LETTER OF TRANSMITTAL

Bradford Technologies, Inc CVR Specialist 302 Piercy Rd San Jose, CA 95138 LETTER OF TRANSMITTAL To: Strong Dollar Reserves 1-122 Wall Street New York, NY 10043 Re: File Number: Client Ref: 00018210 In accordance with your request, we have appraised the above referenced property. The report of that appraisal is attached. The purpose of this appraisal is to estimate the market value of the property described in this appraisal report, as improved, in unencumbered fee simple title of ownership. An exterior and interior inspection of the subject property was performed. The analysis is based on a locational analysis of the neighborhood and city, and an economic analysis of the market for properties such as the subject using MLS and public data records as are available. The appraisal was developed and the report was prepared in accordance with the Uniform Standards of Professional Appraisal Practice. The value conclusions reported are as of the effective date stated in the body of the report and 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. Estimated Value as stated in the report: $ 615,000 as of (Effective Date of the Appraisal): 04/05/2011 Respectfully Submitted: CVR Specialist 04/06/2011 Copyright 2009-2010 AppraisalWorld, Inc. 866-445-8367 All Rights Reserved Page 1 of 17

SUMMARY APPRAISAL REPORT CLIENT REAL ESTATE COLLATERAL VALUATION REPORT Client Strong Dollar Reserves Borrower Address 1-122 Wall Street New York ST NY Zip 10043 Contact Mr. Carnegie Phone (111) 222-3456 Address Anytown STUS Zip 74776 Owner M/M Smith County Banner APN 654-43-012 R.E. Taxes $ 3318.18 Tax Year 2010 Property Rights Appraised: Fee Simple Other Highest and Best Use: Single Family Residential Legal Description LOT 57 (LAND ACRES: 0.24) File No. Ref No. 00018210 SUBJECT Total Rooms 11 Year Built 1978 Design (Style) Single Story Bedrooms 4 Stories 1 Baths 3 Car Storage G2 GLA 2431 Basement Site Area 10260 Bsmnt Finished Photo Date 04/05/2011 Comments: The subject is well maintained, situated on a corner lot in a quiet neighborhood on the outskirts of Anytown. Source CVRSpecialist NEIGHBORHOOD Neighborhood Name Aborn - Tully Location Urban Suburban Rural Built-Up Over 75% 25-75% Under 25% Growth Rapid Stable Slow Trends Last 3 Mos. Median List Price 545,000 Median Sale Price 560,000 Sale to List Ratio 95.6 600,000 550,000 500,000 450,000 Property Values Increasing Stable Declining Price($000) 385 682.5 Age (Yrs) Low 11 46 555 Pred 34 Demand/Supply Marketing Time Shortage < 3 Mos In Balance 3-6 mths Over Supply High Over 6 mths Sales Prices Listings Price Neighborhood Boundaries 10-12 Mos 7-9 Mos 4-6 Mos 0-3 Mos Neighborhood Description and Market Conditions: services are close by. This is a quiet neighborhood on the outskirts of Anytown situated just below the foothills. Schools and VALUATION FORECAST Neighborhood Sales Price Range: $ 385,000 to $ 682,500 Indicated Value from Sales Comparison: $ 614,500 Indicated Value from Listing Comparison: $ 619,000 Indicated Value Range from Regression Analysis: $ 572,465 to $ 658,908 Based on the defined Scope of Work, Statement of Assumptions and Limiting Conditions, and Appraiser's Certification, my opinion of the market value of the subject as of 04/05/2011, which is the effective date of this appraisal, is $ 615,000. % Change 1 0-1 -2-3 3 Mos 6 Mos 9 Mos 12 Mos Forecast Source Veros Date 04/05/2011 Market Value $ 615,000 Next 3 Months $ 614016 Next 6 Months $ 611125.5 Next 9 Months $ 608173.5 Next 12 Months $ 603315 The forecast in this section is based on information supplied to the appraiser by the noted source without any adjustments made by the appraiser. The appraiser does not guaranty or make any representations with regard to the actual future value of the subject property. Comments: -0.16 3 Mos -0.63 6 Mos -1.11 9 Mos -1.9 12 Mos Appraiser Identity and Data Authentication by Appraisal Sentry (TM) APPRAISER Signature Name CVR Specialist Company Bradford Technologies, Inc Address 302 Piercy Rd San Jose State CA Zip 95138 License # Certification # Other # AR45654 Expiration Date 05/05/2011 State CA Date 04/06/2011 Inspection: No Inspection Exterior Only Interior and Exterior Date 04/05/2011 CVR Executive Summary Copyright 2009-2010 AppraisalWorld, Inc. 866-445-8367 All Rights Reserved Page2 of 17

