APPRAISAL OF REAL PROPERTY

APPRAISAL OF REAL PROPERTY LOCATED AT, CO 8118 LOT 4 TRUE MTN ESTS 241-2 TOTAL ACREAGE 6.2 AM/L FOR 175 McDermott Freeway San Antonio, TX 78288 OPINION OF VALUE 386, AS OF 9/2/216 BY Gayle Greenfield Apogee Valuations PO Box 5134 Colorado Springs, CO 8919 719-25-7715 gayle@apogeevaluations.com Form GA2V - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

VALUE APPRAISER DESCRIPTION OF IMPROVEMENTS PARTIES PRICE & DATE SUBJECT INFORMATION SUMMARY OF SALIENT FEATURES Subject Address Legal Description LOT 4 TRUE MTN ESTS 241-2 TOTAL ACREAGE 6.2 AM/L County Douglas State CO Zip Code 8118 Census Tract 145.6 Map Reference 1974 Contract Price $ Date of Contract Size (Square Feet) 1,696 Price per Square Foot $ Age 43 Condition C3 Total Rooms 7 Bedrooms 3 Baths 2. Appraiser Gayle Greenfield Effective Date of Appraisal 9/2/216 Opinion of Value $ 386, Form SSF - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

Apogee Valuation Services ANS-174984 Uniform Residential Appraisal Report File # 3587389 SUBJECT The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property. Owner of Public Record & Donna R Moore Legal Description LOT 4 TRUE MTN ESTS 241-2 TOTAL ACREAGE 6.2 AM/L Assessor's Parcel # 2773-3-3-11 Tax Year 215 R.E. Taxes $ 1,923 Neighborhood Name Map Reference 1974 Census Tract 145.6 Occupant Owner Tenant Vacant Special Assessments $ PUD HOA $ per year per month Property Rights Appraised Fee Simple Leasehold Other (describe) Assignment Type Purchase Transaction Refinance Transaction Other (describe) Address 175 McDermott Freeway, San Antonio, TX 78288 Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? Yes No Report data source(s) used, offering price(s), and date(s). Denver Metrolist records show the property has not been offered for sale in the MLS for the CONTRACT twelve months prior to the effective date of the appraisal. I did did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not performed. Contract Price $ Date of Contract Is the property seller the owner of public record? Yes No Data Source(s) Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? If Yes, report the total dollar amount and describe the items to be paid. NEIGHBORHOOD Note: Race and the racial composition of the neighborhood are not appraisal factors. One-Unit Housing Trends Neighborhood Characteristics Urban Built-Up Over 75% Growth Rapid Neighborhood Boundaries Suburban 25-75% Stable Rural Under 25% Slow Property Values Demand/Supply Marketing Time Increasing Shortage Under 3 mths Stable In Balance 3-6 mths One-Unit Housing Declining Over Supply Over 6 mths AGE (yrs) No Present Land Use % 2 % One-Unit 2-4 Unit Multi-Family Commercial Other % 265 Low 1 5% See Attached Supplemental Addendum 1,285 High 5 5% Pred. 655 17 7 % Neighborhood Description The subject is located close to all local amenities, employment, public schools, and services. Reasonable commuting distance from the closest metro area of Denver, central Parker, and Castle Rock, CO. Market appeal is average for the area. The subject location is close to local parks, lakes, and other recreational facilities Market Conditions (including support for the above conclusions) See Attached Supplemental Addendum Dimensions Apx by Realist 293',792',453',78' Area 6.2 ac Shape Irregular Specific Zoning Classification ER Zoning Description Estate Residential Zoning Compliance Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe) Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? SITE PRICE $ () Yes Yes No If No, describe Off-site Improvements - Type Public Private Utilities Public Other (describe) Public Other (describe) Street Water Electricity Well Gravel Alley None Gas Sanitary Sewer Septic FEMA Special Flood Hazard Area Yes No FEMA Flood Zone X FEMA Map # 835C464F FEMA Map Date 9/3/25 Are the utilities and off-site improvements typical for the market area? Yes No If No, describe Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No If Yes, describe IMPROVEMENTS The subject site appears to be typical of the area in terms of amenities and appeal. Site improvements would meet buyer expectations. There were no adverse site conditions observed. General Description Foundation Units One One with Accessory Unit # of Stories 2 Type Det. Att. S-Det./End Unit Existing Proposed Under Const. Design (Style) Contemporary Year Built 1973 Effective Age (Yrs) 5 Attic None Drop Stair Stairs Floor Scuttle Finished Heated Concrete Slab Crawl Space Full Basement Partial Basement Basement Area sq.ft. Basement Finish % Outside Entry/Exit Sump Pump Evidence of Infestation Dampness Settlement Heating FWA HWBB Radiant Other Fuel Electric Cooling Central Air Conditioning Individual Other None Exterior