April 5, 2007 BOARD MATTER D - 1

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1 April 5, 2007 BOARD MATTER D - 1 ACTION: Approval of Grazing Lease Applications And Lease Renewals AUTHORITY: WS (a); Rules Chapter 4 Acres in Cropland Lease No. Applicant County Address and Price per Acre AUM's Annual Rental The Earl Edward Hardeman and Patricia Ann Hardeman Teton Wilson, WY 343 $1, Family Trust and Howard Hardeman Dave L. Greer and William A. Greer Big Horn Hyattville, WY 164 $ Double Eight Land Corporation Carbon Saratoga, WY 163 $ Philp Sheep Co., a Corporation Fremont Shoshoni, WY 81 $ Ned R. McKee Carbon Baggs, WY 14 $ Mowry Ranch, Inc., a Wyoming Corporation Carbon Saratoga, WY 129 $ Mark Jones and Jeanna Jones Sublette Boulder, WY 40 $ Glenn H. Burgett and Georgiana Burgett Fremont Lysite, WY 93 $ Richard D. and Patricia K. Ellis, Trustees or Their Fremont Lander, WY 109 $ Successors in Trust, Under the Richard D. Ellis Living Trust Dated 2/13/97 and Any Amendments Thereto Hampton Sheep Company, Inc. Washakie Worland, WY 31 $ Upper Cedar Creek Ranch, LLC, a Wyoming LLC Carbon Saratoga, WY 41 $ Dennis Nate Lincoln Cokeville, WY 138 $ TE Ranch Limited Partnership, a WY Limited Partnership Park Cody, WY 192 $ Warren L. Hunter Park Cody, WY 48 $ Larry L. Rice Sublette Scottsbluff, NE 525 $2, Baird Cattle Co. Washakie Worland, WY 78 $ Sand Creek LLC Carbon St. Louis, MO 363 $1, Dennis Ranch Ltd., LLC Washakie Pavillion, WY 106 $ Domingo Martirena and Cecile Martirena as Trustees of Washakie Buffalo, WY 321 $1, the Domingo Martirena Revocable Trust, Dated 1/29/98, and The Cecile Martirena Revocable Trust, Dated 1/29/98, and to the Successors in Trusts Gerald Palm Carbon Elk Mountain, WY 89 $ Gerald E. Voorhees Sublette Jackson, WY 259 $1,339.03

2 Caroll D. Noble Sublette Cora, WY 197 $1, Noble Family Limited Partnership Sublette Cora, WY 189 $ Dan H. Budd & Sons Sublette Big Piney, WY 156 $ Julio A. Torres and Suzanne P. Wood Washakie Worland, WY 17 $ Fox Family Limited Partnership Lincoln Kemmerer, WY 215 $1, Harvey Frank Robbins, Jr. and Karen K. Robbins, H&W Hot Springs Thermopolis, WY 322 $1, Robert I. Lucas Fremont Jackson, WY 69 $ Theodore L. Knapp and Thomas E. Knapp Fremont Bozeman, MT 17 $ South Paint Rock Cattle Association Washakie Powell, WY 203 $1, Montgomery Livestock Co., a Wyoming Corporation Carbon Dixon, WY 81 $ H. James Dager and Ginger S. Dager Park Lincoln, NE 108 $ Jolene Bonomo Jensen, William Bonomo and Thomas Sweetwater Forsyth, MT 18 $93.06 Kourbelas John W. and Mary Kay Jensen Sublette Boulder, WY 166 $ Barnett Ranch Limited Partnership Big Horn Greybull, WY 49 $ Ernest and Karen Thornock Lincoln Cokeville, WY 95 $ Russell Ranch, LLC Hot Springs Thermopolis, WY 133 $ TA Ranch Properties Limited Partnership Carbon Ft. Worth, TX 616 $3, John and Billie McClelland Hot Springs Thermopolis, WY 42 $ Craig Pruett and Sheri Thomson Washakie Worland, WY 107 $ Fay T. Wadsworth Uinta Lonetree, WY 176 $ Main Pass, LLC Sublette Pinedale, WY 475 $2, Dorothie Buckle Washakie Worland, WY 116 $ W & M Thoman Ranches, LLC Lincoln Green River, WY 139 $ Ernest Thornock Lincoln Cokeville, WY 20 $ Stratton Sheep Company, a Wyoming Corporation Carbon Rawlins, WY 180 $ Wagner Cattle Company, LLC Park Meeteetse, WY 945 $4, Q Creek Land and Livestock Company, LLC Carbon Bozeman, MT 8 $ Peter M. Scripps Trust and Robert C. Pappenfort Trust Park Meeteetse, WY 122 $ Sam N. Chournos Lincoln Tremonton, UT 40 $ Stephen F. and Carolyn L. Adams Sweetwater Baggs, WY 52 $ Linda K. Heinze, Trustee or Her Successors in Trust Hot Springs Thermopolis, WY 114 $ Under the Linda Heinze Revocable Trust, Dated September 27, Polly B. Nordstrom and Marie C. Tatum, Each ½ Interest Carbon Saratoga, WY 181 $935.77

