APPRAISAL OF DETACHED SINGLE FAMILY DWELLING LOCATED AT: 624 Third Street South Columbus, OH FOR:

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1 THE APPRAISAL GROUP, INC. Consultants In Real Estate Summary Appraisal File No. F56326 APPRAISAL OF DETACHED SINGLE FAMILY DWELLING LOCATED AT: 624 Third Street South Columbus, OH FOR: German Village Society 588 S. Third Street Columbus, OH AS OF: May 10, 2007 BY: Jeffrey J. Carroll The Appraisal Group, Inc. 692 N. High Street, Suite 206, Columbus, OH (614) / Fax (614) / ; tag@theappraisalgroup.com

2 THE APPRAISAL GROUP, INC. Consultants In Real Estate Summary Appraisal File No. F56326 May 24, 2007 Roy Bieber German Village Society 588 S. Third Street Columbus, OH File Number: F56326 Dear Mr. Bieber: In accordance with your request, I have appraised the real property at: 624 Third Street South Columbus, OH The purpose of this appraisal is to develop an opinion of the market value of the subject property, as improved. The property rights appraised are the fee simple interest in the site and improvements. In my opinion, the market value of the property as of May 10, 2007 is: $180,000 One Hundred Eighty Thousand Dollars The attached report contains the description, analysis and supportive data for the conclusions, final opinion of value, descriptive photographs, limiting conditions and appropriate certifications. Sincerely, Jeffrey J. Carroll The Appraisal Group, Inc. 692 N. High Street, Suite 206, Columbus, OH (614) / Fax (614) / ; tag@theappraisalgroup.com