Description materials/condition Interior Foundation Walls Concrete/C3 Exterior Walls Frame/C3 Roof Surface Composition/C3 Gutters & Downspouts Galv & Pnt/C3 Window Type Triple Pane/C3 Storm Sash/Insulated None Screens Yes/C3 Amenities Woodstove(s) # 1 Fireplace(s) # 1 Fence None Patio/Deck Front Porch Front Pool None Other None Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Finished area above grade contains: 7 Rooms 3 Bedrooms 2. Bath(s) Additional features (special energy efficient items, etc.). See Attached Supplemental Addendum materials/condition Floors HW,Cpt,Tile/C3 Walls Pntdsr/C3 Trim/Finish Wood/C3 Bath Floor Tile/C3 Bath Wainscot Tile/Avg Car Storage None Driveway # of Cars 1 Driveway Surface Concrete Garage # of Cars 1 Carport # of Cars Att. Det. Built-in Other (describe) 1,696 Square Feet of Gross Living Area Above Grade Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). C3;Kitchen-remodeled-eleven to fifteen years ago;bathrooms-remodeled-six to ten years ago;normal wear and tear. No functional inadequacies observed at the time of inspection. Mechanical systems are in place and appear to be functional. The improvements have a well designed modern floor plan. No external obsolescence observed. Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Yes No If Yes, describe No readily apparent physical deficiencies or adverse conditions were observed during the normal course of the property inspection and none are assumed to exist. Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? Yes No If No, describe The subject conforms to the neighborhood. Freddie Mac Form 7 March 25 UAD Version 9/211 Page 1 of 6 Form 14UAD - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE Fannie Mae Form 14 March 25

ANS-174984 Uniform Residential Appraisal Report File # 3587389 SALES COMPARISON APPROACH There are There are comparable properties currently offered for sale in the subject neighborhood ranging in price from $ 399,5 to $ 446,. 2 comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ 385,5 to $ 467,5. 6 FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address 1441 True Mountain Dr 12565 Mesa Rd 1895 Mountain Rd, CO 8118, CO 8118, CO 8118 Sedalia, CO 8135 Proximity to Subject.31 miles N 2.4 miles NE 14.64 miles NW Sale Price $ $ $ $ 399,5 385,5 412, Sale Price/Gross Liv. Area $ sq.ft. $ $ $ 184.27 sq.ft. 243.99 sq.ft. 286.11 sq.ft. Data Source(s) Metrolist #8675189;DOM 4 Metrolist #54423;DOM 1 Metrolist #3466753;DOM 2 Verification Source(s) Listing Agent/Public Records Listing Agent/Public Records Listing Agent/Public Records VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment Sales or Financing ArmLth ArmLth ArmLth Concessions VA; FHA;3-3, Conv; Date of Sale/Time s3/16;c1/16 s9/15;c8/15 s12/15;c11/15 Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Site 6.2 ac 5.8 ac 1.9 ac -1, 5. ac Design (Style) DT2;Contemporary DT1;Contemporary DT3;Contemporary DT1;Contemporary Quality of Construction Actual Age 43 36 38 4 Condition C3 C4 +11,985 C4 +11,565 C3 Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Room Count 7 3 2. 7 3 2.1 7 3 2. 6 2 2. Gross Living Area 1,696 sq.ft. 2,168 sq.ft. -25,488 1,58 sq.ft. +6,264 1,44 sq.ft. +13,824 Basement & Finished sf sf 572sfsfin -5,72 144sf8sfwo -38,4 Rooms Below Grade rr1br.ba1o Functional Utility Average Average Average Average Heating/Cooling Electric/None FWA/None FWA/None Electric/None Energy Efficient Items None None None None Garage/Carport 1gbi1dw 2ga2dw 1gd1dw 2gd2dw Porch/Patio/Deck Porch, Deck Porch, Deck Stoop, Deck Porch,Deck,Patio Outbuildings Farm Building Farm Building Farm Building None Net Adjustment (Total) + - $ + - $ -13,53 Adjusted Sale Price Net Adj. % Net Adj. 3.4.2 % of Comparables Gross Adj. 9.4 % $ 385,997 Gross Adj. 9.5 % $ I did did not research the sale or transfer history of the subject property and comparable sales. If not, explain + Net Adj. 384,69 Gross Adj. -891 - $ % 6. 12.7 % $ -24,576 387,424 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) Douglas County Records My research did did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale. Data Source(s) Douglas County Records Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3). ITEM SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE #3 Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s) Douglas County Records Douglas County Records Douglas County Records Douglas County Records Effective Date of Data Source(s) 9/9/216 9/9/216 9/9/216 9/9/216 Analysis of prior sale or transfer history of the subject property and comparable sales There were no transfers or sales of the subject in the three years prior to the effective date of the appraisal. There were no sales or transfers of the comparable