Llano, TX Land & Home Lots for Sale

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  /39

  $1,249,000

  • Land
  • 66.7 Acres
  • $18,726 per Acre

  1137 County Road 314, Llano, TX 78643

  *Priced below county appraised value!* Welcome to the epitome of Hill Country living at this sprawling ranch in Llano, boasting over 66 acres of picturesque landscapes and endless possibilities. Nestled amidst stunning panoramic views of the Hill Country, this property offers a unique blend of natural beauty and modern convenience. With its expansive acreage, this ranch presents an exceptional

  Josh Friedman Friedman Real Estate, Inc.

  1137 County Road 314, Llano, TX 78643
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  /56

  $15,645,760

  • Land
  • 864.96 Acres
  • $18,088 per Acre

  000 County Rd 102, Llano, TX 78643

  The Johnson Legacy River Ranch (864.96 ac) is a premier live water river ranch along the Llano River that has been in the same family for over 100 years. This gorgeous, diverse ranch is ideally located close to Fredericksburg, Horseshoe Bay, Austin, and Llano. With 3,940' or 0.75 miles of uninterrupted Llano River frontage, 6,865' or 1.30 miles of frontage along both sides of San Fernando Creek,

  Jeremy Lacy Anders Realty - Fredericksburg

  

  000 County Rd 102, Llano, TX 78643
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  /75

  $9,503,360

  • Land
  • 306.56 Acres
  • $31,000 per Acre

  000 County Rd 102, Llano, TX 78643

  The Johnson Family River Ranch (306.56 ac) is a premier live water river ranch along the north bank of the Llano River that has been in the same family for over 100 years. This gorgeous, diverse Texas Hill Country property is ideally located close to Fredericksburg, Horseshoe Bay, Austin, and Llano. With 3,940' or 0.75 miles of uninterrupted Llano River frontage, a diverse mixture of mature oak

  Jeremy Lacy Anders Realty - Fredericksburg

  

  000 County Rd 102, Llano, TX 78643
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  /52

  $3,904,450

  • Land
  • 125.95 Acres
  • $31,000 per Acre

  000 County Rd 102, Llano, TX 78643

  La Hacienda Rio (125.95 ac) is the center tract of The Johnson Family River Ranch, a premier live water river ranch on the Llano River that has been in the same family for over 100 years. This gorgeous property is ideally located close to Fredericksburg, Horseshoe Bay, Austin, and Llano. With 1,955' or 0.37 miles of uninterrupted Llano River frontage, a 3 BR/2BA historic home built in 1923 with

  Jeremy Lacy Anders Realty - Fredericksburg

  

  000 County Rd 102, Llano, TX 78643
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  /33

  $1,938,740

  • Land
  • 62.54 Acres
  • $31,000 per Acre

  000 County Rd 102, Llano, TX 78643

  Rancho El Aguila (62.54 ac) is the center tract of The Johnson Family River Ranch, a premier live water river ranch on the Llano River that has been in the same family for over 100 years. This gorgeous property is ideally located close to Fredericksburg, Horseshoe Bay, Austin, and Llano. With 800' or 0.15 miles of uninterrupted Llano River frontage, a diverse mixture of mature oak and Pecan tree

  Jeremy Lacy Anders Realty - Fredericksburg

  

  000 County Rd 102, Llano, TX 78643
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  /12

  $398,900

  • Land
  • 1.08 Acres
  • $369,352 per Acre

  Lot 3 Cr 104, Llano, TX 78643

  Discover your own slice of the Texas Hill Country with this 1.08-acre tract on the beautiful Llano River. This unimproved property offers endless possibilities—build your dream home, create a weekend getaway, or hold as an investment. A major bonus is the high-producing 37 GPM well, already in place, providing a strong water source for future use. The land’s natural setting gives you room to

  Heather Guthrie Landmasters Real Estate

  Lot 3 Cr 104, Llano, TX 78643
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  /69

  $8,425,660

  • Land
  • 846.8 Acres
  • $9,950 per Acre

  7602 County Road 113, Llano, TX 78643

  Just 13 miles southwest of Llano, this 840-acre Hill Country ranch offers sweeping views of Bull Head, Enchanted Rock, Bell Mountain, and House Mountain. With nearly 3 miles of paved frontage along CR 112 and CR 113, the gently rolling terrain is ideal for ranching, recreation, or development—offering easy division into four prime tracts, all with electricity, wells, and excellent access. TRACT 1