3 Cobb Ranch, LLC Carbon Savery, WY 260 $1, Roalene Redland McCarthy Washakie Omaha, NE 263 $1, Paula Flitner and David A. Flitner, as Co-Trustees Under Big Horn Greybull, WY 64 $ the Terms and Provisions of the Pied Piper Trust Originally Created on December 6, 1993 and Amended on August 29, Tolman Livestock Company Park Powell, WY 108 $ Raftopoulos Brothers Livestock, a Colorado General Carbon Craig, CO 30 $ Partnership, Consisting of John Raftopoulos and Steve Raftopoulos, General Partners Ellis Land and Livestock Fremont Lander, WY 287 $1, Glenn H. Burgett and Georgiana Burgett Fremont Lysite, WY 282 $1, Jack Hickey Uinta Lonetree, WY 113 $ Grace Meadows Ranch, LLC Carbon Saratoga, WY 137 $ Hunt Oil Company Park Dallas, TX 1,719 $8, Lazy B V Cattle, Limited Partnership Park Meeteetse, WY 304 $1, Wyoming State Honor Farm Fremont Riverton, WY 737 $3, Marlene Loudan Washakie Worland, WY 45 $ Ranch Park Cody, WY 2,069 $10, Brubaker Ranch Partnership, a General Partnership Washakie Ten Sleep, WY 87 $ Langley Hall Ranch, LLC Park Meeteetse, WY 11,972 $61, Snowy Range Cattle Company, Inc., a Utah Corporation Carbon Laramie, WY 53 $ Don A. Schlaf and Norma Jean Schlaf, as Trustees of the Don A. Schlaf Trust, ½ Int., and Norma Jean Schlaf and Don A. Schlaf, as Trustees of the Norma Jean Schlaf Trust, ½ Int. Big Horn and Park Burlington, WY 167 $ Tad Henthorne and Vendla Henthorne Hot Springs Cody, WY 69 $ Patrick R. Sheehan and Judith A. Sheehan, H&W, as Carbon Baggs, WY 178 $ Tenants by the Entirety with Right of Survivorship Corporation of the Presiding Bishop of the Church of Jesus Carbon Salt Lake City, UT 170 $ Christ of Latter-Day Saints Eugene W. Walck, Jr. Carbon Saratoga, WY 109 $ Bill R. Bonomo, Jolene Jensen and Justin Bonomo Sweetwater Forsyth, MT 29 $ Rodwell Ranch, LLC Lincoln Opal, WY 70 $361.90