NEIGHBORHOOD DESCRIPTION AND TRENDS Area Location Map Neighborhood Boundary Area: 1.499 sq miles Sq Miles Neighborhood Name Aborn - Tully Location Urban Suburban Rural Built-Up Over 75% 25-75% Under 25% Growth Rapid Stable Slow Census Tract 5033.13 Total Properties Sold within Boundary 41 Description: This is a quiet neighborhood on the outskirts of Anytown situated just below the foothills. Schools and services are close by. In Last: 3 Mos. 4-6 Mos. 7-9 Mos. 10-12 Mos. Total Listings 25 10 13 11 Median List Price 545,000 535,000 490,000 459,900 Total Sales 3 11 15 12 Median Sale Price 560,000 530,000 537,000 567,500 Days on Market 172 55 31 14 Sale Price / SqFt 273.82 243.19 265.15 288.36 Low Sale Price 500,000 385,000 470,000 454,500 High Sale Price 630,000 682,500 675,000 675,000 Absorption Rate 1 3.67 5 4 Months of Supply 25 2.73 2.6 2.75 Sale/List Price Ratio 95.6 100 99.5 102.25 Supply/Demand Shortage In-Balance Over-Supply Marketing Time 5.66 Months Market Conditions: Prices are trending upward, but the number of sales has slowed in the past three months, with a large inventory of housing available. Sales Prices 600,000 550,000 500,000 450,000 Total Sales 20 10 Increasing 10-12 Mos 7-9 Mos 4-6 Mos 0-3 Mos Increasing 0 10-12 Mos 7-9 Mos 4-6 Mos 0-3 Mos Days on Market (Sales) 200 150 100 50 Increasing 10-12 Mos 7-9 Mos 4-6 Mos 0-3 Mos Stable Stable Stable Decreasing Sales Prices Listings Price Decreasing Total Sales Total Listings Decreasing 14 10-12 Mos 31 7-9 Mos 55 4-6 Mos 172 0-3 Mos Listings to Sales Ratio Increasing 120 110 100 90 80 10-12 Mos 7-9 Mos 4-6 Mos 0-3 Mos Stable Decreasing 102.25 10-12 Mos 99.5 7-9 Mos 100 4-6 Mos 95.6 0-3 Mos NEIGHBORHOOD VALUE TREND 1 % Change 0-1 -2-3 3 Mos 6 Mos 9 Mos 12 Mos -0.16 3 Mos -0.63 6 Mos -1.11 9 Mos -1.9 12 Mos Value Trend Forecast Next 3 Mos -.16% $ 614016 Next 6 Mos -.63% $ 611125.5 Next 9 Mos -1.11% $ 608173.5 Next 12 Mos -1.90% $ 603315 Increasing Source Stable Veros Decreasing Neighborhood Value Trend and Impact on Subject Property: The forecast in this section is based on information supplied to the appraiser by the noted source without any adjustments made by the appraiser. The appraiser does not guaranty or make any representations with regard to the actual future value of the subject property. CVR Neighborhood Summary Copyright 2009-2010 AppraisalWorld, Inc. 866-445-8367 All Rights Reserved Page 3 of 17

