July 30, 2026

Central Texas Farm Credit
Attn: Loan Department

Re: Appraisal of the Krauss Ranch — 412.4± acres, Gillespie County, Texas · our file 26-1041

At your request, I have appraised the fee simple interest in the above-referenced property for mortgage-financing use. Based on the analysis in the attached narrative report, it is my opinion thatBased on the analyses summarized in the attached narrative report, in my opinion the market value of the subject property, as is, was:

$5,940,000^† live

as of July 30, 2026, the effective date of value, subject to the assumptions and limiting conditions stated herein.

^† Restated from the Whole property · As is conclusion — a bound value, merged live, never re-typed.

Land description

The subject comprises 412.4± acres in two contiguous tracts carrying three land-cover classes — 168 acres of improved pasture, 201 acres of native range, and 43 acres of live-water bottomland along Palo Alto Creek — illustrated below and summarized in the land-mix worksheet.

Sales comparison

Four improved-pasture sales in western Gillespie County support the concluded unit value. Each sale was confirmed with a party to the transaction and is held as a frozen snapshot in this job's evidence file.

Reconciliation

The sales comparison approach is given full weight. Reconciling the adjusted range of $7,850 to $10,050 per acre with greatest emphasis on the Pedernales and Crabapple sales, and adding the contributory value of the headquarters improvements and live-water frontage, the concluded value of the whole property, as is, is $5,940,000 live.

Certification

I certify that, to the best of my knowledge and belief, the statements of fact contained in this report are true and correct; the reported analyses, opinions, and conclusions are my personal, impartial, and unbiased professional analyses, opinions, and conclusions; and this appraisal was prepared in conformity with USPAP and the rules of the Texas Appraiser Licensing and Certification Board.

Significant real property appraisal assistance was provided by Priya Raman, who is identified here and does not sign this report.