. o LEASE NO: GR2122 SUBDIVISION EXHIBIT A SEC-TWN-RNG ACREAGE U PRICE S PER E UNIT CAR CAP LOT1 SW4NE4 ALL LOT2 52NW4 RENEWAL LEASE LOT3 SW4 LOT4 LOT7 02 12N 09E 02 12N 09E 16 12N 09E 238.97 G 280.00 G 640.0D G TOTAL ACREAGE: 1,158.97 TOTAL RENTAL: 12 12 12 5751.51 LEGEND: USE TYPE CODES C- CONSERVATION RESERVE PROGRAM IRRIGATED CROPLAND, M* 2= DRYLAND FARMING (BID), .3• Fin 1/2 SOUTH FOR TOWNSHIP, He LAND, Din DRYLAND FARMING, MOBILE nom ON LAND, R= RSIP LAND, IRRIGATED* CROPLAND(BID) 4= CRP(BID) 1/2 EAST FOR RANGE • CARRYING CAPACITY RATES LISTED ARE BASED ON 640 ACRE PARCELS 80 h LJ a W 110? G= GRAZING, 1= GRAZING (BID), 5= RSIP(BID) , SDNY_GM_00173552 EFTA _00195207 EFTA01305452

NEW MEXICO STATE LAND OFFICE REQUEST FOR FIELD ASSIGNMENT DATE TO FIELD DIVISION: 09/27/2016 REQUESTING DIVISION, Agriculture LEASE NUMBER: OR 2122 101 FIELD DIVISION CONTROL NO: JUL251 BY: Danny Sandoval TYPE OF INQUEST: Sublease Renewal NAME OF LESSEE/APPLICANT: CYPRESS INC., A VIRGIN ISLANDS CORPORATION ADDRESS: 49 ZORRO RANCH ROAD, STANLEY, New Mexico, 87056, NAME PRONE ADDRESS EMAIL CYPRESS INC., A VIRGIN ISLANDS CORPORATION 5069113401 49 TORSO RANCH ROAD STANLEY, NM 37056 LEGAL DESCRIPTIONS TWP ENO SEC COUNTY 1,2,1,4,7,132NM4,SW4 NE4,SN4 12N 09E 2 Santa Fe ALL 12N OBE 16 Santa Fe REMARKS: DATE RETURNED TO REQUESTING DIVISIO1f/IUIEAU: 11/07/2016 Recommendation Supervisor Recommendation Approval recommended to renew sublease on GR2122. ACTION TAKEN BY AZQUESSINO DIVISION: Approve Sublease Renewal per DRIP. recomeendation. 11/8/2016 DNB APPROVE RECOMMENDATION: (FIELD DIVISION) ELECTRONICALLY APPROVED: 11/07/2016 Kenneth Baca (REQUESTING DIVISION) ELECTRONICALLY APPROVED: 11/08/2016 Danny Sandoval REWISTIP30 DIVISION SUPERVISOR coMMENT: Approval of the Sublease Application to roconmended for a one . (1) year term. October 1, 2016 - September 30, 2017 11/10/2016 LN APPROVE RECOMMENDATION: (REQUESTING DIVISION SUPERVISORI ELECTRONICALLY APPROVED: 11/10/2016 Lucille Martinez CHECKLIST 241. If acreage is in poor condition, please provide trannects. 242. Please advise on range conditions using an ocular estimate approach. 243. Please inspect and make your recommendations. 244. Please provide a ranch map and Indicate where the state land Lice in relation to the private land. 24S. Plume provide other pertinent information regarding this subteen°. 246. Please verify how much acreage in being subleased and to whorl? SDNY_GM_00173553 EFTA_00195208 EFTA01305453

Aubrey Dunn COMMISSIONER State of-New Mexico Commissioner of Public Lane 310 OLD SANTA FE TRAIL, P.O. BOX 1148 SANTA FE, NEW MEXICO 87504.1148 COMMISSIONER'S OFFICE Phone (505) 827-5760 Fax (505) 827.5766 www.nmstatelands.org November 4, 2016 JUL-251 TO: Lucille Martinez, Assistant Director Surface Resources ATTN: Danny Sandoval, Management Analyst THRU: Kenny Baca, Assistant Director Field Operations FROM: Jason Lithgow, District Resource Manager Santa Fe District Office SUBJECT: Sublease Renewal: GR-2122 Cypress Inc. Date Received: September 27, 2016 SYNOPSIS This field report address's the sublease renewal appNcation for grazing lease GR-2122. GR-2122 consists of 1,158.97 acres and is located in Santa Fe County. Cypress Inc wishes to sublease the total acreage to Ernest Ortiz & Steve Chavez. A field visit was conducted on November 04, 2016. SDNY_GM_00173554 EFTA_00 195209 EFTA01305454

JUL-261 No%ember 4. 2016 LEGAL LAND DESCRIPTION A tract of land containing 1,158.97 acres, more or less, and allocated by forties as follows: N.M.P.M. Section Quarter/Quarter Township Range County 02 Lots 1,2,3,4,7, S2NW4 12N 09E Santa Fe 02 SW4NE4,SW4 12N 09E Santa Fe 16 ALL 12N 09E Santa Fe LOCATION 310 Old Santa Fe Trail Santa Fe, NM 87501 Continue to NM-466 S/Old Pecos Trail 6 min (2.1 mi) Follow 1-25 N/US-285 S and NM-41 S to Zorro Ranch Rd 34 min (31.8 mi) Turn right onto Zorro Ranch Rd Destination win be on the right 2 min (0.5 mi) 1-107 Zorro Ranch Road Stanley, NM 87056 SITE/PHYSICAL DESCRIPTION This site Is rural rangeland. Adjoining lands are used for livestock grazing, and wildlife habitat Vegetation consists of short and mid native grasses, forbs, and shrubs. REMARKS A field visit was conducted on November 04, 2016. No issues were found that should stop this sublease. I recommend approval of the sublease. This will continues sound management on the subject tract JUL-251 2 November th 2018 SDNY_GM_00173555 EFTA_001195210 EFTA01305455

JUL-261 Nowmber 4, 2016 241 - If acreage is in poor condition, please provide transects. Transects were not requited at this time. 242 - Please advise on range conditions using an ocular estimate approach. The range conditions were fair using an ocular estimation approach. The ranch runs a total of 40 cows on 10,000+ acres. 243 - Please inspect and make your recommendations. The ranch is in good order, I recommend approving this sublease. 244 - Please provide a ranch map and Indicate where the state land sits In relation to the private land. See attached maps. 245 - Please provide other pertinent information regarding this sublease. The subject tract is in good shape with no issues to report. 246 - Please verify how much acreage is being subleased and to whom? The entire grazing lease is being leased to Emest Ortiz & Steve Chavez. JUL-261 3 Naernber 4, 2016 SDNY_GM_00173556 EFTA_00 1952 I I EFTA01305456

JUL-251 APPENDIX A: PHOTOS Pic 1. GR-2122 JUL-251 4 November 4, 2016 Nowmbor 4, 2016 SDNY_GM_00 173557 EFTA_00 I 95212 EFTA01305457

JUL-251 Plc 2. GR-2122 JUL-251 5 No \ember 4, 2016 Nowmber 4, 2016 SDNY_GA4_00 173558 EFTA_00195213 EFTA01305458

0 JUL-251 Pic 3. GR-2122 JUL-251 6 November 4, 2016 Nowmber 4, 2016 SDNYGM00173559 EFTA_00195214 EFTA01305459

JUL-251 APPENDIX B: MAP GR-2122 New Mexico State Land Office Trail Laid Stmn II Ili al I: l• -Ile art.. 11 1.4•.•• II SLIM' am... One JUL-251 7 Nmember 4, 2016 ne).. Yawls Isattbpiamea seseonsWie • IWO^ web ref eon *Ian Mark. as a ediriel d• pn•Mares. • keeLsdavielelens• O. Seim La Lanny Ana Ignentar• 604 al• seas Cattgrapbts ham tio Whit I Conri. • ISO &sin* Gra - OnSearts4., Lad Caw ••••• ions Roby> O &Ow. — M Sant — a, no Morinvetiolboatmesi a.— Stalls Der dArImbin Dwasmadimat theassatin a OM Nods less a MS ROA Leo -71 Syr bAsatan htli Swim, CillealSoultaar• Y.•aa tame swim...Mall es November 4, 2016 SONY GM_00 173560 EFTA_00195215 EFTA01305460

Aubrey Dunn COMMISSIONER Cypress Inc. 49 Zorro Ranch Stanley, NM 87056 tenefire State of *w Mexico Commissioner ofPudric Lana 310 OLD SANTA FE TRAIL P.O. BOX 1148 SANTA FE NEW MEXICO 81504-1148 Re: State Agricultural Lease OR-2122 Sublease GR-2122-101 Dear Lessee(s): Please find enclosed a copy of your approved sublease application. commenced on October 1, 2016 and will expire on September 30, 2017. If you have any questions our lease, please feel free to contact Mr. address above or at Sincerely, Aubrey Dunn Commissioner of Public Lands AD/ds End. COMMISSIONER'S OFFICE Phone (505) 827-5760 Fax (505) 827-5766 www.nmstatelands.org November 10, 2016 Your sublease will Danny Sandoval at the SDNY_GM_00173561 EFTA_00 I 95216 EFTA01305461

. • . NEW MEXICO STATE LAND OFFICE COMMISSIONER OF PUBLIC LANDS NEW MEXICO STATE LAND OFFICE BUILDING P.O. BOX 1148, SANTA FE, NM 87504-1148 AGRICULTURAL LEASE LEASE NO. GR2122 THIS LEASE, DATED OCTOBER 01, 2016 , IS ENTERED INTO BY AND BETWEEN THE COMMISSIONER OF PUBLIC LANDS, NEW MEXICO STATE LAND OFFICE, STATE OF NEW MEXICO, HEREINAFTER CALLED . 'LESSOR' AND: CYPRESS INC., A VIRGIN ISLANDS CORPORATION HEREINAFTER CALLED "LESSEE(S)", WHOSE ADDRESS OF RECORD IS: 49 ZORRO RANCH ROAD STANLEY, NM 87056 LESSOR AND LESSEE AGREE AND COVENANT AS FOLLOWS: 1. TRLSE, FOR AND IN CONSIDERATION OF AND SUBJECT TO THE RENTALS AND THE TERMS, COVENANTS, CONDITIONS, AGREEMENTS, OBLIGATIONS, AND RESERVATIONS CONTAINED IN THIS LEASE AND ALI OTHER EXISTING RIGHTS, LESSOR GRANTS AND LEASES TO LESSEE AND LESSEE TAXES FROM LESSOR THE TRACT(S) OF LAND DESCRIBED IN EXHIBIT A, ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE. THIS LEASE IS GOVERNED BY 19.2.8 NMAC(RULE B). 2. TERM. THE TERM OF THIS LEASE SHALL BEGIN ON OCTOBER 01, 2016 AND SHALL EXPIRE AT MIDNIGHT SEPTEMBER 30, 2021. 3. RENT. THE ANNUAL RENTAL SHALL NOT BE LESS THAN THE MINIMUM RENTAL ESTABLISHED BY SECTION 19-7-29 NMSA 1978 AND SHALL BE PAID IN ADVANCE FOR EACH LEASE YEAR AND RECEIVED IN THE STATE LAND OFFICE ON OR BEFORE OCTOBER 1. THE ANNUAL RENTAL FOR GRAZING LAND SHALL BE DETERMINED AS FOLLOWS : ANNUAL RENTAL gm BASE VALUE X CARRYING CAPACITY X ACREAGE X ECONOMIC VARIABLE INDEX (EVI), AS DEFINED BY SLO RULE 8 "RELATING TO AGRICULTURAL LEASES" (19 N.M.A.C. 3, SLO 8.11). IN NO EVENT SHALL THE PRODUCT OF THE APPLICATION OF THE EVI,FOR EACH SUCCESSIVE YEAR OF THE LEASE TERM,BE DECREASED OR INCREASED BY MORE THAN THIRTY-THREE AND ONE-THIRD PERCENT.IN THE CASE OF GRAZING RENTAL OFFERS ON OPEN ACREAGE OR PURSUANT TO COMPETITIVE BID, LESSOR MAY ACCEPT GREATER RENTAL AMOUNTS THAN THOSE DETERMINED BY THE FOREGOING FORMULA, BUT THE ANNUAL GRAZING RENTAL DUE IN ANY LEASE YEAR SHALL NOT BE LESS THAN THE FORMULA AMOUNT. THE ANNUAL RENTAL FOR CULTIVATED LAND, ASSOCIATED LAND AND CONSERVATION RESERVE PROGRAM LAND SHALL BE DETERMINED BY LESSOR AND SHALL REMAIN UNCHANGED DURING THE TERM OF THE LEASE. THE TYPE OF LAND HEREBY LEASED AND THE ANNUAL RENTAL AMOUNT FOR THIS LEASE SHALL BE AS SET OUT IN EXHIBIT A HEREIN. 4. PERMITTED USE. LESSEE MAY USE THE LEASED PREMISES ONLY FOR SUCH OPERATIONS AND ACTIVITIES AS ARE NECESSARY TO CARRY OUT THE PURPOSES FOR WHICH THE LEASE IS GRANTED AS SPECIFIED IN EXHIBIT A, AND IN ORDER TO COMPLY WITH ALL APPLICABLE PROVISIONS OF LAW REGARDING THE CARE AND PROTECTION OF THE LEASED PREMISES. OE II LEc,, bit 41U4 LAND SUSPENSE 3 M6L0 001-00003 31 0 01 -AUG -16 09:15 1562.36 SDNY_Ght00173562 EF-EA_00195217 EFTA01305462

5. LIEN. AS SECURITY FOR THE PAYMENT OF ANY RENT THAT IS OR MAY BECOME DUE AND UNPAID, LESSEE GRANTS TO LESSOR A FIRST AND PRIOR LIEN UPON ANY AND ALL IMPROVEMENTS AND CROPS ON THE LEASED PREMISES. 6. IMPROVEMENTS. NO IMPROVEMENTS, EXCEPT AS OTHERWISE PROVIDED BY LAW, SHALL BE PLACED ON THE LEASED PREMISES WITHOUT THE PRIOR WRITTEN CONSENT OF THE LESSOR. ALL IMPROVEMENTS PLACED 0 THE LEASED PREMISES IN VIOLATION OF THIS PARAGRAPH SHALL BE CONSIDERED AND TREATED A UNAUTHORIZED IMPROVEMENTS IN ACCORDANCE WITH THE APPLICABLE LAWS AND RULES. 7. ASSIGNMENT, SUBLEASE AND RELINQUISHMENT. LESSEE SHALL NOT ASSIGN OR SUBLEASE THE LEASED PREMISES OR THE IMPROVEMENTS ON SAID PREMISES WITHOUT THE PRIOR WRITTEN CONSENT OF LESSOR AND SUCH OTHER REQUIREMENTS AS PRESCRIBED BY LAW OR RULE. AS PROVIDED BY LAW AND RULE ANY LEASE, IN GOOD STANDING, MAY BE RELINQUISHED TO THE STATE. UPON RELINQUISHMENT HOWEVER, THE LESSEE SHALL NOT BE ENTITLED TO A REFUND OF RENTALS PREVIOUSLY OWING AND PAID. 8. COLLATERAL ASSIGNMENTS. ANY AGRICULTURAL LEASE MAY BE ASSIGNED AS COLLATERAL SECURITY SUBJECT TO THE EXPRESS WRITTEN CONSENT OF THE LESSOR AND SUCH OTHER TERMS AND CONDITIONS AS PRESCRIBED BY LAW OR RULE. THE APPROVAL OF A COLLATERAL ASSIGNMENT, HOWEVER, SHALL NOT PREVENT TH1 CANCELLATION OF THE LEASE AND TERMINATION OF THE COLLATERAL ASSIGNMENT FOR THE NONPAYMENT OF RENTALS OR OTHER VIOLATIONS OF THE LEASE TERMS. 9. DEFAULT AND CANCELLATION. THE VIOLATION BY LESSEE OF ANY OF THE TERMS, CONDITIONS, OR COVENANTS OF THIS LEASE OR THE NONPAYMENT BY LESSEE OF THE RENT DUE UNDER THIS LEASE SHALL AT THE OPTION OF THE COMMISSIONER BE CONSIDERED A DEFAULT AND SHALL CAUSE THE CANCELLATION OF THIS LEASE 30 DAYS AFTER LESSOR RAS SENT WRITTEN NOTICE OF SUCH DEFAULT TO THE LESSEE AND TO ANY HOLDERS OF COLLATERAL ASSIGNMENTS BY REGISTERED MAIL, ADDRESSED TO THE POST OFFICE ADDRESS OF RECORD, PROVIDED, HOWEVER, IF WITHIN THE THIRTY DAYS THE LESSEE OR HOLDERS OF ANY COLLATERAL ASSIGNMENTS SHALL COMPLY WITH THE DEMAND MADE IN THE NOTICE, CANCELLATION SHALL NOT BE MADE. 10. RENEWAL. ANY LESSEE WHO DESIRES TO SECURE A NEW LEASE SHALL MAKE AND FILE AN APPLICATION WITH THE LESSOR ON OR BEFORE AUGUST 1 NEXT PRECEEDING THE EXPIRATION OF THIS LEASE. THE RIGHT OF RENEWAL SHALL BE SUBJECT TO SUCH TERMS AND CONDITIONS AS PROVIDED FOR BY LAK AND RULE. 11. RESERVATIONS. A. LESSOR RESERVES THE RIGHT TO EXECUTE LEASES ON THE LAND GRANTED BY THIS LEASE FOR MINING PURPOSES AND FOR THE EXTRACTION OF OIL, GAS, SALT, GEOTHERMAL RESOURCES, AND OTHER MINERAL DEPOSITS THEREFROM AND THE RIGHT TO GO UPON, EXPLORE FOR, MINE, REMOVE AND SELL SAME. LESSOR FURTHER RESERVES THE RIGHT TO SELL OR DISPOSE OF NATURAL SURFACE PRODUCTS OF SAID LANDS OTHER THAN GRAZING, AGRICULTURAL OR HORTI- CULTURAL PRODUCTS AND TO GRANT SUCH OTHER RIGHTS-OF-WAY AND EASEMENTS AS PROVIDED 00 IT Wb 82 111P 9ICZ ' \.)4 I1 r.) • 1;?•4•1•TIC SDNY_GM_00173563 EFTA 00195218 EFTA01305463

