APPRAISAL OF REAL PROPERTY

APPRAISAL OF REAL PROPERTY LOCATED AT 542 Ocean Terrace, NJ 08738 Block 4.20 Lot 9 FOR OPINION OF VALUE $1,700,000 AS OF October 22, 2018 BY Lawrence G. Benson, SCRREA Shore Appraisal Associates Inc P.O. Box 77 Sea Girt, N.J. 08750 732-449-7787 larrybenson@optonline.net Form GA2V - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

File No. Tighe - 542 Ocean Terrace TABLE OF CONTENTS Cover Page... 1 Table of Contents... 2 Letter of Transmittal... 3 GP Residential... 4 GP Residential... 5 Additional Comparables 4-6... 6 GP Residential... 7 GP Residential Certifications Addendum... 8 Supplemental Addendum... 10 Supplemental Addendum... 11 Supplemental Addendum... 13 Supplemental Addendum... 14 Subject Photos... 15 Subject Photos... 16 Interior Photos... 17 Interior Photos... 18 Comparable Photos 1-3... 19 Comparable Photos 4-6... 20 Comparable Photos 7-9... 21 Comparable Photos 13-15... 22 Full Page Legal Document... 23 Full Page Legal Document... 24 Full Page Legal Document... 25 Form TOCNP - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Shore Appraisal Associates Inc P. O. Box 77 Sea Girt, N.J. 08750 732-449-7787 November 25, 2018 Re: Property: : File No.: 542 Ocean Terrace, NJ 08738 Tighe - 542 Ocean Terrace Opinion of Value: $ $1,700,000 Effective Date: October 22, 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, Lawrence G. Benson, SCRREA State Certified Residential Real Estate Appraiser License or Certification #: 42RC127NJ State: NJ Expires: 12/31/2019 larrybenson@optonline.net

Shore Appraisal Associates (732) 449-7787 MARKET AREA DESCRIPTION ASSIGNMENT SUBJECT RESIDENTIAL APPRAISAL SUMMARY REPORT File No.: Tighe - 542 Ocean Terrace : State: NJ Zip Code: 08738 Legal Description: Block 4.20 Lot 9 Assessor's Parcel #: 07-00004-0020-00009 Tax Year: 2018 R.E. Taxes: $ 18,333 Special Assessments: $ 0 (if applicable): Manufactured Housing Current Owner of Record: Occupant: Owner Tenant Vacant Lawrence J. Tighe, Jr. Project Type: PUD Condominium Cooperative Other (describe) Single Unit HOA: $ 0 per year per month Market Area Name: Normandy Beach Map Reference: 35614 Census Tract: 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: Client Property Address: 542 Ocean Terrace County: Ocean Intended User(s) (by name or type): Lawrence J. Tighe, Jr. Client: Address: P. O. Box 1000, Hackettstown, New Jersey 07840-4807 Lawrence J. Tighe, Jr. Appraiser: Lawrence G. Benson, SCRREA Address: Shore Appraisal Associates Inc. P.O. Box 77, Sea Girt, N.J. 08750 Location: Urban Suburban Rural Predominant One-Unit Housing Change in Land Use Present Land Use Occupancy Built up: Over 75% 25-75% Under 25% PRICE AGE Not Likely One-Unit 100 % $(000) (yrs) 2-4 Unit Growth rate: Rapid Stable Slow Owner Likely * In Process * 0% Property values: Increasing Stable Declining Tenant Multi-Unit 950 Low 1 0 % * To: Demand/supply: Shortage In Balance Over Supply Vacant (0-5%) 3,625 High 60 Comm'l % Marketing time: Under 3 Mos. 3-6 Mos. Over 6 Mos. Vacant (>5%) % 1.8M Pred 40 Vacant General boundaries are the Atlantic Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): Ocean to the East, Barnegat Bay West, Mantoloking Boro to the North and Normandy Beach, Dover Township to the south. Sales of oceanfront homes in the subject township were very limited due to the normal stability of oceanfront properties which typically have a low turnover rate. Research shows that from January 1, 2017 to the present, there were nine (9) oceanfront properties in that sold on the MLS. They ranged in price from $950,000 to $3,625,000. There are three (3) active oceanfront listings in Township. No pendings. There are two (2) oceanfront properties in Toms River that are under contract. One is on leased land and 3632 Ocean Terrace went under contract on 9-21-2018 for $1,975,000. DESCRIPTION OF THE IMPROVEMENTS SITE DESCRIPTION Dimensions: 40 x 125 Zoning Classification: R-5 Site Area: 5,000 sf Description: Single Family Residential, Zoning Compliance: Legal Legal nonconforming (grandfathered) Illegal No zoning / Have the documents been reviewed? Yes No Ground Rent (if applicable) $ Other use (explain) The Highest and Best Use is the present use as a conforming