Hunting | Ranching | Fly Fishing | Conservation

H u n t i n g | R a n c H i n g | F ly F i s H i n g | c o n s e R va t i o n

L i v e W a t e r P r o p e r t i e s

A n I n s i d e L o o k

Working with the Land and People Who Value It

Live Water Properties, LLC is a real estate firm specializing in premium recreational retreats, hunting, fly fishing, ranching and conservation quality properties in Wyoming, Colorado, Montana, Idaho, Nebraska, Utah, Oregon and California as well as unique worldwide fishing destinations.

Live Water Properties began in 2001 as a 3-person firm selling western fly fishing properties. With over $1.4 Billion in closed deals and an integrity driven reputation and brand, they are uniquely qualified to assist in all aspects of ranch ownership. Sharing their clients’ lifestyles and interests the team at Live Water Properties is ready to connect clients with their dream ranch.

DistinctionHUNTING | RANCHING | FLY FISHING | CONSERVATION

Live Water ResumeJanuary 2001 – PresentSince the peak of the real estate market in 2006, most other ranch brokerage firms have declined in size during the subsequent severe recession. However, Live Water Properties has grown, swiftly and intelligently from a single office, 3 person firm based in Jackson Hole, averaging $20M in annual sales to a 25 person firm averaging over $142M annually, covering 9 states with a total of over $1.4 Billion in ranch sales since inception.

Geographic Coverage:Headquartered in Jackson Hole, Wyoming, Live Water Properties covers Wyoming, Idaho,

Montana, Colorado, Nebraska, Utah, New Mexico, Oregon and California with the “tools of

the trade” including air travel in charter planes and helicopters, ATV vehicles, snowmobiles,

drift boats, 4WD trucks and SUVs. Their network in these states enables them to identify and

represent with accuracy the finest sporting properties available by researching all due‐diligence

matters with area ranch appraisers, government agencies, ranch owners, fishing and hunting

guides, bankers, attorneys, etc. In addition to their headquarters in Jackson Hole they have

offices Denver (Colorado), Cody (Wyoming), Bozeman (Montana), Driggs (Idaho), Hood River

(Oregon), and Bend (Oregon). They have additional Live Water representation throughout the

Rocky Mountain West including Dubois, Lander and Rock Springs, Wyoming. They have also

consulted on property acquisitions in Alaska, Chile, Argentina and New Zealand.

Montana

BOZEMANCraig JanssenJack McInerneyJeff ShouseMISSOULATom Hilley

JACKSON HOLEAlex MaherMacye MaherJohn MerrittJohn TurnerJane B. KellerEmily BeardsleyWright CoxROCK SPRINGSTerry FieselerDUBOISKen NealLANDERAndrew CoulterCODYTed Harvey

Wyoming

DRIGGSMatt MacMillanTate JarryCarlos Ordonez

Idaho

DENVERBrian Hartley

Colorado

HOOD RIVERRyland Moore

BEND Roger DrydenNick Allen

Oregon

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The Live Water CultureMission and Citizenship: As Ranch Brokers, we seek to connect agricultural and scenic landscapes with people who value them. Our business is providing seasoned advice and professional service to ensure a sound investment for generations to come. Sharing and respecting our clients’ lifestyles, we are uniquely qualified to assist in each aspect of the ranch ownership process. We conduct business in a professional and ethical manner. We recognize our responsibility to respect and protect the environment, while practicing good citizenship at all levels of our organization.

Preservation Principles - Preserve and Enhance: While respecting and maintaining the region’s rich agricultural and livestock heritage, we strive to protect, restore and enhance wildlife and trout habitat as changes in private ownership take place. The importance of each link in these precious ecosystems intensifies as our nation’s populations migrate to pristine mountian regions and our natural landscapes experience additional human traffic.

