The subject is located in a typically rural neighborhood with prices ranging from $20,000 to $100,000.

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1 SUBJECT PROPERTY ADDRESS Land O' Lake FL ORDER INFORMATION BPO TYPE ORDER DATE COMPLETED COMPLETED BY Exterior 10/26/ /02/2015 Avail. Upon Request PROJECT ORDERED BY Andrea Russolillo SUBJECT PROPERTY VALUE 30 DAY SALE DAY LIST DAY SALE AS IS REPAIRED $65,000 $75,000 $75,000 $70,000 $70,000 The subjects marketability is reflected by all of the comparables provided. BROKER'S OPINION OF MARKET TREND STABLE OVERVIEW The subject is located in a typically rural neighborhood with prices ranging from $20,000 to $100,000. Based on an exterior inspection completed on 10/29/2015 the subject is not in need of repairs.the average sales price of the selected comparables is $75,300 and the average list price of the selected comparables is $75,967. This is a Broker Price Opinion, which is an opinion of value created by a licensed real estate broker or agent, not an appraiser. Analysis was not completed in accordance with Uniform Standards of Professional Appraisal Practice, which require evaluators to act as impartial third parties with objectivity and without personal interest. Rev. 02/10/2009 BrokerPriceOpinion.com, Inc Turnpike Dr, Suite 300 Westminster CO (303)

2 Land O' Lake FL NEIGHBORHOOD INFORMATION NEIGHBORHOOD TYPE Rural MARKET TREND Stable PRICE RANGE $20,000 $100,000 APPR / DEPR % COMPETING LISTINGS 12 AVG MARKETING DAYS VANDALISM RISK 120 Low NOTES Established area. SUBJECT PROPERTY INFORMATION PROPERTY CONDITION Average MANAGING / ASSN MANAGING / ASSN PHONE MANAGING / ASSN FEES LEGAL DESCRIPTION TAMPA HIGHLANDS UNREC PLAT LOT507 DESC AS:COM AT SE COR OFSEC TH N00DG 44' 39"E ALG ELINE OF SEC FT FOR POB NOTES Quail Hollow consists of Single Family homes SUBJECT LISTING AND SALE HISTORY (PAST 3 YEARS ONLY) CURRENTLY LISTED No MLS # LIST PRICE LISTING AGENCY LIST DATE LISTING AGENCY PHONE PREVIOUS SALE DATE PREVIOUS SALE PRICE PREVIOUS SALE DATE PREVIOUS SALE PRICE PREVIOUS SALE DATE PREVIOUS SALE PRICE NOTES TAX INFORMATION ASSESSED VALUE DATE ASSESSED TAX RATE DUE DATE NOTES $12,493 YEARLY TAXES $ /30/2014 DELINQUENT TAXES $ OTHER ASSESSMENTS $0 11/30/2015 REPAIRS ESTIMATED EXTERIOR REPAIRS TOTAL NOTES No repairs $0 $0 Rev. 01/10/2009 BrokerPriceOpinion.com, Inc Turnpike Dr, Suite 300 Westminster CO (303)

3 Land O' Lake FL MARKET DATA SUBJECT SALE 1 SALE 2 SALE 3 LISTING 1 LISTING 2 LISTING 3 Address City State / Zip Proximity (miles) Subdivision Data Source Water / Tree Topography Zoning Location / View Condition Improvements Offsite Improvements Utilities Lot Size Improvement Value Original List Price Current List Price Original List Date Sale Price Sale Date Days on Market Comparability to Subject Type Bay Pines Dr 051 Hideout Tr Bunting Circle Quail Run Dr 102 Marilee Lo 43 Deerhound Land O' Lake Wesley Chapel Land O' Lakes Land O' Lakes Wesley Chapel Spring Hill Land O' Lakes FL FL FL FL FL FL FL Quail Hollow Other Other Other Same Other Other MLS MLS MLS MLS MLS MLS MLS None None None None None None None Level Level Level Level Level Level Level MPUD MPUD MPUD MPUD MPUD MPUD MPUD Street Street Street Street Street Street Street Average Average Average Average Average Average Average None None None None None None None None None None None None None None None None None None None None None $0 $0 $0 $0 $0 $0 $7,500 $69,900 $85,000 $125,000 $74,000 $75,000 $79,900 $69,900 $99,000 $80,000 $74,000 $74,000 $79,900 04/16/ /04/ /11/ /10/ /30/ /18/2015 $69,900 $88,000 $68,000 06/16/ /18/ /10/ Similar Similar Similar Similar Similar Inferior Fair Market Fair Market Fair Market Fair Market Fair Market Fair Market COMMENTS REGARDING COMPARABILITY OF SALES AND LISTINGS SALE 1 SALE 2 SALE 3 LISTING 1 LISTING 2 LISTING acres. High and dry lot, already cleared! No wetlands or flood insurance. Lot is on paved rd. Fully fenced and ready to build. Hard to find such a quality lot of this size! Close to shopping and restaurants. Outlaw Lake Estates is a 37 Lot Luxury Estate Subdivision located south of State Road 52 along Ehren Cutoff, Pasco County. This picturesque development offers privacy and tranquility, as well as entertainment for the boating enthusiasts. The development... [Cont'd in Sale Section of Notes Addendum] Dreaming of a Southern Living Charming Country home or Equestrian Estate? Beautiful opportunity to own and build your dream custom home on this private lot in Land O' Lakes in The Oaks subdivision. This acreage offers 2.83 acres, which approximately halfof... [Cont'd in Sale Section of Notes Addendum] This is a beautiful parcel of land to build your dream home, or just a future investment. Fronts on Quail Run Drive. Plenty of natural foliage, vegetation and trees if you want to hide. About 1.5 miles from the entrance gate to over 8,000 acres for biking,... [Cont'd in List Section of Notes Addendum] HIGHWAY FRONTAGE ON U.S x381x341x mobile homes have been removed from the property. Beautiful 1 acre lot ready to build. Includes private drive. Easy access to Hwy. 41, I75 and I275 as well as the Veterans Expressway. Fully functional well... [Cont'd in List Section of Notes Addendum] Rev. 01/10/2009 BrokerPriceOpinion.com, Inc Turnpike Dr, Suite 300 Westminster CO (303)