REGRESSION STATISTICS DETAIL 800,000 Predicted Values to Actual Sale Prices 750,000 700,000 Predicted Value 650,000 600,000 550,000 500,000 450,000 400,000 350,000 363,650 436,380 509,110 581,840 Actual Sale Price 654,570 727,300 800,030 COV COD Standard Error Street Address Unit, Zip 2911 WINWOOD WAY, 95148 2911 REQUA COURT, 95148 2567 VISTA VERDE DRIVE, 95148 2742 ALDWORTH DRIVE, 95148 3152 MARKWOOD COURT, 95148 2825 PENDLETON DRIVE, 95148 3222 FIELDGATE COURT, 95148 3201 NAPA COURT, 95148 2760 HENESSY DRIVE, 95148 Regression Output Statistics Components of Value Component Most Likely Value Significance of Variable Base Neighborhood Value GLA Total Baths Site Area SF Garage Spaces Carport Basement Area Basement Finished Year Built Fireplaces Pool Spa Sale Date (per Day) Statistical Measure Model Output Confidence R Squared Adjusted R Squared 82.58% 78.98% Very Good Very Good 8.56% Very Good Address Indicated Value from Regression: $ 615,687 5.08% 7.02% $193,336.42 $20.75 $125,292.94 $2.25 $57,733.04 -$2,350.11 Excluded -$70.39 Top 10 Sales $ $680,000 $566,399 $660,000 $589,626 $631,000 $610,000 $649,000 $644,800 $727,300 Sale Date 10/13/2010 1/15/2011 12/18/2010 12/27/2010 7/16/2010 10/12/2010 8/28/2010 02/14/2011 1/3/2011 2,385 2,049 2,098 Very Good Very Good Medium Very High Medium Very High High Medium SqFt 6,000 SqFt 9,470 SqFt 6,000 SqFt 0 5 4 4 Acceptance of Variable Accepted Accepted Accepted Accepted Accepted Accepted Excluded Accepted Date of Sale Price GLA Site Area Bdrms Baths Distance Sale 0.00 3.00 2.50 3.00 2,086 7,098 SqFt 3 2.00 2,253 7,000 SqFt 5 3.00 2,061 5,800 SqFt 5 2.50 2,021 6,018 SqFt 4 3.00 2,346 9,180 SqFt 4 2.50 3,247 17,424 SqFt 6 3.00 0 mi 0.54 mi 0.45 mi 1.03 mi 0.69 mi 0.42 mi 0.78 mi 0.34 mi 1.06 mi 0.65 mi $122,640.66 to -$11.93 to $53 $103,292.31 to -$1.93 to $6.4 $39,255.59 to $ -$3,303.92 to - -$156.77 to $1 Comments: Evaluation of Data and Analysis Number of Observations Acceptable Data Quality Comparison of Subject to Dataset Overall Agreement with Model Output Overall Agreement with Model Accuracy Acceptable Acceptable There was a sufficiency of quality data to produce an appropriate indication of value from the regression analysis. The R squared and Adjusted R squared reflect a well-designed model. The measures of dispersion in the COV and COD, in tandem with the High High Standard Error at 7.02% were both determined to represent a highly predictive valuation with minor error. Copyright 2009-2010 AppraisalWorld, Inc. 866-445-8367 All Rights Reserved Page 4 of 17

