Steelman Revocable Trust by Whitaker Marketing Group

Real Estate Marketing Proposal

339.18 Acres +/- Story County, Iowa Presented to: Steelman Revocable Trust Presented by: David & Ann Whitaker

Whitaker Marketing Group

Executive Summary Thursday, December 28th, 2023 Steelman Revocable Trust We would like you to consider Whitaker Marketing Group to assist you in your real estate transaction. Enclosed you will find a real estate valuation /proposal outlining your requested property. We hope that you find the contents helpful and informative. If you’re considering selling, our marketing plan is designed to bring qualified bidders together in a competitive bidding environment to purchase this great property. Based on our auction experience, current market conditions, and specific use of the property; Whitaker Marketing Group anticipates the property to bring an estimated $5,821,018 - $6,384,540 at auction, with potential to bring much more due to the location and the local buying power. Ultimately, it will bring the highest price the market will bear. Our job is not to set the price, our job is to market your asset to every potential buyer to create that competitive bidding atmosphere, thus gaining you (the seller) the most successful outcome! Whitaker Marketing Group is dedicated to providing exceptional service, integrity, and accountability throughout the process, assuring you a well-organized and successful auction. In all instances, we strive to strictly represent our sellers in the most professional manner. We are confident that this property is a prime candidate for the auction method of marketing, and we are here to serve you in any way we can. Please feel free to contact us with your questions about any of the contents in this proposal. We hope that the following proposal provides just a glimpse at our level of dedication to both the contracting of this auction and its successful completion. No other auction/real estate company will work harder—investing themselves— to ensure that your assets achieve the maximum sale price. We look forward to hearing from you and working with you on this project.

Respectfully submitted, David Whitaker Broker / Champion Auctioneer Phone: (515) 460-8585 Email: David@wmgauction.com

Ann Whitaker Owner/ Real Estate Agent Phone: (515) -460 - 0255 Ann@wmgauction.com

Note: The information and material provided in this proposal is proprietary to Whitaker Marketing Group and is to be used exclusively for the consideration of the intended recipients only. All materials herein are confidential and are not to be reproduced or shared with anyone other than the designated recipients unless written permission is granted by Whitaker Marketing Group.

AUCTION! No word rivals the power to instantly produce serious competition between individual buyers with money in hand!!

Property and Sale Information

Your farm in Story County, Iowa is comprised of 339.18 +/- acres. We believe an auction is the most effective means of sale. Auction Type: Live Auction / Webcast online bidding/ Pre-bidding/ Phone bidding Sale Platform: Auction-selling to the highest bidder Auction Procedure: The property will be offered in 4 tracts. Utilizing the true price discovery method at auction, which will create the most exciting and competitive bidding on your farmland. The successful bidder shall sign a purchase agreement, prepared by the seller, immediately after the close of the sale. The contract price will be the bidding acres as indicated on the individual tract purchased times the price bid per acre. The balance shall be paid in the form of certified funds upon closing. A Warranty Deed will convey the title. Updated abstract will be provided to the buyer at the seller's expense. "The seller reserves the right to reject any and all bids." Deposit: Earnest money of 10% of the contract sales price as a good faith down payment on the day of the auction with the balance in certified funds at closing. Earnest money paid the day of the sale will be deposited in a Closing Attorney’s Trust Account the following business day. Closing: Real estate closing shall take place on or before 45 days from the auction date. Planting Privileges: The 2024 planting privileges will be assumed to new buyer’(s) if termination has been served. Real Estate Taxes: All 2023/24 Ad valorem real estate taxes will be pro-rated between the buyer and seller to the day of closing. Survey: A survey will be completed if needed. We do not see a need for one at this time. No Sale: In the event that the reserved price for your farm is not met at auction, you will have the option to accept or reject the sale price. If you choose not to sell, we will require reimbursement of our advertising fee of $5,000. Alternatively, you may opt to continue selling the farm through private treaty listing for up to six months to explore the opportunity of directly marketing the land to potential buyers, without incurring any additional fees.