sales or listings for the year prior to the effective date of the appraisal. Summary of Sales Comparison Approach The appraiser has performed a physical on-site inspection of the property. The physical inspection included a review of the interior layout and a general walk-through inspection of the property to confirm the property's physical characteristics. The appraiser has also performed an exterior drive-by review of the comparable sales and inspection of the subject and comparable neighborhoods. Comparables were the most recent, similar, and proximate to the subject and were selected after an extensive search of MLS and tax records data. See Attached Supplemental Addendum RECONCILIATION Indicated Value by Sales Comparison Approach $ 386, Indicated Value by: Sales Comparison Approach $ Cost Approach (if developed) $ Income Approach (if developed) $ 386, The sales comparison approach was given greatest weight. The income was considered and not deemed necessary to produce a credible opinion of value. The cost approach was completed at the client's request and provides marginal value support. 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, or subject to the following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting conditions, and appraiser's certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is $, as of, which is the date of inspection and the effective date of this appraisal. 386, 9/2/216 Freddie Mac Form 7 March 25 UAD Version 9/211 Page 2 of 6 Form 14UAD - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE Fannie Mae Form 14 March 25

ANS-174984 Uniform Residential Appraisal Report FEATURE SUBJECT SALE HISTORY SALES COMPARISON APPROACH Address COMPARABLE SALE # 4 2655 Elk Park Rd, CO 8118 6.4 miles W $ 399,95 sq.ft. $ 172.84 sq.ft., CO 8118 Proximity to Subject Sale Price $ Sale Price/Gross Liv. Area $ Data Source(s) Verification Source(s) VALUE ADJUSTMENTS DESCRIPTION Sales or Financing Concessions Date of Sale/Time Leasehold/Fee Simple Fee Simple Site 6.2 ac Design (Style) DT2;Contemporary Quality of Construction Actual Age 43 Condition C3 Above Grade Total Bdrms. Baths Room Count 7 3 2. Gross Living Area 1,696 sq.ft. Basement & Finished sf Rooms Below Grade Functional Utility Average Heating/Cooling Electric/None Energy Efficient Items None Garage/Carport 1gbi1dw Porch/Patio/Deck Porch, Deck Outbuildings Farm Building File # 3587389 COMPARABLE SALE # 6 COMPARABLE SALE # 5 2798 Cagle Dr, CO 8118 1.8 miles SW $ 475, $ $ 226.62 sq.ft. Metrolist #94874;DOM 245 Metrolist #317442;DOM 2 Listing Agent/Public Records Listing Agent/Public Records DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment Listing Listing Active Fee Simple 2.69 ac DT2;Contemporary 2 C3 c9/16 Fee Simple +2, 1. ac DT2;Contemporary 14 C3 Total Bdrms. Baths Total Bdrms. Baths 6 3 2. 2,314 sq.ft. sf Average FWA/None None 2gbi2dw Porch, Decks Farm Building -33,372 5 2 2. 2,96 sq.ft. 296sf1529sfwo 1rr2br1.ba1o Average FWA/None None 3ga3dw Porch, Patio None $ sq.ft. DESCRIPTION +(-) $ Adjustment +2, -14,25 Total Bdrms. Baths -21,6-66,83 sq.ft. Net Adjustment (Total) + - $ + - $ + - $ -13,372-82,68 Adjusted Sale Price Net Adj. % Net Adj. % Net Adj. % 3.3 17.4 of Comparables Gross Adj. 13.3 % $ % $ 386,578 Gross Adj. 25.8 % $ 392,32 Gross Adj. Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3). ITEM SUBJECT COMPARABLE SALE # 4 COMPARABLE SALE # 5 COMPARABLE SALE # 6 Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s) Douglas County Records Douglas County Records Douglas County Records Effective Date of Data Source(s) 9/9/216 9/9/216 9/9/216 Analysis of prior sale or transfer history of the subject property and comparable sales See Page 2 of the URAR and attached Supplemental Addendum. See Attached Supplement Addendum ANALYSIS / COMMENTS Analysis/Comments Freddie Mac Form 7 March 25 UAD Version 9/211 Form 14UAD.(AC) - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE Fannie Mae Form 14 March 25

ANS-174984 Uniform Residential Appraisal Report File # 3587389 Additional certifications ADDITIONAL COMMENTS The intended user of the appraisal is the lender/client. The intended use is to evaluate the property that is the subject of this appraisal for a mortgage finance transaction, subject to the stated scope of work, purpose of the appraisal, reporting requirements of this appraisal report form, and the definition of market value. No additional users are identified by the appraiser. COST APPROACH TO VALUE (not required by Fannie Mae) Provide adequate information for the lender/client to replicate the below cost figures and calculations. Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value) The subject property land value was derived by a COST APPROACH review of current land sales in the subjec't's defined neighborhood Sq.Ft. @ $ Sq.Ft. @ $ Garage/Carport Sq.Ft. @ $ Total Estimate of Cost-New Less Physical Functional Depreciation Depreciated Cost of Improvements "As-is" Value of Site Improvements Estimated Remaining Economic Life (HUD and VA only) INCOME OPINION OF SITE VALUE DWELLING ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW Source of cost data Quality rating from cost service Effective date of cost data Comments on Cost Approach (gross living area calculations, depreciation, etc.) 15, =$( =$ =$ ) External 6 Years INDICATED VALUE BY COST APPROACH INCOME APPROACH TO VALUE (not required by Fannie Mae) Estimated Monthly Market Rent $ X Gross Rent Multiplier Summary of Income Approach (including support for market rent and GRM) =$ =$ =$ =$ =$ =$ =$ =$ Indicated Value by Income Approach PUD INFORMATION PROJECT INFORMATION FOR PUDs (if applicable) Is the developer/builder in control of the Homeowners' Association (HOA)? Yes No Unit type(s) Detached Attached Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit. Legal Name of Project Total number of phases Total number of units Total number of units sold Total number of units rented Total number of units for sale Data source(s) Was the project created by the conversion of existing building(s) into a PUD? Yes No If Yes, date of conversion. Does the project contain any multi-dwelling units? Yes No Data Source Are the units, common elements, and recreation facilities complete? Yes No If No, describe the status of completion. Are the common elements leased to or by the Homeowners' Association? Yes No If Yes, describe the rental terms and options. Describe common elements and recreational facilities. Freddie Mac Form 7 March 25 UAD Version 9/211 Page 3 of 6 Form 14UAD - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE Fannie Mae Form 14 March 25

Uniform Residential Appraisal Report ANS-174984 File # 3587389 This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project. This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's continuing education or membership in an appraisal organization, are permitted. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report. INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of this appraisal report is the lender/client. 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 or she considers his or her 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 judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and limiting 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, except for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch is included only to assist the reader 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 this appraisal report whether any portion of 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, or as otherwise required by law. 5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, 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 research involved in performing the appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. 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, this appraisal report must not be considered as an environmental assessment of the property. 6. 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 the completion, repairs, or alterations of the subject property will be performed in a professional manner. Freddie Mac Form 7 March 25 UAD Version 9/211 Page 4 of 6 Form 14UAD - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE Fannie Mae Form 14 March 25

Uniform Residential Appraisal Report APPRAISER'S CERTIFICATION: ANS-174984 File # 3587389 The Appraiser certifies and agrees that: 1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property. 3. I performed this appraisal in accordance with the requirements of 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 at the time this appraisal report was prepared. 4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop them, unless otherwise indicated in this report. 5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report. 6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. 7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property. 8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be built on the land. 9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 1. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 11. I have knowledge and experience in appraising this type of property in this market area. 12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area in which the property is located. 13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be true and correct. 14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct. 16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 17. I have no present or prospective interest in the property that is the subject of 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 opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, 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 or on any other basis prohibited by law. 18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). 19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in 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 this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it. 2. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. Freddie Mac Form 7 March 25 UAD Version 9/211 Page 5 of 6 Form 14UAD - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE Fannie Mae Form 14 March 25

Uniform Residential Appraisal Report ANS-174984 File # 3587389 21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). 22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parties. 24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. 25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 11, et seq., or similar state laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complies 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 at the time this appraisal report was prepared. 5. If this appraisal report was transmitted as an "electronic record" defined in applicable federal and/or state laws (excluding audio and appraisal report containing a copy or representation of my signature, valid as if a paper version of this appraisal report were delivered containing my "electronic signature," as those terms are video recordings), or a facsimile transmission of this the appraisal report shall be as effective, enforceable and containing my original hand written signature. APPRAISER SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name Gayle Greenfield Company Name Apogee Valuations Company Address PO Box 5134 Colorado Springs, CO 8919 Telephone Number 719-25-7715 Email Address gayle@apogeevaluations.com Date of Signature and Report 9/21/216 Effective Date of Appraisal 9/2/216 State Certification # CR11939 or State License # or Other (describe) State # Expiration Date of Certification or License 12/31/216 Signature Name Company Name Company Address ADDRESS OF PROPERTY APPRAISED, CO 8118 APPRAISED VALUE OF SUBJECT PROPERTY $ Telephone Number Email Address Date of Signature State Certification # or State License # State Expiration Date of Certification or License SUBJECT PROPERTY Did not inspect subject property Did inspect exterior of subject property from street Date of Inspection Did inspect interior and exterior of subject property Date of Inspection 386, LENDER/CLIENT Name Appraisal Nation Company Name Company Address 175 McDermott Freeway, San Antonio, TX 78288 Email Address Freddie Mac Form 7 March 25 UAD Version 9/211 COMPARABLE SALES Did not inspect exterior of comparable sales from street Did inspect exterior of comparable sales from street Date of Inspection Page 6 of 6 Form 14UAD - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE Fannie Mae Form 14 March 25

Supplemental Addendum File No. 3587389 Scope of Work The scope of work in this assignment included an interior and exterior inspection of the subject property to identify characteristics relevant to an opinion of market value. Market data from the Denver Metrolist was researched, analyzed, and verified for use in the Sales Comparison Approach. County records were researched for property transfers, physical characteristics, zoning data, tax records, and additional sales if needed. County representatives were contacted, when necessary, to confirm published information. Comparables were selected based on physical and location similarities. An extensive highest and best use analysis was not warranted. The Cost Approach was not completed and not considered necessary to produce a credible opinion of value. The Income Approach was not considered necessary in this assignment and was not performed. Intended Use and Users The intended user of the appraisal is the lender/client. The intended use is to evaluate the property that is the subject of this appraisal for a mortgage finance transaction, subject to the stated scope of work, purpose of the appraisal, reporting requirements of this appraisal report form, and the definition of market value. No additional users are identified by the appraiser. Clarification of Item 23 Certification Statement: The borrower is not an intended user of this appraisal report as implied by this statement of disclosure. This item is disclosing to the borrower as required under the Equal Opportunity Act as amended in 1991, their right to receive a copy of the appraisal report. In the event the borrower chooses to