 Aug 1928 02:10:43 Interest Register Amendment Date: NIA Interest Assignment Date: 18 Jan 2012 10:23:14 Date: NIA Holder: TRANSGAS LIMITED 1000 - VICTORIA AVENUE REGINA, SK, Canada S4P 4K5 Client 100399484 Int. Register 101208224 Converted Instrument TERI-12253 Feature 100035098 Interest it: 151956255 CN?vr Easement Value: WA Reg'd: 05 Oct 1929 02:12:29 Interest Register Amendment Date: NIA Interest Assignment Date: Date: 12:41:24 014-0044 LJB Appraisals 45 014-0044 LJB Appraisals 46 .?cra 014-0044 LJB Appraisals 47 014-0044 LJB Appraisals 48 151:3 014-0044 LJB Appraisals