Case 9:16-cv KAM Document 112 Entered on FLSD Docket 05/22/2017 Page 1 of 12

Case 9:16-cv-80060-KAM Document 112 Entered on FLSD Docket 05/22/2017 Page 1 of 12 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF FLORIDA CASE NO. 9:16-cv-80060-MARRA BRANDON LEIDEL, individually, and MICHAEL WILSON, individually, and on behalf of All Others Similarly Situated, v. Plaintiffs, PROJECT INVESTORS, INC. d/b/a CRYPTSY, a Florida corporation, PAUL VERNON, individually, LORIE ANN NETTLES, individually, RIDGEWOOD INVESTMENTS, INC., a New Jersey corporation, and KAUSHAL MAJMUDAR, individually, Defendants. / RECEIVER S UNOPPOSED MOTION FOR APPROVAL OF SALE OF REAL PROPERTY LOCATED AT 16832 CHARLES RIVER DRIVE, DELRAY BEACH, FL 33446 James D. Sallah, Esq., not individually but solely in his capacity as the Court-appointed Receiver (the Receiver ) for Defendant Project Investors, Inc. d/b/a Cryptsy ( Cryptsy ), hereby moves, on an unopposed basis, by and through his undersigned counsel and pursuant to 28 U.S.C. 2001 and 2002 along with this Court s Order dated November 28, 2016 [Docket Entry No. ( DE ) 84], for entry of an Order: (1) approving the AS IS Residential Contract for Sale and Purchase and its Addendum and exhibits (the Sales Contract ), attached hereto as Exhibit A, including the overbid and auction procedures contained herein, (2) approving the form and manner of notice of the sale of real property attached hereto as Exhibit B, as well as including the overbid and auction procedures, and (3) entering any other relief the Court deems just and equitable. In support of his motion, the Receiver states as follows: PATRICK J. RENGSTL, P.A. 7695 SW 104 th Street, Suite 210, Miami, FL 33156

Case 9:16-cv-80060-KAM Document 112 Entered on FLSD Docket 05/22/2017 Page 2 of 12 I. INTRODUCTION After arm s length and extensive negotiations, the Receiver has entered into the Sales Contract to sell real property free and clear of liens, claims, encumbrances and other interests. Specifically, the Receiver has received a cash offer from a private citizen (the Buyer ) for 1,150,000.00 to purchase the residential real estate located at 16832 Charles River Drive, Delray Beach, FL 33446 (the Property ) 1, which has been assigned to the Receiver by Defendant LORIE ANN NETTLES ( NETTLES ). 2 The Sales Contract is subject to notice, overbid, auction, and other procedures in accordance with 28 U.S.C. 2001 and 2002. The Sales Contract is the result of substantial marketing of the Property by the listing agent and includes payment of reduced real estate commissions and normal closing costs deducted from the gross proceeds at closing. If there are no other interested parties to overbid the Buyer 3, the Receiver believes that, based on the circumstances, the purchase price set forth in the Sales Contract is reasonable, represents fair value, and is in the Estate s best interests; and that the Court should permit a timely closing on the sale of the Property. II. RELEVANT PROCEDURAL HISTORY On April 4, 2016, this Court entered an Order appointing James D. Sallah, Esq. as 1 A description of the Property, printed from the Palm Beach County Property Appraiser s website, is attached hereto as Exhibit C. NETTLES and her ex-husband, Defendant Paul Vernon ( VERNON ), purchased the Property in March 2015 for 1,374,881.00 in cash with funds that the Receiver ultimately traced back to Project Investors, Inc. s liquidations of accountholder cryptocurrencies. 2 Attached hereto as Exhibit D is a true and correct copy of the publicly-recorded receivership deed (Dated: December 21, 2016) transferring ownership of the property from NETTLES to the Receiver. 3 On May 17, 2017, Buyer deposited 175,000.00 earnest money with the Receiver s title insurance attorney (Sasha Katz, PL), demonstrating Buyer s intent to purchase the Property. See, Exhibit E hereto. 2 PATRICK J. RENGSTL, P.A. 7695 SW 104 th Street, Suite 210, Miami, FL 33156

Case 9:16-cv-80060-KAM Document 112 Entered on FLSD Docket 05/22/2017 Page 3 of 12 Receiver/Corporate Monitor over the affairs of Project Investors, Inc. d/b/a Cryptsy (the Receivership Order ). [DE 33]. As set forth in Paragraph 8 of the Receivership Order, the Receiver is empowered to, inter alia: Use reasonable efforts to determine the nature, location and value of all property interests of Cryptsy, including, but not limited to, cryptocurrencies, monies, funds, securities, credits, effects, goods, chattels, lands, premises, leases, claims, rights and other assets, together with all rents, profits, dividends, interest or other income attributable thereto, of whatever kind, which Cryptsy owns, possesses, has a beneficial interest in, or controls directly or indirectly. On November 28, 2016, this Court entered an Order granting the Receiver s Unopposed Motion to Approve Settlement with Defendant Lorie Ann Nettles (the Order Approving Settlement with Nettles ). [DE 84]. As set forth in the Order Approving Settlement with Nettles: Defendant Nettles shall promptly deed the Property (as defined in the Settlement Agreement) 4 to the Receiver. * * * The Receiver is authorized to market the Property for sale using his discretion. At the appropriate time in the future, the Receiver shall file a separate Motion for approval and/or confirmation of the proposed sale of the Property to a buyer. III. MEMORANDUM OF LAW WITH BACKGROUND ON SALE OF THE PROPERTY A. Sale of the Property 28 U.S.C. 2001(b) and 2002 allows the Receiver to privately sell real property (the House) after a hearing as long as: (a) the sale is for at least two-thirds of the appraised value of the property; 4 The Property is defined in the Settlement Agreement as the real property located at 16832 Charles River Drive, Delray Beach, FL 33446, just as it is defined in this motion. 3 PATRICK J. RENGSTL, P.A. 7695 SW 104 th Street, Suite 210, Miami, FL 33156

Case 9:16-cv-80060-KAM Document 112 Entered on FLSD Docket 05/22/2017 Page 4 of 12 (b) the appraised value of the property was established by three disinterested persons appointed by the Court to appraise the property; (c) the Court finds that the sale serves the best interests of the receivership estate; and (d) the terms of the proposed private sale are published in a newspaper of general circulation once a week for four (4) weeks. Notwithstanding satisfaction of the foregoing requirements, the Court cannot approve the proposed sale to the Buyer if a separate, bona fide offer to purchase the Property for at least 10% more than the Buyer s proposed, published price is received in writing. 28 U.S.C. 2001(b). 1. The Listing Price. On January 26, 2017, the Property was originally listed for sale on the multiple listing service ( MLS ) for 1,499,000.00. The surrounding area has many homes, including brand new developer homes for sale, which has naturally increased the supply of homes currently on the market and has consequently increased the time to market the property. Given the location and recent influx of comparable properties apparently outweighing the demand for saleable residential properties in the area, the list price has recently been reduced on the MLS on three separate occasions: reduced on April 6, 2017 to 1,490,000.00; reduced on April 25, 2017 to 1,375,000.00; and reduced on May 9, 2017 to the current list price of 1,300,000.00. 2. The Receiver engaged a highly-qualified listing agent who actively marketed the Property for sale and has obtained a suitable offer for its purchase. The Receiver engaged Mr. Matthew Ferency, a broker and realtor employed by Illustrated Properties ( IPRE ), to list and market the Property for sale. IPRE, a member of the Keyes Family of Companies, is the leader in the real estate industry here in South Florida. IPRE has been in operation for almost 100 years and is a shareholder in Leading Real Estate Companies of the World - a global network of more than 550 premier real estate firms encompassing 4,000 offices and over 128,000 sales associates in 55+ countries around the world, of which Keyes is a Founding 4 PATRICK J. RENGSTL, P.A. 7695 SW 104 th Street, Suite 210, Miami, FL 33156

Case 9:16-cv-80060-KAM Document 112 Entered on FLSD Docket 05/22/2017 Page 5 of 12 Member and Shareholder. Mr. Ferency has been an agent with IPRE since 2003 and has been a Top Producing agent every year during that period. Mr. Ferency has represented dozens of buyers and sellers of homes in the South Florida area, including real property in other receiverships. The Receiver negotiated, and Mr. Ferency agreed to, a reduced sales commission of 2.5% as opposed to the industry standard of 3.0%. 5 Both Mr. Ferency and the Buyer s agent are aware that the Property constitutes a Receivership asset that can only be sold by this Court s approval. While the Receiver has not obtained offers at the listing prices, Mr. Ferency has aggressively marketed the Property. 6 According to Mr. Ferency, he has had approximately 40 showings and has hosted numerous broker s open house tours as well. In addition, he reported to the Receiver that he advertised the Property every month on numerous online websites, including, but not limited to: Realtor.com; Homeaway.com; Homesandland.com; Zillow.com; Redfin.com; LuxuryRealEstate.com; Trulia.com; FlexMLS.com; IPRE.com; all syndicated search engines; and PalmBeachPost.com and all of its affiliated Cox Media Online newspaper real estate sites nationwide. 3. The Receiver asks the Court to approve and take judicial notice of three independent appraisals obtained for the Property. In December 2016, the Receiver hired three appraisers to independently appraise the value of the Property. Attached hereto as exhibits are the following three appraisal reports prepared in connection with the sale of the Property: 5 The Buyer s realtor is likewise accepting a reduced sales commission of 2.5%. 6 Since listing the Property for sale on January 26, 2017, the Receiver has obtained other offers, both written and verbal, from buyers seeking to purchase the Property; however, he did not find such offers to be in the Estate s best interests. 5 PATRICK J. RENGSTL, P.A. 7695 SW 104 th Street, Suite 210, Miami, FL 33156

Case 9:16-cv-80060-KAM Document 112 Entered on FLSD Docket 05/22/2017 Page 6 of 12 Date of Report Name of Appraiser Appraised Valuation of Property Exhibit January 9, 2017 January 9, 2017 George F. Lubeck (GF Lubeck Appraisers LLC) Chris Callaway Staniszewski (Gulfstream Appraisal & Consulting, Inc.) 1,346,000.00 F 1,350,000.00 G January 10, 2017 Stephen D. Middleton 1,365,000.00 H The Receiver respectfully requests the Court to accept the three appraisals and to consider the appraisers who rendered them for all purposes required by 28 U.S.C. 2001. 4. Buyer s proposed price for the Property satisfies 28 U.S.C. 2001 s pricing requirement. As stated above, 28 U.S.C. 2001(b) requires the Receiver to sell the Property for at least two-thirds of the average appraised value. Based upon the attached appraisal reports, the average valuation established by those three appraisal reports is approximately 1,350,000.00. Thus, the Receiver is statutorily bound to sell the Property for at least 900,000.00. The Sales Contract, with a proposed sale price of 1,150,000.00 greatly exceeds the allowable two-thirds-appraisedvalue requirement established under 28 U.S.C. 2001(b). See, e.g., J. Ray McDermott & Co. v. Vessel Morning Star, 457 F.2d 815 (5th Cir. 1972) cert. denied 409 U.S. 948 (1972). In fact, the proposed sale price exceeds two-thirds of the Property s highest appraised value. 5. A summary of the Proposed Notice, Bidding, and Auction Procedures. The Sales Contract with addendum and exhibit is subject to the requirements under 28 U.S.C. 2001 and 2002 and conditioned upon the entry of an order by the Court approving the sale, notice, bid, and auction procedures, which are briefly summarized as follows: 6 PATRICK J. RENGSTL, P.A. 7695 SW 104 th Street, Suite 210, Miami, FL 33156

Case 9:16-cv-80060-KAM Document 112 Entered on FLSD Docket 05/22/2017 Page 7 of 12 a. Notice and Publication. In accordance with 28 U.S.C. 2001 and 2002, the Receiver will cause a notice of the sale (in a form and substance satisfactory to the Court) to be published once-a-week for four weeks in the Palm Beach Post, which is a newspaper of general circulation in the district and county in which the property is located. Additionally, although not required by 28 U.S.C. 2001 and 2002, the Receiver also plans to cause the notice to be published electronically on the Receiver s website (http://cryptsyreceivership.com) and disseminated electronically to all prospective buyers who had visited the Property during realtor-guided showings and to the approximately 3,000 real estate agents in the IPRE network of branch offices. Because the Receiver already has a ready and willing qualified buyer prepared to purchase the Property on terms that are highly advantageous to the Estate, the Receiver respectfully seeks approval from the Court to permit him to set the date and time of the sale on a day after the last publication of the approved notice, and to include such date and time in the approved notice. The Receiver is requesting to set the date himself because of the time it may take the Palm Beach Post to begin running the notice. A copy of the proposed notice of sale of real property is attached as Exhibit B. Further, the Receiver seeks approval to include the date and time for qualified bids to be submitted to his counsel in the approved notice. b. Marketing Period. The Receiver shall have until the bid deadline, which will be the date that is four weeks following the date that the Receiver first publishes the approved notice, to market the Property to third parties and solicit and accept qualified bids for the purchase of the Property. c. Pre-Qualifying as Overbidder. Any party wishing to participate to potentially overbid the Buyer must pre-qualify with Receiver as a bidder (an Overbidder ). To pre-qualify as an Overbidder, the Overbidder must provide the following the Receiver s counsel with a qualified bid packet. In summary, a potential 7 PATRICK J. RENGSTL, P.A. 7695 SW 104 th Street, Suite 210, Miami, FL 33156