single Are CC&Rs applicable? Yes No Unknown Highest & Best Use as improved: Present use, or family residence. Actual Use as of Effective Date: Single Family Residential Summary of Highest & Best Use: Single Family Residential Use as appraised in this report: Single Family Residential Public Private Topography Typically Level Public Other Provider/Description Off-site Improvements Type Size Electricity Public Utility Macadam road surface Average for the zone Street Shape Gas Public Utility Rectangular Curb/Gutter Concrete Drainage Water Public Utility Concrete Adequate Sidewalk Sanitary Sewer View Public Utility Good oceanviews Street Lights Public Utility Storm Sewer Public Utility None Alley 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 AO FEMA Map # 34029C0218F FEMA Map Date 9/29/2006 Site Comments: The subject is a legal, level conforming lot in a residential zone. Public utilities are available to the site. No adverse site conditions were made known to the appraiser that would adversely affect value or marketability. Utilities General Description Exterior Description Foundation Basement Heating None # of Units Type 1 Pilings/conc. blk Slab conc. blk avg Area Sq. Ft. 600 Acc.Unit Foundation # of Stories 2 Exterior Walls Crawl Space 0 % Finished part finished Fuel Hardi Board Type Det. Att. Roof Surface Comp. shingle Basement part. finished Ceiling Cooling Design (Style) Colonial Gutters & Dwnspts. Aluminum Sump Pump Walls 0 Existing Proposed Und.Cons. Window Type Central Vinyl Dbl. Hung Dampness none noted Floor Actual Age (Yrs.) Storm/Screens Outside Entry Other 1954 screens average Settlement None noted Effective Age (Yrs.) 15-20 yrs. Infestation None noted Interior Description Appliances Attic Car Storage None Amenities None Floors Stairs Fireplace(s) # 1 Woodstove(s) # 0 Garage # of cars ( 1 Tot.) Hardwood, ceramic t. Refrigerator Walls Range/Oven Drop Stair Patio Attach. Drywall None 0 Trim/Finish Disposal Scuttle Deck Detach. 0 Colonial average Trex Bath Floor Dishwasher Doorway Porch Large Deck Blt.-In Ceramic Tile 1 Bath Wainscot Ceramic Tile Fan/Hood Floor Fence None Carport 0 Doors Microwave Heated Pool Driveway 0 Paneled None Washer/Dryer Finished Surface None Finished area above grade contains: 7 Rooms 5 Bedrooms 2 Bath(s) 1,824 Square Feet of Gross Living Area Above Grade Additional features: New bathroom on first floor replacing previous half bath. New deck with outside stairs. New basement heating plant and AC system includes instant hot water heater. Refinished oak floors. Describe the condition of the property (including physical, functional and external obsolescence): This property is considered to be in average or better condition overall due to updating and ongoing maintenance. No observed need for repairs. 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 SUMMARY REPORT File No.: Tighe - 542 Ocean Terrace 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): Owner, tax records, MLS records Analysis of sale/transfer history and/or any current agreement of sale/listing: 1st Prior Subject Sale/Transfer No prior transfer of title was found within Date: the prior 12 months in the On Line Property Records or MLS Sales data, for the Comparable Sales. Price: Source(s): On Line Property Records indicate present ownership of the Subject Property for three years or longer 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 542 Ocean Terrace 101 Faber Lane 3600 Ocean Terrace 10 East Colony Road, NJ 08738, NJ Toms River, NJ Toms River, NJ Proximity to Subject Within a mile Within a half mile Within a mile Sale Price $ $ $1,975,000 $ $ N/A 1,750,000 1,800,000 Sale Price/GLA $ $ 1,325.76 /sq.ft. $ N/A /sq.ft. $ 796.37 /sq.ft. 760.14 /sq.ft. Data Source(s) Inspection/Owner MLS-21804413 MLS-21807501 MLS-21740550 Verification Source(s) On Line Propt Rec On line public records+mls On line public records+mls On line public records+mls VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. Sales or Financing Cash Conventional Cash Concessions N/A Date of Sale/Time N/A CL- 6/20/18 CL-4/27/18 CL-4/6/18 Rights Appraised Fee Simple Fee Simple Fee Simple Fee Simple Location Oceanfront Oceanfront Oceanfront Oceanfront Site 40 x 125 100 