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Mr. Hans Ottinot <br /> Page Two <br /> The intended use of the appraisal report will be to aid the client in establishing a fair purchase price <br /> for the subject property. The intended users is the client stated herein. <br /> The appraiser has previously provided consultation and value estimates for properties similar to the <br /> subject property throughout the South Florida region. As such, the appraiser is in compliance with <br /> the competency provision contained within USPAP.A copy ofthe appraiser qualifications is included <br /> in the addenda. <br /> The subject property includes a 44,743 square foot,commercially zoned,parcel of land located along <br /> the west side of Collins Avenue, at 180t Street, lying within the incorporated City of Sunny Isles <br /> Beach,Florida. The property is improved with a small commercial building that was completed in <br /> 1962. The 1,377 square foot building and property is currently used in conjunction with an Alamo <br /> Car Rental Agency. The client has a requested a market value for the underlying land with no <br /> consideration for the existing improvements or any leases in place encumbering the subject property. <br /> By virtue of my investigation and analyses, it is the opinion of the appraisers that,the Market Value <br /> of the subject property, in an"As Is" Condition, as a fee simple estate, as of February 4, 2015 is: <br /> NINE MILLION EIGHT HUNDRED THOUSAND DOLLARS <br /> ($9,800,000) <br /> Respectfully submitted, <br /> Frank Hornstein, MAI <br /> State-Certified General <br /> Real Estate Appraiser,No. RZ 1376 <br />