  Terry Wootan Terry Wootan Real Estate

  

  7602 County Road 113, Llano, TX 78643
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  /50

  $2,815,120

  • Land
  • 176 Acres
  • $15,995 per Acre

  2602 County Rd 406, Llano, TX 78643

  176 acres in Llano County, Texas In the heart of Llano County, just 7.5 miles west of Llano off Hwy 29, this exceptional 176-acre property offers paved County Road 406 access along the entire North boundary. WATER, WATER, WATER! The ranch features 3 wells producing 10+, 20+, 75GPM, as well and a large pond and creek. These wells can supplement the beautiful live oak-canopied creek, and also the

  Terry Wootan Terry Wootan Real Estate

  

  2602 County Rd 406, Llano, TX 78643
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  /31

  $4,250,000

  • Land
  • 278 Acres
  • $15,288 per Acre

  111 County Road 113, Llano, TX 78643

  Description: High Vista Ranch has been operated as a cattle ranch and was once part of a larger ranch. The property has been meticulously maintained, with minimal unwanted brush species and limited prickly pear. The landscape is adorned with hundreds of large Live Oak and Post Oak trees scattered throughout. Views to the South and West are unrivaled. Elevation: The highest elevation on the ranch

  Clayton Leverett Stillwaters Land Co.

  

  111 County Road 113, Llano, TX 78643
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  /36

  $3,092,210

  • Land
  • 281.11 Acres
  • $11,000 per Acre

  000 County Rd 102, Llano, TX 78643

  East San Fernando Creek Ranch (281.11 ac) is the northeast section of the Johnson Legacy River Ranch and has been in the same family for over 100 years. This gorgeous, diverse Texas Hill Country property is ideally close to Fredericksburg, Horseshoe Bay, Austin, and Llano. With its diverse, mature oak and Pecan tree cover, 3,650' or 0.69 miles of frontage along both sides of San Fernando Creek,

  Jeremy Lacy Anders Realty - Fredericksburg

  

  000 County Rd 102, Llano, TX 78643
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  /75

  $6,142,400

  • Land
  • 558.4 Acres
  • $11,000 per Acre

  1263 County Road 102, Llano, TX 78643

  San Fernando Creek Ranch (558.40 ac) is the upper section of the Johnson Legacy River Ranch and has been in the same family for over 100 years. This gorgeous, diverse Texas Hill Country property is ideally located close to Fredericksburg, Horseshoe Bay, Austin, and Llano. With its diverse, mature oak and Pecan tree cover, 6,865' or 1.3 miles of frontage along both sides of San Fernando Creek,

  Jeremy Lacy Anders Realty - Fredericksburg

  

  1263 County Road 102, Llano, TX 78643
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  /39

  $3,050,190

  • Land
  • 277.29 Acres
  • $11,000 per Acre

  000 County Rd 102, Llano, TX 78643

  West San Fernando Creek Ranch (277.29 ac) is the northwest section of the Johnson Legacy River Ranch and has been in the same family for over 100 years. This gorgeous, diverse Texas Hill Country property is ideally close to Fredericksburg, Horseshoe Bay, Austin, and Llano. With its diverse, mature oak and Pecan tree cover, 3,215' or 0.61 miles of frontage along both sides of San Fernando Creek,

  Jeremy Lacy Anders Realty - Fredericksburg

  

  000 County Rd 102, Llano, TX 78643
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  /31

  $729,000

  • Land
  • 9.63 Acres
  • $75,701 per Acre

  2340 E State Highway 71, Llano, TX 78643

  UNRESTRICTED, AG VALUATION, HIGHWAY 71 FRONTAG, NEW WELL REPORT, 8-9GPM, RECENT PRICE REDUCTION.Discover the perfect blend of rustic charm and modern comfort in this remodeled 3-bedroom, 3-bath home, nestled on over 9 breathtaking acres just off of Highway 71 in Llano. This gorgeous 2,280 SQFT home was originally built in 1976 and has been masterfully reconfigured and is waiting to become