Case 9:16-cv-80060-KAM Document 112 Entered on FLSD Docket 05/22/2017 Page 8 of 12 Overbidder must provide, among other things: (1) A qualified overbid accompanied by a signed asset purchase that substantially conforms to the Sales Contract that includes a purchase price equal to or greater than a 10% increase over the purchase price set forth in the Sales Contract (in accordance with 28 U.S.C. 2001); (2) An earnest money deposit in the amount of 75,000.00 in the form of a cashier s check or wire transfer; and (3) Financial information and documentation sufficient to demonstrate such Overbidder s financial capacity to close the transaction. d. Auction. If no qualified bid (other than the Buyer s bid) is received by the bid deadline, the Receiver will report the same to the Court, and seeks approval and authority herein to deem the Buyer s bid the highest, or otherwise best, offer for the Property and to sell and close as contemplated in the Sales Contract free and clear of all liens, claims, interests, and encumbrances, with any such liens, claims, interest and encumbrances attaching to the proceeds of the sale. If an auction amongst qualified Overbidders is required, it will be held at a time agreed upon by the Buyer and Receiver. In the event of a completed auction, among other things, the Receiver will seek an order approving the sale of the Property to the prevailing, or backup, bidder free and clear of all liens, claims, interests, and encumbrances, with any such liens, claims, interest and encumbrances attaching to the proceeds of the sale. B. Sale Free and Clear of All Liens, Claims, and Encumbrances and Other Interests The Receiver seeks the Court s approval to sell the Property free and clear of all liens, claims, interests, and encumbrances, with any such liens, claims, interest and encumbrances attaching to the proceeds of the sale. This Court s broad authority over the Receivership Estate includes the equitable power to sell property free of liens, transferring the lien to the proceeds. Seaboard Nat l Bank v. Rodgers Milk Products Co., 21 F.2d 414, 416 (2nd Cir. 1927). It has long 8 PATRICK J. RENGSTL, P.A. 7695 SW 104 th Street, Suite 210, Miami, FL 33156

Case 9:16-cv-80060-KAM Document 112 Entered on FLSD Docket 05/22/2017 Page 9 of 12 been recognized that under appropriate circumstances, a federal court presiding over a receivership may authorize the assets of the receivership to be sold free and clear of liens and related claims. Regions Bank v. Egyptian Concrete Co., 2009 U.S. Dist. LEXIS 111381 at *18-19 (E.D. Mo. Dec. 1, 2009) (citations omitted). Indeed, a sale free and clear of liens, encumbrances, interests or other claims is customary in receiverships under 2001 and 2004, and in bankruptcy cases under 11 U.S.C. 363. See, e.g., AgStar Fin. Servs., PCA v. Eastwood Dairy, LLC, 2012 U.S. Dist. LEXIS 51052 at *5-6 (S.D. Ohio April 11, 2012); Regions Bank, 2009 U.S. LEXIS 111381 at *18-19; In re Tousa, Inc., No. 08-10928-JKO (Bankr. S.D. Fla. Dec. 21, 2009) (Docket Entry 3432); In re Protective Products of America, Inc., No. 10-10711-JKO (Bankr. S.D. Fla. Jan. 19, 2010); and SEC v. McGinn, Simth & Co., Inc., No. 1:10-CV-457-GLS-CFH (N.D.N.Y. April 4, 2012) (Docket Entry 580). C. Sale of the Property is in the Best Interest of the Receivership Estate The Receiver has used his good faith, best efforts, and business judgment to realize the highest price possible for the Property with the opportunity for an auction. Allowing the Receiver to liquidate the Property will most expeditiously further the goals of the Receivership, that is, to provide a conduit through which assets can be held, liquidated, and distributed to approved investors and creditors of the Estate. The proposed sale to Buyer, or an Overbidder, will result in additional cash being infused into the Estate. The Receiver believes that the proposed Sales Contract, including the notice, bid, and auction procedures, is in the best interests of the Estate. WHEREFORE, the Receiver respectfully requests that this Court enter an Order substantially similar to the proposed order attached hereto as Exhibit I : (a) (b) Granting this motion; Appointing and taking judicial notice of the three attached appraisals of the Property; 9 PATRICK J. RENGSTL, P.A. 7695 SW 104 th Street, Suite 210, Miami, FL 33156

Case 9:16-cv-80060-KAM Document 112 Entered on FLSD Docket 05/22/2017 Page 10 of 12 (c) (d) Approving and authorizing the Sales Contract attached as Exhibit A to this Motion; Approving and authorizing the form and manner of publication of the Notice of Sale of Real and Personal Property attached as Exhibit B to this Motion; (e) Approving and authorizing the private sale of the Property located at 16832 Charles River Drive, Delray Beach, FL 33446 to close free and clear of liens, claims, encumbrances and other interests so long as no bona fide and written offer to purchase the Property is received and accepted pursuant to the bid and auction procedures referenced above; and (f) Granting such other and further relief as may be just and proper in carrying out the intent and purposes of this motion. CERTIFICATION OF GOOD FAITH Pursuant to S.D. Fla. Local Rule 7.1(a)(3), Plaintiffs and Defendant Lorie Ann Nettles have no objection to this Motion. Defendants Kaushal Majmudar and Ridgewood Investments, Inc. take no position. As of this filing, Defendant Paul Vernon has not appeared in this action and continues to refuse to cooperate with the Receiver. Dated: May 22, 2017. Respectfully submitted, PATRICK J. RENGSTL, P.A. Counsel for the Receiver 7695 SW 104 th Street, Suite 210 Miami, Florida 33156 Telephone: (305) 663-3333 Facsimile: (305) 668-0003 pjr@rengstl-law.com By: Patrick J. Rengstl, Esq. Patrick J. Rengstl FL Bar No. 0581631 10 PATRICK J. RENGSTL, P.A. 7695 SW 104 th Street, Suite 210, Miami, FL 33156

Case 9:16-cv-80060-KAM Document 112 Entered on FLSD Docket 05/22/2017 Page 11 of 12 CERTIFICATE OF SERVICE I hereby certify that on May 22, 2017, I electronically filed the foregoing document with the Clerk of the Court using CM/ECF. I also certify that the foregoing document is being served this day on all counsel of record or pro se parties identified on the attached Service List in the manner specified, either via transmission of Notices of Electronic Filing generated by CM/ECF or in some other authorized manner for those counsel or parties who are not authorized to receive electronically Notices of Electronic Filing. s:/patrick J. Rengstl Patrick J. Rengstl, Esq. 11 PATRICK J. RENGSTL, P.A. 7695 SW 104 th Street, Suite 210, Miami, FL 33156

Case 9:16-cv-80060-KAM Document 112 Entered on FLSD Docket 05/22/2017 Page 12 of 12 David C. Silver, Esq. Silver Law Group Counsel for Plaintiffs 11780 West Sample Road Coral Springs, FL 33065 (Via CM/ECF) Marc Wites, Esq. Wites & Kapetan, P.A. Co-counsel for Plaintiffs 4400 N Federal Hwy Lighthouse Point, FL 33064 (Via CM/ECF) Mark A. Levy, Esq. George J. Taylor, Esq. Brinkley Morgan Counsel for Defendant Lorie Ann Nettles 200 E Las Olas Blvd Ste 1900 Fort Lauderdale, FL 33301 (Via CM/ECF) SERVICE LIST Jose G. Sepulveda, Esq. Samuel O. Patmore, Esq. Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A. Counsel for Defendants Ridgewood Investments, Inc. and Kaushal Majmudar Museum Tower, Suite 2200 150 West Flagler Street Miami, FL 33130 (Via CM/ECF) Paul Vernon (Via Email) 12 PATRICK J. RENGSTL, P.A. 7695 SW 104 th Street, Suite 210, Miami, FL 33156

EXHIBIT B

NOTICE OF SALE OF REAL PROPERTY NOTICE is hereby given that on, 2017, or thereafter as the United States District Court for the Southern District of Florida may direct in the case of Brandon Leidel, et al. v. Project Investors, Inc. d/b/a Cryptsy, Paul Vernon, et al., Case No. 9:16-cv-80060-MARRA, James D. Sallah, Esq., not individually but solely in his capacity as the Court-appointed Receiver/Corporate Monitor for Project Investors, Inc. d/b/a Cryptsy (the Receiver ), will sell the residential real property located at 16832 Charles River Drive, Delray Beach, FL 33446 as is, where is and free and clear of all liens, claims, or encumbrances for 1,150,000.00. Any person interested in making an offer that guarantees at least a 10 per centum increase over the 1,150,000.00 price must make such an offer in accordance with the Court-approved AS-IS Residential Contract for Sale and Purchase of Real Estate located on the Receiver s website at http://cryptsyreceivership.com on or before 5:00 p.m. EST on, 2017 to JAMES D. SALLAH, RECEIVER, 2255 Glades Road, Suite #300e, Boca Raton, Florida 33431. All offers are subject to final approval by the Court. For additional details, visit the Receiver s website or contact the Deputy Receiver at (786) 371-6816.

EXHIBIT C

http://www.pbcgov.com/papa/asps/propertydetail/propertyprintnew.aspx?pvalue=y&p_e... Palm Beach County Dorothy Jacks, CFA, AAS PALM BEACH COUNTY PROPERTY APPRAISER www.pbcgov.org/papa

EXHIBIT D

EXHIBIT E

May 17, 2017 RE: Proof of Deposit/Escrow Letter Client # SK8700A Property Address: 16832 Charles River, Delray Beach, FL 33446 Buyer: Edward Rosero Seller: James D. Sallah Receiver for Project Investors d/b/a/ Cryptsy Dear Sir or Madam: Please be advised that I am holding in my firm s trust account 175,000.00 representing buyer s funds for the purchase of the above referenced property. Should you have any questions or concerns, please do not hesitate to contact my office. Sincerely, Sasha Katz, Esq. For the firm

EXHIBIT F

G.F. Lubeck Appraisers LLC 1250 N. Ocean Drive Riviera Beach, FL 33404 www.lubeckappraisers.com January 09, 2017 James Sallah, Receiver for Project Investors Inc 2255 Glades Road, Suite 300E Boca Raton, Florida 33431 Re: Property: Client: File No.: 16832 Charles River Dr Delray Beach, FL 33446 James Sallah, Receiver GL161205 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. 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 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. Sincerely, George F. Lubeck Florida State Certified Residential Real Estate Appraiser RD1928

APPRAISAL OF REAL PROPERTY LOCATED AT: 16832 Charles River Dr PL 6 Lot 354 Delray Beach, FL 33446 FOR: James Sallah, Receiver for Project Investors Inc 2255 Glades Road Suite 300E Boca Raton, Florida 33431 AS OF: December 30, 2016 BY: George F. Lubeck G.F. Lubeck Appraisers, LLC 1250 North Ocean Drive Singer Island, FL 33404 G.F. Lubeck Appraisers Inc. Form GA2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