BY LAW. B. LESSOR RESERVES THE RIGHT TO WITHDRAW PURSUANT TO RULE, UP TO 640 ACRES, BUT IN NO CASE MORE THAN HALF, OF THE LAND HELD BY TH:S LEASE. 12. COMPLIANCE WITH LAWS. LESSEE SHALL AT ITS OWN EXPENSE FULLY COMPLY WITH AND BE SUBJECT TO ALL LAWS, REGULATIONS, RULES, ORDINANCES, AND REQUIREMENTS OF LESSOR AND APPLICABLE CITY, COUNTY, STATE AND FEDERAL AUTHORITIES AND AGENCIES WHICH HAVE BEEN OR MAY BE ENACTED OR PROMULGATED, IN ALL MATTERS AND THINGS AFFECTING THE LEASED PREMISES AND OPERATIONS THEREON. SUCH OTHER AGENCIES SHALL NOT BE DEEMED THIRD PARTY BENEFICIARIES UNDER THIS LEASE. 13. HOLD HARMLESS. LESSEE SHALL SAVE AND HOLD HARMLESS, INDEMNIFY AND DEFEND LESSOR AND THE STATE OF NE! MEXICO, AND THEIR AGENT OR AGENTS, IN THEIR OFFICIAL AND INDIVIDUAL CAPACITIES, OF AND FROM ANY AND ALL LIABILITY CLAIMS, LOSSES, OR DAMAGES ARISING OUT OF OR ALLEGED TO ARISE OUT OF OR INDIRECTLY CONNECTED WITH THE OPERATIONS OF LESSEE UNDER THIS LEASE, OFF OR ON THE LEASED PREMISES OR ARISING OUT OF THE PRESENCE ON THE LEASED PREMISES OF ANY AGENT, CONTRACTOR OR SUBCONTRACTOR OF LESSEE. 14. AMENDMENT. THIS LEASE SHALL NOT BE ALTERED, CHANGED OR AMENDED EXCEPT BY INSTRUMENT IN WRITING EXECUTED BY LESSOR AND LESSEE. 15. WAIVER. NO WAIVER OF ANY BREACH OR DEFAULT BY LESSEE OF ANY OF THE TERMS, CONDITIONS OR COVENANTS OF THIS LEASE SHALL BE HELD TO BE A WAIVER OF ANY SUBSEQUENT BREACH. NO WAIVER SHALL BE VALID OR BINDING UNLESS THE SAME IS IN WRITING AND SIGNED BY LESSOR. 16. DELINQUENT RENTAL. ALL RENTAL PAYMENTS RECEIVED AFTER OCTOBER 1 OF EACH YEAR SHALL BE CONSIDERED DELINQUENT AND SHALL BE SUBJECT TO THE PAYMENT OF INTEREST AT A RATE OF ONE PERCENT (1%) A MONTH FOR ANY FRACTION OF A MONTH. INTEREST SHALL ACCRUE FROM THE DATE THE PAYMENT BECOMES DUE. 17. APPLICABLE LAW. THIS LEASE SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW MEXICO. 18. SUCCESSORS IN INTEREST. ALL TERMS, CONDITIONS AND COVENANTS IN THIS LEASE SHALL EXTEND TO AND BIND THE HEIRS, ASSIGNS, AGENTS, ATTORNEYS, CONTRACTORS AND SUCCESSORS IN INTEREST OF LESSOR AND LESSEE. 19. CARRYING CAPACITY REEVALUATION. THE LESSOR RESERVES THE RIGHT DURING THE TERM OF THIS LEASE, AND UPON THE LESSOR'S DISCRETION, TO CONDUCT CARRYING CAPACITY REEVALUATIONS AND MAKE THE NECESSARY ADJUSTMENTS TO THE LEASE AND RENTAL AS MAY BE REQUIRED. 20. SURFACE DAMAGES NOTIFICATION. 00 II WU 13Z '13.91Ci SDNY_GM_00173564 EFTA _00195219 EFTA01305464

PURSUANT TO 19.2.B.21 NMAC, IF LESSEE IS INVOLVED IN LITIGATION WITH ANY OTHER PERSON OR ENTITY FOR DAMAGES CONNECTED WITH THEIR LEASED TRUST LAND, LESSEE MUST NOTIFY THE COMMISSIONER AS SOON AS PRACTICABLE. THIS NOTICE REQUIREMENT DOES NOT APPLY TO LITIGATION INVOLVING ONLY THE LESSEE'S PERSONAL OR REAL PROPERTY. 0211 • tl V .Mn SDNY_GM_00173565 EFTA 00195220 EFTA01305465

I/WE CERTIFY THA LESSEE SIGNATURE REFERENCED ON THE FACE PAGE OF THIS LEASE. LESSEE SIGNATURE I..ES -C TELEPHONE EMAIL TELEPHONE " `•,••+''''' EMAIL I. • 1;, . - i :7:: SSIONER OF .PUBLrIt Nfolkiltke ;09 ACKNOWLE TS NATURAL PERSONS) STATE OF NEW MEXICO COUNTY OF • ) THE FOREGOING INSTRUMENT WAS ACKNOWLEDGED BEFORE ME THIS DAY OF BY (NAME OF LESSEE ACKNOWLEDGED) MY COMMISSION EXPIRES: ••••`..,# ...A -7. '''''' '''''''''' • 20_, NOTARY PUBLIC STATE OF NEW MEXICO ) PARTNERSHIP COUNTY OF THE FOREGOING INSTRUMENT WAS ACKNOWLEDGED BEFORE ME THIS DAY OF 20, , BY (NAME OF PERSON ACKNOWLEDGED) PARTNER(S) ON BEHALF OF MY COMMISSION EXPIRES: A PARTNERSHIP. NOTARY PUBLIC N)Eu3CO2.Y. STATE OF -NEW-MBH-1-642- ) COUNTY OF h3C.b.73 ‘1021.... ; THE FOREGOING INSTRUMENT WAS ACKNOWLEDGED BEFORE ME THIS 02±DAY OF BY Tir-cgnew psiter. Pees coletA4- immit OF OFFICER) ((TITLE OF OFFICER) C re a ie. (CO. i i .." e • A US \I:VV. TI Ida leck CORPORATION, ON BEHALF (CORPORATION NAME) OF SAD CORPORATION. MY COMMISSION EXPIRES: )(3\ILA‘ce 02 1 1 Wu CORPORATION ‘: • ‘‘ I.1 F. A 'i ' • °, - • : • care:. cs...cir. • 1o,1.+tc12_: i 1- • • Os ' OF.NE\ ankh) (*Aida/ NOTARY PUBLIC MAINE AVOW NOTARY FIRMLIC•STATI OF NEW YORK No. MAY6313114. Oualllind In Richmond County Mr compost°. holm October II, 2012 2O1(a_, OF SDNY_GM_00173566 EFTA_00195221 EFTA01305466

NEW MEXICO STATE LAND OFFICE APPRAISEMENT OF GRAZING AND AGRICULTURAL LANDS COMMISSIONER OF PUBLIC LANDS NEW MEXICO STATE LAND OFFICE BUILDING PO BOX 1148, SANTA FE, NEW MEXICO 87504-1148 LESSEE: SECTION 10 OF THE NEW MEXICO ENABLING ACT SPECIFICALLY REQUIRES THAT ALL STATE LAND TO BE LEASED BE APPRAISED AT ITS TRUE VALUE. STATE LAW, UNDER SECTION 19-7-1 NMSA 1978, FURTHER PRESCRIBES THAT SUCH APPRAISEMENT BE SECURED BY THE LESSEE WHEN ACQUIRING A LEASE AND THAT SUCH APPRAISEMENT BE COMPLETED BY A DISINTERESTED PERSON. THE INSTRUCTIONS FOR THE COMPLETION OF THIS FORM ARE SET OUT BELOW. APPRAISEMENT INSTRUCTIONS: THIS INFORMATION MUST BE COMPLETED BY A DISINTERESTED PERSON AND BASED ON THAT INDIVIDUAL'S INFORMATION AND BELIEF. THIS FORM CANNOT BE COMPLETED BY A LICENSED APPRAISER. (NMSA 1978, 61-30-16). YOU CANNOT PAY TO HAVE THIS FORM COMPLETED. (NMSA 1978, 60-30-3A). THE LAND MUST BE APPRAISED AS VACANT, I.E. WITHOUT IMPROVEMENTS, FOR BOTH SALE AND LEASE PURPOSES. IT MUST ALSO BE SIGNED BEFORE A NOTARY PUBLIC. I, DO SOLEMNLY SWEAR (OR AFFIRM), UNDEF THE PENALTIES 0 PERJURY,. nXHAT AFTER HAVING PERSONALLY INSPECTED THE TRACT(S) OF LANE CONTAINED IN LEASE NO. tr.C.- 2 / 7.2 AND DESCRIBED IN EXHIBIT A OF SAID LEASE,...._THAT MY OPINION OF THE APPRAISEDgIgitVALUE OF SAME (WITHOUT IMPROVEMENTS) IS $ PER ACRE, IF SOLD, AND $ PER ACRE, FOR LEASE PURPOSES, AND CERTIFY THAT I AM NOT INTERESTED IN SAID LAND FOR LEASING OR SALE THEREOF. SIGNED ADDRESS raaA7 4. /'j 7&' CITY/STATE A640471triff "Awe iya9,-- SUBSCRIBED AND SWORN TO BEFORE ME THIS a5.11_ DAY OF - MI/ 2D U. MY COMMISSION EXPIRES: ll 10-9- 02 TT 1J8 ga 7firi 2103 T PUBLIC SDNY_GM_00173567 EFTA 00195??? EFTA01305467

• • • EXHIBIT A LEASE NO: GR2122 SUBDIVISION SEC -TWN-RNG ACREAGE U PRICE S PER E UNIT CARR CAP L0T1 SW4NE4 ALL LOT2 S2NW4 RENEWAL LEASE LOTS SW4 LOT4 LOT7 02 12N 09E 02 12N 09E 16 12N 09E 238.97 G 280.00 G 640.00 G TOTAL ACREAGE: 1,158.97 TOTAL RENTAL: 12 12 12 $1,562.36 LEGEND: USE TYPE CODES C= CONSERVATION RESERVE PROGRAM I= IRRIGATED CROPLAND, M= 2= DRYLAND FARMING (BID), S' B- 1/2 SOUTH FOR TOWNSHIP, H= LAND, D= DRYLAND FARMING, MOBILE HOME ON LAND, R= RSIP LAND, IRRIGATED CROPLAND(BID) 4= CRP(BID) 1/2 EAST FOR RANGE 4, CARRYING CAPACITY RATES LISTED ARE BASED ON 640 ACRE PARCELS o? TT Liu sa °NZ G= GRAZING, 1= GRAZING (BID), 5= RSIP(BID) SDNY_GM_00173568 EFTA 00195223 EFTA01305468

IMPROVEMENT LISTING FOR EXISTING LESSEE'S RENEWAL APPLICATION The State Land Office Rule Relating to Agricultural Leases, 19 N.M.A.C. 8.9.2.2. requires you to submit a listing of your improvements located on the state leased land held under fh& lease with your application. LEASE NUMBER a ea t as (Rase check one dery boxes) DO IMPROVEMENTS EXIST ON STATE LAND: YES NO ASE LIST BELOW. All improvements must be listed even if they are on record with our office. LOCATION S Inclusion of unauthorized improvements on this listing or any appraisal submitted to the Commissioner for any purpose shall not be interpreted as approval of those improvements by the Commissioner. (19 N.M.A.C. 8.9.11) This office will reject your renewal tease application if this form is not completed. The information provided above is true and correct to the best of my knowledge. Please sign and date. Lesseaignatu Date: 1 1 ether im rovements exist or not " Lessee Signature SDNY_GM_00173509 EFTA _00195224 EFTA01305469

RECORDS / -TION FORM LEASE # -Z/ - „ - -14gra sitr,. .1k are.: 1 ii:::-4:,_,1( r.:4.-.4... Laza-7x - *•. •.-1-----'''-- # - Request Date L ange Requested By Code # Pages Post Scan MF Arc Received By Change Status Date Scan Date Initials Approved Date Co e 6-11- fi -..\G>tast4 a. 7 3 4..-- c-3 C c P.54- ,4/' 9 /0 I.^ cl V !if 7— /...---- to tif-9-7:C ,Soc i porriNi / r6 1"-----‘------ ,W) ./4•0 !Up) fl IS --ik ,bc..A... C. 3 X /(14 Smartt . I. •. ., It f X jecx... 61.10 I. .. ., ,, " t 0 I X wbrnit. a ter r c- ct -^/ AlliliC 114544 pi. citc6 I 00-Vin 1. Contract 2. Memo to file 3. Improvements 4. Assignment S. Notes to file 6. Change of Address 7. Sublease 8. Notice 9. Field Report 10. General Co resp. 11. Bid EFTA01305470

f i i The number, type, class of livestock, and period of use, are as follows: NO. KIND CLASS FROM TO ,.. IllitailIMMIIIMell IIIIIIIIIKNIMIMMI I l/ We, . . 5' `.tea • '64 Aubrey Dunn, Commissioner of Public Lands State of New Mexico APPLICATION TO SUBLEASE STATE TRUST LANDS (PLEASE FILL OUT IN INK) 3. !PC. (mailing address) I1 keik ,--under Agriculture Lease No. granted by e Commissioner of Public Lands, do hereby make application to sublease the lands described as follows: l , of . NM 1-101) being lessee(s) SUBDIVISION SEC. TWP. RANGE ACRES ( Azta. kike Do El lesU C\ oladila INdie-col If additional space is needed to describe legal subdivision, please attach additional sheet using the above format address: It being understood that said permission td' sublease does not in any way relieve me/us from obligation assumed under the lease stated above. Sublease term on the designated lands to commence October 1, 20 Ib , and to expire on September 30, 20 11 , (Sublease cannot be given be nd exp to of lease.) z) (02,1Oth 19I2PSS. G(Uatr9 Give reasons this land is being subleased: PERIOD OF USE , S-01 (Revised 10/2015) 0 0 • 0 0 0 0 = cirf2) kid tz dater' ATION FEE $100.00 L Mal& OL, Et55. 97 SDNY_GM_00173571 EFTA_00195226 EFTA01305471

EXHIBIT A LEASE NO: GR2122 SUBDIVISION SEC -TWN-RNG ACREAGE U PRICE S PER £ UNIT CAR CAP LOT1 SWINE4 ALL LOT2 S2NW4 RENEWAL LEASE LOTS SW4 LOT4 LOT7 02 12N 09E 02 12N 09E 16 12N 09E 238.97 G 280.00 G 640.00 G TOTAL ACREAGE: 1,158.97 TOTAL RENTAL: 12 12 12 $751.51 LEGEND: USE TYPE CODES Ca CONSERVATION RESERVE PROGRAM Ia IRRIGATED CROPLAND, Ma 2a DRYLAND FARMING (BID), Ea 1/2 SOUTH FOR TOWNSHIP, Na LAND, Da DRYLAND FARMING, MOBILE BOHE ON LAND, Ra RSIP LAND, IRRIGATED CROPLAND(BID) 4a CRPIBID) 1/2 EAST FOR RANGE • CARRYING CAPACITY RATES LISTED ARE BASED ON 640 ACRE PARCELS 80 h Lid a -Kir Du Ga GRAZING, 1a GRAZING (BID), 5a RSIP(BID) SDNY_GNL00173572 EFTA (X1195227 EFTA01305472

NEW MEXICO STATE LAND OFFICE REQUEST FOR FIELD ASSIGNMENT DATE TO FIELD DIVISION: 09/27/2016 REQUESTING DIVISION: Agriculture LEASE NUMBER: OR 2122 101 FIELD DIVISION CONTROL NO: SUL251 BY: Danny Sandoval TYPE OF REQUEST' Sublease Renewal NAME OP LESSEE/APPLICANT: CYPRESS INC., A VIRGIN ISLANDS CORPORATION ADDRESS: 49 BORE° RANCH ROAD, STANLEY. New Mexico, 87056. NAME PRONE ADDRESS EMAIL CYPRESS INC., A VIRGIN ISLANDS CORPORATION SOS9333401 49 V3RRO RANCH ROAD STANLEY, NM 87056 LEGAL DESCRIPTIONS TWP RNG SEC COUNTY 1,2,3,4,7.S2NNO.SW4 NE4,SW4 12N 09E 2 Santa Fe ALL 12N 09E 16 Santa Fe REMARKS: DATE RETURNED TO REQUESTING DIVISION/BUREAU: 11/07/2016 Recommendation Supervisor Recommendation Approval recommended to renew sublease on 0R2122. ACTION TAXER BY REQUESTING DIVISION: Approve Sublease Renewal per DRMis recommendation. 11/8/2016 DVS APPROVE RECOMMENDATION: (FIELD DIVISION) ELECTRONICALLY APPROVED: 11/07/2016 Kenneth Baca (REQUESTING DIVISION) ELECTRONICALLY APPROVED: 11/08/1016 Danny Sandoval REQUESTING DIVISION SUPERVISOR COMMENT: Approval of the Sublease Application is recommended for a one (1) year term. October 1, 2016 - September 30, 2017 11/10/2016 LH APPROVE RECOMMENDATION: (REQUESTING DIVISION SUPERVISOR) ELECTRONICALLY APPROVED: 11/10/2016 Lucille Martinez CHECKLIST 241. If acreage is in poor condition, please provide transacts. 242. Please advise on range conditions using an ocular estimate approach. 243. Please inspect and make your recommendations. 244. Please provide a ranch map and indicate where the state land sits in relation to the private land. 245. Please provide other pertinent information regarding this sublease. 246. Please verify how much acreage is being subleased and to whom) SDNY_GM_00173573 EFTA 00195228 EFTA01305473

cOCi Aubrey Dunn COMMISSIONER State of gkfrw Mexico Commissioner of Public Lands 310 OLD SANTA FE TRAIL. P.O. BOX 1148 SANTA FE, NEW MEN1C0 87504.1148 COMMISSIONER'S OFFICE Phone (505) 827-5760 Fax (505) 827-5766 www.nmslatelands.org November 4, 2016 JUL-251 TO: Lucille Martinez, Assistant Director Surface Resources ATTN: Danny Sandoval, Management Analyst THRU: Kenny Baca, Assistant Director Field Operations FROM: Jason Lithgow, District Resource Manager Santa Fe District Office SUBJECT: Sublease Renewal: GR-2122 Cypress Inc. Date Received: September 27, 2016 SYNOPSIS This field report address's the sublease renewal application for grazing lease GR-2122. GR-2122 consists of 1,158.97 acres and is located in Santa Fe County. Cypress Inc wishes to sublease the total acreage to Ernest Ortiz & Steve Chavez. A field visit was conducted on November 04, 2016. SDNY_GP,4_00173574 EFTA 00195229 EFTA01305474