x 145-240,000 40 x 140 83 x 38 +2,000 View Good oceanviews Good oceanviews Good oceanviews Good oceanviews Design (Style) Colonial Raised Ranch Colonial A Frame Quality of Construction Average Average Average Average Age 1954/64 1970/48 1960/58 1988/30 Condition Average Average Good Renovated -50,000 Good Renovated -50,000 Above Grade Total Bdrms Baths Total Bdrms Baths -10,000 Total Bdrms Baths +5,000 Total Bdrms Baths +5,000 Room Count 7 5 2 9 3 2.5-2,500 7 4 3.5-7,500 7 4 4-10,000 Gross Living Area 1,824 sq.ft. 2,480 sq.ft. -49,200 1,320 sq.ft. +37,800 2,368 sq.ft. -40,800 Basement & Finished Walk out basement Walk out basement Walk out basement Walk out basement Rooms Below Grade Unfinished Finished -5,000 Partial finished -2,500 Unfinished Functional Utility Average Average Average Average Heating/Cooling FHA/CAC AC units/ FHA +5,000 2 zone AC/3 zn het -7,500 2 Zone HVAC -5,000 Energy Efficient Items Thermal windows Standard +3,000 Thermal windows Thermal windows Garage/Carport 1 Car Built-In 2 Car Built-In -5,000 1 Car Built-In 2 Car Garage -5,000 Porch/Patio/Deck Large Deck Deck/Porch Lge Deck/cov prch -10,000 Lge ocean frt deck -5,000 Additional Features 1 Fireplace 2 Fireplace -5,000 1 Fireplace 1 Fireplace Security system -1,000 Security system -1,000 Exterior siding Hardi Board Cedar Shakes Cedar Shakes Cedar Shak+Vinyl Net Adjustment (Total) + - $ + - $ + - $ -308,700-35,700-109,800 Adjusted Sale Price of Comparables $ $ $ 1,666,300 1,714,300 1,690,200 Summary of Sales Comparison Approach There are limited number closed sales of oceanfront homes in Township as well as Toms River. Sales of oceanfront homes in the subject township were very limited due to the normal stability of oceanfront properties which typically have a low turnover rate. Only one comparable sale was available from the subject township, while two others were employed from the adjoining township of Toms River. In addition, a private oceanfront sale is shown from the immediate subject neighborhood and shares a similar lot size as the subject. Site adjustments - lot size Comparable #2 is most similar to the subject, minimal depth difference -no adjustment necessary Comparable #1 has 60 additional feet of lot frontage versus the subject and was adjusted at $4,000 per square foot. Minimal depth difference no adjustment necessary. Comparable #3 is an unusual shape smaller lot and received an adjustment of $240,000 additional frontage, 43 additional feet and an additional adjustment to compensate for the difference in depth for a net adjustment of $2,000. Bedrooms were adjusted at $5,000 per bedroom. Baths adjusted at $5,000 for a full and $2,500 for a half bath.. Square foot - GLA adjusted at $ 75.00 per SF vs the subject Basement Adjusted $5,000 Finished $2,500 Part Finished Comp 2 and 3 were adjusted for superior condition at $50,000 Adjustments were required for Heating and Cooling features Garage/s - adjusted at $5,000 per Bay (difference) Deck/Porch - No adjustment required for deck/porch Comp #1. Comp #2 was adjusted for $10,000 versus the subject representing a large oceanfront deck including a covered porch with recessed lighting. Comp#3 required an adjustment to compensate for the mahogany deck on the oceanside. Security sytems were afforded $1,000 adjustment for comp #2 and #3 $1,700,000 Indicated Value by Sales Comparison Approach $ 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 SUMMARY REPORT 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): this report. Full weight was accorded to the Sales Comparison approach. File No.: Tighe - 542 Ocean Terrace COST APPROACH COST APPROACH TO VALUE (if developed) ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW Source of cost data: Quality rating from cost service: Effective date of cost data: Comments on Cost Approach (gross living area calculations, depreciation, etc.): The cost approach is not employed in this report. The Sales Comparison or Market Value approach is considered most accurate for this type of owner occupied property. OPINION OF SITE VALUE DWELLING The Cost Approach was not employed in Sq.Ft. @ $ Sq.Ft. @ $ Sq.Ft. @ $ Sq.Ft. @ $ Sq.Ft. @ $ Garage/Carport Sq.Ft. @ $ Total Estimate of Cost-New Less