Valuation

VALUATION REPORT

FOR BAUMBACH CONSTRUCTION

AS AT 30 JUNE 2001

PREPARED BY

KKK BUSINESS VALUERS , INC

30TH AUGUST 2001

TABLE OF CONTENTS

1 . Opinion Letter . 1

2 . Certification . 2

3 . of the company . 2

4 . Purpose and approach . 3

5 . Assumptions and limiting factors . 4

6 . Economic , Industry and comparative analysis . 5

7 . Approaches to valuation (Asset , income , market and Discounts /premiums

Or capitalization / Discounts . 6

8 . Conclusions . 7

9 . Working s . 8

K .K . K Business Valuers , Inc

Kielstrasse 62

p 32879 st . Augustin (49 (30 ) 327-6199

31st August 2001

John Rogers , Attorney at law

Rogers , Anderson , parker and Eldridge , LLC

Rathausalle 6

23 492 St . Augustin

Dear Rogers

RE : OPINION OF VALUE

Based on our review of the information provided to user firm , it is our opinion that the net realized value or fair market value of Baumbach Construction stocks are US 4 ,964 ,000 . This value is for 55 ,000 shares and on the assumption that the minority shareholders are willing to sell their ownership . Therefore the price per stock is US 90

However , using book value method in the valuation , the assets of the company will be US 4 ,489 ,000 which will be equivalent to Price of US 81 .6 per common stock and discounted cash flow method has common stock price has US 93

It is our opinion that the buyers will have reasonable returns on investment (R01 ) at this price , for compensation with the risks involved , with assumptions that the Baumbach family continues to operate prudently and the business is a going concern and there are no unforeseen adverse changes in economic conditions affecting , the business market or industry

We have our report , with our certificate for valuation

Yours faithfully

James

For K .K . K Business Valuers , Inc

CERTIFICATE

We certify that to the best of our knowledge and belief , the statements of facts that are in this report are true and correct . The reported analysis , Conclusions and opinions are limited to the assumptions in the page below . We further state that the reported analysis , opinions and conclusions are limited by conditions and are our personal , unbiased professional analysis Opinions and conclusions are limited to the assumptions

K .K .K Business valuers have no present or future interest in any asset or whole company property that is subject to this report and we have no personal interest in any of the parties involved . K .K .K Business valuers have no biased in respect to the properties involved in this valuation reports and our compensation is not contingent on an action or event resulting from our reports that is analysis , opinions and conclusions made below

Our report has been developed with conformity to uniform standards approved by international association of consultants , Valuers and analysts . Our opinion analysis and conclusions contained in this report also confirm with the standards (IFRS

In preparation of this report we did not seek professional assistance before signing this except a few items that the signatory of this report...