3 Summary Appraisal Property Description UNIFORM RESIDENTIAL APPRAISAL REPORT File No. F56326 Property Address 624 Third Street South City Columbus State OH Zip Code Legal Description Bader Lot 3 EX 72.4 FT EE County Franklin Assessor's Parcel No. District 010, Parcel # Tax Year 2005 R.E. Taxes $ 2, Special Assessments $ NoneKnwn. Borrower Not Applicable Current Owner German Village Society Inc. Occupant: Owner X Tenant Vacant Property rights appraised X Fee Simple Leasehold Project Type PUD Condominium (HUD/VA only) HOA$ N/A /Mo. Neighborhood or Project Name MLS Area -17; Columbus Midtown South Map Reference J014 Census Tract Sale Price $ Market Value Date of Sale Not Applicable Description and $ amount of loan charges/concessions to be paid by seller Not Applicable Lender/Client German Village Society Address 588 S. Third Street, Columbus, OH Appraiser Jeffrey J. Carroll Address 692 North High Street, Suite 206, Columbus, OH Location X Urban Suburban Rural Predominant Single family housing Present land use % Land use change Built up X Over 75% 25-75% Under 25% occupancy PRICE AGE $ (000) (yrs) One family 70% X Not likely Likely Growth rate Rapid X Stable Slow X Owner 150 Low New 2-4 family 15% In process Property values Increasing X Stable Declining Tenant High 100+ Multi-family 5% To: Demand/supply Shortage X In balance Over supply X Vacant (0-5%) Predominant Commercial 5% Marketing time Under 3 mos. X 3-6 mos. Over 6 mos. Vacant (over 5%) ( SclPrk ) 5% Note: Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood boundaries and characteristics: MLS Area 17-Approximately, I-70-N; Conrail Railroad tracks and Route 104-S; Route 33 E; and the Scioto River-W, within the City of Columbus. Factors that affect the marketability of the properties in the neighborhood (proximity to employment and amenities, employment stability, appeal to market, etc.): The subject is located immediately south of downtown Columbus in the neighborhood known as German Village. This old historical neighborhood has undergone extensive renovation beginning in the 1960s. German Italian period architecture is prevalent in the neighborhood. The neighborhood appeals primarily to professional buyers without children seeking the Village's quaint European characteristics including brick homes on narrow brick streets. German Village is one of Columbus' major tourist attractions and includes a variety of restaurants and specialty shops. SEE ATTACHED ADDENDUM Market conditions in the subject neighborhood (including support for the above conclusions related to the trend of property values, demand/supply, and marketing time - - such as data on competitive properties for sale in the neighborhood, description of the prevalence of sales and financing concessions, etc.): The reasonable marketing time for the subject property is generally 30 to 120 days. This conclusion has been drawn from our research in the subject's neighborhood, interviews with the real estate agents active in the market, and the recorded days on market through the Columbus Multiple List Service, for typical homes in the subject's area and price range. Current interest rates and terms are acceptable to the market place. Interviews with real estate agents active in the area revealed that a continued good demand exists for residential housing in the subject's neighborhood. Unemployment levels in Central Ohio are below state and national averages. Project Information for PUDs (If applicable) - - Is the developer/builder in control of the Home Owners' Association (HOA)? YES NO Approximate total number of units in the subject project N/A. Approximate total number of units for sale in the subject project N/A. Describe common elements and recreational facilities: As the subject is not in a PUD, this section is not applicable. Dimensions 32A x 116A Topography Generally Level Site area 3712 Sq.Ft. Corner Lot Yes X No Size Typical For The Area Specific zoning classification and description R2F - Residential; 1-2 Family Shape Rectangular Zoning compliance X Legal Legal nonconforming (Grandfathered use) Illegal No zoning Drainage Appears Adequate Highest & best use as improved: X Present use Other use (explain) View Avg/Traffic/Commercial Utilities Public Other Off-site Improvements Type Public Private Landscaping Average Electricity X Street Asphalt X Driveway Surface None Gas X Curb/gutter Concrete X Apparent easements Typical Utilities Water X Sidewalk Brick X FEMA Special Flood Hazard Area Yes X No Sanitary sewer X Street lights Electric X FEMA Zone Zone - X Map Date 3/16/2004 Storm sewer X Alley None FEMA Map No H Comments (apparent adverse easements, encroachments, special assessments, slide areas, illegal or legal nonconforming zoning, use, etc.): No apparent adverse easements, encroachments or special assessments were noted. SEE ATTACHED ADDENDUM SUBJECT NEIGHBORHOOD PUD SITE THE APPRAISAL GROUP, INC. DESCRIPTION OF IMPROVEMENTS COMMENTS GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION No. of Units One Foundation Stone Slab Partial Area Sq.Ft. 576 Roof Cncld. No. of Stories One Exterior Walls Brick Crawl Space Partial % Finished Unfinished Ceiling Cncld. X Type (Det./Att.) Detached Roof Surface Slate Basement Partial Ceiling Expsd. Joist Walls Cncld. X Design (Style) Cottage Gutters & Dwnspts. Cpr/Galvn/Stp Sump Pump Yes Walls Paneling Floor Cncld. Existing/Proposed Existing Window Type Wood DH Dampness Minor Floor Concrete None Age (Yrs.) 100+ (Est) Storm/Screens Yes/Yes Settlement Minor Outside Entry None Unknown Effective Age (Yrs.) 40 Years Manufactured House No Infestation Past Evidence ROOMS Foyer Living Dining Kitchen Den Family Rm. Rec. Rm. Bedrooms # Baths Laundry Other Area Sq.Ft. Basement Level 1 Level Storage Finished area above grade contains: 3 Rooms; 1 Bedroom(s); 1 Bath(s); 807 Square Feet of Gross Living Area INTERIOR Materials/Condition HEATING KITCHEN EQUIP. ATTIC AMENITIES CAR STORAGE: Floors Cpt/Tile/Avg Type FA Refrigerator P None Fireplace(s) # 1 X None X Walls Plaster/DW/Avg. Fuel Gas Range/Oven P Stairs X Patio Paver Garage # of cars Trim/Finish Wood/Average ConditionAverage Disposal X Drop Stair Deck Attached Bath Floor Vinyl/Average COOLING Dishwasher X Scuttle Porch Small Cvrd X Detached Bath Wainscot Fbrgls/Tile/Avg Central Yes Fan/Hood X Floor X Fence X Built-In Doors Wood/Average Other N/A Microwave Heated Pool Carport ConditionAverage Washer/Dryer Finished X Driveway Additional features (special energy efficient items, etc.): No personal property items were considered in our estimate of the subject's Market Value. SEE ATTACHED ADDENDUM Condition of the improvements, depreciation (physical, functional, and external), repairs needed, quality of construction remodeling/additions, etc.: The subject is considered to be in overall average condition. The decor has been well maintained but offers dated appeal. Quality levels are considered to be average for the area and price range. The subject has received updating as needed over the year such as electric, HVAC, sump and basement drainage system, etc. SEE ATTACHED ADDENDUM Adverse environmental conditions (such as, but not limited to, hazardous wastes, toxic substances, etc.) present in the improvements, on the site, or in the immediate vicinity of the subject property: There are no visible evidences of any adverse environmental conditions present on the subject site, in the subject property, or in the immediate vicinity. PAGE 1 OF 2 Freddie Mac Form Fannie Mae Form Produced using ACI software,