HISTORY SALES AND LISTINGS ANALYSIS Subject 3 yr Sale History Sale #1 12 Month Sale History Sale #2 12 Month Sale History Sale #3 12 Month Sale History Price Date Deed Type Price Date Price Date Price Date $ $ $ $ $ $ $ $ $ $ $ $ Subject Currently Listed? Yes No Listing Price $ Sale and Listing Comments: COMPARABLE SALE ANALYSIS FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address 2911 REQUA COURT 3201 NAPA COURT 2742 ALDWORTH DRIVE Proximity to Subject 0.453 miles 1.063 miles 0.69 miles Sale Price $ $ 566,399 $ 644,800 $ 589,626 Sale Price/GLA $ /sq.ft. $ 276.43 /sq.ft. $ 274.85 /sq.ft. $ 282.66 /sq.ft. VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +/- $ Adjustment DESCRIPTION +/- $ Adjustment DESCRIPTION +/- $ Adjustment Date of Sale / Time Location Suburban 1/15/2011-5,631 02/14/2011-3,520 12/27/2010-6,969 Site Views Neighborhood View Neighborhood View Neighborhood View ViewofMountains,ViewofC ity Lights-10,000 Condition Design (Style) Single Story 1Story,Contemporary 1 Story 1 Story,Traditional Site Area (SqFt) 10,260 SqFt 9,470 SqFt 3,160 9,180 SqFt 4,320 7,098 SqFt 12,648 Year Built 1978 1980-4,700 1976 4,700 1986-18,801 Above Grade Total Brs. Baths Total Brs. Baths Total Brs. Baths Total Brs. Baths Room Count 11 4 3 4 2.5 30,000 4 2.5 30,000 3 2 60,000 Gross Living Area 2431 sq.ft. 2049 sq.ft. 7,926 2346 sq.ft. 1,764 2086 sq.ft. 7,159 Basement Area Basement Finished Area Car Storage G2, CP0 2, 3, -57,733 2, Fireplace(s) No FP 1-3,000 1-3,000 1-3,000 Pool / Spa No Pool, No Spa No Pool, No Spa No Pool, No Spa No Pool, No Spa Net Adjustment (Total) Net Adj 4.90% $ 27,755 Adjusted Sale Price Gross Adj 9.61% $ 594,154 -Net Adj 3.64% $ -23,469 Gross Adj 16.29% $ 621,331 Net Adj 6.96% Gross Adj 20.11% $ 41,037 $ 630,663 COMPARABLE LISTING ANALYSIS FEATURE SUBJECT COMPARABLE LISTING # 1 COMPARABLE LISTING # 2 COMPARABLE LISTING # 3 Address 3328 ARQUEADO DRIVE 3333 SELVA DRIVE 3251 NAPA DRIVE Proximity to Subject 0.558 miles 1.085 miles 1.015 miles REO Property Yes No Yes X No Yes X No Yes X No Original List Price $ $ $ $ Date of Last Revision Total Days on Market Current List Price $ $ 610,000 $ 595,000 $ 602,000 Listing/Sales Ratio 95.60 95.60 95.60 95.60 Forecasted Sale Price $ $ 583,160 $ 568,820 $ 575,512 List Price/GLA $ /sq.ft. $ 243.19 /sq.ft. 267.68 /sq.ft. $ 268.43 /sq.ft. VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +/- $ Adjustment DESCRIPTION +/- $ Adjustment DESCRIPTION +/- $ Adjustment Location Suburban Site Views Neighborhood View Neighborhood View Neighborhood View Neighborhood View Condition Design (Style) Site Area (SqFt) Single Story 10,260 SqFt 1 Story,Traditional 9,900 SqFt 1,440 1 Story,Ranch 11,100 SqFt -3,360 1 Story,Traditional 9,180 SqFt 4,320 Year Built 1978 1979-2,350 1965 30,551 1975 7,050 Above Grade Total Brs. Baths Total Brs. Baths Total Brs. Baths Total Brs. Baths Room Count 11 4 3 4 2.5 30,000 4 3 4 2 60,000 Gross Living Area 2431 sq.ft. 2398 sq.ft. 685 2125 sq.ft. 6,350 2144 sq.ft. 5,955 Basement Area Basement Finished Area Car Storage G2, CP0 2, 2, 2, Fireplace(s) No FP 1-3,000 1-3,000 1-3,000 Pool / Spa No Pool, No Spa No Pool, No Spa No Pool, No Spa No Pool, No Spa Net Adjustment (Total) Net Adj 4.59% $ 26,775 Adjusted Sale Price Gross Adj 6.43% $ 609,935 Net Adj 5.37% Gross Adj 7.61% $ 30,541 $ 599,361 Net Adj 12.91% Gross Adj 13.96% $ 74,325 $ 649,837 VALUE CONCLUSIONS Indicated Value by Sales Comparison Approach $ 614,500 Indicated Value by Listing Comparison Using Forecasted Sale Price $ 619,000 Comments: Sales: The comparable sales and listings were both appropriate and relatively recent in nature. There were ample sales in this neighborhood, all similar to the subject in all key factors of comparison. The adjustments applied were appropriate and supportable, and result in an appropriate indication of value from this approach. Listing: Copyright 2009-2010 AppraisalWorld, Inc. 866-445-8367 All Rights Reserved Page 5 of 17

