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® AppraisalFirst, LLC 8101 Biscayne Boulevard, Suite R-516 Miami, Florida 33138 Phone: 305-470-2130 Fax: 305-381-8047 E-mail: residential(@apraisalfirst.net E-mail: frankna,appraisalfirst.net March 3, 2025 V Fee Florida Realty LLC 130 Route 10, Whippany, NJ 07981 c/o Carmen Tillit East of Collins -Expediting Re: The purchase of Transfer Development Rights (TDR's) as it pertains to the expansion of a residential unit located in the Mansions of Acqualina, at 17749 Collins Avenue, Unit 402, Sunny Isles Beach, Florida 33160. Dear Ms. Tillit: As requested, I have prepared the attached appraisal report of the above referenced property. The purpose of the report is to estimate a cost per unit for the purchase of Transfer Development Rights (TDR's), as it pertains to the underlying subject property. This appraisal report complies with the minimum standards of the 2024 Edition of the Uniform Standards of Professional Appraisal Practice (USPAP), effective January 1, 2024, as published by the Appraisal Standards Board of the Appraisal Foundation. Specifically, this report adheres to the reporting requirements set forth under Standards Rule 2-2(a) of USPAP, as it pertains to an Appraisal Report. The value opinion reported is qualified by certain definitions, limiting conditions and certifications which are set forth on pages 38 through 40 of this report. The extraordinary assumption is stated herein. The report includes no hypothetical conditions. The subject property consists of an approximate 313 square foot terrace areas within a residential unit in the Mansions of Acqualina located along the ocean side of Collins Avenue, between 177", and 178`h Streets, Sunny Isles Beach, Florida. The Mansions of Acqualina consists of a 47 -story, luxury condominium tower, with 79 residential units, consisting of seven expansive, flow through, floor plans. The building was completed in 2015. 98