Relationship: We recognize relationships must be earned and maintained, and we place the highest value on our privileged client relationships as well as those with our dedicated Brokers and employees. Live Water is tireless with constant client communication, sales data and diligence research, strategic negotiations, innovative marketing and sales performance. We are committed to exceeding expectations in every relationship.

The Team Approach: Our guiding model encourages Live Water Brokers to collaborate on client and property representation where complimentary backgrounds and regional expertise deliver the highest level of client service. Each of our associates contributes daily to positive team results, and we are deeply appreciative of every effort.

“After thoroughly investigating my 2,220-acre ranch in Idaho, Live Water sold the property in six months. Tate Jarry, our broker, and the entire staff were very professional and responsive to my needs and questions. Potential buyers were qualified, and showings were coordinated and professional. Live Water has the experience in fishing, hunting, and conservation issues to present my ranch in a realistic and positive light. Live Water was willing to commit the advertising resources and personal time of their multiple offices to get the ranch in front of potential buyers. They have the horsepower and knowledge of the Intermountain West to get things done for their clients. I am very happy with Live Water’s performance.”

Frank Scarborough, Houston, Texas/Jackson Hole, Wyoming

Lifestyle: Led by husband and wife team Alex and Macye Maher, the team at LWP are passionate about each of the elements of properties they represent. They believe that to sell a lifestyle one has to know it: sleep in a cabin, ride a horse, catch a trout. LWP Brokers, many of whom are ranch enthusiasts themselves, have studied by developing their own upland bird and big game habitats. They have an excellent eye for improving the diamond in the rough or polishing the already-beautiful gem. Helping clients to improve their own properties has provided an opportunity to gain knowledge about water rights and conservation matters that impact landowners in many different river basins.

This diversity in a wide spectrum of professional disciplines enables LWP to better understand their client’s backgrounds and thus translates that knowledge into a more successful conclusion. The varied skill sets and experiences held by LWP Brokers—interests and passions for Bonefish and Tarpon Trust and Trout Unlimited to farm operation and fly-fishing guiding to land conservation–-combine well to enhance the handling of top quality real estate projects in their market niche.

The Live Water Difference

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Expertise: Every ranch broker at Live Water Properties is dedicated to servicing our clients on a full‐time basis. Our expertise in brokerage services for “investment‐grade rural property” with emphasis on fly fishing and wildlife habitat stems from a variety of backgrounds in our company from the following areas: operational ranching with cattle and grain production, destination fly fishing travel, fly shop ownership, fly fishing casting instruction and guide services, hedge fund management, commercial real estate development and sales, advertising and event planning, banking, accounting, business degrees, law degrees and mediation work, personal ranch ownership, personal establishment of conservation easements, personal fisheries and waterfowl habitat enhancement, dude ranch management, big game outfitting, sporting clays tournaments,

fundraising and oversight of multiple western museums and arts centers, construction management and investment banking. This diversity in a wide spectrum of professional disciplines further enables Live Water Properties to understand our clients’ backgrounds and thus translates that knowledge into a more successful conclusion.

Commitment: We excel in constant client communication, tireless research, extensive marketing, and consistent sales from year to year. Our network among ranch and resort brokers has proven extremely successful in selling ranch properties. We effectively qualify buyers prior to property showings and consult with sellers on our progress and feedback from these buyers. The Live Water Team has the networking tools and people, web and marketing presence to find the ideal buyer for your ranch.

