APPRAISAL OF REAL PROPERTY

APPRAISAL OF REAL PROPERTY LOCATED AT 29 Lighthouse View Dr, MD 21666 Lot 9 Bloody Point Farm FOR 29 Lighthouse View Dr, MD 21666 AS OF 4/7/217 BY Christine S. Lobos Lobos Appraisers 1 Academy Dr Elkton, MD 21921-365 (443) 35-965 clobos@lobosappraisers.com www.lobosappraisers.com Form GA1NV - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

29 Lighthouse View Dr File No. TABLE OF CONTENTS Cover Page... 1 Table of Contents... 2 Statement of Limiting Conditions... 3 Market Conditions Addendum to the Appraisal Report... 5 GP Residential... 6 GP Residential... 7 GP Residential... 8 General Text Addendum... 9 Building Sketch (Page - 1)... 1 Building Sketch (Page - 2)... 11 Building Sketch (Page - 3)... 12 Subject Photos... 13 Photograph Addendum... 14 Photograph Addendum... 15 Comparable Photos 1-3... 16 Location Map... 17 Aerial Map... 18 Flood Map... 19 Nautical Map... 2 Tax Assessor's Map... 21 Appraiser Qualifications... 22 Appraiser License... 23 Form TOCNP - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

File No. DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. (Source: FDIC Interagency Appraisal and Evaluation Guidelines, October 27, 1994.) * Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgement. STATEMENT OF LIMITING CONDITIONS AND CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the following conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is valued on the basis of it being under responsible ownership. 2. Any sketch provided in the appraisal report may show approximate dimensions of the improvements and is included only to assist the reader of the report in visualizing the property. The appraiser has made no survey of the property. 3. 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, or as otherwise required by law. 4. Any distribution of valuation between land and improvements in the report applies only under the existing program of utilization. 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. 5. The appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous waste, 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. This appraisal report must not be considered an environmental assessment of the subject property. 6. 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. 7. 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. 8. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner. 9. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report (including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage insurer; consultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality of the United States or any state or the District of Columbia; except that the lender/client may distribute the property description section of the report only to data collection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media. 1. The appraiser is not an employee of the company or individual(s) ordering this report and compensation is not contingent upon the reporting of a predetermined value or direction of value or upon an action or event resulting from the analysis, opinions, conclusions, or the use of this report. This assignment is not based on a required minimum, specific valuation, or the approval of a loan. Page 1 of 2 Form ACR2 - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

File No. CERTIFICATION: 1. The appraiser certifies and agrees that: The statements of fact contained in this report are true and correct. 2. 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. 3. Unless otherwise indicated, 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. 4. Unless otherwise indicated, I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. 5. I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. 6. My engagement in this assignment was not contingent upon developing or reporting predetermined results. 7. 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. 8. 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. 9. Unless otherwise indicated, I have made a personal inspection of the interior and exterior areas of the property that is the subject of this report, and the exteriors of all properties listed as comparables. 1. Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification (if there are exceptions, the name of each individual providing significant real property appraisal assistance is stated elsewhere in this report). ADDRESS OF PROPERTY ANALYZED: 29 Lighthouse View Dr,, MD 21666 APPRAISER: SUPERVISORY or CO-APPRAISER (if applicable): Signature: Name: Christine S. Lobos Signature: Name: Title: Certified Residential State Certification #: 327551 or State License #: State: MD Expiration Date of Certification or License: Date Signed: Title: 4/13/22 State Certification #: or State License #: State: Expiration Date of Certification or License: Date Signed: Did Did Not Inspect Property Page 2 of 2 Form ACR2 - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

