VALUATION ANALYSIS DATE OF VALUATION. October 11, Commonwealth of Massachusetts Division of Fisheries & Wildlife. Town of Ipswich PREPARED BY

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NARRATIVE APPRAISAL REPORT AND VALUATION ANALYSIS PROPERTY Pony Express Farm 128.

1 NARRATIVE APPRAISAL REPORT AND VALUATION ANALYSIS PROPERTY Pony Express Farm Acre Property Candlewood Road, Essex Road, Chebacco Road Ipswch, Massachusetts PROPERTY OWNER Pony Express Farms Inc., Robert L. Danels DATE OF VALUATION October 11, 2016 PREPARED FOR Chrstopher B. LaPonte, Drector of Land Conservaton Greenbelt 82 Eastern Avenue Essex, MA ADDITIONAL INTENDED USERS Commonwealth of Massachusetts Dvson of Fsheres & Wldlfe Town of Ipswch PREPARED BY Avery Assocates 282 Central Street Post Offce Box 834 Acton, Massachusetts TEL: FILE NO /

Avery Assocates Real Estate Apprasers-Counselors October 14, 2016 282 Central St. P.O. Box 834 Acton, MAO1720 Tel: 978-263-5002 Fax:978-635-9435 on@avervandassocates.com Chrstopher B.

LaPonte: In fulfllment of our agreement, as outlned n the letter of engagement dated September 13, 2016, we are pleased to transmt the apprasal report detalng our estmate of the market value of

Ths apprasal has been completed n accordance wth the Unform Standardsfor Professonal Apprasal Practce (USPAP 2016-2017) and the Specfcatons for Analytcal Narratve Apprasal Reports for the

2 Avery Assocates Real Estate Apprasers-Counselors October 14, Central St. P.O. Box 834 Acton, MAO1720 Tel: Fax: Chrstopher B. LaPonte Drector of Land Conservaton Greenbelt 82 Eastern Avenue Essex, MA RE: Pony Express Farm Acre Property Candlewood Road and Essex Road Ipswch, Massachusetts Deaf Mr. LaPonte: In fulfllment of our agreement, as outlned n the letter of engagement dated September 13, 2016, we are pleased to transmt the apprasal report detalng our estmate of the market value of flefee smple nterest n the above referenced real property. Ths report sets forth the value concluson, together wth supportng data and reasonng whch forms the bass for our conclusons. Ths apprasal has been completed n accordance wth the Unform Standardsfor Professonal Apprasal Practce (USPAP ) and the Specfcatons for Analytcal Narratve Apprasal Reports for the Commonwealth of Massachusetts Executve Offce of Energy and Envronmental Affars (EOEEA). The subject of ths report s acres of Rural Resdence A zoned land located at the ntersecton of Candlewood Road, Essex Route (Route 133), and Chebacco Road n Ipswch, MA. The property, known locally as the Pony Express Farm, contans bams, a small sngle famly dwellng and a polo feld. The eastern boundary lne of the property s the Castle Neck Rver. We have been asked to estmate the value of the acre property as s. In addton, we have been asked to estmate the value of several smaller parcels assumng subdvson of the land. Ths apprasal has been completed usng the followng extraordnary assumptons: The estmated value of the property as s s based upon the extraordnary assumpton that t has the development potental stated n the Hghest and Best Use secton of ths report. If ths s not the case, then the value estmate may be subject to change.

Page 2 October 14, 2016 ChrstopherB. LaPonte Drector of Land Conservaton The apprasers have not been gven a recent ttle search for the subject property.

3 Page 2 October 14, 2016 ChrstopherB. LaPonte Drector of Land Conservaton The apprasers have not been gven a recent ttle search for the subject property. Ipswch Assessor s records and the deeds recorded n Book 7778 Page 595; Book Page 564; and Book Page 258 at the Essex South Regstry of Deeds ndcate that the Pony Express Farms, Inc., and Robert L. Danels are the owners of the subject property. Ths apprasal s based upon the extraordnary assumpton that the nformaton n the deeds and the assessor s records s accurate. If ths s not the case, then the value estmates may be subject to change. Ths apprasal has been completed usng the followng hypothetcal condton: The value estmates for the ndvdual parcels to be subdvded from the acre property are based upon the hypothetcal condtons that each, as descrbed heren and shown on the Parcel Confguraton Plan contaned heren, are separate legal parcels even though at present each remans part of a larger acre tract of land. The apprasal developed n support of the value opnons s presented n the narratve report format and s qualfed by certan defntons, lmtng condtons and certfcatons presented n detal n the apprasal report. Ths report has been prepared for the Essex County Greenbelt Assocaton, the Commonwealth of Massachusetts Dvson of Fsheres & Wldlfe, and the Town of Ipswch. It may not be dstrbuted to or reled upon by persons or enttes other than these three ntended users wthout our permsson. As a result of ths analyss, t s our opnon that the market value(s) of the subject property as of October 11, 2016, subject to the hypothetcal condton, extraordnary assumptons, defntons, lmtng condtons and certfcatons set forth n the attached report are as follows: VALUE OF THE ENTIRE ACRE PROPERTY $4,100,000 Town Pece; 30.6 acres Prvate Sale Pece; 12 acres Fsh & Game Pece; 54.3 acres Greenbelt Owned; 29.4 acres Prvate Sale Pece; 2.0 acres $2,300,000 $ 740,000 $ 750,000 $ 800,000 $ 290,000 Ths letter must reman attached to the report, whch contans 65 pages plus related exhbts, n order for the value opnon set forth to be consdered vald. Respectfully submtted, "2 Chrstopher H. Bowler, MAI, CRE Massachusetts Certfed General Real Estate Appraser #495 Jonathan H. Avery, MAI, CRE Massachusetts Certfed General Real Estate Appraser #26

4 TABLE OF CONTENTS Summary of Important Facts and Conclusons Subject Property Photographs. Purpose of de Apprasal Intended Use of Report Property Rghts Apprased Date of Valuaton : Date of Report Scope of the Apprasal Descrpton of Real Estate Apprased Tax Data Locaton Descrpton Property Descrpton Zonng. Hghest and Best Use Apprasal Process Reconclaton Certfcaton.. Addenda (n order of presentaton) Subject Properly Deeds Recorded Land Plan Beals Assocates Land Plannng Analyss Comparable Lot Sales Locaton Map Developer s Survey Lexcon, Defntons and Assumptons Qualfcatons Page

SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS ADDRESS: CURRENT OWNERtsl OF RECORD: 8, 24 Candlewood Road 107, 123 Essex Road Ipswch, Massachusetts Pony Express Farms, Inc. Robert L.

5 SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS ADDRESS: CURRENT OWNERtsl OF RECORD: 8, 24 Candlewood Road 107, 123 Essex Road Ipswch, Massachusetts Pony Express Farms, Inc. Robert L. Danels DATE OF VALUE ESTIMATE: October 11, 2016 INTEREST APPRAISED: LAND AREA: IMPROVEMENTS: ZONING: HIGHEST AND BEST USE: MARKET VALUE ESTIMATES; Fee Smple acres There s a sngle-story, wood frame, 32-stall bam constructed n 1994, located n the northwest comer of the land that measures 190 x 24, plus 8 overhangs. In addton, further south off of Candlewood Road s a wood frame, 40+ stall bam that measures 206 x 40, constructed n 1980, that contans a second floor loft apartment. Also, there s a 2,886 sq ft Cape-style dwellng at 107 Essex Road constructed n Rural Resdence A (RRA) 87,120 sq ft/150 frontage Subdvson nto 7 sngle famly buldng lots usng the approval not requred or ANR process as each lot would have suffcent frontage on exstng publc roadways; elmnatng the need for a formal approval process or nfrastructure nstallaton. VALUE OF THE ENTIRE ACRE PROPERTY $4,100,000 Town Pece; 30.6 acres Prvate Sale Pece; 12 acres Fsh & Game Pece; 54.3 acres Greenbelt Owned; 29.4 acres Prvate Sale Pece; 2.0 acres APPRAISED BY: Chrstopher H. Bowler, MAI, CRE Jonathan H. Avery, MAI, CRE Avery Assocates Post Offce Box Central Street Acton, MA $2,300,000 $ 740,000 $ 750,000 $ 800,000 $ 290,000 1

6 SUBJECT PROPERTY PHOTOGRAPHS Pony Express Farms Property Candlewood Road, Essex Road Ipswch, Massachusetts Aeral Photo of Subject Provded by Mass GIS/Google Earth. Photo Dated May Castle Neck Rver and Abuttng Salt Marsh, Flats are the Eastern Boundary. Addtonal Aeral Vew from a Hgher Elevaton, Showng the Larger Surroundng Area. 2

SUBJECT PROPERTY PHOTOGRAPHS Pony Express Farms Property Candlewood Road, Essex Road Ipswch, Massachusetts Taken by C.H. Bowler (10/11/2016) % LM* Vew Lookng SE at the North-Central Porton of the Land, Approxmately 600 South of Essex Road.

7 SUBJECT PROPERTY PHOTOGRAPHS Pony Express Farms Property Candlewood Road, Essex Road Ipswch, Massachusetts Taken by C.H. Bowler (10/11/2016) % LM* Vew Lookng SE at the North-Central Porton of the Land, Approxmately 600 South of Essex Road. 1- A-: Vew Lookng SE Along the Castle Neck Rver and Surroundng Marsh. Ths s the Eastern Boundary Lne of the Subject Property. 3

8 -I SUBJECT PROPERTY PHOTOGRAPHS Pony Express Farms Properly Candlewood Road, Essex Road Ipswch, Massachusetts Taken by C.H. Bowler (10/11/2016) I L. 5s - 3ft Street Scene Lookng Westerly Along Essex Road (Rte. 133). ' tf - ; v P- y '. Vew Lookng SE at the Dwellng at 107 Essex Road. 4

9 *.ja m SUBJECT PROPERTY PHOTOGRAPHS Pony Express Farms Property Candlewood Road, Essex Road Ipswch, Massachusetts Taken by C.H. Bowler (10/11/2016) mm r.w: : fsa m Vew of the NW at the Crca 1994 Barn. Vew Lookng Southerly at the Crca 1980 Barn. 5

NARRATIVE APPRAISAL REPORT PURPOSE OF THE APPRAISAL: The purpose of ths apprasal s to estmate the far market value of the 128.94 acre subject property, on an as s bass.

10 NARRATIVE APPRAISAL REPORT PURPOSE OF THE APPRAISAL: The purpose of ths apprasal s to estmate the far market value of the acre subject property, on an as s bass. In addton, we are to estmate the values of 5 ndvdual portons of the larger property assumng each s a separate parcel of land. In estmatng these values, t has been necessary to make a careful physcal nspecton of the property, a revew of land plannng completed for the property, and an examnaton and revew of current market condtons and how they relate to and affect the subject. The results are reported n ths study. The defnton of fee smple can be found n the Addenda secton to ths report. DEFINITION OF FAIR MARKET VALUE: Far market value s defned as: The most probable prce that a property should brng n a compettve and open market under all condtons requste to a far sale, the buyer and seller each actng prudently and knowledgeably and assumng the prce s not affected by undue stmulus. Implct n ths defnton s the consummaton of a sale as of a specfed date and the passng of ttle to a buyer under condtons whereby: 1) buyer and seller are typcally motvated; 2) both partes are well nformed or well advsed, and actng n what they consder ther own best nterests; 3) a reasonable tme s allowed for exposure n the open market; 4) payment s made n terms of cash n U.S. dollars or n terms of fnancal arrangements comparable thereto; and 5) the prce represents the normal consderaton for the property sold unaffected by specal or creatve fnancng or sales concessons granted by anyone assocated wth the sale. (EOEEA Specfcatons for Analytcal Narratve Apprasal Reports-February 13, 2015). INTENDED USERS OF REPORT: Greenbelt (aka Essex County Greenbelt Assocaton), the Town of Ipswch, and the Commonwealth of Massachusetts Dvson of Fsheres & Wldlfe. INTENDED USE OF REPORT: To facltate the proposed acquston of the subject property, or portons thereof by Greenbelt, the Town of Ipswch, and the Commonwealth of Massachusetts Dvson of Fsheres & Wldlfe. INTEREST VALUED: Fee Smple. 6

11 DATE OF VALUATION: The effectve date of valuaton of ths apprasal s October 11, 2016, whch s the date of the most recent physcal nspecton. All data, analyss and conclusons are based upon facts n exstence as of the date of valuaton. DATE OF REPORT: October 14, SCOPE OF THE APPRAISAL: Chrstopher H. Bowler, MAI, CRE nspected the subject property on several occasons, most recently October 11, Photographs of the property were taken durng all nspectons. In addton to the nspectons, Mr. Bowler: Revewed conceptual land plannng completed n August of 2016 on the subject property by LandVest, provded by Chrstopher LaPonte of Greenbelt. Revewed June 2016 sol test logs for the property, also provded by Mr. LaPonte. Revewed an Aprl 24, 2012 Land Plannng Memorandum and accompanyng conceptual development plans prepared by Cyntha B. O Connell of Beals Assocates, Inc. Revewed regonal sol map data and flood map data regardng the subject property. Obtaned addtonal nformaton regardng the property from the Ipswch Assessor s Department, Plannng Department and the Essex South Regstry of Deeds. Revewed the Ipswch Zonng By-Law, Wetlands Bylaw, and the Rules and Regulaton Governng the Subdvson of Land to determne f the conceptual plans were n lne wth these regulatons. Gathered nformaton on comparable lot sales and resdental acreage sales n the Ipswch area. Confrmed and analyzed the data and utlzed a Cost of Development Analyss n order to estmate the market value of the subject property. Representatves of the current owner of the property, Pony Express Farms, Inc., and Robert L. Danels, granted permsson to nspect the subject land, but declned to accompany the apprasers on ther nspecton of the property. DESCRIPTION OF REAL ESTATE APPRAISED LEGAL DESCRIPTION - The subject of ths report s acres of Rural Resdence A zoned land located at the ntersecton of Candlewood Road, Essex Route (Route 133), and Chebacco Road n Ipswch, MA. The property, known locally as the Pony Express Farm, contans bams, a small sngle famly dwellng and a polo feld. The eastern boundary lne of the property s the Castle Neck Rver. The followng s the breakdown of the ownershp of the acre property by address, legal reference, and assessor s parcel: 7

Assessors Land Current Legal Reference Address Man Parcel Area fac) Owner Bk/Pa 24 Candlewood Road 63 4 94.17 Pony Bcpress Farms, Inc. 7778/595 107 Essex Road 64 16 2.00 ** Pony Bcpress Farms, Inc.

12 Assessors Land Current Legal Reference Address Man Parcel Area fac) Owner Bk/Pa 24 Candlewood Road Pony Bcpress Farms, Inc. 7778/ Essex Road ** Pony Bcpress Farms, Inc / Essex Road 64 15D AA Robert L. Danels 13697/258 Total NOTES: M Theassessors lst theacreage of ths parcel at 243 The estmate lsted above s from an Instrument surveyand s consderedaccurate. ** Theassessors lst theacreageof ths parcel at 1.88.Theestmate lsted above sfrom an nstrument surveyand s consdered moreaccurate. Each of the above referenced parcels was acqured over 15 years ago as part of ntra-party transactons. It should be noted that Pony Express Farms, Inc., and Robert L. Danels are related enttes as the latter s lsted as the Presdent, Treasurer, and Secretary of the former. The acre property s shown as the acre N/F Pony Express Farms Inc. Parcel ; the acre N/F Danels parcel; and the 87,300 sq ft N/F Pony Express Farms Inc. Parcel on a plan of land recorded n Plan Book 373 Plan 33 at the Essex South Regstry of Deeds. A copy of the deeds and recorded plan of land can be found n the Addenda to ths report. 10-Year Sale and Lstng Hstory: The subject property was frst lsted for sale n August of 2015 for a prce of $7,950,000. The prce was lowered to $6.75 mllon on October 9, In December of 2015, the lstng was canceled as the property owner, Robert Danels ded. In February of 2016, the lstng was renewed. But, n August of 2016, the prce was reduced to $4.38 mllon. It s reported that the recent drop n prce was due to updated sol nformaton that revealed the subject had less development potental than prevously thought. It s now reported that the property s under agreement for sale to Greenbelt for a reported prce of $4.05 mllon. We have not been gven a copy of the Purchase and Sale Agreement for ths sale as reportedly a P&S has not yet been fnalzed. TAXES AND ASSESSMENT - The followng s the Fscal Year 2016 assessment for the subject property, followed by the assessments and tax burdens for the prevous 4 fscal years: 8

Assessors Sze of FY 2016 Total FY 2016 FY2016 Non Chp 61 Address Map Parcel Parcel fact Assessment Tax Rate Taxes Assessment 24 Candlew ood Road 63 4 94.17 $ 860,166 $ 14.85 $12,773.

13 Assessors Sze of FY 2016 Total FY 2016 FY2016 Non Chp 61 Address Map Parcel Parcel fact Assessment Tax Rate Taxes Assessment 24 Candlew ood Road $ 860,166 $ $12, $ 1,792, Essex Road $ 321,100 $ $ 4, $ 321, Essex Road 64 15D $ 44,300 $ $ $ 44,300 $ 1,225,566 $18, $ 2,158,084 Assessors Sze of FY 2015 Total FY 2015 FY2015 Non Chp 61 Address Parcel Parcel fact Assessment Tax Rate Taxes Assessment 24 Candlew ood Road $ 860,166 $ $11, $ 1,712, Essex Road $ 331,200 $ $ 4, $ 331, Essex Road 64 15D $ 45,000 $ $ $ 45,000 $ 1,236,366 $ 1,219,566 $16, $ 2,088,284 Assessors Sze of FY 2014 Total FY 2014 FY 2014 Non Chp 61 Address Map Parcel Parcel fact Assessment Tax Rate Taxes Assessment 24 Candlewood Road $ 860,166 $ $11, $ 1,686, Essex Road $ 315,300 $ $ 4, $ 315, Essex Road 64 15D $ 44,100 $ $ $ 44,100 $ 1,199,066 $16, $ 2,045,484 Assessors Sze of FY 2013 Total FY 2013 FY2013 Non Chp 61 Address Mao Parcel Parcel (acl Assessment Tax Rate Taxes Assessment 24 Candlew ood Road $ 860,166 $ $11, $ 1,724, Essex Road $ 294,600 $ $ 3, $ 294, Essex Road 64 15D $ 44,300 $ $ $ 44,300 $15, $ 2,062,984 Assessors Sze of FY 2012 Total FY 2012 FY 2012 Non Chp 61 Address Map Parcel Parcel (acl Assessment Tax Rate Taxes Assessment 24 Candlew ood Road $ 860,166 $12.77 $10, $ 1,920,384 Af\ r. l/l. 9 O, / Ux.UZ $ 289, Essex Road 64 15D $ 43,900 $ $ $ 43,900 $ 1,193,966 $15, $ 2,254,184 Chapter 61 Classfcaton: The largest of the 3 assessor s parcels that comprse the subject s presently under the restrctons of Massachusetts General Laws Chapter 61. Ths s an agrcultural land classfcaton act whch allows for the owners of larger parcels of land to receve sgnfcant real estate tax reducton/deferment, so long as a prescrbed current use management plan s followed and the desgnated parcel s not developed. The restrctons on development may be lfted f a property owner pays the amount of the deferred taxes, or rollback tax, datng back through the perod n whch the property has been under Chapter 61. The amount s calculated by takng the dfference n the assessed value as f not partcpatng n the program, and then multplyng ths fgure n each year by the tax rate for that year. Interest may also be due. 9

14 It should be noted that the property has been apprased free and clear of all muncpal lens and/or encumbrances. The rollback tax amount due has therefore not been ncluded n the calculaton of the market value of the property. The amount owed s not consdered part of the real property, but rather a personal debt owed by the current owner of the property, much the same way a mortgage debt s owed on most homes sold n the local market. Whle the amount of the roll back tax or mortgage on a property mght reduce the 'net' amount due to the seller, t does not affect the market value of the property as defned heren. The property owner currently pays a tax burden based upon the partal Chapter 61 assessment of $1,225,566. The total assessment wthout the Chapter 61 classfcaton on a porton of the land would be $2,158,084. CONSIDERATION OF HAZARDOUS SUBSTANCES IN THE APPRAISAL PROCESS Although no specfc geotechncal engneerng data has been provded, t s our assumpton that the property s free and clear of any hazardous wastes or contamnatng substances, as specfed n applcable muncpal, state and federal regulatons or laws. In the event that ths s not the case, the value as estmated heren may vary to the extent of contamnaton and the cost of cleanup. As of October 11, 2016, the subject property s not ncluded as ether a contamnated ste or a locaton to be nvestgated by the Bureau of Waste Ste Cleanup of the Department of Envronmental Protecton, Commonwealth of Massachusetts. It s our assumpton n ths report, therefore, that the subject ste s not a contamnated ste. However, f the subject ste s found to be contamnated, the value estmate contaned heren wll change. LOCATION DESCRIPTION - The subject property s located n the northeast Essex County communty of Ipswch. Surroundng communtes are Rowley to the north; Boxford to the west; Topsfeld to the southwest; Hamlton to the south; Essex to the southeast; and Ipswch Bay and the Atlantc Ocean to the east and northeast. Its populaton, per the 2010 US Census, was I3'I75. Ths s up 1.5% from the 2000 fgure. Ipswch s 28 mles north of Boston and contans square mles. Ipswch s a dverse, seasde communty wth an actve shell fshng ndustry. The town features summer communtes located on Great Neck, Lttle Neck and Arglla Road, mxed wth year round resdents. Among the towns attractons are Crane s Beach, Castle Hll, extensve salt marshes, and the Ipswch Rver. There are two state forests and parks and several large farms and estates. At 42+/- square mles, Ipswch s one of Massachusetts's largest communtes n terms of land area. The town s growth as a suburban communty occurred prmarly n the 1950 s when the commuter ral lne connected Ipswch to employment centers closer to Boston. The town has a rch and vared hstory and s dstngushed by a large number of 17th and 18th century homes near the town center. Ipswch has the character of a workng communty because of the shell fshng ndustry whle neghborng towns such as Hamlton, Topsfeld, and Boxford are strctly bedroom communtes. 10

$X -mw f - Jsu, %[ÿ : ter y»w... W-t' «* *;.V.-. - mf. ; :?Oj - "j@r,:, - \ --n... /.- k- y\ \ * *_ A;;. 'vv-yÿv'v - / -. v' - -.. s.>. *1"r?- V '?: mmÿ' r?$ Economc condtons play a sgnfcant role n the prce pad for real estate at any gven tme.

