APPRAISAL OF REAL PROPERTY

APPRAISAL OF REAL PROPERTY LOCATED AT, WI 591 1ST ADDITION TO GLENWOOD PARK LOT 37 FOR OPINION OF VALUE 202,000 AS OF 11/29/2018 BY Lynn Brown Badger Appraisals, LLC PO Box 2222, WI 5912 (920) 87-9000 jana@badgerappraisals.com Form GA2V - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Badger Appraisals, LLC PO Box 2222, WI 5912 (920) 87-9000 12/03/2018 Re: Property: Borrower: File No.:, WI 591 20182172 Opinion of Value: 202,000 Effective Date: 11/29/2018 In accordance with your request, we have appraised the above referenced property. The report of that appraisal is attached. The purpose of the appraisal is to develop an opinion of market value for the property described in this appraisal report, as improved, in unencumbered fee simple title of ownership. This report is based on a physical analysis of the site and improvements, a locational analysis of the neighborhood and city, and an economic analysis of the market for properties such as the subject. The appraisal was developed and the report was prepared in accordance with the Uniform Standards of Professional Appraisal Practice. The opinion of value reported above is as of the stated effective date and is contingent upon the certification and limiting conditions attached. It has been a pleasure to assist you. Please do not hesitate to contact me or any of my staff if we can be of additional service to you. Sincerely, Lynn Brown Certified Appraiser License or Certification #: 177-9 State: WI Expires: 12/1/2019 jana@badgerappraisals.com

VALUE APPRAISER DESCRIPTION OF IMPROVEMENTS PARTIES PRICE & DATE SUBJECT INFORMATION SUMMARY OF SALIENT FEATURES Subject Address Legal Description 1ST ADDITION TO GLENWOOD PARK LOT 37 County Outagamie State WI Zip Code 591 Census Tract 0111.02 Map Reference Microsoft Bing Contract Price Date of Contract Size (Square Feet) 1,90 Price per Square Foot 2 Condition /Fair 10 Bedrooms Baths Appraiser Lynn Brown Effective Date of Appraisal 11/29/2018 Opinion of Value 202,000 Form SSF - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Lynn M. Brown MARKET AREA DESCRIPTION ASSIGNMENT SUBJECT RESIDENTIAL APPRAISAL REPORT File No.: 20182172 : State: WI Zip Code: 591 Legal Description: 1ST ADDITION TO GLENWOOD PARK LOT 37 Assessor's Parcel #: 102-310-00 Tax Year: 2017 R.E. Taxes:,09 Special Assessments: 98 Borrower (if applicable): Manufactured Housing Current Owner of Record: Occupant: Owner Tenant Vacant Outagamie County Project Type: PUD Condominium Cooperative Other (describe) Duplex HOA: 0 per year per month Market Area Name: Map Reference: Microsoft Bing Census Tract: 0111.02 Town of Grand Chute The purpose of this appraisal is to develop an opinion of: Market Value (as defined), or other type of value (describe) This report reflects the following value (if not Current, see comments): Current (the Inspection Date is the Effective Date) Retrospective Prospective Approaches developed for this appraisal: Sales Comparison Approach Cost Approach Income Approach (See Reconciliation Comments and Scope of Work) Property Rights Appraised: Fee Simple Leasehold Leased Fee Other (describe) Intended Use: To determine fair market value for the subject property. Property Address: County: Outagamie Intended User(s) (by name or type): Client: Outagamie County Appraiser: Lynn Brown : Urban Built up: Over 75% Growth rate: Rapid Property values: Increasing Demand/supply: Shortage Marketing time: Under 3 Mos. Outagamie County Address: 320 S Walnut St,, WI 5911 Address: PO Box 2222,, WI 5912 Suburban 25-75% Stable Stable In Balance 3- Mos. Rural Under 25% Slow Declining Over Supply Over Mos. Predominant Occupancy Owner 55 Tenant 0 Vacant (0-5%) Vacant (>5%) Present Land Use Change in Land Use Not Likely 20 % Likely * In Process * 50 % 15 % * To: 10 % Other 5% One-Unit 2- Unit Multi-Unit Comm'l The market boundaries are: North - W Northland Ave; East - N Mason St; South - W Wisconsin Ave; West - N Bluemound Dr. The neighborhood consists of mainly duplexes. Shopping, banking, schools, health care, employment, and recreational facilities are near the subject. "Other" land use refers to parks, schools, and vacant land. The past year there were sales and currently 0 active listings with a search criteria