MARKET RESEARCH & ANALYSIS Market Conditions Addendum to the Appraisal Report File No. The purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subject neighborhood. This is a required addendum for all appraisal reports with an effective date on or after April 1, 29. ZIP Code 21666 29 Lighthouse View Dr Instructions: The appraiser must use the information required on this form as the basis for his/her conclusions, and must provide support for those conclusions, regarding housing trends and overall market conditions as reported in the Neighborhood section of the appraisal report form. The appraiser must fill in all the information to the extent it is available and reliable and must provide analysis as indicated below. If any required data is unavailable or is considered unreliable, the appraiser must provide an explanation. It is recognized that not all data sources will be able to provide data for the shaded areas below; if it is available, however, the appraiser must include the data in the analysis. If data sources provide the required information as an average instead of the median, the appraiser should report the available figure and identify it as an average. Sales and listings must be properties that compete with the subject property, determined by applying the criteria that would be used by a prospective buyer of the subject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc. Inventory Analysis Prior 7 12 Months Prior 4 6 Months Current 3 Months Overall Trend Total # of Comparable Sales (Settled) 11 7 4 Absorption Rate (Total Sales/Months) 1.83 2.33 1.33 Total # of Comparable Active Listings 26 22 37 Months of Housing Supply (Total Listings/Ab.Rate) 14.2 9.4 27.8 Median Sale & List Price, DOM, Sale/List % Overall Trend Prior 7 12 Months Prior 4 6 Months Current 3 Months Median Comparable Sale Price 2,5, 1,8, 1,775, Median Comparable Sales Days on Market 15 149 35 Median Comparable List Price 1,91, 1,995, 1,995, Median Comparable Listings Days on Market 314.5 314.5 165 Median Sale Price as % of List Price 91.53 96 94.79 Seller-(developer, builder, etc.)paid financial assistance prevalent? Yes No Explain in detail the seller concessions trends for the past 12 months (e.g., seller contributions increased from 3% to 5%, increasing use of buydowns, closing costs, condo fees, options, etc.). The MRIS MLS indicates there were 22 closed sales during the past 12 months and 2 of those sales contained seller concessions which is 9% of the total transactions in this market area. Prior Months 7-12: 11 Sales; with concessions; % of sales for this period. 4-6: 7 Sales; 2 with concessions; 29% of sales for this period. -3: 4 Sales; with concessions; % of sales for this period. The concessions ranged between 764 and 2,36. The median concession amount is 1,562. Are foreclosure sales (REO sales) a factor in the market? Yes No If yes, explain (including the trends in listings and sales of foreclosed properties). The MRIS MLS indicates there were 22 closed sales during the past 12 months and 1 of those sales were either foreclosures or short sales which is 5% of the total transactions in this market area. Prior Months 7-12: 11 Sales; 1 foreclosures or short sales; 9% of sales for this period. 4-6: 7 Sales; foreclosures or short sales; % of sales for this period. -3: 4 Sales; foreclosures or short sales; % of sales for this period. There are no foreclosure sales in any of the time periods. Over the past year 5% were REO Sales, a decrease from 13% the year prior. Cite data sources for above information. The MRIS MLS was the data source used to complete the Market Conditions Addendum. Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such as an analysis of pending sales and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions. APPRAISER CONDO/CO-OP PROJECTS The information requested above is based on improved properties that are competitive with the subject property (waterfront; 2-1 acres; 45 sf of GLA) in all of Queen Annes and Talbot County. For clarity, more detail of the subject neighborhood, which includes ALL detached sales and listings in the subjects zip code is provided in the neighborhood market conditions section of this report, in the general text addenda attached. If the subject is a unit in a condominium or cooperative project, complete the following: Project Name: Subject Project Data Prior 7 12 Months Prior 4 6 Months Current 3 Months Overall Trend Total # of Comparable Sales (Settled) Absorption Rate (Total Sales/Months) Total # of Active Comparable Listings Months of Unit Supply (Total Listings/Ab.Rate) Are foreclosure sales (REO sales) a factor in the project? Yes No If yes, indicate the number of REO listings and explain the trends in listings and sales of foreclosed properties. Summarize the above trends and address the impact on the subject unit and project. Signature Appraiser Name Christine S. Lobos Company Name Lobos Appraisers Company Address 1 Academy Dr, Elkton, MD 21921-365 State License/Certification # 327551 Email Address Signature Supervisory Appraiser Name Company Name Company Address State License/Certification # Email Address clobos@lobosappraisers.com Freddie Mac Form 71 March 29 State Page 1 of 1 Fannie Mae Form 14MC March 29 Form 14MC2 - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

