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AppraisalFirst - Real Estate Appraisers LLC 1444 Biscayne Boulevard,Suite 211 Miami,Florida 33132 Phone:305470-2130 Fax:305-381-3047 Email:residential(aapraisalfirst.net E-mail:commercialeappraisalfirst.net September 17, 2014 Robert I. Finvarb President and Chief Executive officer Robert Finvarb Companies 1065 Kane Concourse, Suite 201 Bay Harbor Islands, Florida 33154 Re: A commercially zoned property located at 17700 Collins Avenue,Sunny Isles Beach,Florida 33160. Dear Mr. Finvarb: 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 is an Appraisal Report which is intended to comply with reporting requirements set forth under Standards Rule 2-2(a)of the Uniform Standards of Professional Appraisal Practice (2014-2015). Under the previous USPAP for 2012- 2013 the report would have been described as a Summary Report The value opinion reported is qualified by certain definitions, limiting conditions and certifications which are set forth on pages 32 through 34 of this report. The extraordinary assumption as it relates to market value is stated herein. The report is not premised upon a hypothetical condition. This appraisal report is in compliance with the minimum standards of the Uniform Standards of Professional Appraisal Practice (USPAP 2014-2015). Because the intended use of the appraisal is for internal purposes the report may not be in conformance with Title XI of FIRREA and Department of the Treasury Interagency Appraisal and Evaluation Guidelines. The subject property of this appraisal is the underlying., commercially zoned, land area that is improved with a retail store that was completed in 1957 and contains 14,637 square feet of building area. The subject parcel contains 32,085 square feet or .737 acres of land area (Survey).