of: duplex property, split level style, built between 1975-2005, and 100-2200 GLA. The average days on the market is: 38 from list date to sale date. The average list to sale ratio is 9%. Are CC&Rs applicable? Yes Highest & Best Use as improved: SITE DESCRIPTION AGE (yrs) 202 Low 20 228 High 2 217 Pred 31 Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): Dimensions: 97 x 123 x 100 x 130 Zoning Classification: RTF DESCRIPTION OF THE IMPROVEMENTS One-Unit Housing PRICE (000) No Unknown Present use, or Area: 12,589 sf Description: Single and Two Family Legal nonconforming (grandfathered) Illegal Yes No Ground Rent (if applicable) Zoning Compliance: Legal No zoning / Have the documents been reviewed? Other use (explain) The subject is the highest and best use: physically possible, legally permissible, financially feasible, maximally productive. Actual Use as of Effective Date: Use as appraised in this report: 11/29/2018 Summary of Highest & Best Use: The subject is currently utilized at its highest and best use. Type Public Private Public Other Provider/Description Off-site Improvements Electricity Street 2-100 Amp Asphalt Gas Curb/Gutter Yes Natural Gas Water Sidewalk Municipal Sanitary Sewer Street Lights Yes Municipal Storm Sewer Alley Municipal Other site elements: Inside Lot Corner Lot Cul de Sac Underground Utilities Other (describe) FEMA Spec'l Flood Hazard Area Yes No FEMA Flood Zone X FEMA Map # 55087C0312E Comments: The subject is located on a site that is typical of the neighborhood. Utilities General Description # of Units Acc.Unit 2 # of Stories 1 Type Det. Att. Design (Style) Split Existing Proposed Und.Cons. Actual (Yrs.) 2 Effective (Yrs.) 17 Interior Description Floors Tile/Cpt/Fair Walls Plaster/Paint/Avg Trim/Finish Wood/Stained/Avg Bath Floor Tile/Avg Bath Wainscot Modular/Avg Doors Hollow Core Finished area above grade contains: Additional features: Exterior Description Foundation Exterior Walls Roof Surface Gutters & Dwnspts. Window Type Storm/Screens Appliances Refrigerator Range/Oven Disposal Dishwasher Fan/Hood Microwave Washer/Dryer 10 Rooms Duplex Topography Size Shape Drainage Level 12,589 sf Slightly Irregular Proper FEMA Map Date 1/20/201 Foundation Basement Heating FWA Area Sq. Ft. 1,90 Type Poured/ Slab N/A FWA Crawl Space % Finished Fuel Brick/Vinyl/Avg N/A 5 Natural Gas Ceiling Asphalt Shingle/Avg Basement Full Plaster Cooling Central Air Sump Pump Walls Aluminum/Avg Yes - 2 Various Floor Central Yes Casement/Avg Dampness N/A Various Outside Entry Other Alum Comb/Avg Settlement N/A Infestation N/A Attic Car Storage Amenities Stairs Fireplace(s) # 2 Woodstove(s) # 0 Garage # of cars ( Tot.) Drop Stair Patio Attach. 2 - each side Scuttle Deck Detach. Yes-2 Doorway Porch Blt.-In Floor Fence Part/Chain Carport Heated Pool Driveway x Finished Surface Concrete Bedrooms Bath(s) 1,90 Square Feet of Gross Living Area Above Grade Describe the condition of the property (including physical, functional and external obsolescence): The subject is in average/fair condition. 209 side is in average condition and could use some minor repairs. 211 side is in fair condition. There is only flooring in the kitchen and bathrooms. The living room and bedrooms need flooring. The kitchen is in need of repairs per photo, cabinet doors, counter top, etc., are missing. Copyright 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. Form GPRES2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 3/2007

SALES COMPARISON APPROACH TRANSFER HISTORY RESIDENTIAL APPRAISAL REPORT File No.: 20182172 My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal. Data Source(s): RANW/MLS/Assessor Data 1st Prior Subject Sale/Transfer Analysis of sale/transfer history and/or any current agreement of sale/listing: The subject is owned by Outagamie Date: County and is in foreclosure. Price: Source(s): 2nd Prior Subject Sale/Transfer Date: Price: Source(s): The Sales Comparison Approach was not developed for this appraisal. SALES COMPARISON APPROACH TO VALUE (if developed) FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address 2119 N Cloudview Dr 1722 N Whitney Dr 10 N Whitney Dr, WI 591 Proximity to Subject Sale Price Sale Price/GLA /sq.ft. Data Source(s) Inspection Verification Source(s) Tax/Assessor VALUE ADJUSTMENTS DESCRIPTION Sales or Financing Concessions Date of Sale/Time Rights Appraised Fee Simple 12589 sf Design (Style) Split of Construction 2 Condition /Fair Above Grade Total Bdrms Baths Room Count 10 Gross Living Area 1,90 sq.ft. Basement & Finished FullBsmt/118 Fin Rooms Below Grade 2 Bed/Full Bath Functional Utility Heating/Cooling FWA/CAC Energy Efficient Items 2 Fireplaces Garage/Carport 2 Car Att - Each Porch/Patio/Deck Deck(2), WI 591 0.19 miles SW 227,500 122.05 /sq.ft. RANW/MLS#50179908 RANW/MLS/Assessor Data DESCRIPTION +(-) Adjust. Cash 0 0/13/2018 Fee Simple 1232 sf Split 25-10,000, WI 591 0.73 miles SE 202,000 11.25 /sq.ft. RANW/MLS#50191809 RANW/MLS/Assessor Data DESCRIPTION +(-) Adjust. Conventional 0 10/2/2018 Fee Simple 1232 sf Split 3-10,000, WI 591 0.79 miles SE 210,000 118.78 /sq.ft. RANW/MLS#50183930 RANW/MLS/Assessor Data DESCRIPTION +(-) Adjust. Conventional 0 07/11/2018 Fee Simple 18295 sf Split 33-10,000 Total Bdrms Total Bdrms Total Bdrms 11 Baths 1,8 sq.ft. FullBsmt/120 Fin 2 Bed/F Bath/RR FWA/CAC 2 Fireplaces 2 Car Att - Each Deck(2) Net Adjustment (Total) Adjusted Sale Price of Comparables Summary of Sales Comparison Approach + - 11 Baths 0 1,78 sq.ft. FullBsmt/158 Fin -5,200 2 Bed/F Bath/RR FWA/CAC Fireplace 2 Car Att - Each -15,200 + - 11 Baths 1,78 sq.ft. FullBsmt/150 Fin -5,200 2 Bed/F Bath/RR FWA/CAC +1,500 2 Fireplaces 2 Car Att - Each +2,000 +,800 -,900 + - +,800-5,200 +2,000-8,00 212,300 195,100 201,00 The appraiser researched further back in time to locate similar duplex property and found no competing property in similar condition to the subject. This appraisal is based on market reaction using paired data analysis. The subject is in foreclosure and in need of some repairs. The appraiser took a different approach and found similar duplexes in better condition, in the subject neighborhood, and of similar style to the subject. This will help to determine what the subject would sell for if it was brought to average condition. There are a lot of things that are unknown to the appraiser that were mentioned by the occupant at the time of inspection. The list includes: 1) The roof was snow covered at the time of inspection. The occupant explained that the roof was in need of replacement and it is the original roof (2 years old). 2) There is a black substance in both units on the walls in various places. Also, there is a smell in the vacant side. The appraiser is not an inspector. It may be a possibility that this substance could be mold. 3) The occupant also mentioned that the fireplace in her unit is not in working order. I am not sure if the fireplace is working in the vacant unit as the utilities were not on and working. ) The occupant also indicated that the plumbing fixtures in the main floor bathroom were in need of repair and can not currently be used. It would be the appraiser recommendation to have a professional inspection performed on the property. That way it could be disclosed to a potential purchaser of the kind of repairs that will be necessary and then the purchase price could be determined by cost to cure estimates. The room count is a total of above and below grade. All of the comparable sales appear to have a similar set up with a combination of bedroom/bathrooms on both levels. All of the comparable sales also appear to have a larger amount of finished square footage on the lower level which leads me to believe that there is a recreation room which is something the subject does not have on the lower level. A square footage adjustment was made to the comparables for this superior amenity. Then, if there are major issues with the roof, mold, and plumbing, that price could be further negotiated. Indicated Value by Sales Comparison Approach 202,000 Copyright 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. Form GPRES2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 3/2007