Lobos Appraisers MARKET AREA DESCRIPTION ASSIGNMENT SUBJECT RESIDENTIAL APPRAISAL REPORT File No.: : State: MD Zip Code: 21666 Legal Description: Lot 9 Bloody Point Farm Assessor's Parcel #: 18499826 Tax Year: 21 R.E. Taxes: 14,672 Special Assessments: (if applicable): Manufactured Housing Current Owner of Record: Occupant: Owner Tenant Vacant Project Type: PUD Condominium Cooperative Other (describe) subdivision HOA: 2 per year per month Market Area Name: Map Reference: 1258 Census Tract: 819.2 Bloody Point Farm 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: The intended use of this appraisal is to determine a fair market value for the owner to determine a fair sale price. : 29 Lighthouse View Dr County: Queen Annes Intended User(s) (by name or type): (homeowners) Client: Address: 29 Lighthouse View Dr,, MD 21666 Appraiser: Address: 1 Academy Dr, Elkton, MD 21921-365 Christine S. Lobos Location: Urban Suburban Rural Predominant One-Unit Housing Present Land Use Change in Land Use Occupancy Built up: Over 75% 25-75% Under 25% PRICE AGE One-Unit Not Likely 55 % () (yrs) Growth rate: Rapid Slow Owner 71 2-4 Unit Likely * In Process * 2% Property values: Tenant Low Multi-Unit 2 84 1 1 % * To: Demand/supply: Shortage In Balance Over Supply Vacant (-5%) 3,45 High 217 Comm'l 15 % Marketing time: Under 3 Mos. 3-6 Mos. Over 6 Mos. Vacant (>5%) 348 Pred 33 AG/Parks/Rd 18 % Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): Dimensions: 381.52x397.33x326.38x366. Zoning Classification: NC-2 DESCRIPTION OF THE IMPROVEMENTS SITE DESCRIPTION Are CC&Rs applicable? Yes Highest & Best Use as improved: Actual Use as of Effective Date: Summary of Highest & Best Use: No Unknown Present use, or Zoning Compliance: Legal Have the documents been reviewed? Other use (explain) See attached addenda. Site Area: 3.1 ac Description: Neighborhood Conservation District 2,S Legal nonconforming (grandfathered) Illegal No zoning / Yes No Ground Rent (if applicable) Use as appraised in this report: Residential Residential The highest and best use for the subject is "as-is", improved with a single family dwelling. Type Public Private Public Other Provider/Description Off-site Improvements Electricity Street unknown paved Gas Curb/Gutter none LP gas Water Sidewalk Well none Sanitary Sewer Street Lights unknown Septic Storm Sewer Alley unknown none 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 # 2435C43D Site Comments: See attached addenda. Utilities Topography Size Shape Drainage View generally level 3.1 ac mostly square adequate Res/WtFt FEMA Map Date 11/5/214 General Description Exterior Description Foundation Basement Heating zoned None # of Units Slab Area Sq. Ft. Type Acc.Unit Foundation 1 masonry none FWA # of Stories Exterior Walls Crawl Space % Finished Fuel 2 stucco Oil-HtPump Type Det. Att. Roof Surface Ceiling Arch.Comp. S. Basement none Cooling zoned Design (Style) DT2;Contemp Gutters & Dwnspts. oversized alum Sump Pump Walls unk Existing Proposed Und.Cons. Window Type Central AC casement/other Dampness none obser. Floor Actual Age (Yrs.) Storm/Screens Settlement none observed Outside Entry Other 23 N/Y Effective Age (Yrs.) 8 Infestation none observed Interior Description Appliances Attic Car Storage None Amenities None Floors Refrigerator Stairs Fireplace(s) # Woodstove(s) # Garage # of cars ( Hdwd-tile-carp/good 1 1 Tot.) Walls Range/Oven Drop Stair Patio Attach. ptddw-wpap/good R stamped 3 Trim/Finish Scuttle Deck Detach. clear-ptd wood/good Disposal R balcony 2 Bath Floor Dishwasher Doorway Porch 2 F.covered Blt.-In tile/good Bath Wainscot ptd dw-wp/good Fan/Hood Floor Fence none Carport Doors Heated Pool Driveway r.pan.solid wood-good Microwave InGrd-plaster CA 5 Washer/Dryer Finished Surface paved other Pier/2 lifts Finished area above grade contains: 1 Rooms 4 Bedrooms 3.1 Bath(s) 4,789 Square Feet of Gross Living Area Above Grade Additional features: See comments in attached addenda Describe the condition of the property (including physical, functional and external obsolescence): See comments in attached addenda Copyright 27 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. - 1-8-ALAMODE 3/27

SALES COMPARISON APPROACH TRANSFER HISTORY RESIDENTIAL APPRAISAL REPORT File No.: 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): MRIS/public record 1st Prior Subject Sale/Transfer Analysis of sale/transfer history and/or any current agreement of sale/listing: The prior transfer of the subject was Date: 4/7/1992 between entities and most likely a multiple transaction. Price: 2,137,2 Source(s): County Records 2nd Prior Subject Sale/Transfer Date: unknown 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 29 Lighthouse View Dr 75 Penny Dr 618 Country Club Dr 12 Tanners Point Dr, MD 21666 Proximity to Subject Sale Price Sale Price/GLA /sq.ft. Data Source(s) Site Inspection Verification Source(s) MRIS/HmOwn VALUE ADJUSTMENTS DESCRIPTION Sales or Financing N/A Concessions N/A Date of Sale/Time N/A Rights Appraised Fee Simple Location B;Res;WtFt Site 3.1 ac View B;Res/WtFt Design (Style) DT2;Contemp Quality of Construction Q2-very good Age 23 Condition C2-very good Above Grade Total Bdrms Baths Room Count 1 4 3.1 Gross Living Area 4,789 sq.ft. Basement & Finished Rooms Below Grade Functional Utility Adequate Heating/Cooling FWA/CAC Energy Efficient Items zoned HVAC Garage/Carport 3ga2gd5dw Porch/Patio/Deck F.cov/R/Rbalcony Fireplace Other Pool, MD 21666 2.37 miles E 1,65, 298.59 /sq.ft. MRIS#QA9643464;DOM 35 MRIS/Tax Records DESCRIPTION +(-) Adjust. ArmLth Cash; s7/16;c6/16 Fee Simple B;Res;WtFt 3.46 ac -3,6 B;Res/WtFt DT1;Contemp Q2-very good 28 C2-updated -49,5 Easton, MD 2161 17.78 miles SE 1,6, 276.72 /sq.ft. MRIS#TA9582424;DOM 15 MRIS/Tax Records DESCRIPTION +(-) Adjust. ArmLth Other; s1/16;c7/16 Fee Simple B;Res;WtFt 2.14 ac +9,6 B;Res/WtFt DT2;Trad Q2-very good 29 C2-very good, MD 21666 2.14 miles NE 1,75, 299.86 /sq.ft. MRIS#QA9785682;DOM 54 MRIS/Tax Records DESCRIPTION +(-) Adjust. ArmLth Other; s1/17;c12/16 Fee Simple B;Res;WtFt 2.85 ac +2,5 B;Res/WtFt DT2;Trad Q2-very good 23 C2-updated -52,5 Total Bdrms Total Bdrms Total Bdrms 12 5 Baths 4.1 5,526 sq.ft. Adequate FWA/CAC None 3ga3dw Fcov/R/R 1 Fireplace 1 Fireplace Pier/boat&Jetski Lf Pier/boat lift CC-IG-California IG CC Net Adjustment (Total) Adjusted Sale Price of Comparables Summary of Sales Comparison Approach + -12,5-33,2 3 Baths 4.1 5,782 sq.ft. +1,5 Adequate FWA/CAC None 2ga2dw Fcov-Rscrn/R/R 5 Fireplaces Pier/boat lift IG CC-infinity -84,8 + +5, +1, -2,5-8 - Baths -7,5 12 5 6.1-44,7 5,836 sq.ft. Adequate FWA/CAC +5, zoned HVAC +15, 3ga3dw -11,5 F-Rcov-Rscrn/R/ 2 Fireplaces +1,5 Pier/boat&JetskiLf IG CC -32,6 + - -32,5-47,1 +1, -9, -128,6 1,565,2 1,567,4 1,621,4 The 3 properties used in this analysis are felt to be the most competitive with the subject as to amenities, condition, and being equally navigable waterfront property. Though the attempt was made to stay within guidelines, it was necessary to go outside the parameters in distance, (> 1 mile), and for some net and gross adjustments due to the uniqueness and waterfront property considerations. This is not unusual in the appraisal of these one of a kind properties and in fact, is often necessary in order to accurately reflect market reaction to the perceived benefits that these properties offer. It is also critical to find similar in condition, having comparable amenities as the subject. The adjustments best reflect market reaction to key differences with the Subject property, particularly in the current market environment. Adjustment for the differences in acreage is adjusted at 1, per acre. Adjustment in CONDITION was made to Comps 1 and 3 for having more updated materials, such as countertops and appliances in the kitchen and tile work in the showers of some of the bathrooms. Adjustments for Gross Living Area (GLA) differences take into account variations in room count and were adjusted at 45. psf. The differences in the number of bedrooms and bathrooms are viewed separately by the market and adjusted accordingly (BR-25/FB-1,). Adjustment has been made for amenities such as the difference in ENERGY EFFICIENT ITEMS: Comps 1 and 2 lack zoned HVAC; GARAGE: The differences in garage is adjusted at 5,/space; PORCH/PATIO/DECK: The differences in the exterior improvements are, the subject has a front covered porch,rear stamped patio,and a rear balcony; Comp 1 has a front covered porch, rear patio, and a rear deck/comp 2 has a front covered porch, a rear patio, rear deck, and a rear screened porch/ Comp 3 has a front and rear covered porch, a rear patio, and a rear screened porch-adjusted @ subject front covered porch-3, front and rear covered porches-4, subject rear patio-55, Comp 1 rear patio-25, Comp 2 rear patio-3, Comp 3 rear patio-5, subject rear balcony-25, Comp 1 and 3 rear deck-7, Comp 1 rear deck-75, Comp 2 rear screned porch; FIREPLACE- No adjsutment was made for having over 1 fireplace as it is not considered to add or subtract value or market appeal with these particular properties; OTHER: Comp 1 and 2 lack a jet ski lift, etc.., and does not necessarily reflect in cost, but rather the value attributed to its functional utility that is currently perceived by the market. The comparables used adjusted at a close range, providing credible results of value. The comparables weight of value is: Comparable 1-34%; Comparable 2-36%; Comparable 3-3%. All of the Comps were considered in determining the final value with the greatest weight given to Comp 2 because it is the most similar in condition to the subject, and has the least net and gross adjustments. I have considered relevant competitive listings/contract offerings in performing this appraisal, and any trend indicated by that data is supported by the listing/offering information included in this report. Indicated Value by Sales Comparison Approach 1,583, Copyright 27 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. - 1-8-ALAMODE 3/27