JUL-251 November 4, 2016 LEGAL LAND DESCRIPTION A tract of land containing 1,158.97 acres, more or less, and allocated by forties as follows: N.M.P.M. Section Quarter/Quarter Township Range County 02 Lots 1,2,3,4,7, S2NW4 12N 09E Santa Fe 02 SW4NE4,SW4 12N 09E Santa Fe 16 ALL 12N 09E Santa Fe LOCATION 310 Old Santa Fe Trail Santa Fe, NM 87501 Continue to NM-466 S/Old Pecos Trail 6 min (2.1 mi) Follow I-25 NMS-285 S and NM-41 34 min (31.8 mi) Tum right onto Zorro Ranch Rd Destination will be on the right 2 min (0.5 ml) 1-107 Zorro Ranch Road Stanley, NM 87056 SITE/PHYSICAL DESCRIPTION S to Zorro Ranch Rd This site is rural rangeland. Adjoining lands are used for livestock grazing, and wildlife habitat Vegetation consists of short and mid native grasses, forbs, and shrubs. REMARKS A field visit was conducted on November 04, 2016. No issues were found that should stop this sublease. I recommend approval of the sublease. This will continues sound management on the subject tract. JUL-251 2 November 4, 2016 SDNY_GM_00173575 EFTA_00 195230 EFTA01305475

JUL-251 Nmember 4, 2016 241 - If acreage is in poor condition, please provide transects. Transects were not required at this time. 242 - Please advise on range conditions using an ocular estimate approach. The range conditions were fair using an ocular estimation approach. The ranch runs a total of 40 cows on 10,000+ acres. 243 - Please inspect and make your recommendations. The ranch is in good order, I recommend approving this sublease. 244 - Please provide a ranch map and indicate where the state land sits in relation to the private land. See attached maps. 245 - Please provide other pertinent information regarding this sublease. The subject tract is in good shape with no issues to report. 246 - Please verify how much acreage is being subleased and to whom? The entire grazing lease is being leased to Ernest Ortiz & Steve Chavez. JUL-251 3 n November 4, 2016 1/4 \ SDNY_GM_00173576 EFTA 00195231 EFTA01305476

JUL-251 APPENDIX A: PHOTOS Pic 1. GR-2122 JUL-251 4 Nowmber 4, 2016 Nowmber 4, 2016 SDNY_GM_00173577 EFTA_00 I 9523/ EFTA01305477

JUL-251 Pic 2. GR-2122 JUL-251 5 No ember 4, 2016 November 4, 2016 SDNYGM00173578 EFTA_00 195233 EFTA01305478

JUL-251 Pic 3. GR-2122 JUL-251 6 vica.•••- • November 4, 2016 November 4, 2016 SDNY_GM_00173579 EFTA 00195234 EFTA01305479

JUL-251 APPENDIX B: MAP GR-2122 NewAlexia) Stale Land Office VIM Lalig Stalin 40 I/ VII is II boom& *yam sae. Awes% la I HU Xi.•Clamerm Ds. .11a 1s• beg ilinne...waids, eiraSsIC nine M Ae • • • • • Web* . ..IM, .r saw's/ kra Uartahrtfteiimritarra• ilmo bar inatIniketegithAnve. new 6,..; Samna • Oa WA I NM WORM JUL-251 7 November 4, 2016 Camtszpik (mini eiv vz Tow* Wan G.'S. • LT " iewier f t.:741 — - tad/ego vrti onfriefeem awes,. := Mk WM Iasi iles IlibmaiLLIMISt Aais tat WI. Cabs Mai Palen Stsnllintr. ua rawer Ll warns Glow WM 04 ail Ge lrs Mr L Yu • 11....4 Leo sari severest•• re November 4, 2016 SDNY_GM_00173580 EFTA 00195235 EFTA01305480

Aubrey Dunn COMMISSIONER Cypress Inc. 49 Zorro Ranch Stanley, NM 87056 State of New Mexico Commissioner of Public Lands 310 OLD SANTA FE TRAIL P.O. BOX 1148 SANTA FE. NEW MEXICO 67504-1148 Re: State Agricultural Lease GR-2I22 Sublease GR-2122-101 Dear Lessee(s): COMMISSIONER'S OFFICE Phone (505) 827-5760 Fax (505) 827-5766 www.nmstatelands.org November 10, 2016 Please find enclosed a copy of your approved sublease application. Your sublease will commenced on October 1, 2016 and will expire on September 30, 2017. If you have any questions about ur lease, please feel free to contact Mr. Danny Sandoval at the address above or at Sincerely, Aubrey Dunn Commissioner of Public Lands AD/ds End. SDNY_GM_00173581 EFTA 00195236 EFTA01305481

NEW MEXICO STATE LAND OFFICE APPLICATION TO SUBLEASE STATE TRUST LANDS (PLEASE FILL our IN INK) I/We, alfIta,33 (mailing address) under Agriculture Lease N make application to suble Please , of Nkrintot 51O56 , being lessee(s) granted by the Cofrtmissioner of Public Lands, do hereby as follows: SU13DIVISIOR - SEC. TWP. RANGE ACRES Xclo MI ock% t,a4AA 18151.(11 ye name of s If additional space is needed to describe legal subdivision, please attach additional sheet using the above format ti It being understood that said permission to sublease does not in any way relieve me/us from obligation assumed older the lease stated above. Sublease term on the designated lands to commence October 1, 20 8 30, 20 Ib , (Sublease cannot be given beyond ex iration date of lease.) ex r 6621 Give reasons this land is being subleased: The number, type, class of livestock, and period of use, are as follows: NO. 3s a LIVESTOCK and to expire on September PERIOD OF USE KIND CLASS FROM TO al" Olt S-01 (Revised 01/2001) SDNY_GM_00173582 EFTA_00 I 95237 EFTA01305482

Please indicate the person and/or party that you wish our field representative to contact relative to this application to sublease: Name: Address: Home Telephone No. Business Telephone No. Include 20% (twenty-percent) of the yearly rental with completed Sublease Application Form. The minimum fee for subleasing is $50.00 (fifty dollars). C piss ,11r , do solemnly swear (or affirm) that statements a44 answers to the questions in this application are true and correct to the best of my knowledge and belief. ANY FALSE STATEMENTS CONTAINED HEREIN WILL SUBJECT MY LEASE OR LEASES TO CANCELLATION. C YntEss, nit. Cr -C -n Signedicla r a;AkeilkaResida f Lessee Signed: Lessee SUBSCRIBED AND SWORN to before me this i bY__ss-tre." r-bna ttiCe_ (Name of Person's Signature Wary Pubic - State of New York onrOornmission-Exekeveell.-20$7 Outlined In New ewe County NO. WM6285700 XP • at. t->i a -O 1-4- grant the lessee( APPROVED THIS S-01 (Revised 01/2001) c: • ; day of lost et ,,,,,,,,,, F ing acknowledged} otary Public Drat-e, , COMMISSIONER OF PUBLIC LANDS, do hereby listed above permission to sublease the above described land. ,,,,,,,,,,, c)O 51....41 ,, ,,, 1O: ,,,,,,,, , • ". e (P ID day of e. ,20 / r—P-itir.-)1 , COMMIS NER OF SDNY_GM_00173583 EFTA_00 I 95238 EFTA01305483

EXHIBIT A LEASE NO: GR2122 SUBDIVISION SEC-TWN-RNG ACREAGE 0 PRICE S PER E UNIT CAR CAP LOT1 LOT2 LOT3 10T4 LOT7 02 12N 09E 238.97 G 12 SW4NE4 S2NW4 SW4 02 12N 09E 280.00 G 12 ALL 16 12N 09E 640.00 G 12 TOTAL ACREAGE: 1,158.97 TOTAL RENTAL: RENEWAL LEASE LEGEND: USE TYPE CODES Ca CONSERVATION RESERVE PROGRAM I- IRRIGATED CROPLAND, N- 2- DRYLAND FARMING (BID), '3- H- 1/2 SOUTH FOR TOWNSHIP, Hm LAND, D- DRYLAND FARMING, MOBILE HOME ON LAND, R RSIP LAND, IRRIGATED CROPLAND(B/D) 4- CRP(BID) 1/2 EAST FOR RANGE * CARRYING CAPACITY RATES LISTED ARE BASED ON 640 ACRE PARCELS Ga. GRAZING, 10 GRAZING (BID), 5- RSIP(BID) SDNY_GM_00173584 EFTA_00 195239 EFTA01305484

PEW MEXICO STATE LAND OFF1L... REQUEST FOR FIELD ASSIGNMENT n ATE TO FIELD DIVISION: 5 1 ' 16 - 14 F DIVISION CONTROL NO. 3; 4 L 110 ...6QUESTING D LEASE NUMBE NAME OF LESS ADDRESS: 4 1 flIct zing Bil es 4 Ai Coltnat 0A. i E OF REQUEST: v% C . tit 1.../ SU: g I est 4-c. zoero P....,... Rd 54 ,AA It MA g 4 0 st DESIGNATED CONTACT: ADDRESS: SA "4/ S a b0vt. LEGAL DESCRIPTION: SECTION TWP RANGE COUNTS( C4 oa i21\) Ole cm..4a Ft 1 6 I aN 04 ( l• It REMARKS: 'PICASt :Ate 144I ma itc re. coma% en via-ken - Sees a44-acke Mcrae re mark C. —ATE RETURNED TO REQUESTING DIVISION/BUREAU: 411-1r DISTRICT RESOURCE MANAGER RECOMMENDATION: +ref- t taif?ftentsz fly Etat 7 Al R, ad-44,06-Th 4 ran, eizri V-a-ot- 6-000 APPRO COMA ON: FIELD DIVISON) (REQUEST/NG DIVISION ofriti - io- DO NOT APPROVE RECOMM:ENDATION: (Please slate reasons) ACTION TAKEN BY RE9UESTING DIVISION: tddistS4 aperalka 4..t par bRi-ik reartusipAtikken .039/4/ -At DATE RETURNED TO DISTRICT RESOURCE MANAGER .G-89 Revised: 11/1/99 SDNY_GM_00173585 EFTA_00 195240 EFTA01305485

Ray Powell, M.S., D.V.M. COMMISSIONER June 03, 2014 TO: ATTN: THRU: State of New Mexico Commissioner of Lanes 310 OLD SANTA FE TRAIL P.O. BOX 1148 SANTA FE. NEW MEXICO 87504-1148 Donald Martinez, Director Surface Resources Danny Sandoval, Management Analyst Bill Pearson, Assistant Director Field Operations FROM: 64•-• Ja n Uthgow, strict Resource Manager Santa Fe District Office SUBJECT: New Sublease: GR-2122, GR-2088 Cypress Inc. Date Received: May 20, 2014 SYNOPSIS COMMISSIONER'S OFFICE Phone (505) 827-5760 Fax (505) 827-5766 www.nmstalelands.org JUL-110, JUL-111 This report is to address the new sublease for GR-2122 and GR-2088. The sublease will encompass three sections totaling 1,243.83 acres. The subject trust land lies within the greater 11,000 Acre+ Zorro Ranch. At the time of the field visit an ocular estimate of the land was fair to good. There are no known reasons to not approve this sublease. LEGAL LAND DESCRIPTION A tract of land containing 1,243.83 acres, more or less, and allocated by forties as follows: N.M.P.M. Section Quarter/Quarter Township Ranee County 02 Lot 1, 2,3,4,7 12N 09E Santa Fe 02 SW/4NE/4, S2NW4, SW4 12N 09E Santa Fe 16 All 12N 09E Santa Fe 36 Lot 1,2,3,4 13N 09E Santa Fe SDNY_GM_00173586 EFTA_00195241 EFTA01305486

JUL-110, JUL-111 June 03, 2014 LOCATION S 310 Old Santa Fe Trail / Santa Fe, NM 87501 1. Head south on Old Santa Fe Trail toward E De Vargas St 0.5 mi 2. Continue onto Old Pecos Trail 1.6 ml 3. Turn left onto NM-466 S/Old Pecos Trail 1.4 mi 4. Take the Interstate 25 N ramp to Las Vegas/US 285 S/Clines Corners 0.3 mi 5. Merge onto 1-25 NAJS-285 S 6.2 mi 6. Take exit 290 for US-285 S toward Clines Corners 0.2 ml 7. Keep right at the fork and merge onto US-285 S 6.7 MI 8. Turn right onto NM-41 S 16.8 mi 9. Turn right onto Zorro Ranch Rd 75 ft The Zorro Ranch Rd is the access point to the State Trust Land. There is no public access to the subject tracts. SITE/PHYSICAL DESCRIPTION This site is rural rangeland. The leased site occupies 1,243.83 acres. Adjoining lands are used for livestock grazing, and wildlife habitat. Vegetation consists of short and mid native grasses, forbs, and shrubs and pinyon-juniper mixed forest. HIGHEST AND BEST USE The highest and best use of this land is livestock grazing and wildlife habitat. No other trends exist at this time. ENVIRONMENTAL CONCERNS/CULTURAL SITES No environmental concerns where observed at this time. Please note that this area has a very high concentration of artifacts, Including Pueblo Blanco. If any improvements are made a thorough archeological review would be necessary. JUL-11o, JUL-111 2 June 03, SDNY_GM_00173587 EFTA_00 195242 EFTA01305487

JUL-110, JUL-111 June 03, 2014 REMARKS On May 27, 2014 I met with a Mr. Gordon, who represents Cypress Inc., and conducted a site visit of the subject tract. At the time of the inspection the range was in better than fair condition. It was very apparent that the greater Zorro ranch took great care In managing the landscape. The Zorro ranch has been actively treating choya on both trust and deeded lands. They blade and pile the choya during the dormant period in winter, and bum the piles when they dry. The new sub-lessees will be Steve Chavez and Ernest Ortiz. I recommend approval of the sublease. JUL-110, JUL-111 3 June 03, 20 SDNY_GM_00173588 EFTA_00 195243 EFTA01305488

JUL-110, JUL-111 Appendix A: Photos • • —de tA„ • ;;„ Photo 1- Overlooking Pueblo Blanco. Section 16. JUL-110, JUL-111 4 June 03, 2014 l) •• it ; t . • .f.e. ....t June 03, 2 SDNY GA4_00173589 EFTA_00 195244 EFTA01305489

JUL-110, JUL-111 Photo 2- Representation of the range. Section 02. JUL-110, JUL-111 June 03, 2014 5 June 03, 2 SDNY_GM_00173590 EFTA_00 I 95245 EFTA01305490

JUL-110, JUL-111 Photo 3: East of Pueblo Blanco. Section 16. JUL-110, JUL-111 June 03, 2014 6 June 03, 20 SDNY_GM_00173591 EFTA_00195246 EFTA01305491

JUL-110, JUL-111 June 03, 2014 Photo 4: Some choya encroachment. The ranch has been actively conducting choya removal during the winter months. This pasture was slated for treatment next winter. Section 2. JUL-110, JUL-111 7 June 03, SDNY_GM_00173592 EFTA_00 195247 EFTA01305492

JUL-110, JUL-111 Photo 5: Section 36. JUL-110, JUL-111 8 June 03, 2014 June 03, 20 SDNY_GM_00173593 EFTA_00 195248 EFTA01305493

JUL-110, JUL-111 endix B: Ma • s r Mexico Sin MITI L100 SLOW Oil= U t 7) 13••••11••••••11••••• SUMS tits Pais Gegiegiall Irilr Pal June 03, 2014 OW aim t- n—whoparf pjk el sewn I fitiMISIIInhiei WON itnensae . "MOW Inc lasIttmICIMiteeliminv ••••••••• tatOteres•ItalsbasIstote brantaise Ofinl2pbb MOWN • Ot 11•6•Misp I Camp MS • U0 Df•a0.• ••• ISO Thole Poway OM • - Slab* Illttmy • CSWileny tal —Ialrast-T.•1 Tedirsill•••thearano Ins dial Mays* Mae onal•••••• Dies•Awkdatt Vq•Szei•Dna Posommlorl••• tWAThaflowth •41:11•11. Sao ars>lbee Icasolist Sada CainNesalltes Sulefainnoil Winks* Safe bon Yew tal le•Inter. latt,pn allksless Ausells11•• OimmeLl tux ibstaLsat umnaigtbsitog Sections: 16 and 2 and 36. All the land around the sections is privately owned by the Zorro Ranch. JUL-110, JUL-111 9 June SDNY_GM_00173594 EFTA 00195249 EFTA01305494

Ray Powell, M.S., D.V.M. COMMISSIONER State of New Mexico Commissioner of Public Lands 310 OLD SANTA FE TRAIL P.O. BOX 1148 SANTA FE• NEW MEXICO 87504-1 148 Cypress Inc. 49 Zorro Ranch Road Stanley, NM 87056 Re: State Agricultural Lease No. GR-2088 & GR2122 (Sublease No. GR-2088-0001 & GR2122-001) Dear Lessee(s): COMMISSIONER'S OFFICE Phone (505) 827-5760 Fax (505) 827.5766 www.nmstntelands.org June 11, 2014 Please find enclosed a copy of your approved sublease applications. Your sublease commenced on October 1, 2013 and will expire on September 30, 2016. If you have any questions lease feel free to contact me at the address above or at Sin Julian Ortiz Surface Resources Division NM State Land Office end. SDNY_GM_00173595 EFTA_00 195250 EFTA01305495

Ray Powell, M.S., D.V.M. COMMISSIONER Cypress Inc. 49 Zorro Ranch Rd Stanley, NM 87056 State of 96w Mexico Commissioner oatthfic Lane 310 OLD SANTA FE TRAIL P.O. BOX 1148 SANTA FE. NEW MEXICO 87504.1148 COMMISSIONER'S OFFICE Phone (505) 827-5760 Fax (505) 827-5766 www.nmstatelands.org May 16, 2014 RE: STATE AGRICULT GR-2088-0001 & Dear Lessee(s): This office has received your applications to Sublease State Trust Lands. This office will send a District Resource Manager to inspect your leased lands on site and make a recommendation. Typically, it takes four to six weeks until we can approve or disapprove the application. If you have any questions, please feel free to contact me at the address above or at Ill Sincerely, Danny Sandoval Surface Resources Division NM State Land Office SDNY_GM_00173596 EFTA_00 I 95251 EFTA01305496

CYPRESS, INC 49 Zorro Ranch Road Stanley, NM 87056 Telephone: May 7*, 2014 New Mexico State Land Office PO Box 1148 Santa Fe NM 87504 Attention: Ms Lucille Martinez Dear Ms Martinez, We would like to confirm that Cypress, Inc has a new mailing address. If all correspondence could please be forwarded to the following 49 Zorro Ranch Road Stanley, NM 87056 If you have any questions or concerns in reference to this could you please call Thank you for you assistance with this matter Sincereley, SDNY_GM_00173597 EFTA_00 I 95252 EFTA01305497

NEW MEXICO STATE LAND OFFICE APPLICATION TO SUBLEASE STATE TRUST LANDS (PLEASE FILL OUT IN INK) (mailing address) under Agriculture Lease IV make application to sable , of YY1 being lcssee(s) granted by the Coinmissioner of Public Lands, do hereby as follows: SUBDIVISICa - SEC. TWP. RANGE ACRES S20- fl IE621 Lc Afi 1,151.c11 If additional space is needed to describe legal subdivision, please attach additional sheet using the above format Please give name of sublessee and mailing address: 9)6 to6[4.Sict ik, i\im nobs iqg Ccuyi4 [08 S [slam° tim nut It being understood that said permission to sublease does not in any way obligation assumed under the lease stated above. relieve me/us from Sublease term on the designated lands to commence October 1, 20 and to expire on September 30, 20 lb , (Sublease cannot be given beyond c nation date of lease.) Clicatn, Give reasons this land is being subleased: The number, type, class of livestock, and period of use, are as follows: NO. a LIVESTOCK PERIOD OF USE KIND CLASS FROM TO g S CIDIS us 41u q 3x116 S-01 (Revised 01/2001) SDNY_GM_00173598 EFTA (X)195253 EFTA01305498

Business Telephone No. 605 aSb 2h,O1 listed above permission to sublease the above described land. APPROVED THIS Please indicate the person and/or party that you wish our field representative to contact relative to this application to sublease: Name: 10.1404/\ Address: Home Telephone No Cktia 3401 Include 20% (twenty-percent) of the yearly rental with completed Sublease Application Form. The minimum fee for subleasing is 550.00 (fifty dollars). I, C ess . ire, , do solemnly swear (or affirm) that statements aJd answers to the questions in this application are true and correct to the best of my knowledge and belief. ANY FALSE STATEMENTS CONTAINED HEREIN WILL SUBJECT MY LEASE OR LEASES TO CANCELLATION. C Yrlec.ss, T.C.. SUB CRIBED AND SWORN to before me this by 4(r tin 'r-indlyta.. {Name of Person's Signature r hainteenifflitt Nolory Putdlo • Milo of Now Yeti( NO. OIGR5285700 04411080 In New Yak County 4,44TOornmistionfnifes44.1o11.-2117 1 . - S: TkLY Ft a- D SignedisratearA tifrasaltroiko Lessee Signed: Lessee N. e!`""14,. ,, day of fie*/ 4* ,,,F m ,,,,,,,, A! .1c,skelle. ,,,,,,, *rig acknowledged) ;.' f' 1 - cei • • ; . -'• kV. 4" z. te a , • a r iz;Ve . gr , f %9 tary Public c :r. ni of 44., , A ,," i . -, ,„,- 0- ..44 Dr ', 4,.„.. -srm- eatej , COMMISSIONER OF PUBLIC LANDS, do hereby 44 , ,,,,,,,,,, ,,,,,,,, '4,, lb day of , 20 / .;4O 4J ( v. 1• ?>111:-4:„• r ao fi f Li I /7 4:`: COMMISSIONER OF S-01 (Revised 01/2001) 1:44-4 ‘tk-•%. -, SDNY_GM_00173599 EFTA_00 I 952544 EFTA01305499

EXHIBIT A LEASE NO: GR2122 SUBDIVISION SEC -TWN -RNG ACREAGE U PRICE S PER E UNIT LOT1 LOT2 LOTS LOT4 LOT7 02 12N 09E 238.97 G - 12 SW4NE4 SZNW4 SW4 - - 02 12N 09E 280.00 G - 12 ALL - - - - 16 12N 09E 640.00 G - 12 RENEWAL LEASE LEGEND: USE TYPE CODES Ca CONSERVATION RESERVE PROGRAM I- IRRIGATED CROPLAND, Mom 2a DRYLAND FARMING (BID), .30 Ha 1/2 SOUTH FOR TOWNSHIP, Ha TOTAL ACREAGE: 1,158.97 TOTAL RENTAL: CAR CAP LAND, Da DRYLAND FARMING, MOBILE HOME ON LAND, RR RS/P LAND, IRRIGATED CROPLAND(BID) 4a CRP(BID) 1/2 EAST FOR RANGE • CARRYING CAPACITY RATES LISTED ARE BASED ON 640 ACRE PARCELS Ge GRAZING, tin GRAZING (BID), 5e RSIP(BIO) (1/2 ( ,941, SDNY_GP4_00173600 EFTA _00 I95255 EFTA01305500

NEW MEXICO STATE LAND OFFICE OFFICIAL REQUEST FOR CHANGE OF ADDRESS To: Commissioner of Public Lands Post Office Box 1148 Santa Fe, New Mexico 87504-1148 Dear Sir: I am the holder of (Oil and Gas) (Mineral) (Other) Lease (Specify) Assignment No. , covering (Land Description) of record in the New Mexico State Land Office, and I request that all official notices from your office .which are required to be sent tome by law or under the terms of my lease or contract be sent to me at the address shown below, which address shall remain unchanged upon your records unless and until expressly directed in writing by me to do so. recs . 1' p (Confpany Name) Signature (Please sign as-name apps on lease) 49 -Z-0 rro leAmr4 I Woad (street Address or Box Number) t_ NM g7e,57, (City)State and Zip Sock) "par: Korea, k. Carden, 5/z51 pi. _Ai., This form to be filed with the original lease instrument in the State Land Office. 0-67 04/01/94 SDNY_GM_00173601 EFTA_00195256 EFTA01305501

Ray Powell, M.S., D.V.M. COMMISSIONER State of Vw Mexico Commissioner of Lath 310 OLD SANTA FE 'MAIL P.O. BOX 1148 SANTA FE, NEW MEXICO 87504-1148 June 6, 2012 Cypress, Inc. 9100 Havensight, Port of Sale, Suite 15/16 St. Thomas. VI 00802 Re: State Agricultural Lease No. GR-2122 (Sublease No. GR-2122-0001) Dear Mr. Gordon: COMMISSIONER'S OFFICE Phone (505) 827-5760 Fax (505) 827-5766 www.nmstatelands.org Please find enclosed a copy of your approved sublease applications. Your sublease commenced on October 1, 2011 and will expire on September 30, 2016. If you have any questions lease feel free to contact me at the address above or at Sincerely, Leroy A. Ulibarri Surface Resources Division NM State Land Office end. SLO SCAN glINAZD312 SDNY_GM_00173602 EFTA_00 195257 EFTA01305502

Ray Powell, M.S., D.V.M. COMMISSIONER State °Mew ico Commissioner of Public Lane 310 OLD SANTA FE TRAIL P.O. BOX 1148 SANTA FE, NEW MEXICO 87504-1148 Cypress, Inc. 9100 Havensight, Port of Sale, Suite 15/16 St. Thomas, VI 00802 COMMISSIONER'S OFFICE Phone (505) 827-5760 Fax (505) 827-5766 www.runstatelands.org March 2, 2012 Re: State Agricultural Lease No.'s G11-2080-01 & GR -2122-01 Dear Mr. Gordon: This office has received your applications to Sublease State Trust Lands. This office will send a District Resource Manager to inspect your leased lands on site and make a recommendation. Typically, it takes four to six weeks until we can approve or disapprove the application. If you have any questions lease feel free to contact me at the address above or at Sincerely, Leroy A. Ulibarri Surface Resources Division NM State Land Office end: SLO SeAiv illIN.0 7 2012 SDNY_Ght00173603 EFTA_00 195258 EFTA01305503

NEW MEXICO STATE LAND OFFICE APPLICATION TO SUBLEASE STATE TRUST LANDS (PLEASE FILL OUT IN INK) I/We, Cypress, Inc. , of (mailing address) 9100 Havensight, Port of Sale, Suite 15/16, SL Thomas, VI 00802 , being lessce(s) under Agriculture Lease No. GR 2122 granted by the Commissioner of Public Lands, do hereby make application to sublease the lands described as follows: SUBDIVISION SEC. TWP. RANGE ACRES See attached Exhibit A 1,158.97 If additional space is needed to describe legal subdivision, please attach additional sheet using the above format Please give name of sublessee and moiling address: Joe M. Chavez and Steve Chavez PO Box 1054, Moriarty, NM 87035 It being understood that said permission to sublease does not in any way relieve me/us from obligation assumed under the lease stated above. Sublease term on the designated lands to commence October 1, 20 11 , and to expire on September 30, 20 16 , (Sublease cannot be given beyond expiration date of lease.) Give reasons this land is being subleased: cattle grazing The number, type, class of livestock, and period of use, are as follows: NO. LIVESTOCK KIND CLASS PERIOD OF USE FROM TO 12 cattle cattle 10/1/2011 0/30/2016 S-01 (Revised 01/2001) SLO SCAN LAND SUSPENSE 3 NHSL0 001-00003 69 0 29-Fi11-12 11:44 150.30 SDNYGM00173604 EFTA_00195259 EFTA01305504

Please indicate the person and/or party that you wish our field representative to contact relative to this application to sublease: Name: Brice Gordon Address: 49 Zorro Ranch Rd. Stanley, NM 87056 Home Telephone No. Business Telephone No. Include 20% (twenty-percent) of the yearly rental with completed Sublease Application Form. The minimum fee for subleasing is $50.00 (fifty dollars). I, Cypress, Inc. , do solemnly swear (or affirm) that statements and answers to the questions in this application are true and correct to the best of my knowledge and belief. ANY FALSE STATEMENTS CONTAINED HEREIN WILL SUBJECT MY LEASE OR LEASES TO CANCELLATION. Signed: Lessee Signed: I Ace". SUBSCRIBED AND SWORN to before me this to day of Ce.6.-tia 01 20 Ia.., by Darien Write as Vice President of Cypress, Inc {name of Agricultural Less MY COMMISSION EXPIRES: afriiii qtroieryPtiliiicti •,?: 1-.. I, fey /Lad/ , COMMISSIONER OF PUBLIC LANDS, do hereby grant e Wssee(s) listed above permission to sublease the above described land. APPROVED THIS S-01 (Revised 01/2001) day of SLO ScHi JUN (I 7 1012 SDNY_GM_00173605 EFTA_00 195260 EFTA01305505

EXHIBIT A LEASE NO: GR2122 SUBDIVISION SEC-TWN-RNG ACREAGE U PRICE S PER E UNIT CAR CAP LOT]. SW4NE4 ALL LOT2 S2NW4 RENEWAL LEASE LOTS SW4 LOT4 LOT7 TOTAL ACREAGE: 02 12N 09E 02 12N 09E 16 12N 09E 238.97 G 280.00 G 640.00 G 1,158.97 TOTAL RENTAL: 12 12 12 $751.51 LEGEND: USE TYPE CODES C= CONSERVATION RESERVE PROGRAM I= IRRIGATED CROPLAND, M= 2= DRYLAND FARMING (BID), '3= H= 1/2 SOUTH FOR TOWNSHIP, H= LAND, D= DRYLAND FARMING, MOBILE HOME ON LAND, It= RSIP LAND, IRRIGATED CROPLAND(BID) CRP(BID) 1/2 EAST FOR RANGE • CARRYING CAPACITY RATES LISTED ARE BASED ON 640 ACRE PARCELS SLO SCAIN I1111 n V 'MI 4:1.0 h 1.2:1 a lfir SLO SCAN 11(2 20 '),:n1 G= GRAZING, 1= GRAZING (BID), 5= RSIP(BID) SDNY_GM_00173606 EFTA 00195261 EFTA01305506

..TE TO FIELD DIVISION: NEW MEXICO STATE LAND OFFICE REQUEST FOR FIELD ASSIGNMENT 3-2-12 FIELD DIVISION CONTROL NO, ADP-361 REQUESTING DIVISION: Surface BY: Leroy A. Ulibarri LEASE NUMBER: GR-2122-01 TYPE OF REQuLsT., Sublease New NAME OF LESSEE/APPLICANT: Cypress, Inc. ADDRESS. 48 Zorro Ranch Rd. Stanley, NM 87066 DESIGNATED CONTACT: Brice Gordon PHONE: ADDRESS: LEGAL DESCRIPTION: SECTION TWP 02616 12N geagg. 09E COUNTY S. F. RENLURKS: Please inspect and make recommendation See attached Memo for Remarks. DATE RETURNED TO REQUESTING DIVISION/BUREAU: °I" //,' DISTRICT RESOURCE MANAGER RECOMMENDATION:1prd liot eletr-Ct ir OWC 4 /a. 97 &t too f iti 7 eglfry eget: Att.lez by APPROVE RECOMMENDATI : FIELD DIVISON) (REQUESTING DIVISION C. • f• i 7-- • ) ( DO NOT APPROVE ftECO NDATION: (Please stale reasons) c ACTION TAKEKBY REQUESTING DIVISION: soak Z/ DATE RETURNED TO DISTRICT RESOURCE MANAGER G-89 Raised: 11/1/99 SLO SCAN JUN n 7 7017 SDNY_Ght00173607 EFTA_00 195262 EFTA01305507

NEW Kerreo STATE LAND OFFICE ASSIGNMENT OF AGRICULTURAL LEASE 113.11E GOMPLEITED BY LESSEE: the undersigned lessee(s), hereby auto to Cvoress Inc- a Virgin Islands Contortacto whose salsa in 9100 Davanaisht, Port of Sale. Suite 15/16, St.Thomas Erma Cordon (mailing address) VI 00802 Telephone (3'•/o _)- 413 - 9 s 55 all (ray/our) light, title and interest in State Agtienftural Case No. OR 2122 and all rights to compensation fix the improvements toasted on &leased lands, Ibr which improvements (lAva) hereby either waive payment or aelmowledge receipt of payload of Fall improvement value. (1/we), undastand eaves that any outstatelniglublesse of ell cm a portion of the leased lands is baeby terminated, hit balk cdvaed by told lone are deatibed a follows: snowisioN SEC 'MP. RGE. ACRES satsuma atimaraironfore wafts 16th dna December 2011 Lases / /5a 91 ric, DD by Jaffrey Epstein, Trustee of the.Zorro Trust uta Hatch 1, 1993, as amended My acidsttologra: essr•steee' 8-370F11PIP, asst(a) perns(s)ackewledgedi LT C lid IC NYP 2102 PlEel<42 Yea/use Oasts page2 . SLO SCAN iM 12 Alt HARRY I. BELLER Notary Public, State of New York - ,Na 010E4853924 __Lbutitned ktRockland County ye/ Caremission Expires Feb. 17, 20.4./ 4 HMO 001-181003 54 0 01-FEB-12 09115 50.00 SDNY_GM_00173608 EFTA_00 195263 EFTA01305508

OW el); Oinodenippframo,purc,,a,t(4 WO* int§tig*440,041040Piveitedsinte ;WTI* iiganniketeSeMPintm41*(6iiikise" :.4.10tii54041041*(141441, s 4ieedit • onlieetaWiiiiNde:WhithitneletOlaite:viiiiinfintilAntrAtlitCkalkig,Mblii to's:titivate stab* otiteliessliS cis brapoillowcifiberaeset4344 unetto twatimatrt bypriovv Idlabda COtpbratidd, • . _ Impu,ww,, 200ENvc cosiogoim Agieft • 414#abitliiiiniiII-ilkatilitiitaib. 1. 6 r O M Deceatbar !1. Iii ,raf aarssma gf;amomba s i grp4rati on 00P0xm44!re R_ I HARRY A-4---- (.74...---- . i...., titioinitiWilitio aiiiIraea, Notary P ' No. 01 E48 Com Omissio uoli0ed in Rockland County , tittg.zusrAssiGNrittsmstrectialor BE EPFECTIVEVASW-MkatigifOthilifaOta COMMISS[QNER.orrinu:W LAW; • • • Cemml4fRue~'y~ . I Anao.voittaltit.41likAbliffOititMagidg40*. • OS. ..#04* Saw - • tr."i•••••••1 z ... • it U;,,..2 _ T. :6:res-pO-47 . 1:0 . . ree 4.; .... • £ u mg .... .... is SLO SCAN AtAR 122912 SONY_GIA_00 173609 EFTA_00 195264 EFTA01305509

Ray Powell, M.S., D.V.M. COMMISSIONER May 21, 2012 State of Me co Commissioner ofTudfic Lath 310 OLD SANTA FE TRAIL P.O. BOX 1148 SANTA FE, NEW MEXICO 87504-1148 TO: Donald Martinez, Manager Agricultural Bureau Santa Fe, New Mexico ATTN: Leroy Ulibarri, Management Analyst THRU: .1' Norwick, Division Director Field Operations FROM: 4 cc) COMMISSIONER'S OFFICE Phone (505) 827-3760 Fax (505) 827-5766 www.nmstatelands.org ADP-303 Andrew Price, District Resource Manager Albuquerque District Office SUBJECT: GR-2122-01 Cypress Inc. Brice Gordon SYNOPSIS Application was submitted for permission to sublease state trust lands. Field research was completed on May 17, 2012 by reporting DRM. Lessee was on site at time of field site visit. Ic I. 1' , 9?, W.V 11.?:?, SLO SCAN itum II 7 7011 SDNY_GM_00173610 EFTA_00 195265 EFTA01305510