G.F. Lubeck Appraisers Inc. SALES COMPARISON APPROACH ASSIGNMENT SUBJECT RESTRICTED APPRAISAL REPORT File No.: GL161205 City: Delray Beach State: FL Zip Code: 33446 Legal Description: PL 6 Lot 354 Assessor's Parcel #: 00-42-46-29-13-000-3540 Tax Year: 2016 R.E. Taxes: 20,486 Special Assessments: None Borrower (if applicable): James Sallah, Receiver Manufactured Housing Current Owner of Record: Occupant: Owner Tenant Vacant Lorie Nettles Property Type: SFR 2-4 Family # of Units: 1 Ownership Restriction: None PUD Condo Coop Flood Hazard Market Area Name: Map Reference: 48424 Census Tract: 0077.13 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 Other: Property Rights Appraised: Fee Simple Leasehold Leased Fee Other (describe) Intended Use: The intended use of this report is to provide the client with a supportable estimate of value for the subject property. Under USPAP Standards Rule 2-2(b), this is a Restricted Appraisal Report, and is intended only for the sole use of the named client. There are no other intended users. The client must clearly understand that the appraiser's opinions and conclusions may not be understood properly without additional information in the appraiser's work file. Client: Address: 2255 Glades Road, Suite 300E, Boca Raton, Florida 33431 James Sallah, Receiver for Project Investors Appraiser: Address: 1250 North Ocean Drive, Singer Island, FL 33404-4742 George F. Lubeck FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address 16832 Charles River Dr 8442 Eagleville Ave 16584 Sagamore Bridge Way 16807 Burlington Bristol Ln Property Address: 16832 Charles River Dr County: Palm Beach Delray Beach, FL 33446 Proximity to Subject Sale Price N/A Sale Price/GLA /sq.ft. Data Source(s) Inspection Verification Source(s) PBC Prop Appr VALUE ADJUSTMENTS DESCRIPTION Sales or Financing N/A Concessions N/A Date of Sale/Time Dec. 30, 2016 Rights Appraised Fee Simple Location Site.2829 acres View Residential/Lake Design (Style) Mediterranean Quality of Construction CBS/Good Age A2/E2 } Condition Good } Above Grade Total Bdrms Baths Room Count 11 5 5/3 Gross Living Area 5,526 sq.ft. Basement & Finished None Rooms Below Grade None Functional Utility Good Heating/Cooling Central Energy Efficient Items Typical/Fans Garage/Carport 3 car garage Porch/Patio/Deck Entry Porch Add'l Features Add'l Features Rear Porch Heated Pool Net Adjustment (Total) Adjusted Sale Price of Comparables Summary of Sales Comparison Approach Delray Beach, FL 33446 0.09 miles NW 1,350,000 268.34 /sq.ft. MLS/Broker PBC Prop Appr DESCRIPTION +(-) Adjust. Cash Purchase Dec. 30, 2016 Fee Simple.2986 acres Residential/Lake Mediterranean CBS/Good A2/E2 } Superior } -67,500 Delray Beach, FL 33446 0.45 miles NW 1,100,000 212.03 /sq.ft. MLS/Broker PBC Prop Appr DESCRIPTION +(-) Adjust. Cash Purchase Dec. 23, 2016 Fee Simple Zero Lot Line +165,000 Residential/Lake Mediterranean CBS/Good A3/E2 } Good } Delray Beach, FL 33446 0.49 miles W 1,249,900 245.13 /sq.ft. MLS/Broker PBC Prop Appr DESCRIPTION +(-) Adjust. Conventional Financing June 28, 2016 Fee Simple.2251 acres Residential/Lake Mediterranean CBS/Good A4/E2 } Good } Total Bdrms Total Bdrms Total Bdrms 11 5 Baths 6/1 5,031 sq.ft. 11 +86,600 None None Good Central Typical/Fans 3 car garage Entry Porch Rear Porch Heated Pool + 5 Baths 6/1 5,188 sq.ft. 11 +59,200 None None Good Central Typical/Fans 3 car garage Entry Porch Rear Porch Heated Pool - 19,100 + 5 Baths 6/1 5,099 sq.ft. None None Good Central Typical/Fans 3 car garage Entry Porch Rear Porch None - 224,200 + +74,700 +25,000-99,700 1,369,100 1,324,200 1,349,600 Comparables #1, #2, #3, #4 and #5 were given equal weight in the comparable approach correlation. Comparable #6 was given supporting weight. All six comparables were taken from within the subjects subdivision and they were considered to be the best representatives of fair market value for the subject. Adjustments were required for Site, View, Condition, Bedroom/Bathroom Count, Square Footage and Pools. The Site adjustment was required for comparables #2 and #3 due to its zero lot line status and comparable #6 for its size. Adjustments were 15% and 5% respectively. View adjustment of 5% was made for comparable #4 as it was non-waterfront. The Condition adjustment was established using a paired sales analysis to compensate for extraordinary improvements. All other adjustments were made using specific paired sales analysis to abstract the market value of the line item. Appraiser is aware of the larger than standard adjustments. All adjustments made in this report were felt to be necessary given the current market conditions. Copyright 2013 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 GPRTD2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 12/2013

TRANSFER HISTORY File No.: GL161205 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): Palm Beach County Property Appraisers Office 1st Prior Subject Sale/Transfer Analysis of sale/transfer history and/or any current agreement of sale/listing: There was a warranty deed transfer in Date: March 2015 March 2015 for 1,374,881 to Lorie Nettles and Paul Vernon from Boca Raton Associates VI LLP. There Price: 1,374,881 was a Quit Claim transfer in January 2016 for 10.00 to Lorie Nettles from Lori Nettles and Paul Vernon. Source(s): PBC Property Appraiser 2nd Prior Subject Sale/Transfer Date: January 2016 Price: 10 Source(s): PBC Property Appraiser Subject Market Area and Marketability: Market conditions in the subject area have been stable for the last 12 months as they have in most of Palm MARKET RESTRICTED APPRAISAL REPORT Beach County. Several listings and pending sales in conjunction with sales activity indicate that this trend may be ending and prices are on the rise. Market times for properly prices homes are within three months. Conventional financing is predominant in the area with little or no owner concessions. Appraisal values in this market are evaluated from recent sales but current active listings are also reviewed as competitive substitutions. SITE Site Area:.2829 acres Zoning Classification: AGR-PUD Site View: Topography: Residential/Lake Drainage: Appears adequate Basically flat Description: Agricultural Reserve PUD Legal nonconforming (grandfathered) Illegal No zoning Zoning Compliance: Legal Highest & Best Use: Present use, or Other use (explain) Actual Use as of Effective Date: Use as appraised in this report: Single Family Residential Single Family Residential Opinion of Highest & Best Use: Single Family Residential FEMA Spec'l Flood Hazard Area Yes No FEMA Flood Zone B FEMA Map # 1201920215A FEMA Map Date 02/01/1979 Site Comments: There were no apparent easements or encroachments noted at the time of the inspection. Public utility easements are IMPROVEMENTS common in this area but in no way affect the marketability of the subject property. Improvements Comments: The subject property is in good condition and repair. The finishes in the subject are to the high standard of many of the homes in the development. The flooring throughout the home is all high quality. The kitchen conforms to the quality of the home with stone counter tops and custom cabinets. Appliances are also good quality ie Viking range, microwave and ovens and Sub-Zero refrigerator. The subject home is only two years old and shows the good quality of the developer. RECONCILIATION Indicated Value by: Sales Comparison Approach 1,346,000 Indicated Value by: Cost Approach (if developed) Indicated Value by: Income Approach (if developed) Final Reconciliation Greatest weight was given to the sales comparison approach in the final analysis as it best reflected market value as of December 30, 2016 for the purpose of this report. The Cost Approach and the Income approaches was not felt applicable as subject property neighborhood is predominantly owner occupied. 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. 1,346,000 December 30, 2016 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 20 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: C/O Robert Carey, Attorney E-Mail: robert@robertcareylaw.com APPRAISER Narrative Addendum Cost Addendum Photograph Addenda Flood Addendum Sketch Addendum Manuf. House Addendum Client Name: James Sallah, Receiver for Project Investors Address: 2255 Glades Road, Suite 300E, Boca Raton, Florida 33431 Appraiser Name: George F. Lubeck Company: G.F. Lubeck Appraisers LLC Phone: (561) 762-0770 Fax: (866) 738-7886 E-Mail: chip@lubeckappraisers.com Date of Report (Signature): 01/09/2017 License or Certification #: State: FL RD1928 Designation: State Certified Residential Real Estate Appraiser Expiration Date of License or Certification: 11/30/2018 Inspection of Subject: Interior & Exterior Exterior Only None Date of Inspection: December 30, 2016 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 2013 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 GPRTD2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 12/2013

FEATURE SUBJECT COMPARABLE SALE # 4 8724 Lewis River Rd Delray Beach, FL 33446 0.49 miles NW N/A 1,075,000 /sq.ft. 207.21 /sq.ft. Address 16832 Charles River Dr Delray Beach, FL 33446 Proximity to Subject Sale Price Sale Price/GLA Data Source(s) Inspection Verification Source(s) PBC Prop Appr VALUE ADJUSTMENTS DESCRIPTION Sales or Financing N/A Concessions N/A Date of Sale/Time Dec. 30, 2016 Rights Appraised Fee Simple Location Site.2829 acres View Residential/Lake Design (Style) Mediterranean Quality of Construction CBS/Good Age A2/E2 } Condition Good } Above Grade Total Bdrms Baths Room Count 11 5 5/3 Gross Living Area 5,526 sq.ft. Basement & Finished None Rooms Below Grade None Functional Utility Good Heating/Cooling Central Energy Efficient Items Typical/Fans Garage/Carport 3 car garage Porch/Patio/Deck Entry Porch SALES COMPARISON APPROACH Add'l Features Add'l Features Rear Porch Heated Pool Net Adjustment (Total) Adjusted Sale Price of Comparables Summary of Sales Comparison Approach MLS/Broker PBC Prop Appr DESCRIPTION Conventional Financing Feb. 02, 2016 Fee Simple Zero Lot Line Residential Mediterranean CBS/Good A2/E2 } Good } Total Bdrms 11 5 MLS/Broker PBC Prop Appr +(-) Adjust. DESCRIPTION Cash Purchase August 19, 2016 Fee Simple +161,250.2663 acres +53,750 Residential/Lake Mediterranean CBS/Good A4/E2 } Superior } Baths Total Bdrms 6/1 5,188 sq.ft. 10 4 +59,200 None None Good Central Typical/Fans 3 car garage Entry Porch Rear Porch Heated Pool + File No.: GL161205 COMPARABLE SALE # 5 COMPARABLE SALE # 6 8781 Sydney Harbor Cir 16919 Crown Bridge Dr Delray Beach, FL 33446 Delray Beach, FL 33446 0.52 miles W 0.35 miles W 1,249,000 1,960,000 280.04 /sq.ft. 272.15 /sq.ft. MLS/Broker PBC Prop Appr +(-) Adjust. DESCRIPTION Conventional Financing May 31, 2016 Fee Simple.4861 acres Residential/Lake Mediterranean CBS/Good A3/E2 } -124,900 Superior } Baths Total Bdrms 4/1 4,460 sq.ft. None None Good Central Typical/Fans 3 car garage Entry Porch Rear Porch Heated Pool - 274,200 1,349,200 See comments on Page 1 of 2. + - +(-) Adjust. -98,000-196,000 Baths +25,000 12 6 7/1 +186,600 7,202 sq.ft. None None Good Central Typical/Fans 3 car garage Entry Porch Rear Porch Heated Pool 86,700 1,335,700 + - -25,000-293,300-612,300 1,347,700 Copyright 2013 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 GPRTD2.(AC) - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 12/2013

Subject Photo Page Borrower Property Address City James Sallah, Receiver 16832 Charles River Dr Delray Beach County Palm Beach State FL Zip Code 33446 Lender/Client Subject Front 16832 Charles River Dr Sales Price N/A Gross Living Area 5,526 Total Rooms 11 Total Bedrooms 5 Total Bathrooms 5/3 Location View Residential/Lake Site.2829 acres Quality CBS/Good Age A2/E2 } Subject Rear Subject Street Form PICPIX.SR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Interior Photo Page Borrower Property Address City James Sallah, Receiver 16832 Charles River Dr Delray Beach County Palm Beach State FL Zip Code 33446 Lender/Client Subject Interior 16832 Charles River Dr Sales Price N/A Gross Living Area 5,526 Total Rooms 11 Total Bedrooms 5 Total Bathrooms 5/3 Location View Residential/Lake Site.2829 acres Quality CBS/Good Age A2/E2 } Subject Interior Subject Interior Form PICPIX.SI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Interior Photo Page Borrower Property Address City James Sallah, Receiver 16832 Charles River Dr Delray Beach County Palm Beach State FL Zip Code 33446 Lender/Client Subject Interior 16832 Charles River Dr Sales Price N/A Gross Living Area 5,526 Total Rooms 11 Total Bedrooms 5 Total Bathrooms 5/3 Location View Residential/Lake Site.2829 acres Quality CBS/Good Age A2/E2 } Subject Interior Subject Interior Form PICPIX.SI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Interior Photo Page Borrower Property Address City James Sallah, Receiver 16832 Charles River Dr Delray Beach County Palm Beach State FL Zip Code 33446 Lender/Client Subject Interior 16832 Charles River Dr Sales Price N/A Gross Living Area 5,526 Total Rooms 11 Total Bedrooms 5 Total Bathrooms 5/3 Location View Residential/Lake Site.2829 acres Quality CBS/Good Age A2/E2 } Subject Interior Subject Interior Form PICPIX.SI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Interior Photo Page Borrower Property Address City James Sallah, Receiver 16832 Charles River Dr Delray Beach County Palm Beach State FL Zip Code 33446 Lender/Client Subject Interior 16832 Charles River Dr Sales Price N/A Gross Living Area 5,526 Total Rooms 11 Total Bedrooms 5 Total Bathrooms 5/3 Location View Residential/Lake Site.2829 acres Quality CBS/Good Age A2/E2 } Subject Interior Subject Interior Form PICPIX.SI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Interior Photo Page Borrower Property Address City James Sallah, Receiver 16832 Charles River Dr Delray Beach County Palm Beach State FL Zip Code 33446 Lender/Client Subject Interior 16832 Charles River Dr Sales Price N/A Gross Living Area 5,526 Total Rooms 11 Total Bedrooms 5 Total Bathrooms 5/3 Location View Residential/Lake Site.2829 acres Quality CBS/Good Age A2/E2 } Subject Interior Subject Interior Form PICPIX.SI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Interior Photo Page Borrower Property Address City James Sallah, Receiver 16832 Charles River Dr Delray Beach County Palm Beach State FL Zip Code 33446 Lender/Client Subject Exterior 16832 Charles River Dr Sales Price N/A Gross Living Area 5,526 Total Rooms 11 Total Bedrooms 5 Total Bathrooms 5/3 Location View Residential/Lake Site.2829 acres Quality CBS/Good Age A2/E2 } Subject Exterior Subject View Form PICPIX.SI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Building Sketch Borrower Property Address City James Sallah, Receiver 16832 Charles River Dr Delray Beach County Palm Beach State FL Lender/Client Form SKT.BLDSKI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Zip Code 33446

Flood Map Borrower Property Address City James Sallah, Receiver 16832 Charles River Dr Delray Beach County Palm Beach State FL Lender/Client Form MAP.FLOOD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Zip Code 33446