RESIDENTIAL APPRAISAL REPORT File No.: 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 TO VALUE (if developed) COST APPROACH The cost approach is not developed due to the opinion of your appraiser that the Sales Comparison Approach is the most reliable method of valuation, especially with waterfront/one of a kind type of properties such as the subject. INCOME APPROACH External ( 45 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) PUD 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 Site Improvements Estimated Remaining Economic Life (if required): ) 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 Final Reconciliation See attached addenda. RECONCILIATION OPINION OF SITE VALUE DWELLING 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.): 1,583, Cost Approach (if developed) 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. SIGNATURES 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. 1,565, 4/7/217 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 22 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: James or Joyce Levy E-Mail: joyce.levy@outlook.com APPRAISER Narrative Addendum Cost Addendum Photograph Addenda Flood Addendum Sketch Addendum Manuf. House Addendum Client Name: Address: 29 Lighthouse View Dr,, MD 21666 Appraiser Name: Christine S. Lobos Company: Lobos Appraisers Phone: (443) 35-965 Fax: E-Mail: clobos@lobosappraisers.com Date of Report (Signature): 4/5/216 License or Certification #: State: MD 327551 Designation: Certified Residential Expiration Date of License or Certification: 4/13/22 Inspection of Subject: Interior & Exterior Exterior Only None Date of Inspection: 4/7/217 SUPERVISORY APPRAISER (if required) or CO-APPRAISER (if applicable) 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 27 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. - 1-8-ALAMODE 3/27