ADP-303 5/22/2012 LEGAL LAND DESCRIPTION Section of land, containing 1,158.97 acres, more or less, and allocated by forties as follows: N.M.P.M. Section Quarter/Quarter Township Range County 16 All 12 North 09 East Santa Fe 02 Lots 1-7,SW/4NE/4 12 North 09 East Santa Fe S/2NW/4,SW/4 LOCATION This tract is located northwest of Stanley, New Mexico. Access is via Interstate 40 to Moriarty, take SH 41north past Stanley until a large gate on the western side reading Zorro Ranch, see attached map. SITE DESCRIPTION: This site occurs as rangeland. Slopes are level to gently sloping, usually less then 8%. This is a grassland site with scattered shrubs throughout the site. Faits are conspicuous when in bloom but otherwise comprise a minor component. Other species include: sideoats grama, blue grama, sand dropseed, pine dropseed, mat muhly, cheatgrass, pingue, wooly lndianwheat, globemallow spp., prairie coneflower, oneseed juniper, pinyon pine, pale wolfberry, broom snakeweed, yucca spp., cholla cactus and antelope bitterbrush. IMPROVEMENTS Subleasing these lands will not negatively impact any existing ranch improvements. ADP-303 t31.O 6(2:AN U7+1 h 1 2 5/22/2012 SDNY_Gh4_00173611 EFTA_00195266 EFTA01305511

ADP-303 5/22/2012 CONFIDENTIAL This section of the report may contain privileged information including but not limited to attorney/client privileged communication, and/or attorney work product HIGHEST AND BEST USE: The highest and best use of this subject tract is agricultural activities, particularly, livestock grazing. No other Trends exist at this time. REMARKS: I recommend approval of this sublease on state trust land. A total of 1,158.97 acres will be subleased to Cypress Inc. Range conditions are good to excellent using an ocular estimate approach. Cattle are not currently present on trust lands. Sub lessee has requested to place cattle on subject lease. No other concerns are present. Access is easily obtained from ranch road. Surrounding land ownership is all private lands. No biological or cultural resources will be negatively impacted. No watersheds will be affected. Sublease Value: 20% (twenty-percent) of the yearly $751.51 rental = $150.3 ADP-303 SW SCAN 3 5/22/2012 JUN 07 NT/ SDNY_GA4_00173612 EFTA 00195267 EFTA01305512

ADP-303 APPENDIX k PHOTOGRAPHS ADP-303 SL0 SCAN Ill I1 Jim 5/22/2012 4 5/22/2012 SDNY_GM_00173613 EFTA_00 I 95268 EFTA01305513

O ADP-303 5/22/2012 t VA se e _ - l 4 I- ,,„ . .4.2 ' .1 j . 3 tt. ti..- 5 ,•'": .N" - e 7 1 ' ' ... A ... - • -. " Ac- ,., ,t" r ;.t ujis* .i.•.: O S.: .. • . :1 • r r *, . y• A.& - at a iirb ajil Adi 400 6.). 1 ' ' st - 0 0 4 r.i•Ve: **.a.1. ,.. ,,, ... " ''te, - ::.._r J.1 er ' tgrti" at ' likevyarn ele • e .‘ . ,t .,„„' ,. ./- t .cid-- •± .."' ,, • ..„, v. v. . 7- - , • ..- ott ' 4 : ' r •• I': • a r 1. Is 0 v f. 4- Ow. I 0' :1:4 * • • Libit H -1,\ t. *r t .' c 1 1/2 04e irle : 21( • T 6411(.. sir* ffiRt r, • Rangeland is productive and in good-excellent condition. ADP-303 JUN R 7 7017 5 5/22/2012 SDNY_GM_00173614 EFTA_00 195269 EFTA01305514

ADP-303 APPENDIX B: MAPS New Memo State Land Office Mild Lab. SWINE • AU 44 er a May tbareaatPeaventlIonan• epos lle• Meriamenalime U ADP-303 SLO SCAN AIN 7 7817 5/2212012 Os As limewniosanapiWtindrISIOIfre proeti • a sainire .wr r take . 1. 10• nikaanr• 4•44frealagapke r Iniaa•••• OssolOadialL I alibi 62••••••••••••• • 07.7•••••••• • C•s• kw a Soave ••••ACIlaiellse•• - Isesligisq — WOO., —1•••••• — 1••••••••Ilat ••••••••••••• Illnm••••••••••e lhaserslauk• •••••••••••••• NSW ins. 1111341•11•40 1••••• Itle011ia Naiad hen S onia %mai hefet•••• Siahm11••• tdosortve 1 •••••••• •••••••••••• C•impailtaor No•••••••• •••••••••••••• 5/22/2012 S0NY_GM_00173615 EFTA_00 195270 EFTA01305515

I LES6 00-V1.43 _ 9t9EZLOO 1A19 ANCIS NEW MEXICO STATE LAND OFFICE Records Action Form for Grazing's Additional Scanning Requested by: Ylvti Date: I D —‘1-1( Contact Number/Phone#: 75 Received by: Grazing- DIVISION AREA SCANNING DEPARTMENT LEASE 1$ CDE# PAGES POST SCAN Mr AR Notes: Form Type Scan Date 612--02QD i 5 34 >C CO e-{`„ ci* (Offirded- Q i n er- iv., A. 1( 10 I )(- 1.r7" * -Sae Gen Oral- VT ? fl 201 10 1 x G'eneite-c- a- a- la- i 0 O-__ )(7 cr„,e,„,,, SLO SCAN Vt 3 •V )O" Mittastie st tIAR I a all CODES and FORM TYPES: 9. Field Report 10. General Corresp. cked-I n •=fsrtetr:n 11. Bid hange Statur, 93-Ksting il O plpuzlit e15-inlet rre. . ' _112-34/) r - _ .: _ 1. Contract 2. Memo to file 3. Improvements 4. Assignement 5. Notes to file 6. Change of Address 7. Sublease 8. Notice EFTA01305516

Ray Powell, M.S., D.V.M. COMMISSIONER February 8, 2012 State of *v Mexico Commissioner of Lath 310 OLD SANTA FE TRAIL P.O. BOX 1148 SANTA FE, NEW MEXICO 87504-1148 Cypress Inc. 9100 Havensight Port of Sale, Suite 15/16 St. Thomas, Brice Gordon, VI 00802 Re: State Grazing Lease No.: GR2088 Dear Lessee(s): COMMISSIONER'S OFFICE Phone (505) 827-5760 Fax (505) 827-5766 www.nrnstatelands.ots Enclosed are approved copies of the Assignments for the above referenced leases for you to keep for your records. If you have any questions regarding your lease, please feel free to contact me at the address above or at 422/Pkx, t Fernando Roybal Agricultural Ince Analyst Enclosure xc: Sutin, Thayer & Brown SLO SCAN MD 12 2017 SDNY_GM_00173617 EFTA_00 195272 EFTA01305517

SUTIN THAYER' BROWNE A PROFESSIONAL CORPORATION LAWYERS IWO PARK scums ems AMERICAS PARKWAY, N.E. AMOOUEROLIE, NEW MEXICO $7110 MN S. M0S8 ROM INS UM* A. IIRO.I132) MICHAM.J. GOLDEN OMID 0. CORDON SMDRAct RUNNY SWAN/R ROST °MSS SOX WAS ALSDOUEROUE, WSW MEOCO 67103 FAMIC.D1 JONES inning GAL OOTTUEO mAcl K (XMAS 50540174500 RAVICM3 W. SCMCNIIMS ItS*1805) SUSAN a INOSA MICHISLEIC OSTAYE FAX 5438868585 . SRAM./ ORZAVNE RIM 603) AMATO HEYMAN CRAALLS PlICHOTA TRACY L HCOAYIN CRAWL/PM A HOLLAND GOMM R. IDMI NENIIYA KEW MARY KIIANIJI JAY D. AOSENSWM SANDRA E ROTRUCK FRANK C. SALAZAR JUSTIN FL SAWYER ROIVAD 88:12. 317 PASEO DE PERALTA SANTA FL NEW MUM 57601 POST OFFICE SOX 2167 SANTA FE, NEW MEXICO 57604 WA COMM* Otmisol) SEKWAN ALLISON TSAOTW 4. OUR PMA "%MACKE PERM S NEM ANDREW .I. SWIMS 6064066521 ANNE P. MIOWMI RACHEL& MO MARPOSA PAOLLA SWAGS FAX SWANK W000 BRUCKNI91 iWSA S LAMM TRAVIS A. Mal ADDIMC. GAVE SWAN Q. CSAPPCIL NORMAN S. THAYER IIIMMIAN t MIMS WWW.S1.MNF1F0A.com OEM V. LMSON STEVAN MMUS LOW! MARA MONTOYA COMM JEANN N C. 1,100RE RONAN B. TIMMER EDUARDO A WRY LY S. IIOROLLEA GRIMM S. WEST MONICA C. MSC January 31, 2012 BY HAND DELIVERY Commissioner of Public Lands P.O. Box 1148 Santa Fe, New Mexico 87504 Assignment of Agricultural Leases To Whom It May Concern: We enclose duplicate originals of the following documents for filing In the New Mexico State Land Office: 1. Assignment of Agricultural Lease No. GR 2088. 2. Assignment of Agricultural Lease No. GR 2122. check In the amount of $100.00 to cover the recording fees. Please call me at if you have any questions. Thank you. Very truly yours, SUTIN, THAYER & BROWNE A Professional Corporation DGG Enclosures 2285929.00c SLO SCAN MR 12 RR avid G. Gordon Albuquerque Office LT C Lid IC NOE' ltel SDNY_GM_00173618 EFTA_00 195273 EFTA01305518

NEW MEXICO STATE LAND OFFICE ASSIGNMENT OF AGRICULTURAL LEASE TO BE COMPLETTED BY LESSEE: (I.We), the undersigned lessee(s), hereby assign to Cypress Inc- a Virgin Islands Comorstion whose address is: 9100 Ravensight. Port of Sale. Suite 15/16, St . Thomas Brits Gortich^ (mailing address) VI 00802 telephone ( 3 qO _) - _c13 - 9855 all (my/our) right, tide and incense in State Agtkulnual Ease No. OR 2122 and all rights to compensation for the inapmveuRats loaded on the leased lands, for which impeovestents (1/we) hereby either waive payment or acknowledge receipt of payment of LWl impretvanent value. (I/we), understand and agree that any outstandingSublease of all or a portion of the leased lands is haeby terminated. The lands camera/ by said lea e are described as follows: SUBDIVISt011 SEC TwE. RGE. ACRES Ste ittOiched Exhibit A Sated So61064sadlwrnileRatonoutthis 16th dry of December 20 1 by Jeffrey Epstein, Trustee of the .Zorro Trust uta March 1, 1993, as amended *Mat silic(c) Of porson(s) ackoorledgol) Lessee Lessee My onsmIssios ad re.: Fat. dam 547(rifkar0 page s an Perthaser Apse. pase2 LT C. Lit-.1 NYP ZIOZ SLO SCAN dill 1 2 Mt al Ns l'a5 c HARRY L BELLER • Notary Public, State of New York No. 01 DC4853924 _Qualified in Rockland County / Commission Expires Feb. 17, 2O / FEES 4 WSW 001-00003 54 0 01-FEB-12 W:15 50.00 SDNY_GM_00173619 EFTA_00195274 EFTA01305519

t0M0Ssit*.4.OLsiz.* S. the- widenigpgkoiet. Rgrairci(Ayeipiti fioprorigiii3O fte.** sstonfwgit %sic:Altmnathe Astricanial zag agscptiis isqwwtaxiAtirimm4 404.0 040011.40501:461010fiAllagegitaiestil bildertiateuei magas lassaimatinviditginaltcaktS000$ 44044 totattvate avotiiintotilYAksaitalank atinnpriletifthaMeweilliklii44. • totny fiakiboin tepptiogr, tub', it MATLI1 lidainta Dtattbrtitickb amissafrk. *we yoik- 36114italialbikilartialallthreliabk I 6th Oro December 11 by. Jeffrey. Epstein,..President * 9f: Cypress. Inc., a Vic itAn 1/31 and Coruntation friltaWt IftitilA0,** . HARRY Notary No.01 •42 Qualified in Rockland County Commis iFItSliattMSIGNMENT SKALIMOT HE Ernatdatigerniagria#40Waiii" - .COMAlissIONER OF PUBLIC LAM* • APPRovEDin kailititrAtkiftt EIS ?• Witic.tfr 1.sittuar 14110 . 7 • :c3 • • ....= •••••;•:.:•' ..... • ) .• " 47f-P•It'u; . .. . . LZ c ≥` TICIL SLO SCAN SiAR 12 2011 VIP SDNY_GM_00173620 EFTA_00 195275 EFTA01305520

EXHIBIT A LEASE NO: GR2122 SUBDIVISION SEC-TWN-RNG ACREAGE U PRICE S PER E UNIT CI LOT1 SW4NE4 ALL LOT2 LOT3 LOT4 S2NW4 SW4 LOT7 02 12N 09E 02 12N 09E 16 12N 09E 238.97 G 280.00 G 640.00 G TOTAL ACREAGE: 1,158.97 TOTAL RENTAL: 1: a: $751.51 LEGEND: USE TYPE CODES Cm CONSERVATION RESERVE PROGRAM Is IRRIGATED CROPLAND, Ms 2s DRYLAND FARMING (BID), 3a Ha 1/2 SOUTH FOR TOWNSHIP, Hs LAND, Ds DRYLAND FARMING, MOBILE HOME ON LAND, Rs RSIP LAND, IRRIGATED CROPLAND(BID) dis CRP(BID) 1/2 EAST FOR RANGE • CARRYING CAPACITY RATES LISTED ARE BASED ON 640 ACRE PARCELS SLO SCAN UR 1 2017, Gm GRAZING, 1s GRAZING (BID), 5s RSIP(BID) , SDNY_GM_00173621 EFTA_0(1195276 EFTA01305521

Ray Powell, M.S., D.V.M. COMMISSIONER July 29, 2011 Zorro Tmst C/O 49 Zorro Ranch Rd. Stanley, NM 87056 State of 9kfrw Mexico Commissioner fl ubric Lanes 310 OLD SANTA PE TRAIL P.O. BOX 1148 SANTA FE, NEW MEXICO 87504.1148 RE: STATE GRAZING LEASE NO. GR-2122 Dear Lessee: COMMISSIONER'S OFFICE Phone (505) 827-5760 Fax (505) 827-5766 www.nmstatelands.org This office has received a certified copy of Power of Attorney for Jeffrey Epstein. However, a $10.00 filing fee is required to file the certified copy. Please submit the filing fee to the address above as soon as possible. If you have any questio Ilona] information regarding this matter, please feel free to contact me at or write to us at the above address. Sincerely, Danny Sandoval Surface Resources Division NM State Land Office SAO SCAN JILT 11 gni SDNY_GM_00173622 EFTA_00 I 95277 EFTA01305522

Zorro Trust 49 Zorro Ranch Road Stanley, NM 87056 Ph: Fax Em State of New Mexico Commissioner of Public Lands Surface Resources Division P.O Box 1148 Santa Fe NM 87504-1148 2011 AUG 29 Ail 7 50 Aug 23rd, 2011 Reference: Sublease Renewal 2011-2012 — Agricultural Lease No. GR-2122-01 Dear Mr. Ulibarri, Please be advised as of the above date Zorro Trust will not be renewing the sublease for GR-2122-01. If you require an further informatio may contact me at the above E Mail address or directly a Sincere! 1/45 ta Kt to I J4‘ 5..5 Lc... s-c Alk.f GA-A-ct IL; 5-8 r-e- " 2, kr r (34k & -*V . 3 Lt (ecjasine w< s ___ p i , .—o CA" ‘e/Let (a(// SLO SCAN 0t1 10 2011 a. a-> rcywest SDNY_GM_00173623 EFTA_00 I 95278 EFTA01305523

