River City Ranches #4 - Page 65

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               During the period relevant to these cases, Barnes Ranches              
          kept its own breeding records with respect to its sheep and those           
          belonging to the sheep partnerships.  It also issued breeding               
          certificates of its own for some of these sheep (Barnes                     
               Mr. Barnes was a limited partner in RCR #4.  Randy was a               
          limited partner in RCR #6.                                                  
               The Barnes family did not employ artificial insemination               
          techniques with respect to their breeding sheep until at least              
          1987.  They began to collect and freeze semen from some of their            
          best rams in perhaps 1987.  It was not until at least about 1988            
          that they began employing embryo collection and transplant                  
          techniques with respect to some of their best ewes.  No                     
          artificial insemination techniques were ever employed with                  
          respect to the partnership sheep that Barnes Ranches managed.               
          B.  RCR #4's and RCR #6's Respective Bills of Sale, Promissory              
          Notes, Assumption Agreements, and Sharecrop Agreements                      
               As indicated previously, the record contains only limited              
          transactional documentation relating to RCR #4's and RCR #6's               
          respective  purchases of breeding sheep from Barnes Ranches.                
          This documentation consists of (1) a bill of sale issued by                 
          Barnes Ranches listing the specific individual sheep sold to each           
          partnership, (2) a "Full Recourse Promissory Note" issued by each           
          partnership for its sheep, (3) an Assumption Agreement later                

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Last modified: May 25, 2011