Supplemental Addendum 29 Lighthouse View Dr File No. GP Residential: Market Area Description - Boundaries, Description, Conditions The subject is located on the southern tip of Kent Island, situated on Lighthouse View Drive, bound to the north and west by the Chesapeake Bay, and to the south and east by Eastern Bay, located in a subdivision of 23 lots known as Bloody Point Farm, 21 lots are improved with single family dwellings. The subject is in close proximity to major transportation routes, providing access to community amenities, shopping, schools, employment, recreational and religious facilities. Although interest rates are favorable in the market at this time, loan criteria have become more stringent, limiting qualified buyers in the market place. The real estate market appears to be leveling off with values remaining steady from 216 into 217. According to data extracted from MRIS (Metropolitan Regional Information System), the neighborhood analysis trends are based on data generated for all sales and listings of detached homes in the zip code of 21666. For the 12 month period 4/216-4/217 there were a total of 224 sales (down from 23 the year prior), having an average sales price of 419,427 (median 347,75), down from an average of 424,6 and up from a median of 333,73 the prior year. Average subsidy increased from 5,28 to 5,346 and average DOM decreased to 19, down from 119 twelve months earlier. 2% were distressed sales, decreasing from 3% the prior year. 62% required a seller subsidy, a increase from 55% one year earlier. 16% were REO sales, a decrease from 21% the prior year. Currently there are 93 active listings (31 under contract) within this market area, resulting in approximately 5 months of available housing inventory. Average list price of the active listings is 599,5 with an average DOM of 122 days (median 57 days). Sales with subsidies have increased, while distressed and REO sales have decreased from prior to past year. Overall, there is an average inventory of single family detached homes in the subject's market area. The present land use of approximately 18% designated as "OTHER" refers to AG, open space, parks, roads, schools, marinas, etc. EXPOSURE TIME: Is the length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. Exposure time is a retrospective opinion based on an analysis of past events assuming a competitive and open market. The marketing time noted in the subject section is an opinion of the amount of time it might take to sell a real or personal property interest at the concluded market value level during the period immediately after the effective date of an appraisal. The exposure time is estimated to be < 4 months. NOTE: The appraised value is above the predominant value for the neighborhood due to the statistics used for this information includes ALL detached single family dwellings in the zip code of 21666. The predominant value is the median and the subject property falls into the higher value range of properties. Waterfront properties are included in these statistics, are part of the neighborhood, are typically higher valued, and contribute to a larger than typical inventory of higher priced properties. The subject falling into the higher than predominant value for the neighborhood has no adverse effect on the subject s marketability. GP Residential: Site Description - Site Comments The subject property acreage is taken from the plat as recorded in the Queen Anne's County Land Records, Clerk M.W.M., Liber 17/Folio 74; is serviced by an on-site well and septic system which is typical for the area as no public water and sewer service is available. This has no adverse effect on the subject's marketability. The subject has 35' +/- of waterfront on the Chesapeake Bay with approximately 3- depth of water. There is a timber bulkhead with large rock rip rap at the base; with a small red rock path/border spanning the entire shore line. There is a 6' x 6' Pier with an adjoining 112sf deck that is lit and has electric outlets; boat lift; and jet ski lift. Lifts have had annual service. The on site well and septic system have been tested and were re-certified in 214. There is an underground irrigation system that covers the entire property and has been maintained regularly. GP Residential: Description of the Improvements - Property Condition Water treatment system replaced <7 years; new Ht/AC units <7 years with 1 year warranty; 4 amp electric service; 2x California style swimming pool that was re-plastered/refurbished <4 years and new pump equipment <5 years; Sound & security system throughout the house; Exterior of the dwelling re-caulked and repainted <5 years; Roof replaced with architectural composite shingles <5 years with transferable 5 year guarantee; Refrigerator, dishwasher, stove top, front loading clothes washer & dryer all replaced with high efficiency units <5 years; 2 hot water heaters <7 years; multi-plex phone system/high speed internet; insulated garage doors with automatic openers; rubber flooring throughout in garage; laundry room has utility sink; enclosed sunroom has baseboard heating-custom windows that are storm leak proof; arc way staircase in open to second floor foyer-curved wall in master bedroom suite; built in wet bar with refrigerator in hallway of second floor. Subject is in immaculate condition showing no deferred maintenance, no depreciation, and requiring no repairs. Most components are new or have recently been upgraded, all leading to a condition of "almost new", with the exception of the kitchen counter tops and some of the bathroom counter tops, (although in excellent condition). The quality of the subject is very good, custom design with high quality workmanship, materials, components, and ornamentation. GP Residential: Reconciliation - Final Reconciliation In conclusion, the greatest weight of consideration in the valuation of the subject property is the Comparable Sales Analysis. The Cost Approach is not developed due to the opinion of your appraiser that the Sales Comparison Approach is the most reliable method of valuation, especially with waterfront/one of a kind type of properties such as the subject. The Income Capitalization Method is not developed due to the fact that the subject property is not income producing. The comparables used adjusted at a close range, providing credible results of value. Christine S. Lobos has performed an appraisal of the property originally on 5/29/215; updated on 4/5/216, with this report being an update and still there is no conflict of interest. Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