Physical Functional External Depreciation Depreciated Cost of Improvements ''As-is'' Value of Site Improvements Years INDICATED VALUE BY COST APPROACH The Income Approach was not developed for this appraisal. Estimated Monthly Market Rent $ X Gross Rent Multiplier Summary of Income Approach (including support for market rent and GRM): INCOME APPROACH Estimated Remaining Economic Life (if required): ( ) INCOME APPROACH TO VALUE (if developed) Legal Name of Project: Describe common elements and recreational facilities: Indicated Value by Income Approach The Subject is part of a Planned Unit Development. PROJECT INFORMATION FOR PUDs (if applicable) PUD Indicated Value by: Sales Comparison Approach $ $1,700,000 Cost Approach (if developed) $ Income Approach (if developed) $ RECONCILIATION Final Reconciliation Adjusted values for significant differences ranged from $ 1,666,300 to $ 1,714,300 with a value of $ 1,700,000 deemed appropriate for the subject "as is". 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. $1,700,000 October 22, 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 26 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 Narrative Addendum Photograph Addenda Sketch Addendum Map Addenda Additional Sales Cost Addendum Flood Addendum Manuf. House Addendum Hypothetical Conditions Extraordinary Assumptions Client Contact: Client Name: Lawrence J. Tighe, Jr. E-Mail: Address: P. O. Box 1000, Hackettstown, New Jersey 07840-4807 SIGTURES APPRAISER SUPERVISORY APPRAISER (if required) or CO-APPRAISER (if applicable) Appraiser Name: Lawrence G. Benson, SCRREA Company: Shore Appraisal Associates Inc Phone: 732-449-7787 Fax: E-Mail: larrybenson@optonline.net Date of Report (Signature): November 25, 2018 License or Certification #: 42RC127NJ State: NJ Designation: State Certified Residential Real Estate Appraiser Expiration Date of License or Certification: 12/31/2019 Inspection of Subject: Interior & Exterior Exterior Only None Date of Inspection: October 22, 2018 Supervisory or Co-Appraiser Name: Company: Phone: Fax: E-Mail: Date of Report (Signature): License or Certification #: Designation: Expiration Date of License or Certification: Inspection of Subject: Interior & Exterior Date of Inspection: State: Exterior Only None 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

Assumptions, Limiting Conditions & Scope of Work Property Address: 542 Ocean Terrace Client: Lawrence J. Tighe, Jr. Appraiser: Lawrence G. Benson, SCRREA : File No.: Tighe - 542 Ocean Terrace State: NJ Zip Code: 08738 Address: Address: P. O. Box 77 Sea Girt, New Jersey 08750 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 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. - 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: 542 Ocean Terrace Client: Lawrence J. Tighe, Jr. Appraiser: Lawrence G. Benson, SCRREA File No.: Tighe - 542 Ocean Terrace State: NJ Zip Code: 08738 : Address: Address: P. O. Box 77 Sea Girt, New Jersey 08750 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; 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. * 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 24, 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, 1994, and in the Interagency Appraisal and Evaluation Guidelines, dated October 27, 1994. Client Contact: E-Mail: Client Name: Address: SIGTURES APPRAISER Lawrence J. Tighe, Jr. SUPERVISORY APPRAISER (if required) or CO-APPRAISER (if applicable) Appraiser Name: Lawrence G. Benson, SCRREA Company: Shore Appraisal Associates Inc Phone: 732-449-7787 Fax: E-Mail: larrybenson@optonline.net Date Report Signed: November 25, 2018 License or Certification #: 42RC127NJ State: NJ Designation: State Certified Residential Real Estate Appraiser Expiration Date of License or Certification: 12/31/2019 Inspection of Subject: Interior & Exterior Exterior Only None Date of Inspection: October 22, 2018 Supervisory or Co-Appraiser Name: Company: Phone: Fax: E-Mail: Date Report Signed: License or Certification #: Designation: Expiration Date of License or Certification: Inspection of Subject: Interior & Exterior Date of Inspection: State: Exterior Only None 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