COMMENT ADDENDUM RECONCILIATION COMMENTS There was a sufficiency of data in all three valuation methods to render a credible valuation for the subject property. The regression value closely supported the valuation conclusions derived from the three sales determined to be most relevant in the valuation of the subject. The Listings considered within the analysis were slightly higher than the sales or regression, but ultimately support the final value conclusion of $615,000. Copyright 2009-2010 AppraisalWorld, Inc. 866-445-8367 All Rights Reserved Page 6 of 17

FLOOD MAP Copyright 2009-2010 AppraisalWorld, Inc. 866-445-8367 All Rights Reserved Page 7 of 17

LOCATION MAP 2911 REQUA COURT 3201 NAPA COURT 2742 ALDWORTH DRIVE Comparable Sales: Subject: Comparable Listings: 3328 ARQUEADO DRIVE 3333 SELVA DRIVE 3251 NAPA DRIVE Copyright 2009-2010 AppraisalWorld, Inc. 866-445-8367 All Rights Reserved Page 8 of 17

SUBJECT AERIAL PHOTOS Photo Description Top View Photo Source subphotosource1 Photo Date 08/16/2005 Photo Description North View Photo Source subphotosource2 Photo Date 08/16/2005 Photo Description East View Photo Source subphotosource3 Photo Date 08/16/2005 Photo Description West View Photo Source subphotosource5 Photo Date 08/16/2005 Copyright 2009-2010 AppraisalWorld, Inc. 866-445-8367 All Rights Reserved Page 9 of 17

COMPARABLE SALE AND LISTING PHOTOS Comparable Sales Comparable Listings Sale #1 Listing #1 Photo Description 2911 REQUA COURT Photo Description 3328 ARQUEADO DRIVE Sale #2 Listing #2 Photo Description 3201 NAPA COURT Photo Description 3333 SELVA DRIVE Sale #3 Listing #3 Photo Description 2742 ALDWORTH DRIVE Photo Description 3251 NAPA DRIVE Copyright 2009-2010 AppraisalWorld, Inc. 866-445-8367 All Rights Reserved Page 10 of 17