  Reene Bradshaw Phyllis Browning Company

  2340 E State Highway 71, Llano, TX 78643
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  /18

  $349,996

  • Land
  • 17.27 Acres
  • $20,266 per Acre

  000 Texas 29, Llano, TX 78643

  Welcome to your own slice of paradise in the heart of the Texas Hill Country! This stunning 17.27-acre property boasts breathtaking views of valleys & peaks, dotted with majestic mesquite trees. The property is located witin 45 minutes Lake Buchanan & is less than 5 minutes to the Llano River. Perfect for outdoor enthusiasts, this property is a deer hunter's dream with ample opportunities for

  Beverly Filer Lone Star, Realtors

  000 Texas 29, Llano, TX 78643
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  /15

  $979,650

  • Land
  • 27.99 Acres
  • $35,000 per Acre

  3736-1 County Road 113 Unit 1, Llano, TX 78643

  Offering a peaceful escape surrounded by natural beauty & uninterrupted views is Goldmine Creek Preserve. Each ranch shares a private 60' wide entrance with 20' wide chip seal road. Established utilities, cleared brush, ponds, & seasonal Goldmine Creek can be found. You'll enjoy stunning forever views of Enchanted Rock, Bull Head, & Prairie Mnt to the West, Cedar Mnt, Riley Mnt, & Lucky Mnt to

  Michele 'Mitch' Smith Reata Ranch Realty, LLC

  

  3736-1 County Road 113 Unit 1, Llano, TX 78643
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  /16

  $668,500

  • Land
  • 19.1 Acres
  • $35,000 per Acre

  3736-3 County Road 113 Unit 3, Llano, TX 78643

  Offering a peaceful escape surrounded by natural beauty & uninterrupted views is Goldmine Creek Preserve. Each ranch shares a 60' wide entrance with 20' wide chip seal road. Established utilities, cleared brush, ponds, & seasonal Goldmine Creek can be found. You'll enjoy stunning forever views of Enchanted Rock, Bull Head, & Prairie Mnt to the West, Cedar Mnt, Riley Mnt, & Lucky Mnt to the East

  Michele 'Mitch' Smith Reata Ranch Realty, LLC

  

  3736-3 County Road 113 Unit 3, Llano, TX 78643
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  /9

  $737,450

  • Land
  • 21.07 Acres
  • $35,000 per Acre

  3736-4 County Road 113 Unit 4, Llano, TX 78643

  Offering a peaceful escape surrounded by natural beauty & uninterrupted views is Goldmine Creek Preserve. Each ranch shares a private 60' wide entrance with 20' wide chip seal road. Established utilities, cleared brush, ponds, & seasonal Goldmine Creek can be found. You'll enjoy stunning forever views of Enchanted Rock, Bull Head, & Prairie Mnt to the West, Cedar Mnt, Riley Mnt, & Lucky Mnt to

  Michele 'Mitch' Smith Reata Ranch Realty, LLC

  

  3736-4 County Road 113 Unit 4, Llano, TX 78643
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  /30

  $1,010,800

  • Land
  • 28.88 Acres
  • $35,000 per Acre

  3736-6 County Road 113 Unit 6, Llano, TX 78643

  Offering a peaceful escape surrounded by natural beauty & uninterrupted views. Each ranch shares a private 60' wide entrance with 20' wide chip seal road. Established utilities, cleared brush, ponds, & seasonal Goldmine Creek can be found. Enjoy forever-views of Enchanted Rock, Bull Head, & Prairie Mnt to the West, Cedar Mnt, Riley Mnt, & Lucky Mnt to the East. Discover your perfect retreat where

  Michele 'Mitch' Smith Reata Ranch Realty, LLC

  

  3736-6 County Road 113 Unit 6, Llano, TX 78643
• 

  

  /18

  $640,500

  • Land
  • 18.3 Acres
  • $35,000 per Acre

  3736-2 County Road 113 Unit 2, Llano, TX 78643

  Offering a peaceful escape surrounded by natural beauty & uninterrupted views is Goldmine Creek Preserve. Each ranch shares a private 60' wide entrance with 20' wide chip seal road. Established utilities, cleared brush, ponds, & seasonal Goldmine Creek can be found. You'll enjoy stunning forever views of Enchanted Rock, Bull Head, & Prairie Mnt to the West, Cedar Mnt, Riley Mnt, & Lucky Mnt to

  Michele 'Mitch' Smith Reata Ranch Realty, LLC

  

  3736-2 County Road 113 Unit 2, Llano, TX 78643
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  /16