4 SUBJECT SECTION [Cont'd from page 2]...SEC TH N00DG 44' 39"E ALG E LINE OF SEC FT FOR POB NOTES ADDENDUM MARKET DATA NOTES [Cont'd from Sale 3 notes on page 3]...the acreage is buildable or uplands. This non-deed restricted neighborhood offers larger than normal lots in the heart of North New Tampa close to all the amenities of Wesley Chapel. Buy the lot and bring your own builder or work with the listing agentor your own agent to interview and select a perfect Builder for your needs. The roads are county roads and well and septic infrastructure would need to be added to the property. This listing is for Vacant Land Purchase Only. All Building is at an additional cost. Looking for an upscale community where you can bring your horses, RVs, Boats, ATVs? Look no further! Please note that Mobile or Manufactured homes are not permitted in this zoning classification. Pictures are illustrations of options not of structures on property. *** Buyer must complete their own due diligence on land feasibility and verify buildable acreage. Owner originally planned on building a 3,900 sq.ft. home & has site plan for viewing by a potential Buyer. See attachments for Pasco County Guidelines on ER Zoning and Survey. Owner is a General Contractor & will consider taking on Construction of a home on the Property. [Cont'd from Sale 2 notes on page 3]...boarders a 40 acre ski lake complete with community boat ramp.. Private docks are allowed. Estate lots range from 1.11 to 2.89 acres. Pick your own builder! 2,400+/- SF minimum living area for single story homes and 2,800+/- SF minimum living area for 2 story or more homes. Schools are Pine View Elementary/Middle and Land O Lakes High School [Cont'd from List 3 notes on page 3]...just needs power. Electric hook-up is available through Duke Energy. County water is nearby, buyer would need to run line to property and have meter installed. Great schools in area! Two recreation facilities within 5 miles and shopping and entertainment within 15 minutes. [Cont'd from List 1 notes on page 3]...hiking and horseback riding. Where there is no motorized vehicles allowed. Common almost daily to see small herds of whitetail deer, wild turkeys, gray fox, gopher tortoises, dozens of species of bird life to include hawks, owls, ducks, ibis, cranes to only name a few. Enjoy all the conveniences and amenities of Wesley Chapel. New Malls, new shopping complexes, new restaurants and eateries everywhere! The "Grove" Mall, Cypress Creek Town Center Mall (under construction), Cobb 16-Theater Complex which boasts the "Bistro" restaurant where one can dine in private, or choose to dine while watching a feature film. Nearby "Shops of Wiregrass" Mall, to name only a few. The largest Pasco County Recreation Complex only 4 miles away. Reap the benefits of Pasco County taxes, insurances and excellent public schools. Only minutes to north Tampa, and only an approximate minutes to downtown. Homes only area. NICE! Quality Notes Vacant land, search criteria expanded due to property type.

5 (S) SUBJECT S1) COMP SALE 1 - Bay Pines Dr (Calculated distance: 7.92 miles) S2) COMP SALE Hideout Trail (Calculated distance: 6.11 miles) S3) COMP SALE 3 - Bunting Circle (Calculated distance: 3.55 miles) L1) COMP LIST 1 - Quail Run Dr (Calculated distance: 6.33 miles) L2) COMP LIST Marilee Loop (Calculated distance: miles) L3) COMP LIST Deerhound Dr (Calculated distance: 0.56 miles)

6 SUBJECT FRONT VIEW Photo taken on 10/29/2015. SUBJECT SIDE VIEW SUBJECT NEIGHBORHOOD VIEW

7 SUBJECT ADDRESS VERIFICATION COMP SALE 1 FRONT VIEW COMP SALE 2 FRONT VIEW

8 COMP SALE 3 FRONT VIEW COMP LISTING 1 FRONT VIEW COMP LISTING 2 FRONT VIEW

9 COMP LISTING 3 FRONT VIEW

10

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