take that report to another lender to obtain financing, the Appraiser makes it known they have neither obligation nor privilege to discuss the appraisal with another lender or with the borrower. Any action taken by the borrower or another lender in the use of this appraisal report does not constitute an appraiser-client privilege or relationship under any circumstances. Type of Value The type of value reported in this report is market value and is the Appraiser's best estimate of the subject's value on the effective date of the appraisal. The source of the definition of market value is obtained in Fannie Mae Guide (4/1/29) Section B4-1.2-3. The definition of market value is contained in Fannie Mae Form 14. Neighborhood Boundaries The subject's market area includes properties in the of and north including rural residential areas south of Castle Rock. North boundaries are W Wolfensberger Rd east to Interstate 25, then east to S Rd, on the east by Russellville Rd and E Cherry Creek Rd, on the south by County Line Rd, and on the west by the Pike National Forest. Neighborhood Description The subject is approximately 2 minutes south of Castle Rock and east of interstate 25. Colorado Springs is approximately 4 minutes south. The subject's immediate area is rural residential and is comprised of a variety of home types, styles, and quality of construction on multi acre parcels. Horse properties are common. Most properties have additional multi purpose or detached buildings. The area includes mostly frame construction. Homes surrounding the subject are average to good quality. Neighborhood Market Conditions Market conditions data on Page 1 reflects single family housing trends for all properties located within neighborhood boundaries, having sold in the past year. Properties were include on 1+ acre parcels. Statistical information includes properties of all styles that may or may not be within 2% of the subject's size. The median price was $655,. Sold price range varied from $265, to $1,285,. There were 3 outliers. There have been 143 sales. There are 92 active listings and 19 properties that are under contract but still allowing showings. There is 7.72 months of inventory. Increases were noted in average and median sold price have in the past 12 months when compared to the previous year. Median sold price has increased approximately 5.9%. Median sold price for the subject's market segment has remained stable with a slight increase in median sold price noted. The range between the lowest and highest sold price has decreased. Median days on market has slightly decreased to 94 days in the past year down from 14 days during the previous 12 month period. The number of sales has decreased from 179 sales from 9/31/214 and 9/31/215. to 149 sales in the past 12 months. The market appears stable. Slightly higher inventory levels are common in rural residential areas. Seller concessions were common but not predominate in the past year for all types of financing with 3.7% of sales having concessions noted. Concession range was from.5% to 1.69%, with the median concessions at.51% of sold price. There was 1 outlier. Seller concessions appeared to have little effect on value accept for those sales with FHA financing. Concession data is included below: Concessions MLS: Metrolist Time Period: 9/3/215 to 9/2/216 Concessions as a percentage of sales price (excludes outliers) Low:.5% Median:.51% High: 1.69% Number of outliers: 1 Percent of sold properties with concessions: Highest sales price of all properties with concessions: 3.7% (includes outliers) $1,695,. Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

Supplemental Addendum File No. 3587389 Breakdown by sold terms (143 sales total) Terms Cash Conventional FHA Other VA Number Sold 26 (18.2%) 12 (71.3%) 5 (3.5%) 1 (.7%) 9 (6.3%) Number with Concessions 2 (7.7%) 35 (34.3%) 3 (6.%) (.%) 3 (33.3%) Concessions Sales Price/List Price Ratio Analysis (Excludes Distressed Sales) Terms All Transactions All Non Cash Conventional FHA VA Cash Median SP/LP% With Concessions 98.84% 98.84% 98.65% 98.87% 1.% N/A Median SP/LP% Without Concessions 97.62% 97.77% 97.59% 11.35% 1.% 97.45% Difference With - Without 1.22% 1.7% 1.6% -2.48%.