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Roberto A. Soltero Banco Popular de Puerto Rico December 15, 2015 Page 2 adhere to the Integra Realty Resources internal standards for an Appraisal Report — Standard Format. This format summarizes the information analyzed, the appraisal methods employed, and the reasoning that supports the analyses, opinions, and conclusions. The subject is an existing 250-slip marina with 5 commercial buildings containing a mixture of retail and office space types. The buildings contain 48,661 square feet of rentable area and were constructed in multiple stages; with the majority of the construction completed in 1993. The commercial space is 85% leased as of the effective appraisal date. The marina docks were constructed in multiple phases between 1991-1995 and are 52.8% occupied as of the effective appraisal date. The total site area is 2.76 acres or 120,226 square feet, which includes 0.64 acre or 27,878 square feet, that is re-claimed land. The property also includes 3.2 acres of seabed under the marina dock structures which is leased to the property owner from the Government of the Virgin Islands. Based on the valuation analysis in the accompanying report, and subject to the definitions, assumptions, and limiting conditions expressed in the report, our opinion of value is as follows: Value Conclusion* i i ee Appraisal Premise interest Appraised Date of Value Value Conclusion Market Value Leased Fee (Going Concern) November 25, 2015 $24,360,000 *Values expressedin United States Dollars Allocation of Going Concern Value Amount % of Total Tangible Property Land & Improvements $24,250,000 99.5% Tangible Personal Property (FF&E) $110,000 0.5% Total Tangible Property $24,360,000 100.0% Intangible Assets so 0.0% Market Value* $24,360,000 100.0% *Specifically excluded from the valuation are cash and equivalents and current liabilities. The allocation of value components is based on the going-concern premise, which holds that the value of a business as a going-concern is equal to the sum of the values of the tangible and intangible assets. The allocation assumes continued operation of the marina business. Were the marina business to cease operations, the values of the individual components would likely be different from the allocated values of the going concern. HOUSE_OVERSIGHT_018807