4 Summary Appraisal Valuation Section UNIFORM RESIDENTIAL APPRAISAL REPORT File No. F56326 ESTIMATED SITE VALUE = $ Comments on Cost Approach (such as, source of cost estimate, ESTIMATED REPRODUCTION COST-NEW OF IMPROVEMENTS: site value, square foot calculation and for HUD, VA and FmHA, the Dwelling 807 Sq. $ = $ 0 estimated remaining economic life of the property): Bsmt. 576 Sq. $ = 0 The subject property has no apparent major functional or F/P,Porch,Fence = external obsolescence. Physical depreciation was calculated Garage/Carport 0 Sq. $ = 0 by the Age/Life method. Although the Cost Approach was Total Estimated Cost New = $ 0 considered, it was not developed as part of this assignment. Less 80 Physical Functional External Est. Remaining Econ. Life: 40 The subject's established age severely weakens the reliability Depreciation $0 = $ 0 of this valuation approach due to the necessity to estimate Depreciated Value of Improvements = $ 0 accrued depreciation. This approach might tend to indicate "As-is" Value of Site Improvements = $ an unrealistic value and thus not processing does not INDICATED VALUE BY COST APPROACH = $ Not Developed constitute a departure. ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO Third Street South 792 S. Third Street 329 Berger Alley 641 City Park Avenue Address German Village German Village German Village German Village Proximity to Subject 0.23 miles S 0.34 miles ENE 0.06 miles WSW Sales Price $ Market Value $ 165,000 $ 199,000 $ 170,000 Price/Gross Liv. Area $ 0.00 $ $ $ Data and/or Walk Through MLS/Realist/Auditor-Internet MLS/Realist/Auditor-Internet MLS/Realist/Auditor-Internet Verification Sources List Agent List Agent List Agent VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION + (-) $ Adjustment DESCRIPTION + (-) $ Adjustment DESCRIPTION + (-) $ Adjustment COST APPROACH SALES COMPARISON ANALYSIS RECONCILIATION Sales or Financing Concessions Date of Sale/Time Location Leasehold/Fee Simple Site View Design and Appeal Quality of Construction Age Condition Not Applicable Appraised Date Urban/V.Good Fee Simple 32A x 116A Good/Urban 1 Story/Average Average/Brick 1900+/- Average Conventional THE APPRAISAL GROUP, INC. Conventional 01/10/2007 Urban/V.Good Fee Simple 31A x 94A Good/Urban 1.5 Story/Avg Avg/Brick/Frame 1900+/- Average 10/10/2006 Urban/V.Good Fee Simple +5,000 24A x 71A Average/On Alley 1.5 Story/Avg +5,000 Average/Frame 1900+/- Good/Updated Conventional 03/27/2007 Urban/V.Good Fee Simple +7,500 31A x 92A +10,000 VGood/Urban 1.5 Story/Avg +10,000 Average/Brick 1900+/- -25,000 Average Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Room Count , Gross Living Area 807 Sq.Ft. 1,114 Sq.Ft. -10, Sq.Ft. 965 Sq.Ft. -5,500 Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch, Patio, Deck, Fireplace(s), etc. Fence, Pool, etc. Basement Unfinished Finished Attic Gas FA C/Air Typical OnStreetParking Porch/Patio 1 Fireplace Fence Basement Unfinished None/ In GLA Gas FA C/Air Typical OnStreetParking Porch/Patio 1 Fireplace Fence +7,500 Basement Unfinished None/ In GLA Gas FA C/Air Typical OffStreetParking Deck 1 Fireplace Fence +7,500-15,000 Equal Basement Unfinished None/ In GLA Gas FA C/Air Typical OnStreetParking Small Porch 1 Fireplace Fence +7, ,000 Kitchen/Equip. Average Kitchen Average Kitchen Good Kitchen -10,000 Average Kitchen Net Adj. (total) + X - $ X - $ 15,000 X + - $ 7,000 Adjusted Sales Price Gross: 21.5% Gross: 42.7% Gross: 22.4% of Comparable Net: -0.3% $ 164,500 Net: -7.5% $ 184,000 Net: 4.1% $ 177,000 Comments on Sales Comparison (including the subject property's compatibility to the neighborhood, etc. ): All comparable sales used in our market analysis were verified through either the Court House on the auditor's web site, Realist or other similar third party data service, the Multiple Listing Service and/or the participating Realtor. All sales were the most recent comparable sales available in the subject's area and are considered the best indications of value in the subject/market area as of the date of appraisal. All comparable sales are felt to represent accurate purchase alternatives for the subject property. SEE ATTACHED ADDENDUM ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 Date, Price and Data Source for prior sales within year of appraisal See Comments No Prior Transfer in 1 Year. Per Auditor as of 05/21/2007 No Prior Transfer in 1 Year. Per Auditor as of 05/21/2007 No Prior Transfer in 1 Year. Per Auditor as of 05/21/2007 Analysis of any current agreement of sale, option, or listing of the subject property and analysis of any prior sales of subject and comparables within one year of the date of appraisal: The subject property is not currently listed, has not been listed on the market, or transferred ownership within the past three years. +5,000-10,000 INDICATED VALUE BY SALES COMPARISON APPROACH $ 180,000 INDICATED VALUE BY INCOME APPROACH (If Applicable) Estimated Market Rent $ N/A /Mo. x Gross Rent Multiplier N/A = $ N/A This appraisal is made X "as is" subject to the repairs, alterations, inspections or conditions listed below subject to completion per plans and specifications. Conditions of Appraisal: There are no unusual conditions of the appraisal. SEE ATTACHED ADDENDUM Final Reconciliation: Primary emphasis has been placed on the Sales Comparison Approach as it is considered to most accurately reflect the direct actions of buyers and sellers in the market place. The Cost Approach, although considered, was not developed. SEE ATTACHED ADDENDUM The purpose of this appraisal is to estimate the market value of the real property that is the subject of this report, based on the above conditions and the certification, contingent and limiting conditions, and market value definition that are stated in the attached Freddie Mac Form 439/Fannie Mae Form 1004B (Revised June 1993 ). I (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF 05/10/2007 (WHICH IS THE DATE OF INSPECTION AND THE EFFECTIVE DATE OF THIS REPORT) TO BE $ 180,000. APPRAISER: SUPERVISORY APPRAISER (ONLY IF REQUIRED): Signature Signature Did Did Not Name Jeffrey J. Carroll Name Inspect Property Date Report Signed 05/24/2007 Date Report Signed State Certification # State State Certification # State Or State License # State OH Or State License # State PAGE 2 OF 2 Freddie Mac Form Fannie Mae Form Produced using ACI software, The Appraisal Group, Inc.