% N/A Statistics Included on the 14MC reflect those properties located in neighborhood boundaries that are comparable to the subject. Properties were considered that have an above grade gross living area (GLA) similar to the subject and are located in close proximity. Condition of the Property The subject property is a raised ranch style home that was built in 1973. Main entry to the home is on the upper level. There is no basement. The lower level is partially above grade. Both levels were included in above grade area. The home is situated on an irregular shaped lot that slopes upward toward the rear and backs to True Mountain. Mountain views are visible from the rear of the lot but not the home. Siding is wood. Roofing is composition shingle and was replaced in 26. Heating is electric radiant. Wiring is built-in to the floor and heats both the main and lower levels. The front uncovered deck/porch that extends around the south side. The deck is new and composition. The 1 car garage is built-in. The lot has had significant fire mitigation surrounding the home. Scrub oak and a few trees were removed. There is a detached lean to shed outbuilding. The main level has mostly hardwood flooring. The kitchen was remodeled approximately 11 years ago and has upgraded wood cabinetry, a Travertine tile back splash, laminate counter tops, and white appliances. The living room has a wood burning stove with a brick surround and new tile floor inserts. Bathrooms were remodeled in 27 and have upgraded tile and fixtures. Main level wood flooring was expanded in 24. Triple pane windows were added in 23. The utilities were on and working at the time of inspection. The subject is owner occupied. Highest and Best Use The highest and best use conclusion was reported in the Site Section on Page 1. The highest and best use is the reasonable and probable use that supports the highest present value on the effective date of the appraisal. It is that use found physically possible, appropriately supported, and financially feasible. The subject property is located in a residential subdivision and is typical when compared to other properties in this area. The site lends itself to single family residential use because of size, topography, and compatibility with surrounding properties. The legal permissible use of the subject site is residential. An extraordinary assumption was utilized with regard to the subject conforming to current deed restrictions or covenants. A copy of deed restrictions or covenants are not provided. The highest and best use of the subject site, if unimproved, is as a single family residence of style, size, and design in accordance with regional zoning and planning restrictions. Comparable Search Parameters, Criteria, and Issues The subject is a smaller raised style home. It has had a updates that include a remodeled kitchen, remodeled bathrooms, newer triple pane windows, a new composite deck, and newer roof. The subject's smaller size presented problems with comparable selection. Most homes in the immediate area are larger than the subject by more than 2% gross living area (GLA). Comparables were selected to bracket the most significant features. Not all selected comparables are within 25% of the subject's above grade area. Initial search parameters were extended over 1 mile to include the entire Metrolist area and all periods of sale up to 12 months prior to the date of the appraisal. All raised ranch style homes were included. Size and age parameters were not set. Site size was set at 1 to 15 acres. All known distressed condition of sale transactions were excluded as they do not typically represent fair market value for at arms length transactions in the subject's neighborhood. The initial search resulted in the identification of no comparable sales. The property located at 2499 Perry Park Ave, was identified, considered, and not included in the report. It has 3,324sf above grade area and sold for $565,. It was not comparable to the subject. Listing 4 was identified. It is a raised ranch style home but located in a small gated community. Parameters were expanded to include all style homes and only those homes on acreage similar to the subject, specifically those properties situated on 1 to 15 acre parcels. Comparable sales 1 and 2 were identified. Comparable 1 is just over 25% of the subject size but is in close proximity. It is a recent sale. Sale 2 is a tri-level home with unfinished basement area. Listing comparable 6 was also identified. It is in close proximity to the subject but larger than the subject by more than 25%. Limited comparable and listing data required the comparable search be expanded to competing areas surrounding the MLS area and included only those subdivisions in Douglas County that would be considered by buyers looking for similar acreage home sites. Sale 3 was identified. It is a ranch style home with finished basement area and is similar to the subject's above size. Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