NEW MEXICO STATE LAND OFFICE COMMISSIONER OF PUBLIC LANDS NEW MEXICO STATE LAND OFFICE BUILDING P.O. BOX 1148, SANTA FE, NM 87504-1148 AGRICULTURAL LEASE LEASE NO. GR2122 THIS LEASE, DATED OCTOBER 01, 2011 , IS ENTERED INTO BY AND BETWEEN THE COMMISSIONER OF PUBLIC LANDS, NEW MEXICO STATE LAND OFFICE, STATE OF NEW MEXICO, HEREINAFTER CALLED 'LESSOR' AND: ZORRO TRUST HEREINAFTER CALLED "LESSEE(S)", WHOSE ADDRESS OF RECORD IS: C/0 49 STANLEY, NM 87056 LESSOR AND LESSEE AGREE AND COVENANT AS FOLLOWS: 1. LEASE. FOR AND IN CONSIDERATION OF AND SUBJECT TO THE RENTALS AND THE TERMS, COVENANTS, CONDITIONS, AGREEMENTS, OBLIGATIONS, AND RESERVATIONS CONTAINED IN THIS LEASE AND ALL OTHER EXISTING RIGHTS, LESSOR GRANTS AND LEASES TO LESSEE AND LESSEE TAXES FROM LESSOR THE TRACT(S) OF LAND DESCRIBED IN EXHIBIT A, ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE. THIS LEASE IS GOVERNED BY 19.2.8 NMAC(RULE 8). 2. TERM. THE TERM OF THIS LEASE SHALL BEGIN ON OCTOBER 01, 2011 AND SHALL EXPIRE AT MIDNIGHT SEPTEMBER 30, 2016. 3. RENT. THE ANNUAL RENTAL SHALL NOT BE LESS THAN THE MINIMUM RENTAL ESTABLISHED BY SECTION 19-7-29 NMSA 1978 AND SHALL BE PAID IN ADVANCE FOR EACH LEASE YEAR AND RECEIVED IN THE STATE LAND OFFICE ON OR BEFORE OCTOBER 1. THE ANNUAL RENTAL FOR GRAZING LAND SHALL BE DETERMINED AS FOLLOWS ANNUAL RENTAL = BASE VALUE X CARRYING CAPACITY X ACREAGE X ECONOMIC VARIABLE INDEX (EVI), AS DEFINED BY SLO RULE 8 "RELATING IO AGRICULTURAL LEASES• (19 N.M.A.C. 3, SLO 8.11). IN NO EVENT SHALL THE PRODUCT OF THE APPLICATION OF THE EVI,FOR EACH SUCCESSIVE YEAR OF THE LEASE TERM,BE DECREASED OR INCREASED BY MORE THAN THIRTY-THREE AND ONE-THIRD PERCENT.IN THE CASE OF GRAZING RENTAL OFFERS ON OPEN ACREAGE OR PURSUANT TO COMPETITIVE BID, LESSOR MAY ACCEPT GREATER RENTAL AMOUNTS THAN THOSE DETERMINED BY THE FOREGOING FORMULA, BUT THE ANNUAL. GRAZING RENTAL DUE IN ANY LEASE YEAR SHALL NOT BE LESS THAN THE FORMULA AMOUNT. THE ANNUAL RENTAL FOR CULTIVATED LAND, ASSOCIATED LAND AND CONSERVATION RESERVE PROGRAM LAND SHALL BE DETERMINED BY LESSOR AND SHALL REMAIN UNCHANGED DURING THE TERM OF THE LEASE. THE TYPE OF LAND HEREBY LEASED AND THE ANNUAL RENTAL AMOUNT FOR THIS LEASE SHALL BE AS SET OUT IN EXHIBIT A HEREIN. 4. PERMITTED USE. LESSEE MAY USE THE LEASED PREMISES ONLY FOR SUCH OPERATIONS AND ACTIVITIES AS ARE NECESSARY TO CARRY OUT THE PURPOSES FOR WHICH THE LEASE IS GRANTED AS SPECIFIED IN EXHIBIT A, AND IN ORDER TO COMPLY WITH ALL APPLICABLE PROVISIONS OF LAW REGARDING THE SLO SCAN OCI 10 Viii FEES 4 NHSL0 001-00004 LAND SUSPENSE I NMS10 001-00004 173 0 28-JUL-11 09:53 sup 172 0 28-JUL-11 09:53 751.51 SDNY_GM_00173624 EFTA 00195279 EFTA01305524

BARE AND PROTECTION OF THE LEASED PREMISES. 5. LIEN. AS SECURITY FOR THE PAYMENT OF ANY RENT THAT IS OR MAY BECOME DUE AND UNPAID, LESSEE GRANTS TO LESSOR A FIRST AND PRIOR LIEN UPON ANY AND ALL IMPROVEMENTS AND CROPS ON THE LEASED PREMISES. 6. IMPROVEMENTS. NO IMPROVEMENTS, EXCEPT AS OTHERWISE PROVIDED BY LAW, SHALL BE PLACED ON THE LEASED PREMISES WITHOUT THE PRIOR WRITTEN CONSENT OF THE LESSOR. ALL IMPROVEMENTS PLACED ON THE LEASED PREMISES IN VIOLATION OF THIS PARAGRAPH SHALL BE CONSIDERED AND TREATED AS UNAUTHORIZED IMPROVEMENTS IN ACCORDANCE WITH THE APPLICABLE LAWS AND RULES. 7. ASSIGNMENT, SUBLEASE AND RELINQUISHMENT. LESSEE SHALL NOT ASSIGN OR SUBLEASE THE LEASED PREMISES OR THE IMPROVEMENTS ON SAID PREMISES WITHOUT THE PRIOR WRITTEN CONSENT OF LESSOR AND SUCH OTHER REQUIREMENTS AS PRESCRIBED BY LAW OR RULE. AS PROVIDED BY LAW AND RULE ANY LEASE, IN GOOD STANDING, MAY BE RELINQUISHED TO THE STATE. UPON RELINQUISHMENT HOWEVER, THE LESSEE SHALL NOT BE ENTITLED TO A REFUND OF RENTALS PREVIOUSLY OWING AND PAID. 8. COLLATERAL ASSIGNMENTS. ANY AGRICULTURAL LEASE MAY BE ASSIGNED AS COLLATERAL SECURITY SUBJECT TO THE EXPRESS WRITTEN CONSENT OF THE LESSOR AND SUCH OTHER TERMS AND CONDITIONS AS PRESCRIBED BY LAW OR RULE. THE APPROVAL OF A COLLATERAL ASSIGNMENT, HOWEVER, SHALL NOT PREVENT THE CANCELLATION OF THE LEASE AND TERMINATION OF THE COLLATERAL ASSIGNMENT FOR THE NONPAYMENT OF RENTALS OR OTHER VIOLATIONS OF THE LEASE TERMS. 9. DEFAULT AND CANCELLATION. THE VIOLATION BY LESSEE OF ANY OF THE TERMS, CONDITIONS, OR COVENANTS OF THIS LEASE OR THE NONPAYMENT BY LESSEE OF THE RENT DUE UNDER THIS LEASE SHALL AT THE OPTION OF THE COMMISSIONER BE CONSIDERED A DEFAULT AND SHALL CAUSE THE CANCELLATION OF THIS LEASE 3O DAYS AFTER LESSOR HAS SENT WRITTEN NOTICE OF SUCH DEFAULT TO THE LESSEE AND TO ANY HOLDERS OF COLLATERAL ASSIGNMENTS BY REGISTERED HAIL, ADDRESSED TO THE POST OFFICE ADDRESS OF RECORD, PROVIDED, HOWEVER, IF WITHIN THE THIRTY DAYS THE LESSEE OR HOLDERS OF ANY COLLATERAL ASSIGNMENTS SHALL COMPLY WITH THE DEMAND MADE IN THE NOTICE, CANCELLATION SHALL NOT BE MADE. 1O. RENEWAL. ANY LESSEE WHO DESIRES TO SECURE A NEW LEASE SHALL MAKE AND FILE AN APPLICATION WITH THE LESSOR ON OR BEFORE AUGUST 1 NEXT PRECEEDING THE EXPIRATION OF THIS LEASE. THE RIGHT OF RENEWAL SHALL BE SUBJECT TO SUCH TERMS AND CONDITIONS AS PROVIDED FOR BY LAW AND RULE. 11. RESERVATIONS. A. LESSOR RESERVES THE RIGHT TO EXECUTE LEASES ON THE LAND GRANTED BY THIS LEASE FOR MINING PURPOSES AND FOR THE EXTRACTION OF OIL, GAS, SALT, GEOTHERMAL RESOURCES, AND OTHER MINERAL DEPOSITS THEREFROM AND THE RIGHT TO GO UPON, EXPLORE FOR, MINE, REMOVE AND SELL SAME. LESSOR FURTHER RESERVES THE RIGHT TO SELL OR DISPOSE OF NATURAL SURFACE PRODUCTS OF SAID LANDS OTHER THAN GRAZING, AGRICULTURAL OR HORTI- r, inr ' SCM! 11,' in ell SDNY_GM_00173625 EFTA 00195280 EFTA01305525

. CULTURAL PRODUCTS AND TO GRANT SUCH OTHER RIGHTS-OF-WAY AND EASEMENTS AS PROVIDED BY LAW. B. LESSOR RESERVES THE RIGHT TO WITHDRAW PURSUANT TO RULE, UP TO 640 ACRES, BUT IN NO CASE MORE THAN HALF, OF THE LAND HELD BY THIS LEASE. 12. COMPLIANCE WITH LAWS. LESSEE SHALL AT ITS OWN EXPENSE FULLY COMPLY WITH AND BE SUBJECT TO ALL LAWS, REGULATIONS, RULES, ORDINANCES, AND REQUIREMENTS OF LESSOR AND APPLICABLE CITY, COUNTY, STATE AND FEDERAL AUTHORITIES AND AGENCIES WHICH HAVE BEEN OR MAY BE ENACTED OR PROMULGATED, IN ALL MATTERS AND THINGS AFFECTING THE LEASED PREMISES AND OPERATIONS THEREON. SUCH OTHER AGENCIES SHALL NOT BE DEEMED THIRD PARTY BENEFICIARIES UNDER THIS LEASE. 13. HOLD HARMLESS. LESSEE SHALL SAVE AND HOLD HARMLESS, INDEMNIFY AND DEFEND LESSOR AND THE STATE OF NEW MEXICO, AND THEIR AGENT OR AGENTS, IN THEIR OFFICIAL AND INDIVIDUAL CAPACITIES, OF AND FROM ANY AND ALL LIABILITY CLAIMS, LOSSES, OR DAMAGES ARISING OUT OF OR ALLEGED TO ARISE OUT OF OR INDIRECTLY CONNECTED WITH THE OPERATIONS OF LESSEE UNDER THIS LEASE, OFF OR ON THE LEASED PREMISES OR ARISING OUT OF THE PRESENCE ON THE LEASED PREMISES OF ANY AGENT, CONTRACTOR OR SUBCONTRACTOR OF LESSEE. 14. AMENDMENT. THIS LEASE SHALL NOT BE ALTERED, CHANGED OR AMENDED EXCEPT BY INSTRUMENT IN WRITING EXECUTED BY LESSOR AND LESSEE. 15. WAIVER. NO WAIVER OF ANY BREACH OR DEFAULT BY LESSEE OF ANY OF THE TERMS, CONDITIONS OR COVENANTS OF THIS LEASE SHALL BE HELD TO BE A WAIVER OF ANY SUBSEQUENT BREACH. NO WAIVER SHALL BE VALID OR BINDING UNLESS THE SAME IS IN WRITING AND SIGNED BY LESSOR. 16. DELINQUENT RENTAL. ALL RENTAL PAYMENTS RECEIVED AFTER OCTOBER 1 OF EACH YEAR SHALL BE CONSIDERED DELINQUENT AND SHALL BE SUBJECT TO THE PAYMENT OF INTEREST AT A RATE OF ONE PERCENT (1%) A MONTH FOR ANY FRACTION OF A MONTH. INTEREST SHALL ACCRUE FROM THE DATE THE PAYMENT BECOMES DUE. 17. APPLICABLE LAW. THIS LEASE SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW MEXICO. 18. SUCCESSORS IN INTEREST. ALL TERMS, CONDITIONS AND COVENANTS IN THIS LEASE SHALL EXTEND TO AND BIND THE HEIRS, ASSIGNS, AGENTS, ATTORNEYS, CONTRACTORS AND SUCCESSORS IN INTEREST OF LESSOR AND LESSEE. 19. CARRYING CAPACITY REEVALUATION. THE LESSOR RESERVES THE RIGHT DURING THE TERM OF THIS LEASE, AND UPON THE LESSOR'S DISCRETION, TO CONDUCT CARRYING CAPACITY REEVALUATIONS AND MAKE THE NECESSARY ADJUSTMENTS TO THE LEASE AND RENTAL AS MAY BE REQUIRED. 20. SURFACE DAMAGES NOTIFICATION. L I !.! SLO SCAN iP SDNY_GM_00173626 EFTA 00195281 EFTA01305526

PURSUANT TO 19.2.8.21 NMAC, IF LESSEE IS INVOLVED IN LITIGATION WITH ANY OTHER PERSON OR ENTITY FOR DAMAGES CONNECTED WITH THEIR LEASED TRUST LAND, LESSEE MUST NOTIFY THE COMMISSIONER AS SOON AS PRACTICABLE. THIS NOTICE REQUIREMENT DOES NOT APPLY TO LITIGATION INVOLVING ONLY THE LESSEE'S PERSONAL OR REAL PROPERTY. r SDNY_GN1_00173627 EFTA 00195282 EFTA01305527

• I/WE 4fit ta1aa,.L4rls SWAN OF NEW flEXICO ) COUNTY OFT16)045, imp T OREGOING STRectrlyS AC OWLEDGED BEFORE ME THIS &DAY OF 44)AL1132. TE-LESSEE(S) REFERENCED ON THE FACE PAGE OF THIS LEASE. SSOR Oita ACKNOWLEDGMENTS NATURAL PERSON(S) ONER OF •D (NAME OF LESSEE A ED) 5aTtl i° NOTARY T:S PARTNERSHIP STATE OF NEW MEXICO ) ) COUNTY OF ) THE FOREGOING INSTRUMENT WAS ACKNOWLEDGED BEFORE ME THIS DAY OF 20_, (NAME OF PERSON ACKNOWLEDGED) PARTNER(S) ON BEHALF OF , A PARTNERSHIP. MY COMMISSION EXPIRES: NOTARY PUBLIC CORPORATION STATE OF NEW MEXICO ) COUNTY OF ) THE FOREGOING INSTRUMENT WAS ACKNOWLEDGED BEFORE ME THIS DAY OF , 20 , BY OF (NAME OF OFFICER) (TITLE OF OFFICER) A CORPORATION, ON BEHALF (CORPORATION NAME) OF SAID CORPORATION. MY COMMISSION EXPIRES: i l l NOTARY PUBLIC SDNY_GM_00173628 EFTA 00195283 EFTA01305528

NEW MEXICO STATE LAND OFFICE APPRAISEMENT OF GRAZING AND AGRICULTURAL LANDS COMMISSIONER OF PUBLIC LANDS NEW MEXICO STATE LAND OFFICE BUILDING PO BOX 1148, SANTA FE, NEW MEXICO 87504-1148 LESSEE: SECTION 10 OF THE NEW MEXICO ENABLING ACT SPECIFICALLY REQUIRES THAT ALL STATE LAND TO BE LEASED BE APPRAISED AT ITS TRUE VALUE. STATE LAW, UNDER SECTION 19-7-1 NMSA 1978, FURTHER PRESCRIBES THAT SUCH APPRAISEMENT HE SECURED BY THE LESSEE WHEN ACQUIRING A LEASE AND THAT SUCH APPRAISEMENT BE COMPLETED BY A DISINTERESTED PERSON. THE INSTRUCTIONS FOR THE COMPLETION OF THIS FORM ARE SET OUT BELOW. APPRAISEMENT INSTRUCTIONS: THIS INFORMATION MUST BE COMPLETED BY A DISINTERESTED PERSON AND BASED ON THAT INDIVIDUAL'S INFORMATION AND BELIEF. THIS FORM CANNOT BE COMPLETED BY A LICENSED APPRAISER. (NMSA 1978, 61-30-16). YOU CANNOT PAY TO HAVE THIS FORM COMPLETED. (NMSA 1978, 60-30-3A). THE LAND MUST BE APPRAISED AS VACANT, I.E. WITHOUT IMPROVEMENTS, FOR BOTH SALE AND LEASE PURPOSES. IT MUST ALSO BE SIGNED BEFORE A NOTARY PUBLIC. I, FAlii4 M • satat)14431 , DO SOLEMNLY SWEAR (OR AFFIRM), UNDER THE PENALTIES OF PERJURY, THAT AFTER HAVING PERSONALLY INSPECTED THE TRACT(S) OF LAND CONTAINED IN LEASE NO. GrR 2in. AND DESCRIBED IN EXHIBIT A OF SA/p.LEASE, THAT MY OPINION OF THE APPRAIqED CASH VALUE OF SAME (WITHOUT IMPROVEMENTS) IS $ eirties.c1c) PER ACRE, IF SOLD, AND $ A sIC)I, PER ACRE, FOR LEASE PURPOSES, AND CERTIFY THAT I AM NOT INTERESTED IN SAID LAND FOR LEASING OR SALE THEREOF. WO. SIGNED ajt la% . V? dr....jt ADDRESS 72C Cam: MO et, 1.410 Kett CITY/STATE &ilia 4•• Fie f LAM 37 roe SUBSCRIBED AND SWORN TO BEFORE ME THIS 21 DAY OFOO Y 20 II MY COMMISSION EXPIRES: Ant al, 3014: OFFICIAL SEAL Amy Lujan NOTARY PUBLIC .3•INS STATE OF NEW MILXICOd Cornraloolan Ea war 2 1fIr SLO SCAN :• OTARY PUBLIC SDNY_GIA_00173629 EFTA_00 I 95284 EFTA01305529

EXHIBIT A LEASE NO: GR2122 SUBDIVISION SEC-TWN-RNG ACREAGE U PRICE S PER E UNIT CAR CAP L0T1 SW4NE4 ALL L0T2 LOTS L0T4 S2NW4 SW4 RENEWAL LEASE LOT7 02 12N 09E 02 12N 09E 16 12N 09E 238.97 G 280.00 G 640.00 G TOTAL ACREAGE: 1,158.97 TOTAL RENTAL: 12 12 12 $751.51 LEGEND: USE TYPE CODES Cu CONSERVATION RESERVE PROGRAM Iu IRRIGATED CROPLAND, MU 2fl DRYLAND FARMING (BID), 63= Hu 1/2 SOUTH FOR TOWNSHIP, Hu LAND, Du DRYLAND FARMING, MOBILE HOME ON LAND, R- RSIP LAND, IRRIGATED CROPLAND(BID) 4- CRP(BID) 1/2 EAST FOR RANGE • CARRYING CAPACITY RATES LISTED ARE BASED ON 640 ACRE PARCELS ;1 ft 1 Gu GRAZING, 1- GRAZING (BID), 5- RSIP(BID) , SDNY_GM_00173630 EFTA 00195285 EFTA01305530

LEASE NO. GR2122 MISCELLANEOUS INSTRUMENT PAGE MISCELLANEOUS INSTRUMENT: FILE NO: 8793 POWER OF ATTORNEY GIVEN TO JOHN J. KELLY. AFFIDAVIT: JEFFEREY E. EPSTEIN FOR ZORRO TRUST. MISCELLANEOUS INSTRUMENT: FILE NO: 11373 LIMITED POWER OF ATTORNEY: BRICE GORDON APPOINTED POWER OF ATTORNEY FOR JEFFREY EPSTEIN, TRUSTEE OF ZORRO TRUST. SDNY_GM_00173631 EFTA_00 I 95286 EFTA01305531