5 Supplemental Valuation Section ITEM SUBJECT 624 Third Street South Address German Village Proximity to Subject Sales Price $ Price/Gross Liv. Area $ SALES COMPARISON ANALYSIS Data and/or Verification Sources VALUE ADJUSTMENTS Sales or Financing Concessions Date of Sale/Time Location Leasehold/Fee Simple Site View Design and Appeal Quality of Construction Age Condition Market Value 0.00 Walk Through DESCRIPTION Not Applicable Appraised Date Urban/V.Good Fee Simple 32A x 116A Good/Urban 1 Story/Average Average/Brick 1900+/- Average Above Grade Total Bdrms Baths Room Count Gross Living Area 807 Sq.Ft. Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch, Patio, Deck, Fireplace(s), etc. Fence, Pool, etc. Basement Unfinished Finished Attic Gas FA C/Air Typical OnStreetParking Porch/Patio 1 Fireplace Fence Kitchen/Equip. Average Kitchen THE APPRAISAL GROUP, INC. UNIFORM RESIDENTIAL APPRAISAL REPORT Summary Appraisal File No. F56326 COMPARABLE NO. 4 COMPARABLE NO. 5 COMPARABLE NO Mohawk Street 931 Purdy Alley German Village German Village 0.19 miles NE 0.46 miles SSE $ 200,000 $ 169,000 $ $ $ $ MLS/Realist/Auditor-Internet MLS/Realist/Auditor-Internet DESCRIPTION Cash 11/03/2006 Urban/V.Good Fee Simple 34A x 64A Good/Urban 2.0 Story/Avg Average/Brick 1890 Average Total Bdrms Baths Sq.Ft. Basement Unfinished None/ In GLA Gas FA C/Air Typical OffStreetParking Porch/Patio 3 Fireplaces Fence Average Kitchen + (-) $ Adjustment DESCRIPTION Conventional 04/18/2007 Urban/V.Good Fee Simple +10,000 31A x 60A Good/Urban 1 Story/Average Average/Frame 1900+/- Average Total Bdrms Baths Net Adj. (total) + X - $ 20,500 X + - $ Adjusted Sales Price Gross: 27.8% Gross: 26.0% of Comparable Net: -10.3% $ 179,500 Net: 8.3% $ Comments on Sales Comparison (including the subject property's compatibility to the neighborhood, etc. ): + (-) $ Adjustment +10, ,000 DESCRIPTION Total Bdrms Baths -7, , Sq.Ft. +4,000 Sq.Ft. Basement Unfinished +7,500 Finished Loft Equal Gas FA C/Air Typical -15,000 OffStreetParking -15,000 Patio/Courtyard Equal -10,000 None +5,000 Fence Average Kitchen 14,000 X + - $ Gross: 0.0% 183,000 Net: 0.0% $ SEE ATTACHED ADDENDUM + (-) $ Adjustment 0 0 ITEM SUBJECT COMPARABLE NO. 4 COMPARABLE NO. 5 COMPARABLE NO. 6 Date, Price and Data Source for prior sales within year of appraisal See Comments No Prior Transfer in 1 Year. Per Auditor as of 05/21/2007 No Prior Transfer in 1 Year. Per Auditor as of 05/21/2007 Analysis of any current agreement of sale, option, or listing of the subject property and analysis of any prior sales of subject and comparables within one year of the date of appraisal: SEE ATTACHED ADDENDUM The photographs used in this appraisal are digital photos utilizing imaging technology. The appraiser personally inspected and photographed the subject and all comparables utilized in this appraisal, however, some of the comparables may have been downloaded from an online provider, which better depicts the comparable at the time of sale. The photographs used in this appraisal are a true and correct representation of the subject property and the comparable sales utilized in this report. Although the photographs may have been enhanced during the finishing process, no alterations were made to the images which would misrepresent the appearance of the subject property or comparable sales. ADDITIONAL COMMENTS Produced using ACI software,