Recently Sold RanchesDeep Canyon Ranch Terrebone OR 720 $2,950,000Nena Springs Ranch Wasco OR 400 UnlistedStone Forest Farm Tillamook OR 69 $825,000Drift Creek Ranch Lincoln OR 126.53 $1,500,000Riversong Farm & Sanctuary Hood OR 91 $1,295,000Foothills Farm Carlton OR 100 UnlistedBitch Creek Ranch Teton ID 1,176 $8,900,000Squirrel Creek Canyon Ranch Teton ID 320 $995,000Two Rivers Ranch Fremont ID 186 $2,950,000Wood Creek 160 Driggs ID 160 $1,100,000Aubrey Spring Ranch Blaine ID 285 $3,500,000Fall River Springs Fremont ID 1,122 $5,165,800Hastings Farm Teton ID 160 $1,200,000 Darby Creek Canyon Teton ID 235 $1,500,000 Legacy Spring Creek Ranch Bingham ID 671 $4,200,000 Fisher Bottom Ranch Bonneville ID 437 $2,700,000Snake River Farms Bingham ID 251 $1,757,000 Packsaddle Creek Ranch Teton ID 642 $1,695,000Badger Creek Meadows Teton ID 117 $895,000Teton Farm Parcel Teton ID 122 $449,900Kelly Toponce Ranch Caribou ID 632 $1,700,000Star Valley Highlands Caribou ID 160 $995,000Martineau Farm Madison ID 1,107 $1,440,000Teton Narrows Ranch Teton ID 675 $2,400,000Neely Farm Fremont ID 1,563 $3,126,000Teton River Canyon Ranch Fremont ID 2,981 $8,000,000Twin Waters Fishing Retreat Henry ID 715 $1,195,000River Ranch on the Teton Teton ID 155 $1,915,000Henry’s Fork Overlook Fremont ID 154 $1,500,000 Ranch on the Roaring Fork Pitkin CO 105 $2,000,000Yampa TailWaters Preserve Routt CO 514 $21,900,000Tarryall River Ranch Lake Geroge CO 90 $2,400,000Elk Creek Ranch Meeker CO 43 $1,500,000Berry Gulch Gunnison CO 205 $1,200,000San Juan River Retreat Archuleta CO 120 $4,200,000Ute Trail River Ranch Park CO 70 $1,800,000Platte River Cabins Jefferson CO 8 $550,000Rist Canyon Ranch Laramie CO 442 $2,500,000Winding River Ranch Park CO 2,200 $11,500,000Rio Grande Ranch Conejos CO 171 $650,000Mayfield Ranch Las Animas CO 3,280 $1,960,000White Pine Double Heart Ranch Gunnison CO 8,500 $21,000,000Mountain Meadow Ranch Jackson CO 9,500 $26,725,000Howard Ranch Hinsdale CO 307 $4,500,000 Front Range Home Weld CO n/a $600,000 Kuper Farm Dallam TX 14,786 $30,949,600Grand Vista Teton WY 293.74 $25,000,000Bald Peak Ranch Park WY 1,070 $5,600,000

Riffles ‘n Rises Ranch Lincoln WY 562 $4,700,000Willowbrook Estate Teton WY 3.09 $3,300,000Windsong Ranch Laramie WY 1,000 $2,200,000Stone Creek Ranch on the Salt Lincoln WY 127 $2,350,000Whiskey Mountain Ranch Fremont WY 2,466 $4,000,000Jasperson Ranch Lincoln WY 594.9 $3,500,000Dairy Ranch Estate Teton WY 28 $6,895,000Fall Creek Ranch Teton WY 164 $10,700,000River Bend Refuge Teton WY 35.5 $8,500,000The Carney Farm Fremont WY 1,781 $2,500,000The Carney Ranch Sublette WY 5,501 $20,500,000Antelope Run Ranch Sublette WY 9,827 $14,900,000Wood River Valley Ranch Park WY 1,888 $5,955,000Teton Pines Residence Teton WY n/a $4,250,000Monster Lake Ranch Park WY 3,888 $3,490,000Historic Dell Fork Ranch Sublette WY 127 $3,150,000Flat Creek Ranch Lincoln WY 138 $2,795,000The Carney Farm Fremont WY 1,781 $2,500,000Rafter Double S Ranch Sublette WY 1,077 $2,450,000Willow Ranch Lincoln WY 112 $2,380,000Shidner Home on the Hoback Teton WY 12 $1,795,000Crossed Sabres Guest Ranch Park WY 19 $1,250,000Rocking B Ranch Sublette WY 84 $1,195,000Gros Ventre River Tract Teton WY 141 $17,500,000The Rim Ranch Sublette WY 4,000 $4,400,000Fall Creek Ranch Teton WY 164 $9,900,000Sawmill Lodge Fremont WY 7 $1,000,000Turpin Meadow Ranch Teton WY 32 $1,995,000Udderly Grand Teton Retreat Teton WY 35.81 $7,900,000Why Not Ranch Teton WY 44 $5,250,000Ol’ Parker Place Fremont WY 1,815 $3,994,254DDX Ranch Park WY 166 $2,450,000The Henthorne Homestead Fremont WY 639 $1,800,000Twin Creek Ranch Fremont WY 4,970 $4,800,000Jackson Hole’s John Dodge Estate Teton WY 3 $1,899,000Rolling Thunder Ranch Sublette WY 3,579 $7,900,000 Puzzleface Ranch Teton WY 225 $7,800,000 Flying Heart on the Green Sublette WY 1,780 $7,900,000 Little Horse Creek Retreat Fremont WY 220 $1,950,000Trails End Ranch Teton WY 160 $6,500,000Haymaker Ranch Unita WY 2,280 $2,200,000Henthorne Homestead Fremont WY 639 $1,800,000Double L Lincoln WY 6/400 $4,738,000Double Eagle Lincoln WY 130 $9,600,000DuNoir Valley Ranch Fremont WY 125 $2,400,000High Lonesome Sublette WY 12,240 $29,500,000 Lazy TP Ranch Jefferson MT 10,000 $16,900,000

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Benefits and Services of the Live Water TeamLive Water continues to grow their sustainable business model to thrive in all market cycles, with the addition of new client services with our Auction, Consulting, Financing and Ranch Management divisions.

Strategic Auction Alliance: The auction method of sale is proven to generate time certainty and fair market value for sellers and buyers, exposing each property to many potential buyers to create a competitive environment with “the market” present and bidding on auction day. Live Water has partnered with the experienced auctioneers at Albert Burney to offer clients this useful service.

Consulting Arm: While Live Water been consulting for clients in certain regions since 2001, they now offer the service on a formal basis across their entire geographic reach. Many of their clients and their financial or estate planning advisors have expressed a need for Live Water’s experienced team to guide them through complex decisions with a non-sales focus.

Financing: Financing can be critical to a deal. Live Water has worked with many of the strongest agricultural lenders in the West for 15 years and have come to know those with highest integrity who provide the most flexibility for clients at competitive rates. Live Water can refer clients to financing services and be directly compensated, which will help to get more deals done or keep cash on the sidelines for buyers to add on to the ranch acquired. Our agents participate in both the origination fee and annual servicing fees.

Ranch Management: Live Water is actively modeling a management arm, to strengthen their involvement with ranches and landowners post-sale.

At a GlanceFounded in 2001Headquartered in Jackson HoleOffices in 9 States25 Person firmAverages $142M annual$1.4 Billion in ranch sales since inception

Select Your Lifestyle

Conservation Preserving and protecting ranch properties and that you take the

proper steps to ensure maximum benefit.

Ranching Our ranches provide the western lifestyle with natural resources such as grazing allotments, water rights and heavy equipment

needed to keep the ranch running favorably.

Hunting Our hunting ranches for sale provide unmatched access to private hunting land, with the prime natural habitat for deer, antelope, elk, waterfowl and upland birds.

Fly Fishing Many of our offerings give anglers plenty of access to the famous live water of the West. As experienced anglers, Brokers have extensive fly fishing and real estate knowledge to guide your decision.

Media Contact: Emily Beardsley marketing director

emily@livewaterproperties.com

Jackson Hole, WyomingPO Box 9240, 83002phone: 307.734.6100

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Hunting | Ranching | Fly Fishing | Conservation