IMPROVEMENT LISTING FOR EXISTING LESSEE'S RENEWAL APPLICATION The State Land Office Rule Relating to Agricultural Leases, 19 N.M.A.C. 8.9.2.2. requires you to submit a listing of your improvements located on the state leased land held under this lease with your application. LEASE NUMBER G- R 2- 1 2- 2- (Please check one of the bases) DO IMPROVEMENTS EXIST ON STATE LAND: YES NO IF YES PLEASE LIST BELOW. (none) AU improvements must be listed even if they are on record with our office. LOCATION kar : 0 ,,r4" . ' t‘.1 . lu .1' *Al . I Inclusion of unauthorized improvements on this listing or any appraisal submitted to the Commissioner for any purpose shall not be interpreted as approval of those improvements by the Commissioner. (19 N.M.A.C. 89.11) This office will reject your renewal lease application if this form is not completed. The information provided above is true and correct to the best of my knowledge. Please sign and date. Suture is required whether improvements exist or not. essee Signature Lessee Signature Date: 11 25 -(RD I I SDNY_GM_00173632 EFTA_00 I 95287 EFTA01305532

NEW MEXICO STATE LAND OFFICE. COMMISSIONER OF PUBLIC LANDS NEW MEXICO STATE LAND OFFICE BUILDING P.O. BOX 1148, SANTA FE, NM 87504-1148 AGRICULTURAL LEASE LEASE NO. GR2122 THIS LEASE, DATED OCTOBER 01, 2006 , IS ENTERED INTO BY AND BETWEEN THE COMMISSIONER OF PUBLIC LANDS, NEW MEXICO STATE LAND OFFICE, STATE OF NEW MEXICO, HEREINAFTER CALLED 'LESSOR" AND: • ZORRO TRUST HEREINAFTER CALLED "LESSEE(S)°, WHOSE ADDRESS OP RECORD IS: C/O 49 ZORRO RANCH RD. STANLEY,NM 97056 LESSOR AND LESSEE AGREE AND COVENANT AS FOLLOWS: 1. LEASE. 0: r FOR AND IN CONSIDERATION CF AND SUBJECT TO THE RENTALS AND THE TERMS, COVENANTS; CONDITIONS, AGREEMENTS, OBLIGATIONS, AND RESERVATIONS CONTAINED IN THIS LEASE AND ALL OTHER EXISTING RIGHTS, LESSOR GRANTS AND LEASES TO LESSEE AND LESSEE TAKES FROM' LESSOR TEE TRACT(S) OF LAND DESCRIBED IN EXHIBIT A, ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE. 2. TERM. THE TERM. OF THIS IFASE SHALL BEGIN ON OCTOBER 01, 2006 AND SHALL EXPIRE AT MIDNIGHT SEPTEMBER 30, 2011. 3. RENT. THE ANNUAL RENTAL SHALL NOT BE LESS THAN THE MINIMUM RENTAL ESTABLISHED BY SECTION 19-7-29 NMSA 1978 AND SHALL BE PAID IN ADVANCE FOR EACH LEASE YEAR AND RECEIVED IN THE. STATE LAND OFFICE ON OR BEFORE OCTOBER I. THE ANNUAL RENTAL FOR GRAZING LAND SHALL BE DETERMINED AS FOLLOWS : ANNUAL RENTAL = BASE VALUE X CARRYING CAPACITY X ACREAGE X ECONOMIC VARIABLE INDEX (EVI), AS DEFINED BY SLO RULE 8 "RELATING TO AGRICULTURAL LEASES" (19 N.M.A.C. 3, SLO 6.11). IN NO EVENT SHALL THE PRODUCT OF THE APPLICATION OF THE EVI,FOR EACH SUCCESSIVE YEAR OF THE LEASE TERM,BE DECREASED OR INCREASED BY MORE THAN THIRTY-THREE AND ONE-THIRD PERCENT.IN THE CASE OF GRAZING RENTAL OFFERS ON OPEN ACREAGE OR PURSUANT TO COMPETITIVE BID. LESSOR MAY ACCEPT GREATER RENTAL AMOUNTS THAN THOSE DETERMINED BY THE FOREGOING FORMULA, BUT THE ANNUAL GRAZING RENTAL DUE. IN ANY LEASE YEAR SHALL NOT BE LESS THAN THE FORMULA AMOUNT. THE ANNUAL RENTAL FOR CULTIVATED LAND, ASSOC:ATED LAND AND CONSERVATION RESERVE PROGRAM LAND SHALL BE DETERMINED BY LESSOR AND SHALL REMAIN UNCHANGED DURING THE TERM OF THE LEASE. THE TYPE OF LAND HEREBY LEASED AND THE ANNUAL RENTAL AMOUNT FOR THIS LEASE SHALL BE AS SET OUT IN EXHIBIT A HEREIN. 4. PERMITTED USE. LESSEE MAY USE THE LEASED PREMISES ONLY FOR SUCH OPERATIONS AND ACTIVITIES AS ARE NECESSARY TO CARRY OUT THE PURPOSES FOR WHICH THE LEASE IS GRANTED AS SPECIFIED IN EXHIBIT A, AHD IN ORDER TO COMPLY WITH ALL APPLICABLE PROVISIONS OF LAW REGARDING THE 516 cat/i 9/fOarf SDNY_GIYL00173633 EFTA_00195288 EFTA01305533

CARE AND PROTECTION OF AE LEASED PREMISES. 5. LIEN. AS SECURITY FOR THE PAYMENT OF ANY RENT THAT IS OR MAY BECOME DUE AND UNPAID, LESSEE GRANTS TO LESSOR A FIRST AND PRIOR LIEN UPON ANY AND ALL IMPROVEMENTS AND CROPS ON THE LEASED PREMISES. 6. IMPROVEMENTS. NO IMPROVEMENTS, EXCEPT AS OTHERWISE PROVIDED BY LAW, SHALL BE PLACED ON THE LEASED PREMISES WITHOUT THE. PRIOR WRITTEN CONSENT OF THE LESSOR. ALL IMPROVEMENTS PLACED ON THE LEASED PREMISES IN VIOLATION OF THIS PARAGRAPH SHALL BE CONSIDERED AND TREATED AS UNAUTHORIZED IMPROVEMENTS IN ACCORDANCE WITH THE APPLICABLE LAWS AND RULES. 7. ASSIGNMENT, SUBLEASE AND RELINQUISHMENT. LESSEE SHALL NOT ASSIGN OR SUBLEASE THE LEASED PREMISES OR THE. IMPROVEMENTS ON SAID PREMISES WITHOUT THE PRIOR WRITTEN CONSENT OF LESSOR AND SUCH OTHER REQUIREMENTS AS PRESCRIBED BY LAW OR RULE. AS PROVIDED BY LAW AND RULE ANY /FACE, IN GOOD STANDING, MAY BE RELINQUISHED TO THE STATE. UPON RELINQUISHMENT HOWEVER, THE LESSEE SHALL NOT DE ENTITLED TO A REFUND OF RENTALS PREVIOUSLY OWING AND PAID. S. COLLATERAL ASSIGNMENTS. ANY AGRICULTURAL LEASE MAY RE ASSIGNED AS COLLATERAL SECURITY SUBJECT TO THE EXPRESS WRITTEN CONSENT OF THE LESSOR AND SUCH OTHER TERMS AND CONDITIONS AS PRESCRIBED BY LAW OR RULE. THE APPROVAL OF A COLLATERAL ASSIGNMENT, HOWEVER, SHALL NOT PREVENT THE CANCELLATION OF THE LEASE AND TERMINATION OF THE COLLATERAL ASSIGNMENT FOR THE NONPAYMENT OF RENTALS OR OTHER VIOLATIONS OF THE LEASE TERMS. 9. DEFAULT AND CANCELLATION. THE VIOLATION BY LESSEE OF ANY OF THE TERMS, CONDITIONS, OR.COVENANTS OF THIS LEASE OR THE NONPAYMENT BY LESSEE OP THE RENT DUE UNDER THIS LEASE SHALL AT THE OPTION OF THE COMMISSIONER RE CONSIDERED A DEFAULT AND SHALL CAUSE THE CANCELLATION OF THIS LEASE 30 DAYS AFTER LESSOR HAS SENT WRITTEN NOTICE.OF SUCH DEFAULT TO THE LESSEE AND TO ANY HOLDERS OF. COLLATERAL ASSIGNMENTS BY REGISTERED HAM, ADDRESSED TO THE POST OFFICE ADDRESS OF RECORD, PROVIDED, HOWEVER, IF WITHIN THE THIRTY DAYS TILE LESSEE OR HOLDERS OP ANY COLLATERAL ASSIGNMENTS SHALL COMPLY WITH THE DEMAND MADE IN THE NOTICE, CANCELLATION SHALL NOT BR MADE. 10. RENEWAL. ANY LESSEE WHO DESIRES TO SECURE A NEW LEASE SHALL MAKE AND FILE AN APPLICATION WITH THE LESSOR ON OR BEFORE AUGUST 1 NEXT PRECEEDING THE EXPIRATION OF THIS LEASE. THE RIGHT OF RENEWAL SHALL BE SUBJECT TO SUCH TERMS AND CONDITIONS AS PROVIDED FOR BY LAW AND RULE. 11 RESERVATIONS. A. LESSOR RESERVES THE RIGHT TO EXECUTE LEASES ON THE LAND GRANTED BY THIS LEASE FOR' MINING PURPOSES AND FOR THE EXTRACTION OF OIL, GAS, SALT, GEOTHERMAL RESOURCES, AND OTHER MINERAL DEPOSITS THEREFROM AND THE RIGHT TO GO UPON, EXPLORE FOR, MINE, REMOVE AND SELL SAME. LESSOR FURTHER RESERVES THE RIGHT TO SELL OR DISPOSE OF NATURAL SURFACE PRODUCTS CF SAID LANDS OTHER THAN GRAZING, AGRICULTURAL OR HORTI- SONY_GNL00173634 EFTA_00195289 EFTA01305534

CULTURAL PRODUCTS J TO GRANT SUCH OTHER RIGHTS OF-WA 4ND EASEMENTS AS PROVIDED BY LAW, B. LESSOR RESERVES THE EIGHT TO WITHDRAW PURSUANT TO RULE, JP TO 640 ACRES, BUT IN NO CASE MORE THAN HALF, OF THE LAND HELD BY TIIIS LEASE. 12. COMPLIANCE WITH LAWS. LESSEE SHALL AT ITS OWN EXPENSE FULLY COMPLY WITH AND BE SUBJECT TO ALL LAWS, REGULATIONS, RULES, ORDINANCES, AND REQUIREMENTS OF LESSOR AND APPLICABLE CITY, COUNTY, STATE AND FEDERAL AUTHORITIES AND AGENCIES WHICH HAVE BEEN OR MAY BE ENACTED OR PROMULGATED, IN ALL MATTERS AND THINGS AFFECTING THE LEASED PREMISES AND OPERATIONS THEREON. SUCH OTHER AGENCIES SHALL NOT BE DEEMED THIRD PARTY BEt.'EFICIARIES UNDER THIS LEASE. 13. HOLD HARMLESS. LESSEE SHALE, SAVE AND HOLD HARMLESS, INDEMNIFY AND DEFEND LESSOR AND THE STATE OF NEW MEXICO, AND THEIR AGENT OR AGENTS, IN THEIR OFFICIAL AND INDIVIDUAL CAPACITIES, OF AND FROM ANY AND ALL LIABILITY CLAIMS, LOSSES, OR DAMAGES ARISING OUT OF OR ALLEGED TO ARISE OUT OF OR INDIRECTLY CONNECTED WITH THE OPERATIONS OF LESSEE UNDER THIS LEASE, OFF OR ON THE LEASED PREMISES OR ARISING OUT OF THE PRESENCE ON THE LEASED PREMISES OF ANY AGENT, CONTRACTOR OR SUBCONTRACTOR OF LESSEE. 14. AMENDMENT. THIS LEASE SHALL NOT BE ALTERED, CHANGED OR AMENDED EXCEPT BY INSTRUMENT IN WRITING EXECUTED BY LESSOR AND LESSEE. 15. WAIVER. NO WAIVER OF ANY BREACH OR DEFAULT BY LESSEE. OF ANY OF THE TERMS, CONDITIONS OR COVENANTS OF THIS LEASE SHALL BE HELD 70 BE A WAIVER OF ANY SUBSEQUENT BREACH. NO WAIVER SHALL BE VALID OR BINDING UNLESS THE SAME IS IN WRITING AND SIGNED BY LESSOR. 1G. DELINQUENT RENTAL. ALL RENTAL PAYMENTS RECEIVED AFTER OCTOBER 1 OF EACH YEAR SHALL BE CONSIDERED DELINQUENT AND SHALL BE SUBJECT TO THE PAYMENT OF INTEREST AT A RATE OF ONE PERCENT (1%) A MONTH FOR ANY FRACTION OF A MONTH. INTEREST SHALL ACCRUE FROM THE DATE THE PAYMENT BECOMES DUE. 17. APPLICABLE LAW. THIS LEASE SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW MEXICO. 18. SUCCESSORS IN INTEREST. ALL TERMS, CONDITIONS AND COVENANTS IN TILTS LEASE SHALT EXTEND TO AND BIND THE HEIRS, ASSIGNS, AGENTS, ATTORNEYS, CONTRACTORS AND SUCCESSORS IN INTEREST OF LESSOR AND LESSEE. 19. CARRYING CAPACITY REEVALUATION. THE. LESSOR RESERVES THE RIGHT DURING THE TERM OF THIS LEASE, AND UPON THE LESSOR'S DISCRETION, TO CONDUCT CARRYING CAPACITY REEVALUATIONS AND MAKE THE NECESSARY ADJUSTMENTS TO THE LEASE AND RENTAL AS MAY BE REQUIRED. t. Sf/' 2/f(/8a,97 SDNY_G64_00173635 EFTA_00195290 EFTA01305535

I/WE CERTIFY THAT LESSEE Al REFERENCED ON THE FACE -AGE OF THIS LEASE. 2coolkAs1 LESSEE TELEPHONE TELEPHONE I LESSOR -COMMISSIONER OF PUBLIC ACKNOWLEDGMENTS NATURAL PERSON(S) STATE OF NEW MEXICO 1 s s . COUNTY OF THE FOREGOING INSTRUMENT WAS ACKNOWLEDGED BEFORE ME THIS DAY OF .20_, • • tr BY . 2. (NAME OF PERSON ACKNOWLEDGED) -•••• rnt MY COMMISSION EXPIRES: NOTARY PUBLIC PARTNERSHIP STATE OF NEW MEXICO COUNTY OP FOREGOING INSTRUMENT WAS ACKNOWLEDGED BEFORE ME THIS DAY OF 20_, \ -ay INANE OF PERSON ACKNOWLEDGED) PARTNER(S) ON BEHALF' OF A PARTNERSHIP. . MY COMMISSION EXPIRES: GGRABRATEON If NOTARY PUBLIC. STATE OP NEW ) COUNTY OF rift( p(k ) Pak ) THE FOREGOING INSTRUMENT WAS ACKNOWLEDGED BEFORE ME THIS w DAY OF 111-) • • 20_Cia• BY ---sefeci ifutte ( AME OF OFFICER) (TITLE OF OFFICER) ---214 A GatliaLtf, ON BEHALF (GBAPGRATiSNAPIE) OP SAID CORPOPIAMBN. MY COMMISSION EXPIRES: NOTARY PUBLIC OF HARRY I. BELLER Notary Public. State of Now York No. 010E4853924 °unified In Rockland County i9 Commission apices Feb. 17. 20 SDNY_GM_00173636 EFTA 00195291 EFTA01305536

IIIC, vu ncu c..nn ioattots NEW MEAICo STATE LAND OFFICE APVRAISEMENT OF (HOEING AND AGRICULTURAL !ANDS COMMISSIONER OP PUBLIC LANDS NEW MEXICO STATE LAND OFFICE BUILDING PO SOX 114U, SANTA FE, NEW MEXICO 0/504.1140 • 0/ 0 LEASEU: necrooN lo OF THU NEW MEXICO ENABLING ACT SPECIFICALLY REQUIRES THAT ALL STATE LAND To BE LEASED UV APPRAISED AT ITS TRUE VALUE. STATE LAW, mei( SECTION 19-7-I WA FTIETHER onesounts THAT SUCH APPRAISEMENT BE SECURED DY THE LESSEE WHEN ACQUIRING A LEASE AND TEAT SUES APPRAISEMENT BE compwriso RY A DISINTENESTED PERSON. THE INSTRUCTIONS FOR THE COMTkETION or THIS POEM ARE WIT OUT nRbow. M1 APPRAiSeMENT '7 .17) :11 INSTRUCTIONS' TNIE INFORMATION MIST DC COMPLETED BY A DISINTERESTED PERSON AND-RA9MAM THAT INUIVIIRML'S INFORMATION AND RELIEF. TIM MEN CANNOT DE COMPLETED BY A LICENSED' MTH/Of:VS. (NASA GI-10- IR) . YOU CANNOT PAY IV HAVE MI5 FORM COMPLETED. (NASA I474, 60-10 1/1). SIZE LANII MUST OR APPRAIRED AS VACANT, I.R. WITHOUT IMPROVEMENTS, FON MOTH sAu AND LEASE PURPOSES. TT MUST ALSO kF STONED BEFORE A NOTARY PUBLIC. I. Vona . .---- . IJO MILIMNLY SMEAR (OR AFFIRM). UNDER IIIE PENALTIES OF PERJURY, r 'ER UAVTNO TERMINALLY INSPECTED THR TRACT(S) OF (AND CONTAINED IN LEASE NO. _ - AND DESCRIBED TN EXHIBIT A Or SAID LEASE, THA a T.)MY OPINION OF TILE APPRAISE. CASH VALUE OF SAME IwITHOUT IMPRovumENTSI IS 0 ACRE, IF SOLD. AND 5 '7.1' __ PER ACRE. IDE LEASE PURPOSES, AND CERTIFY THAT I AM NOT INTERESTED IN SAID LAN .FUN LE/IMMO OR SALE THEREOF. SICNEV ADDRESS. CITY/STATE SOASCRIEED AND SWORN TO DEFORE MK TH7S 19 DAY MY COMMISSION EXPIRES: ( 91L7:70_ OFFICIALSEAL PEKIN Wirnbry NOTARYPIMUCeSTATE Cc NEWICal VICallattainr :O12L0 7111.5€___ FORME SONY_GM_OO173637 EFTA 0(1195292 EFTA01305537