DEFINITION OF TERMS AND OVERVIEW OF PROCESS Definitions DEFINITION OF R-SQUARED (Coefficient of Determination): In regression analysis, a measure of the strength of the relationship between the independent variables and the dependent variable. The measure ranges from 0 to 1 - the higher the number, the stronger the relationship (0 would indicate no relationship). DEFINITION OF ADJUSTED R-SQUARED: R-Squared can overstate the goodness of fit in a model when insignificant variables are included, or the number of variables is large relative to the number of sales. Adjusted R-Squared rewards parsimony and takes into consideration the number of independent variables, thereby diminishing R-Squared appropriately. DEFINITION OF T-SCORE: A particular statistic that measures the significance of a variable in a regression analysis. The statistic is important in inferential statistics for hypothesis testing. In regression analysis, the t-statistic is equal to the standard error of a regression coefficient divided by the coefficient. DEFINITION OF COV (Coefficient of Variation): A standard statistical measure of the relative dispersion of the sample data about the mean of the data; the standard deviation expressed as a percentage of the mean. DEFINITION OF COD (Coefficient of Dispersion): The average deviation of a group of numbers from the median expressed as a percentage of the median. DEFINITION OF STANDARD ERROR: A measure of the precision of a measure of central tendency; the smaller the standard error, the more reliable the measure of standard tendency. In regression analysis, the standard deviation of a regression coefficient; the smaller the standard error relative to the coefficient, the more reliable the coefficient. DEFINITION OF SALES RATIO : A measure of model accuracy that divides predicted values by sales prices. The closer to 1 that a sales ratio is, the better the model's predictive capabilities. DEFINITION OF STANDARD DEVIATION: The statistic calculated from a set of numbers by subtracting the mean from each value and squaring the remainders, adding together all of the squares, dividing by the size of the sample less one, and taking the square root of the result. When the data are normally distributed, one can calculate the percentage of observations within any number of standard deviations of the mean from normal probability tables. Source Documents The Collateral Valuation Report (CVR) has been designed in conformance with all available technology, data and statistical processes, generally accepted to represent the state of industry, including: Uniform Standards of Professional Appraisal Practice (USPAP): Standard 1 Standard 2 Since specialized statistical and mass appraisal information is contained within Standard 6 and Advisory Opinion 18, these sources have also been considered in tandem with the Development and Reporting standards contained within Standard 1 and Standard 2. It is expressly understood that the Collateral Valuation Report is a summary appraisal report performed under the guidance of Standards 1 and 2 as noted above. Joint Industry Task Force on Automated Valuation Models: Standards and Testing Guidelines These standards and guidelines are instructive in the method of testing accuracy and identifies the statistics and outcome guidelines that can be relied upon in performance of statistical analysis. International Association of Assessing Officers: Standard on Ratio Studies Mass Appraisal of Real Property Standard on Automated Valuation Models While the Collateral Valuation Report is a summary appraisal report on a single property, there is a significant body of knowledge contained within the three key reference sources listed above. Each of these sources is the expected standard within the appraisal profession as it pertains to the use of statistical analysis in real estate valuation. General guidelines from these source texts have been considered, and where appropriate, implemented within the process that generates the Collateral Valuation Report. Appraisal Institute: A Guide to Appraisal Valuation Modeling Practical Applications in Appraisal Valuation Modeling and Design The 13th Edition of the Appraisal of Real Estate Visual Valuation: Implementing Valuation Modeling and Geographic Information Systems These texts form the body of knowledge that helps provide an understanding of the modeling process and the use of statistics in real estate The Modeling Process An acceptable model will have both reasonable coefficients and satisfactory outcome statistics. The appraiser has been trained in a manner sufficient to understand the various statistical measures outlined in this report. The statistical measures defined within this analysis allow the appraiser to understand the data and draw certain conclusions based on the accuracy of the data, the amount and quality of the data, and the measures of statistical significance and accuracy of the analysis applied. Competence The appraiser completing the Collateral Valuation Report asserts that they have undergone sufficient training, and further, have an understanding of the statistical measures underlying the regression component of the process to generally understand the method and manner of analysis: The appraiser does not assert that they are statisticians. They are, however, aware of the basic guidelines pertaining to the use of the CVR application as a tool to analyze small market datasets, and as such, are capable of understanding the analysis and methodology in a manner sufficient to render a credible estimate of value in tandem with the other data and analysis present in the report. The final value conclusion is the appraiser's own, and is based on the appraiser's knowledge and experience in the field of appraisal. The data and analysis in this report, whether through direct information or through derived statistical information, aids the appraiser in understanding the dynamics of the neighborhood and market area. Copyright 2009-2010 AppraisalWorld, Inc. 866-445-8367 All Rights Reserved Page 11 of 17