  $809,900

  • Land
  • 23.14 Acres
  • $35,000 per Acre

  3736-5 County Road 113 Unit 5, Llano, TX 78643

  Offering a peaceful escape surrounded by natural beauty & uninterrupted views is Goldmine Creek Preserve. Each ranch shares a private 60' wide entrance with 20' wide chip seal road. Established utilities, cleared brush, ponds, & seasonal Goldmine Creek can be found. You'll enjoy stunning forever views of Enchanted Rock, Bull Head, & Prairie Mnt to the West, Cedar Mnt, Riley Mnt, & Lucky Mnt to

  Michele 'Mitch' Smith Reata Ranch Realty, LLC

  

  3736-5 County Road 113 Unit 5, Llano, TX 78643
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  /30

  $899,900

  • Land
  • 65.42 Acres
  • $13,755 per Acre

  000 County Road 402, Llano, TX 78643

  $80,000 PRICE REDUCTION ON BEAUTIFUL NW LLANO COUNTY RANCH ** This scenic ranch is conveniently located approx. 5.3 miles NW of Llano on CR 402 near Highway 71 West, and offers an abundance of wildlife and great views. Wet weather Johnson Creek runs through the NW Corner of the property where huge live oaks, post oaks and other hardwoods thrive. The rest of the ranch also has great tree cover,

  Kathy Beckham Virdell Real Estate, LLC

  

  000 County Road 402, Llano, TX 78643
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  /35

  $4,975,000

  • Land
  • 190 Acres
  • $26,184 per Acre

  6600 State Highway 71, Llano, TX 78643

  Welcome to the O&K Ranch, a luxury masterpiece beautifully positioned on 190 rolling acres in the heart of the Texas Hill Country. Perfect for those seeking a serene escape, this stunning property seamlessly blends sophisticated living with the rustic charm of the countryside. Click on the virtual tour link under the photos for a full exposé of this luxury estate. The main house boasts a

  Dave Bair Berkshire Hathaway TX Realty

  6600 State Highway 71, Llano, TX 78643
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  /15

  $187,000

  • Land
  • 0.25 Acre
  • $763,265 per Acre

  0009 Walden Way Unit 9, Llano, TX 78643

  Llano River Lot Welcome to Llano, where our river is always open! Railyard River Estates Lot 9. 0.245 acres of Llano Riverfront residential property in Llano, Texas (Llano County). This property has 70 plus feet of beautiful Llano River frontage. The lot essentially has 3 levels. The top two levels could be possible building sites for a river home and possibly a guest house/pool on the second

  Bob Quigley Stillwaters Land Co.

  

  0009 Walden Way Unit 9, Llano, TX 78643
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  /15

  $229,000

  • Land
  • 0.46 Acre
  • $495,671 per Acre

  0003 Walden Way Unit 3, Llano, TX 78643

  Llano River Lot Welcome to Llano, where our river is always open! Railyard River Estates Lot 3. 0.462 acres acres of Llano Riverfront residential property in Llano, Texas (Llano County). This property has 70 plus feet of beautiful Llano River frontage. The lot essentially has 3 levels. The top two levels could be possible building sites for a river home and possibly a guest house/pool on the

  Bob Quigley Stillwaters Land Co.

  

  0003 Walden Way Unit 3, Llano, TX 78643
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  /8

  $475,000

  • Land
  • 35 Acres
  • $13,571 per Acre

  Unlisted Address

  Hard to find this size acreage in Llano county--has a well--electricity--pond and some elevations.Native brush ,mesquite and live oaks.Much potential.Water and Electricity on site--good well and lots of deer!

  Robert Davidson Virdell Real Estate, LLC

  

  Unlisted Address
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  /4

  $35,000

  • Land
  • 0.15 Acre
  • $233,333 per Acre

  1908 Moore St, Llano, TX 78643

  Cleared corner lot in a quiet, peaceful little part of town. The current owner was able to obtain a variance regarding the setbacks on this lot, allowing for more room for a home, parking, or a yard. Per the city of Llano, site built efficiency homes are allowed 399-899 sq ft, and manufactured homes are allowed with a 900 minimum sq ft.