RESIDENTIAL APPRAISAL REPORT File No.: 20182172 The Cost Approach was not developed for this appraisal. Provide adequate information for replication of the following cost figures and calculations. Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value): COST APPROACH COST APPROACH TO VALUE (if developed) INCOME APPROACH External Years INDICATED VALUE BY COST APPROACH The Income Approach was not developed for this appraisal. INCOME APPROACH TO VALUE (if developed) Estimated Monthly Market Rent X Gross Rent Multiplier Summary of Income Approach (including support for market rent and GRM): PROJECT INFORMATION FOR PUDs (if applicable) =( = = = = = ) Indicated Value by Income Approach = The Subject is part of a Planned Unit Development. Legal Name of Project: Describe common elements and recreational facilities: Indicated Value by: Sales Comparison Approach Cost Approach (if developed) 202,000 Final Reconciliation See Summary of Sales Comparison Approach RECONCILIATION = = = = = = = = = Sq.Ft. @ Sq.Ft. @ Sq.Ft. @ Sq.Ft. @ Sq.Ft. @ Garage/Carport Sq.Ft. @ Total Estimate of Cost-New Less Physical Functional Depreciation Depreciated Cost of Improvements ''As-is'' Value of Improvements Estimated Remaining Economic Life (if required): PUD OPINION OF SITE VALUE DWELLING ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW Source of cost data: rating from cost service: Effective date of cost data: Comments on Cost Approach (gross living area calculations, depreciation, etc.): Income Approach (if developed) This appraisal is made ''as is'', subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have been completed, subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, subject to the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda. ATTACHMENTS Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions, and Appraiser s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subject of this report is:, as of:, which is the effective date of this appraisal. 202,000 11/29/2018 If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda. A true and complete copy of this report contains 19 pages, including exhibits which are considered an integral part of the report. This appraisal report may not be properly understood without reference to the information contained in the complete report. Attached Exhibits: Scope of Work Limiting Cond./Certifications Map Addenda Additional Sales Hypothetical Conditions Extraordinary Assumptions Client Contact: Outagamie County E-Mail: Narrative Addendum Cost Addendum Sketch Addendum Manuf. House Addendum Client Name: Outagamie County Address: 320 S Walnut St,, WI 5911 APPRAISER SIGNATURES Photograph Addenda Flood Addendum SUPERVISORY APPRAISER (if required) or CO-APPRAISER (if applicable) Appraiser Name: Lynn Brown Company: Badger Appraisals, LLC Phone: (920) 87-9000 Fax: E-Mail: jana@badgerappraisals.com Date of Report (Signature): 12/03/2018 License or Certification #: State: WI 177-9 Designation: Certified Appraiser Expiration Date of License or Certification: 12/1/2019 Inspection of Subject: Interior & Exterior Exterior Only Date of Inspection: 11/29/2018 Supervisory or Co-Appraiser Name: Company: Phone: Fax: E-Mail: Date of Report (Signature): 12/03/2018 License or Certification #: State: WI Designation: Expiration Date of License or Certification: 12/1/2019 Inspection of Subject: Interior & Exterior Exterior Only Date of Inspection: Copyright 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. Form GPRES2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 3/2007

Subject Photo Page Property Address County Outagamie State WI Zip Code 591 Subject Front Sales Price Gross Living Area 1,90 10 12589 sf 2 Subject Rear Subject Street Form PIC3X5.SR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Interior Photo Page Property Address County Outagamie State WI Zip Code 591 Street Sales Price Gross Living Area 1,90 10 12589 sf 2 211-Full Bath 211-Kitchen Form PIC3X5.SI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Interior Photo Page Property Address County Outagamie State WI Zip Code 591 211-Bedroom Sales Price Gross Living Area 1,90 10 12589 sf 2 211-Lower Bedroom 211-Lower Bath Form PIC3X5.SI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Interior Photo Page Property Address County Outagamie State WI Zip Code 591 211-Lower Bedroom Sales Price Gross Living Area 1,90 10 12589 sf 2 211-Living Room 209-Living Room Form PIC3X5.SI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Interior Photo Page Property Address County Outagamie State WI Zip Code 591 209-Kitchen Sales Price Gross