6 ADDENDUM Purpose And Intended Use Of The Appraisal The purpose of this appraisal is to set forth our opinion relative to the market value of the fee simple estate, of the subject property as a whole, in its present condition, in terms of financial arrangements equivalent to cash, as of the inspection date of the subject. The intended use of this appraisal is to assist the client in making a real estate sale decision. This report is a complete appraisal finished to a level of detail, classifying it as a Summary Appraisal Report as defined by the Uniform Standards of Professional Appraisal Practice. Scope (Extent) Of Report The appraisal is based on the information gathered by the appraiser from public records, other identified sources, inspection of the subject property and neighborhood, and selection of comparable sales, listings, and/or rentals within the subject market area. The original source of the comparables is shown in the Data Source section of the sales comparison grid along with the source of confirmation if available. The original source is identified first. The sources and data are considered reliable. When conflicting information was provided, the source deemed most reliable has been used. Data believed to be unreliable was not included in the report nor used as a basis for the value conclusion. The appraisal report does not guarantee that the property is free of defects as the appraiser is not a home inspector. No warranty or guarantees to the non-existence of harmful mold in the subject are made by this appraisal. If the user of this appraisal requires mold discovery in the subject, they should seek the services of a professional in this field of expertise. This appraisal report is prepared for the sole and exclusive use of the client stated above and within the appraisal report. It is not to be relied upon by subsequent third parties or users of the report without the express written consent of the appraiser. The extent of analysis applied to this assignment may be further imparted within the report, the Appraiser's Certification and/or any other Statement of Limiting Conditions and Appraiser's Certification attached when applicable. The appraisal report should not be considered as complete without all addendum pages and exhibits. Neighborhood Market Factors Schiller Park is another neighborhood attraction providing recreational and cultural activities. The area has benefitted from downtown redevelopment including numerous new and redeveloped condominium projects, and residential/commercial development of the adjacent Brewery District. The subject is in the Columbus school district which has an average reputation. Employment opportunities and shopping conveniences are easily accessible. Access to the area freeway system is within 1/2 mile. A special commission has been designated to ensure the historical character of the German Village. Building sites for new construction in the neighborhood are available only occasionally from the razing of older buildings as generally speaking this option is not available. Site Comments Based on the auditor's plat map, it appears that the subject's improvements could be over the property line. It should be noted that the auditor's plat maps are only a guide and lack the precision of a professional survey. Historically, minor encroachments are not uncommon in the central, established neighborhoods, and have not adversely impacted the marketability of properties. Should further clarification be desired, a professional survey should be obtained. The subject is situated on South Third Street which experiences moderate traffic and has several commercial use buildings. These types of influences are common and expected of an urban neighborhood and not considered to be a form of external obsolescence. The market for this type of property expects a variety of property usages in close proximity. The subject lacks off street parking, which is not atypical for homes in German Village. Additional Features The subject is a one story dwelling featuring one bedroom, living area, bath and kitchen. A walk up attic, accessible from the main living area, exits. This space offers a relatively low ceiling and is not heated. Addendum Page 1 of 4

7 ADDENDUM Additional Features-continued This space has not been considered in the gross living area due to its lesser utility, lack of central heating/cooling, and overall inferior finish. This space has instead been considered in the functional utility category. Similarly styled "cottage" style dwelling with superior finish, utility, etc. on the second floor have this space included in the gross living area. The one bedroom layout is not uncommon in German Village, and the subject's marketability will not be adversely impacted by the one bedroom layout. Condition of Improvements Settlement was noted in the form of unevenness in the flooring, mortar cracking in the exposed brick, and some bowing to the exterior walls, etc. This is not uncommon for dwellings of this age and in this area. The basement walls were covered and could not be viewed. An inspection report, provided by the current owner, outlines deficiencies and suggested repairs that don't appear out of the ordinary as compared to other reports that we have seen from dwellings of this age. We have been advised that this report will be available for viewing, and we would recommend reviewing the report. This appraisal has been completed under the assumption that the structure is sound and that all major systems are adequate and in average working order. We would urge the client and/or users of this report to consult the appropriate professional should further clarification be desired. Comments on Sales Comparison All sales have been drawn from the subject's German Village market. Values have historically been increasing in German Village, but have stabilized recently due to the overall slowing of the real estate market, and due to increased competition from newly constructed and/or converted condominium units in the ring neighborhoods and central business district. No time adjustments are therefore indicated. Least emphasis was placed on comparable sale #1 because it was corporate owned (relocation company) which was motivated to sell the property. This property also offered dated appeal and was included for this reason, as well as location on the subject street, and recent transfer date. This was indicated as a two bedroom in the MLS, but the agent said that it functions more as a one bedroom with den. Comparable sale #2 was included for its one bedroom layout and similar gross living area. This dwelling offered superior updates which was considered in the condition and kitchen categories. This dwelling is situated on an alley, which is typically less desirable to the market, and considered in the view category. Conversely, comparable sale #3 is location on City Park Avenue, which is popular with the market for its generally high value range stock, brick, tree lined street, character, etc., which has been considered with a downward adjustment in the view category. Comparable sale #4 was included for its dated appeal. Comparable sale #5 essentially functions as a one story dwelling with a finished loft accessible via a ladder. The loft is felt of similar appeal to the subject's finished upper level space, and no functional adjustments are indicated. Differences in Site and View were taken from the market. Differences in total room count were taken into consideration in the Gross Living Area. Greater than desired Gross, Net and Single Line Item Adjustments were necessary and unadvoidable due to the subject's physical characteristics. Correlation Of The Sales Comparison Analysis The subject's indicated value was derived from a weighted average of the five comparables used in this report as well as other sales data available to the appraiser. The subject's marketability will benefit from several distinctive factors including the subject's German Village location, curb appeal, and the current favorable purchase climate due to the low interest rates. Our analysis of the subject was limited due to the restricted number of comparable sales in similar condition, and offering similar amenities as the subject. We have been asked to provide a singular estimated value for the subject but in actuality the subject would sell at a price within a range of value. The value and/or future sales price can be largely dependant on buyer and seller motivation, and/or acceptance of the subject's amenities. Addendum Page 2 of 4

8 ADDENDUM Correlation Of The Sales Comparison Analysis-continued Interest rates remain low and acceptable to the market, but they have been increasing over the past several months. Seasonality fluctuations affect German Village less than other areas of Columbus due to the demographics of the area, which tends to be less influenced by the traditional school year. Conditions of Appraisal The current owner has indicated that a deed restriction may be placed on the subject which would limit the scope of any future renovations. Since this deed restriction is not in place, we have not considered the potential impact, if any, on value. Depending on the restrictions, portions of the market could be dissuaded from purchase. Final Reconciliation The Income Approach, although considered, was not developed due to insufficient rental data. Single family residential housing in the area is predominantly owner-occupied and is not being utilized for its income producing ability. Addendum Page 3 of 4

9 ADDENDUM Assumptions And Limiting Conditions Continued The Appraisal Group makes this appraisal report expressly with the following general limitations: 1. This appraisal is an estimate of value and should not be construed as a home inspection or a warranty to the condition of the home. It is the responsibility of the buyers or any other interested party of the subject property to ascertain that the home is in acceptable condition. 2. The appraisal assumes that there are no hidden or unapparent conditions of the subject property, subsoil, or structures that render it more or less valuable. This includes but is not limited to private sewage and water systems, electrical system, furnaces, air conditioners, plumbing, attic spaces, foundation, basement/crawl spaces, framing and roof. The appraiser assumes no responsibility for such conditions or for obtaining the engineering studies that may be required to discover them which is beyond the scope of this appraisal assignment. It is the responsibility of the purchaser of the subject to obtain inspections from qualified individuals to provide certifications stating the safety, structural soundness and status of operating condition of these systems. 3. This appraisal should not be utilized as the sole basis for purchasers or sellers determination of value or purchase price. The appraisal is representative of an opinion of value supported with other similar properties which have transferred in the general marketing area of the subject. It is the individual responsibility of the buyer or seller of the subject property to independently determine an agreed upon purchase price. 4. The appraiser assumes the property is in full compliance with all applicable federal, state and local environmental regulations and laws unless the lack of compliance is stated, described, and considered in the appraisal report. 5. The appraiser believes that information furnished by others is reliable, but the appraiser gives no warranty for its accuracy. All estimates of effective age and remaining life of the subject's building components stated within the appraisal is for analysis purposes only. The buyer and or seller are encouraged to obtain a survey from a qualified inspector for certification of actual remaining physical life expectancy of any or all structural components. 6. The appraiser assumes if structural supports have been added to the subject's basement foundation wall or floor that they were installed in a professional, competent manner to correct any or all structural deficiencies. Should future engineering studies reveal this not to be the case, we reserve the right to revise or invalidate the original estimated value of the subject property. 7. The appraiser assumes no responsibility for the legal description provided or for matters pertaining to legal or title considerations. The appraiser assumes that title to the property is good and marketable unless otherwise stated. 8. If the subject was constructed prior to 1980 when lead paint was a common building material, it is assumed to exist in the subject property. The value estimate of the subject is based on the assumption that there is no lead dust particles or flaking/peeling lead paint on the property. The only way to be certain that the subject is free and clear of surface or subsurface lead paint is to have it inspected by a qualified inspector. 9. The appraiser assumes that all engineering studies are correct. The plot/floor plan and illustrative material in this report are included only to help the reader visualize the property. 10. Possession of an original copy of this report does not carry with it the right of publication or reproduction, nor may an original or a copy of the report be used for any purpose whatsoever by anyone except the client without the previous written consent of the appraiser and client. Out-of-context quoting from and partial reprinting of this report are expressly prohibited. The omission or change of any part of this appraisal report without the appraiser's written authorization invalidates the entire appraisal. Please note that the report is copyrighted. 11. There is no apparent visible or documented evidence known to the appraiser of any leaking underground storage tanks on the subject property. The value estimate in this appraisal is based on the assumption that if there are any functioning underground storage tanks that they are not leaking and are properly registered and that abandoned underground storage tanks are free from contamination and were properly drained, filled and sealed. 12. The appraisal assumes that the use of the land and improvements is confined within the boundaries of the property described and there is no encroachment or trespass unless noted in the report. 13. The Americans with Disabilities Act (ADA) became effective January 26, The appraiser has not made a specific compliance survey and analysis of this property to determine whether it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property together with a detailed analysis of the requirements of the ADA could reveal that the property is not in compliance with one or more of the requirements of the ADA. If so, this fact could have a negative effect on the value of the property. Since the appraiser has no direct evidence relating to this issue, the appraiser did not consider possible noncompliance with the requirements of the ADA in estimating value of the property. 14. The appraiser will appear or give testimony in court in connection with this appraisal on request if the appraiser receives adequate advance notice in order to make required preparations and scheduling arrangements. The appraiser will specify and make charges in connection with pretrial hearings, conferences, and other court testimony in accordance with The Appraisal Group's usual practice. 15. Acceptance and/or use of this appraisal report by the client or any third party constitutes acceptance of the stated Assumptions and Limiting Conditions. This appraiser's liability extends only to the stated client within the appraisal report, not to subsequent parties or users of the report. Addendum Page 4 of 4

10 File No. Summary Appraisal F56326 DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the Appraiser's judgment. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: following conditions: The appraiser's certification that appears in the appraisal report is subject to the 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership. 2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. 5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at their contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. 6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc. ) observed during the inspection of the subject property or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc. ) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. 7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. 8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice. 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner. 10. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report (including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated ) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage insurer; consultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality of the United States or any state or the District of Columbia; except that the lender/client may distribute the property description section of the report only to data collection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media. Freddie Mac Form Page 1 of 2 Fannie Mae Form 1004B 6-93