Location Map Borrower Property Address City James Sallah, Receiver 16832 Charles River Dr Delray Beach County Palm Beach State FL Lender/Client Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Zip Code 33446

Comparable Photo Page Borrower Property Address City James Sallah, Receiver 16832 Charles River Dr Delray Beach County Palm Beach State FL Zip Code 33446 Lender/Client Comparable 1 8442 Eagleville Ave Prox. to Subject 0.09 miles NW Sale Price 1,350,000 Gross Living Area 5,031 Total Rooms 11 Total Bedrooms 5 Total Bathrooms 6/1 Location View Residential/Lake Site.2986 acres Quality CBS/Good Age A2/E2 } Comparable 2 16584 Sagamore Bridge Way Prox. to Subject 0.45 miles NW Sale Price 1,100,000 Gross Living Area 5,188 Total Rooms 11 Total Bedrooms 5 Total Bathrooms 6/1 Location View Residential/Lake Site Zero Lot Line Quality CBS/Good Age A3/E2 } Comparable 3 16807 Burlington Bristol Ln Prox. to Subject 0.49 miles W Sale Price 1,249,900 Gross Living Area 5,099 Total Rooms 11 Total Bedrooms 5 Total Bathrooms 6/1 Location View Residential/Lake Site.2251 acres Quality CBS/Good Age A4/E2 } Form PICPIX.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Comparable Photo Page Borrower Property Address City James Sallah, Receiver 16832 Charles River Dr Delray Beach County Palm Beach State FL Zip Code 33446 Lender/Client Comparable 4 8724 Lewis River Rd Prox. to Subject 0.49 miles NW Sale Price 1,075,000 Gross Living Area 5,188 Total Rooms 11 Total Bedrooms 5 Total Bathrooms 6/1 Location View Residential Site Zero Lot Line Quality CBS/Good Age A2/E2 } Comparable 5 8781 Sydney Harbor Cir Prox. to Subject 0.52 miles W Sale Price 1,249,000 Gross Living Area 4,460 Total Rooms 10 Total Bedrooms 4 Total Bathrooms 4/1 Location View Residential/Lake Site.2663 acres Quality CBS/Good Age A4/E2 } Comparable 6 16919 Crown Bridge Dr Prox. to Subject 0.35 miles W Sale Price 1,960,000 Gross Living Area 7,202 Total Rooms 12 Total Bedrooms 6 Total Bathrooms 7/1 Location View Residential/Lake Site.4861 acres Quality CBS/Good Age A3/E2 } Form PICPIX.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Assumptions, Limiting Conditions & Scope of Work Property Address: 16832 Charles River Dr Client: James Sallah, Receiver for Project Investors Appraiser: George F. Lubeck City: Delray Beach File No.: GL161205 State: FL Zip Code: 33446 Address: Address: 1250 North Ocean Drive, Singer Island, FL 33404-4742 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: 16832 Charles River Dr Client: James Sallah, Receiver for Project Investors Appraiser: George F. Lubeck City: Delray Beach File No.: GL161205 State: FL Zip Code: 33446 Address: Address: 1250 North Ocean Drive, Singer Island, FL 33404-4742 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. - 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. - 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: C/O Robert Carey, Attorney E-Mail: robert@robertcareylaw.com Client Name: Address: SIGNATURES APPRAISER James Sallah, Receiver for Project Investors SUPERVISORY APPRAISER (if required) or CO-APPRAISER (if applicable) Appraiser Name: George F. Lubeck Company: G.F. Lubeck Appraisers LLC Phone: (561) 762-0770 Fax: (866) 738-7886 E-Mail: chip@lubeckappraisers.com Date Report Signed: 01/09/2017 License or Certification #: State: FL RD1928 Designation: State Certified Residential Real Estate Appraiser Expiration Date of License or Certification: 11/30/2018 Inspection of Subject: Interior & Exterior Exterior Only None Date of Inspection: December 30, 2016 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

G.F. Lubeck Appraisers Inc. FIRREA / USPAP ADDENDUM Borrower Property Address City James Sallah, Receiver 16832 Charles River Dr Delray Beach File No. GL161205 County Palm Beach State FL Zip Code 33446 Lender/Client Purpose The purpose of this report is to estimate the market value of the subject property as of the effective date of this appraisal report. The function of the report is to assist the client is estimating the market value for receivership purposes. Scope of Work In keeping with the purpose of the appraisal and the appraisal process, the appraisers have engaged in original research to provide a complete analysis for the client. Data from this analysis has been gathered from various sources such as the public records, Multiple Listing Service, the county, local planning and zoning departments, local Realtors, property owners and other appraisal offices. The product of this research and analysis is formulated within the body of this report. Additionally, we inspected the subject property. We make no warranty as to the authenticity and reliability of representations made to us by the property owner. We have taken due care in attempting to verify the data utilized within this report. Intended Use / Intended User Intended Use: Intended User(s): History of Property Current listing information: The property is not listed on the MLS for sale. The property was listed for sale from February 18, 2016 to August 08, 2016 with an asking price of 1,500,000.00. The listing number RX-10209631 is showing as expired. Prior sale: 10.00. The property was transferred via Warranty Deed in March 2015 for 1,374,881 and was transferred via Quit Claim in January 2016 for Exposure Time / Marketing Time Exposure time is the estimated length of time 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. We estimate exposure time at market value to be less than 4 months. Personal (non-realty) Transfers Additional Comments Certification Supplement 1. This appraisal assignment was not based on a requested minimum valuation, a specific valuation, or an approval of a loan. 2. My compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result or the occurrence of a subsequent event. Appraiser: George F. Lubeck Signed Date: 01/09/2017 Certification or License #: RD1928 Certification or License State: Expires: 11/30/2018 FL Effective Date of Appraisal: December 30, 2016 Supervisory Appraiser: Signed Date: Certification or License #: Certification or License State: Inspection of Subject: Did Not Form FUA_LG2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Expires: Exterior Only Interior and Exterior

EXHIBIT G

FROM: Chris Callaway Staniszewski Gulfstream Appraisal & Consulting, Inc. 10178 157th St. North Jupiter, FL 33478 Telephone Number: 561-310-2552 Fax Number: TO: C/O Robert Carey James Sallah, Receiver for Project Investors, Inc. d/b/a Cryptsy 2255 Glades Rd., Ste 300E Boca Raton, FL 33431 Telephone Number: Fax Number: Alternate Number: E-Mail: INVOICE INVOICE NUMBER CCS16205 DATE 12/20/2016 REFERENCE Internal Order #: CCS16205 Lender Case #: Client File #: CCS16205 Main File # on form: CCS16205 Other File # on form: Federal Tax ID: Employer ID: DESCRIPTION Lender: James Sallah, Receiver... Client: James Sallah, Receiver... Purchaser/Borrower: N/A, Client Property Address: 16832 Charles River Rd. City: Delray Beach County: Palm Beach State: FL Zip: 33446 Legal Description: See addendum page. FEES AMOUNT 1004 Appraisal 750.00 SUBTOTAL 750.00 PAYMENTS AMOUNT Check #: Date: Description: Check #: Date: Description: Check #: Date: Description: SUBTOTAL TOTAL DUE 750.00 Form NIV5 "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE Gulfstream Appraisal & Consulting,Inc

Main File No. CCS16205 Page #1 APPRAISAL OF REAL PROPERTY LOCATED AT: 16832 Charles River Rd. See addendum page. Delray Beach, FL 33446 FOR: James Sallah, Receiver... 2255 Glades Rd., Ste 300E Boca Raton, FL 33431 AS OF: 12/30/2016 BY: Chris Callaway Staniszewski Gulfstream Appraisal & Consulting, Inc. 10178 157th St. North Jupiter, FL 33478 Form GA1 "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE

Main File No. CCS16205 Page #2 GULFSTREAM APPRAISAL & CONSULTING, INC. 10178 157th St. North Jupiter, FL 33478 561-310-2552 PHONE James Sallah, Receiver... 2255 Glades Rd., Ste 300E Boca Raton, FL 33431 Re: Property: Borrower: File No.: 16832 Charles River Rd. Delray Beach, FL 33446 N/A, Client CCS16205 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. 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 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. Sincerely, Chris Callaway Staniszewski Cert Res #RD4263 Gulfstream Appraisal & Consulting, Inc.

Gulfstream Appraisal & Consulting,Inc Main File No. CCS16205 Page #3 UNIFORM RESIDENTIAL APPRAISAL REPORT Property Description File No. CCS16205 Property Address 16832 Charles River Rd. City Delray Beach State FL Zip Code 33446 Legal Description See addendum page. County Palm Beach Assessor's Parcel No. 00-42-46-29-13-000-3540 Tax Year 2016 R.E. Taxes 20,486 Special Assessments 0 Borrower N/A, Client Current Owner Nettles, Lorie Occupant: Owner Tenant Vacant Property rights appraised Fee Simple Leasehold Project Type PUD Condominium (HUD/VA only) HOA 500 /Mo. Neighborhood or Project Name Map Reference 42-46-29 Census Tract 77.13 Sale Price N/A Date of Sale N/A Description and amount of loan charges/concessions to be paid by seller N/A Lender/Client James Sallah, Receiver... Address 2255 Glades Rd., Ste 300E, Boca Raton, FL 33431 Appraiser Chris Callaway Staniszewski Address 10178 157th St. North, Jupiter, FL 33478 Location Urban Suburban Rural Predominant Single family housing Present land use % Land use change Built up occupancy PRICE AGE Over 75% 25-75% Under 25% (000) (yrs) One family 90 Not likely Likely Growth rate Rapid Stable Slow Owner 623 Low 1 2-4 family In process Property values Increasing Stable Declining Tenant 1,954 High 9 Multi-family To: Demand/supply Shortage In balance Over supply Vacant (0-5%) Predominant Commercial 10 Marketing time Under 3 mos. 3-6 mos. Over 6 mos. Vac.(over 5%) 950 3 SUBJECT NEIGHBORHOOD Note: Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood boundaries and characteristics: The subject property is located north of Clint Moore Rd., south of Atlantic Ave., east of Lyons Road and west of the Florida Turnpike. Factors that affect the marketability of the properties in the neighborhood (proximity to employment and amenities, employment stability, appeal to market, etc.): See addendum page. Market conditions in the subject neighborhood (including support for the above conclusions related to the trend of property values, demand/supply, and marketing time -- such as data on competitive properties for sale in the neighborhood, description of the prevalence of sales and financing concessions, etc.): See addendum page. PUD SITE Project Information for PUDs (If applicable) - - Is the developer/builder in control of the Home Owners' Association (HOA)? Yes No Approximate total number of units in the subject project 592 Approximate total number of units for sale in the subject project Describe common elements and recreational facilities: Green space, clubhouse, pool, playground, tennis courts, basketball, neighborhood park. Dimensions Irregular lot: 148x77x175x85, Approximately Topography Level At Street Grade Site area 12,197sf Corner Lot Yes No Size 12,197sf Specific zoning classification and description AGR-PUD, Planned Unit Development Shape Irregular Zoning compliance Legal Legal nonconforming (Grandfathered use) Illegal No zoning Drainage Appears Adequate Highest & best use as improved: Present use Other use (explain) View Lake Utilities Public Other Off-site Improvements Type Public Private Landscaping Average Electricity Street Asphalt Driveway Surface Pavers Gas Curb/gutter Concrete Apparent easements None noted Water Sidewalk Concrete FEMA Special Flood Hazard Area Yes No Sanitary sewer Street lights Pole Lights FEMA Zone B Map Date 2/1/1979 Storm sewer Alley None FEMA Map No. 120192 0215A Comments (apparent adverse easements, encroachments, special assessments, slide areas, illegal or legal nonconforming zoning use, etc.): None noted. DESCRIPTION OF IMPROVEMENTS GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION No. of Units 1 Foundation Conc Slab/Gd. Slab Conc Slab/Gd. Area Sq. Ft. 0sf Roof Unk. No. of Stories 2 Exterior Walls CBS/Good Crawl Space None % Finished N/A Ceiling Unk. Type (Det./Att.) Detached Roof Surface S-Tile/Good Basement None Ceiling N/A Walls Unk. Design (Style) Contemp. Gutters & Dwnspts. Complete/Gd Sump Pump None Walls N/A Floor Unk. Existing/Proposed Existing Window Type Sing Hung/Gd Dampness None noted. Floor N/A None Age (Yrs.) 3 Storm/Screens Screens/Avg. Settlement None noted. Outside Entry N/A Unknown Effective Age (Yrs.) 2 Manufactured House None Infestation None noted. ROOMS Basement Level 1 Level 2 Foyer 1 Living 1 Dining 1 Kitchen 1 Den Family Rm. 1 Rec. Rm. 1 Bedrooms 2 3 # Baths 2.2 3.1 Laundry 1 Other 1 Area Sq. Ft. 0sf 3,251 2,275 Finished area above grade contains: 12 Rooms; 5 Bedroom(s); 5.3 Bath(s); 5,526 Square Feet of Gross Living Area INTERIOR Materials/Condition HEATING KITCHEN EQUIP. ATTIC AMENITIES CAR STORAGE: Floors Marble/Wd/VG Type FWA Refrigerator None Fireplace(s) # None None Walls Drywall/Gd. Fuel Elec Range/Oven Stairs Patio Open Garage # of cars Trim/Finish Bath Floor Wood/Crown/Good Marble/Por T/Good Condition Good COOLING Disposal Dishwasher Drop Stair Scuttle Deck Porch None Covered Attached Detached 3-Car Bath Wainscot Doors Marble/Por T/Good Wood/Good Central Other Central Zoned Fan/Hood Microwave Floor Heated Fence Pool Rear In-Ground Built-In Carport Condition Good Washer/Dryer Finished Spa Driveway 3-Car Additional features (special energy efficient items, etc.): See addendum page. COMMENTS Condition of the improvements, depreciation (physical, functional, and external), repairs needed, quality of construction, remodeling/additions, etc.: addendum page. Adverse environmental conditions (such as, but not limited to, hazardous wastes, toxic substances, etc.) present in the improvements, on the site, or in the immediate vicinity of the subject property.: No adverse environmental conditions were noted on or near the subject property. See Freddie Mac Form 70 6/93 PAGE 1 OF 2 Fannie Mae Form 1004 6/93 Form UA2 "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE

UNIFORM RESIDENTIAL APPRAISAL REPORT Valuation Section File No. CCS16205 ESTIMATED SITE VALUE = 175,000 Comments on Cost Approach (such as, source of cost estimate, site value, ESTIMATED REPRODUCTION COST-NEW-OF IMPROVEMENTS: square foot calculation and for HUD, VA and FmHA, the estimated remaining Dwelling 5,527 Sq. Ft. @ 200.00 = 1,105,400 economic life of the property): Site value was based on extraction 0 Sq. Ft. @ = from improved sales, as no site sales were found in the subject Porch/Patio/Pool/Spa = 75,000 community in two years prior to the effective date. Site value Garage/Carport 734 Sq. Ft. @ 100.00 = 73,400 was concluded at 175,000. Reproduction cost based on Total Estimated Cost New = 1,253,800 figures provided by Marshall & Swift Residential Cost Handbook Less Physical Functional External and by local builder estimates. Physical depreciation is based on Depreciation 50,152 = 50,152 the economic age/life method. Subject's effective age was Depreciated Value of Improvements = 1,203,648 estimated at 2 years, with a remaining economic life of 48 years, "As-is" Value of Site Improvements = 10,000 based on a 50 year total economic life. No functional or INDICATED VALUE BY COST APPROACH = 1,388,648 external obsolescence was noted. ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 16832 Charles River Rd. 16807 Burlington Bristol Lane 8442 Eagleville Ave. 16919 Crown Bridge Dr. Address Delray Beach Delray Beach, FL 33446 Delray Beach, FL 33446 Delray Beach, FL 33446 Proximity to Subject 0.47 miles NW 0.16 miles NW 0.34 miles NW Sales Price N/A 1,249,900 1,350,000 1,960,000 Price/Gross Living Area / 245.13 / 268.34 / 272.15 / Data and/or Owner/PBC Prop FlexMLS#RX-10186284 FlexMLS#RX-10268718 FlexMLS#RX-10194818 Verification Source Appr/Inspection Realtor/PBC Prop Appr Realtor/PBC Prop Appr Realtor/PBC Prop Appr VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +( ) Adjust. DESCRIPTION +( ) Adjust. DESCRIPTION +( ) Adjust. Sales or Financing Conventional Ln. Cash Sale Conventional Ln. Concessions No Concessions No Concessions No Concessions Date of Sale/Time 06/28/2016 0 12/30/2016 05/31/2016 0 Location Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Site 12,197sf 10,019sf 0 13,068sf 0 21344sf -196,000 View Lake Lake Lake Wide Lake -98,000 Design and Appeal Contemp. Contemp. Contemp. Contemp. Quality of Construction CBS/V. Good CBS/V. Good CBS/V. Good CBS/V. Good Age 3 Years 5 Years 3 Years 4 Years Condition E:2/V. Good } E:2/V. Good } E:2/V. Good } E:2/V. Good } Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Room Count 12 5 5.3 11 5 6.1 0 11 5 6.1 0 11 6 7.1-8,000 Gross Living Area 5,527 Sq. Ft. 5,099 Sq. Ft. +42,800 5,031 Sq. Ft. +49,600 7,202 Sq. Ft. -167,500 Basement & Finished 0sf 0sf 0sf 0sf Rooms Below Grade Functional Utility 5 BR/Avg. 5 BR/Avg. 5 BR/Avg. 5 BR/Avg. Heating/Cooling FWA/Central FWA/Central FWA/Central FWA/Central Energy Efficient Items Good Good Good Good Garage/Carport 3 Car Garage 3 Car Garage 3 Car Garage 3 Car Garage Porch, Patio, Deck, Covd/Op Porch Sm. Covd Porch +20,000 Covd/Op Porch Covd/Op Porch Fireplace(s), etc. None None None None Fence, Pool, etc. Pool/Spa None +45,000 Pool/Spa Pool/Spa COST APPROACH SALES COMPARISON ANALYSIS Main File No. CCS16205 Page #4 Net Adj. (total) + 107,800 + 49,600 + Adjusted Sales Price of Comparable 1,357,700 1,399,600 Comments on Sales Comparison (including the subject property's compatibility to the neighborhood, etc.): See addendum page. -469,500 1,490,500 ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 Date, Price and Data None w/in 36 None within the past 12 months. None within the past 12 months. None within the past 12 months. Source, for prior sales Months within year of appraisal PBC Prop Appr PBC Property Appraiser Web. PBC Property Appraiser Web. PBC Property Appraiser Web. Analysis of any current agreement of sale, option, or listing of subject property and analysis of any prior sales of subject and comparables within one year of the date of appraisal: No prior sale was noted in the past 36 months for the subject property or within the past 12 months for any of the comparables 1-3, per USPAP Standard 1-5b. INDICATED VALUE BY SALES COMPARISON APPROACH 1,350,000 INDICATED VALUE BY INCOME APPROACH (if Applicable) Estimated Market Rent 0 /Mo. x Gross Rent Multiplier = 0 This appraisal is made "as is" subject to the repairs, alterations, inspections or conditions listed below subject to completion per plans & specifications. Conditions of Appraisal: Final Reconciliation: The scope of the appraisal included a full analysis of the site, improvements and neighborhood. Most weight was placed on Sales Comparison approach as it offers the best indicator of market value. Cost Approach was given less weight due to the subjects age and market conditions as of the Effective Date. Income approach was not developed as the community is primarily owner occupied. The purpose of this appraisal is to estimate the market value of the real property that is the subject of this report, based on the above conditions and the certification, contingent and limiting conditions, and market value definition that are stated in the attached Freddie Mac Form 439/FNMA form 1004B (Revised 2010 ). I (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF 12/30/2016 (WHICH IS THE DATE OF INSPECTION AND THE EFFECTIVE DATE OF THIS REPORT) TO BE 1,350,000 APPRAISER: SUPERVISORY APPRAISER (ONLY IF REQUIRED): Signature Signature Did Did Not Name Chris Callaway Staniszewski Name Inspect Property Date Report Signed State Certification # January 09, 2017 Cert Res RD4263 State FL Date Report Signed State Certification # State Or State License # State Or State License # State Freddie Mac Form 70 6/93 PAGE 2 OF 2 Form UA2 "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE Fannie Mae Form 1004 6-93 RECONCILIATION

Main File No. CCS16205 Page #5 UNIFORM RESIDENTIAL APPRAISAL REPORT MARKET DATA ANALYSIS SALES COMPARISON ANALYSIS These recent sales of properties are most similar and proximate to subject and have been considered in the market analysis. The description includes a dollar adjustment, reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to, or more favorable than, the subject property, a minus (-) adjustment is made, thus reducing the indicated value of the subject. If a significant item in the comparable is inferior to, or less favorable than, the subject property, a plus (+) adjustment is made, thus increasing the indicated value of the subject. ITEM SUBJECT COMPARABLE NO. COMPARABLE NO. COMPARABLE NO. 6 16832 Charles River Rd. 16584 Sagamore Bridge Way 8724 Lewis River Road Address Delray Beach Delray Beach, FL 33446 Delray Beach, FL 33446 Proximity to Subject 0.47 miles NW 0.53 miles NW Sales Price N/A 1,100,000 1,075,000 Price/Gross Living Area / 212.03 / 207.21 / / Data and/or Owner/PBC Prop FlexMLS#RX-10271407 FlexMLS#RX-10175358 Verification Sources Appr/Inspection Realtor/PBC Prop Appr Realtor/PBC Prop Appr VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +( ) Adjust. DESCRIPTION +( ) Adjust. DESCRIPTION +( ) Adjust. Sales or Financing Cash Sale Conventional Ln. Concessions No Concessions No Concessions Date of Sale/Time 12/23/2016 02/02/2016 0 Location Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple Site 12,197sf 8372sf 0 8525sf 0 View Lake Lake Residential +161,300 Design and Appeal Contemp. Contemp. Contemp. Quality of Construction CBS/V. Good CBS/V. Good CBS/V. Good Age 3 Years 4 Years 3 Years Condition E:2/V. Good } E:2/V. Good } E:2/V. Good } Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Room Count 12 5 5.3 11 5 6.1 0 11 5 6.1 0 Gross Living Area 5,527 Sq. Ft. 5,188 Sq. Ft. +33,900 5,188 Sq. Ft. +33,900 Sq. Ft. Basement & Finished 0sf 0sf 0sf Rooms Below Grade Functional Utility 5 BR/Avg. 5 BR/Avg. 5 BR/Avg. Heating/Cooling FWA/Central FWA/Central FWA/Central Energy Efficient Items Good Good Good Garage/Carport 3 Car Garage 3 Car Garage 3 Car Garage Porch, Patio, Deck, Covd/Op Porch Covd/Op Porch Covd/Op Porch Fireplace(s), etc. None None None Fence, Pool, etc. Pool/Spa Pool/Water Feat. 0 Pool/Spa Net Adj. (total) + 33,900 + 195,200 + Adjusted Sales Price of Comparable 1,133,900 1,270,200 Date, Price and Data None w/in 36 None within the past 12 months. 01/2016 & 04/2015 Source for prior sales Months 10 & 10 QCD within year of appraisal PBC Prop Appr PBC Property Appraiser Web. PBC Property Appraiser Web. Comments: Sale 5 has prior recorded Quit Claim Deeds in the previous 12 months which appear to be title changes. No other prior sales were noted on Sales 4 and 5. COMMENTS Market Data Analysis 6-93 Form UA2.(AC) "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE

Main File No. CCS16205 Page #6 DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. * Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgement. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S 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 appraised on the basis of it being under responsible ownership. 2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. 5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at their contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. 6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. 7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. 8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice. 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner. 10. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report (including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage insurer; consultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality of the United States or any state or the District of Columbia; except that the lender/client may distribute the property description section of the report only to data collection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media. Freddie Mac Form 439 6-93 Page 1 of 2 Fannie Mae Form 1004B 6-93 Gulfstream Appraisal & Consulting,Inc Form ACR "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE

Main File No. CCS16205 Page #7 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation. If a significant item in a comparable property is superior to, or more favorable than, the subject property, I have made a negative adjustment to reduce the adjusted sales price of the comparable and, if a significant item in a comparable property is inferior to, or less favorable than the subject property, I have made a positive adjustment to increase the adjusted sales price of the comparable. 2. I have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. I have not knowingly withheld any significant information from the appraisal report and I believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct. 3. I stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions specified in this form. 4. I have no present or prospective interest in the property that is the subject to this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property. 5. I have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 6. I was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. I did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan. 7. I performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of those Standards, which does not apply. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value and the estimate I developed is consistent with the marketing time noted in the neighborhood section of this report, unless I have otherwise stated in the reconciliation section. 8. I have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report. I further certify that I have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the subject property of which I am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that I had market evidence to support them. I have also commented about the effect of the adverse conditions on the marketability of the subject property. 9. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. If I relied on significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, I have named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in the report; therefore, if an unauthorized change is made to the appraisal report, I will take no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that: I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. ADDRESS OF PROPERTY APPRAISED: APPRAISER: 16832 Charles River Rd., Delray Beach, FL 33446 SUPERVISORY APPRAISER (only if required): Signature: Signature: Name: Chris Callaway Staniszewski Name: Date Signed: January 09, 2017 Date Signed: State Certification #: Cert Res RD4263 State Certification #: or State License #: or State License #: State: FL State: Expiration Date of Certification or License: 11/30/2018 Expiration Date of Certification or License: Did Did Not Inspect Property Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Form 1004B 6-93 Form ACR "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE

Main File No. CCS16205 Page #8 Supplemental Addendum File No. CCS16205 Borrower/Client N/A, Client Property Address City 16832 Charles River Rd. Delray Beach County Palm Beach State FL Zip Code 33446 Lender James Sallah, Receiver... Legal Description Lot 354, The Plat Six, according to the Plat thereof, as recorded in Plat Book 116, Pages 79, Public Records of Palm Beach County, Florida. Neighborhood Description Subject is located within the newer community of The in Delray Beach. The is a private gated GL Homes community of high-end homes with a manned security gate located on the main entrance. The subdivision's improvements and amenities are typical of other area high-end communities in quality and include: green space, a large clubhouse with fitness room and aerobics classes, pool, child pool, playground, sauna, spa, tennis courts, basketball, community room, game rooms, neighborhood park, etc. The community is in the later stages of development, and the sister development, 7 has building and sales activity in earnest of very similar homes located on the west side of Lyons Road. This is a newer community located in an area of Delray Beach which was minimally developed for use as agricultural and nursery land until the early 2000's. More neighborhoods are now being developed in the area, and although growth slowed significantly due to the depressed real estate market from 2007 through 2013, building has once again begun in earnest in this and other new area communities. Neighborhood shopping, etc. are located within 3-4 miles with a new shopping center under construction within one mile. The community has convenient access to the Florida Turnpike, Atlantic Avenue and Clint Moore Rd. Neighborhood Market Conditions Market conditions in the subject neighborhood are stable overall. Market times are somewhat slower for new construction communities, (from 2 to 8 months typically), but activity continues to increase in the subject and other area communities. In neighboring established high-end communities, market times are typically between 1-5 months for competetively priced homes. Foreclosures and short sales are not a factor in the subject community at this time; the community is still being built out. Neighboring communities have experienced significant foreclosure and distress sales from 2007 to 2013 due to investor purchases as new construction before the housing bubble collapsed. The real estate market has exhibited ongoing growth and stabilization in the immediate Delray Beach area. Conventional financing is still predominant with no buydowns noted in the area at this time. Condition of the Property The Subject is a newer 2014 CBS 2 story home with an S-tile roof and a 3 car garage, located in The. The home has 5 bedrooms plus a media room and loft, 5 full and 3 half-baths, living room, dining room, breakfast, kitchen, office and family room. The home has a number of high-end custom upgrades and is like-new in condition. Flooring is marble tile in the main living areas with wood floors in all bedrooms and through most of the upstairs. The subject kitchen has granite counters with upgraded wood cabinetry, large granite work island with sink, stainless steel appliances: Viking double oven, hood, dishwasher and microwave, Subzero refrigerator and gas cooktop. The utility room has granite counters and wood cabinetry. Baths all have granite and wood vanities, porcelain and marble tile floors, designer fixtures, custom tiled walk-in showers or tub/showers, etc. The master bath, has his/hers marble and wood vanities, frameless glass walk-in showers and large walk in his/hers closets with custom closet systems. Other upgrades included hurricane-impact rated windows and French doors, crown molding, natural gas appliances, built in shelving, recessed lighting, custom lighting, wrought iron stair rail, etc. The exterior is as follows: Front covered entry, brick paver driveway, covered and open patio in rear with a pool and spa, small upper balcony, etc. No repairs or inadequacies were observed. Quality of construction is very good. The subject has a lake view and is on a.28 acre irregular shaped lot. Sales Comparison Comments Greatest weight was placed on Sales 1 through 3, with less consideration given to Sales 4 and 5, due to the fact that Sale 4 sold under market, according to realtor comments and Sale 5 had an inferior view. All comparables were all resales from the subject community and the most recent and similar sales. The sales and both listings were all taken from the, due to the similar quality of homes, upgrades and amenities in the community. Approximately 12 resales were found in the subject community with a range in price depending on location, elective upgrades, and features. The sales used are the closest in size and features to the subject. Gross Living Area (GLA) is adjusted at 50% of the replacement cost new as noted in the Cost Approach section of this report, with further support from the sales price / gross living area of the comparable sales. A replacement cost estimate of 200/sf was assigned to the subject property, based on local builder cost figures, as well as replacement cost numbers provided by Marshall & Swift Residential Cost Handbook. We utilized 50% of this number, or 100/sf for the GLA adjustment on all sales, as all sales were similar construction quality and size. Square footage adjustment was supported by information provided by area realtors, as well as by construction cost data referenced above. Baths were adjusted using 8,000 per full bath and 4,000 per half-bath. A 45,000 pool/spa adjustment and a 20,000 patio adjustment was made on Sale 1, which lacked an extended porch and patio or pool and spa. Physical features adjustments were based on information provided from local contractors with support from Marshall Valuation. View adjustments were made on Sale 3, which has a wide wraparound lake view, considered superior to the subject's view, and Sale 5 which has an inferior residential view, according to realtor information. Sale 3 was Form TADD "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE

Main File No. CCS16205 Page #9 Supplemental Addendum File No. CCS16205 Borrower/Client N/A, Client Property Address City 16832 Charles River Rd. Delray Beach County Palm Beach State FL Zip Code 33446 Lender James Sallah, Receiver... adjusted down 5% for the superior view based on realtor information. Sale 5 had a limited residential view and was adjusted up 15% due to the fact that most homes in the community have a lake view. Sale 3 is a home built on the largest lot in the subject community, per realtor information, which also is a Cul-De-Sac lot. According to the realtor's information, the size of the lot was a significant selling point, along with the expanded view. For this reason, Sale 3 was adjusted down 10% for the site size, which was almost double that of the subject property. Site size adjustment was based on extraction, as well as on prior sales information from the subject community. A reasonable marketing and exposure period has been estimated based on area sales found over the previous 12 months. Market conditions indicate that most similar, reasonably priced area properties have an exposure time of approximately 1-5 months. A reasonable exposure time estimated for a similar property to the subject property priced in a similar manner as the appraised value is 90-120 days, or 3-4 months. Market research included, but was not limited to contacting local real estate brokers, Palm Beach County Property Appraiser s office (via website), researching appraiser s files, and consulting the Multiple Listing Service. Days on Market shows for each sale in the sales grid under the MLS number. Statement of Limiting Conditions and Appraisers Certification Intended User And Intended Use The Intended User of this report is the client, James D. Sallah, Receiver for Project Investors, Inc. d/b/a Cryptsy. The Intended Use is for internal decision making regarding a Receivership. The scope of work performed is specific to the needs of the intended user and intended use. No additional Intended Users have been identified by the appraisers and the scope of work may not be appropriate for other use. Scope of Work: This is an interior/exterior appraisal for market value as of the effective date of the report. The subject property was inspected on 12/30/2016. Extraordinary Assumption No Extraordinary Assumptions have been made in the report. Competency The Subject Property is located in an area that Gulfstream Appraisal & Consulting, Inc. completes assignments. We have geographic competency within the area of this assignment. Chris Callaway Staniszewski is a Certified Residential Appraiser. She has been appraising properties for 14 years. Additional Certifications I certify that, to the best of my knowledge and belief, the reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of USPAP. I certify that the use of this report is subject to the requirements of the FREAB and the State of Florida relating to review by its duly authorized representatives. The appraisal report is subject to and adheres to the developing and reporting guidelines of Uniform Standards of Professional Appraisal Practice (USPAP), FIRREA appraisal regulations and the requirements of the State of Florida relating to review by the Florida Real Estate Appraisal Board. As of the date of this report, Chris Callaway Staniszewski has completed the requirements under the continuing education programs of the State of Florida and FREAB. I have not provided a prior service regarding this property within the last three years. Form TADD "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE

Building Sketch Main File No. CCS16205 Page #10 Borrower/Client N/A, Client Property Address City 16832 Charles River Rd. Delray Beach County Palm Beach State FL Zip Code 33446 Lender James Sallah, Receiver... 4.5' 1.9' 50.3' 8' 74' 4.5' 8.8' 1.9' 2' 32' 13.3' 4' 19' 15' 8' 20.5' 21' 4.5' 8' 10' 6' 75' 5.8' 5.5' 4.5' 9.67' 13' 10.4' 7.9' 6' 6' 13' 30.59' 2' Form SKT.BldSkI "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE

Building Sketch Main File No. CCS16205 Page #11 Borrower/Client N/A, Client Property Address City 16832 Charles River Rd. Delray Beach County Palm Beach State FL Zip Code 33446 Lender James Sallah, Receiver... Form SKT.BldSkI "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE

Subject Photo Page Main File No. CCS16205 Page #12 Borrower/Client N/A, Client Property Address City 16832 Charles River Rd. Delray Beach County Palm Beach State FL Zip Code 33446 Lender James Sallah, Receiver... Subject Front 16832 Charles River Rd. Sales Price N/A Gross Living Area 5,527 Total Rooms 12 Total Bedrooms 5 Total Bathrooms 5.3 Location View Lake Site 12,197sf Quality CBS/V. Good Age 3 Years Subject Rear Subject Street Form PICPIX.SR "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE

Subject Interior Photo Page Main File No. CCS16205 Page #13 Borrower/Client N/A, Client Property Address City 16832 Charles River Rd. Delray Beach County Palm Beach State FL Zip Code 33446 Lender James Sallah, Receiver... Subject Interior 16832 Charles River Rd. Sales Price N/A Gross Living Area 5,527 Total Rooms 12 Total Bedrooms 5 Total Bathrooms 5.3 Location View Lake Site 12,197sf Quality CBS/V. Good Age 3 Years Dining Area Subject Interior Living Room Subject Interior Office Form PICPIX.SI "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE

Subject Interior Photo Page Main File No. CCS16205 Page #14 Borrower/Client N/A, Client Property Address City 16832 Charles River Rd. Delray Beach County Palm Beach State FL Zip Code 33446 Lender James Sallah, Receiver... Subject Interior 16832 Charles River Rd. Sales Price N/A Gross Living Area 5,527 Total Rooms 12 Total Bedrooms 5 Total Bathrooms 5.3 Location View Lake Site 12,197sf Quality CBS/V. Good Age 3 Years Master BR Subject Interior 1/2 Bath 1 Subject Interior Form PICPIX.SI "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE

Subject Interior Photo Page Main File No. CCS16205 Page #15 Borrower/Client N/A, Client Property Address City 16832 Charles River Rd. Delray Beach County Palm Beach State FL Zip Code 33446 Lender James Sallah, Receiver... Subject Interior 16832 Charles River Rd. Sales Price N/A Gross Living Area 5,527 Total Rooms 12 Total Bedrooms 5 Total Bathrooms 5.3 Location View Lake Site 12,197sf Quality CBS/V. Good Age 3 Years Bath 2 Subject Interior Kitchen Subject Interior Kitchen Form PICPIX.SI "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE

Subject Interior Photo Page Main File No. CCS16205 Page #16 Borrower/Client N/A, Client Property Address City 16832 Charles River Rd. Delray Beach County Palm Beach State FL Zip Code 33446 Lender James Sallah, Receiver... Subject Interior 16832 Charles River Rd. Sales Price N/A Gross Living Area 5,527 Total Rooms 12 Total Bedrooms 5 Total Bathrooms 5.3 Location View Lake Site 12,197sf Quality CBS/V. Good Age 3 Years Family Room Subject Interior 1/2 Bath 2 Subject Interior Loft Form PICPIX.SI "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE

Photograph Addendum Main File No. CCS16205 Page #17 Borrower/Client N/A, Client Property Address City 16832 Charles River Rd. Delray Beach County Palm Beach State FL Zip Code 33446 Lender James Sallah, Receiver... Media Room Bedroom 3 Bath 3 Form GPICPIX "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE

Photograph Addendum Main File No. CCS16205 Page #18 Borrower/Client N/A, Client Property Address City 16832 Charles River Rd. Delray Beach County Palm Beach State FL Zip Code 33446 Lender James Sallah, Receiver... Bedroom 4 Bedroom 5 Bath 4 Form GPICPIX "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE

Photograph Addendum Main File No. CCS16205 Page #19 Borrower/Client N/A, Client Property Address City 16832 Charles River Rd. Delray Beach County Palm Beach State FL Zip Code 33446 Lender James Sallah, Receiver... View Pool/Spa Street Scene Form GPICPIX "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE

Location Map Main File No. CCS16205 Page #20 Borrower/Client N/A, Client Property Address City 16832 Charles River Rd. Delray Beach County Palm Beach State FL Zip Code 33446 Lender James Sallah, Receiver... Form MAP.LOC "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE

Comparable Photo Page Main File No. CCS16205 Page #21 Borrower/Client N/A, Client Property Address City 16832 Charles River Rd. Delray Beach County Palm Beach State FL Zip Code 33446 Lender James Sallah, Receiver... Comparable 1 16807 Burlington Bristol Lane Prox. to Subject 0.47 miles NW Sales Price 1,249,900 Gross Living Area 5,099 Total Rooms 11 Total Bedrooms 5 Total Bathrooms 6.1 Location View Lake Site 10,019sf Quality CBS/V. Good Age 5 Years Comparable 2 8442 Eagleville Ave. Prox. to Subject 0.16 miles NW Sales Price 1,350,000 Gross Living Area 5,031 Total Rooms 11 Total Bedrooms 5 Total Bathrooms 6.1 Location View Lake Site 13,068sf Quality CBS/V. Good Age 3 Years Comparable 3 16919 Crown Bridge Dr. Prox. to Subject 0.34 miles NW Sales Price 1,960,000 Gross Living Area 7,202 Total Rooms 11 Total Bedrooms 6 Total Bathrooms 7.1 Location View Wide Lake Site 21344sf Quality CBS/V. Good Age 4 Years Form PICPIX.CR "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE

Comparable Photo Page Main File No. CCS16205 Page #22 Borrower/Client N/A, Client Property Address City 16832 Charles River Rd. Delray Beach County Palm Beach State FL Zip Code 33446 Lender James Sallah, Receiver... Comparable 4 16584 Sagamore Bridge Way Prox. to Subject 0.47 miles NW Sales Price 1,100,000 Gross Living Area 5,188 Total Rooms 11 Total Bedrooms 5 Total Bathrooms 6.1 Location View Lake Site 8372sf Quality CBS/V. Good Age 4 Years Comparable 5 8724 Lewis River Road Prox. to Subject 0.53 miles NW Sales Price 1,075,000 Gross Living Area 5,188 Total Rooms 11 Total Bedrooms 5 Total Bathrooms 6.1 Location View Residential Site 8525sf Quality CBS/V. Good Age 3 Years Prox. to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age Comparable 6 Form PICPIX.CR "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE

Main File No. CCS16205 Page #23 Form SCA "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE

EXHIBIT H

APPRAISAL OF A SINGLE FAMILY RESIDENCE LOCATED AT: 16832 Charles River Dr Pl 6 Lt 354 Delray Beach, FL 33446 FOR: James Sallah, Receiver for Project Investors, Inc. d/b/a Cryptsy c/o Robert Carey 2255 Glades Rd., Suite 300-E, Boca Raton, FL 33431 AS OF: December 30, 2016 BY: Stephen D. Middleton State-Certified General Real Estate Appraiser RZ2250 P.O. Box 3586 Tequesta, FL 33469 Phone: (561) 746-4346 Form GA6 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Stephen D. Middleton SALES COMPARISON APPROACH ASSIGNMENT SUBJECT RESTRICTED APPRAISAL REPORT File No.: 161203 City: Delray Beach State: FL Zip Code: 33446 Legal Description: Pl 6 Lt 354 Assessor's Parcel #: 00-42-46-29-13-000-3540 Tax Year: 2016 R.E. Taxes: 20,486 Special Assessments: N/A Borrower (if applicable): N/A Manufactured Housing Current Owner of Record: Occupant: Owner Tenant Vacant NETTLES Property Type: SFR 2-4 Family # of Units: Ownership Restriction: None PUD Condo Coop Flood Hazard Market Area Name: Map Reference: 29-46-42 Census Tract: 77.13/1 Unincorporated Delray Beach 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 Other: Property Rights Appraised: Fee Simple Leasehold Leased Fee Other (describe) Intended Use: Court proceedings. Intended User: Client named in this report. Under USPAP Standards Rule 2-2(b), this is a Restricted Appraisal Report, and is intended only for the sole use of the named client. There are no other intended users. The client must clearly understand that the appraiser's opinions and conclusions may not be understood properly without additional information in the appraiser's work file. Client: Address: c/o Robert Carey, 2255 Glades Rd., Suite 300-E, Boca Raton, FL 33431 James Sallah for Project Investors Inc. Appraiser: Address: P.O. Box 3586, Tequesta, FL 33469 Stephen D. Middleton FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address 16832 Charles River Dr 8442 Eagleville Ave 8896 Sydney Harbor Cir 8781 Sydney Harbor Cir Property Address: 16832 Charles River Dr County: Palm Beach Delray Beach, FL 33446 Proximity to Subject Sale Price N/A Sale Price/GLA /sq.ft. Data Source(s) Public record/mls Verification Source(s) CRS/Inspection VALUE ADJUSTMENTS DESCRIPTION Sales or Financing Concessions Date of Sale/Time N/A Rights Appraised Fee Simple Location Site.30 acre View Lake Design (Style) Cntmp/V.Good Quality of Construction CBS/ConcTlRf Age Act=2,Eff=1 Condition Very Good Above Grade Total Bdrms Baths Room Count 10 5 5.3 Gross Living Area 5,525 sq.ft. Basement & Finished None Rooms Below Grade Functional Utility Good Heating/Cooling Central Energy Efficient Items Typical for Qual Garage/Carport 3-Garage Porch/Patio/Deck CvPc,CvEn Pool/Spa,Etc. Interior Features Delray Beach, FL 33446 0.09 miles NW 1,350,000 268.34 /sq.ft. Public record/mls CRS DESCRIPTION +(-) Adjust. Cash No Concess. 12/16 Fee Simple.30 acre Lake Cntmp/V.Good CBS/ConcTlRf Act=2,Eff=1 Very Good Delray Beach, FL 33446 0.51 miles W 1,255,000 240.19 /sq.ft. Public record/mls CRS DESCRIPTION +(-) Adjust. Convent. No Concess. 9/16 +0.375% +4,700 Fee Simple.34 acre -20,000 Lake Cntmp/V.Good CBS/ConcTlRf Act=3,Eff=1 Very Good Delray Beach, FL 33446 0.52 miles W 1,249,000 290.40 /sq.ft. Public record/mls CRS DESCRIPTION +(-) Adjust. Convent. No Concess. 8/16 +0.50% +6,200 Fee Simple.27 acre No adj. Lake Cntmp/V.Good CBS/ConcTlRf Act=4,Eff=2 +4,000 Very Good Total Bdrms Total Bdrms Total Bdrms 9 5 Baths 6.1 5,031 sq.ft. None Good Central Similar 3-Garage Similar features Pool/Spa,Patio Pool/Spa,Patio Very Good Quality Similar Net Adjustment (Total) Adjusted Sale Price of Comparables Summary of Sales Comparison Approach + - Baths No adj. 10 5 7.1 +37,100 5,225 sq.ft. None Good Central Similar 3-Garage Similar features Pool/Spa,Patio Inferior +15sf 37,100 + - -5,000 8 4 Baths 4.1 4,301 sq.ft. +10,000 +91,900 None Good Central Similar 3-Garage Similar features Pool/Patio +78,400 Similar 58,100 + - +5,000 117,100 1,387,100 1,313,100 1,366,100 Comparables were chosen for their similarities and proximity to the Subject and represent the most recent, similar and proximate found. All 6 comparables are from the Subject's subdivision. Differences for the comparables were market derived and adjusted as explained. Date of Sale ("time") adjustments of +.125% per months were applied to the closed sales since values for similar properties appear to have gradually increased over the previous few years. The "listing" (#6) was adjusted down 7% since the average "sale to list" ratio in the area is 93%. Site size and view differences were considered in a single category and adjusted based on paired sales analysis. Effective age differences were adjusted at 1.7% of the value of the improvements, based on an overall economic life of 60 years. Gross living area differences were adjusted at 75 per square foot. No adjustments were made for differences in bedroom count since this has been considered in the Gross Living Area category. Bathrooms were adjusted at 5,000 each. The adjusted values of the comparables indicate a range of value for the Subject of 1,313,000 to 1,401,200. Most weight was given to the closed sales; the listing (#6) is supportive but was given less weight. The Subject's prior sale was also considered and weighted. The value conclusion of 1,365,000 indicates the "most probable" price for the Subject. Copyright 2013 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 GPRTD2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 12/2013

MARKET TRANSFER HISTORY RESTRICTED APPRAISAL REPORT File No.: 161203 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): Public Records 1st Prior Subject Sale/Transfer Analysis of sale/transfer history and/or any current agreement of sale/listing: The prior sale of the Subject was Date: March 2015 considered and weighted. There have been no prior sales of the comparables within the past 1 year. Price: 1,374,881 Source(s): Public rec. 2nd Prior Subject Sale/Transfer Date: Price: Source(s): Subject Market Area and Marketability: Conventional financing is typical for the area. Cash sales are also prevalent. Normal marketing and exposure times should not exceed 4 months given proper pricing. Values appear to be on a slight upward trend over the past few years, therefore "date of sale" adjustments of 0.125% per month were applied to the comparable sales used in this report. RECONCILIATION IMPROVEMENTS SITE Site Area:.30 acre Zoning Classification: AGR-PUD Site View: Topography: Lake Zoning Compliance: Highest & Best Use: Present use, or Other use (explain) Actual Use as of Effective Date: Single family residence Opinion of Highest & Best Use: FEMA Spec'l Flood Hazard Area Yes No FEMA Flood Zone "X500" Site Comments: Typical utility easements exist with no adverse affect. Legal Drainage: Level-sandy soil Description: Residential Legal nonconforming (grandfathered) Use as appraised in this report: Appears adequate Illegal No zoning Single family residence FEMA Map # 120192 0215 A FEMA Map Date 02/01/1979 Improvements Comments: The Subject is CBS construction with a concrete tile roof. There is a 3 car garage, a covered porch & entry and a pool/spa/patio area. Flooring is marble & engineered wood with marble & ceramic tiles in the bathrooms. There are 3 central AC units. The Subject is in "very good" condition with no evidence of needed repairs. Site improvements include a paver driveway, landscaping and a fenced back yard. Interior features are considered to be of Very Good quality and "upgraded" in some cases. The effective age is concluded at 1 year with a remaining economic life of 59 years. No functional or external inadequacies noted. NOTE: The appraiser is not qualified as a "home inspector" and any deficiencies as revealed by a complete inspection could have an affect on the value conclusion of this report. Indicated Value by: Sales Comparison Approach 1,365,000 Indicated Value by: Cost Approach (if developed) Indicated Value by: Income Approach (if developed) N/A N/A Final Reconciliation The Market Approach is the only applicable method. Most weight was given to the closed sales. 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: No furniture or personal property items were included in this valuation. 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. 1,365,000 December 30, 2016 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 24 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 Map Addenda Hypothetical Conditions Client Contact: E-Mail: Limiting Cond./Certifications Additional Sales Extraordinary Assumptions Narrative Addendum Cost Addendum Sketch Addendum Manuf. House Addendum Client Name: James Sallah for Project Investors Inc. Address: c/o Robert Carey, 2255 Glades Rd., Suite 300-E, Boca Raton, FL 33431 APPRAISER SIGNATURES Photograph Addenda Flood Addendum SUPERVISORY APPRAISER (if required) or CO-APPRAISER (if applicable) Appraiser Name: Stephen D. Middleton Company: Phone: (561) 746-4346 Fax: E-Mail: smiddle@bellsouth.net Date of Report (Signature): January 10, 2017 License or Certification #: State: FL Cert.Gen.RZ2250 Designation: Expiration Date of License or Certification: 11/30/2018 Inspection of Subject: Interior & Exterior Exterior Only None Date of Inspection: December 30, 2016 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 2013 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 GPRTD2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 12/2013

FEATURE SUBJECT COMPARABLE SALE # 4 16807 Burlington Bristol Ln Delray Beach, FL 33446 0.49 miles W N/A 1,249,900 /sq.ft. 245.13 /sq.ft. Address 16832 Charles River Dr Delray Beach, FL 33446 Proximity to Subject Sale Price Sale Price/GLA Data Source(s) Public record/mls Verification Source(s) CRS/Inspection VALUE ADJUSTMENTS DESCRIPTION Sales or Financing Concessions Date of Sale/Time N/A Rights Appraised Fee Simple Location Site.30 acre View Lake Design (Style) Cntmp/V.Good Quality of Construction CBS/ConcTlRf Age Act=2,Eff=1 Condition Very Good Above Grade Total Bdrms Baths Room Count 10 5 5.3 Gross Living Area 5,525 sq.ft. Basement & Finished None Rooms Below Grade Functional Utility Good Heating/Cooling Central Energy Efficient Items Typical for Qual Garage/Carport 3-Garage Porch/Patio/Deck CvPc,CvEn SALES COMPARISON APPROACH Pool/Spa,Etc. Interior Features Public record/mls CRS DESCRIPTION Convent. No Concess. 6/16 +0.75% Fee Simple.23 acre Lake Cntmp/V.Good CBS/ConcTlRf Act=4,Eff=2 Very Good Total Bdrms 9 5 +9,400 +35,000 +4,000 Baths Public record/mls CRS DESCRIPTION Cash No Concess. 5/16 +0.875% Fee Simple.36 acre Lake Cntmp/V.Good CBS/ConcTlRf Act=2,Eff=1 Very Good Total Bdrms 6.1 5,099 sq.ft. No adj. +32,000 None 7 3 + - Public record/mls CRS +(-) Adjust. DESCRIPTION N/A +11,400 Listing -7% Fee Simple -30,000.26 acre Lake Cntmp/V.Good CBS/ConcTlRf Act=2,Eff=1 Very Good Baths Total Bdrms 4.1 4,248 sq.ft. None Good Central Similar 3-Garage Similar features Pool/Spa,Patio Patio Very Good Quality Similar Net Adjustment (Total) Adjusted Sale Price of Comparables Summary of Sales Comparison Approach +(-) Adjust. File No.: 161203 COMPARABLE SALE # 5 COMPARABLE SALE # 6 16812 Burlington Bristol Ln 16820 Charles River Dr Delray Beach, FL 33446 Delray Beach, FL 33446 0.45 miles W 0.01 miles N 1,299,900 1,550,000 306.00 /sq.ft. 280.54 /sq.ft. 115,400 1,365,300 + - -108,500 +20,000 Baths +10,000 10 5 7.1 +95,900 5,525 sq.ft. None Good Central Similar 3-Garage Similar features +35,000 Pool/Spa,Patio Similar Good Central Similar 3-Garage Similar features Pool/Spa,Patio Superior -10sf 87,300 1,387,200 + +(-) Adjust. - -5,000-55,300-148,800 1,401,200 SEE PAGE #1 Copyright 2013 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 GPRTD2.(AC) - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 12/2013

