From: Richard Kahn

From: Richard Kahn To: "Jeffrey E." <[email protected]> Subject: Fwd: Zorro Ranch Water Rights Date: Tue, 26 Jun 2018 19:59:03 +0000 Inline-Images: image00 1 .jpg Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 Begin tbrwarded message: From: Brice Gordon < Subject: Fwd: Zorro Ranch Date: June 26, 2018 at 1:11:18 PM EDT To: Rich Kahn Forwarded message From: Seth Fullerton < Date: Tue, Jun 26, 2018 at 11:02 AM Subject: Zorro Ranch To: ' Cc: Casey "Brice Gordon y. Darren, Earlier this month Brice, Casey Cook, and I discussed the next steps to place the water right at Zorro Ranch to full beneficial use by November 2019. The main issues are how much water can be used for ranch related purposes and how much land needs to be broken out for irrigation and then how that amount of water is identified in the Proof of Beneficial Use ("PBU"). Earlier this year, I discussed these matters generally with the Office of the State Engineer ("OSE") in Albuquerque but did not identify the ranch or the location of the water rights. During that discussion, the OSE stated that they needed more information regarding the water rights before they could give me a final answer for the PBU. I know the OSE District Manager in Albuquerque quite well and would be comfortable asking him more detailed questions about the Zorro Ranch water rights EFTA00906937 but want to confirm this approach before doing so. Please let me know if you are comfortable with this approach, or if you would prefer to discuss this internally before I reach out to the OSE. Thank you, Seth 2SRF Signature The information contained in this electronic mail transmission and the accompanying pages and/or attachments is intended solely for the addresseeis) named above. If you are not an addressee, or responsible for delivering this email and any attached documents to a named addressee, you have received this document in error and you are strictly prohibited from reading, distributing, disclosing or copying it. The information contained in this document is highly confidential and may be subject to legally enforceable privileges. Unless you are a named addressee, or associated with a named addressee for delivery purposes, you may violate these privileges and subject yourself to liability if you do anything with this document or the information it contains other than contacting the above sender by telephone immediately at (505) 982-3610 or by electronic mail at srfAsantafelawgroup.com immediately and returning this email and any attachments to me at once. Brice Cordon Stanley, NM LSJ-GSJ, USVI Ph: EFTA00906938