Integra Realty Resources Caribbean Appraisal of Going Concern IGY American Yacht Harbor Marina Mixed Use Property 18A-1, 18-B1,18-B and 18-W Remainder Estate Smith Bay East End Quarter, St. Thomas, Virgin Islands Client Reference: 23559 Prepared For: Banco Popular de Puerto Rico Effective Date of the Appraisal: November 25, 2015 Report Format: Appraisal Report —Standard Format IRR - Caribbean File Number: 172-2015-0181 IGY American Yacht Harbor Marina 18A-1, 18-61,18-B and 18-W Remainder Estate Smith Bay East End Quarter, St. Thomas, Virgin Islands Integra Realty Resources Caribbean December 15, 2015 Roberto A. Soltero Vice President Banco Popular de Puerto Rico PO Box 362708 San Juan, PR 00936-2708 6500 Red Hook Plaza Suite 201 St. Thomas, VI 00802 U.S. Virgin Islands T 340-714-7325 T 844-952-7304 [email protected] www.irr.com SUBJECT: Market Value Appraisal IGY American Yacht Harbor Marina 18A-1, 18-61,18-B and 18-W Remainder Estate Smith Bay East End Quarter, St. Thomas, Virgin Islands Client Reference: 23559 IRR - Caribbean File No. 172-2015-0181 Dear Mr. Soltero: Integra Realty Resources — Caribbean is pleased to submit the accompanying appraisal of the referenced property. The purpose of the appraisal is to develop an opinion of the market value of the leased fee (going concern) interest in the property. The client for the assignment is Banco Popular de Puerto Rico, and the intended use is for Commercial credit administration. The appraisal is intended to conform with the Uniform Standards of Professional Appraisal Practice (USPAP), the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, the Principles of Appraisal Practice and Code of Ethics of the American Society of Appraisers, the RICS Valuation Professional Standards, the International Valuation Standards, applicable jurisdictional appraisal regulations, and the appraisal guidelines of Banco Popular