Assumptions, Limiting Conditions & Scope of Work Property Address: 16832 Charles River Dr Client: James Sallah for Project Investors Inc. Appraiser: Stephen D. Middleton File No.: 161203 City: Delray Beach State: FL Zip Code: 33446 Address: c/o Robert Carey, 2255 Glades Rd., Suite 300-E, Boca Raton, FL 33431 Address: P.O. Box 3586, Tequesta, FL 33469 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. Under USPAP Standards Rule 2-2(b), this is a Restricted Appraisal Report, and is intended only for the sole use of the named client. There are no other intended users. The client must clearly understand that the appraiser's opinions and conclusions may not be understood properly without additional information in the appraiser's work file. In developing this appraisal, the appraiser has incorporated only the Sales Comparison Approach. The appraiser has excluded the Cost and Income Approaches to Value, due to being inapplicable and given the limited scope of the appraisal. The appraiser has determined that this appraisal process is not so limited that the results of the assignment are no longer credible, and the client agrees that the limited scope of analysis is appropriate given the intended use. Copyright 2013 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 GPRTD2AD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 12/2013

Certifications Property Address: 16832 Charles River Dr Client: James Sallah for Project Investors Inc. Appraiser: Stephen D. Middleton File No.: 161203 City: Delray Beach State: FL Zip Code: 33446 Address: c/o Robert Carey, 2255 Glades Rd., Suite 300-E, Boca Raton, FL 33431 Address: P.O. Box 3586, Tequesta, FL 33469 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. - 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. - 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: See Addendum 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: James Sallah for Project Investors Inc. Address: c/o Robert Carey, 2255 Glades Rd., Suite 300-E, Boca Raton, FL 33431 SIGNATURES APPRAISER SUPERVISORY APPRAISER (if required) or CO-APPRAISER (if applicable) Appraiser Name: Stephen D. Middleton Company: Phone: (561) 746-4346 Fax: E-Mail: smiddle@bellsouth.net Date Report Signed: January 10, 2017 License or Certification #: State: FL Cert.Gen.RZ2250 Designation: Expiration Date of License or Certification: 11/30/2018 Inspection of Subject: Interior & Exterior Exterior Only None Date of Inspection: December 30, 2016 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 2013 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 GPRTD2AD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 12/2013

MARKET RESEARCH & ANALYSIS Market Conditions Addendum to the Appraisal Report File No. 161203 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, 2009. Property Address City Delray Beach State FL ZIP Code 33446 16832 Charles River Dr Borrower N/A 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) Increasing Stable Declining 21 11 6 Increasing Stable Declining Absorption Rate (Total Sales/Months) 3.50 3.67 2.00 Declining Stable Increasing Total # of Comparable Active Listings 17 20 33 Declining Stable Increasing Months of Housing Supply (Total Listings/Ab.Rate) 4.9 5.4 16.5 Median Sale & List Price, DOM, Sale/List % Overall Trend Prior 7 12 Months Prior 4 6 Months Current 3 Months Increasing Stable Declining Median Comparable Sale Price 999,900 960,000 1,225,000 Declining Stable Increasing Median Comparable Sales Days on Market 104 58 70 Increasing Stable Declining Median Comparable List Price 1,189,000 1,259,500 1,199,000 Declining Stable Increasing Median Comparable Listings Days on Market 228 196 151 Increasing Stable Declining Median Sale Price as % of List Price 95 92 93 Seller-(developer, builder, etc.)paid financial assistance prevalent? Yes No Declining Stable Increasing 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.). Seller paid closing costs of 3-5% is typical for the area. This has been the case for the past few years. No change is anticipated in this in the foreseeable future. The above data is based on the Subject's immediate marketing area, single family residences. 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). There is only a small number of "pre-foreclosure", "short sale" and "bank owned" properties for sale in the area. This has little influence on current prices and values. Cite data sources for above information. MLS, Public Records, Appraiser's files. 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 Property values have gradually increased over the past few years. Therefore, "date of sale" adjustments of +0.125% per month were warranted to the closed sales. Average marketing and exposure times appear to be less than 6 months, given proper pricing and exposure. 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) Increasing Stable Absorption Rate (Total Sales/Months) Increasing Stable Total # of Active Comparable Listings Declining Stable Months of Unit Supply (Total Listings/Ab.Rate) Declining Stable 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. Declining Declining Increasing Increasing Summarize the above trends and address the impact on the subject unit and project. Signature Appraiser Name Stephen D. Middleton Company Name Company Address PO Box 3586, Tequesta, FL 33469 State License/Certification # Cert.Gen.RZ2250 State Email Address Signature Supervisory Appraiser Name Company Name Company Address State License/Certification # FL Email Address smiddle@bellsouth.net Freddie Mac Form 71 March 2009 State Page 1 of 1 Fannie Mae Form 1004MC March 2009 Form 1004MC2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Supplemental Addendum Borrower Property Address City Lender/Client N/A 16832 Charles River Dr County Palm Beach Delray Beach James Sallah for Project Investors Inc. (client) File No. 161203 State FL Zip Code 33446 SPECIFIC USE OF THIS APPRAISAL... Be advised that this report was prepared for the specific use by the clients (court proceedings) and is not to be relied upon by Insurance Companies or other third parties, or for uses other than previously stated. The appraiser assumes no liability resulting from the unauthorized use of this report. ADDITIONAL CERTIFICATIONS... These statements of certification may differ from those found on the FNMA 1004B/FHLMC 439 (and/or other attached Limiting Conditions) but are intended to comply with current standards of USPAP and will take precedence over any conflicting statements found on the attached Limiting Conditions (FNMA 1004B/FHLMC 439 and/or other attached Limiting Conditions). I certify that, to the best of my knowledge and belief: The statements of fact contained in this report are true and correct. 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 or bias 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 the assignment. My engagement of 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 report. My analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Uniform Standards of Professional Appraisal Practice (USPAP) adopted by the Appraisal Standards Board of the Appraisal Foundation. The use of this report is subject to the requirements by the State of Florida relating to review by the Department of Professional Regulation, Real Estate Appraisal Board relating to review by its duly authorized representatives. I certify, that I have experience in the appraisal of properties similar to the Subject, and I am qualified due to education, training and experience in the preparation of such reports to comply with the competency provision of USPAP. I have made a personal inspection of the property that is the Subject of this report. No one provided significant professional assistance in the preparation of this report. I currently hold an appropriate state certification allowing the performance of real estate appraisals in connection with federally related transactions in the state in which the Subject Property is located. The appraiser named in this report has not performed any other appraisals nor been a party to any financial transactions related to the Subject Property within the past 3 years. Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

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

Survey Borrower Property Address City Lender/Client N/A 16832 Charles River Dr County Palm Beach Delray Beach James Sallah for Project Investors Inc. (client) State FL Form MAP.SURVEY - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Zip Code 33446

Location Map Borrower Property Address City Lender/Client N/A 16832 Charles River Dr County Palm Beach Delray Beach James Sallah for Project Investors Inc. (client) State FL Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Zip Code 33446

Aerial Map Borrower Property Address City Lender/Client N/A 16832 Charles River Dr County Palm Beach Delray Beach James Sallah for Project Investors Inc. (client) State FL Form MAP.PLAT - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Zip Code 33446

Flood Map Borrower Property Address City Lender/Client N/A 16832 Charles River Dr County Palm Beach Delray Beach James Sallah for Project Investors Inc. (client) State FL Form MAP.Flood - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Zip Code 33446

Subject Photo Page Borrower Property Address City Lender/Client N/A 16832 Charles River Dr County Palm Beach Delray Beach James Sallah for Project Investors Inc. (client) State FL Zip Code 33446 Subject Front 16832 Charles River Dr Sales Price N/A Gross Living Area 5,525 Total Rooms 10 Total Bedrooms 5 Total Bathrooms 5.3 Location View Lake Site.30 acre Quality CBS/ConcTlRf Age Act=2,Eff=1 Subject Rear Pool/Spa Form PIC3x5.SR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Photo Page Borrower Property Address City Lender/Client N/A 16832 Charles River Dr County Palm Beach Delray Beach James Sallah for Project Investors Inc. (client) State FL Zip Code 33446 View from Subject 16832 Charles River Dr Sales Price N/A Gross Living Area 5,525 Total Rooms 10 Total Bedrooms 5 Total Bathrooms 5.3 Location View Lake Site.30 acre Quality CBS/ConcTlRf Age Act=2,Eff=1 Street Scene Interior Form PIC3x5.SR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Photo Page Borrower Property Address City Lender/Client N/A 16832 Charles River Dr County Palm Beach Delray Beach James Sallah for Project Investors Inc. (client) State FL Zip Code 33446 Interior 16832 Charles River Dr Sales Price N/A Gross Living Area 5,525 Total Rooms 10 Total Bedrooms 5 Total Bathrooms 5.3 Location View Lake Site.30 acre Quality CBS/ConcTlRf Age Act=2,Eff=1 Interior Interior Form PIC3x5.SR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Photo Page Borrower Property Address City Lender/Client N/A 16832 Charles River Dr County Palm Beach Delray Beach James Sallah for Project Investors Inc. (client) State FL Zip Code 33446 Interior 16832 Charles River Dr Sales Price N/A Gross Living Area 5,525 Total Rooms 10 Total Bedrooms 5 Total Bathrooms 5.3 Location View Lake Site.30 acre Quality CBS/ConcTlRf Age Act=2,Eff=1 Interior Interior Form PIC3X5.SR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Photo Page Borrower Property Address City Lender/Client N/A 16832 Charles River Dr County Palm Beach Delray Beach James Sallah for Project Investors Inc. (client) State FL Zip Code 33446 Interior 16832 Charles River Dr Sales Price N/A Gross Living Area 5,525 Total Rooms 10 Total Bedrooms 5 Total Bathrooms 5.3 Location View Lake Site.30 acre Quality CBS/ConcTlRf Age Act=2,Eff=1 Interior Interior Form PIC3X5.SR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Photo Page Borrower Property Address City Lender/Client N/A 16832 Charles River Dr County Palm Beach Delray Beach James Sallah for Project Investors Inc. (client) State FL Zip Code 33446 Interior 16832 Charles River Dr Sales Price N/A Gross Living Area 5,525 Total Rooms 10 Total Bedrooms 5 Total Bathrooms 5.3 Location View Lake Site.30 acre Quality CBS/ConcTlRf Age Act=2,Eff=1 Interior Interior Form PIC3X5.SR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Photo Page Borrower Property Address City Lender/Client N/A 16832 Charles River Dr County Palm Beach Delray Beach James Sallah for Project Investors Inc. (client) State FL Zip Code 33446 Interior 16832 Charles River Dr Sales Price N/A Gross Living Area 5,525 Total Rooms 10 Total Bedrooms 5 Total Bathrooms 5.3 Location View Lake Site.30 acre Quality CBS/ConcTlRf Age Act=2,Eff=1 Interior Summer Kitchen Form PIC3X5.SR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Comparable Photo Page Borrower Property Address City Lender/Client N/A 16832 Charles River Dr County Palm Beach Delray Beach James Sallah for Project Investors Inc. (client) State FL Zip Code 33446 Comparable1 8442 Eagleville Ave Prox. to Subject 0.09 miles NW Sale Price 1,350,000 Total Bedrooms 5,031 Total Bathrooms 9 Total Bedrooms 5 Total Bathrooms 6.1 Location View Lake Site.30 acre Quality CBS/ConcTlRf Age Act=2,Eff=1 Comparable 2 8896 Sydney Harbor Cir Prox. to Subject 0.51 miles W Sale Price 1,255,000 Gross Living Area 5,225 Total Rooms 10 Total Bedrooms 5 Total Bathrooms 7.1 Location View Lake Site.34 acre Quality CBS/ConcTlRf Age Act=3,Eff=1 Comparable 3 8781 Sydney Harbor Cir Prox. to Subject 0.52 miles W Sale Price 1,249,000 Gross Living Area 4,301 Total Rooms 8 Total Bedrooms 4 Total Bathrooms 4.1 Location View Lake Site.27 acre Quality CBS/ConcTlRf Age Act=4,Eff=2 Form PIC3x5.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Comparable Photo Page Borrower Property Address City Lender/Client N/A 16832 Charles River Dr County Palm Beach Delray Beach James Sallah for Project Investors Inc. (client) State FL Zip Code 33446 Comparable 4 16807 Burlington Bristol Ln Prox. to Subject 0.49 miles W Sales Price 1,249,900 Gross Living Area 5,099 Total Rooms 9 Total Bedrooms 5 Total Bathrooms 6.1 Location View Lake Site.23 acre Quality CBS/ConcTlRf Age Act=4,Eff=2 Comparable 5 16812 Burlington Bristol Ln Prox. to Subject 0.45 miles W Sales Price 1,299,900 Gross Living Area 4,248 Total Rooms 7 Total Bedrooms 3 Total Bathrooms 4.1 Location View Lake Site.36 acre Quality CBS/ConcTlRf Age Act=2,Eff=1 Comparable 6 16820 Charles River Dr Prox. to Subject 0.01 miles N Sales Price 1,550,000 Gross Living Area 5,525 Total Rooms 10 Total Bedrooms 5 Total Bathrooms 7.1 Location View Lake Site.26 acre Quality CBS/ConcTlRf Age Act=2,Eff=1 Form PIC3x5.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

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

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