PREPARED FOR: GALLATIN RIVER RANCH
PREPARED BY: RICHARD ROTHING, BROKER

America is the only place on earth that can boast of the Old West Frontier and Gallatin River Ranch is working hard to preserve the heritage. This ranch-style development has been carefully planned to ensure continuity of excellence. Quality standards and western flavor are upheld throughout the ranch.

Located in the Horseshoe Hills north of Manhattan, Montana, Gallatin River Ranch offers you the lore and beauty Montana's countryside with year-round comfort.

At Gallatin River Ranch you can experience the adventurous western lifestyle first encountered by Lewis and Clark nearly 200 years ago. Enjoy the bounty of native wildlife, flowers, grasses, sweeping vistas, and majestic mountains virtually undisturbed through time. This is "Big Sky County" at its finest.

With 5,900 acres total and a large portion in common ground, Gallatin River Ranch offers it's property owners the absolute best in outdoor recreational opportunities. From the full service equestrian center to the Gallatin River, and the 1,000's of acres in between, there is always something to do. Horseback ride or hike, explore the rimrock and canyon rock formations, hunt for trilobite fossils, or relax and fish on approximately 2.5 miles of the East Gallatin River.

Convenient to the town of Manhattan, and just a short ride from the airport, Gallatin River Ranch offers the quiet solitude of the country, yet just minutes from fine restaurants, shopping, and other services.

If someone desires a home-site secluded from the fast-paced world, Gallatin River Ranch has a way of transporting you back in time to place away from teh "fast lane" ... a place to become a kid again, doing what you want to do... a place to spend quality time with children or grandchildren... a place to get in touch with yourself and nature.

The prevailing attitude towards life at Gallatin River Ranch seems to be, "Success is not about getting rich... it's about making our lives richer!"

Introduction:
The purpose of this report is to compare the amenities offered by Gallatin River Ranch against other 20 acre lots either available "For Sale" or "Sold" for the year 2004. The information contained herein will be used to determine whether the lots "For Sale" at Gallatin River Ranch are competitively priced, or if they are undervalued given the amenities offered for the current real estate market in Gallatin County.

Definition: Amenity
1) Those things which enhance the enjoyment (and therefore the value) of real estate but are not necessary for its intended use.
John Talamo, J.D., The Real Estate Dictionary, 5th Edition, Financial Publishing Company, 1991

"This is land where wide-open spaces and spectacular views go on forever. A place where neighbors are neighborly and a smile is genuine." ~Author Unknown