River City Partnership                    02/23/04

                           Valuation Statement as of February 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 01/01/04

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

      Cardinal Health     CAH  01/01/04    15.000   58.2407     873.61   65.4000     981.00   8.6%   6.98%   72.97%

      Coca-Cola            KO  01/01/04    40.000   49.3185    1972.74   51.1400    2045.60  17.9%   0.77%    6.41%

      Coor's B            RKY  01/01/04    20.000   55.1945    1103.89   64.3500    1287.00  11.3%  14.71%  204.53%

      Ethan Allen         ETH  01/01/04    20.000   36.0600     721.20   44.1000     882.00   7.7%   5.55%   54.97%

      General Dynamics     GD  01/01/04     5.000   62.1980     310.99   95.9400     479.70   4.2%   6.14%   62.20%

      Johnson and John    JNJ  01/01/04    10.000   51.1190     511.19   54.2300     542.30   4.8%   4.97%   48.30%

      Kohl's              KSS  01/01/04    10.000   55.2690     552.69   48.6500     486.50   4.3%   8.26%   90.38%

      Lowes               LOW  01/01/04    10.000   46.8090     468.09   57.6000     576.00   5.0%   4.04%   37.97%

      Starbuck's Cofee   SBUX  01/01/04    40.000   23.5900     943.60   36.7000    1468.00  12.9%  10.68%  127.80%

      Tribune             TRB  01/01/04    30.000   39.0750    1172.25   51.9900    1559.70  13.7%   0.76%    6.30%

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

      Total Securities this Date                               8630.25             10307.80  90.3% ------   ------

      Returns for Securities Shown from First Buy or Valuation Date                                  5.71%   57.00%

      Security Returns from Start or Switchover to this Date                                         5.71%   57.00%

                                                                                                                      

      Cash on Hand - Bank                                       980.00               980.00   8.6%

      Cash on Hand - Broker                                     125.93               125.93   1.1%

      Cash on Hand - Suspense                                     0.00                 0.00   0.0%

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

      Total Cash Accounts this Date                            1105.93              1105.93   9.7%

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

      Total Securities and Cash Accounts This Date             9736.18             11413.73 100.0%

                                                                                                                      

      Petty Cash                                         $     0.00

      Total number of Valuation Units to Date               9561.053875

      Value of Each Unit This Date                       $     1.194

      Number of Units Each $ 1.00 will Purchase                0.838

                                           River City Partnership                    02/23/04

                                Members Status Report as of February 15, 2004

 

                          PAID IN     TOTAL    PAID IN      UNITS                                    TOTAL COMPOUND

                           SINCE     PAID IN     PLUS       SINCE       UNITS       CURRENT PERCENT  RETURN ANN RET

      NO.       NAME      01/15/04   TO DATE   EARNINGS    01/15/04     OWNED        VALUE  OWNRSHP  SINCE 01/01/04

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

       1 Gunderson, Bret     0.00    1310.00     868.81    0.000000  1061.227240    1266.86  11.10%   4.33%  41.04%

       2 Hill, Clay & Ja    25.00    1595.00    1059.80   20.947048  1374.160510    1640.44  14.37%   5.13%  50.04%

       3 Hipsher, Craig      0.00    1590.00    1063.45    0.000000  1322.246969    1578.46  13.83%   5.14%  50.25%

       4 Nichols, Jim &     25.00    1359.00     911.57   20.947048  1199.602101    1432.05  12.55%   5.25%  51.43%

       5 O'Hara, Thomas     25.00    1935.00    1303.35   20.947048  1611.222346    1923.43  16.85%   5.01%  48.65%

       6 Roberts, Stuart    20.00     200.00     158.57   16.757638   166.925088     199.27   1.75%  12.34% 157.17%

       7 Schaffer, Bill     25.00    1570.00    1053.81   20.947048  1329.532235    1587.16  13.91%   5.15%  50.36%

       8 Schaffer, Conni    25.00    1570.00    1053.81   20.947048  1329.532235    1587.16  13.91%   5.15%  50.36%

       9 White, Carol       25.00     195.00     155.15   20.947048   166.605151     198.89   1.74%  12.62% 162.47%

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

         TOTALS            170.00   11324.00    7628.32  142.439926  9561.053875   11413.73 100.00%   21.09    4.75