SCOPE OF WORK INTERIOR At the request of the client, the appraiser has prepared a summary appraisal report of the subject property to meet the specfic needs of the client, the intended user of this report. APPRAISER'S ABILITY TO PROVIDE CREDIBLE ANALYSIS: Under the Uniform Standards of Professional Appraisal Practice, the appraiser is required to measure the credibility of results within context of intended use, intended user(s), and scope of work applied. In the case of this assignment, the appraiser is able to perform the appraisal assignment and provide a credible analysis based on intended use, intended user(s), and scope of work and assumptions and limiting conditions stated herein. This appraisal is subject to the following scope of work, intended use, intended user(s), definition of market value, statement of assumptions and limiting conditions, and certifications by the appraiser. INTENDED USE: Portfolio Mgmt INTENDED USER(S): Strong Dollar Reserves This report is not intended by the appraiser for any other use or by any other user. SCOPE OF WORK: Definition: Scope of work is the type and extent of research and analysis in an assignment and includes, but is not limited to, the following: (1) the degree to which the property is inspected and identified; (2) the extent of research into physical or economic factors that could affect the property; (3) the extent of data research; (4) the extent and type of analysis applied to arrive at opinions and conclusions. Scope of Work Applied: What was done: 1. The appraiser has consulted public and private data sources to determine the location and physical characteristics of the subject property, competing listing and sales necessary for this analysis. Other documentation reported within the report from disinterested sources and which are deemed reliable by the appraiser may have been used. Should the information be incorrect, it could have an impact on the assignment results provided by the client, including prior appraisals or evaluations and information provided by the owner. The appraiser has reported the sources of data that were relied upon and has a reasonable belief that the information is accurate and unbiased. Should this information be incorrect, it could have an impact on assignment results. 2. The appraiser has collected general market data from local sources, including the Multiple Listing Service to analyze the current state of the market as it relates to the subject property. 3. The sales comparison approach was performed on both sold and currently listed properties. 4. Adjustments made to the sales and listings in the comparison approach may have been based on regression analysis and or data extracted from the market or previous appraisal assignments. 5. The appraiser has analyzed general and specific data and formed an opinion as to the market value of the subject property. 6. The appraiser has provided a summary appraisal report of the analysis, opinions and conclusions. 7. The appraiser has performed an interior inspection of the subject property. What was not done: 1. The highest and best use of the subject property is assumed to be its current use. 2. The cost approach and income approach, though considered, were not applied. These approaches were not applied based on the needs of the client. The decision to not use these approaches does not have an impact on the assignment results. 3. The value of personal property was not included in the assignment except for built-in appliances which are typically included in the transactions in this market. Copyright 2009-2010 AppraisalWorld, Inc. 866-445-8367 All Rights Reserved Page 12 of 17

ASSUMPTIONS AND LIMITING CONDITIONS INTERIOR ASSUMPTIONS AND LIMITING CONDITIONS: 1. This report is prepared using forms developed and copyrighted by AppraisalWorld, Inc. However, the content, analyses, and opinions set forth in this report are the sole product of the appraiser. AppraisalWorld, Inc. is not liable for any of the content, analyses, or opinions set forth herein. 2. The Opinion of Value is limited to publically available neighborhood and property information for the subject property and comparable properties unless a physical inspection of the subject was performed. Therefore the appraiser cannot acknowledge or consider such information not described in Public Record or MLS data or other sources deemed to be reliable by the appraiser. 4. The property is appraised free and clear of any or all liens or encumbrances and in fee simple ownership. 5. The information furnished by others is believed to be reliable, but no warrantee is given for its accuracy. 6. It is assumed that property management is competent and that the property condition is typical of the market area unless specifically described otherwise. 7. It is assumed that the subject property is in habitable and in marketable condition with no faults or defects and similar to other substitute properties offered in the market or recently sold. 8. It is assumed that 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. 9. It is assumed that the property conforms to all applicable zoning and use regulations and restrictions unless nonconformity has been identified, described and considered in the appraisal report. 10. It is assumed that all required licenses, certificates of occupancy, consents, and other legislative or administrative authority from any local, state, or national government or private entity or organization have been or can be obtained or renewed for any use on which the value opinion in this report is based. 11. It is assumed that the use of the land and improvements is confined within the boundaries or property lines of the property described and that there is no encroachment or trespass. 12. The highest and best use of the subject is assumed to be residential. If this assumption is incorrect, it could have a material impact on the valuation conclusion. The decision to make this assumption does not have an impact on credibility of the analysis. 13. Possession of this report, or a copy thereof, does not carry with it the right of publication. Neither all nor any part of the contents of this report (especially any opinions as to the value, the identity of the appraiser, or the firm the appraiser is connected) shall be disseminated to the public through advertising, public relations, news, sales, or other media without the prior written consent and approval of the appraiser. 14. The appraiser by reason of this appraisal is not required to give further consultation or testimony or be attendance in count with reference to the property in question unless arrangements have been previously made. 15. Any value opinions provided in the report apply to the entire property, and any proration of division of the total into fractional interests will invalidate the value opinion, unless such proration or division of interest has been set forth in the report. 16. I have not authorized anyone to make a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it. 17. The client identified in this report may disclose or provide this appraisal report as required by law or regulation and as necessary to complete or consider the event or transaction for which the appraisal was requested by the client. The appraiser's consent must be obtained before this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). Receipt of this appraisal report by any party not identified as the client or intended user shall not entitle that recipient to rely on the appraisal for any purpose or to use the appraisal in any manner other than for the intended use and user stated in this report. Copyright 2009-2010 AppraisalWorld, Inc. 866-445-8367 All Rights Reserved Page 13 of 17