Ways We Can Offer Your Farm For Sale Farmland Listing This is a traditional listing where we set an agreed upon price and market your farm to the public. Pocket Listing This is a traditional listing where we set an agreed upon price and market it to our buyers/ investors/ and or select buyer. (Not the general public) Traditional Live Auctions: This is what most people think of when they hear the word “auction”. A standard live auction is held in-person and is conducted by an auctioneer calling the bid live in the normal chant fashion. (We also allow for phone or absentee bidding) Simulcast Auctions: This auction type is a hybrid of both live and online auctions. The auction itself has a live crowd that is bidding but it is being streamed to an online audience that can also bid. Online Timed Auctions: This style of auction is done completely online. It is essentially run like eBay where there is a set time that the auction ends, and auction registrants have until that closing time to bid and win the items. Unlike eBay though, we use a soft close process. This allows bidding to keep going as long as bids are still being entered. This ensures the item goes to the highest bidder, not just the last bidder- which is of huge benefit to our sellers. Online Virtual Auctions: This auction is formatted to be completely virtual but happening in real time. There is no in-person crowd, but the auctioneer is doing a live outcry and bid calling via webcast to an audience watching and bidding online. For Sale by Bid Auctions: In this auction approach, bidders will submit a written bid to the agent by a deadline. The written bids can be accepted as is by the seller or the seller and agent can negotiate with the bidders. As another option, selected bidders can be invited to an open bidding session. Phone Bidding Auctions: For phone bidding, the agent will conduct bidding by calling each individual interested bidder one at a time to advance bids until an acceptable price is achieved for the seller. Multi Parcel Auctions: A Multi-Parcel Auction is an auction where the property can be sold either as a whole, in tracts, or a combination of tracts. This type of auction benefits both the buyer and the seller. They can sell large acreages all at one time without needing just one buyer. The saying goes, “The whole is greater than the sum of its parts”

Evaluation / Summary We have all seen a significant rise in farmland prices over the last couple years. The market is currently holding steady. Overall, there is talk of opportunity in the market for the future. Age, industry, geography, cash, 1031, and banking/USDA all play a part in the current buyer’s decision-making process. The market is staying stable due to local buying power variability. 82% of farms in Iowa are owned free and clear. There is a lot of equity, and cash in the outliers that will keep the price of land strong. All buyers have one thing in common. They all have an interest in land ownership, and they all want to buy more. Interest rates are on the incline, but good farms are still selling well. Stock market prices are moving investors to the land market, utilizing 1031 buyers and the supply is low! We know many buyers in Story County would compete to gain you the most successful outcome.

Tract 1 Property Valuation

Tract 1 Aerial Map

Tract 1 Tillable Soil Map

Tract 1 Topography Map

Tract 1 Topography Hillshade Map

Tract 1 Crop History Map

Tract 1 Crop History

Tract 1 FSA Acres

Tract 2 Property Valuation

Tract 2 Aerial Map

Tract 2 Tillable Soil Map

Tract 2 Topography Map

Tract 2 Topography Hillshade Map

Tract 2 Crop History Map

Tract 2 Crop History

Tract 2 FSA Acres

Tract 3 Property Valuation

Tract 3 Aerial Map

Tract 3 Tillable Soil Map

Tract 3 Topography Map

Tract 3 Topography Hillshade Map

Tract 3 Crop History Map

Tract 3 Crop History

Tract 3 FSA Acres

Tract 4 Property Valuation

Tract 4 Aerial Map

Tract 4 Tillable Soil Map

Tract 3 Topography Map

Tract 4 Tillable Soil Map

Tract 4 Topography Map

Tract 4 Topography Hillshade Map

Tract 4 Crop History Map

Tract 4 Crop History

Tract 4 FSA Acres

Comparable Farms

Comparative Sales

Comparative Auctions

Current Market Conditions State of Iowa Trend

State of Iowa Trend by CSR

Real Estate Proposal | Marketing Summary Proposed Auction Date

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Spring of 2024 or date agreed upon by all parties.

Budget/Expenses

Professional Fee: • Commission: 1.5% on purchase price, payable from proceeds at closing by seller • "We offer a competitive commission rate, and we guarantee to match any lower offer from another provider." Marketing Budget: • Included: (Paid by Auction Company) • Full color heavyweight 8.5”x11” high gloss brochure w/ UV coating • Direct Mail – To real estate buyers, brokers, lenders, and adjoining landowners • Drone Flyover and Video • Newspaper/Print Media: • Local print media papers as well as shoppers • Email Distribution – To our exclusive lists • Social media Targeted Campaign, Google/ Facebook targeted ads. • Internet and Social Media Marketing • RLI MLS • Land Watch.com • Lands of America.com • Land and Farm.com • Loopnet.com (commercial & development land website) • Crexi (commercial & development land website) • WmgAuction.com • www.Iowaauctions.com • Linked-In, Facebook, Twitter, Instagram Followers •

Signage – Poly vinyl signage on property and informational/way-finding signs

Marketing 47

With an unblemished understanding of the necessary markets, we have put together a plan that makes the most effective use of our powerful sales and promotional tools. Our ability to promote your assets is unique and unmatched in the industry. We will reach well capitalized national, regional and local investors/ buyers who are seeking an opportunity to acquire these real and personal property assets.

ONLINE PROMOTION: This unique auction will be advertised on all industry leading websites proven to effectively showcase auction assets to buyers specifically seeking these assets.

ONLINE OFFERING: Auction assets will be offered using the world wide web simultaneously with live bidding. Auction will be marketed directly to unique buyers specifically seeking your exact assets.

PRINT MEDIA: High gloss full color professional brochures will be printed and distributed to potential buyers. Mailing lists will be purchased for this purpose to target specific customers including similar property owners, and local property owners. We will print 11"x17" full color brochures and direct mail to a very targeted group of potential buyers. We mail to our proprietary in-house database along with mail lists that pinpoint our most likely buyers for your property. The design is produced by our graphic design department to show the highlights of the property and the surrounding area. Our intent is to give potential buyers just enough information in the brochure to build a desire to learn more and prompt a call to our office. At this point, our project team starts building rapport with potential buyers and discovers their wants, needs and/ or desires.

SOCIAL MEDIA: 48

Our marketing department will create a campaign specifically for your auction targeting potential buyers through Facebook, YouTube and other social media avenues.

ONSIGHT SIGNAGE We will order top of the line printed signage specifically for your auction.

NEWSPAPER & OTHER PERIODICALS Because of our advertising volume, we have secured some of the lowest contract discount rates for local and regional newspapers. We will work with our auction marketing company, to design camera-ready display ads and place them in conjunction with classified line ads in local and regional publications.

DRONE VIDEO We will shoot a high definition aerial video of your farm to promote to potential buyers and investors. • • • •

More than 500 million hours of videos are watched on YouTube each day. 82% of Twitter users watch video content on Twitter YouTube has over a billion users, almost one-third of total internet users. 45% of people watch more than an hour of Facebook or YouTube videos a week.

INTERNET MARKETING CONT’D We will also post your auction on a host of the nation’s largest online ag land real estate portals, as well as several additional internet auction portals.

Our company employs a team of professionals dedicated to our social media efforts to engage buyers. Your auction will be featured on all of our social media sites for our 100,000 + impressions to engage and learn more. https://www.ryangeorge.net/

Exposure & Working With Others Whitaker Marketing Group cooperates/works in conjunction with all local and national brokerages (meaning they would have an opportunity to sell the property).

Whitaker Marketing Group land agents are members of the Realtors Land Institute. All our land listings and auctions are posted on the Realtors Land Institute Multiple Listing Service. This is a website exclusively for land brokers throughout the nation.

Whitaker Marketing Group is a member of the National Association of Realtors. All our listings and auctions are posted on the multiple listing services exposing the property to thousands of real estate agents through the Midwest and their clients, as well as REALTOR.com

Whitaker Marketing Group is a member of the National Auctioneers Association as well as the Iowa Auctioneers Association which allows us to post our land listings and auctions on the national auction website, allowing all other auctioneers to bring a buyer to the table.

Whitaker Marketing Group is a member of commercial multiple online services such as LoopNet and Costar. This allows us to post our land listings and auctions on the commercial Multiple Listing Services further exposing our listings to the sophisticated real estate professionals throughout the country and their clients. Whitaker Marketing Group is a member of commercial multiple online services such as Crexi. Crexi simplifies and optimizes commercial real estate to create an accessible, empowering industry for all. Find a property that's perfect for your needs.

Sample Promotional Materials

Our Team Team Approach: Our highly organized team works in collaboration with one another on each aspect of the sale to ensure a comprehensive marketing approach and smooth closing process. Team Members: Listing Agent –David will be the listing agent. Ann will serve as the primary point of contact and also handle negotiations, showings, etc Project Manager – Amber Franks will quarterback all operations. Amber will coordinate and oversee the various marketing, scheduling, and closing activities to ensure an effective and efficient sale. Graphic Design – Brian Tucker will design and supervise all print and digital advertising. Drone Pilot – David is a licensed and insured FAA drone pilot. He will ensure professional grade aerial photography and work with the graphic designer to ensure the ultimate aerial experience for buyers. Auctioneer – David is the Chairman of the board of the Iowa Auctioneers Association and is the only Certified Auction Institute Graduate that is also an Accredited Land Consultant. Closing – Ann, will work with you and your attorney or suggest an attorney to assist you with the survey, Abstracting, deed prep, Ground water hazard, Declaration of value, Taxes, 1031 exchange, Recording, Revenue stamps, Hud-1, Government contracts, and Disclosures. She follows your transaction through the entire process. Network – We have formed impactful relationships with agricultural experts in every facet of the industry. Below is just an example of some of the expert resources our team will consult with on your project. Tanner Winterhof –Farmland Manager Noah Wendt – Crop Insurance Advisor Kevin Brooks – Ag Lender Jim Rothermitch – Farmland Appraiser

Bidding Online

Bidders can bid from anywhere in the world from their phone. Our bidding software is Mobile Friendly and does not require the bidder to download an app.

67% of our traffic comes from a mobile device.

SEARCH ENGINE ADS / GOOGLE ADS We work to make sure if anyone is searching for farmland they find your farmland!

Timeline

The following action is taken on marketing a property: Weeks One and Two

• Sign Auction or Listing Agreement • Secure Auction Location (if auction) • Gather and Assemble All Pertinent Information • Order Preliminary Title Commitment • Finalize Parceling Plan • Order All Signs • Finalize Brochure • Newspaper Ads Ordered • Assemble Auction Team • Brochure Mailed to Investors • Brochure Appears on Website • Signs are Placed on Property • Brochures Posted at Area Businesses • Postcards Mailed • Update Seller on Progress Week Three

• Personal Contact with Area Landowners Completed • Drone Video • First Newspaper Ads Run • Showing/Informational Meeting • Follow-up Calls to Lenders • Update Seller on Progress

Weeks Four and Five

• Final Newspaper Ads Run • Second Showing/Informational Meeting • Additional Showings • Follow-up Contacts with Interested Parties Auction Day

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Final Seller Update Auction Site Setup Bidder Registration Conduct Live Auction Execution of Contracts Collect Earnest Money

Following Auction

• Deposit Earnest Money • Executed Contracts Delivered to All Parties • Coordinate Any Survey Work Necessary • Orchestrate Title Work Amongst All Parties to Ensure a Timely Closing: Seller, Buyer, Lender, and Title Company • Closing and Disbursement of Proceeds, Usually 30-45 days after the Auction

Qualifications We have local personnel near the subject property that are familiar with the area and local market conditions. In addition, we have a network of agricultural real estate sales agents across Iowa with buyers and sellers that can bring additional buyers to the market.