15 X -mw f - Jsu, %[ÿ : ter y»w... W-t' «* *;.V.-. - mf. ; :?Oj - "j@r,:, - \ --n... /.- k- y\ \ * *_ A;;. 'vv-yÿv'v - / -. v' s.>. *1"r?- V '?: mmÿ' r? / v 7 ' ' 'ÿ Economc Condtons: When completng an apprasal of real property, t s necessary to have a proper perspectve of economc condtons as of the date of valuaton. Economc condtons play a sgnfcant role n the prce pad for real estate at any gven tme. As the fourth quarter of 2016 begns, the economy contnues to slowly mprove from the depths of the last recesson n General economc condtons suggest slow economc growth, moderate job creaton, healthy real estate markets, both resdental and commercal, a volatle stock market, and consumer confdence levels that suggest the Amercan consumer s confdent, but cautous regardng the country s economc health. We look at several key economc ndcators to measure the current health of the economy:». 11

ECONOMIC GROWTH (growth n the U.S. GPP) 2016 02 2016 Q1 2015 Annual 2014 Annual 2013 Annual 2012 Annual 2011 Annual 2010 Annual 2009 Annual Annualzed Growth Rate 1.1% 0.8% 2.4% 2.4% 2.2% 2.0% 1.8% 3.

16 ECONOMIC GROWTH (growth n the U.S. GPP) Q Annual 2014 Annual 2013 Annual 2012 Annual 2011 Annual 2010 Annual 2009 Annual Annualzed Growth Rate 1.1% 0.8% 2.4% 2.4% 2.2% 2.0% 1.8% 3.0% -2.4% (Gross Domestc Product s the total market value of the goods and servces produced bya naton's economydurng a specfc perod of tme)._. EMPLQYMENT/UNEMPLOYMENT Most Recent Month Unted States Last Mos.; Sept 2016 Average Last 12 Mos. Town of Ipswch 3.1% New Jobs Created 156, ,583 Essex Countv Massachusetts US, 3.9% 3.9% 5.0% Unempl. Rate 5.0% 4.9% STOCK MKT. COMMODITY & INTEREST RATE TRENDS S & P 500 Dow Jones Industral S&P500 London Gold $ fx/oz Crude Ol $ per barrel 10 Year Treasury Begnnng Prce 1-Jan-16 17,425 2,044 1, % CONSUMER CONFIDENCE 2016 September 2015 September 2014 September 2013 September 2012 September 2011 September 2010 September 2009 September CASE-SHILLER HOME PRICE INDEX Current 1 Year Earler Low ths Cycle Prevous Peak Jul-16 Jul-15 Mar-09 Sep-05 Closng Prce 11-Oct-16 18,129 2,137 1, Change Snce 1/1/ % 4.54% 18.03% 34.92% 1.80% % Source: Conference Board (1985=100) Greater Boston Year Change 4.2% Returns % % % % % % % Change Snce Low/Peak 31.37% 12

In terms of the GDP, the most recent fgure released for the U.S. economy shows the economy expanded at a rather weak 1.1% annualzed rate n the 2nd quarter of 2016, after an even weaker 0.

17 In terms of the GDP, the most recent fgure released for the U.S. economy shows the economy expanded at a rather weak 1.1% annualzed rate n the 2nd quarter of 2016, after an even weaker 0.8% annualzed rate for Q For 2015 the economy expanded at a 2.4% rate. Economsts suggest we are n a 2% economy for the tme beng (average GDP ncrease annually); although we truly need to be n a 3% economy to see a substantal rse n employment and wage growth, whch have been slow to rse n the post 2008 economc recovery. In Massachusetts, economc growth was 3.0% n the 2nd quarter of 2016 and 2.0% n the 1st quarter, moderately better than the natonal results but stll at a tepd level. The employment fgures show the economy created an average of 202,583 new jobs per month for the past 12 months. Ths s consdered moderate job growth. Most economsts suggest a mnmum of 150,000 new jobs s needed eaph month just to keep up Wth populaton growth and routne turnover. So, the 202,583, whle postve, s qute modest n terms of a boost to the overall economy. The stock market s up 4.54% n terms of the S&P 500 for 2016 as of the wrtng of ths report. Once down over 9% n terms of the S&P 500, the market has recovered after several up and down perods ths year. An ntal drop n the frst quarter was n reacton to the more drastc declne n the Chnese stock market as well as the global crash n ol prces. Durng the Summer months, Brtan s decson to leave the European Unon wth the Brext vote sent the stock market down for 3 consecutve days before postng a 3-day rally. For all of 2015, the market edged down slghtly. For 2014 the market ganed 11.4% n terms of the S&P 500 Index. The consumer confdence data shown above portrays the ups and downs of the economy over the past 7+ years. The ndex data s shown for September of each of the past 8 years. The most recent fgure of s the thrd straght monthly gan and a modest gan over the same fgure one year ago. Per the Conference Board, a readng above 90 translates nto an economy on sold footng whle a readng above 100 reflects stronger economc growth. The housng market n Massachusetts has been qute strong over the past three years, ganng back all of the prce/value lost durng the downturn perod that began n the 3rd quarter of 2005 and extended through Durng the downturn perod, by several measures, prces dropped approxmately 15-25% n Greater Boston. Snce the 2nd quarter of 2009, the market stablzed, and n many communtes has surged back to prce levels exceedng the peak ndex year of An ndex consdered relable by most s the Case-Shller Home Prce Index. Ths data ncludes only repeat sales of homes. The most recent data from the Case-Shller Home Prce Index lsted on the prevous page ndcates that we are up 4.2% n terms of prcng from one year ago. Ipswch Area and Massachusetts Resdental Market Snapshot:To get a more defned look at current market condtons and where t may be headed, we have looked at MLS statstcs for current lstngs, pendng sales, and total sold relatng to sngle famly homes n Ipswch, Essex County, and the State as a whole. The followng s a breakdown of ths data: 13

$Homes (10/11/2016) Supply of SF Homes (10/11/2016) PENDING SALES-Snale Famly Homes # of SF Homes; VVtent Under Agrmnt; Past Year # of SF Homes; V\fent Under Agrmnt; FYevous 12 mos.$

18 ACTIVE LISTINGS-Snole Famly Homes Current Supply of SF Homes (10/11/2016) Supply of SF Homes (10/11/2016) Current Supply of SF Homes (10/11/2016) Supply of SF Homes (10/11/2016) Current Supply of SF Homes (10/11/2016) Supply of SF Homes (10/11/2016) PENDING SALES-Snale Famly Homes # of SF Homes; VVtent Under Agrmnt; Past Year # of SF Homes; V\fent Under Agrmnt; FYevous 12 mos. Ipsw ch # of SF Homes; Went Under Agrnnt; Past Year # of SF Homes; V\fent Under Agrnnt; Prevous 12 mos. Essex County # of SF Homes; Went Under Agrnnt; Past Year Massachusetts # of SF Homes; Went Under Agrmnt; R-evbus 12 mos. Massachusetts CLOSED SALES-Snale Famly Homes Total Closed Sales of SF Homes; Past Year Total Closed Sales of SF Homes; Prevous 12 mos. Total Closed Sales of SF Homes; Rast Year Total Closed Sales of SF Homes; Revous 12 mos. Total Closed Sales of SF Homes; past Year Total Closed Sales of SF Homes; Prevous 12 mos. SOURCE: MLSStatstcs VOLUMEOF SALES/LISTINGS TRENDS Ipsw ch Ipsw ch Essex County Essex County Massachusetts Massachusetts PRICE TRENDS % Average % * Change»rce Change 65 Down -9.84% $ 978,621 Down -3.14% 61 $ 1,010,389-1,489 Down % $ 860,597 Up 12.13% 1, ,429 Down % 18, $ 767, $ 696,171 Up 12.99% $ 616, Ipsw ch 134 Down -9.46% $ 671,410 Up 8.13% 148 Essex County 7,108 Up 2.79% Ipsw ch Ipsw ch Essex County Essex County Massachusetts Massachusetts 6, ,268 Up 7.21% 56,215 - $ 620, $ 549,362 Up 0.89% $ 544, $ 509,876 Up 1.56% $ 502, ' 119 Down -4.80% $ 595,547 Up 16.64% 125 6,238 Up 5.37% 5, ,321 Up 8.55% 48,200 $ 510, $ 467,671 Up 3.52% $ 451,781-- $ 445,504 Up 1.21% $ 440, From a developer s/seller s standpont, the deal results from these statstcs would be: decreasng nventory, ncreasng sales actvty, both pendng and closed, and rsng prces. And that s generally what we have here. The #of lstngs s down n all 3 areas surveyed. In Ipswch tself, there are a few less postve statstcs from above. Lst prces are down, as are the number of pendng sales and closed sales. But pendng and closed sale prces contnue to rse. Overall, n Ipswch, Essex County and Massachusetts, the resdental housng market contnues on a postve trend aded n part by hstorcally low mortgage rates. In terms of the market for buldng lots/vacant land n Ipswch, condtons have been strong. The prce for land n Ipswch peaked n the perod. Exacerbated by the economc recesson of 2008 and 2009, prces fell substantally; but, snce 2010, have been on the rse. The prce for land has rebounded, but based upon a revew of sales/repeat sales, levels are close, but not yet back to the peaks seen nearly 10 years ago. A few of the 12 land sales presented later n ths report, show trends when t comes to the prce of land n the Ipswch area over the past 2-5 years. Sale #1 n ths report was frst sold n 2013, never developed, and put back on the market resultng n a sale n May of The annualzed prce apprecaton shown was 7.4% wth ths sale. Sale #8 s another re-sale that shows a more modest annualzed prce apprecaton of 2.54%. Part of the reason for the lower fgure wth Sale #8 s that durng there was very lttle apprecaton occurrng n ths market. 14

Buldng Permt Data: The followng are the sngle-famly permttng trends n the subject market, defned by the towns of Ipswch, Essex, and Hamlton; Essex County, and for Massachusetts as a whole: # of Sngle

19 Buldng Permt Data: The followng are the sngle-famly permttng trends n the subject market, defned by the towns of Ipswch, Essex, and Hamlton; Essex County, and for Massachusetts as a whole: # of Sngle Famly Buldng Permts Issued % % % Change Change Change Ipswch, from from from Hamlton, Prevous Bsex Prevous Prevous Year Essex Year County Year Mass Year % % % % % % % % % % % % % % % % % % % % % % % % v 2015data based upon YTD 20fsfgures versus same perod n Datafor 2016 thru August only and 2009 were the low pont for sngle-famly constructon actvty both n the subject market and the state as a whole. Development actvty rebounded sharply, peakng n 2013 n Essex County and the State as a whole. Actvty has been down snce, but stll at hstorcally hgh fgures. Conclusons: We draw the followng conclusons from a revew of the data presented above and of market actvty: Today, the economy s n a state of recovery, but one that lacks strength. GDP growth has been weak over the past months. Job growth has been postve, but not substantal. The jobs that are beng produced are predomnantly part-tme, and at lower wages. The labor partcpaton rate s at an all-tme low. Ths s part of the reason for the low unemployment rate. Consumer confdence s at a pont that suggests the U.S. Consumer s confdent about economc growth gong forward. The Stock Market s strong after an early 2016 selloff and s now up nearly 5% n terms of the S&P 500 ndex for the year. A contnued postve stock market ads consumer confdence, whch n turn ads real estate markets. The real estate markets, both commercal and resdental, have been qute strong n Greater Boston over the past 3 years, partcularly wthn communtes along and nsde the Route 128 Beltway of Greater Boston. For markets outsde of the Route 495 beltway, condtons have been strong as well, but have not seen the prce apprecaton and sales actvty that communtes closer to Boston have experenced. Each of these factors has been taken nto consderaton wth the valuaton of the subject 15

Neghborhood - The subject property s located at the ntersecton of Essex Road (Route 133) and Candlewood Road, n the southeast secton of Ipswch abuttng the Essex town lne. The Hamlton town lne s 0.

20 Neghborhood - The subject property s located at the ntersecton of Essex Road (Route 133) and Candlewood Road, n the southeast secton of Ipswch abuttng the Essex town lne. The Hamlton town lne s 0.9 mles south. Ipswch Center s 2 mles to the northwest. The Crane s Beach/Castle Hll Reservaton s 3.75 mles to the northeast vanorthgate Road-Arglla Road. Ths secton of Ipswch, begnnng at the ntersecton of Heartbreak Road and Route 133 and travelng eastward nto Essex s less developed and rural n nature. Wetlands and salt marsh, margnal sols, and sgnfcant acreage placed n conservaton have kept densty down n the area. Drectly across Essex Road from the subject s the 290+/- acre Maplecroft Farm. Ths property, consstng of pastureland, agrculture felds and horse bams was restrcted from development n Across Candlewood Road from the subject s the 9-hole, publc daly fee Candlewood Golf Club. Further south off of Candlewood Road and Chebacco Road there are several horse farms. Abuttng the subject land to the east s the Castle Neck Rver. There are surroundng wetlands and salt marsh n ths vcnty. The rver emptes nto the Atlantc Ocean further east n Essex. Prces for homes n the area have ranged from $840,000 to $3.25 mllon over the past 3 years. Vacant lot prces have ranged from $290,000 for a smaller, tear down lot sale at #55 Arglla to $595,000 for a pond front lot on Fox Creek Road. The locaton of the subject property s a postve factor affectng ts value. The area s characterzed by low densty, and good vews of surroundng, well-kept propertes and the salt marsh of the Essex Rver 16

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21 , t V * r" r. / A./ 'A >*.:.,-V * \,r". lr~v _ * 's&fcy- %, / f 'ÿ/<*- 7 *V ' X - 1 H I ;..: c * as:.-.,. u -,:#VSts X Kt -'d V t \ ) XX % -7 - gx: *> / :.ft Mmm *s& Xfgfg?,4v#: x. -: :. a?- : - W/.1 - ( % *,. s \- H*nton» / 4y \'w f a :-C ' 'wa''ÿ. -: V f ->t.-/, V,f: Vv Css.' ~v< fejj PROPERTY DESCRIPTION: The subject of ths report s acres of Rural Resdence A zoned land located at the ntersecton of Candlewood Road, Essex Route (Route 133), and Chebacco Road n Ipswch, MA. The property, known locally as the Pony Express Farm, contans bams, a small sngle-famly dwellng and a polo feld. ITe eastern boundary lne of the property s the Castle Neck Rver. The followng are addtonal detals on the subject: 17

Total Land Area Wetlands Area Frontage Zonng Water Frontage Shape Topography Flood Zone Utltes Sols Easements Prorty Habtat 128.94 acres. Wetlands areas on ste are extensve.

22 Total Land Area Wetlands Area Frontage Zonng Water Frontage Shape Topography Flood Zone Utltes Sols Easements Prorty Habtat acres. Wetlands areas on ste are extensve. Approxmately 60 total acres are wetlands, located predomnantly along the eastern boundary of the property, along the Castle Neck Rver. The majorty of the wetlands are border vegetated wetlands, but there are also areas of solated land subject to floodng and rverfront area assocated wth the Castle Neck Rver. 1,797.04' total; n 4 dfferent sectons on Essex Road ' total; n 3 dfferent sectons on Candlewood Road ' n a sngle secton on Chebacco Road. Rural Resdence A. 3,206.86' of frontage on the Castle Neck Rver. Irregular. The land slopes gently down from west to east. Elevatons on ste range from a hgh of 42' above sea level n the SW comer the ntersecton of Candlewood & Chebacco, to a low of 2' along the frontage of the Castle Neck Rver. The central porton of the property has elevatons from 22 to 34' above sea level. The 100 year flood boundary elevaton n the area s 10' above sea level. A large secton of the eastern porton of the ste, abuttng the Castle Neck Rver, s wthn the boundares of the 100 year flood per FEMA Panel #250 9C 289G, and 293G, dated July 16, Copes of these panels can be found below. Muncpal water, electrcty, telephone, cable t.v., broadband nternet lnes. No natural gas lnes. No muncpal sewer, (prvate septc would be requred for development). Sols on ste, per NRCS, nclude Ipswch & Westbrook mucky peats n the floodplan/wetland area near the Castle Neck Rver; Sctco and Boxford slt loam; Merrmac fne sandy loam; nngret fne sandy loam; whately varant mucky fne sandy loam; Elmrdge fne sandy loam; and Shaker fne sandy loam. The locaton of these sols on ste can be found on the sols map below. There are no easements shown on the recorded plan of land for the property; nor referenced n the 3 deeds for the property; nor observed durng an nspecton of the ste. We have not been gven an assessment of the possble endangered speces on ste, as t s beleved that one does not exst. The area along the Castle Neck Rver s wthn an ACEC (area of crtcal envronmental concern). 18

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23 Overall Ste Plan / 7. n «' tus? Xo lj r~ a --1:1-. 1 *,-: «ae,f 7 S' A *r~z A, / #.! / C 7 / vx X- / 7/AJr - *>j >~7; I 1 W-- N / \ / /A/ ÿv r _ -7 l 1 %y x ' I -" \ \ lfcx V / ÿ) \ M & V. r; \. #* X/ F rv" r- xz / 7~\ x%v. "Cf ' X'. V- m >v7. - 3: J:. 4 vj PW. -.x ' -f: -* y ' ~, '.. '% : -7.* ~ - --A- sÿ-mzx 19

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26 Sol Court/ UnuduMtt.SctthenPan Map Unt Legend p** aa fawnfua ScJtco a;t team. 0 to5pedant 1W* 22GB 112 a.s* 20.e% ****** 2MB Merÿfr*«odyb*MlD «* w: 0:7* 802. ****** -11 «5t 1-3 gjgsgjg tm 132ÿ 72QA ** 4. H 7238 CraUetCnosjnO/oM.3to3 n 4.*. Mp» 72BA 3hafar8p>«OT» torn?.0to3 4.7 &7*» ow aa Ml IMJII as ssssss. fxxxu Coop«n«veSet!Surv.y 4 203C 1994 Barn: Ths s a sngle-story, wood frame bam on ste, constructed n The buldng measures 190 x 40 wth 8 overhangs on both sdes of the buldng. There are 32 stalls wthn the bam. Ths structure s not heated and there are no lvng quarters wthn t. The structure s n average overall condton based upon our nspecton Barn: Ths s a sngle-story, wood frame bam on ste, constructed n The buldng measures 206 x 40. There are 30+ stalls wthn the bam. There s a second floor, two-bedroom apartment of 880 sq ft that contans 1 full bathroom. The structure s n average overall condton based upon our nspecton. 107 Essex Road Dwellng: There s a 3-bedroom Cape-style dwellng at 107 Essex Road on the subject land. We dd not nspect the nteror of ths structure. Per Ipswch Assessors records, t s n poor overall condton and has been vacant for several years. It was constructed n 1950 and contans 2,886 sq ft of lvng area above grade. There are 7 rooms, 3 bedrooms and 2 bathrooms. 22

Comments/Conclusons: The subject property conssts of a large tract of land wth sgnfcant frontage on three publc roadways, n addton to extensve frontage on the Castle Neck Rver.

27 Comments/Conclusons: The subject property conssts of a large tract of land wth sgnfcant frontage on three publc roadways, n addton to extensve frontage on the Castle Neck Rver. And, whle large and wth extensve frontage, the ste lkely has low densty development potental due to extensve wetlands and margnal sol condtons. Any development of the land would requre prvate septc systems. Of the sols lsted above, only the Merrmac seres offers receptve sols whle the slt loams and muck type sols are generally unreceptve to septc nstallaton. Sol testng was completed n June of 2016 on the subject land. The test logs and a map of the test locatons can be found n the Addenda to ths report. The conceptual land plannng presented later n ths report was done n conjuncton wth ths sol testng. We have also revewed land plannng and analyss completed for an 89-acre porton of the property n 2012 by Beals Assocates. A copy, of ther report can also be found n the Addenda to ths report. Zonng The subject parcel s located n the Rural Resdence A (RRA) Zonng Dstrct of the Town of Ipswch. Permtted uses nclude sngle famly resdence, recreatonal facltes, muncpal, educatonal, relgous, non-proft uses, forestry or agrculture. Dmensonal requrements nclude a mnmum lot sze of 87,120 sq ft or 2 acres; mnmum lot wdth of 175 feet n the area of the prncpal dwellng; mnmum lot frontage of 150 feet; and mnmum front, sde, and rear setback requrements of 50 feet, 40 feet, and 30 feet respectvely. Reduced frontage lots of no less than 50 feet are allowed n ths zone. However, wth ths reducton n frontage the mnmum lot area s ncreased to 6 acres. Subdvson Rules and Regulatons A copy of ths 72-page document has been revewed and has been retaned n the appraser s fle. Notable regulatons nclude a maxmum dead end roadway length of 600 and a requred road way rght of wdth of 50. Ipswch Wetlands Protecton By-Law A copy of ths 12-page document has been revewed and has been retaned n the apprasers fle. The by-law establshes the commsson's jursdcton over projects n the buffer zone (whch s defned as the 100 foot area horzontally landward of wetland resources and the 150-foot area horzontally landward of the Area of Crtcal Envronmental Concern). 23

Ipswch Board of Health Septc System Regulatons The Ipswch Board of Health created regulatons desgned to supplement Ttle 5 of the State Envronmental Code, 310 CMR 15.000.

28 Ipswch Board of Health Septc System Regulatons The Ipswch Board of Health created regulatons desgned to supplement Ttle 5 of the State Envronmental Code, 310 CMR The code was adopted because the unque condtons n Ipswch requre a more strngent standard than found under Ttle 5 per town planners. A copy of these regulatons can be found n the Addenda to ths report. Septc system desgn flows for dwellngs shall be based upon a flow rate of 150 gallons per day per bedroom for a desgn of three bedrooms or more. Rvers Protecton Act The Rvers Protecton Act, Chapter 258 of the Acts of 1996, protects nearly 9,000 mles of Massachusetts rverbanks - helpng keep water clean, preservng wldlfe habtat, and controllng floodng. The law creates a 200-foot rverfront area that extends on both sdes of rvers and streams. The 200-foot buffer s dvded nto two 100-foot zones. For the zone closest to the rver or stream, no development or dsturbance s allowed. For the outer 100-foot zone, dsturbance development may occur, but depends on each ndvdual crcumstance. For urban communtes of 90,000 or more the 200-foot buffer may be reduced to 25 feet. The abuttng Castle Neck Rver would affect development of the subject land. HIGHEST AND BEST USE The Dctonary of Real Estate Apprasal. Sxth Edton defnes hghest and best use as "the reasonably probable and legal use of vacant land or an mproved property, whch s physcally possble, approprately supported, fnancally feasble and results n the hghest value. The four crtera the hghest and best use must meet are legal permssblty, physcal possblty, fnancal feasblty and maxmum proftablty." Based upon a revew of all of the legally permssble uses per zonng and gven the prce of vacant lots and new constructon n Ipswch, some form of resdental development s the lkely hghest and best use of the land. Land wth development potental s sellng n the $20,000 to $200,000 per acre prce range. Whle land restrcted and used for only open space or agrcultural purposes s sellng n the $1,000 to $5,000 per acre prce range. Land plannng was completed for a porton of the acreage back n 2012 by Beals Asssocates. Ths land plannng dd not nclude the 40+/- acres near the comer of Candlewood and Chebacco Roads. And ths plannng dd not have the beneft of solng testng. But even wthout the beneft of sol testng, Beals was able to determne that the land had only low to moderate densty development potental due to margnal sol condtons, flood plan and wetland condtons. 24

In June of 2016, sol testng was completed on the subject land. 12 dfferent test pts were completed. The test logs and locaton map can be found n the Addenda to ths report.

29 In June of 2016, sol testng was completed on the subject land. 12 dfferent test pts were completed. The test logs and locaton map can be found n the Addenda to ths report. Wth the sol tests n mnd, LandVest completed a conceptual subdvson plan showng the acres subdvded nto 6 ANR or approval not requred buldng lots. ANR means that a lot has enough frontage on an exstng publc roadway so that a formal approval process s not requred nor roadway nstallaton. The 6 lots are qute large and would be horse farm lots. Two would contan the exstng bams. Three more would contan large areas of open pasture. And a sxth lot would be qute large, contanng a small buldng envelope of uplands wth the majorty of the lot beng the wetlands and flood plan abuttng,the Castle Neck Rver. We have revewed ths conceptual subdvson plan n regard to exstng zonng, sol testng, subdvson rules & regulatons and development patterns n the mmedate area and have found t to be sound. The mmedate area s horse country and the lots as drawn would provde small horse farm lots wth good vews of surroundng farms and salt marsh. We have altered the plan by LandVest slghtly to add one more lot of 2.0 acres where the exstng dwellng at 107 Essex Road exsts. These 2.0 acres (Lot D1 on the plan below) were formerly ncluded as part of a larger Lot D, but aren t needed for access nor do they enhance the larger lot. But, the 2.0 acres do provde a conventonal lot that would beneft from beng surrounded by larger horse lots and would ncrease the gross potental revenue from a subdvson of the land. The followng conceptual plans shows, n our opnon, the legally permssble and physcally possble use of the subject land: 25

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Ipswch, MA 7-Lot Hghest and Best Use Plan LEGEND

s71ac { j Adjacent Propertes %I Open Water

30 1 ' B It r * aff. l;,r 3s* S. mbsm* &fll S? *0 H! ' ** W 155' - 'X «M P ar -.w «*>* ' SB 3H RES V- V & ".." j 3& r ' 75 ':l4 m * vje ' m'z 1 v,, - ÿ m Trÿ* / -f:- ; ÿ T 11%8Lÿ - - ff~~ gl** am: s M*. :; #a Sg»' P-: -J E5 tl mv Ste. >s &E5S JW B r3 H v -T*» I!.-" *y» w>4--* - y&gk? v 1,,-S A- 1 s*«p &.ÿ P & Pony Express Farms Inc. Ipswch, MA 7-Lot Hghest and Best Use Plan LEGEND nap. >ro»n»-122.s71ac { j Adjacent Propertes %I Open Water Wetton* joe perennamtesntt ---IntermttentStreams ContoursOl 'll H r r F> f1 RJ> yj a *?systems :P 'A 5 frqtefrwt/zncr:mais36 mm%4 ( JM» V' MatelÿedDB' SM sn r- t P*:'! W< «.r V j*. SB K1 M»Hÿ th St YStfotan *ca.k*put!onlyard s wt a an engneered plan.

31 From afnancallyfeasble standpont, the cash flow model found later n ths report s, n tself, a test of fnancal feasblty. Usng nputs derved from actual sales and costs found n the subject market place we derved a value of $4.1 mllon for the property. Ths model projects the retal potental of the 7 lots, deducts the costs necessary to acheve these retal prces and then dscounts the net cash flows over the projected development perod usng a rate that rewards a developer wth a substantal proft and also compensates for the rsk and management nvolved. Based upon the analyss dsplayed above, t s our opnon that the hghest and best use of the acre property s for subdvson of the land nto 7 ANR lots as shown on the plan above and eventually developng each lot wth a sngle-famly dwellng that conforms to surroundng uses and market demands. It s further our opnon that the dwellng at 107 Essex Road should be razed so that ths lot can be developed wth a new, larger home. Also, the two exstng horse bams should be retaned on Lots A and E and sold as an amenty of the lots. Nether s n excellent condton, but s certanly usable to the typcal buyer of one of these lots; an equestran-type home owner. EXPOSURE TIME The Dctonary of Real Estate, 6th Edton, defnes Exposure Tme as: The estmated length of tme the property nterest beng apprased would have been offered on the market pror to the hypothetcal consummaton ofa sale at market value on the effectve date of apprasal. Exposure tme s always presumed to occur pror to the effectve date of apprasal (p 105) In other words, how long do we estmate t would have taken to sell the subject property at the estmated value of $4,100,000? Based upon a revew of the perods t took to sell the comparable sales presented later n ths report, t s our opnon that a reasonable exposure tme s 12 months. 27

APPRAISAL PROCESS The methodology tradtonally used for the valuaton of real property s derved from three basc approaches to value; The Cost Approach, the Sales Comparson Approach and the Income

32 APPRAISAL PROCESS The methodology tradtonally used for the valuaton of real property s derved from three basc approaches to value; The Cost Approach, the Sales Comparson Approach and the Income Captalzaton Approach. From the ndcated values produced by each of these approaches and the weght accorded to each, an estmate of market value s made. The followng s a bref summary of the method used n each approach to value. COST APPROACH The Cost Approach s devoted to analyss of the physcal value of a property; that s the market value of the land, assumng t were vacant, to whch s added the deprecated value of the mprovements to the ste. The latter s estmated to be the reproducton cost of the mprovements less accrued deprecaton from all causes. SALES COMPARISON APPROACH The Sales Comparson Approach s based upon the prncple of substtuton, that s, when a property s replaceable n the market, ts value tends to be set at the cost of acqurng an equally desrable substtute property assumng no costly delay n makng the substtuton. Snce few propertes are ever dentcal, the necessary adjustments for dfferences between comparable propertes and the subject property are to a certan extent a functon of the apprasers experence and judgment. INCOME CAPITALIZATION APPROACH The Income Captalzaton Approach s an analyss of the subject property n terms of ts ablty to produce an annual net ncome n dollars. Ths estmated net annual ncome s then captalzed at a rate commensurate wth the relatve certanty of ts contnuance and the rsk nvolved n ownershp of the property. VALUATION METHODS USED/FORMAT To estmate the value of the subject property a Cost of Development Approach/Subdvson Analyss has been utlzed. Ideally we would have used the Sales Comparson Approach to estmate the value of the property. However, after an exhaustve search that ncluded all of Essex County, datng back 5 years, we found no sales, 50+ acres n sze that had characterstcs even remotely smlar to the subject. For ths reason, the Cost of Development Analyss was used. COST OF DEVELOPMENT ANALYSIS: In order to estmate the value of the subject property as s to a sngle purchaser, a Cost of Development Approach has been utlzed. Ths s a valuaton tool avalable to the appraser when subdvson and development represent the hghest and best use of a property. The Cost of Development Approach, or Subdvson Analyss, s a hybrd of all three tradtonal approaches to value; Cost Approach, Income Approach, and Sales Comparson Approach, and uses technques from all 3. 28

In ths case, after determnng the number and type of lots that can be created from the apprased parcel, physcally, legally, and economcally, a sales comparson analyss of fnshed lots s then undertaken.

33 In ths case, after determnng the number and type of lots that can be created from the apprased parcel, physcally, legally, and economcally, a sales comparson analyss of fnshed lots s then undertaken. After adjustng the comparable sales for dfferences, the appraser estmates the most lkely retal sale prces of these lots, the probable development perod and the absorpton rate. All costs assocated wth constructng and sellng the lots are then deducted from ther projected retal sale prces. The perodc net sale proceeds are then dscounted to present value at an approprate yeld rate over the estmated perod requred for the project development and market absorpton. The result s an ndcaton of the value of the property as-s. In the subject case, we project the estmated retal prces for the 7 potental vacant lots. We then deduct the costs necessary to acheve the retal prces for the 7 lots, ncludng addtonal engneerng, sol testng, road nstallaton and brokerage commssons, before dscountng the net proceeds nto a net present value of the subject property as t stands. RETAIL LOTPRICE PROJECTIONS We have researched the area for sales/lstngs of sngle-famly buldng lots n order to project retal prces for our valuaton model. Of the lot sales ntally researched, 12 sales were consdered most smlar to the subject lots. The followng are detals on these comparable sales: 29

BUILDING L OT SAI F tt 1 pj Address: Lot 5, 643 Bay Road Town: Hamlton Sale Prce: Grantor: $1,500,000 Peter MacEwen Sale Date: 5/11/2015 Grantee: Aqula Farm LLC Book/Page; Regstry Reference: Bk 34046

34 BUILDING L OT SAI F tt 1 pj Address: Lot 5, 643 Bay Road Town: Hamlton Sale Prce: Grantor: $1,500,000 Peter MacEwen Sale Date: 5/11/2015 Grantee: Aqula Farm LLC Book/Page; Regstry Reference: Bk Pg 158; Essex South Regstry of Deeds Sales Hstory: Same parcel sold on 12/6/2013 for $1.35 mllon. Buyer never bult upon. Put back on market, closng at a prce 11.11% hgher n May of Annualzed prce apprecaton of 7.4%. LandArea: 28.6 acres Frontage: feet Waterfront: Yes, Mles Rver Water Frontage: 1,200 Vews: Utltes Avalable: Zonng: Resdental, marsh, rver, woodlands. Prvate water and septc. Resdental, RRA Exstng Improvements: n transacton. Yes, a recently restored bam valued at $100,000 by those nvolved Comments: Generally level lot, part of a 5-lot compound wth extensve frontage on and sweepng vews of the Mles Rver. Ths rver frontage lot has 5 acres of open pasture. Remander s largely wetlands. Drect access to Essex County Tra Assocaton Network. 30

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35 U) HJWH.tfl'A MA njnartrs w«r. \ *f - _ a*- / sÿv '4»bb>ÿ * *»-IBV~- *S V, K»*. R-V* rf7- UATgH UNE -ÿ~v - - f. *. 5n«* -s u4 SSSSSS?.JK&JS-A-- «KUM WM nÿq.s74«wtomh* M» w ll sm- "5»va *r4*»t»afe4te* MB ;s 'IS',, «*ÿ-.'ft \ ---- ft.-*' 4, AT-,!*s \ I *?r* v y-.! / v»- t / gbmteaa8»- LOT 5, ;«w /t r ~s.''- #- '. LOT A v MS*.y& * y MflM. fj. J lows MAP 5SSn!*»)* 4 *)«*ÿ2 r-".1 'ÿv- - A y...' Jt. "V. \? Sc *;«\» a.m* A«* LOT & y. ;\V Ml ft.jkm* c \ BV *%*?, I. :,, <ÿga \.ÿ%c4c37%h \ I V s?.- u-.ÿsr W \ V ÿrv # \ I UOT 8 4- «W* t..,jt-ÿ l v'ÿss!h \ n \ \ \ * m k jj&r* &». ft missst <j l, f&tmvr % tor 1 * \ v >.*58?* u2. Vÿ/ Wf ' *r [ j s *» r,*. >-0T 2 p»»,. t lw w*«s 4* rv» s'n>. % L v.jjh: * "S- ': : IV V ; fefll v?w- V» v«....-'ÿ V / %V ** ( I5t \ p \ ÿÿ r S 4 : IT \ %' V ffm * v* - 5 \ \ ' 322* A Wt.:ÿ 1 ~ ÿ'ÿ \»SWV SW»t. H *. f, J&k$k I ; S:' V. l \ m. *&* **ÿ / 'ÿa!f.? _ ' *.ÿ- * - *»*ÿ *.. yÿ "B-"# Ls,S?.-. arr/' - 0» LOTS I»MO tan»«. <?*'*' -f(.s "MMW UW: \! Wt.. H«W' IMIJh «>.»«*ÿ k,. Vt vsÿ V.-. *ÿ *M;:. * «?;»***v <ÿ (*Bt'-J- A ' H ' -,, '!* 1 1 K S r# / A IS * U c f PUN OP UNO *!UB B lattm HAMILTON, MA THE ftfttcke H. WWE 2009 TRUST <*- 'V wfctas* >,' -««D0W0H0C SURVEY. WC vn 4., r* w.,,. s

BUILDING LOT SALE # 2 / > V* I Kfe: > : Address: 82 Labor n Van Road Town: Ipswch Sale Prce: Grantor. $1,150,000 Marshall Brown Trust Sale Date. 10/1/2013 Grantee-. George E.

36 BUILDING LOT SALE # 2 / > V* I Kfe: > : Address: 82 Labor n Van Road Town: Ipswch Sale Prce: Grantor. $1,150,000 Marshall Brown Trust Sale Date. 10/1/2013 Grantee-. George E. Sullvan Book/Page; Regstry Reference: Bk Pg 440; Essex South Regstry of Deeds Sales Hstory -. No pror sale n prevous 60 months. LandArea acres Frontage: rght of way only Waterfront: Vews: Utltes A valable: Zonng: Yes, Ipswch Rver Marsh, rver and resdental. Prvate water and septc. Resdental Water Frontage: 2,500 Exstng Improvements: A 2,000 sq ft Cape-style dwellng razed post sale. Comments: Ipswch Rver frontage parcel at end of Labor n Van Road. Access va rght of way only. Lot s ts own pennsula, surrounded on 3 sdes by the Ipswch Rver and salt marsh. % of lot s salt marsh. Sale ncluded a dock n good condton and a small boathouse. Large contemporay-style home constructed post-sale. Approved 4-bedroom septc desgn n hand at tme of sale. 32

$s-»ÿ; ' -y-s-v: 5. K \X> s S:.$ $. a-'v ppl' :t- o>- \ p! *5!$ . I «. > '.

37 m - 3*" sllssisilss r-.y: :- ;ÿ.. < wmm tef 'ÿ Wkj 'ÿ:)uy hr<ÿ:- <ÿ w: V - ' A - 1 *, jr. s-»ÿ; ' -y-s-v: 5. K \X> s S:.. a-'v ppl' :t- o>- \ p! *5! f % * -/. *1 -; ** v v Vf.ÿ; v'-.. I «. > '. -:P': A -w IP SKÿ': v. v. :*r : tgw : A- ' - ' "J.. l Mfc A v P 33

38 BIITLDING LOT SALE #3 $56 Argla Rd 1 Address: 156 Argla Road Town: Ipswch Sale Prce: $900,000 Sale Date: 3/2/2010 Grantor: Anne J. Hezzey Grantee: Davd M. Roby Book/Page; Regstry Reference: Bk Pg 267; Essex South Regstry of Deeds Sales Hstory: The Grantor acqured a larger 86+/- acre property that ncluded the sale property on 11/1/07 for $1,539,000 from Haydock RT. LandArea: 31.8 acres Frontage: feet Waterfront: Tdal Creek Water Frontage: feet Vews: Utltes Avalable: Vews of creek, salt marsh. Prvate well and septc requred. Zonng: Rural Resdence A. Exstng Improvements: None. Comments: Located off Argla Road, abuttng Threadwell Island Creek. Vews of marsh and creek to the north. Of the 31.8 acres, acres s upland. Wthn the 18 acres of marsh s one small upland sland. Narrow frontage and vew easements prevent more than 1 buldng lot from ths land. 34

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39 1 ""' ~T / s C j f6~ ' >'/ f? Ṿ 3 T j- Jfrpÿry m. -.. t s- ;.-ÿ M ' v >.ÿ! v:-v 5. :. ">-v' 7 7 k- f ; j j I * * < 'ÿ?' s-r! : 5 I, V% s- -! >? X. / r/ '» / 1 f ;b,./ J L. /V / I It r? ; «: t.ÿ*.. ;t ; % / 49 " :f., $ &'.** >- X. - s : -!r, -wt *.r 4 > * - \?* v 4*5* - 'N: h Nte * f It- \ V! l V Ck-- ;- I ' l 'ÿ: ; \ ( \ V ;*S nt s \ r»?x<i : ; ; 9* \ \ -V :- V v> u I, : **; - a, ft ; \ r - \ H'v. V -5 r*: v 35 h r- ' ll 5 V > I I?! lt M 513 V f, 4;f?s

Bk 32839 Pg 223; Essex South Regstry of Deeds Sales Hstory: No pror sale n prevous 60 months. LandArea: 29.

40 BUILDING LOT SALE U 4 Sagamore St. "4 -r > % Address: Lot 2U 321 Sagamore Road Town: Hamlton Sale Prce: Grantor: $650,000 Donovan Conservaton Sale Date: Grantee: 3/9/2015 Wllam Wheaton Book/Page; Regstry Reference: Bk Pg 223; Essex South Regstry of Deeds Sales Hstory: No pror sale n prevous 60 months. LandArea: 29.1 acres Frontage: 50 feet Waterfront: No Water Frontage: n/a Vews: Utltes Avalable: Zonng: Woodlands, resdental. Prvate well and septc. Resdental Exstng Improvements: None. Comments: Estate lot n rural secton of Hamlton. Part of a 3 lot common drveway development. Buldng envelope s at a hgher elevaton than rest of lot, provdng for very good vews from the ste. Abuts substantal conservaton land. 36

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41 * t \ * -» 4 *1 * * 'j' f * * \ H l Z v «*, rt"*> \ t.xr. / : 4 4 V : * 4' 4 *w 3 * 5 : ; t r 5.-V* - ' * '***«* vrw$ t f'y / *,* sk.*ÿ * *.* 4 # *2 M: ' f ' * 1 ;",.. * «'. * / > * IV *. 4». -*V jl 4! 4. *'ÿ* r -> * 4 > * * * * fc*& * #'f >* / r:-:. AK / / X :T \ t \ 1» I a «4 H 5- fj. * * t-* : V :*'* l U M " \ j k fz- : %*ÿ * 4. -A:.»ÿ - jl-'-.* > 1 \ A \» \ 4 l s *> A * m.ÿ* :* n *>* - f\ ; / sj IK * * «r / A- *» V >r 3: f \.KV rf.j ;* r-; : -T *.ÿ» / J J K *.-, //:'; f \f - \ fv ÿ /.y. ** ; 31* I %H \ #! 37

42 BUILDING LOT SALE # 5 Address: 19 Sognese Road Town: Essex Sale Prce'. Grantor: $635,000 Sarah Cushng Sale Date. 3/9/2015 Grantee: Lews Spence Book/Page; Regstry Reference: Bk LC Doc#559785; Essex South Regsty of Deeds Sales Hstory: No pror sale n prevous60 months. LandArea: 6.39 acres Frontage: 200 feet Waterfront: Yes, Essex Rver Water Frontage: 500+ feet Vews: Utltes Avalable: Zonng: Rver, salt marsh, resdental. Prvate well and septc. Resdental Exstng Improvements: None. Comments: Irregular n shape lot wth frontage on the Essex Rver; but not usable frontage. Salt marsh blocks access to t. Located along quet street off of Route

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43 1 ; :.1 * t - A. '»V>!»' ;,.1*, -v» >/'*! '».? : : :* lv; *.«*» *. x r!f * 1. «:V ' ;.; >,*<.0 ÿ 5. : *.*V f v 1, ' \ \' - '*. s./,»r.» ;- ) «,*.-'ÿh.- ; \ :, ; rt :..»ÿ* ÿ,',"1'",*! :! *. V' -1 j :»,v< > ; >.* -. J; : 5! * : \ 1. t! 1 Y < <' ÿÿÿ a-' ' r ; > v. * **, v; *?*uv' 5 ' S ; :v.vy;'!., ' Xv ft s.\ 1 * V 5 : *J.» :. ; : V' ' 1 1 * \ \? * ;,»ÿ 1 1 \!.«.*! ' MV»*» r-'.fyÿxr V, l VXS «' ' 'ÿ. V ; f j» K S. VV.S ' r.f. * / ' -» ' > ' so *. : X, ' F-,> * * -? J. r ; S-JF ; < I -H - f ÿ; \l. ;.( * - * I j 3? /*;? ' > : < f * < :. fu s ;. 7 I, ÿf r. t. '" kal " \ V :.» S v _ M t 1 W ; * V v-" *ÿ > : ;'4\ < 1v.*.Vf!, : 5!. f f* - I V? Is t f-!;? ; - < : ; m * s J H. : 1 «'ft A7.,v.:w ÿ«..»» -H ;.V -!. tx;*. V1 v'v;"v 2* > m- :T Wft F-K- *. s V;ÿ\rCMÿ*4» /.* 39

BUILDING LOT SALE # 6 - l, f8 Fox Creek Rd A ' > v Address: 8 Fox Creek Road, Lot 1 Town: Ipswch Sale Prce-. Grantor. $595,000 Vladslav Kasarda Sale Date. 6/17/2014 Grantee-.

44 BUILDING LOT SALE # 6 - l, f8 Fox Creek Rd A ' > v Address: 8 Fox Creek Road, Lot 1 Town: Ipswch Sale Prce-. Grantor. $595,000 Vladslav Kasarda Sale Date. 6/17/2014 Grantee-. Roger Lous Book/Page; Regstry Reference: Bk Pg 212; Essex South Regstry of Deeds Sales Hstory: No pror sale n prevous 60 months. LandArea: 4.92 acres Frontage: 152feet Waterfront: Yes, Rantoul Pond Water Frontage: 500+ feet Vews: Utltes Avalable: Zonng: Pond, salt marsh, resdental. Prvate well and septc. Rural Resdental A Exstng Improvements: None. Comments: Lot located on a saltwater pond close to Crane s Beach reservaton. Sold wth septc approval and desgn n hand. Good vews from the buldng envelope of ths lot; set up on a knoll overlookng pond and salt marsh. 40

$r r I ** r,? 1,5s, : I *ÿ *>x»/ «! '** psm SsfrtM / llftf / / *sraj I? jj 5! * Is Ill 7 f * ] l a b/ I * s u X r"f*' 11 *.. * * 3to P% >wr 3- f* #T.* *#<A % \ fc»- ;. \ y */ *>* fffr \ * # V I... s *!$

45 r r I ** r,? 1,5s, : I *ÿ *>x»/ «! '** psm SsfrtM / llftf / / *sraj I? jj 5! * Is Ill 7 f * ] l a b/ I * s u X r"f*' 11 *.. * * 3to P% >wr 3- f* #T.* *#<A % \ fc»- ;. \ y */ *>* fffr \ * # V I... s *! y y? / * V 1 % >s- / -' yr ' *3! :ÿ $ '< «y?s* v / rf sn H n A M S / f s afc w.s, *'?ff. :! II IpLV -- f4 f * %,lc 25* S '**f 2 ***f»5 : M w*s V;**ylt!*f }> ««* *5«-'* S& 1 * fja&4r T4 A T.«-- * -!* «* > ** **m*. *. * m*$ jg-qatr- - * **&*. $5$r* &*.$, 8f.:- * *'». v?3*9- * ÿf -V k? t m / «'

46 BIJTT,T)TNn T OT SAT E t 7 Address'. Lot 2A 17R Washngton St Town'. Boxford Sale Prce: Grantor: $525,000 Judth Hlls Sale Date: 7/19/2014 Grantee: Douglas Hamlton Book/Page; Regstry Reference: Bk Pg 423; Essex South Regstry of Deeds Sales Hstory: No pror sale n prevous 60 months. LandArea: acres Frontage: 50 feet Waterfront: No Water Frontage: n/'a Vews: Utltes Avalable: Zonng: Resdental, and marsh. Prvate well and septc. Resdental Exstng Improvements: None. Comments: Large, 18+ acres lot that s restrcted to one sngle-famly dwellng and appurtenances wthn a desgnated 4 acre buldng envelope. Remander of land s affected by an APR. Land s rollng pasture wth a small pond. There s marshy, nonusable frontage on Johnsons Pond. 42

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47 f 7 ; >/ A b, / f M K*. / V V f X, h %? Sj' / / e /'X / / 7 / rx. V * d \ V X V, V / ' / X / v N*/.- J,,: f / u *?X h A I* P; ' / m m < " I A ns / :ÿ1 4 ; ; $ assljf!! j # ; 1 S * /s ;»- / 7 f. /X?!! #! 5. t Ha m! : / X r / 'ÿx / *jtsa BPV j?! f:/ t /» & V V* X x -ÿ \ / "T'xÿkp # * X fc v 2 rj * f 55 ' ~ ' M! JJ -:r 1 :! 5s *ÿ / _.Y \ / If /» /' t ** ***.%. **«* I : " 11 -*~*t \ -- 5 m v* 1 U'S- : s It V» ws **B * fes p! M s* \ f 3* v \: V P! 11 -s'**- k\ S \ s. ; y %X :1 1 >,! IK $ «* s ÿ% t V <S9r* Jt t l % && 43

48 BUILDING LOT SALE # 8 Address'. Lot 7A, 62 Island Road Town: Essex Sale Prce: Grantor: $490,000 Deborah Hayes Sale Date: Grantee: 11/24/2014 Jeffrey Rtche Book/Page; Regstry Reference: Bk Pg 21; Essex South Regstry of Deeds SalesHstory: Lot sold n Aprl of 2009 for $430,000. Never bult upon. Put back on market and sold after 90 days for $490,000 n November of Land Area: 1.50 acres Frontage: 150 feet Waterfront: No, marshfront Water Frontage: n/a Vews: Utltes Avalable: Zonng: Salt marsh and resdental. Prvate well and septc. Resdental Exstng Improvements: None. Comments: One of 7 new lots off of Island Road and Route 133 n Essex near the Ipswch town lne. These lots are located on a small knoll that s just 5-8 feet hgher n elevaton than surroundng marshland, thus provdng vews to most of the lots. Ths lot has 270-degree vews of salt marsh. Two new homes close to rear of ths buldng envelope. 44

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50 BUILPINC. LOT SALF. U 9 / Q 157 Grapevne Rd Address: 157 Grapevne Road Town: Wenham L Sale Prce: $310,000 Grantor: Charles E. Davs 2nd Sale Date: Grantee: 6/6/2016 Steven Seker Book/Page; Regstry Reference: Bk Pg 133; Essex South Regstry of Deeds Sales Hstory: No pror sale n prevous 60 months. Land Area: 2.0 acres Frontage: 150 feet Waterfront: No Water Frontage: n/a Vews: Utltes Avalable: Zonng: Resdental, college, woodlands. Prvate well and prvate septc. Resdental Exstng Improvements: None. Comments: Long, narrow, rectangular lot n Gordon College area of Wenham. Approxmately 10,000 sq ft to the rear of ths lot s wetlands. Remander s wooded uplands. 46

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51 *. * **4 4 */ f 4 ;? V "tt 4 j* ~ -> VV- 4 j H :. \ t s V 3*!UM J- "I*, -t M N 2%$ V g» -*,»1 v- ll&m \ > ) \ *»n* 4 j: ll- n ÿ* tlj r? V f/.» k h 3 Q M L HP. N r /- _ %? - «k! I m \t a l) y H &? :l K f s S * t? y _L_ s >.***!4--Ha -ÿ f. 'VH? tl» V* 8 ll dtr *..: A* \ L 47

52 BIIT nnq LOT SALE # 10? 5 r 55 Arglla Rd Address: 55 Arglla Road Town: Ipswch Sale Prce: Grantor: $290,000 Joseph Frontero Sale Date: 6/17/2016 Grantee: Goddzlla LLC Book/Page; Regstry Reference: Bk Pg 484; Essex South Regstry of Deeds Sales Hstory: Sold for $187,000 n February as a short sale. Buyer razed house, nstalled a new septc and put back on market as a vacant lot wth septc nstalled at $295,000 n November of P&S sgned after 219 days on market. LandArea:.6 acres Frontage: 125 Arglla, 125 Heartbreak Rd Waterfront: No Water Frontage: n/a Vews: Utltes Avalable: Zonng: Resdental. Muncpal water, 3 bedroom septc system nstalled as part of sale. Rural Resdental A Exstng Improvements: Ranch style home razed pror to sale. Comments: Small, prevously mproved lot at comer of Arglla Road and Heartbreak Road n Ipswch. Sale ncluded the nstallaton of a new, 3-bedroom septc system. 48

$' 6V 4 \ - / 4 - fc.$ V/f t f -T : HE H *» m If v;!

53 ' 6V 4 \ - / 4 - fc. <* a WW : * f v/a n f. V/f t f -T : HE H *» m If v;! >ÿ* f l b H? f- n ;ll If > JI m ll I I > n * s 5'f f If ft K8 a.?? ll PV $ 0 u. ll 1 f

54 BUILDING LOT SAT E #11 fe vaffaj r.zf w ÿ--v ÿ - Address: 41 Pneswamp Road Town: Ipswch Sale Prce: Grantor: $275, Locust St LP Sale Date: Grantee: 1/17/2016 Erck Montlack Book/Page; Regstry Reference: Bk Pg 123; Essex South Regstry of Deeds Sales Hstory: No pror sale n prevous 60 months. LandArea: acres Frontage: 200 feet Waterfront: No Water Frontage: n/a Vews: Utltes Avalable: Zonng: Resdental, woodlands. Muncpal water, prvate septc requred. Rural Resdental Exstng Improvements: None. Comments: Lot located on western outskrts of town. Rural area. Partally gravel road n area. Lot s trapezod n shape. Gentle slopes. 4-bedroom septc desgn n hand. 50

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56 BUILDING LOT SALE # 12 Address: 62 Eastern Ave Town: Essex.Safe Prce. Grantor: $250,000 Estate of Rosemare Carr Sale Date: 6/23/2016 Grantee: Carter Roberts Book/Page; Regstry Reference: Bk Pg 333; Essex South Regsty of Deeds Sales Hstory: No pror sale n prevous 60 months. LandArea:.67 acres Frontage: 150 feet Waterfront: No Water Frontage: n/a Vews: Utltes Avalable: Zonng: Resdental, commercal. Muncpal water and sewer. Resdental S2 Exstng Improvements: Older dwellng razed post sale at a cost of $10,000. Total pad for a vacant ste s $260,000+/-. Comments: Prevously mproved lot on busy Route 133. Small lot. It came readly connected to muncpal water and sewer. Sewer betterment had been pad n full by prevous owner. 52

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57 / ÿ* /' ; ' :->;H s,vr>'.. 5.1!!ÿ; u- s-r!a\, \\ v-;. \ v. n m V\N 1% >-v.;! ÿ*,v, Sv sv\ Vÿa. o 5ft.. ' SXs v\% %?- ; vw,; <K S:*3 «? e* S';X X%>1, X m V* 94 f rl.: *4 ** VS.;. S 8 - V 3 >< 53

58 Lot Sales Analyss (cont.) The sales range n prce from $1,500,000 down to $250,000. We ncluded sales of large estate lots, smlar to the larger of the 7 lots possble wth a subdvson of the subject land, as well as sales of smaller lots, smlar to that of D1 and Lot G possble from a subdvson of the subject land. Because most of the subject lots are rather large and unque to the mmedate market area, both the search area and perod for comparable sales data was extended beyond desred gudelnes. We made a market condtons/tme adjustment to each of the sales to take nto consderaton the apprecatng market condtons that have been ongong n the subject market snce Evdence of these condtons are found n Sale #1 and #8 presented earler, whch nvolved re-sales of the same lots over specfed tme perods reflectng apprecaton. Based upon a revew of ths data and the Case/Shller Index data, we have used a +4% annualzed market condtons adjustment. We then compared the lots to the subject n sx dfferent categores as detaled below, as we feel these categores play the bggest role n determnng lot prces n the subject market. We have used a ratngs system as shown below to compare the comparable lots to the subject lots. LOT SALES COMPARISON Date of Valuaton 11-Oct-16 Market Condtons/Tme 4% Adjustment Ratngs: 1- Poor;2 - Far; 3 - Aver; 4 - Good; 5 - Excellent Tme Expected Sale Adjusted Land Ste Development Total Subject Lots Prse SIPrce Area (acl Locaton gag. Vews Utlty Utltes Costs Score Lot A Lot B Lot C Lot D Lot D LotE Lot G #. Comparable Lots 1. Lot 5,643 Bay Road, Hamlton Labor n Van Rd, feswch Arglla Road, feswch 4. Lot2U, 321 Sagamore Rd, Hamlton Sognese Road, Essex 6. 8 Fox Creek Road. Lot1, ch 7. Lot 2A, 17R Washngton St, Boxford $ 525,000 $ 571, Lot 7A, 62 Island Road, Essex Grapevne Road, Wenham Arglla Road, *>swch Pneswamp Road, fcaswch Eastern Ave, Essex $ 1,500,000 $1,585,334 $ 1,150,000 $1,289,417 $ 900,000 $1,138,244 $ 650,000 $ 691,467 $ 635,000 $ 675,510 $ 595,000 $ 650,241 $ 490,000 $ 526,889 $ 310,000 $ 314,315 $ 290,000 $ 293,687 $ 275,000 $ 283,078 $ 250,000 $ 253, ao Ths comparson suggests that f a comparable lot s rated 23 and has a tme adjusted prce of say, $1.3 mllon, a subject lot wth a smlar ratng should have a retal prce projecton n the $1.3 mllon range as well 54

The categores are farly self-explanatory. For the utlty category, the subject lots and most of the comparables would requre both prvate well and septc. We consder ths average and assgn t a 3.

59 The categores are farly self-explanatory. For the utlty category, the subject lots and most of the comparables would requre both prvate well and septc. We consder ths average and assgn t a 3.0 n our comparson grd. But Lot Sales #10 and #12 came wth connecton to muncpal water, and muncpal water and sewer respectvely. Ths s superor, saves the buyer money, and a premum would be pad for ths. Thus, a hgher ratng for these lots n the utlty categores. The comparson comes after the appraser vsted each of the lot sales and analyzed each n comparson to the potental subject lots t the categores lsted above. Based upon an analyss of the sales and the comparatve analyss above, the followng retal prce projectons are made for the 7 potental subject lots: Descrpton Open pasture horse lot wth barn, polo rng Lot s 1/4 open pasture, remander wetlands Lot s 1/4 open pasture, remander wetlands Open pasture; fronts on Bsex Rd Fronts on Essex Rd; contans sm dwellng Open pasture w th barn; access from Candlewood Open pasture lot at comer of Chebacco, Candlew ood The average from the 7 s $757,143. Lot Lot A Lot B Lot C Lot D Lot D1 Lot E Lot G Projected Lot Sze (ac) Retal Prce $ 1,300, $ 1,100, $ 650, $ 750, $ 300, $ 750, $ 450,000 ABSORPTION- Retal prce projectons for the lots have been made. The next step n the Cost of Development Analyss s to project a development and sellout perod. Ths perod would nclude the tme t takes to engneer, sol test each lot, fle an ANR plan and market, sell and close on each of the 7 lots. Based upon a revew of the marketng perods of each of the comparable sales t s our opnon that a reasonable buyer/developer would project a total 2 year perod to close on all 7 lot sales. DEVELOPMENTAL EXPENSEANALYSIS An estmate of the retal potental and a sellout perod for the lots has been made. It s now necessary to deduct expenses related to the constructon and marketng of the lots to ndvdual buyers. The followng s an estmate and summary of the necessary expenses. Engneerng & Approval Costs - Based upon dscussons wth two greater Boston based engneerng frms specalzng n resdental developments we project a cost of $5,000 per lot or $35,000 n total to cover engneerng, sol testng, septc desgns and the ANR plan. 55

60 Real Estate Taxes Durng Sellout -The current, non Chapter 61 tax burden for the subject property amounts to approxmately $32,046. Due to a lag n the assessment process, t s lkely that ths burden would contnue after the ANR plans are fled subdvdng the land nto 7 lots. The current tax burden amounts to $4,578 dvded among the 7 lots. We have used ths per lot tax burden n our calculatons. Thus, over the 2 year sellout perod the total taxes the annual amount due s calculated as the total burden for all lots remanng unsold at the end of each year, plus the burden for V of the lots sold durng the year, assumng a straght lne sellout. Legal/Conveyance- The stamp tax alone on the sale of real estate n the Commonwealth of Massachusetts s $4.56 per thousand dollars of sale prce. We have taken a closng cost expense of $4.56/$1000, plus $1,000 per sale to pay for the representaton of an attorney at closngs. Marketng Expense - A marketng expense has been estmated for the purpose of allocatng resources to the marketng and sale of the ndvdual unts. An allowance of 5% of the sale prce has been used and s the norm for commssons n the Ipswch area. Dscount Rate - The dscount rate n ths analyss ncludes a rate that recognzes the tme value of money and compensaton for the llqudty of funds; t ncludes a factor for the rsk assocated wth nstallng roadways, carryng costs and sellng the varous components of the development; and t ncludes overhead and entrepreneural proft. In order to project a rate commensurate wth the subject property, we have revewed two sets of nvestor/developer surveys, excerpts of whch can be found n the Addenda secton to ths report. The range of dscount rates from the most recent survey ranges from 14+/-% to 32+/-% wth an average of 24+/-%. We have projected a dscount rate at the lower end of the range at 15% based upon a revew of these surveys and conclude ths to be an approprate fgure to account for rsk and a developer s requred proft on ths development. The subject s low densty, would not requre a formal approval process or any nfrastructure constructon, and s wthn a strong market. The rsk, and thus potental reward would be perceved as lower by a potental buyer. Based upon all sources, we have used a dscount rate of 15% for ths analyss. SUMMARY - After makng expense deductons, the net cash flows are derved and the present worth of the nvestment can be calculated. After applyng an approprate dscount rate, t s our opnon that the market value of the acre subject property as of October 11, 2016, s $4,100,000. The followng s our Cost of Development model: 56

SUBDIVISION DEVELOPMENT ANALYSIS Subject Property Pony Express Farm Essex Road, Candlewood Road, Chebacco Road Ipswch, MA 128.

61 SUBDIVISION DEVELOPMENT ANALYSIS Subject Property Pony Express Farm Essex Road, Candlewood Road, Chebacco Road Ipswch, MA Acres Development Presumptons/Expenses Date of Valuaton 11-Oct-16 Average Lot Prce Annual Prce Change Annual Cost Change $ 757, % 3.0% Real Estate Taxes Per Lot $ 4,578 Legal - Closng Cost per lot $4.56/$1000+$1000 per lot Advertsng, brokerage Dscount Rate 5% 15% (ncludes overhead and developers proft, tme cost of money, rsk) U Number of VACANT lots to be sold 7 Sales Durng Perod 4 3 Lots Remanng 3 0 INCOME YEAR1 YEAR2 TOTALS Proceeds from Lot Sales $3,028,571 $2,362,286 $ 5,390,857 EXPENSES Engnesrng/Perm ttng/approvals Legal Expense/Closng Costs Real Estate Taxes Durng Sellout Advertsng, $5,000 per lot $4.56/$100Q+$1000 5% of sales proceeds $ 35,000 $ $ 35,000 $ 17,810 $ 13,772 $ 31,582 $ 22,891 $ 6,867 $ 29,759 $ 151,429 $ 118,114 $ 269,543 Total Expenses $ 227,130 $ 138,754 $ 365,884 Net Development Proceeds $2,801,441 $2,223,532 $ 5,024,973 PRESENT WORTH OF NET PROCEEDS VACANT LOT PRICE PROJECTIONS Descrpton Open pasture horse lot wth barn, polo rng Lot s 1/4 open pasture, remander wetlands Lot s 1/4 open pasture, remander w etlands Open pasture; fronts on Essex Rd Fronts on Essex Rd; contans sm dwellng Open pasture w th barn; access from Candlew ood Open pasture lot at corner of Chebacco, Candlew ood Lot Lot A Lot B Lot C Lot D Lot D1 LotE Lot G $4,117,345 Rounded to $4,100,000 Projected Lot Retal Prce $ 1,300, $ 1,100,000 Sze (ac) $ $ 2.00 $ $ 2.77 $ 650, , , , ,000

It s our understandng that the property wll be broken down n ths manner based upon the source of fundng that wll be used to purchase the

62 INDIVIDUAL PARCEL VALUATIONS We have also been asked to estmate the value of the followng 5 ndvdual parcels that comprse the subject property. Ths plan has not yet been fled and s conceptual only. It s our understandng that the property wll be broken down n ths manner based upon the source of fundng that wll be used to purchase the overall property. I fj L?> 2 <!f I "h, _l & 1 N U t Cw 4 - o mm t. OH s t +ÿ m (N m u KB N V v c, IT' 4~ 1 m ft.. Ml & A' 43 j:r!l IK \» \ IJ S? a- B S 8 8 ll g- a W r! o l :! St «B- ; "n & fll ll 11 'S III ;0DQ 58

The fve ndvdual parcels from ths plan are known as: Town Pece; 30.6 acres Prvate Sale Pece; 12 acres Fsh & Game Pece; 54.3 acres Greenbelt Owned; 29.4 acres Prvate Sale Pece; 2.

63 The fve ndvdual parcels from ths plan are known as: Town Pece; 30.6 acres Prvate Sale Pece; 12 acres Fsh & Game Pece; 54.3 acres Greenbelt Owned; 29.4 acres Prvate Sale Pece; 2.0 acres Hghest and Best Use: The hghest and best use of the acre property confgured n ths way s stll for subdvson nto 7 buldng lots. But, the 7 lots are slghtly altered n terms of ther boundary lnes, based upon the boundares of each of the 5 parcels. Of the 5 ndvdual parcels, note that the 30.6 acre Town Pece has subdvson potental nto 3 buldng lots, whle the remanng 4 are smply 4 ndvdual buldng lots. The hghest and best use plan s as follows: 59

$j H y : ft Re A ~4 kvl&h >Sd - *.a Ijf % /3 :!. >J4 kttl n T 1. *ÿ 5SS v. 53 sgu V J\.*3 -. tjud jm,'jb asm...ÿ trg p 5c v.»;> s ** f ad.d bs :.$ $j Department of Fsh & Game PrvateSale wth Greenbelt CR \S*\ Greenbelt Owned Wth Town CR PrvateSale of Exstng Home DRAFT v.wy.wmw Greenbelt V w»g*lfy 5.$

64 ' O L- fe'- Pony Express, Ipswch ~ 125 +/- acres- Potental Project Confguraton IVJ >; b' > jg] I!2n -f(»!*** o 133 B -ÿ,vÿ - I > 14 rs F1 SS; m, m BTB, Tt- V a Llr< k: J?I4 - { ' stf' -"tt j&c v / fesafel, ',. Vf * >. j H y : ft Re A ~4 kvl&h >Sd - *.a Ijf % /3 :!. >J4 kttl n T 1. *ÿ 5SS v. 53 sgu V J\.*3 -. tjud jm,'jb asm...ÿ trg p 5c v.»;> s ** f ad.d bs :.»* UMUAn *4 ' v8>vÿ4s, Feel 'A [V * 1» 1.-I 5k.o& Town Owned wth Greenbelt CR ;.j.j Department of Fsh & Game PrvateSale wth Greenbelt CR \S*\ Greenbelt Owned Wth Town CR PrvateSale of Exstng Home DRAFT v.wy.wmw Greenbelt V w»g*lfy 5. W Soreedata obtaned from Offceof GeognsphfcmformaBonSystems (MenGIS) Orthophob» 2013/14, Botmdaneaare approodntete and are based oogtotÿ poeÿonng eyetemaÿgps)data, owseworedata ond survey phsns. Map produced byessex County GnwnbeftAsoocattod September;2018, *\ ' A *:+» 5$ ft?». ft4s E SjpcSS u' / *' / ; *. - * fgguftatspgmpm

S/Prce Ratngs: 1 - Poor;2 - Far; 3- Aver; 4 - Good; 5 Excellent Land Ste Expected Development Total Area lacl Locaton Sze Vews Utlty Utltes Costs Score 16.71 11.21 2.77 4.5 4.5 4.5 4.0 4.5 3.0 4.5 4.0 3.

65 Valuaton: To estmate the value of these ndvdual parcels, we agan used the same 12 buldng lot sales presented earler. The comparson grd s as follows: LOT SALES COMPARISON Date of Valuaton 11-Oct-16 Market Condtons/Tme 4% Adjustment Subject Lots Lot A1 Lot B1 Lot G1 Lot E1 Lot DO Lot DE Lot C1 Sale Prce Tme Adjusted S/Prce Ratngs: 1 - Poor;2 - Far; 3- Aver; 4 - Good; 5 Excellent Land Ste Expected Development Total Area lacl Locaton Sze Vews Utlty Utltes Costs Score Comparable Lots Lot 5, 643 Bay Road, Hamlton 82 Labor n Van Rd, Ipswch 156 ArgHIa Road, Ipswch Lot 2U, 321 Sagamore Rd, Hamlton 19 Sognese Road, Essex 8 Fox Creek Road, Lot 1, Ipswch Lot 2A, 17R Washngton St, Boxford $ 525,000 $ 571,901 Lot 7A, 62 bland Road, Essex 157 Grapevne Road, Wenham 55 ArgOa Road, Ipswch 41Pneswarrp Road, Ipswch 62 Eastern Ave, Essex $ 1,500,000 $1,585,334 $ 1,150,000 $1,289,417 $ 900,000 $1,138,244 $ 650,000 $ 691,467 $ 635,000 $ 675,510 $ 595,000 $ 650,241 $ 490,000 $ 526,889 $ 310,000 $ 314,315 $ 290,000 $ 293,687 $ 275,000 $ 283,078 $ 250,000 $ 253, And, based upon ths comparson, the followng retal prce projectons are made for the 7 buldng lots: Lot A1 Lot B1 Lot G1 Lot E1 Lot DD Lot DE Lot C1 Land Area (ac) Projected Retal Prce $ 1,300,000 $ 1,000,000 $ 450,000 $ 740,000 $ 800,000 $ 290,000 $ 750,000 Town Pece Valuaton: The 30.6 acre Town Pece55 parcel s comprsed of 3 buldng lots; Lot Al, Lot B1 and Lot Gl. To complete ths valuaton we agan used the Cost of Development/Subdvson Analyss model presented earler. Only ths tme we have just 3 lots. We have altered the model to take nto consderaton the smaller property. We have lowered the dscount rate from 15% to 13% to account for lower rsk nvolved wth just a 3 lot ANR development. The value of the 30.6 acre Town Pece55 as of October 11, 2016, s estmated at $2,300,000 calculated as follows: 61

rz L Subject Property Pony Express Farm/Porton of Candlewood Road, Chebacco Road Ipswch, MA 30.

0% Real Estate Taxes Per Lot $ 4,578 Legal - Closng Cost per lot $4.

INCOME Proceeds from Lot Sales EXPOSES Engneerng/Permttng/Approvals Legal Expense/Closng Costs Real Estate Taxes Durng Sellout Advertsng, brokerage @ $5,000 per lot $4.

66 rz L Subject Property Pony Express Farm/Porton of Candlewood Road, Chebacco Road Ipswch, MA /- acres Town Pece HI SUBDIVISION DEVB-OPMBJT ANALYSIS Development Presumptons/Expenses Date of Valuaton Average Lot Prce Annual Prce Change Annual Cost Change $ 11-0ct , % 3.0% Real Estate Taxes Per Lot $ 4,578 Legal - Closng Cost per lot $4.56/$1000+$1000 per lot Advertsng, brokerage Dscount Rate 5% 13% (ncludes overhead and developers proft, tme cost of money, rsk) Number of VACANT lots to be sold 3 Sales Durng Perod Lots Remanng INCOME Proceeds from Lot Sales EXPOSES Engneerng/Permttng/Approvals Legal Expense/Closng Costs Real Estate Taxes Durng Sellout Advertsng, $5,000 per lot 5% of sales proceeds 3 0 YEAR1 $2,750,000 $ 15,000 $ 15,540 $ 6,867 $ 137,500 Total Bcpenses $ 174,907 Net Development Proceeds $2,575,093 PRESET WORTH OF NET PROCESS $2,278,843 Rounded to $2,300,000 VACANT LOT PRICE PROJECTIONS Projected Lot Retal Descrpton Lot Sze lad Prce Open pasture horse lot wth barn, polo rng LotA $ 1,300,000 \TLot s 1/4 ogeryastureÿremander wetlands Lot B $ 1,000,000 Open pasture lot at comer of Chebacco, Candlewood Lot G $ 450,000 Summary: The values of the 5 ndvdual parcels, subject to the hypothetcal condton cted n ths report, as of October 11, 2016, are as follows: Town Pece; 30.6 acres Prvate Sale Pece; 12 acres Fsh & Game Pece; 54.3 acres Greenbelt Owned; 29.4 acres Prvate Sale Pece; 2.0 acres $2,300,000 $ 740,000 $ 750,000 $ 800,000 $ 290,000 62

RECONCILIATION AND VALUE CONCLUSION The fnal step n estmatng the market value of the subject property overall, and then broken down nto 5 ndvdual parcels, s a correlaton of the values from each of

67 RECONCILIATION AND VALUE CONCLUSION The fnal step n estmatng the market value of the subject property overall, and then broken down nto 5 ndvdual parcels, s a correlaton of the values from each of the approaches utlzed n the apprasal process. To estmate the value of the property a Cost of Development/Subdvson analyss technques was used. Twelve buldng lot sales were revewed and analyzed n order to make retal prce projectons for the 7 potental lots nvolved wth a subdvson of the subject property n accordance wth our opnon of the hghest and best use of the land. Cost necessary to acheve these retal prces were projected based upon a revew of actual costs of smlar developments n the area, along wth expected brokerage commssons and real estate tax costs. The net proceeds from ths exercse were then dscounted at a 15% rate to estmate a present value of the entre property at $4,100,000. We then utlzed the same sales data from the overall valuaton to estmate the value of the 5 ndvdual parcels. One of the 5 ndvdual parcels had subdvson potental nto 3 buldng lots. A cost of development/subdvson analyss was used to estmate the value of ths ndvdual parcel. Based on the analyss and conclusons presented n ths report, t s our opnon that the market values of the subject property as of October 11, 2016, are as follows: VALUE OF THE ENTIRE ACRE PROPERTY $4,100,000 Town Pece; 30.6 acres Prvate Sale Pece; 12 acres Fsh & Game Pece; 54.3 acres Greenbelt Owned; 29.4 acres Prvate Sale Pece; 2.0 acres $2,300,000 $ 740,000 $ 750,000 $ 800,000 $ 290,000 63

CERTIFICATION OWNER(S): Pony Express Farms, Inc., Robert L. Danels ADDRESS/LOCATION OF PROPERTY: 8, 24 Candlewood Road; 107,123 Essex Road Ipswch, MA WE, CHRISTOPHER H. BOWLER AND JONATHAN H.

68 CERTIFICATION OWNER(S): Pony Express Farms, Inc., Robert L. Danels ADDRESS/LOCATION OF PROPERTY: 8, 24 Candlewood Road; 107,123 Essex Road Ipswch, MA WE, CHRISTOPHER H. BOWLER AND JONATHAN H. AVERY, HEREBY CERTIFY THE FOLLOWING: THAT ON OCTOBER 11, 2016, WE PERSONALLY MADE A FIELD INSPECTION OF THE PROPERTY HEREIN APPRAISED AND HAVE AFFORDED THE OWNERS REPRESENTATIVE THE OPPORTUNITY TO ACCOMPANY US ON THIS INSPECTION; THAT DURING THE PERIOD BETWEEN SEPTEMBER 15 AND OCTOBER 10, 2016,1CHRISTOPHER H. BOWLER PERSONALLY MADE A FIELD INSPECTION OF THE COMPARABLE SALES RELIED UPON IN MAKING SAID APPRAISAL; That to the best of our knowledge and belef, the statements contaned n the apprasal here set forth are true, and the nformaton upon whch the opnons expressed heren are based n correct, subject to the lmtng condtons theren set forth; That we understand that such apprasal may be used n connecton wth acquston of the subject property or rghts assocated therewth by the Commonwealth of Massachusetts, Essex County Greenbelt Assocaton and the Town of Ipswch; That such apprasal has been made n conformty wth the approprate state laws, regulatons, polces, specfcatons and procedures; That nether our employment nor our compensaton for makng ths apprasal and report are n any way contngent upon the values reported heren; That we have no drect or ndrect present or contemplated future personal nterest n such property or n any beneft from the acquston of such property apprased; and That we have not revealed the fndngs and results of such apprasal to anyone other than the proper offcals of the agency of the Commonwealth of Massachusetts, Essex County Greenbelt Assocaton, and the Town of Ipswch, for whom ths apprasal was undertaken, and we wll not do so untl so authorzed by an approprate representatve thereof, or untl we are requred to do so by due process of the law, or untl we are released from ths oblgaton by havng publcly testfed n a court of law as to such fndngs; and That, to the best of our knowledge and belef we certfy that: the statements of fact contaned n ths report are true and correct. the reported analyses, opnons, and conclusons are lmted only by the reported assumptons and lmtng condtons, and are our personal unbased professonal analyses, opnons, and conclusons. we have no present or prospectve nterest n the property that s the subject of ths report, and we have no personal nterest or bas wth respect to the partes nvolved wth ths assgnment. we have performed servces, as an appraser, regardng the property that s the subject of ths report wthn the three-year perod mmedately precedng acceptance of ths assgnment. our engagement n ths assgnment was not contngent upon developng or reportng predetermned results. our compensaton for completng ths assgnment s not contngent upon the development or reportng of a predetermned value or drecton n value that favors the cause of the clent, 64

the amount of the value opnon, the attanment of a stpulated result, or the occurrence of a subsequent event drectly related to the ntended use of ths apprasal.

Apprasal Reports, and the requrements of the Code of Professonal Ethcs and thestandards ofprofessonal Practce of the Apprasal Insttute.

69 the amount of the value opnon, the attanment of a stpulated result, or the occurrence of a subsequent event drectly related to the ntended use of ths apprasal. our analyses, opnons, and conclusons were developed, and ths report has been prepared, n conformty wth the most current Unform Standards of Professonal Apprasal Practce, EEA Specfcatons for Analytcal Apprasal Reports, and the requrements of the Code of Professonal Ethcs and thestandards ofprofessonal Practce of the Apprasal Insttute. the use of ths report s subject to the requrements of the Apprasal Insttute relatng to revew by ts duly authorzed representatves. Mr. Bowler and Mr. Avery are currently certfed under the voluntary contnung educaton program of the Apprasal Insttute. we have made a personal nspecton of the property that s the subject of ths report. no one provded sgnfcant professonal assstance to the persons sgnng ths certfcaton, unless such partes are lsted below: Ths apprasal has been completed usng the followng extraordnary assumptons: The estmated value of the property as s s based upon the extraordnary assumpton that t has the development potental stated n the Hghest and Best Use secton of ths report. If ths s not the case, then the value estmate may be subject to change. The apprasers have not been gven a recent ttle search for the subject property. Ipswch Assessor s records and the deeds recorded n Book 7778 Page 595; Book Page 564; and Book Page 258 at the Essex South Regstry of Deeds ndcate that the Pony Express Farms, Inc., and Robert L. Danels are the owners of the subject property. Ths apprasal s based upon the extraordnary assumpton that the nformaton n the deeds and the assessor s records s accurate. If ths s not the case, then the value estmates may be subject to change. Ths apprasal has been completed usng the followng hypothetcal condton: The value estmates for the ndvdual parcels to be subdvded from the acre property are based upon the hypothetcal condtons that each, as descrbed heren and shown on the Parcel Confguraton Plan contaned heren, are separate legal parcels even though at present each remans part of a larger acre tract of land. THAT OUR OPINION OF THE VALUE OF THE PROPERTY AFFECTED BY THE PROPOSED ACQUISITION OR TAKING, AS OF THE 11th DAY OF OCTOBER 2016, WAS $4,100,000 AND THAT THE CONCLUSIONS SET FORTH IN THIS APPRAISAL ARE BASED UPON TH EXERCISE OF OUR INDEPENDENT PROFESSIONAL JUDGEMENT. IT IS FURTHER OUR OPINION THAT THE VALUES OF THE INDIVIDUAL PARCELS DESCRIBED HEREIN, AS OF THE 11TH DAY OF OCTOBER 2016 WERE AS FOLLOWS: Town Pece; 30.6 acres Prvate Sale Pece; 12 acres Fsh & Game Pece; 54.3 acres Greenbelt Owned; 29.4 acres Prvate Sale Pece; 2.0 acres Chrstopher H. Bowler, MAI, CRE Massachusetts Certfed General Real Estate Appraser # $2,300,000 $ 740,000 $ 750,000 $ 800,000 $ 290,000 Jonathan H. Avery, MAI, CRE Massachusetts Certfed General Real Estate Appraser #26

70 ADDENDA

71 ADDITIONAL SUBJECT PROPERTY PHOTOGRAPHS

72 SUBJECT PROPERTY PHOTOGRAPHS Pony Express Farms Property Candlewood Road, Essex Road Ipswch, Massachusetts Taken by C.H. Bowler (10/11/2016) y mm mm- : -,. M.., Vew Lookng Easterly at the Southwest Porton of the Land off of Candlewood Road. Addtonal Vew of the 1980 Barn Lookng SE.

73 SUBJECT PROPERTY PHOTOGRAPHS Pony Express Farms Properly Candlewood Road, Essex Road Ipswch, Massachusetts Taken by C.H. Bowler (10/11/2016) 3, T A, l 1 W- Street Scene Lookng Easterly Along Chebacco Road. m M "; / «jk ft*! teg*?* m 5 Vew Lookng Easterly at the Northernmost Entrance to the Subject Land off of Candlewood Road.

74 SUBJECT PROPERTY DEEDS

resjusm A $HV # OSS 1.1 S.5 II - a *? : rt > 0 1 1 1 *sls', SS'sgl fsf I?

$* ** Z a I S I. = 1f 1 SI 1»c «sk 1 11 1-5 52 5$» > s t mu 5 :! «s I s HI \!J$!$

75 resjusm A $HV # OSS 1.1 S.5 II - a *? : rt > *sls', SS'sgl fsf I? O S I S I H s «n : S3 sal Uls' I 3 m * mm f sn I a* 1 CD * 5 s»n 1 I * I I? a * sll 5 11 J«1«* * s I. s!ak 1 3 *. 1 I * I 111;S: «s a 5 a ss.ssa 5 IP! -!: 11 1 H! ml? * *fsa «3 & ?.SÿJ _?3* 11 - Mls! * -'s $ 1 1 H I M? * ** Z a I S I. = 1f 1 SI 1»c «sk $» > s t mu 5 :! «s I s HI \!J$! 5% % 522*% m S3* I * *- l s * *: II I 1 t* l!i s S3!I.!l U. sjas k * S3 522*% Z& *s!$ K ll M O «SB

wfe77?s m 596 WCRTHZAETER1Y WESTERLY SOOTSKRIX SOOTHWBSTERLY H0RTKWEST2RLY SOUTHEASTERLY wtaamsmax NQRZB8A87ESLY by land of sad Whppla ona hundred seventy-fve end 40/100 (175.

76 wfe77?s m 596 WCRTHZAETER1Y WESTERLY SOOTSKRIX SOOTHWBSTERLY H0RTKWEST2RLY SOUTHEASTERLY wtaamsmax NQRZB8A87ESLY by land of sad Whppla ona hundred seventy-fve end 40/100 (175.40} fast and on a curve havng; a radus of thrty {10} fast, forty-tvo and 41/100 (42.43} fast by sad Candlevood Road one hundred eleven and 38/100 (111.38) feet by land now or fornerly of Arthur and Irene Barton ffty-one and 90/100 (51.90) feet by land of enld Barton one hundred seventy-fve :75) feet &.«nu.. «* MM *»*-«««... SnUf.? 53/100 <909.53} feet _ fey land of sad Boor seven hundred aoventy-three and 83/100 (773.83} feet by load of sad tear one thousand twenty-seven and 43/100 (1,027.43) feet UQ*7,rr

KORTHWESTERLY SOUTHWESTERLY NORTHWESTERLY NORTHEASTERLY NORTHWESTERLY SOUTHWESTERLY SOUTHEASTERLY SOUTHWESTERLY SOUTHEASTERLY by eald c«r>dle<ood Road and 44/100 (676,44) fact; by land now or

77 KORTHWESTERLY SOUTHWESTERLY NORTHWESTERLY NORTHEASTERLY NORTHWESTERLY SOUTHWESTERLY SOUTHEASTERLY SOUTHWESTERLY SOUTHEASTERLY by eald c«r>dle<ood Road and 44/100 (676,44) fact; by land now or torworly of John o. «Patrca J. caahoa two hundred twenty-eght and 42/100 (238.42) featt by land or aad cnaholo 58/100 (190.38) feet one hundred nnety and by land of sad Cheholn two hundred thrty-four (234) feet by ead Candlewood Road one hundred twenty and 45/100 (120.49) feet; by Chehacco Road four hundred thrty-nne and seventeen (439.17) feet; by lend now or foraary of Wallace z. 4 Patrca A. tana fve hundred ten (510) feet by land of sad Lane one hundred nnety (100) feet by land now ot formerly of Paul 1. 4 Lous V. Carn sxty-eght and eyoo (68.65) fast;

78 SOUTHWESTERLY m777s m 598 by land of sad Raha and land now or formerly of too fc Jula Hanrahan eght hundred fve and 74/100 (609.74) feet;.southeasterly by Parcel BB«(Rovaodj and beng land now or formerly of Robert t. and Busan o. Danels four hundred fve (405) feet* SOUTHWESTERLY SOUTHEASTERLY NORTHEASTERLY SOUTHEASTERLY by sad Parcel «B" (Rsvsed) one hundred ffty (so) feet by sad Parcel B8" (Revsed) one thousand sx hundred sxteen and 11/100 (1,616.11) feet; by sad Parcel "8" (Revsed) sx hundred (600) feet* by sad Parcel "B" (Rovaed) on varoua courses sx * hundred thrty-eght and 00/100 (638.09) feat. Sad Parcel *A* (Revsed) contans acres sore or leae accordng to sad Plan. The above descrpton s ntended to descrbe the land shown as Parcel "A (Revsed) upon sad Plan and n the event of any dscrepances the Plan shall control. All of sad measurements beng sore or less. For ttle see dead of Pony Express Pens, Inc., date to ba recorded n sad Deeds herewth. WITNESS ny hand and eeal, ths «?fa to Grantor of even day of May, sos. THE COMMONWEALTH OP MASSACHUSETTS ss. May 2ÿ, 1989 Than personally appeared the above named Alan L. stanror and acknowledged the foregong Instrument to be he free act and deed, before toe My Comassoon Expres* d{l[to

79 e. *CD 1 m f.5 I 1 I I 31! s*- S 11 llf 135 d J jt I I IIIJ II IIHI! «* : H H f I $ * f I Is t l S >*23 * s g I

$\ * llll s * fll I g I s S *5 mll!$

80 a* 8 etllll * l s.1 I s t n s * ca 111! <a 3l 4 d?\ * llll s * fll I g I s S *5 mll! d a f I 5 I II a *s 1 * l 4 1 f Cx tllÿf 3 I I

DEED»3a nst 551 V S BK 14784 P6 564 We, Lesl«M. Cutter of Ipswch, Essex County, Massachusetts and Roger W.

81 DEED»3a nst 551 V S BK P6 564 We, Lesl«M. Cutter of Ipswch, Essex County, Massachusetts and Roger W. Loub of West Medford, Mddlesex County, Massachusetts, Executors of He Estate of Abgal A, Lous (Essex Probate No. 97P2616-EPI), for consderaton pad and n full consderaton of One Hundred Thrty FveThousand and 00/100($155,000.00) Dollars, gram to Posy Express Farnu, Inc., a Florda Corporaton wth B malng address of 4 Heartbreak Hll, Ipswch, Essex County, Massachusetts, the land n sad Ipswch wth the buldngs thereon, stuated on Essex Road sad hounded am descrbed as follows: Begnnng ata stakeon thesoutherly sde of Essex Road and by land now Or formerly of Young; thence turnng and runnng WESTERLY SOUTHERLY EASTERLY NORTHERLY by sad Road, one hundred nnety-four (194) feet to another stake by other land nowor formerly of Young; thence honng and runnng four hundred ffty (450) feel to a stake; thettee turnngand runnng onehundred nnety-four(194) feet; thence turnng and tunnng four hundred ffty (450) feet tothe pont of begnnng; the lest three courses byother landsow or formerly of Young- For grantor's ttle, seedeed ftom Lews M.Martn and UIBan B. Martn to Abgal Ann Lous dated May 4, 1955 and recorded wth Essex South Dstrct Regstry cfdeeds n Book 4161, Page 07; see also Estate Of Abgal A. Lous(Essex Probate and Famly Court Department Docket No. - 97P20I6-EPI). S ll- s

BK 14784 PG 565 Wlma out hands and seals ths St day of Aprl. J998. -. Lesle M. Culler, qs Executor of the Estate of Abgal A. Lous and not ndvdually A Roger W.

82 BK PG 565 Wlma out hands and seals ths St day of Aprl. J Lesle M. Culler, qs Executor of the Estate of Abgal A. Lous and not ndvdually A Roger W.Utus, as Executor of the Estate of Abgal A. Lousad not ndvdually COMMONWEALTH OF MASSACHUSETTS 4/1 Aprlgj F.1998 me, My Commsson Expes: COMMONWEALTH OF MASSACHUSETTS ss. Aprl «?*.1W Then personally appeared the above-named Roger Lous, Executor of Use Estateof Abgal A. Lous; and acknowledged the foregong nstrument to be fau f«x act and deed, before Notary. ; My Commsson Expres; MWMUDtlWttKlll

83 RECORDED LAND PLAN

$w* b«* Sj* r* * "*,h** V $ rwr * u fc *FT row* of fc-shf-s \-r us. f I,,.* *»«* p V \ 4 ***&ÿ ajk t,st,. u B=».* "k\ <\.- ttffl V*'"' V-. ft \,. V- V* PH- -*w.. V- ; mtt.v \»»,V * \ W. 4».$

84 «f- (rrprv. I s ll '*» ;. aa -'T V St. T~' V- I<»V Kgs " :«r-ÿajpr* ÿu- nr -aw n fqt* ; r' w; -j r..... ** r B? *» t 'ÿv? * & -J> Vflttl T fs '-'.w* b«* Sj* r* * "*,h** V $ rwr * u fc *FT row* of fc-shf-s \-r us. f I,,.* *»«* p V \ 4 ***&ÿ ajk t,st,. u B=».* "k\ <\.- ttffl V*'"' V-. ft \,. V- V* PH- -*w.. V- ; mtt.v \»»,V * \ W. 4»., *1/ 4 o b \ J»:yu ft 2 <**> % 4s // g=s', 111 &t1 ff «t :S»V / PUN OF IAND >r,'r c*m*! f IPSWICH* M'\ 4x- a r/ FOR 41 w* -h j; V / POKY EXPRESS FARM.- INC 77 ' * \"jt ' / X U A 1-r;, \Jssar,ÿ*& qrapjbt *r.m* Fv "" *» 4 Eu«v -ÿ'umvtp ' «* "1DJ-* fw. j.7 jf't >-}ÿ:«<»»r. r» * «w.» AaWfc >>ÿfr tv: BRUCE P. KAfUN & ASSOC

85 BEALS ASSOCIATES 2012 LAND PLANNING ANALYSIS

$B FALS ASSOC I AT E S ' 2 THUtnu-KW 51MST Ctl MILESlt>WK, M«\ 02J29 PHONE: 617-242-1120 FAx:617-242-1190 INC. MEMORANDUM TO: FROM: SUBJECT; Krsten Grubbs, Open Space Coordnator, Town of Ipswch Davd T.$

86 B FALS ASSOC I AT E S ' 2 THUtnu-KW 51MST Ctl MILESlt>WK, M«\ 02J29 PHONE: FAx: INC. MEMORANDUM TO: FROM: SUBJECT; Krsten Grubbs, Open Space Coordnator, Town of Ipswch Davd T. Santomenna, Essex County Greenbelt Assocaton Jonathan H. Avery, Avery Assocates Chrstopher Bowler, Avery Assocates Cyntha B. O Connell, Beals Assocates, Inc. Pony Express Property Candlewood Road and Essex Road (Rt 133) Ipswch, Massachusetts DATE; Aprl 24, 2012 As requested by the Essex County Greenbelt Assocaton, Beals Assocates, Inc. has researched the property owned by Pony Express Farms, Inc. located at Candlewood Road and Essex Road (Rt. 133), Ipswch, MA, Inc. for ts development potental. The followng s a summary of the evaluaton and a descrpton of the conceptual development plan developed for the subject property. The Pony Express property comprses 128.9± acres of land n the southeast comer of the Town of Ipswch, on the west sde of Castle Neck Rver, whch forms the boundary wth the Town of Essex. It s our understandng that the current property owner wshes to retan the prmary polo faclty, whch ncludes the southerly access pont on Candlewood Road, along wth acres of land n the southwest corner of the ste. Ths study focuses on Are remanng land (88.6 ± acres) to the north and east. We are also aware that the Town of Ipswch and the Essex County Greenbelt Assocaton are antcpatng a subdvson of the remanng land nto two parcels. Parcel A wll encompass 29.4 acres on the westerly sde of the property and wll be developed for actve recreaton. Parcel B whl nclude the area adjacent to the Castle Neck Rver (59.3 acres) and wll reman as conservaton land. The Essex County Greenbelt Assocaton ntally requested that we develop conceptual plans for the two parcels separately and n combnaton. Exstng Condtons The overall property comprses two large lots (Map 63. Lot 004 and Map 64 Lot 015D) and one small lot (Map 64, Lot 016). The ste ncludes four sectons of frontage on Essex Road and three sectons of frontage on Candlewood Road, The western sde of the ste s currently UMU PLANNING I IVH ln<. X jl).v(, I AM Htt tl1'k! sl'kvmlm.

Summary Memorandum PonyExpress Property, Candlewood Rd. and Essex Rd., Ipswch, MA Aprl 24, 2012 Page 2 developed as a polo faclty, ncludng bams and a polo feld.

87 Summary Memorandum PonyExpress Property, Candlewood Rd. and Essex Rd., Ipswch, MA Aprl 24, 2012 Page 2 developed as a polo faclty, ncludng bams and a polo feld. The small lot on Essex Street s developed wth an exstng sngle-famly house, As mentoned above, the current property owner ntends to retan the land n the Southwest porton of the ste (40.27 ± acres) assocated wth the polo faclty. Access to the remanng land s currently avalable n three locatons. The frst pont s a Small secton of frontage (111.5 L.F.) on Candlewood Road, where there s an exstng stone dust drveway provdng access to the northerly bam. The second s through the frontage at 107 Essex Road, where there s a drveway to the exstng sngle-famly house. The last access pont s an exstng cart path nto the ste from Essex Road along the easterly sde of the frontage adjacent to the property lne wth 119 Essex Road. The other frontage locatons on Essex Road do not provde access to the nteror of the ste due to the presence of wetland resource areas adjacent to the exstng roadway. Surroundng land uses nclude sngle-famly resdental development and agrcultural land. The easterly porton of the ste s located wthn an Area of Crtcal Envronmental Concern assocated Wth Castle Neck Rver, known as the Great Marsh (see attached map). The topography of the ste s vared, wth a hgh pont n the north-westerly corner of the ste at the rear of the exstng barn (elevaton 4Q) and the lowest ponts along the boundary of Castle Neck Rver at elevaton 2. The westerly and central areas of the sfe, where the barn and exstng house are located, s relatvely level. There s a farly steep slope (approxmately 16%) that dvdes the developed porton of the ste n a north-south drecton from the rear of the sngle-famly house lot at 107 Essex Road to the southerly boundary of the property more or less parallel to Castle Neck Rver. The easterly sde of the ste s much lower n elevaton and s ncluded n the Great Marsh Area of Crtcal Envronmental Concern, The best vews or? the ste are from the top of the slope lookng east towards Castle Neck Rver and the salt marsh. The sols on the ste vary, wth the topography. The sols n the upland areas of the ste are mapped by the Natural Resources Conservaton Servce (formerly known as the Sol Conservaton Servce) as Boxford slt loam and Sctco slt loam. Boxford sols are descrbed as moderately well to poorly draned and are found on level terraces. Sctco sols are descrbed as poorly draned and are moderately permeable. The lower elevatons of the ste, wthn the Borderng Vegetated Wetland area along Castle Neck Rver, are predomnately Ipswch and Westbrook mucky peats, very deep organc sols assocated wth tdal marshes. The sols are mapped by the NRCS n a general way and would need testng n order to verfy permeablty ard depth to groundwater. As there s no santary sewer avalable to the ste, sol testng wtnessed by the Ipswch Board of Health agent wll be necessary n order to locate approprate areas for on-ste waste dsposal. We are aware that successful sol testng was performed recently on the 107 Essex Rd.. Gven ths nformaton and the fact that the upland porton of the ste s surrounded by resdental development presumably served by on-ste waste dsposal, along wth our experence wth sol testng n other locatons n Ipswch, we antcpate that successful sol testng could be acheved for resdental development on the Pony Express property. Numerous wetland resource areas are present on the property. The majorty of the resource areas are Borderng Vegetated Wetlands, but there are also areas of solated Land Subject to Floodng, Borderng Land Subject to Floodng and Bank and Rverfront Area assocated wth BEALS - ASSOCIATES JNC.

88 Summary Memorandum PonyExpress Property, Candlewood Rd. and Essex Rd,, Ipswch, MA Aprl?A, 2012 Page3 Castle Neck Rver. The areas of Borderng Vegetated Wetland have been mapped and feld located by a wetland scentst under contract to the Essex County Greenbelt Assocaton, although ths boundary has not been confrmed by the Ipswch Conservaton Commsson. Whle the majorty of the wetland resources are n the low lyng areas along the easterly sde of the ste, there are also pockets of wetland adjacent to Essex Road. One of these areas crosses the center of the ste from Essex Road to an exstng pond on an abuttng property, effectvely dvdng the ste s two prmary upland areas from one another. The wetland areas are Indcated by shadng on the conceptual development plan, The Federal Emergency Management Agency has mapped a large flood plan areaalong Castle Neck Rver and has dentfed elevaton 10as the lmt of the 100 year flood plan. As mentoned earler, the easterly sde of the ste s alsp wthn the Great Marsh Area of Crtcal Envronmental Concern, more or less congruent wth the flood plan area. The Natural Hertage and Endangered Speces Program has not dentfed any Certfed or Potental Vernal Pools on the ste, nor has ft mapped any areas of Estmated or Prorty Habtat on the property. The nteror, hgher elevatons of the ste are currently large open felds, separated by narrow hedge rows of trees. There are densely wooded areas of hard and soft wood trees assocated wth the wetland resources along Essex Road and coverng the slope down to the flood plan area. The lowest area of the ste, adjacent to Castle Neck Rver, s prmarly salt marsh wth solated wooded slands. Land Use Regulatons The subject ste s located wthn the Rural Resdence A Zonng Dstrct Uses permtted by rght nclude sngle-fgmly detached dwellngs on lots mat are a mnmum of two acres, communty facltes such as churches, schools, chld care facltes, non-commercal recreatonal uses and most agrcultural uses. Specal Permt uses nclude two-famy dwellngs as well as governmental buldngs, cemeteres, waste water treatment facltes, muncpal power plants, hotels and bed and breakfast establshments. Applcable by-rght dmensonal regulatons nclude: Mnmum Lot Area: Mnmum Lot Wdth 87,120SF (2 AC) 175 Mnmum Lot Frontage 150' Mnmum Buldng Setbacks Front 50 Sde 401 Rear 30' BEALS-ASSQCIATES INC.

area of the tot s at least three tmes the mnmum area requred (6 acres), s a mnmum of 50' wde and a maxmum Of 500' deep.

secton of the zonng prevents t from beng an attractve element n the conceptual development of ths ste.

89 Summary Memorandum Pony Express Property, CandlewoodRd. and Essex Rd.. Ipswch, MA Aprl 24, 2012 Pape 4 Maxmum Buldng Area Maxmum Wetland Area per Lot 20% of lot area 30% of requred lot area Common drveways servng not more that two resdental lots are also allowed by-rght. addton the zonng by-law ncludes a provson for a Frontage Excepton for Larger Lots, whch allows a lot n a Rural Resdence A Dstrct to be created wth a mnmum frontage length of 50', provded that the area of the tot s at least three tmes the mnmum area requred (6 acres), s a mnmum of 50' wde and a maxmum Of 500' deep. For a Frontage Excepton tot the buldng setbacks are 50% greater than a conventonal Jot and there may not be another such lot contguous to any part of the lot The ncrease n setback areas under ths secton of the zonng prevents t from beng an attractve element n the conceptual development of ths ste. Open Space Preservaton Zonng (OSPZ) Through a Specal Permt process wth the Plannng Board ths ste could be developed under the Open Space Preservaton Zonng or cluster regulatons ncluded n the Ipswch Zonng By law. These regulatons allow reductons n frontage length, lot sze and lotwdh n exchange for ba j><s.aika U: lab A clcyclopmcnt whch would create sx or more sngle-famly attached or detached dwellngs on a property contanng more than four (4) acres s requred to submt a specal permt applcaton for OSPZ to the Plannng Board. The densty of a project s determned through the preparaton of a yeld plan based on the Ipswch Subdvson Rules and Regulatons for a conventonal sngletfamly lot layout. For parcels that contan wetlands and/or flood plan areas only one-half the area desgnated as wetland/flood plan may be ncluded n the overall tract sze. The OSPZ regulatons requre that the ste be served by muncpal water and that 50% of the lot be protected as open space. The open space area may nclude a maxmum of 30% wetland/flood plan. Each resdental lot Is requred to have a mnmum of 50 feet of roadway frontage and be a mnmum of 75* wde. The maxmum allowable buldng coverage of a lot s 30%. In addton, the regulatons requre that n unsewered areas the developer provde evdence that ndvdual on-ste wastewater treatment and dsposal systems may be permtted and constructed to serve all the lots proposed under foe yeld plan. The OSPZ regulatons also nclude the provson for common drveways servng no more than fve resdental lots. The desgn and constructon of proposed roadways ncluded n a OSPZ development are requred to be n accordance wth the Ipswch Subdvson Rules and Regulatons. Although the OSPZ zonng would be applcable to ths ste, as t s larger than four acres, for purposes of ths study ft was not consdered, as the resultng reduced-sze lots would not create the hghest and best use for the property. Wetlands Protecton By-Law The Ipswch Wetlands Protecton By-law s more restrctve that the Massachusetts Wetland Protecton Act n several ways. The by-law specfes a 150 Buffer Zone from foe boundary of the Great Marsh Area of Crtcal Envronmental Concern, a 50' No Dsturbance Zone from any wetland resource area and a 15' No Buld Zone beyond the No Dsturbance Zone. In addton, BEALS - ASSOCIATES INC In

90 Summary Memorandum Pony Express Property, Candlewood Rd. and Essex Rd., Ipswch, MA Aprl 24, 2012 Pages there s no sze lmtaton to an area of Isolated Land Subject to Floodng and sol testng wthn any jursdctonal area (150' ACEC Buffer Zone or 100' BVW Buffer Zone) requres the submsson of a Request for a Determnaton of Applcablty to the Conservaton Commsson. Gven the extent of the wetland resources on the subject ste, ther formal boundary delneatons wll be an mportant aspect of any proposed development scenaro. Scenc Road By-law The Town of Ipswch has a local Scenc Road by-law that requres that any proposed cuttng of trees, removal of stone walls, constructon of new curb cuts or pavng work wthn the rght-ofway of a Scenc road be approved by the Plannng Board, Candlewood Road s desgnated as a scenc road, whch means that the desgn of an access pont on the western sde of the ste Wll need approval from the Plannng Board. However, gven the exstng drveway n ths locaton, there may not be a need to remove addtonal trees or stone walls n order to create a subdvson roadway. Board of Health Regulatons ~ Septc Desgn The Ipswch Board of Health regulatons for the desgn of on-ste waste dsposal systems are more strngent than the Massachusetts State Envronmental Code for on-ste waste dsposal, known as Ttle 5. Successful wtnessed sol testng n the upland areas of the ste wll be a crtcal component n de future development of ths ste. The testng would nclude both deep holes to determne the depth to groundwater and percolaton testng to determne the permeablty of the sol n specfc locatons. The percolaton rate under the local regulatons must be 26 mnutes an Inch or faster {tte 45 allows a maxmum of 66 mnutes an nch), n addton, the flow for the leachng felds under the local regulatons s calculated at 150 gallons per bedroom per day, where Ttle 5 requres 110 gallons per bedroom per day. These local regulatons result n leachng felds that are larger than those whch would meet only the Ttle 5 regulatons. bch on-st waste dsposal system s requred to have both a prmary and reserve leachng area that meet the above desgn crtera. Sol testng was outsde the scope of ths Study, but gven the surroundng land uses of tlls ste and the NRCS sols mappng n tearea, t s antcpated that t wll be possble to locate sutable areas for proposed teachng feld Conceotual Development Plan As requested by the Essex Country Greenbelt Assocaton, Beals Assocates, Inc. has performed an analyss of the opportuntes and constrants for the development potental of the Pony Express property, excludng the acres to be retaned by the current property owner. The goal of ths study s to assst n the establshment of a hghest and best use valuaton for ths area of the ste. The prmary constrant to the future development of the ste s the locaton and extent of the wetland resources present on ths porton of the property. The upland areas are concentrated n the northern half of the ste, but are surrounded by wetland resources, many of whch are located between the upland and potental access ponts on both Essex Road and Candlewood Road. Beals Assocates, Inc. met on the ste wth the Ipswch Conservaton Agent, Davd Pancoast, to revew potental access ponts on both roads. There are two exstng entrances to BEALS ASSOCIATES INC

east sde Of the frontage abuttng 119 Essex Road.

Pancoast expressed the opnon that the Commsson was more lkely to approve proposed subdvson roadways n these three locatons as all have been prevously dsturbed, The Town of Ipswch Subdvson Rules and

91 Summary Memorandum Pony Express Property, Candlewood Rd. and Essex Rd Ipswch, MA Aprl 24, 2012 Page 6 the northerly porton of the ste, one at the northernmost frontage on Candlewood Road (an exstng gravel drveway to the northerly barn) and the other on the east sde Of the frontage abuttng 119 Essex Road. In addton, there s an exstng house, drveway and septc system at 107 Essex Road, between the wetland resource areas whch have already dsturbed the wetland buffer zones n ths locaton. Mr. Pancoast expressed the opnon that the Commsson was more lkely to approve proposed subdvson roadways n these three locatons as all have been prevously dsturbed, The Town of Ipswch Subdvson Rules and Regulatons are another constrant to the development potental of the properly. The confguraton of the wetland resources on the ste preclude an nteror subdvson roadway that would connect any of the potental ponts of access. Therefore, any proposed roadway would need to be desgned as a dead end. The Ipswch Subdvson regulatons lmt the length of a dead end road (local street) to a maxmum of 600 lnear feet, ths length lmtaton makes t dffcult to provde roadway frontage for new lots n the upland porton of the ste, as most of the upland s further than 600 feet from the exteror property lnes. In addton, the regulatons requre that the mnmum centerlne radus length of any curve on a local street be 225. Ths requrement, combned wth the confguraton of the property lnes and wetland boundares at the access ponts on Essex Road also affects the development potental of the ste, as t s dffcult to desgn a conformng cul-de-sac that provdes access to all of the upland areas of the ste. The dmensonal regulatons of the Rural Resdence A Zonng Dstrct nclude the provson that no more than 30% of the requred lot area may be wetland. In addton, the Ipswch Wetland Protecton By-law has a provson for a 50 No Dsturb Zone and a 15 No Buld Zone, whch also affects the development potental of the ste. The Massachusetts State Envronmental Code for septc desgn ncludes the requrement that leachng felds must be outsde of the 100 Buffer Zone of any wetland resource area. The combnaton of all of these setbacks creates sgnfcant lmtatons on the areas of the ste avalable for development. The orgnal scope of servces for ths study ncluded conceptual development plans for the entre parcel as well as for the two parcels ndvdually. Beals Assocates, Inc. prepared ntal sketch road algnments llustratng through roads connectng several of the access ponts on the ste. These early sketch plans provded evdence that t was mpossble to desgn through roads that conformed to the subdvson regulatons and were located beyond the lmts of the combned 65 No Dsturb- No Buld Zones (pavement s consdered a structure under the local wetland by-law). In addton, ft was decded by the Town of Ipswch and Essex County Greenbelt offcals that the proposed development plans should be lmted to those possble byrght, wthout requestng Specal Permts or wavers from the Plannng Board or Conservaton Commsson. The attached Conceptual Development Plan llustrates three proposed cul-de-sac roadways, all of whch conform to the Town of Ipswch Subdvson Rules and Regulatons. Ths scenaro ncludes one cul-de-sac at the exstng drveway on Candlewood Road to provde frontage and access to the upland area on the western sde of the ste. Two other conformng cul-de-sacs are proposed for the other two access ponts on Essex Road. The proposed roadway length on Parcel A s 1,170 ± lnear feet. The cul-de-sac proposed for Parcel B s 540 ± lnear feet. Each lot contans more than the mnmum amount of upland requred by the Ipswch Zonng By-law BEALS - ASSOCIATES INC.

92 Summtry Memorandum Pony Express Property, Candlewood Rd. and Essex Rd., Ipswch, MA Aprl 24,2012 Page 7 and has suffcent area outsde of the buldng setbacks and wetland setbacks for a three or four bedroom house as well as suffcent area outsde of the 100 Buffer Zone for both a prmary and reserve leachng area for an on-ste waste dsposal system. The total lot yeld of ths conceptual development plan s eght. No wavers from foe Ipswch Subdvson Regulatons, the Ipswch Board bf Health regulatons or the Ipswch Wetland Protecton regulatons are antcpated, but the desgn would requre separate approvals from foe Plannng Board, Board of Health and Conservaton Commsson as well as successful wtnessed sol testng for each proposed tot Summary Although ths ste has some sgnfcant physcal constrants to development, ncludng numerous wetland resource areas, areas wthn the ACEC and lmted access to foe upland portons of the property, some sngle-famly resdental development could be accomplshed by-rght, as llustrated by the Conceptual Development Plan. BEALS ASSOCIATES INC.

93 SOIL TEST LOGS & MAP -

Date:6/29/16 Locaton Address: 24 Candlewood Road Map 64 Parcel 4 Owner s Name: Danels Estate On-ste Revew Deep Hole Number IP-1 Slope: 0-15%, Surface Stones: None Dstance from: Open Water Body: 200+

94 SOIL EVALUATOR FORM No Commonwealth of Massachusetts Ipswch, Massachusetts Sol Sutablty Assessment for the On-ste Sewage Dsposal Performed By. John P. Judd, P.E. Date:6/29/16 Locaton Address: 24 Candlewood Road Map 64 Parcel 4 Owner s Name: Danels Estate On-ste Revew Deep Hole Number IP-1 Slope: 0-15%, Surface Stones: None Dstance from: Open Water Body: 200+ feet, Dranage Way: 100+ feet, Possble Wet Area: lq0feet+,..._property Lne: 10+ feet, DrnkngWater Well: 100+ feet. Locaton: See Plan_ DEEP OBSERVATION HOLE LOG Depth from Surface (nches) Sol Horzon Sol Texture Sol Color Sol! Other, Structure, Stones (U.S.D.A.) (Munsell) Mottlng Boulders, Consstency,% 0-12 A Fne Sandy Loam 12V96" C1 Slt Loam 10YR5/4 2.5Y5/2 (Tght) C2 Fne Loamy Sand 10YR6/4 (Acceptable) G3 Blue Clay Parent Materal (geologc):tll Depth to Bedrock: nlo Weepng from Pt Face: 96 Standng Water: n/o Deep Hole Number TP-2 Slope: 0-15%, Surfece Stones: None Dstance from: Open Water Rody: 200+ feet, Dranage Way: 100+feet, Possble Wet Area: 100feet+, Property Lne: 10+ feet, Drnkng Water Well: 100+ feet, Locaton: See Plan _ Depth from Surface (Inches) DEEP OBSERVATION HOLE LOG Sol Horzon Sol Texture Sol Color Sol Other, Structure,Stones (U.S.DA) (Munsell) Mottlng Boulders, Consstency,% 0-12" A Fne Sandy Loam B Slt Loam 10 YR 5/4 2.5Y5/2 (Tght) C Slt Loam 10 YR 5/4 2.5Y 6/2 (Compact-Unacceptable) Parent Materal (geologc):marne depost, Depth to Bed rack: n/o Standng Watef: n/o Weepng from Pt Face: n/o

Deep Hole Number TP-3 Slope: 0-15%, Surface Stones: None Dstance from: Open Water Body: 200+ feet, Dranage Way:100+ feet, Possble Wet Area: TOO feet+, Property Lne: 10+ feet, Drnkng Water Well: 100+

95 Deep Hole Number TP-3 Slope: 0-15%, Surface Stones: None Dstance from: Open Water Body: 200+ feet, Dranage Way:100+ feet, Possble Wet Area: TOO feet+, Property Lne: 10+ feet, Drnkng Water Well: 100+ feet, Locaton: SeePlan_ DEEP OBSERVATION HOLE LOG Depth from Surface (Inches) Sol! Horzon Sol Texture Sol Color Sol Other, Structure, Stones (U.S.DA.) (Munsell) Mottlng Boulders, Consstency,% 0-12" A Fne Sandy Loam 12*- 48 C1 Slt Loam 10 YR 5/4 2.5Y5/2 {Tght) C2 Fne Loamy Sand 10 YR 5/4 (Acceptable) Parent Materal (geologc):!)!! Depth to Bedrock: n/o Weepng from Pt Face: 96 Standng Water; n/o Deep Hole NumberTP-4 Slope: 0-15%, Surface Stones: None Dstance from: Open Water Body:200+ feet, Dranage Way: 100+feet, Possble Wet Area: 100 feet+, Property Lne: 10+ feet, Drnkng Water Well: 100- feet; Locaton: See Plan_ Depth From Surface (Inches) DEEP OBSERVATION HOLE LOG Sol Horzon Sol Texture Sol Color Sol Other, Structure, Stones (U.S.D.A.) (Munsell) Mottlng Boulders, Consstency,% 0-12 A Fne Sandy Loam 12"- 120 C Slt Loam 10 YR 5/4 2.5Y 5/2 (Compact-Unacceptable) Parent Materal (geo!ogc):marne depost, Depth to Bedrock: n/o Standng Water: n/o Weepng from Pt Face: h/o _ DeepHole Number TP-5-8 Slope: 0-15%, Surface Stones: None Dstance from: Open Water Body: 200+feet. Dranage Way: 100+ feet. Possble Wet Area: 100 feet+, Property Lne: 10-1 feet, Drnkng Water Well: 100+ feet Locaton; See Pta, Depth from Surface (Inches) DEEP OBSERVATION HOLE LOG Sol Horzon Sol Texture Sol Color Sol Other, Structure, Stones (U.S.D.A.) (Munsell) Mottlng Boulders, Consstency,% 0-12* _ A FneSandy Loam 12"- 156 C Slt Loam 10YR5/4 2,5Y 5/2 (Compact-Unacceptable) Parent Materal (geologc):marne depost Depth to Bedrock: n/o Standng Water: n/o Weepng from Ft Face: n/o

_ Deep Hole Number TP-9 Slope: 0-15%, Surface Stones: None Dstance from: Open Water Body: 200+ feet, Dranage Way: 100+ feet, Possble Wet Area: 100feet+, _Property Lne: 10-f feet.

96 _ Deep Hole Number TP-9 Slope: 0-15%, Surface Stones: None Dstance from: Open Water Body: 200+ feet, Dranage Way: 100+ feet, Possble Wet Area: 100feet+, _Property Lne: 10-f feet. Drnkng Water Well: 100+ feet, Locaton: See Plan Depth from Surface (Inches) DEEP OBSERVATION HOLE LOG Sol Horzon Sol texture Sol Color Sol (U.S.D.A.) Other,Structure, Stones (Munsel) Mottlng Boulders, Consstency,% 0-12 A Fne Sandy Loam 12"- 120 C Fne Loamy Sand 10YR5/4 (Margnally Acceptable) Parent Materal (geologc):ÿ Depth to Bedrock: n/o Weepng from Pt Face: 96 Standng Water n/o Deep Hole 'Number TP-10 Slope: 0-15%, Surface Stones: None Dstance from: Open Water Body: 200+feet, Dranage Way: 100+ feet. Possble Wet Area: 100 feet+, _Property Lne; 1(H- feet, Drnkng Water Well' 100+ feet, Locaton: See Plan_ Depth from Surface (Inches) DEEP OBSERVATION HOLE LOG Sol Horzon Sol Texture Sol Color Sol Other, Structure, Stones (U.S.DA) (Munsel) Mottlng Boulders, Consstency,% 0-60" A Mxed Fll & Topsol 60"- _10 144" C Slt Loam YR 5/4 2>5Y 5/2 (Compact-Unacceptabe) Parent Matera) (geoogc):marne depost Depth to Bedrock: n/o Standng Water; n/o Weepng from Pt Face: n/o Deep Hole Number TP-11 Slope: 0-15%, Surface Stones: None Dstance from: Open Water Body:200+ feet, Dranage Way; 100+ feet, Possble Wet Area: 100 feet+, _Property Lne: 10+ feet. Drnkng Water Well: 100+ feet, Locaton: See Plan_ Depth from Surface (Inches) DEEP OBSERVATION HOLE LOG Sol Horzon Sol Texture Sol Color Sol Other, Structure, Stones (U.S.D.A.) (Munsel) Mottlng Boulders, Consstency,% 0-12" A Fne Sandy Loam 12" Fne Loamy Sand 10YR5/4 (Margnally Acceptable) Parent Materal (geologc):tll Depth to Bedrock: n/o Weepng from Pt Face: n/o Standng Water n/o

Deep Hole NumberTP-12 Slope: 0-15%, Surface Stones: None Dstance from: Open Water Body: 200+ feet, Dranage Way: 100+ feet. Possble Wet Area: 100 faet+, Property'Lne:10+ feet.

97 Deep Hole NumberTP-12 Slope: 0-15%, Surface Stones: None Dstance from: Open Water Body: 200+ feet, Dranage Way: 100+ feet. Possble Wet Area: 100 faet+, Property'Lne:10+ feet. Drnkng Water Well: 100+ feet,locaton: SeePlan DEEP OBSERVATION HOLE LOG Depth frotn Surface (Inches) Sol Horzon Sol Texture Sol Color (U.S.D.A.) (Munsell) Sol Mottlng Other, Structure, Stones Boulders, Consstency,% 0-12" A Mxed Fll & Topsol 12"- 84" C_Slt Loam 10YR5/4 2.5Y 5/2 (Compact-Unacceptable) Parent Materal (geologc):marne depost Depth to Bedrock: n/o Standng Water, n/p Weepng from Pt Face: n/o I Certfy that I am currently approved by the Department of Envronmental Protecton pursuant to 310 CMR to conduct sol evaluatons: md that fee aboveanalyss has been performed by me consstent Wfe fee requred tranng, expertse and experence descrbed n 310 CMR I further certfy feat fee results of my sol evaluaton, as ndcated n fee attached sol evaluaton form, are accurate and n accordance wfe 310 CMR ISrOO through Sgnature _. Date

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99 COMPARABLE LOT SALES LOCATION MAP

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101 DEVELOPER S SURVEY EXCERPTS

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lll ReaftyRaes.corn - Developer Survey TM Welcome to the 3rd Quarter, 2016edton (2nd Quarter 2016 data) of the Realtyfottes.com Developer Survey.

busness and ndustral parks, and resdental and commercal/ndustral condomnums and co-ops.

The DeveloperSurvey represents a pollng of 366 commercal apprasers (8%), lenders (26%), and local, regonal and natonal developers (66%).

103 lll ReaftyRaes.corn - Developer Survey TM Welcome to the 3rd Quarter, 2016edton (2nd Quarter 2016 data) of the Realtyfottes.com Developer Survey. The DeveloperSurvey tracks actual and pro-formadscount rates on 22 sell-out property types ncludng resdental subdvsons and PUDs. busness and ndustral parks, and resdental and commercal/ndustral condomnums and co-ops. The data s presented on both a natonal and regonal bass and covers all 50 states as well as Puerto Rco, Guam and the U,S. Vrgn Islands. The DeveloperSurvey represents a pollng of 366 commercal apprasers (8%), lenders (26%), and local, regonal and natonal developers (66%). He bulk of the data s comprsed of ndvdual tables for each regon that nclude surveyed actual (hstorcal) and pro-forma (forward lookng) mnmum, maxmum and average dscount rates for each property type. In the case of subdvsons and PUDs, rates ncorporate developer s proft, whle condomnum and co-op rates do not RealtyRates.com s the Trade Name and a Trademark ofrobt. G. Watts (RGW). Founded n Honolulu, Hawa as Pacfc Research Company and now headquartered In Bradenton, Florda, RGW has provded professonal analytcal, advsory and development management servces to nvestors, property owners, major corporatons, lenders and government agences worldwde snce We hope youfnd the DeveloperSurvey usefol and nformatve. Robot Watts mm Copyrght 2016 Robt G. Watts/ RealtyRates.com

Regonal Dscount Rates Addendum New England 9 CT, - MA, ME, NH, Rl, VT New York/New Jersey TO - NJ.NY Md-Atlantc 11 - DE, DC, MD. PA, VA, WV Southeast 12 AL, GA. KY. LA. MS.

104 p; 4 t V ReattyRates.com- * Developer Survey Table of Contents Market Commentary Natonal Rates Fnancal Indcators Interest Rate Indces Interm Fnancng * Constructon Fnancng Rates and Terms Regonal Dscount Rates Addendum New England 9 CT, - MA, ME, NH, Rl, VT New York/New Jersey TO - NJ.NY Md-Atlantc 11 - DE, DC, MD. PA, VA, WV Southeast 12 AL, GA. KY. LA. MS. NO, SC, TN Florda/Carbbean 13 - FU pa v Great Lakes 14 IL, IN, Ml, OH, Wl Md-West 15 AR, IA, MN, MO Texes 16 TX Great Plans 17 KS, NE, ND, OK, SO Mountan 18 - CO, ID, MT, UT, WY Desert Southwest 19 - A2,NV,NM Pacfc Northwest - AK, OR, WA Calforna/Pacfc Islands - CA, Guam, HI General nformaton Glossary Subscrpton Informaton 20 21

105 Market Commentary RealtyRates.com Developer Survey Reports Decreased Dscount Rates For All Sell-Out Property Types Durng 2nd Quarter 2016 Prces contnued ther upward trend whle nventores remaned low resultng n another moderate decrease n average dscount rates for all sell-out property types durng 2nd Quarter Ste-Bult Resdental Subdvson and PUD rates decreased an average 21 bass ponts whle Manufactured Housng Tates declned 42 bass ponts durng the 2nd Quarter. Busness and Industral Pad; rates decreased an average 59 bass ponts durng the same perod. Resdental Condomnum and Co-Op rates meanwhle dropped 17 bass ponts whle Commercal/Industral Condomnums declned 29 bass ponts. Overall, pro-forma and actual dscount rates moved largely n tandem, ndcatng a market consstent Outlook by developers. ReattyHates.com DCVFLOPFR SURUFY - 3rd Quarter 7016' Averafle Comparatve (Quarter -Over -Quarter) natonal Rates AoMFUtM Pro-Fora* _ Ste-Bult Resdental -too Unts Unts 500.Unts MhWUse Manufactured Housng -»0Urals Unts 500-Unts Busness Parts -100 Acre* Acres 500.Awes Indastrlal Parks -too Acres Acres M0.Acres ZQJ6 1Q1S Bass Pont Bass Pont Chang# 2QK W8 j Chang* tf 316* M S , X 31, ) ) * SX 3326X X « V. 35LT )4 3420) * ) »< ) ! * ) Prmarj Resdental 18.57X 187*4 HhRtseAJrban Toenhouse : OardenfSuburban Townhouse I3.»y hfetduse Resort h Second Home 19.16X 2054X 19.34X 2U3X GardenfTownhogse _5$ 2850% 29105SC _...A?5»*a»EL_ j _ ftrf"!-*!!*"... Bass Pont BassPont 2QI6 ; 1QI6 Change 2Q16 1QK Chang# B.73X B30X B *4 17, X 17.1*4».»X 19.45: P.36: B B *4 -B ,MS *64».HX X 18.1* B.03X B.35X X -28 B.4834 B.7254 CommercIaWndestral Urban Offce -26 Suburban Offce -26 Retal -29 Indastrlal Debt Cepf&lSOtS K «-13 * -19 -» RealtyRates.com 4

Natonal Sell-Out Property Dscount Rates Subdfvsons fnd PUOs The followng summarzes dscount rates for conventonally fnanced (nterest-only nterm or constructon fnancng) subdvsons and planned unt

106 Natonal Sell-Out Property Dscount Rates Subdfvsons fnd PUOs The followng summarzes dscount rates for conventonally fnanced (nterest-only nterm or constructon fnancng) subdvsons and planned unt developments (PUDs) natonwde. Actual Rates are hstorcal rates acheved by survey respondents, whle Pro-Forma Rates reflect forward-lookng revenue and expenses. Developer s proft s not treated as a lne tem expense, RealtyRates.com DEVELOPER SURVEY - 3rd Quarter 2016* Natonal Subdvsons & PUDs Acta* Bat.* Pro-Ptmn. Bate* Mn Hn Aug Mn Mas Aug Ste-Bult Resdental ts.36% B2.S6S % 5022% 3168% -100 Unts 13.36V % 2937% tt.82% 4328% 28.20% Unts 13.69% 49SK 318K 13.15% 47.62% 31.14% 500.Unts Meed Use Manufactured Hwshg loo-soount* 500*Unts Busness Parks -too Antes Acres 600.Acres Industral Parts -100 Acres Acres 500.Acres fadstarter 801& Del* Condomnumsand Co-Ops 14.03% 5166% 33.IK 13*7% 49,76% 33.05% It.36% 523K 33.50% 1379% 5022% 33.44% 13.64% 54.96% 35.16% 13.09% 5276% 33.09% 1364% 47.73% 3148% 13.09% 45.86% 23.63% 1338% 5257% 34.1K 13.42% 50.47% 3274% 1432% 54.36% 36.50% 13.74% 52.76% 34.75% 1334% 5138% 33.57% 13.09% 49.71% 3m 13.64% 45.%; 30.10% 13.09% 43.29% 2833% 13.33% 495K 3269% 13.42% 4732% 3126% K32% MR *32% 13.74% 4379% 3320% 13.72% 44.56% 23.87% 13,17% 4279% 28.73% 13.72% 38.75% *33% t3.17% 3720% 25.36% 14.07% 4262% 2335% 13.50% 43.92% 2734% H.4K 44,56%, 30.22% 13.83% 4278% 28.50% CcpyrrgSt 3016 Redtjftstcs.com The followng summarzes dscount rates for conventonally fnanced condomnum and co-op projects natonwde. Actual Rates are hstorcal rates acheved by survey respondents, whle Pro-Forma Rates reflect forward-lookng revenue and expenses and developer's proft s treated a$ afne temexpense. _ Natonal RealtyRates.com DEVELOPER SURVEY - 3rd Quarter?016* Prmary Resdental H-FSs*fUrbanToonhouse GtCrnSuburbn Townhouse Resort A Second Home Hflse GardetVTownhouse Commereaffndastral Urban Offce Suburban Offce RetaJ Industral_ SadCtartM 2016Data Condomnums & Co-Ops_ ' Actual Bales Pro-Font* Bates Ma MM Aag Mn Hu Au$ ' 8.54% 28.40% 1837% 8.20% 2727% 1738% 826% 28.40% 1832% 8.89% 2727% 8.17% 834% 26,86% 18.14% 8.20% 26.78% 17,82% 9.10% 2823% 13.16% 8.37% 27.16% B2K 932% 3034% 20.94% 9.52% 29.7K S.7K 8735% 30.94% 2030% 9.66% 29.7K 8.7?% 932% 26.63% 8.73% 9.52% 2537% 1739% 7j8% 29.09% 18.77% 6.80% 2733% 17.85% 808% 25.82% 1720% 7.75% 24.79% 1635% 721% 2548% 16.82% 6.92% 24.46% 16.08% 732% 2939% 8,10% 7.5K 2733% ,19% 2626% 173K 6.30% 2521% CopyrgU 2016 talljhhmon RealtyRates.com 5

Fnancal Indcators Relevant fnancal ndcators, many of whch are utlzed as ndces for the prcng of varous mortgage products, are summarzed on the followng table, RcaltyRatcs.

107 Fnancal Indcators Relevant fnancal ndcators, many of whch are utlzed as ndces for the prcng of varous mortgage products, are summarzed on the followng table, RcaltyRatcs.com1 - Investor & Developer Surveys FINANCIAL INDICATORS Effectve Fed FundsRate Prme Rate 350% Commercal Paper (Fnancal) 0.38% 0.47% 057% 1-Month 2-Month 3-Month LIBOR 1-Month 0.37% 0.38% % 350% 0.41% 0.47% 054% 0.44% 0.43% 3-Month 0.64% 052% 6-Month 033% 0.87% 1-Year 126% 1.14% Treasury Blls (SecondaryMarket) 4-Week 022% 025% 3-Mordh 027% 031% 6-Month 0.41% 0.44% 1-Year 0.57% 052% Treasury Yelds Constant Maturty 1-Month 3-Month 6-Month 1-Year 2-Year 3-Year 5-Year 7-Year 10-Year 20-Year 30-Year 023% 026% 028% 031% 0.42% 0.45% 059% 0.53% 052% 0.97% 130% 0 325% % % 3 0,15% % 2 028% % 6.73% % % % 022% % % % 6 024% 0.73% 9 051% 0.80% 7 038% 122% 8 154% 1.60% 153% 7 133% 131% 1.78% 3 220% 222% 2.20% 2 259% 2.63% 2.62% % Interest RateSwaps (Md-Market Fxed Ratefor 3-Month LIBOR) 1-Year 2-Year 3-Year 4-Year 5-Year 7-Year 10-Year % 0.70% % % 050% % S 106% 031% % % 104% 12 46% % 1.16% % % 139% 5 139% % 155% % Year 215% 2.14% % -55 Canventona _ Fxed Rate Heme Mortgage 30-Year 350% 3.66% % -24 Moody-* seasoned Corporate Bonds Aaa 355% 3.06% % -33 Baa 4.68% 5,34%_ 4.89% -21 Source*: Federa Restve; Brush Bankers'Assn; InternatonalSwaps & DervatvesAssn RealtyRates.com 6

Interm Fnancng The followng represent lender-quoted nteror (constructon) fnancng rates and terms for conventonally fnanced subdvsons and planned unt developments (PUPs) and resdental and

108 Interm Fnancng The followng represent lender-quoted nteror (constructon) fnancng rates and terms for conventonally fnanced subdvsons and planned unt developments (PUPs) and resdental and commerdal/ndustraj condomnums and co-ops natonwde. ReattyRates.com DEVELOPER SURVEY - 3rd Quarter 2016" _ Interm (Constructon) SPREAD Fnancng_ r, OVER ' LOAN-TO- LOAN-TO- LOAN : BASE 1 INTEREST LOAN; VALUE COST TERM PROPERTY TYPE (Prme) RATE -FEES RATIO RATIO (Mol.) AMORTIZATION 'kk-sfcfl /I.1' Mnmum 0.77M 4.27M toom SOM 70m 12 Interest Orth Madmvm 6.47y. 937V. 4.00% toom W0M 60 Interest Only Average 3.59M 7.03M Z30y. 74M 64M 41 knerestonlg Mmmum Mamvm 0.87M 6.51M 4.37M ZOOM 60M 70M tt Merest Onlg W.OIM 4J50M SOM toom 36 Interest Only Average 3.66M 7.t3M 3.05M 7SM S5M 26 Interest Onlg Mnmum Maamum Averege 0.77M 7.04M 3.85M. \- >: 4Z7M 2.00M 66M TOM 1034M 4.50M 60m 10OM 36 7J33M ao5m 72M 84X ' -Vv» - '. d c Interest Only Interest Only Interest Only Mnmum Mamum Average **ue«vetf3!n6c:a 037M 4.37M LOOM 60M 70M 12 L51M 10:01M 430M 60M toom M 7.HM 3COM TOM 8SM 19 Interest Only Interest Only faterestonly Copyrght*016 RtshyR««.coBw ReaItyRates.com 7

Regonal Dscount Rates The followng tables summarze dscount rates for, conventonally fnanced (nterest-only nterm or constructon fnancng) subdvsons and planned unt developments (PUDS) and condomnum and

109 Regonal Dscount Rates The followng tables summarze dscount rates for, conventonally fnanced (nterest-only nterm or constructon fnancng) subdvsons and planned unt developments (PUDS) and condomnum and co-op projects. Actual Rates are hstorcal rates acheved by survey respondents, whle Pro-Forma Rates reflect forward-lookng revenue and development costs. Subdvson and PUD rates do nclude provson for developer's proft,.e., proft s not treated as a lne tem expense, Whle condomnum and co-op rates do not,.e., proft s treated as a lne tem expense. Data presented n the Developer Survey are provded by 362 commercal apprasers (4%), lenders (52%), and local regonal and natonal developers (44%). ReaItyRates.com 8

New England - CT, MA, ME, NH, RI, VT RealtyRales.com DEVELOPER SURVEY 3rd Quarter 2016 _ Hew.England Subdvsons & PUDs Aetna!Rates Pra-F«wma Rates Mn Ma* A«9 Mn Mu 17.59% 42.82% 27-97% 15*6% 36.06% 23.

110 New England - CT, MA, ME, NH, RI, VT RealtyRales.com DEVELOPER SURVEY 3rd Quarter 2016 _ Hew.England Subdvsons & PUDs Aetna!Rates Pra-F«wma Rates Mn Ma* A«9 Mn Mu 17.59% 42.82% 27-97% 15*6% 36.06% 23.68% 17.59% 36.92% 26.71% 6*6% 32.72% 23.51%.02% 40J61% 28.14%.31% 35*4% 24*6%.46% 42,46% 28.63% 15.34% 36.06% 24«% *0% 42*2% 28.40% jt% 35.58% 23.59% 17.95% 44*9% 29.15% 15.63% 38.21% 25.15% 17*5% 39. % 27*6% 15.74% 34,67% 24.70% Ste-Bult Resdental - 0Unts 0*500 Unts 500* Unts Mxed Use Manufactured Housng -W0 Unts 100*500 Unts 500*Unts Busness Parks 0 Acres 0*500 Acres 500* Acres Industral Parks - GAcres Acres 500*Acres "2wl Quarter SO IhU.40% 43,03% 29.49% 15.63% 37.34% 25.42%.85% 17*5% 44.99% 42.46% 30.00% 28*1% 15.66% 6.58% 38.21% 36.06% 25,32% 24.13% 17*5% 36*2% 26,88% 15.58% 32.72% 23*6%.40% 40.61% 29.32% 15,63% 35.24% 24.41%.85% 42.46% 20*1% 15.66% 36*6% 24.31%.06% 36.49% 25.36% 15.67% 30*8% 21*3%.06% 3172% 24*9% 15.67% 28.11% 2145%.52% 34.89% 25.63% 72% 30*8% 22*8%.97% 36.48% 26.06% 15.76% 30*8% 2197% Copyrght 8016 R«%Fh*c;?.eottTM RealtyRatesxom DEVE1GPFR SURVEY - 3rd Quarter?016* _Hew Enflland - Condomnums & Co Ops Prm«ResldeataI HIrRseAlrban Town house GerdenfSuburban Townhouse Mxed Use Resort A Second Home HM*s* GardenfTownhouse Commercalrtndustral Urban Offce SuburbanGffc* Retal Industral *2M &»rtw2018 Actual Rates Mn Mas / Avff Mn Ma* > At* 1125% 23*5%.73% 9.55% 2223% 15.02ÿ?2 % 23*5% 17*6% 35% 20.60%.17% 1125% 21*9% 95*5% 955% 48% 94% 11*8% 23. %.87% 1102% 22*3% 6.96% 13*6% 25*3% 17*1% 1109% 2*45% M* *3% 25*3% 18*9% 11*3% 22.45%.50% *6% 2180% 73% 11*9% 13*2% 14*0% 8.46% 23.82% 6*4% 8.03% 2tR% 42% 63% 2114% 57% 9:03% 73% 13*0% 9.49% 20.86% 14*7% 8.06% 49% 74%.30% 23L82% 37% 8.74% 2111% 14*3% 8.48% 2150% 14*8% Pro-Forma Rate* 8.03%.05% 00% Copÿrgfet20W ReWtyftttos.<ojaw RealtyRates.com 9

111 LEXICON, DEFINITIONS AND ASSUMPTIONS '

MARKET VALUE APPRAISAL LEXICON "The most probable prce, whch a property should brng n a compettve and open market under all condtons requste to a far sale, the buyer and seller each actng prudently,

112 MARKET VALUE APPRAISAL LEXICON "The most probable prce, whch a property should brng n a compettve and open market under all condtons requste to a far sale, the buyer and seller each actng prudently, knowledgeably and assumng the prce s not affect by undue stmulus. Implct n ths defnton s consummaton of a sale as of a specfed date and passng of ttle from seller to buyer under condtons whereby: 1. Buyer and seller are motvated; 2. Both partes are well nformed or well advsed and each actng n what he consders hs own best nterest; 3. A reasonable tme s allowed for exposure n the open market; 4. Payment s made n terms of cash n U.S. dollars, or n terms of fnancal arrangements comparable thereto; and 5. The prce represents the normal consderaton for the property sold unaffected by specal or creatve fnancng, or sales concessons granted by anyone assocated wth the sale." (1) FEE SIMPLE ESTATE Absolute ownershp unencumbered by any other nterest or estate, subject only to the lmtatons mposed by the governmental powers of taxaton, emnent doman, polce power and escheat. (2) HIGHEST AND BEST USE The reasonably probable use of property that results n the hghest value. The four crtera the hghest and best use must meet are legal permssblty, physcal possblty, fnancal feasblty and maxmum productvty. (3) LEASED FEE INTEREST The ownershp nterest held by the lessor, whch ncludes the rght to receve the contract rent specfed n the lease plus the reversonary rght when the lease expres. (4) MARKETING TIME An opnon of the amount of tme t mght take to sell a real or personal property nterest at the concluded market value level durng the perod mmedately after the effectve date of an apprasal. Marketng tme dffers from exposure tme, whch s always presumed to precede the effectve date of an apprasal. (5) (1) FIRREA 12 CFR Part (2) The Dctonary of Real Estate Apprasal, Apprasal Insttute, Chcago, IL, 2015, Sxth Edton - Page 90. (3) Ibd (4) Ibd (5) Ibd

MARKET RENT The most probable rent that a property should brng n a compettve and open market reflectng the condtons and restrctons of a specfed lease agreement, ncludng the rental adjustment and

113 MARKET RENT The most probable rent that a property should brng n a compettve and open market reflectng the condtons and restrctons of a specfed lease agreement, ncludng the rental adjustment and revaluaton, permtted uses, use restrctons, expense oblgatons, term, concessons, renewal and purchase optons, and tenant mprovements (TIs). (6) EXPOSURE TIME 1. The tme a property remans on the market. 2. [The] estmated length of tme the property nterest beng apprased would have been offered on the market pror to the hypothetcal consummaton of a sale at market value on the effectve date of the apprasal. Exposure tme s a retrospectve opnon based on an analyss of past events assumng a compettve and open market. (USPAP, ed.) (7) PROSPECTIVE OPINION OF VALUE A value opnon effectve as of a specfed future date. The term does not defne a type of value. Instead, t dentfes a value opnon as beng effectve at some specfc future date. An opnon of value as of a prospectve date s frequently sought n connecton wth projects that are proposed, under constructon, or under converson to a new use, or those that have not yet acheved sellout or a stablzed level of long-term occupancy. (8) RETROSPECTIVE VALUE OPINION A value opnon effectve as of a specfed hstorcal date. The term retrospectve does not defne a type of value. Instead, t dentfes a value opnon as beng effectve at some specfc pror date. Value as of a hstorcal date s frequently sought n connecton wth property tax appeals, damage models, lease renegotaton, defcency judgments, estate tax, and condemnaton. Incluson of the type of value wth ths term s approprate, e.g., retrospectve market vaue opnon. (9) (6) Ibd (7) Ibd (8) Ibd (9) Ibd

114 ASSUMPTIONS AND LIMITING CONDITIONS Ths apprasal report has been made wth the followng general assumptons: 1. Ths s a narratve Apprasal Report whch s ntended to comply wth the reportng requrements set forth under Standards Rule 2-2(a) of the Unform Standards of Professonal Apprasal Practce fof an Apprasal Report. Supportng documentaton concernng the data, reasonng, and analyses s retaned n the appraser s fle. The nformaton contaned n ths report s specfc to the needs of the clent and for the ntended use stated n ths report. The apprasers are not responsble for the unauthorzed use of ths report. 2. No responsblty s assumed for the legal descrpton or for matters ncludng legal or ttle consderatons. Ttle to the property s assumed to be good and marketable unless otherwse stated. 3. The property s apprased free and clear of any or all lens or encumbrances unless otherwse stated. 4. Responsble ownershp and competent property management are assumed. 5. The nformaton furnshed by others s beleved to be relable. However, no warranty s gven for ts accuracy. 6. All engneerng s assumed to be correct. The plot plans and llustratve materal n ths report are ncluded only to assst the reader n vsualzng the property. 7. It s assumed that there are no hdden or unapparent condtons of the property, subsol, or structures that render t more or less valuable. No responsblty s assumed for such condtons or for arrangng for engneerng studes that may be requred to dscover them. 8. It s assumed that there s full complance wth all applcable federal, state, and local envronmental regulatons and laws unless noncomplance s stated, defned, and consdered n the apprasal report. 9. It s assumed that all applcable zonng and use regulatons and restrctons have been compled wth, unless a nonconformty has been stated, defned, and consdered n the apprasal report.

10. It s assumed that all requred lcenses, certfcates of occupancy, consents, or other legslatve or admnstratve authorty from any local, state, or natonal government or prvate entty or organzaton

115 10. It s assumed that all requred lcenses, certfcates of occupancy, consents, or other legslatve or admnstratve authorty from any local, state, or natonal government or prvate entty or organzaton have been or can be obtaned or renewed for any use on whch the value estmate contaned n ths report s based. 11. It s assumed that the utlzaton of the land and mprovements s wthn the boundares or property lnes of the property descrbed and that there s no encroachment or trespass unless noted n the report. Ths apprasal report has been made wth the followng general lmtng condtons: 1. The dstrbuton, f any, of the total valuaton n ths report between land and mprovements apples only under the stated program of utlzaton. The separate allocaton of land and buldng must not be used n conjuncton wth any other apprasal and are nvald f used. 2. Possesson of ths report, or a copy thereof, does not carry wth t the rght of publcaton. 3. The appraser, by reason of ths apprasal, s not requred to gve further consultaton, testmony, or be attendance n court wth reference to the property n queston unless arrangements have been prevously made. 4. Nether all nor any part of the contents of ths report (especally any conclusons as to value, the dentty of the appraser, or the frm wth whch the appraser s connected) shall be dssemnated to the publc through advertsng, publc relatons, news, sales, or other meda wthout the pror wrtten consent and approval of the appraser. 5. Any value estmates provded n the report apply to the entre property, and any proraton or dvson of the total nto fractonal nterests wll nvaldate the value estmate, unless such proraton or dvson of nterests has been set forth n the report. 6. The forecasts, projectons, or operatng estmates contaned heren are based upon current market condtons, antcpated short-term supply and demand factors, and a contnued stable economy. These forecasts are, therefore, subject to changes n future condtons.

116 QUALIFICATIONS

117 QUALIFICATIONS OF CHRISTOPHER H. BOWLER _REAL ESTATE APPRAISER_ EDUCATION BA Economcs, Unon College, Schenectady, New York 1987 Apprasal Insttute Course SPP Standards of Professonal Practce Course 1A-1 Basc Apprasal Prncples, Methods and Technques Course 1A-2 Basc Valuaton Theory and Technques Course 8-1 Resdental Valuaton Course 1B-A Captalzaton Theoy & Technques Part A Course 1B-B Captalzaton Theoy & Technques Part B Course 550 Advanced Applcatons Course 410 Standards of Professonal Practce Part A Course 420 Standards of Professonal Practce Part B Course 540 Report Wrtng & Valuaton Analyss Argus Software Valuaton DCF 2 Day Tranng; 11/09 PROFESSIONAL AND TRADE AFFILIATIONS The Counselors of Real Estate 2015 CRE Desgnaton #13359 Apprasal Insttute 1992 Senor Resdental Appraser - SRA Desgnaton 2000 Member of Apprasal Insttute - MAI Desgnaton # Drector, Massachusetts Chapter 2005 Secretary, Massachusetts Chapter 2006 Treasurer, Massachusetts Chapter 2007 Vce Presdent, Massachusetts Chapter 2008 Presdent, Massachusetts Chapter Massachusetts Certfed General Real Estate Appraser Lcense #495 PROFESSIONAL EXPERIENCE Qualfed expert wtness; Land Court of Massachusetts.

BUSINESS EXPERIENCE Presently an assocate member of the frm of Avery Assocates, Acton, Massachusetts. Avery Assocates handles a wde varety of real estate apprasal and consultng assgnments. Mr.

118 BUSINESS EXPERIENCE Presently an assocate member of the frm of Avery Assocates, Acton, Massachusetts. Avery Assocates handles a wde varety of real estate apprasal and consultng assgnments. Mr. Bowler has prepared apprasals on the followng types of real property: apartment complexes, offce buldngs, ndustral buldngs, research and development facltes, hotels/motels, golf courses, restaurants, laboratory-lfe scences buldngs, medcal offce buldngs, auto dealershps, truck termnals, warehouses, bank branches, shoppng centers, commercal and ndustral condomnum unts and buldngs, lumber yards, servce statons, ndustral mll buldngs, and cranberry bogs. Mr. Bowler's experence also ncludes the apprasal of one to four famly dwellngs, condomnum unts, proposed resdental subdvsons and condomnum projects. Also, Mr. Bowler has prepared market studes and feasblty analyses for proposed developments of both resdental and commercal projects. Pror to jonng Avery Assocates n 1992, Mr. Bowler was employed n the followng manner: Real Estate Appraser Edward W. Bowler Assocates Waltham, Massachusetts 1987 Research Assocate, New York State Department of Transportaton Albany, New York BUSINESS ADDRESS Avery Assocates 282 Central Street Post Offce Box 834 Acton, MA Tel: Fax: chrs@avervandassocates.com

119 QUALIFICATIONS OF JONATHAN H. AVERY REAL ESTATE APPRAISER AND CONSULTANT EDUCATION BBA Unversty of Massachusetts, Amherst, Massachusetts Graduate of Realtors Insttute of Massachusetts - GRI Amercan Insttute of Real Estate Apprasers Course 1-A Course 1A-B Course 2 Course 6 Course 410/420 Basc Apprasal Prncples, Methods and Technques Captalzaton Theory and Technques Basc Apprasal of Urban Propertes Real Estate Investment Analyss Standards of Professonal Practce PROFESSIONAL AND TRADE AFFILIATIONS The Counselors of Real Estate 1985 CRE Desgnaton # Apprasal Insttute Charman, New England Chapter Natonal Vce Presdent Natonal Presdent 1982 Member Apprasal Insttute - MAI Desgnaton # Resdental Member - RM Desgnaton # Senor Resdental Appraser - SRA Desgnaton 1981 Senor Real Property Appraser - SRPA Desgnaton Presdent, Eastern Massachusetts Chapter 1992 Presdent, Greater Boston Chapter 1995 Char, Apprasal Standards Councl Vce Char, Apprasal Standards Councl Massachusetts Board of Real Estate Apprasers 1972 MRA Desgnaton 1981 Presdent of the Board Royal Insttuton of Chartered Surveyors 2005 FRICS Desgnaton Afflate Member, Greater Boston Real Estate Board Lcensed Real Estate Broker - Massachusetts 1969 Massachusetts Certfed General Real Estate Appraser #26 New Hampshre Certfed General Real Estate Appraser #NHGC-241 BUSINESS EXPERIENCE, Mr. Avery s Prncpal of the frm of Avery Assocates located n Acton, Massachusetts. Avery Assocates s nvolved n a varety of real estate apprasal and consultng actvtes ncludng: market value estmates, marketablty studes, feasblty studes, and general advce and gudance on real estate matters to publc, prvate and corporate clents. Mr. Avery has served as arbtrator and counselor n a varety of proceedngs and negotatons nvolvng real estate. Durng 1993, he served as an apprasal consultant for the Eastern European Real Property Foundaton n Poland. He has been actvely engaged n the real estate busness snce 1967 and establshed Avery Assocates n Pror to hs present afflaton, Mr. Avery served n the followng capactes:

1978-1979 Managng Partner, Avery and Tetreault, Real Estate Apprasers and Consultants 1975-1978 Chef Appraser, Home Federal Savngs and Loan Assocaton Worcester, Massachusetts 1972-1975 Staff

120 Managng Partner, Avery and Tetreault, Real Estate Apprasers and Consultants Chef Appraser, Home Federal Savngs and Loan Assocaton Worcester, Massachusetts Staff Appraser, Northeast Federal Savng and Loan Assocaton Watertown, Massachusetts Real Estate Broker, A. H. Tetreault, Inc. Lncoln, Massachusetts TEACHING EXPERIENCE Instructor, Bentley College, Contnung Educaton Dvson, ; Apprasal Methods and Technques Computer Applcatons for Real Estate Apprasal Approved Instructor Apprasal Insttute - snce 1982 Chapter Educaton Charman Semnar Instructor; Massachusetts Board of Real Estate Apprasers snce 1981 Certfed Apprasal Standards Instructor-Appraser Qualfcatons Board PROFESSIONAL EXPERIENCE Qualfed expert wtness; Mddlesex County Dstrct Court and Superor Court, Essex County Superor Court, Norfolk County Superor Court, Plymouth Superor Court, Worcester County Probate Court, Federal Tax Court, Federal Bankruptcy Court, Appellate Tax Board of Massachusetts and Land Court of Massachusetts. Member, Panel of Arbtrators - Amercan Arbtraton Assocaton, Natonal Assocaton of Securtes Dealers Regulaton. Property Assgnments Include: Land (Sngle Lots and Subdvsons) One to Four Famly Dwellngs Apartments Resdental Condomnums Offce Buldngs Restaurants Industral Buldngs Racquet Club Petroleum Fuel Storage Faclty Lumber Yard School Buldngs Hstorc Renovatons Move Theater Conservaton Easements Hotels and Motels Shoppng Centers Golf Courses Churches Gasolne Servce Statons Farms Offce Condomnums Automoble Dealershps BUSINESS ADDRESS Avery Assocates 282 Central Street Post Offce Box 834 Acton, MA Tel: Fax: on@avervandassocates.com

AVERY ASSOCIATES REPRESENTATIVE LIST OF CLIENTS FINANCIAL INSTITUTIONS Avda Bank Bank of New England Belmont Savngs Bank Berkshre Bank Cambrdge Savngs Bank East Boston Savngs Bank Enterprse Bank &

121 AVERY ASSOCIATES REPRESENTATIVE LIST OF CLIENTS FINANCIAL INSTITUTIONS Avda Bank Bank of New England Belmont Savngs Bank Berkshre Bank Cambrdge Savngs Bank East Boston Savngs Bank Enterprse Bank & Trust Frst Poneer Farm Credt Marlborough Savngs Bank Mddlesex Federal Savngs Mddlesex Savngs Bank North Mddlesex Savngs Bank North Shore Bank Rollstone Bank & Trust Salem Fve Cent Savngs Bank Seneca Insurance Co. TD Bank, N.A. Webster Fve Cents Savngs Bank Workers Credt Unon PUBLIC SECTOR/NONPROFIT Amercan Arbtraton Assocaton Church of Latter Day Sants Cty of Marlborough Emerson Hosptal Essex County Greenbelt Assocaton Internal Revenue Servce Mass Audubon Mass. Dept, of Conservaton/Recreaton Massachusetts Dept, of Agrcultural Resources MassDevelopment MassHousng Sudbury Valley Trustees The Nature Conservancy The Trust for Publc Land Town of Acton Town of Concord Town of Lexngton Trustees of Reservatons U. S. Department of Interor U.S. Department of Justce U.S. Forest Servce Walden Woods Project Water Supply Dstrct of Acton CORPORATIONS Avalon Bay Communtes Boston Medflght Concord Lumber Corporaton Dow Chemcal Company Exxon Mobl Company Fdelty Real Estate Genzyme/Sanof John M. Corcoran & Co. Marvn F. Poer and Company McDonald s Corporaton Mnuteman Arfeld, Inc. PrceWaterhouseCoopers Sun Lfe Assurance Company The Mathworks, Inc. Toyota Fnancal Servces U.S. Postal Servce W. J. Graves Constructon Co., Inc. Zoll Medcal Corp. LAW FIRMS & FIDUCIARIES Anderson & Kreger LLP Choate, Hall & Stewart DLA Pper, LLP Edwards, Angel, Palmer & Dodge Foley Hoag, LLP Goodwn Procter Hemenway & Barnes Holland & Knght Kates and Barlow Krkpatrck Lockhart Ncholson Graham Kopelman & Page, P.C. Lee, Rvers & Corr, LLP Lynch, Brewer, Hoffman & Fnk, LLP Nutter, McClennen & Fsh, LLP Offce of Stephen Small Peabody & Arnold, LLP Prnce, Lobel, Glovsky & Tye Rackemann, Sawyer & Brewster Remer & Braunsten, LLP Ropes & Gray Sally & Ftch Stem, Shapro, Wessberg & Garn WlmerHale

PREDEVELOPMENT PLAN REVIEW OF A 90-UNIT RESIDENTIAL CARE FACILITY AT 995 SOUTH FAIR OAKS AVENUE (ARLINGTON REGENCY PARK SENIOR LIVING)

PREDEVELOPMENT PLAN REVIEW OF A 90-UNIT RESIDENTIAL CARE FACILITY AT 995 SOUTH FAIR OAKS AVENUE (ARLINGTON REGENCY PARK SENIOR LIVING) Agenda Report TO: FROM: SUBJECT: Honorable Mayor and Cty Councl Plannng & Communty Development Department PREDEVELOPMENT PLAN REVEW OF A 90-UNT RESDENTAL CARE FACLTY AT 995 SOUTH FAR OAKS AVENUE (ARLNGTON