Estate of Carolyn J. Rogers - Page 12




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         comparatively small improvements.4  Ninth, all of the properties             
         in these three counties have access to secondary roads and                   
         similar access to markets.                                                   
              Several of the tracts of the leased timberland also had                 
         small camp houses on them like those on the Lanford A and the                
         Woodward tracts.  For example, a summer camp house was located on            
         the Allen timberland (the Barnes Rogers, et al. March Lease) when            
         that lease was executed.  The presence of a camp house made no               
         difference in the rental rate and, according to the lessee, no               
         adjustment was made to the rents because of this cabin, which is             
         similar to the camp houses on the Lanford A and the Woodward                 
         tracts.                                                                      
              Dr. Haney concluded that a comparison of the five estate                
         tracts to all five leased tracts would be the most reliable.  He             
         noted that the timber on one of the five estate tracts was                   
         virtually identical to the timber on one of the five leased                  
         tracts.  Second, he noted that the timber quality and capability             


              3(...continued)                                                         
          agree that these reports are accepted as if the author had                  
          testified to their contents.                                                
               Butler & Gardiner provides forest management services and              
          appraisals.  Both Gary Butler and John Caldwell are Certified               
          General Real Estate Appraisers.                                             
               4Dr. Haney separated the improvements on the Lanford A and             
          Woodward tracts from the valuation of the land and concluded they           
          should be added to whatever value might be determined under the             
          rent capitalization approach.                                               





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