Living Area 1,90 10 12589 sf 2 209-Full Bath 209-Bedroom Form PIC3X5.SI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Interior Photo Page Property Address County Outagamie State WI Zip Code 591 209-Lower Bedroom Sales Price Gross Living Area 1,90 10 12589 sf 2 209-Lower Bedroom 209-Lower Full Bath Form PIC3X5.SI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Interior Photo Page Property Address County Outagamie State WI Zip Code 591 211-Possible Mold??? Sales Price Gross Living Area 1,90 10 12589 sf 2 209-Possible Mold??? Form PIC3X5.SI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Comparable Photo Page Property Address County Outagamie State WI Zip Code 591 Comparable1 2119 N Cloudview Dr Prox. to Subject 0.19 miles SW Sale Price 227,500 Gross Living Area 1,8 11 1232 sf 25 Comparable2 1722 N Whitney Dr Prox. to Subject 0.73 miles SE Sale Price 202,000 Gross Living Area 1,78 11 1232 sf 3 Comparable3 10 N Whitney Dr Prox. to Subject 0.79 miles SE Sale Price 210,000 Gross Living Area 1,78 11 18295 sf 33 Form PIC3X5.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Map Property Address County Outagamie State WI Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Zip Code 591

Assumptions, Limiting Conditions & Scope of Work Property Address: Client: Outagamie County Appraiser: Lynn Brown File No.: 20182172 : State: WI Zip Code: 591 Address: 320 S Walnut St,, WI 5911 Address: PO Box 2222,, WI 5912 STATEMENT OF ASSUMPTIONS & LIMITING CONDITIONS - 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. - The appraiser may have provided a sketch in the appraisal report to show approximate dimensions of the improvements, and any such sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. Unless otherwise indicated, a Land Survey was not performed. - If so indicated, the appraiser has examined the available flood maps that are provided by the Federal Emergency Management ncy (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. - 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. - If the cost approach is included in this appraisal, 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. Unless otherwise specifically indicated, the cost approach value is not an insurance value, and should not be used as such. - The appraiser has noted in the appraisal report any adverse conditions (including, but not limited to, 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, but not limited to, 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. - 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. - The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice, and any applicable federal, state or local laws. - If this appraisal is indicated as subject to satisfactory completion, repairs, or alterations, the appraiser has based his or her appraisal report and valuation conclusion on the assumption that completion of the improvements will be performed in a workmanlike manner. - An appraiser's client is the party (or parties) who engage an appraiser in a specific assignment. Any other party acquiring this report from the client does not become a party to the appraiser-client relationship. Any persons receiving this appraisal report because of disclosure requirements applicable to the appraiser's client do not become intended users of this report unless specifically identified by the client at the time of the assignment. - The appraiser's written consent and approval must be obtained before this appraisal report can be conveyed by anyone to the public, through advertising, public relations, news, sales, or by means of any other media, or by its inclusion in a private or public database. - An appraisal of real property is not a 'home inspection' and should not be construed as such. As part of the valuation process, the appraiser performs a non-invasive visual inventory that is not intended to reveal defects or detrimental conditions that are not readily apparent. The presence of such conditions or defects could adversely affect the appraiser's opinion of value. Clients with concerns about such potential negative factors are encouraged to engage the appropriate type of expert to investigate. The Scope of Work is the type and extent of research and analyses performed in an appraisal assignment that is required to produce credible assignment results, given the nature of the appraisal problem, the specific requirements of the intended user(s) and the intended use of the appraisal report. Reliance upon this report, regardless of how acquired, by any party or for any use, other than those specified in this report by the Appraiser, is prohibited. The Opinion of Value that is the conclusion of this report is credible only within the context of the Scope of Work, Effective Date, the Date of Report, the Intended User(s), the Intended Use, the stated Assumptions and Limiting Conditions, any Hypothetical Conditions and/or Extraordinary Assumptions, and the Type of Value, as defined herein. The appraiser, appraisal firm, and related parties assume no obligation, liability, or accountability, and will not be responsible for any unauthorized use of this report or its conclusions. Additional Comments (Scope of Work, Extraordinary Assumptions, Hypothetical Conditions, etc.): Copyright 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. Form GPRES2AD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 3/2007

Certifications Property Address: Client: Outagamie County Appraiser: Lynn Brown File No.: 20182172 : State: WI Zip Code: 591 Address: 320 S Walnut St,, WI 5911 Address: PO Box 2222,, WI 5912 APPRAISER'S CERTIFICATION I certify that, to the best of my knowledge and belief: - The statements of fact contained in this report are true and correct. - The credibility of this report, for the stated use by the stated user(s), of the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. - I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. - I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. - My engagement in this assignment was not contingent upon developing or reporting predetermined results. - My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. - My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared. - I did not base, either partially or completely, my analysis and/or the opinion of 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. - Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report. - Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification. Additional Certifications: DEFINITION OF MARKET VALUE *: Market value means 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 and 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 acting in what they consider their own best interests; 3. A reasonable time is allowed for exposure in the open market;. 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. * This definition is from regulations published by federal regulatory agencies pursuant to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989 between July 5, 1990, and August 2, 1990, by the Federal Reserve System (FRS), National Credit Union Administration (NCUA), Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS), and the Office of Comptroller of the Currency (OCC). This definition is also referenced in regulations jointly published by the OCC, OTS, FRS, and FDIC on June 7, 199, and in the Interagency Appraisal and Evaluation Guidelines, dated October 27, 199. Client Contact: E-Mail: Outagamie County Client Name: Outagamie County Address: 320 S Walnut St,, WI 5911 SIGNATURES APPRAISER SUPERVISORY APPRAISER (if required) or CO-APPRAISER (if applicable) Appraiser Name: Lynn Brown Company: Badger Appraisals, LLC Phone: (920) 87-9000 Fax: E-Mail: jana@badgerappraisals.com Date Report Signed: 12/03/2018 License or Certification #: State: WI 177-9 Designation: Certified Appraiser Expiration Date of License or Certification: 12/1/2019 Inspection of Subject: Interior & Exterior Exterior Only Date of Inspection: 11/29/2018 Supervisory or Co-Appraiser Name: Company: Phone: Fax: E-Mail: Date Report Signed: 12/03/2018 License or Certification #: Designation: Expiration Date of License or Certification: Inspection of Subject: Interior & Exterior Date of Inspection: State: Exterior Only Copyright 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. Form GPRES2AD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 3/2007

License Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

E & O Ins Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE