River City Partnership                    02/02/04

                           Valuation Statement as of January 15, 2004

 

                              FIRST BUY    SHARES     COST             PRICE PER    TOTAL  PERCENT  TOTAL  COMPOUND

                              OR VALUATN   OWNED      PER        TOTAL   SHARE      VALUE     OF    RETURN  ANN. RET.

           SECURITY    TS DRP    DATE    THIS DATE   SHARE       COST  THIS DATE  THIS DATE  TOTAL  SINCE 12/31/02

      =============================================================================================================

      Cardinal Health     CAH  12/31/02    15.000   58.2407     873.61   60.0000     900.00   8.5%   1.56%    1.50%

      Coca-Cola            KO  12/31/02    40.000   49.3185    1972.74   49.7300    1989.20  18.8%  15.57%   14.92%

      Coor's B            RKY  12/31/02    20.000   55.1945    1103.89   54.4900    1089.80  10.3%  -3.90%   -3.75%

      Ethan Allen         ETH  12/31/02    20.000   36.0600     721.20   43.3700     867.40   8.2%  27.14%   25.96%

      General Dynamics     GD  03/04/03     5.000   62.1980     310.99   92.3300     461.65   4.4%  50.35%   59.97%

      Johnson and John    JNJ  08/07/03    10.000   51.1190     511.19   51.8400     518.40   4.9%   2.36%    5.44%

      Kohl's              KSS  10/03/03    10.000   55.2690     552.69   43.3600     433.60   4.1% -21.55%  -57.36%

      Lowes               LOW  08/07/03    10.000   46.8090     468.09   53.0900     530.90   5.0%  13.49%   33.24%

      Starbuck's Cofee   SBUX  12/31/02    40.000   23.5900     943.60   33.9400    1357.60  12.8%  66.54%   63.27%

      Tribune             TRB  12/31/02    30.000   39.0750    1172.25   50.1200    1503.60  14.2%  11.27%   10.81%

                                                            ----------           ---------- ------

      Total Securities this Date                               8630.25              9652.15  91.2% ------   ------

      Returns for Securities Shown from First Buy or Valuation Date                                 17.22%   16.50%

      Security Returns from Start or Switchover to this Date                                        15.71%   15.06%

                                                                                                                      

      Cash on Hand - Bank                                       810.00               810.00   7.7%

      Cash on Hand - Broker                                     123.18               123.18   1.2%

      Cash on Hand - Suspense                                     0.00                 0.00   0.0%

                                                            ----------           ---------- ------

      Total Cash Accounts this Date                             933.18               933.18   8.8%

                                                            ----------           ---------- ------

      Total Securities and Cash Accounts This Date             9563.43             10585.33 100.0%

                                                                                                                      

      Petty Cash                                         $     0.00

      Total number of Valuation Units to Date               9418.613949

      Value of Each Unit This Date                       $     1.124

      Number of Units Each $ 1.00 will Purchase                0.890

                                           River City Partnership                    02/02/04

                                Members Status Report as of January 15, 2004

 

                          PAID IN     TOTAL    PAID IN      UNITS                                    TOTAL COMPOUND

                           SINCE     PAID IN     PLUS       SINCE       UNITS       CURRENT PERCENT  RETURN ANN RET

      NO.       NAME      01/01/03   TO DATE   EARNINGS    01/01/03     OWNED        VALUE  OWNRSHP  SINCE 01/01/04

      =============================================================================================================

       1 Gunderson, Bret    80.00    1310.00     868.81 -356.712235  1061.227240    1192.69  11.27%  -1.78% -37.44%

       2 Hill, Clay & Ja   325.00    1570.00    1034.80 -137.824397  1353.213462    1520.84  14.37%  -1.07% -24.53%

       3 Hipsher, Craig    325.00    1590.00    1063.45 -124.181296  1322.246969    1486.04  14.04%  -1.06% -24.19%

       4 Nichols, Jim &    389.00    1334.00     886.57    6.269851  1178.655053    1324.66  12.51%  -0.97% -22.35%

       5 O'Hara, Thomas    325.00    1910.00    1278.35 -242.268214  1590.275298    1787.27  16.88%  -1.18% -26.65%

       6 Roberts, Stuart   180.00     180.00     138.57  150.167450   150.167450     168.77   1.59%   6.13% 372.12%

       7 Schaffer, Bill    325.00    1545.00    1028.81 -118.162238  1308.585187    1470.68  13.89%  -1.05% -24.04%

       8 Schaffer, Conni   325.00    1545.00    1028.81 -118.162238  1308.585187    1470.68  13.89%  -1.05% -24.04%

       9 White, Carol      170.00     170.00     130.15  145.658103   145.658103     163.70   1.55%   6.44% 409.86%

                       --------- ---------- ----------  ----------  ----------- ---------- -------  ------  ------

         TOTALS           2444.00   11154.00    7458.32 -795.215214  9418.613949   10585.33 100.00%   -6.41   -1.63