Building Sketch 29 Lighthouse View Dr Garage [882 Sq ft] 17' 15.5' 19' Garage [48 Sq ft] 42' 17' 16' 15.5' Laundry 2' 6' Dining Living 2 2 1 Foyer 9' 29' Bath (half) Utility Bath 1 2 56.5' 1' Kitchen 1' First Floor [245.5 Sq ft] Office 15.5' 16' 12' 12' 21' ' 83 2. 8 3' 2. 9' 31' Sun Room Family 15' patio [2821 Sq ft] 8' 96' TOTAL Sketch by a la mode, inc. Living Area First Floor Total Living Area (Rounded): Non-living Area patio Garage Covered Porch Garage Covered Porch Area Calculations Summary 245.5 Sq ft 246 Sq ft 2821 Sq ft 48 Sq ft 62 Sq ft 882 Sq ft 68 Sq ft Form SKT.BLDSKI - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

Building Sketch 29 Lighthouse View Dr 16' 8' 8' 6' 6' 1' Second Floor 13' 9' [744 Sq ft] 6' 19' Bedroom 19.5' Bedroom Open to Below [-225 Sq ft] 25' 25' Master Bath Bath 1' Second Floor [1414 Sq ft] 16' 15.5' 12' Bedroom Master Bedroom 15'.8 3 8' 2 ' 83 2. TOTAL Sketch by a la mode, inc. ' 9' Living Area Second Floor Open to Below Second Floor Total Living Area (Rounded): Non-living Area attic 41' 18' attic [447.5 Sq ft] 15' 12.5' 12.5' Closets 1.5' Area Calculations Summary 1639 Sq ft -225 Sq ft 744 Sq ft 2383 Sq ft 447.5 Sq ft Form SKT.BLDSKI - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE 12' 18' 1.5' 15' 3' 16'

Building Sketch 29 Lighthouse View Dr 6' 52' Boat Lift 6' Pier [472 Sq ft] Jet Ski Lift 8' 1 2' TOTAL Sketch by a la mode, inc. Non-living Area Pier Area Calculations Summary 472 Sq ft Form SKT.BLDSKI - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

Subject Photo Page 29 Lighthouse View Dr Subject Front 29 Lighthouse View Dr Sales Price Gross Living Area 4,789 Total Rooms 1 Total Bedrooms 4 Total Bathrooms 3.1 Location B;Res;WtFt View B;Res/WtFt Site 3.1 ac Quality Q2-very good Age 23 Subject Rear Subject Street Form PIC3x5.SR - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

Photograph Addendum 29 Lighthouse View Dr Entrance winding staircase Entrance Foyer Entrance Foyer Kitchen Kitchen Kitchen Kitchen 1st Floor Half Bath 1st Floor Full Bath Sun Room Family Room panoramic waterview panoramic waterview view into Office Dining Room Form PIC15 - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

Photograph Addendum 29 Lighthouse View Dr Formal Living Room view of foyer to Dining Room view of Patio 1st Floor Laundry 2nd Floor Full Bath Master Bedroom Suite Master Bedroom Balcony Master Full Bath Master Full Bath View of Patio from 2nd Floor View of Patio from 2nd Floor pristine coastline waterview 3C attached garage 2C Form PIC15 - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE detached with floored upper storage

Comparable Photo Page 29 Lighthouse View Dr Comparable 1 75 Penny Dr Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 2.37 miles E 1,65, 5,526 12 5 4.1 B;Res;WtFt B;Res/WtFt 3.46 ac Q2-very good 28 Comparable 2 618 Country Club Dr Prox. to Subject 17.78 miles SE Sale Price 1,6, Gross Living Area 5,782 Total Rooms 8 Total Bedrooms 3 Total Bathrooms 4.1 Location B;Res;WtFt View B;Res/WtFt Site 2.14 ac Quality Q2-very good Age 29 Comparable 3 12 Tanners Point Dr Prox. to Subject 2.14 miles NE Sale Price 1,75, Gross Living Area 5,836 Total Rooms 12 Total Bedrooms 5 Total Bathrooms 6.1 Location B;Res;WtFt View B;Res/WtFt Site 2.85 ac Quality Q2-very good Age 23 Form PICPIX.CR - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

Location Map 29 Lighthouse View Dr Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

Aerial Map 29 Lighthouse View Dr Form MAP.Aerial - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

Flood Map 29 Lighthouse View Dr Form MAP.FLOOD - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

Nautical Map 29 Lighthouse View Dr Form MAP.Generic - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

Tax Assessor's Map 29 Lighthouse View Dr Form MAP.Tax - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

Appraiser Qualifications Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

Appraiser License Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE