EXHIBIT A PAGE 1 OF 6 Appraisal Report 44 Residential Lots, Longfellow Road, Bay St. Louis, MS APPRAISAL REPORT

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1 EXHIBIT A PAGE 1 OF 6 Appraisal Report 44 Residential Lots, Longfellow Road, Bay St. Louis, MS APPRAISAL REPORT This is an Appraisal Report, which is intended to comply with the reporting requirements set forth under the Uniform Standards of Professional Appraisal Practice (USPAP) for an Appraisal Report. As such, it presents only summary discussions of the data, reasoning, and analyses that were used in the appraisal process to develop the appraiser s opinion of value. The depth of discussion contained in this report is specific to the needs of the client and for the intended use stated within this report. The appraiser is not responsible for unauthorized use of this report. PREPARED FOR: PROPERTY OWNER: The First, ANBA Ms. Cindy Dickinson, Chief Appraisal Officer, VP P. O. Box Hattiesburg, MS The property is currently under the ownership of The First, ANBA. LEGAL DESCRIPTION As described throughout this report, the property being appraised includes 44 unsold lots (inventory) in a single-family residential subdivision. The legal description is as follows: LOTS 28-43, INCLUSIVE, ALL IN BLOCK 1; LOTS 7-22, INCLUSIVE AND LOTS 25, 26 & 30, ALL IN BLOCK 2 AND LOTS 1-9, BLOCK 3; ALL OF SAID LOTS BEING IN THE MELVIN OTT SUBDIVSION AS PER OFFICIAL MAP OR PLAT THEREOF ON FILE AND OF RECORD IN THE OFFICE OF THE CHANCERY CLERK OF HANCOCK COUNTY, MISSISSIPPI (Reference Substituted Trustee s Deeds in Addendum Section) PURPOSE OF THE APPRAISAL The purpose of this appraisal is to arrive at a supportable estimate of the market value of the subject property (44 unsold residential lots). The objective of this report is to present the data and reasoning used to form this opinion of value. Everette E. Ladner, III, MAI, SRA 2

2 Appraisal Report 44 Residential Lots, Longfellow Road, Bay St. Louis, MS Site Description PROPERTY DESCRIPTION Location: The subject project is located along Melvin Ott Avenue (a/k/a Mellott Avenue), at the west side McLaurin Street and the south side of Longfellow Road, within the city limits of Bay St,. Louis, MS. This location is approximately two blocks north of Highway 90. Road Frontage/Access: Access to the subject property is approximately 823 feet of frontage along the north and south side of Melvin Ott Avenue, 155 feet of frontage along the south side Longfellow Road and 385 feet along the west side of McLaurin Street. All frontage roads are asphalt-paved. Currently, Longfellow Road is being repaved and concrete curbs are being added. The subject project s frontage/access is rated good. Shape & Size: The subject property comprises 44 residential lots. The subject parcel is irregular shaped (outlined in red). Tax Map Topography: The topography of the tract is mostly level and near road grade. The majority of the unimproved lots in the subdivision are wooded. Lots (northern lots) are mostly cleared with minimal trees. According to the flood map, the entire tract is located in flood zone AE (100-year flooding). It is unknown if any wetlands exist within the tract. Everette E. Ladner, III, MAI, SRA 19

3 138J , MS, Hancock County Beds Bldg Sq Ft 261,360 Lot Sq Ft Sale Price Expired EXHIBIT ListingA PAGE 1 OF 6 Baths Yr Built Type Sale Date Owner Information Owner Name: The First Tax Billing Zip: Tax Billing Address: Po Box Tax Billing Zip+4: 5549 Tax Billing City & State: Hattiesburg, MS Location Information Census Tract: Township Range Sect: School District: 1 Tax Information Tax Parcel Number: 138J Tax Area: 1254 Legal Description: PT. OF THE NW 1/4 OF THE NE 1/4 SEC AA Assessment & Tax Assessment Year Assessed Value - Total $2,895 $2,895 $2,895 Assessed Value - Land $2,895 $2,895 $2,895 YOY Assessed Change ($) $0 $0 YOY Assessed Change (%) 0% 0% Tax Year Total Tax Change ($) Change (%) 2009 $ $319 $7 2.29% 2012 $318 -$1-0.42% Characteristics Lot Area: 261,360 Lot Acres: 6 Last Market Sale & Sales History Owner Name: The First Document Number: 4709 Seller: Owner Record Deed Type: Deed (Reg) Nominal Y Buyer Name Owner Record Miller Acquisitions & Devs Inc Seller Name Owner Record Owner Record Document Number Document Type Deed (Reg) Deed (Reg) Page 1 of 2

4 Property Map *Lot Dimensions are Estimated Page 2 of 2

5 138J , MS, Hancock County 507,417 Expired Listing Beds Bldg Sq Ft Lot Sq Ft Sale Price Baths Yr Built Type Sale Date Owner Information Owner Name: The First Tax Billing Zip: Tax Billing Address: Po Box Tax Billing Zip+4: 5549 Tax Billing City & State: Hattiesburg, MS Location Information Census Tract: Township Range Sect: School District: 1 Tax Information Tax Parcel Number: 138J Tax Area: 1254 Legal Description: PT NE 1/4-NE 1/4 SEC Assessment & Tax Assessment Year Assessed Value - Total $225 $225 $225 Assessed Value - Land $225 $225 $225 YOY Assessed Change ($) $0 $0 YOY Assessed Change (%) 0% 0% Tax Year Total Tax Change ($) Change (%) 2009 $ $25 $1 2.31% 2012 $25 -$0-0.4% Characteristics Lot Area: 507,417 Lot Acres: Last Market Sale & Sales History Owner Name: The First Document Number: 4709 Seller: Owner Record Deed Type: Deed (Reg) Nominal Y Buyer Name Owner Record Miller Acquisitions & Devs Inc Hayden Margaret D Seller Name Owner Record Owner Record Owner Record Document Number Z9-476 Document Type Deed (Reg) Deed (Reg) Deed (Reg) Page 1 of 2

6 Property Map *Lot Dimensions are Estimated Page 2 of 2