EXTERIOR PROPERTY INSPECTION Ref. No. 00018210 Property Address: : Anytown County: Banner State: US Zip Code: 74776 FRONT VIEW STREET VIEW Does the property generally conform to the neighborhood in terms of style and construction materials? Yes No If No, describe: Does the site generally conform to the neighborhood in terms of size and shape? Yes No If No, describe: Rate the overall effect of the site's factors on the value and marketability of the subject property. View Neighborhood View Beneficial Neutral Adverse Location Other Corner Lot Quiet Neighborhood Beneficial Beneficial Neutral Neutral Adverse Adverse Describe other beneficial or adverse site characteristics impacting the property's value and marketability: Appeal Overall Site Appeal Rating Overall Neighborhood Appeal Rating Overall Exterior Appeal of Improvement Excellent Good Average Fair Poor Additional Comments: Copyright 2009-2010 AppraisalWorld, Inc. 866-445-8367 All Rights Reserved Page 14 of 17

INTERIOR PROPERTY INSPECTION Ref. No. 00018210 Property Address: : Anytown County: Banner State: US Zip Code: 74776 Condition and Quality of Interior: Select one of the standardized condition and quality ratings below that best describes the overall condition and quality of the subject property. Condition Rating: Quality Rating: C1 - New, Recently Constructed Not previously occupied C2 - Almost New, Renovated No repairs or updating required C3 - Well Maintained Limited depreciation, recently updated C4 - Adequately Maintained Requires minimal repairs/updating C5 - Poorly Maintained Some obvious and significant repairs C6 - Severe Damage Substantial repairs to most Q1 - Exceptionally High Architecturally designed home; high grade mat'l Q2 - Very High Custom home; High quality tract developments Q3 - Above Standard Above standard residential developments Q4 - Standard Materials are stock or builder grade Q5 - Below Standard Meets minimum building codes Q6 - Very Poor Lowest quality mat'l, Non-conforming construction Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.): This is a well maintained home in a quiet neighborhood. KITCHEN LIVING ROOM MASTER BEDROOM MASTER BATHROOM Copyright 2009-2010 AppraisalWorld, Inc. 866-445-8367 All Rights Reserved Page 15 of 17

INTERIOR PROPERTY INSPECTION Ref. No. 00018210 Property Address: : Anytown County: Banner State: US Zip Code: 74776 Bathroom #1 Bathroom #2 Bathroom #3 Bathroom #4 Bedroom #1 Bedroom #2 Copyright 2009-2010 AppraisalWorld, Inc. 866-445-8367 All Rights Reserved Page 16 of 17

INTERIOR PROPERTY INSPECTION Ref. No. 00018210 Property Address: : Anytown County: Banner State: US Zip Code: 74776 Bedroom #3 Bedroom #4 Copyright 2009-2010 AppraisalWorld, Inc. 866-445-8367 All Rights Reserved Page 17 of 17