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BUSINESS VALUATION AND FINANCIAL ADVISORY SERVICES

CRONKITE & KISSELL



November 15, 2001





Marilyn A. Schroeder

Chief Financial Officer

The Coeur d'Alenes Company

3900 East Broadway I

Spokane, WA 99202



Dear Ms. Schroeder:



At your request, we have appraised the fair market value of the common stock of

The Coeur d'Alenes Company ("Coeur d'Alenes" or the "Company") as of August 31,

2001.



It is our understanding that you are contemplating a reverse stock split that

would reduce outstanding shares and result in the buy-out of approximately 300

to 400 minority shareholders.  Your objective is to effect the buy-out on the

basis of a fair market value assessment by an independent valuation firm.



The term "fair market value," as used herein, is defined as the price at which

an asset would change hands between a willing buyer and a willing seller when

the former is not under any compulsion to buy and the latter is not under any

compulsion to sell, and both parties are able, as well as willing, to trade and

are well-informed about the asset and the market for that asset.



It is the understanding of Cronkite & Kissell, upon which it is relying, that

the Company' s Board of Directors and any other recipient of the appraisal will

consult with and rely solely upon their own legal counsel with respect to said

definitions. No representation is made herein, or directly or directly by the

appraisal, as to any legal matter or as to the sufficiency of said definitions

for any purpose other than setting forth the scope of Cronkite & Kissell's

appraisal hereunder.



In connection with this appraisal, we have made such reviews, analyses and

inquiries as we have deemed necessary and appropriate under the circumstances.

Among other things, we have:



     1.   met with certain members of the senior management of the Company to

discuss the  operations, financial condition, future prospects and projected

operations and performance of the Company;



     2.   reviewed the Company's internally-prepared financial statements for

the eleven months  ended August 25, 2000 and 2001 and the audited financial

statements for the five fiscal years ended September 30, 2000;



     3.   reviewed publicly available financial data for certain companies that

we deem comparable to the Company; and



     4.   conducted such other studies, analyses and inquiries as we have

deemed appropriate.





We have relied upon and assumed, without independent verification, that there

has been no material change in the assets, financial condition, business or

prospects of the Company since the date of the most recent financial statements

made available to us.



We have not independently verified the accuracy and completeness of the

information supplied to us with respect to the Company and do not assume any

responsibility with respect to it. We have not made any physical inspection or

independent appraisal of any of the properties or assets of the Company.



All valuation methodologies that estimate the worth of an enterprise as a

going-concern are predicated on numerous assumptions pertaining to prospective

economic and operating conditions. Our opinion is necessarily based on

business, economic, market and other conditions as they exist and can be

evaluated by us as of the valuation date. Unanticipated events and

circumstances may occur and actual results may vary from those assumed. The

variations may be material.



Based upon the investigation, premises, provisos, and analyses outlined above,

it is our opinion that, as of August 31, 2001, the fair market value of the

common stock of Coeur d'Alenes on an aggregate minority interest basis is

reasonably stated in the amount of FOUR HUNDRED FORTY FOUR THOUSAND DOLLARS

($444,000) or approximately $.08 per share based on 5,340,804 common shares

issued and outstanding.



The accompanying exhibits more fully present the premises, analyses and logic

upon which the opinion is founded. The abbreviated format of the appraisal may

not conform to specific guidelines set forth in the Uniform Standards of

Professional Appraisal Practice (U.S.P.A.P.) pertaining only to the narrative

content of reports. Nonetheless, our work files contain all necessary analyses

and documentation to prepare a conforming narrative report, if so requested,

and our work product is otherwise in compliance with applicable standards of U.

S.P.A.P. Before relying upon the appraisal, the accompanying documentation and

exhibits should be read and analyzed in their entirety.



CRONKITE & KISSELL Cronkite & Kissell



Attachments



                         www.ckvalue.com

              Tel: 3I0.284.3131 Fax: 3I0.362.8886

 1888 Century Park East, Suite 1900   Los Angeles, California 90067











LIMITING FACTORS AND OTHER ASSUMPTIONS





In accordance with recognized professional ethics, the professional fee for

this service is not contingent upon Cronkite & Kissell's conclusion of value,

and neither Cronkite & Kissell nor any of its employees has a present or

intended financial interest in the Company.



The opinion of value expressed herein is valid only for the stated purpose and

date of the letter.



The conclusions are based upon the assumption that present management would

continue to maintain the character and integrity of the enterprise through any

sale, reorganization, or diminution of the owners' participation.



This letter and the conclusions arrived at herein are for the exclusive use of

the Company.  Furthermore, the letter and conclusions are not intended by the

author, and should not be construed by the reader, to be investment advice in

any manner whatsoever. The conclusions reached herein represent the considered

opinion of Cronkite & Kissell based upon information furnished to it by the

Company and other sources. The extent to which the conclusions and valuations

arrived at herein should be relied upon, should be governed and weighted

accordingly.



No opinion, counsel or interpretation is intended in matters that require legal

or other appropriate professional advice. It is assumed that such opinions,

counsel or interpretations have been or will be obtained from the appropriate

professional sources.







CERTIFICATION



The undersigned hereby certifies that we have no present or contemplated future

interest in the property that is the subject of this opinion and have no

personal interest or bias with respect to the parties involved; neither our

employment nor our compensation in connection with this with this opinion is in

any way contingent upon the conclusions reached or values estimated and

reflects our personal, unbiased professional judgment; this appraisal has been

prepared in conformance with the "Uniform Standards of Professional Appraisal

Practice" except as noted herein; no person or persons other than those

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