4 Bear River Land and Grazing Company, a WY Corporation Lincoln Salt Lake City, UT 98 $ Bruce E. Jones and Glade G. Jones Lincoln Kemmerer, WY 55 $ F-D Cattle Ranch, a Sole Proprietorship Lincoln Opal, WY 77 $ Domingo Echeveria Trust, Wells Fargo Bank, N.A. as Carbon 69 $ Denver, CO Trustee Bradford S. Mead and Katherine L. Mead Hot Springs Jackson, WY 52 $ Barney Ranches, Inc. Sublette Big Piney, WY 75 $ Bates Creek Cattle Company Carbon Casper, WY 189 $ Holden Land Company, LLC Hot Springs Arlington, WA 172 $ Vermillion Ranch Limited Partnership, a WY Ltd. Prtn. Sweetwater Rock Springs, WY 138 $ Hellyer Limited Partnership Fremont Lander, WY 256 $1, G & E Livestock, Inc. Sublette Farson, WY 202 $1, Quarter Circle Five Ranch, LLC Sublette Pinedale, WY 50 $ Little Sandy Grazing Association Sublette Farson, WY 151 $ Q Creek Land and Livestock Company, LLC Carbon Bozeman, MT 108 $ Jack Creek Land and Cattle Company Carbon Saratoga, WY 243 $1, Dexter Peak Ltd., a Limited Liability Company Carbon Rawlins, WY 40 $ Dee J. Hillberry Hot Springs Thermopolis, WY 35 $ Poston Land Company, LLC Fremont Riverton, WY 104 $ John Peroulis & Sons Carbon & Baggs, WY 347 $1, Sweetwater Donald F. Trussell and Doris K. Trussell Washakie Worland, WY 75 $ Joel M. Cowan and Carolyn P. Cowan, Husband & Wife Uinta Midway, UT 223 $1, Charles W. Sylvester Fremont LaSalle, CO 298 $1, Ragsdale Ranch, LLC Park Meeteetse, WY 626 $3, Blair and Hay Land and Livestock Co. Fremont Rock Springs, WY 126 $ Alden R. Condict Carbon Saratoga, WY 186 $ Raftopoulos Brothers Livestock, a Colorado General Sweetwater Craig, CO 36 $ Partnership, Consisting of John Raftopoulos and Steve Raftopoulos, General Partners Smith Rancho Land & Livestock, LLC Carbon & Craig, CO 100 $ Sweetwater Peterson Livestock, LLC Carbon Rawlins, WY 326 $1, Q Creek Land and Livestock Company, LLC Carbon Bozeman, MT 104 $ Estate of Billie S. Johnson Big Horn High Point, NC 50 $258.50

5 Joseph B. Stratton Sweetwater Rawlins, WY 83 $ Frank Forshee and Nancy Forshee, Husband and Wife, ½ Washakie Powell, WY 68 $ Interest, and Larry L. and Janette C. King, Husband and Wife, ½ Interest Hellyer Limited Partnership Fremont Lander, WY 74 $ V. Robert Thomsen Fremont Lander, WY 10 $ Diana Kay Jackson, a Single Person Carbon Saratoga, WY 66 $ M C Land & Cattle Limited Partnership Park Meeteetse, WY 755 $3, Dunton Sheep Company Sublette Rock Springs, WY 146 $ Duane Rodewald and Deborah C. Rodewald, Husband & Sweetwater Rawlins, WY 88 $ Wife as Tenants by the Entireties with Right of Surivorship Ranch Limited Liability Company Carbon Casper, WY 174 $ Bear River Land & Cattle, LLC Lincoln Idaho Falls, ID 171 $ Matthew L. Weber and Sherry L. Weber, Husband & Wife, Carbon Baggs, WY 16 $82.72 as Tenants by the Entireties with the Right of Survivorship Lloyd L. and Lorraine D. Day, with Right of Survivorship Fremont Lander, WY 90 $ Otter Creek Grazing Association, Inc. Washakie Ten Sleep, WY 65 $ The FS Ranch Corporation, a Texas Business Corporation Park Cody, WY 95 $ Sandstone Ranches Carbon Rawlins, WY 216 $1, Ellen Richie and Sons, a Partnership Sublette Boulder, WY 74 $ TE Ranch Limited Partnership Park Cody, WY 230 $1, Raymond L. and Janet K. Foxworthy Fremont Pavillion, WY 72 $ Carroll D. and Roberta B. Miller Carbon Greeley, CO 100 $ J. R. Broadbent Estate, d/b/a J. R. Broadbent Company Sweetwater Salt Lake City, UT 118 $ Robert Slagowski Sweetwater Manila, UT 202 $1, J.C. Anderson & Sons, Inc. Sweetwater McKinnon, WY 89 $ Robert L. Whitlock and Judy F. Whitlock, Husband & Wife Fremont Lander, WY 114 $ Alsade Ltd. Sublette Big Piney, WY 182 $ Ark Land WR, Inc. Carbon St. Louis, MO 115 $ Woodruff Narrows Reservoir Company Uinta Salt Lake City, UT 52 $ Peter M. Flanigan Sublette Boulder, WY 368 $1, Bell Butte Grazing Partnership, a Limited Partnership Lincoln Salt Lake City, UT 80 $ Fuller Ranch LLC Fremont Gillette, WY 5 $ Emma G. Schlenker Park Meeteetse, WY 134 $ Andrew Maneotis Sweetwater Craig, CO 64 $330.88

6 RCA Family, LLC, a Wyoming Limited Liability Company Fremont Moran, WY 13 $ Flagstone Ranch, LLC Fremont Shoshoni, WY 118 $ Cathleen M. Purves, d/b/a Meadowlark Arabians Fremont Lander, WY 50 $ Harvey Frank Robbins, Jr. and Karen K. Robbins, H&W Hot Springs Thermopolis, WY 117 $ Richard L. and Roland B. Lewis Lincoln Kemmerer, WY 111 $ Lyman Ranch Company Washakie Ten Sleep, WY 1,042 $5, Wind River Pastoral Company, LLC Sublette Venice, FL 80 $ Diamond X Ranch, LLC., a Wyoming Limited Liability Co. Fremont Shoshoni, WY 79 $ Richardson Land & Livestock, LLC Washakie Worland, WY 77 $ E. O. Bischoff Ranch, a Wyoming Corporation Big Horn Lovell, WY 126 $ James D. Smith and Jill W. Smith, H&W, as Tenants by Sweetwater Evanston, WY 354 $1, the Entireties with the Right of Survivorship Eastfork Livestock, Inc. Sublette Boulder, WY 519 $2, Robert L. and Judy F. Whitlock Fremont Lander, WY 263 $1, Melvin D. Hutchings and Virginia Hutchings Lincoln Thayne, WY 97 $ Chris Pfister and Susan Lasher Hot Springs Worland, WY 96 $ Bear River Land & Cattle, LLC Lincoln Idaho Falls, ID 40 $ Gardner Livestoack, LLC, a Wyoming Limited Liability Co. Fremont Lysite, WY 97 $ Estate of Vera Kirk Hittle, Forest K. Hittle and Suzanne C. Sublette Boulder, WY 1,143 $5, Michnevich Rimfire Ranch, LLC Sublette Daniel, WY 111 $ Ronald L. Simek Park Genoa, NV 95 $ Big Hat Ranch, LLC Park Cody, WY 126 $ Rice Ranch, Inc. Big Horn Ten Sleep, WY 122 $ P/T, Inc. Sublette Big Piney, WY 245 $1, Kenneth R. Petersen Lincoln Cokeville, WY 213 $1, John Herbst, Jr. Fremont Shoshoni, WY 47 $ Battle Axe Cattle Co., Inc. Fremont Buffalo, WY 7 $ G & E Livestock, Inc. Sublette Farson, WY 28 $ William R. Flagg Fremont Riverton, WY 131 $ V Cross Cattle Company, a Wyoming Corporation Lincoln Kemmerer, WY 95 $ Trail Creek Partners, a Wyoming Partnership Park Cody, WY 109 $ Larsen Ranch Company Park Meeteetse, WY 153 $ Greet Ranch, Inc. Washakie Ten Sleep, WY 20 A. Acre 539 $2, Diamond H. Ranch, Inc., a Wyoming Corporation Lincoln Kemmerer, WY 47 $242.99

7 Julian Land and Livestock Company Lincoln Kemmerer, WY 100 $ Axtell Ranches, LLC Hot Springs Thermopolis, WY 40 $ Agate Harbor Corporation Washakie Worland, WY 22 $ James D. Smith and Jill W. Smith Sweetwater Evanston, WY 9 $ Castle Rock Land and Livestock Company, a Utah General Partnership Ellen M. Fox Fremont Rawlins, WY 41 $ Gordon Thornock Lincoln Cokeville, WY 299 $1, G & E Livestock, Inc. Sublette Farson, WY 98 $ Ranch Limited Liability Company Carbon Casper, WY 179 $ Charles T. McIntosh, an Undivided 75.36% Interest: Fremont Jeffrey City, WY 219 $1, Joseph E. McIntosh, an Undivided 24.64% Patrick K. Kelly and Leona F. Kelly Hot Springs San Jose, CA 41 $ James Cover, Jr. and Lynda Covert Park Cody, WY 163 $ Andrie Land Co., LLC, a Wyoming Limited Liability Co. Washakie Kenilworth, IL 38 $ The Double J Ranch, LLC, a Delaware Limited Liability Co. Sublette Daniel, WY 130 $ K-H Cornia Investments Limited Co. Lincoln Cokeville, WY 37 $ Gary Gordon Fremont Riverton, WY 96 $ Estate of Vernon R. Drwenski Big Horn Oklahoma City, OK 159 $ Breeden Brothers, a General Partnership Washakie Ten Sleep, WY 65 $ Uinta Livestock Grazing Partnership, a Limited Partnership Uinta Salt Lake City, UT 1,769 9, Blattland Investments, LLC Sublette Cora, WY 365 $1, Ira Sankey and Roberta Sankey, Husband and Wife Park Joliet, MT 184 $ Russell Ranch, LLC Hot Springs Thermopolis, WY 74 $ The Bennett Creek Sheep Company Park Powell, WY 55 $ William R. Murdoch and Barbara J. Murdoch Hot Springs Greybull, WY 138 $ Mooncrest Ranch, a Wyoming Corporation Park Cody, WY 111 $ Gary A. Barney Fremont Lander, WY 96 $ Bradley D. Bilyeu Park Meeteetse, WY 149 $ Graham Ranch, Inc. Fremont Lander, WY 76 $ TE Ranch Limited Partnership Park Cody, WY 39 $ Trail Creek Partners, a Wyoming Partnership Park Cody, WY 1,201 $6, Donald Behunin and Kaye Behunin Sweetwater McKinnon, WY 54 $ Glenn H. Burgett and Georgiana Burgett Fremont Lysite, WY 152 $ Elk Mountain Land Co., LLC, a Wyoming LLC Fremont Holden Beach, NC 266 $1,375.22

8 Julian Land & Livestock Co. Lincoln Kemmerer, WY 147 $ Forshee Trust Big Horn Powell, WY 161 $ Jack C. Sims and Lynda J. Sims, Trustees Lincoln LaBarge, WY 186 $ Sun Land and Cattle Company, a Wyoming Corporation Sweetwater Alcova, WY 75 $ Robert J. Peternal Revocable Trust Lincoln Kemmerr, WY 99 $ Mark R. Redland Washakie Ten Sleep, WY 24 $ Magagna Brothers, Inc. Sublette Rock Springs, WY 80 $ Hamilton Ranch, Incorporated Big Horn Hyattville, WY 147 $ Rodney L. Crosby Big Horn Cowley, WY 44 $ John F. Mercer, Inc. Big Horn Hyattville, WY 47 $ Crofts Sheep Company, Incorporated Fremont Riverton, WY 347 $1, Robert McIntosh, Carol McIntosh and Dale McIntosh Big Horn Burlington, WY 253 $1, Joeann Jones Hot Springs Thermopolis, WY 24 $ Rock Springs Grazing Association Sweetwater Rock Springs, WY 139 $ ZE Ranch Co., a Wyoming Corporation Park Meeteetse, WY 52 $ DJR Land & Livestock Ltd. Lincoln Lyman, WY 64 $ Roland C. and Linda L. Willis Lincoln Cokeville, WY 169 $ Grey River Livestock Company, a Sole Proprietorship Sublette Rock Springs, WY 176 $ Hampton Sheep Company, Inc. Washakie Worland, WY 198 $1, Galloway Ranch, LLC Washakie Ten Sleep, WY 94 $ Tobin Land Company LLC Washakie Casper, WY 131 $ Looney Family Limited Partnership Sublette Pinedale, WY 21 $ Dunton Sheep Company Sublette Rock Springs, WY 140 $ Midland Live Stock Company Sublette Rock Springs, WY 233 $1, Dunton Sheep Company Sublette Rock Springs, WY 149 $ Midland Live Stock Company Sublette & Rock Springs, WY 112 $ Sweetwater Dale Neff and Peggy Neff Park Cody, WY 47 $ G & E Livestock, Inc. Sublette Farson, WY 407 $2, Stephen S. and Carol A. Jones Hot Springs Thermopolis, WY 89 $ Bray Ranch, Inc. Sublette Big Piney, WY 178 $ J. F. Ranch, Inc. Lincoln & Big Piney, WY 189 $ Sublette Bruce E. Jones Lincoln Kemmerer, WY 44 $ David Hinkle Fremont Lander, WY 122 $630.74

9 FBNF Limited Partnership, a Wyoming Limited Partnership Sublette Big Piney, WY 809 $4, Sedey Ranch, Inc. Lincoln Kemmerer, WY 63 $ Murphree Family Corporation Fremont Crystal Lake, IL 94 $ Sundown, Inc., a Wyoming Corporation Washakie Casper, WY 58 $ Jason J. Thornock Lincoln Cokeville, WY 193 $ The FS Ranch Corporation, a Texas Business Corporation Park Cody, WY 172 $ Quarter Circle Five Ranch, LLC Sublette Pinedale, WY 138 $ J. R. Broadbent Estate, d/b/a J. R. Broadbent Company Uinta Salt Lake City, UT 191 $ Harvey Frank Robbins, Jr. and Karen K. Robbins, H&W Hot Springs Thermopolis, WY 115 $ Flitner Ranch Big Horn Greybull, WY 152 $ J. R. Broadbent Estate, d/b/a J. R. Broadbent Company Sweetwater Salt Lake City, UT 81 $ Kelly and Iris Jasperson, d/b/a Jasperson Ranch Lincoln Thayne, WY 83 $ Basin Land & Livestock Co. Big Horn Boulder, CO 155 $ Little Sandy Grazing Association Sublette Farson, WY 826 $4, Gros Ventre Investment Co. Sublette Jackson, WY 200 $1, Gordon Thornock Lincoln Cokeville, WY 21 $ GZ Livestock Company, a Wyoming General Partnership Sweetwater Eden, WY 60 $ White Acorn Ranch Sublette Lander, WY 478 $2, Bell Butte Grazing Partnership, a Wyoming Limited Prtnsp. Lincoln Salt Lake City, UT 113 $ W & M Thoman Ranches, LLC Lincoln & 301 $1, Green River, WY Sweetwater William H. Jolley Sweetwater Wamsutter, WY 31 $ S. Robert Leaver Family Limited Partnership Sublette Las Vegas, NV 269 $1, Harvey Frank Robbins, Jr. and Karen K. Robbins, H&W Hot Springs Thermopolis, WY 186 $ Louis Zierlein and August Zierlein Big Horn Burlington, WY A. 4% Value 34 $3, Wind River Pastoral Company, LLC Sublette Venice, FL 166 $ J. R. Broadbent Estate, d/b/a J.R. Broadbent Co. Sweetwater Salt Lake City, UT 45 $ Magagna Brothers, Inc. Sublette Rock Springs, WY 107 $ George Robert Eyre Uinta Lyman, WY 54 $ John B. Roden, Jr. and Ellen Roden Hot Springs Thermopolis, WY 257 $1, Cameron Properties Limited Partnership and Lott Lincoln Kemmerer, WY 242 $1, Partnership II, a General Partnership Frank Forshee and Nancy Forshee, Husband and Wife Washakie Powell, WY 6 $ Bell Butte Grazing Partnership, a Limited Partnership Lincoln Salt Lake City, UT 216 $1, Carl L. Bair Big Horn Lovell, WY 34 $175.78

10 Bob G. Cherry and Carol R. Cherry Park Cody, WY 12 $ Thomas W. and Laurie D. Pettinger, Husband and Wife Park Cody, WY 75 $ Jay B. Downs and Rebecca Downs Sublette Big Piney, WY 24 $ Broken Back Ranch Washakie Ten Sleep, WY 180 $ Orchard Ranch Limited Partnership Washakie Ten Sleep, WY 200 $1, Conwell-Gildea Ranch, LLC Sublete San Diego, CA 244 $1, ZE Ranch Co., a Wyoming Corporation Big Horn & Meeteetse, WY 593 $3, Park Q Creek Land and Livestock Company, LLC Carbon Bozeman, MT 210 $1, Stratton Sheep Company, a Wyoming Corporation Carbon Rawlins, WY 22 $ Robert Redland as Trustee of the Robert Redland Big Horn Manderson, WY 50 $ Revocable Trust Dated Oct. 30, 2002, One-Half (1/2) and Irene Redland as Trustee of the Irene Redland Revocable Trust Dated Oct. 30, 2002, One-Half (1/2) Shepperson Beaver Rim Creek Family Limited Big Horn and Meeteetse, WY 205 $1, Partnership, a Wyoming Limited Partnership Park Howard Becker Park Deaver, WY 24.5 A. Value 1 $ Matt M. Brown and Teresa H. Brown Hot Springs Thermopolis, WY 477 $2, Robert Bruce Porter, Ltd. Teton Jackson, WY 11 $ Howard F. Stirn and Cara S. Stirn Teton Teton Village, WY 9 $ Adele J. Snyder Big Horn Greybull, WY 3 $ Frank Ranches, Inc. Fremont Lander, WY 186 $ Bar X Ranch, Inc. Fremont Lander, WY 74 $ Roland C. & Linda L. Willis Lincoln Cokeville, WY 32 $ Dave Grabbert Ranch, Inc. Park Cody, WY 71 $ Roland C. & Linda L. Willis Lincoln Cokeville, WY 290 $1, Poston Land Company, LLC Fremont Riverton, WY 34 $ Jennifer Ann McIntosh and Joe E. McIntosh, W & H Fremont Rawlins, WY 193 $ Chaska Hall Reitz, d/b/a L.M. Hall and Company Park Cody A. 4% Value 169 $2, Split Rock Holdings, LLC, a Wyoming Limited Liability Co. Carbon Eaton, CO 40 $ John R. Alm Washakie Hyattville, WY 19 $ Spring Gulch Cattle Co., a Wyoming Corporation Hot Springs Powell, WY 338 $1, Tolman Livestock Company Park Powell, WY 56 $ Green Mountain 46 Ranch, Inc. Fremont Lander, WY 204 $1, Gary P. Ventling Park Cody, WY 25 $129.25

11 Thomsen Orchards, Inc. Fremont Lander, WY 115 $ Richard D. Smith Sublette Wichita, KS 47 $ Pathfinder Ranch, Inc. Carbon St. Louis, MO 3,265 $16, Three Forks Ranch Corporation Carbon Savery, WY 122 $ Kelley Cattle Company, LLC Carbon St. Paul, MN 164 $ Joe and Vicky Nehl Washakie Worland, WY 20 $ Montgomery Livestock Co. Carbon Dixon, WY 238 $1, John R. Alm Washakie Hyattville, WY 263 $1, Philp Sheep Co. Fremont Shoshoni, WY 102 $ Double Dollar Land & Livestock, LLC Big Horn Lovell, WY 52 $ RO Bar Ranches, Inc., a Wyoming Corporation Fremont Lysite, WY 29 $ Sun Land & Cattle Co. Sweetwater Alcova, WY 13 $ Loretta Bischoff Big Horn Lovell, WY 197 $1, Barney Ranches, Inc. Sublette Big Piney, WY 53 $ H. Frank Robbins, Jr. and Karen P. Robbins Hot Springs Thermopolis, WY 206 $1, Charles G. Perkins Trust Dated 2/1/2001 Park Cody, WY 17 $ Orchard Ranch Limited Hot Springs & Ten Sleep, WY 2,749 $14, Washakie Spring Gulch Cattle Co., a Wyoming Corporation Hot Springs Powell, WY 152 $ D. T. Abernathy and/or Poor Farm, LLC Fremont Lander, WY 23 $ Kent Lewton Washakie Ten Sleep, WY 16 $ Charles R. Firnekas and Elizabeth B. Firnekas, Husband & Washakie Kaycee, WY 152 $ Wife, as Tenants by the Entireties Patricia Holland Roussel, Pamela Ann Holland and Washakie Worland, WY 45 $ Michael Louis Albert Holland Ferris Mountain Ranch, Inc. Carbon Rawlins, WY 608 $3, Robert L. Whitlock and Judy F. Whitlock, Husband & Wife Fremont Lander, WY 79 $ YU Land & Cattle LLC Big Horn Meeteetse, WY 77 $ Lewton Operating Company, a WY Limited Partnership Washakie Ten Sleep, WY 79 $ Quarter Circle Eleven Ranch, LLC, a Wyoming LLC Park Cody, WY 444 $2, Circus Investments, LLC Washakie Casper, WY 129 $ Elk Mountain Land Co., LLC, a Wyoming Limited Liability Fremont Holden Beach, NC 309 $1, Company Abernathy Ranches, LLC, a Wyoming Limited Liability Co. Fremont Lander, WY 133 $687.61

12 John D. Armstrong, William L. Bregar and Annette E. Fremont Lander, WY 72 $ Bregar Russell Ranch, LLC Hot Springs Thermopolis, WY 13 $ Pete Scripps Park Cody, WY 110 $ Joel Cowan Uinta Midway, UT 16 $ Ingrid Buchmeier Fremont Lander, WY 27 $ J. Michael Gottfredson Uinta Salt Lake City, UT 10 $ Estate of Norman Sanford Hot Springs Buffalo, WY 114 $ Wyoming Land & Ranches, LLC Uinta Prescott, AZ 137 $ Hagen Properties, LLC, a Wyoming Limited Liability Co. Park Meeteetse, WY 173 $ DIRECTOR'S RECOMMENDATION: The Director recommends approval of these lease applications at the annual rental shown. The annual rental is based on $5.17/AUM for The leases are to be issued for a ten (10) year term. BOARD ACTION:

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