Follow Up and Reporting

Our staff monitors all requests for information and all known prospects. Follow-up marketing is undertaken with each inquiry to determine the level of interest, answer questions, and encourage offer participation. We consider the trust and rapport with potential buyers developed during the marketing period to be one of the most valuable assets when negotiating a private treaty sale with respect to translating market demand into dollars for the seller. Throughout the listing period, we report regularly to you regarding the level of response and our interpretation of the level of interest in the property, as well as the general progress of our promotional effort. We personally visit landowners, area businesses, and lenders in the local community during the marketing process. We attempt to contact every potential buyer personally to provide information, assistance, and guidance where needed. We advise you of all activity regarding the sales efforts. Advertising plans, buyer inquiries, showings, and contracts written are presented for your information and approval. A team of real estate professionals will work together to market the property.

Professional Fee

We believe that the commission or marketing fee is an investment by the seller that should be carefully considered. There can be a tremendous difference in the final net selling price achieved in the selling of property based upon the work completed by the sales team during the marketing period. One or two extra contacts, one extra out-of-state buyer interested in the property, a champion auctioneer that is trained to read the crowd, or easier access to information on a website can make thousands of dollars difference in the final selling price. The choice of utilizing the services of the team best positioned to provide these premier services can be a profitable investment. Whitaker Marketing Group offers you its full services for marketing your farm at the following commission based on the gross sales price of the land. (See below) • Commission: 1.5% on purchase price, payable from proceeds at closing by seller • "We offer a competitive commission rate, and we guarantee to match any lower offer from another provider."

When Whitaker Marketing Group sells the farm, then we will waive all costs associated with the marketing/advertising of the property.

Company Website Whitaker Marketing Group’s website gets visitors from the entire country and beyond. Our industry-Leading website includes downloadable FSA maps, Soil maps, Plat maps, aerial photography, drone videos of each farm, interactive site map, and links to all farms that are for sale in Iowa.

Farmland Finder Partnership Farmland Finder is the leading digital platform for farmland data and analytics, they are an Iowa based company that is touted as the “Zillow of Farmland” The Farmland Finder site is used by tens of thousands of farmland owners, buyers and renters across the U.S. to understand what is for sale and the current value of their land. Whitaker Marketing Group has a strategic partnership with Farmland Finder. We are the first brokerage/ auction company to have our listings displayed on their site. We also have access to the most comprehensive comps and market data across the Midwest. Whitaker Marketing Group and Farmland Finder’s partnership provides a robust technology platform for the agricultural land market. With Farmland Finder, our current and prospective clients will have more information, data, and understanding than ever before.

Investor Partnerships At our real estate firm, we understand the pivotal role that investors play in ensuring successful outcomes for our buyers. We have strategically partnered with esteemed organizations such as Summit Ag Group, Magma, Acre Trader, Fractal, Farm Funder, The Lawrence Group, and FarmTogether to harness the power of investment networks. These partnerships enable us to maximize the potential of every transaction, as these entities bring extensive market knowledge, financial resources, and industry expertise to the table. While they may not always be the ultimate buyer, their involvement is instrumental in elevating the bidding process to its maximum potential. By collaborating with these investors, we create a synergy that not only enhances the competitiveness of our offers but also ensures that our clients secure the most favorable outcomes in the real estate market. In our pursuit of excellence, we recognize that success in real estate goes beyond conventional approaches. The partnership with Summit Ag Group, Magma, Acre Trader, Fractal, Farm Funder, The Lawrence Group, and FarmTogether is a testament to our commitment to innovation and delivering unparalleled results for our clients. Through their investment networks, we are not only able to attract more potential buyers but also position our clients to achieve the highest possible bids. This collaborative approach sets us apart in the industry, guaranteeing that our clients receive the most effective and comprehensive real estate solutions, ultimately leading to their success in the competitive real estate market.

Sales Tracking/ Internal Database Whitaker Marketing Group tracks and records every auction and sale in the state of Iowa. This allows our team to arm themselves with the most up-to-date information on land values and trends in every part of the state. Our Team utilizes this information to keep our clients informed about the value of their land based on the most recent sales in their area.

The Land Report Among America’s best brokerages: Whitaker Marketing Group has been named a “Top Brokerage in America” and a “Top 30 Auction House” by the Land Report, an industry-leading publication targeted toward the American landowner.

Targeted Buyer List Operators/ Landowners/Bankers & Attorneys Whitaker Marketing Group is associated with Farm Market ID/ DTN. This partnership allows us to know all of the farm operators that are near your farmland. We are able to target our marketing to the most likely buyers on your farmland. Whitaker Marketing Group is associated with the Iowa bankers Assn, and the Iowa Bar Assn. This allows us to make sure that the influencers in your neighborhood are aware of your auction and they in turn tell others. Whitaker Marketing Group works to keep a list of every landowner in the state. We utilize this list to market your farm to other landowners. People who own land often buy more.

Sellers Responsibilities

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Complete all contracts and paperwork provided by Whitaker Marketing Group

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Provide access to the property

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Maintain building, utilities, and property insurance until closing (If Applicable)

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Provide marketable title to the property, free of all liens and encumbrances

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Seller agrees to cure any defects in the title and pay all expenses to do the same

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Sign real estate disclosure statement

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Allow for drone video of property

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Sign an FSA farm release review

Auction Company Responsibilities

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Prepare, print, and distribute promotional materials

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Establish on-site marketing signage

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Distribute printed brochures to local area

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Place advertising

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Arrange auction setup and preparation

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Provide all auction equipment (sound equipment, clerking/cashiering software, personnel, food/ concessions vendor, restrooms, etc.)

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To qualify and register bidders for the auction

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Conduct sale preview prior to the auction

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Provide contracts for real estate on the day of the auction

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Coordinate concessions and portable rest room facilities

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Provide competent and professional staff for pre-auction, duties and day of auction

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Establish rules for safe environment

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Provide customer service, collect auction payment/payments from all buyer/buyers

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Clean up the auction site after the sale

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Aide and assist in the closing process: seeing that all aspects of the sale are completed in a timely fashion and the closing takes place within the allotted purchase agreement terms.

Company Reviews

Credentials/ References • Sue &Brian Eldridge (Family Farm) 203 S. Boone St. Boone, IA 50036 515-298-1819 • Kevin Day (Out of State Seller) 13564 Nash Road Dewitt, VA 23840 804-892-8517 • Lisa McConeghey (Multi Parcel Auction) 3118 Ave East Newton, IA 50208 641-840-0197 • Jeff Lamberti (Real Estate Attorney) 210 NE Delaware Ave # 200, Ankeny, IA 50021 515-964-8777 • Kevin Brooks (Ag Lender) 1530 S Duff Ave # 1 Ames, IA 50010 515-681-6299

Champion Auctioneering Team

2022 International Auctioneer Finalist (Top 3) 2022 Battle of the Bluegrass Champion Auctioneer 2021 International Auctioneer Finalist (Top 5) 2020 USA Today Gold Award (Auction Campaign) 2019 1st Place IAA Advertising Contest-Real Estate 2019 1st Place IAA Advertising Contest-Business Promotion 2018 International Auctioneer Finalist (Top 10) 2018 Rose Award (Best Business Plan) 2018 Minnesota State Champion Auctioneer 2017 US Bid Calling 1st Runner Up Champion 2016 US Bid Calling 1st Runner Up Champion 2016 Canadian International Western Champion 2015 US Bid Calling 1st Runner Up Champion 2015 Midwest Auctioneers Roundup 1st Runner Up 2015 Mule Day Champion Auctioneer 2014 International Auctioneer Finalist (Top 10)

2014 World Livestock Auctioneer Spokesman (Interview Top Score)2014 Nebraska State Champion Auctioneer 2014 Mule Day Reserve Champion Auctioneer 2014 World Livestock Auctioneer Champion Qualifier (Top 10) 2013 Nebraska Champion Ringman 2013 Nebraska Reserve Champion Auctioneer 2012 Missouri State Champion Auctioneer 2012 International Rookie Auctioneer Champion 2012 Finalist International Auctioneers Championship 2012 Missouri Bid Calling Finalist (Top 5) 2011 Iowa State Champion Auctioneer 2011 Nebraska Bid Calling Finalist 2011 Nebraska Rookie of the year 2009 1st Runner Up State Champion Auction

Thank You We are pleased to have been considered to handle this real estate valuation. If selected to sell your farmland, you can be assured that you have chosen the most qualified firm to conduct this type of sale. FROM OUR WHITAKER FAMILY We very much appreciate you considering the viability of the auction method to reduce carrying costs and bring superlative sales results. Our method will net the best possible price. On behalf of the entire staff at Whitaker Marketing Group we thank you for the opportunity to submit this proposal. We look forward to working with you on a successful sale.

Best Regards,

David & Ann Whitaker

David Whitaker – Broker/Auctioneer

Designation(s): Auction Marketing Management AMM, Accredited Land Consultant ALC, Certified Auctioneer Institute CAI Territory Served: Iowa, Nebraska, Minnesota Educational Background: Iowa State University AAS Bismarck State University Des Moines Area Community College Iowa Association of Realtors Realtor Land Institute National Auctioneers Association CAI Missouri Auction School Worldwide College of Auctioneering Western College of Auctioneering Responsibilities: Auctioneer, Owner, and Principal Broker

Ann Whitaker –Representative-Agent

Territory Served: Iowa Educational Background: Bachelor of Science Iowa State University, Animal Science Professional Experience: Owner of Whitaker Marketing Group-Auctions & Appraisal Owner of Whitaker Ranch-Simmental Breeding Stock Iowa Auctioneer Association National Auctioneers Association Community Involvement: Iowa Beef Industry Council Board Member Story County Cattlemen’s Association Board Member Vice President of the Story County 4-H Foundation Board Responsibilities: Agricultural real estate sales representative-agent by auctions, public listings, or private pocket listings. Land Valuations Consulting

Auction Terminology Index

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Absolute Auction An auction where the property is sold to the highest qualified bidder with no limiting conditions or amount. Also known as an "auction without reserve."

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Auction A method of selling property in a public forum through open and competitive bidding. Also known as "Public auction" or " auction sale."

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Auction Listing Agreement A Contract executed by the auctioneer and the seller which authorizes the auctioneer to conduct the auction and sets out the terms of the agreement and the rights and responsibilities of each party.

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Auction with Reserve An auction in which the seller or his agent reserves the right to accept or decline any and all bids. A minimum acceptable price may or may not be disclosed and the seller reserves the right to accept or decline any bid within a specified time.

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Auctioneer The person whom the seller engages to direct, conduct, or be responsible for a sale by auction. This person may or may not actually call or "cry" the auction.

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Bid A prospective buyer’s indication or offer of a price they are willing to pay to purchase property at auction. Bids are usually in standardized increments established by the auctioneer.

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Bid Caller The person who actually “calls,” “cries” or “auctions” the property at an auction, recognizing bidders and acknowledging the highest bidder. Commonly known as the auctioneer.

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Buyer’s Premium An advertised percentage of the high bid or flat fee added to the high bid to determine the total contract price to be paid by the buyer.

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Commission The fee charged to the seller by the auctioneer for providing services, usually a percentage of the gross selling price of the property established by contract (the listing agreement) prior to the auction.

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Conditions of Sale The legal terms that govern the conduct of an auction, including acceptable methods of payment, terms, buyer’s premiums, possession, reserves and any other limiting factors of an auction. Usually included in published advertisements or announced by the auctioneer prior to the start of the auction. Also known as “Terms & Conditions”.

SUCCESS AND EXPERIENCE In addition to a well-established reputation as a regional auction company, we have a track record of successful sales. We specialize in selling assets at auction in and all over Iowa.