Supplemental Addendum File No. Tighe - 542 Ocean Terrace Subject - 542 Ocean Terrace, Township 08738 Block 4.20 Lot 9 - Oceanfront Lot Size 40 x 125 Square Foot - 1,824 +/Room Count 7 Rooms -5 Bedrooms -2 Baths Features New bathroom on first floor replacing previous half bath. New deck with outside stairs New basement heating plant and AC systems (Includes instant hot water heater) Original oak floors restored HardiePlank Lap Siding Overview: a. A survey map was not available at time of inspection. b. An unofficial tax map is attached with report. c. A property record card is attached from the time of the last re-val in 2010 and assessor's noted - no inspection inside. c. All comparables selected for this report were arms length transactions unless otherwise noted. d. Data source - Owner, Public Records and Multiple Listing Service (MLS) e. Additional support for the subject shows oceanfront sale at 530 Ocean Terrace which sold June 2017 for $3.1M and which has a similar lot size as the subject. f. I relied upon the official on line records for square foot of living area for closed sales etc. g. All dimensions are approximate h. Comparable sales were selected from a limited number of oceanfront sales in Township and nearby Toms River with similar oceanfront locations. i. Photos used in this report were obtained from appraiser's inspection and on-line MLS. They show the interior and exterior condition of the subject property and the closed sales in this report. j. Cost approach was not used in this report k. The appraiser noted that a very few oceanfront sales appeared to be below market value and further inspection revealed them to be estate sales - not arms length and were not used in this report. l. Many oceanfront neighborhoods in and Toms River Townships have beach associations for the benefit of their residents and fees or dues are determined per community. Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Supplemental Addendum File No. Tighe - 542 Ocean Terrace Neighborhood Data Supporting Market Value for the Subject Proximity - 530 Ocean Terrace, approximately 5 oceanfront lots north of subject Similar views and location as subject Block 5.25 Lot 8.02 Sale Price $ 3,100,000 Sale Date 6-30-2017 - Not a MLS sale Lot Size 47 x 123 Compared to Subject lot - 40 x 125 Age - A newer home built approx. 2015 +/Gross Living Area Approx. 3,384 Total Bedrooms - 5 Total Bathrooms - 5 Location - oceanfront View - good oceanview This same property sold - July 8, 2015 closing at $1,970,000 MLS #21517952 Please see additional information in this report referencing Neighborhood Data There are limited number closed sales of oceanfront homes in Township as well as Toms River. At the present time there are three (3) oceanfront homes in Township that are listed for sale. Active Listings Township (Oceanfront) #1. 14 Edgewater Terrace, Township Was originally offered for sale in 2017 at $1,595,000 Improvement was built approx. 1956-2500 SF +/lot size 50 x 125. It is presently listed for $1,485,999 - MLS 21831377 #2. 288 Sunset Lane, Township Listed on MLS #21829447 since July 2018 offered at $1,975,000 Apprx. SF 1512- Year Built 1981 - Lot size 40 x 225 #3. An Active Listing at 520 Sunset Blvd. Township was originally listed October 2017 for 3.6M and is presently offered at $3,450,000 MLS # 21745250 - Lot size 60 x 125 with estimated 2967 SF and built in 2010 Vacant Lot Sales - and Toms River (Oceanfront) #1. 202 Dune Avenue, Township A vacant lot Sold $1,600,000 Date 3/21/2017 80 x 170 An Estate Sale #1. 3666 Ocean Terrace, Normandy Beach, Toms River Municipality A vacant lot Sold $1,462,500 Date 7/2/2018 60 x 132 Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Supplemental Addendum File No. Tighe - 542 Ocean Terrace Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Supplemental Addendum File No. Tighe - 542 Ocean Terrace Comparable Sales: #1 MLS 21804413 - Closed 6-20-2018 $1, 975,000 101 Faber Lane, (South Mantoloking) Oversized oceanfront property is situated at the end of a private lane. Home features 3 bedrooms & 2.5 bathrooms. Living room w/ vaulted ceilings, large wood-burning fireplace, and multiple sliding glass doors, dining room, kitchen. Downstairs rec room w/ fireplace, & two car garage. 