  Kathryn Boswell Jesse James Real Estate

  1908 Moore St, Llano, TX 78643
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  /30

  $309,000

  • Land
  • 4 Acres
  • $77,250 per Acre

  TBD W Ranch Road 152, Llano, TX 78643

  ADDITIONAL ACREAGE AVAILABLE! RIVERFRONT PROPERTY! Have you been looking for your perfect piece of the Texas Hill County? If so, look no further than this +/- 4 acre tract, ready for a lucky buyer! Located a short 10 miles west of Llano, 7 miles from the historic Castell, and 47 miles from Fredericksburg, the HB River Ranch offers +/- 110 feet of pristine Llano River Frontage with easy access off

  Charles Armstrong Capital Ranch Sales, LLC

  TBD W Ranch Road 152, Llano, TX 78643
• 

  

  /15

  $260,000

  • Land
  • 5.05 Acres
  • $51,485 per Acre

  4536 Texas 29, Llano, TX 78643

  A rare find in the charming Hill Country town of Llano! This spacious 5-acre parcel is the perfect canvas for your dream home or development project! Located just 4 miles from town, this lot offers a tranquil setting with convenient access to all the amenities you need. With an improved road already in place, getting to the 60x45 building pad is a breeze. The pad is prepared and ready for

  Lauren Swift eXp Realty, LLC

  4536 Texas 29, Llano, TX 78643
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  /30

  $365,000

  • Land
  • 1.23 Acres
  • $296,748 per Acre

  Lot 11 Cr 104, Llano, TX 78643

  This property sounds like a dream for anyone who loves nature and water activities! With 115 feet of pristine Llano River frontage, it offers a perfect spot for kayaking and floating right from your own backyard. The mature oaks provide shade and beauty, and the impressive 30-gallon-per-minute well is a fantastic feature, especially compared to the county's average, pink granite outcroppings and

  Brenda Schneider Landmasters Real Estate

  Lot 11 Cr 104, Llano, TX 78643
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  /7

  $57,000

  • Land
  • 0.2 Acre
  • $285,000 per Acre

  103 E Houston St, Llano, TX 78643

  Commercially zoned lot in the heart of Llano! This lot currently has an old, unloved home that will require an immense amount of work...or removal, and a very functional metal warehouse building. Metal building has 2 separate sets of double doors separated by a wall, and an ample amount of shelves all on a concrete slab. Use one side, rent the other, or any combination of the two!

  Kathryn Boswell Jesse James Real Estate

  103 E Houston St, Llano, TX 78643
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  /38

  $3,100,000

  • Land
  • 261 Acres
  • $11,877 per Acre

  7201 Fm 2241, Llano, TX 78643

  Templeton Ranch spans 261 acres in Llano County, just minutes from Llano and Lake Buchanan. At its heart stands an extraordinary live oak, a centuries-old Hill Country giant with a trunk nearly 20 feet around. This rare tree is a piece of living Texas history, believed to be among the largest in the county. The ranch is framed by rolling hills, mature oaks, and native cover, with seasonal creeks

  Thomas Halfmann Halfmann Realty

  7201 Fm 2241, Llano, TX 78643
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  /13

  $300,000

  • Land
  • 2.75 Acres
  • $109,091 per Acre

  701 E Tarrant St, Llano, TX 78643

  One of the last remaining undeveloped blocks within The City of Llano! This is an incredible opportunity for a builder or investor to meet the growing need for new housing in Llano. The block consists of 16 lots, approximately 50x140ft. Paved streets on all 4 sides, and all utilities are available. Property is zoned SF-2, allowing for single family homes. Duplexes and Manufactured homes will not

  Andrew Virdell Landmasters Real Estate

  701 E Tarrant St, Llano, TX 78643
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  /18

  $159,000

  • Land
  • 0.24 Acre
  • $662,500 per Acre

  Lot 7 Walden Way, Llano, TX 78643

  This exceptional property boasts a stunning view of the Great Llano River, with picturesque vistas of the Llano Courthouse and Bridge. Situated conveniently close to downtown, this new development offers an ideal location for building your vacation retreat or permanent residence. City water and sewer taps have already been installed, making it ready for your customization. Opportunities like

  Deborah Peck Landmasters Real Estate

  Lot 7 Walden Way, Llano, TX 78643
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  /23

  $599,900

  • Land
  • 20.84 Acres
  • $28,786 per Acre

  520 N County Rd 520, Llano, TX 78643

  Wow! This property has it all! Starting with a Beautiful 1458 SF Manufactured 3/2 with a massive porch & deck areas it sits above a beautiful small lake & a running feeder creek. The 1,600 SF+ Workshop/office is across the pond & set up for anything somebody wants to put in and a few hundred yards away is the Barn for all your Farming/Ranching equipment. The place is also set up for a hunting

  Tory Virdell Virdell Real Estate, LLC

  

  520 N County Rd 520, Llano, TX 78643
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  /8

  $95,000

  • Land
  • 1.5 Acres
  • $63,333 per Acre

  309 E Navarro St, Llano, TX 78643

  Welcome to this captivating 1+ Acre lot adorned with majestic Live Oaks, creating a serene park-like ambiance, ideal for building your dream home. Amidst the lush greenery, envision your perfect retreat. While part of the lot is in the floodplain, much remains untouched, offering versatility and tranquility. Explore this enchanting property and let your imagination take flight amidst the timeless

  Deborah Peck Landmasters Real Estate

  309 E Navarro St, Llano, TX 78643
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  /27

  $649,000

  • Land
  • 8.4 Acres
  • $77,262 per Acre

  TBD Ranch Road 152, Llano, TX 78643

  Unique investment opportunity in booming Llano, TX! This rare offering of 8.4 acres inside the City of Llano has tons of potential to the right buyer! Zoned GR (General Residential) this property would lend itself perfectly for any number of commercial uses such as; multi-family housing, apartments, duplexes, senior living, nursing home, trade school, church and much more! This property has over

  Jason James Jesse James Real Estate

  

  TBD Ranch Road 152, Llano, TX 78643
• 

  

  /30

  $550,000

  • Land
  • 9 Acres
  • $61,111 per Acre

  11865 W Ranch Road 152 Tract 1, Llano, TX 78643

  MORE ACREAGE AVAILABLE! RIVERFRONT PROPERTY! Have you been looking for your perfect piece of the Texas Hill County? If so, look no further than this +/- 9 acre tract, ready for a lucky buyer! Located a short 10 miles west of Llano, 7 miles from the historic Castell, and 47 miles from Fredricksburg, the HB River Ranch offers +/- 200 feet of pristine Llano River Frontage with easy access off paved

  Charles Armstrong Capital Ranch Sales, LLC

  11865 W Ranch Road 152 Tract 1, Llano, TX 78643
• 

  

  /20

  $179,900

  • Land
  • 5.2 Acres
  • $34,596 per Acre

  5954 County Road 408 Unit 50, Llano, TX 78643

  Great opportunity for much desired small acreage in the serene Valley Spring community! This peaceful 5.2 +/- acres has a single wide manufactured home on the property that could use some TLC but is livable as is! Would be a great little get a way/man cave or can be removed for your dream build! Priced to sell!

  Tory Virdell Virdell Real Estate, LLC

  

  5954 County Road 408 Unit 50, Llano, TX 78643
• 

  

  /27

  $550,000

  • Land
  • 9 Acres
  • $61,111 per Acre

  11865 W Ranch Road 152, Llano, TX 78643

  MORE ACREAGE AVAILABLE! RIVERFRONT PROPERTY! Have you been looking for your perfect piece of the Texas Hill County? If so, look no further than this +/- 9 acre tract, ready for a lucky buyer! Located a short 10 miles west of Llano, 7 miles from the historic Castell, and 47 miles from Fredericksburg, the HB River Ranch offers +/- 200 feet of pristine Llano River Frontage with easy access off paved

  Charles Armstrong Capital Ranch Sales, LLC

  11865 W Ranch Road 152, Llano, TX 78643
• 

  /2

  $3,660,170

  • Land
  • 118.07 Acres
  • $31,000 per Acre

  000 County Rd 102, Llano, TX 78643

  Rancho Rio Riudoso (118.07 ac) is the western tract of The Johnson Family River Ranch, a premier live water river ranch on the Llano River that has been in the same family for over 100 years. This gorgeous property is ideally located close to Fredericksburg, Horseshoe Bay, Austin, and Llano. With 1,185' or 0.22 miles of uninterrupted Llano River frontage, a diverse mixture of mature oak and Pecan

  Jeremy Lacy Anders Realty - Fredericksburg

  

  000 County Rd 102, Llano, TX 78643

Showing Results 81 - 120, Page 3 of 4