LOCATION: Claude, TX - go south on Hwy 207 approximately 17 miles to FM 2272, then east 6 miles on FM 2272 to the end of the pavement (this is in line with County Road 21). Property access entrance is a locked gate on the north side of FM 2272, which leads to a private roadway. Subject property is located 1 mile north. See map.

LOCATION: Alanreed, TX - go approximately 2 miles south of I-40 on FM 291 to the property entrance. Subject property lays on the east side of the highway. LEGAL DESCRIPTION: The SW/4 and SE/4 of Section 20, Block E, D&P Ry Co Survey, Gray & Donley Counties, Texas. Complete legal description on file. ACREAGE: 319.5 +/- All grassland.

LOCATION: Twitty, TX - go south 1 mile on SH 83 from FM 592, to County Road V. Then west on CR V approximately 1/2 mile to the southeast corner of the property. LEGAL DESCRIPTION: A 132.70 acre tract of land out of Section 4, Block A-8, H&GN Ry. Co. Survey, Wheeler County, Texas. Complete legal description on file. ACREAGE: 132.

LOCATION: From Alanreed, TX - go south on FM 291 approximately 2.3 miles to the northeast corner of the property. County Road B runs along the south side of the property. NOTE: The southeast corner of the property is on the east side of FM 291. LEGAL DESCRIPTION: All of Section 22, Block E, D&P Ry. Co. Survey, Donley County, Texas.

LOCATION: Clarendon, TX - go north on Hwy 70 approximately 6.4 miles to County Road K, then east one mile on CR K to the southwest corner of the property. LEGAL DESCRIPTION: Surveys #48, 53, & 54, all in Block C-3, D&P Ry Co Survey, Donley County, Texas. Complete legal description on file.

LOCATION: Approximately 4.5 miles south of McLean, TX on Hwy 273. Property lays on the east side of the highway. LEGAL DESCRIPTION: Sections 45 & 46, and 41.13 acres in Section 56, All in Block E, D&P RR Co. Survey, and containing 1,321.13 acres, more or less, Donley County, Texas. ACREAGE: TOTAL: 1,321.

LOCATION: 9047 Oscar Road, Claude, TX -- The Johnson Ranch is located southeast of Amarillo, Texas in Armstrong County. Access is provided by FM 1258, then one mile south on County Road 9. This is approximately a thirty-minute drive from Amarillo. Access to air service is excellent, as the north end of FM 1258 is at the Rick Husband International Airport in Amarillo.

LOCATION: Memphis, TX - go east on SH 256 approximately 4 miles to FM 3032, then south on FM 3032 about 1/2 mile, then west on County Road C for one mile to County Road 28, then about 1/2 mile south on County Road 28 to the northwest corner of the property. LEGAL DESCRIPTION: On file in office. ACREAGE: TOTAL 190+/- CRP 189.7 DRY FARMLAND GRASSLAND TOPOGRAPHY: Rolling grassland.