EXHIBIT A LEASE NO: GR2122 SUBDIVISION SEC-TWN-RNG ACREAGE U PRICE S PER E UNIT CARRY CAP • LO71 SW4NE4 ALL LOT2 S2NW4 RENEWAL LEASE LOT3 LOT4 SW4 LOT7 02 12N 09E 02 12N 09E 16 12N 09E 238.97 G 280.00 G 640.00 TOTAL ACREAGE: 1,158.97 TOTAL RENTAL: 12 12 12 51,087.72 LEGEND: USE TYPE CODES C. CONSERVATION RESERVE PROGRAM I. IRRIGATED CROPLAND, Mm 2= DRYLAND FARMING (BID), 3. N• 1/2 SOUTH FOR TOWNSHIP, H• LAND, D- DRYLAND FARMING, MOBILE HOME ON LAND, Rs RSIP LAND, IRRIGATED CROPLAND(BID) 4. CRP(BID) 1/2 EAST FOR RANGE • CARRYING CAPACITY RATES LISTED ARE BASED ON 640 ACRE PARCELS Gm GRAZING, 1m GRAZING (BID), 5m RSIP(BID) SONY_GM_0O173638 EFTA_00195293 EFTA01305538

MISIALLANEOUS INSTRUMENT: FILE NO: 8793 POWER OP ATTORNEY GIVEN TO JOHN J. KELLY. AFFIDAVIT: JEFFEREY E. EPSTEIN FOR ZORRO TRUST. SDNY_GM_00173639 EFTA 00195294 EFTA01305539

IMPROVEMENT LISTING FOR EXISTING LESSEE'S RENEWAL APPLICATION The State Land Office Rule Relating to Agricultural Leases, 19 N.M.A.C. 8.9.2.2. requires you to submit a listing of your improvements located on the state leased land held under this lease with your application. LEASE NUMBER aR 9.‘P (Ilene check one of the boxes) DO IMPROVEMENTS EXIST ON STATE LAND: YES IF YES PLEASE LIST BELOW. NO (none) All improvements must be listed even if they are on record with our office. LOCATION 0 N YEA ‘4Y \a I a anoa it, IQ Nod OA kitti .-"ripary r- - c., rn • .. ...- - ..Z.I I ., 0 : .../ Ci:. . . • Inclusion of unauthorized improvements on this listing or any appraisal submitted to the Commissioner for any purpose shall not be interpreted as approval of those improvements by the Commissioner. (19 N.M.A.C. 8.9.11) This office will reject your renewal lease application if this form is not completed. The information provided above is true and correct to the knowledge. Please sign and date. Signature is required whether improvements Lessee Signature Date: 16'1 0 t to ,PICA" auri T _UP/LW I JOMPV EFTA_00 I 95295 EFTA01305540

(PATRICK H. LYONS a COMMISSIONER 2 0 State of Mexico Commissioner of Public Lands 310 OLD SANTA FE TRAIL P.O. BOX 1108 SANTA FE. NEW MEXICO 87504.1148 COMMISSIONER'S OFFICE Phone (505) 827-5760 Fax (505) 827-5766 www.nmstatel ands.org September 18, 2006 Zorro Trust 49 Zorro Ranch Rd. Stanley, Nm 87056 Re: State Agricultural Leases No. GR-2088 & GR-2122 (Sublease No. GR-2088-0001) & (Sublease No. GR-2122-0001) Dear Mr. Epstein: Please find enclosed a copy of your approved sublease application. Your sublease will commence on October 1, 2006 and will expire on September 30, 2011. If you have an uestions please feel free to contact me at the address above or at . Sincerely, A" 4,07/1 t Leroy A. Ulibarri Surface Resources Division NM State Land Office end. Stole Lend Office Beneficiaries • Card( Tsosky Hospiul • Charimatilt Prot k Ratan • Comma Schools • bun,, NM University • Rio Groner improsiont ea • Mimi Nosyisal of NM tiNM Soya S. hoot • NM Hipslamb Ur:unity • NM lassisce of Minis, k Tethooloby • New Mexico Milieu lesiinee•inn Scheel for the Deaf • NM Selmol for ,he Visually listalcuised • NM Swat Hospisol • New M.sA Sow U.imsity • Nook,, NM Commorany Concle • Penitemicy of New Mesita • Pobbc Roildinp as Capital • State Put Commission • Chinn* of New Moire • UNM Saint Laois • War Racoons • We sum New Meeks Usisenhy SDNY_Gtd_00173641 EFTA_00 195296 EFTA01305541

O 1PATRICK H. LYONS p COMMISSIONER re 6 State ofgsfew Mexico Commissioner ofPubrie Lan& Zorro Trust 49 Zorro Ranch Rd. Stanley, Nm 87056 310 OLD SANTA FE TRAIL P.O. BOX 1148 SANTA FE. NEW MEXICO 87504-1148 COMMISSIONER'S OFFICE Phone (505) 827-5760 Fax (505) 827-5766 www.mostatelands.org September 18, 2006 Re: State Agricultural Leases No. GR-2088 & GR-2122 (Sublease No. GR-2088-0001) & (Sublease No. GR-2122-0001) Dear Mr. Epstein: Please find enclosed a copy of your approved sublease application. Your sublease will commence on October 1. 2006 and will expire on September 30, 2011. If you have an uestions. please feel free to contact me at the address above or at Sincerely, y 6. , C./.46rhy t Leroy A. Ulibarri Surface Resources Division NM State Land Office end. -Sink Lend Office Beneficiaries - Conk Gorky Hospital • Chattble Penal & Reform • Common Schools • Eastern NM Urhusky • Rio Gnat Imitittemem • Minns* Hossnel of NM •NM Boys Scheel • NM Hiehhodt Uninmity • NM le** of Minns & intookey • New Met* Minn* Innimm•NM Stool foe the Deaf • NM Stool for the Vimally Hanerappen • NM Son ihminnl • New Mest> SI= Uainnky • Nonktere NM Cormaiy Collet • Penitentiary of New Alnico • Ptak BMW*, to Centel • Slue Pen Commits** InitenIty of New Mestin• VNM Saline bød, • We* Resents' • Pietro New Moto tlethenity SONY_GM_00173642 EFTA_00 I 95297 EFTA01305542

O ZORRO RANCH 49 ZORRO RANCH ROAD 1 STANLEY, NM 87056 TELEP11O : F •  E MAIL 6 August 24, 2006 Commissioner of Public Lands State Land Office P.O Box 1148 Santa Fe NM 87504-1148 Reference: Sublease Renewal — Agricultural Lease No. GR-2122 (2006-2007) Dear Mr. Leroy A. Ulibarri, Reference your letter dated August 15, 2006, concerning sublease renewal for Agricultural Lease No GR-2122, enclosed you will fmd 2 copies which have been notarized and signed. The attached rental for 2006-2007 of S217.54. If there are in questions or concerns please do not hesitate to call Sincerely 4.- Ranch Manager 101 '3d 31NVS 331430 CNY1 31Y1S OS Z. LIU 82 ON 90C? 03A13038 SDNY_GM_00173643 EFTA_00 195298 EFTA01305543

13 a C NEW MEXICO STATE LAM) OFFICE APPLICATION TO SUBLEASE STATE TRUST LANDS (PLEASE FILL OUT IN INK) I/We, Znao , of , gi-anfed bPIEIClot ssioner of Public Lands, do hereby (mailing address) 4C1 ./C4(00 a tICEM , being lessee(s) under Agriculture Lease No, GQ-gt make application to sublease the lands described as follows: SUBDIVISION • SEC. TWP. RANGE ACRES r! a " k e kida De E,yhiblk- 6 - aloud haze . 4o c*--• , . If additional space is needed to describe legal subdivision, please attach additional sheet using the above format Please give name of sublessee and mailing address: 4A 70110 (2erdr) It being understood that said permission to sublease does not in any way relieve me/us from obligation assumed under the lease stated above. Sublease term on the designated lands to commence October 1, 20 an , and to expire on September 30, 2efirt— , (Sublease cannot be given beyond expiration date of lease.) ;ail p-e4 te-"•, •—• Cocd e., €7.--1)--04 I give reasons this land is being subleased: I trOno- The number, type, class of livestock, and period of use, are as follows: LIVESTOCK NO. KIND a S-01 (Revised 01/2001) rbki CLASS (b5us &es' Oceo PERIOD OF USE FROM TO N 33 31MVS 301.440 n3 Z. ILA CtiV1 82 Nil 90C3 33/11303V FEES 4 181431.0 001-00003 42 0 20-AUG-06 09347 217.54 SDNY_GM_00173844 EFTA_00 195299 EFTA01305544

5 0 1 • .EASE NO: GR2122 7 EXHIBIT A O 6 SUBDIVISION SEC-TWN-RNG ACREAGE U PRICE S PER 2 UNIT CARRY CAP • .01'7 ft.• 02 122 09E 33.29 G 12 .021 e••• 02 121 092 43.12 G 12 £T2 02 121 09E 94.14 12 ,OT3 02 121 092 54.18 G 12 .0T4 02 122 09E 54.24 G 12 0/41114 S2284 SW4 02 122 a9E 280.00 0 12 ILL 18 121 092 640.00 6 12 WNEVAL LEASE TOTAL ACREAGE: 1,158.07 TOTAL RENTAL: L-Fai posaletc, USUbm: use TYPE CODES 7---oNsERvarios RESERVE PROGRAM RRIGATED CROPLAND, H= 201 DRTLAND FARNIING (BID), 3= E. 1/2 SOUTH FOR TOWNSHIP, fir LAND, D= DRYLAND EARNING, MOBILE HONE ON LAND, it.. RS1P LAND, IRRIGATED CROPLAND(BID) 4n CRP(BID) 1/2 EAST FOR RANGE • cAREMING CAPACITY RATSs LISTED ARE BASED ON 640 ACRE PARCELS 9949.28 G4 GRAZING, 1= GRAZING (BID). 5= REIP(BID) SONY_GMJX1173&45- EFTA_00195300 EFTA01305545

_5 A • C • NEW MEXICO STATE LAND ORE ICE APPLICATION TO SUBLEASE STATE TRUST LANDS (PLEASE FILL OUT IN DEC) IfWe, • of (mailing address) ci t(9 Ad^ 2a.a. NMrlObb, wing lessee(s) under Agriculture Lease No. t aa granted by the Counds.rifter of Public Lands, da hereby make application to sublease the lands described as follows: SUBDIVISION SEC. MP. RANGE ACRES Cr2(1 _ th e t LA n'Sck A -aiccliork Nola-o If additional space is needed to describe legal subdivision, please attach additional sheet using the above format Please give nameAf sublessee and mailing address: L - & Ain5 14Ck 2ato Lock eard, ) 610:510 It being understood that said permission to sublease does not in any way relieve me/us from obligation assumed ander the tease stated above. Sublease term on the designated lands to commence October 1, 20.O t and to expire on September 30, 200h • (Sublease cannot be given beyond expiration daze of lease.) Give reasons this land is being subleased: li PCACFP The number, type, elms of livestock, and period of uses are as follows: NO. la S-01 (Revised 01/2001) LIVESTOCK KIND CLASS PERIOD OF USE FROM TO 5“.51J4"5.c 3 A/ mst o ot_ 6 oi, ic 7) SL0SCAll 5/ 23/ 2006 SDNY_Ghl_00173646 EFTA_00195301 EFTA01305546

Please indicate the person and/or party that you wish our field representative to contact relative to this -plicaeon to sublease: Name: V)fl()7 CINCtIrl Address: WI 200Q etaircb grid Stc-:n NM t1060 Home Telephone No. 09DS 839 Db- 115 Business Telephone No. ,5:FT, cACIOGQI.f Include 20% (twenty-percent) of the yearly rental with completed Sublease Application Form. The minimum fee foisubleasing is 550.00 (fifty dollars). Lige&t EalArri F cif) . do solemnly swear (or affirm) that statements d answers to the estions in this application are true and correct to the best knowledge and belief. ANY FALSE STATEMENTS CONTAINS WILL SUS My LEASE OR LEASES TO CANCELLATION. Signed: Signed: Lessee St7RI BED AND S_WQRN to before mu this by ?t1-4-7 e it( day of Apm-, 2oPIS (name of Avieultural Lessee} MY COMMISSION EXPIRES: HARRY I.BELLER Netenr Public, State of New York .Np..0100.085.3224, Qualified in Rockland County, Commission Expires Feb. 17, 2041 Notary Public P 4 4-r Lyo k.) 5 o COMMISSIONER OF PUBLIC LANDS, do hereby grant the lessee(s) listed above penniision to sublease the above described land. • APPROVED THIS i day of NI 4- 1/41 01 (Revised 01/2001) L IC $ IMOSa I I ,,20c9c, • CL-±CSA:k 7$ COMMISSIONER OF PURL` /I i I3 035 30,/3I/F SDNY_GM_00173647 EFTA_00 195302 EFTA01305547

ZORRO RANCH 49 ZORRO RANCH ROAD STANLEY, NM 87056 TELEPHO • F O • E MAIL: August 24, 2006 Commissioner of Public Lands State Land Office P.O Box 1148 Santa Fe NM 87504-1148 Reference: Sublease Renewal — Agricultural Lease No. GR-2122 (2006-2007) Dear Mr. Leroy A. Ulibarri, Reference your letter dated August 15, 2006, concerning sublease renewal for Agricultural Lease No. GR-2122, enclosed you will find 2 copies which have been notarized and signed. The attached rental for 2006-2007 of S217.54. If there are in questions or concerns please do not hesitate to call Sincerely Ranch Manager 2 7 'W•M '33 31NVS 351330 0NV1 31V1S OS /. 148 82 0118 900? 03A1303 SDNY_GP.4_00173648 EFTA_00 I 95303 EFTA01305548

12 2 2 O 5 NEW MEXICO STATE LAND OFFICE APPLICATION TO SUBLEASE STATE TRUST LANDS (PLEASE FILL OUT IN INK) 1 • i•• Ve, 7,010LUe li , of (mailing address) i.414 pactastXrtai MI18-eft , being lessee(s) under Agriculture Lease No --,c) I , giantred 'by the Conhaaissioner of Public Lands, do hereby make application to sublease the lands described as follows: • SUBDIVISION . • .. SEC. TWP. RANGE ACRES ri • .. 7 & 1 _ 2e em--d , D EykS n - ofkkickel Kae . 43 If additional space is needed to describe legal subdivision, please attach additional sheet using the above format Please give name of sublessee and mailing address: relieve me/us from It being understood that said permission to sublease does not in any way obligation assumed under the lease stated above. Sublease term on the designated lands to commence October 1, 20 O4o and to 30, 20-erl— , (Sublease cannot be given beyond expiration date of lease.) p-ct K.c,w Cox e., 47-1.y.ta cts, Gve reasons this land is being subleased I i : COrS2 The number, type, class of livestock, and period of use, are as follows: NO. LIVESTOCK KIND CLASS 25 Mkt CoAts ahg.Ass dc63 -` Iv II : 1 01.4d0 la at kilo einel1/4.0 Qom n; 2. a (Ar6isectsa n -1 S-01 (Revised 01/2001) ' expire on September PERIOD OF USE FROM 3INVS NV1 31.V.LS 82 3(111 SOC, 13038 FEES 4 NMS1.0 001-00003 42 0 28-A00-06 09347 217.54 SDNY_GM_00173649 EFTA_001195304 EFTA01305549

5 p C EXHIBIT A ,EASE NO: GR2122 P SUBDIVISION SRC-TWIG-RNO ACRE= U PRICE R PRR 2 UNIT CARRY CAP • An/ .- - 02 12N 096 33.29 G 12 .021 - - 02 12N O9E 43-12 G 12 J322 0:3 - - - - 02 02 12N O9E 12N 096 54.14 54.18 CC 12 12 4714 - - - 02 12N O9B 54.24 6 12 31441184 112}1144 SW4 02 12N 098 280.00 G 12 tLL 16 12N 0913 640.00 G 12 2ENEWAL LEASE TOTAL Ar9EArE: 1,1S8-91 TOTAL RENTALs ton cio..)Q- Onkel. 1.1868NO- USE TYPE CODES 'ON66RVATID$ RESERVE PROGRAM 1 ARIOATED CROPLAND, N= 2- DRYLAND EARNING (DID), 3= is 1/2 SOUTH FOR TOWNSHIP, H= LAND, D= BRELAND EARNING, SMILE HONE ON LARD, RS/P LAND, IRRIGATED CROPLAND(RID) 40, CRPIBID) 1/2 EAST FOR RANGE • CARRYING CAPACITY RATES LISTED ARE BASED ON 640 ACRE PARCELS $949.28 Gn GRAZING. 1= GRAZING (BID), 54, RSIP(BID) SDNY_GM_0017313,5O EFTA_00195305 EFTA01305550

SA„ tzt't NEW MEXICO STATE LAND OFFICE APPLICATION TO SUBLEASE STATE TRUST LANDS (PLEASE FILL, OUT IN INK) ime. 2QT wk.)._ of CODCA, Skrin ca sit YY 310I% being lessee(s) under Agriculture Lease 21,1? , vented by the • nee of Public Lands, do hereby (mailing address) make application to sublease the lands described as follows: SUBDIVISION SEC. TWP. RANGE ACRES 012(2W WL1Pt. LvIn'Aok A - attockod hde -to . If additional space is needed to describe legal subdivision, please attach additional sheet using the above format Please give name of sublessee and mailing address: G ex Ary-L 4R ?nip ()Lk eccx-1, N 61056 It being understood that said permission to sublease does not in any way relieve me/us from obligation assumed under the lease stated above. Sublease term on the designated lands to commence October 1, 201)5 , and to expire on September 30, 2,0O11 (Sublease cannot be given beyond expiration date of lease.) Give moony this land is being subleased: The number, type, class of livestock, and period of use, are as follows: LIVESTOCIC PERIOD OF USE NO. KIND CLASS FROM ID '55 to 8-01 (Revised °wall) I ( pci (MS i-An J S.,4/144.1 3 A"^ 51 tvbc. SI OS CAN 5/2.3/2006 0 CZ 8- 0 6 Pk * 7 ST V SDNY_GM_00173651 EF1'A_00195306 EFTA01305551