11 File No. Summary Appraisal F56326 APPRAISERS CERTIFICATION: The Appraiser certifies and agrees that: 1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation. If a significant item in a comparable property is superior to, or more favorable than, the subject property, I have made a negative adjustment to reduce the adjusted sales price of the comparable and, if a significant item in a comparable property is inferior to, or less favorable than the subject property, I have made a positive adjustment to increase the adjusted sales price of the comparable. 2. I have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. I have not knowingly withheld any significant information from the appraisal report and I believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct. 3. I stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions specified in this form. 4. I have no present or prospective interest in the property that is the subject to this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property. 5. I have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 6. I was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. I did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan. 7. I performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of those Standards, which does not apply. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value and the estimate I developed is consistent with the marketing time noted in the neighborhood section of this report, unless I have otherwise stated in the reconciliation section. 8. I have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report. I further certify that I have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the subject property of which I am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that I had market evidence to support them. I have also commented about the effect of the adverse conditions on the marketability of the subject property. 9. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. If I relied on significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, I have named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in the report; therefore, if an unauthorized change is made to the appraisal report, I will take no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that: I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. ADDRESS OF PROPERTY APPRAISED: 624 Third Street South, Columbus, OH APPRAISER: SUPERVISORY APPRAISER (only if required) Signature: Signature: Name: Jeffrey J. Carroll Name: Date Signed: 05/24/2007 Date Signed: State Certification #: State Certification #: or State License #: or State License #: State: Expiration Date of Certification or License: 06/24/2007 Expiration Date of Certification or License: Did Did Not Inspect Property The Appraisal Group, Inc. Freddie Mac Form Page 2 of 2 Fannie Mae Form 1004B 6-93

12 SUBJECT PROPERTY PHOTO ADDENDUM FRONT VIEW OF SUBJECT PROPERTY Appraised Date: May 10, 2007 REAR VIEW OF SUBJECT PROPERTY STREET SCENE

13 THE APPRAISAL GROUP, INC.

14 THE APPRAISAL GROUP, INC.

15 THE APPRAISAL GROUP, INC.

16 THE APPRAISAL GROUP, INC.

17 THE APPRAISAL GROUP, INC.

18 THE APPRAISAL GROUP, INC.

19 FLOORPLAN 14.0' Kitchen 16.5' 4.0' 48.5' Living Room Bath 32.0' Bedroom 18.0' Sketch by Apex IV Windows AREA CALCULATIONS SUMMARY Code Description Size Totals GLA1 First Floor First Floor LIVING AREA BREAKDOWN Breakdown Subtotals 14.0 x x TOTAL LIVABLE (rounded) Areas Total (rounded) N. High Street, Suite 206, Columbus, OH (614) / Fax (614) / ; tag@theappraisalgroup.com

20 PLAT MAP 692 N. High Street, Suite 206, Columbus, OH (614) / Fax (614) / ; tag@theappraisalgroup.com

21 COMPARABLE PROPERTY PHOTO ADDENDUM COMPARABLE SALE #1 792 S. Third Street German Village Sale Date: 01/10/2007 Sale Price: $ 165,000 COMPARABLE SALE #2 329 Berger Alley German Village Sale Date: 10/10/2006 Sale Price: $ 199,000 COMPARABLE SALE #3 641 City Park Avenue German Village Sale Date: 03/27/2007 Sale Price: $ 170,000

22 COMPARABLE PROPERTY PHOTO ADDENDUM COMPARABLE SALE #4 529 Mohawk Street German Village Sale Date: 11/03/2006 Sale Price: $ 200,000 COMPARABLE SALE #5 931 Purdy Alley German Village Sale Date: 04/18/2007 Sale Price: $ 169,000

23 LOCATION MAP 692 N. High Street, Suite 206, Columbus, OH (614) / Fax (614) / ; tag@theappraisalgroup.com

24 THE APPRAISAL GROUP, INC. 692 N. High Street, Suite 206, Columbus, OH (614) / Fax (614) / ; tag@theappraisalgroup.com

25 THE APPRAISAL GROUP, INC. 692 N. High Street, Suite 206, Columbus, OH (614) / Fax (614) / ; tag@theappraisalgroup.com

26 THE APPRAISAL GROUP, INC. Consultants In Real Estate Summary Appraisal File No. F56326 ********* INVOICE ********* File Number: F /24/2007 Roy Bieber German Village Society 588 S. Third Street Columbus, OH Borrower : Reference/Case # : Not Applicable Summary Appraisal 624 Third Street South Columbus, OH Fee $ Invoice Total $ Deposit ( $ ) Deposit ( $ ) Amount Due $ Terms: Net Due 30 Days Please Make Check Payable To: THE APPRAISAL GROUP, INC. 692 N. High Street, Suite 206 Columbus, OH Fed. I.D. #: Thank You For This Assignment! 692 N. High Street, Suite 206, Columbus, OH (614) / Fax (614) / ; tag@theappraisalgroup.com