100' wide x 145 in depth 2480 SF +/9-3 - 2 1/2 2 Fireplaces 2 car garage #2. MLS 21807501 - Closed 4-27-2018 - $1,750,000 3600 Ocean Terrace, Toms River (Normandy Beach) This oceanfront home has been featured in Coastal Living Magazine as a classic Jersey Shore home w/all of today s modern amenities. Beautiful pine & trim details lend a historic feel to this professionally decorated & furnished home. Kitchen features high-end appliances, open floor plan w/dining area & living room w/wood-burning fireplace. Additional features include bathrooms w/custom tiles, ground level family room w/wet bar, surround sound, attached one car garage. Also, multi-zone radiant heat, and central air. The exterior features an expansive partially covered Brazilian hardwood wrap-around deck, ample off-street parking, and grilling deck off kitchen. Covered porch and large deck on the oceanside. Lot Size 40 x 140 SF 1320 7 Rooms - 4 bedrooms - 3.5 baths Gas Heat 1 Fireplace 1 car garage #3. MLS #21740550 - Closed 4-06-2018 - $1,800,000 10 E. Colony Road, Toms River (Silver Beach) An oceanfront home was built on pilings with panoramic oceanviews. The open floor plan includes a custom kitchen with granite counters, high end appliances, and large center island. Great room with 3 sided gas fireplace, a purple heart mantel, maple wood floors, vaulted ceiling and sliding glass doors overlooking the ocean. There are 4 bedrooms, 4 baths plus a study with fabulous ocean views. The 4 en suite baths have marble, glass ceramic & Grohe fixtures. Additional amenities include a maintenance-free exterior, hurricane rated windows, Timberline roof, 3/4 car garage, and security system. There is a double water filter and air purifier. Mahogany deck overlooks the ocean. Lot Size 83 x 38 SF 2368 7 Rooms - 4 Bedrooms and 4 baths Year Built 1988 * House is built on pilings - garage is extra deep and can accomodate 3-4 cars. Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Supplemental Addendum File No. Tighe - 542 Ocean Terrace Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Photo Page Subject Front 542 Ocean Terrace - Frontview Oceanside Subject Rear Street View Subject Street Looking South Form PICPIX.TR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE from 542 Ocean Terrace

Subject Photo Page Subject Front 542 Ocean Terrace Oceanside Deck Subject Oceanside Subject Garage Form PICPIX.SR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Interior Photos Living Room Dining Area One of Two Full Baths Bedroom Bedroom Garage Area Form PICINT6 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Interior Photos New basement heating plant and AC systems Walkout Basement Subject Street looking south Form PICINT6 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Comparable Photo Page Comparable 1 101 Faber Lane, Large Lot and Oceanside Deck Sold $1,975,000 Comparable 1 101 Faber Lane, Comparable 1 101 Faber Lane Form PICPIX.BR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Comparable Photo Page Comparable 2 3600 Ocean Terrace, Toms River Sold $1,750,000 Comparable 2 3600 Ocean Terrace Comparable 2 3600 Ocean Terrace Home was featured in Coastal Living Magazine Full width deck with covered porch facing ocean Form PICPIX.BR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Comparable Photo Page Comparable 3 10 E. Colony Rd., Toms River Sold $1,800,000 Comparable 3 10 E. Colony Rd., Toms River Comparable 3 10 E. Colony Rd., Toms River Form PICPIX.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Neighborhood Supporting Data showing Market Value 530 Ocean Terrace Subject Neighborhood - Sold 6-30-17 $3,100,000 a similar size lot when compared to the subject It sold privately Expired MLS #21608256 after being offered for $3,400,000 Lot Size 47 x 123 Built 2016 GLA approx. 3,400 Similiar views and location as subject Form PICPIX.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Property Record Card 542 Ocean Terrace Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Unoffical Tax Map Showing Block 4.20 Lot 9 Township Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Building Sketch 542 Ocean Terrace Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE