Roberto A. Soltero Banco Popular de Puerto Rico i 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 f 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 i 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 i 3.2 acres of seabed under the marina dock structures which is leased to the property owner | from the Government of the Virgin Islands. g 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* Appraisal Premise interest Appraised Date of Value Value Conclusion Market Value Leased Fee (Going Concern) November 25, 2015 $24,360,000 é 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% i 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