Department of Property&Procurement Government of the United States Virgin Islands 3274 ESTATE RICHMOND, CHRISTIANSTED, U. S. VIRGIN ISLANDS 00820 8201 Sue BASE, 3rD FLOOR, Sr. THOMAS, U. S. VIRGIN ISLANDS 00802 ST. CROIX MAIN OFFICE: 340.773.1561 I ST. THOMAS MAIN OFFICE. 340.774 0828 ST. CROIX FAX: 340.773.0986 I ST. THOMAS FAX. 340 777 9587 HTTP://CIPP.VI.GOV July 10, 2014 Jeanne Brennan 6100 Red Hook Quarter, B3 St. Thomas, VI 00802 RE: NEGOTIATIONS TO PURCHASE DOG ISLAND Dear Ms. Brennan: The department commissioned three appraisals to determine the purchase price for Dog Island. The following is a list of the valuations that were returned from three independent appraisers: Appraiser Total Cost Date of Appraisal Report Delrease Roberts $1,060,000 July 2, 2014 Elissa Runyon $1,000,000 July 2, 2014 Kenn Hobson $1,200,000 July 2, 2014 Accordingly, the average of the three appraised values for this proposed purchase is ONE MILLION ONE HUNDRED THOUSAND DOLLARS ($1,100,000.00). Please inform the department, in writing, if you would like to proceed with the proposed purchase as soon as possible or if you would like to schedule a meeting in order to allow for the processing of a Deed, which must be approved by the Governor and Legislature. Please bear in mind the appraisal reports are only valid for six months from the date of issuance. If you have any questions, please feel free to contact Derek Gabriel, Deputy Commissioner of Property & Printing, at (340) 774-0828 x261. EFTA_R1_02213928 EFTA02726221