Supplemental Addendum File No. 3587389 Comparable sales and listings are at greater distances and across major roadway because of the rural nature of the subject's market area. All would be considered by potential buyers equally when looking for homes on acreage parcels south of the Denver metro area. The following properties were included as comparable sales and listings: 1441 True Mountain Dr - Ranch style home in close proximity. Most recent sale. Inferior updates when compared to the subject. 12565 Mesa Rd - Tri-level home. Mostly original interior finishes but well maintained. 1895 Mountain Rd - Further from the subject. Ranch style home with a full walk out basement. Similar updates and condition when compared to the subject. 2655 Elk Park Rd - Further from the subject. Located in a small gated community. Raised Ranch style home. Log structure. Similar quality and condition. 2798 Cagle Dr - Ranch style home with full finished basement. Listed just after the inspection date. Now under contract. Superior quality when compared to the subject. Stucco exterior and more recent updates. An adjustments for seller a concession was applied to sale 1. Seller concession were shown from market data to have an impact on sales with FHA financing and the concession was adjusted at the concession amount. Market adjustments were considered but not applied for listing comparables. Comparable properties have generally sold at 1% of list price in the past 3 months. Lot adjustments were based on a review of market area sales having less than 3 to 6 acres and for those lots having greater than 6 acres in size. Sales 1 and 2 were adjusted for condition and listing 5 was adjusted for quality. The adjustments were based upon a comparison of homes with similar updating quality of construction in the subject's area. Gross living area adjustments were based upon 3% of the average price per square foot of sold properties within the subject's neighborhood in the past year and valued at $54/sf. Bedrooms and baths were not adjusted. No reasonable adjustments were determined from current market information and none were applied. Bedroom and bathroom counts are bracketed by closed sales. Basement adjustments were based upon a comparison of homes selling with and without finished basements and were valued basement at $1/sf; finished basement area at $3/sf. Walk out basement entrances were not adjusted. A review of area sales having 2 car garage bays compared to those sales with 1 or 3 car garage space found little difference in value attributable to larger or smaller garage size. No adjustments were thought necessary and none were applied. Reconciliation and Value Conclusion The sales comparison approach was given the most weight. Sale 1 was given the most consideration. It is a recent sale, in close proximity, and situated on a similar sized lot. Sales 2 and 3 were given secondary consideration. Sale 2 is similar in above grade area when compared to the subject but has a larger lot. Sale 3 has a full, finished basement. All closed sales are similar to the subject in quality of construction, amenities, and overall market appeal. Net and gross adjustments are larger than generaly acceptable for listing 5. This was cause by the difference in above grade area, land, and quality adjustments. The income approach was not developed because of the lack of rental data. Additional Comments Extraordinary Assumptions Due to limitations in the ability to inspect comparable sales, data is collected from various sources such as public records and MLS listing services. The Appraiser is not responsible for errors or inaccuracies in those documents and does not bear liability if such information is found to be in error. It is also noted that any such information if found to be in error, can have a significant effect on the final opinion of value and the Appraiser reserves the right to re-evaluate the report to determine any impact on the final opinion of value. Environmental The subject's estimated value is based on the assumption that the property is not negatively affected by the existence of hazardous substances or detrimental environmental conditions. The subject, in it's present condition, is assumed safe according to the standards established by the Environmental Protection Agency (EPA). The Appraiser does not make any guarantees or warranties that the subject has been tested for environmental hazards including radon, lead based paint, soil contaminants, or if tested that tests were conducted pursuant to current EPA procedures. It is possible that tests and inspections made by qualified hazardous substance and environmental experts would reveal the existence of conditions on or around the property that may negatively affect value. Digital Signatures This report incorporates the use of digital signatures. Digital signatures are kept on file and are to be considered original. The Appraiser assumes no responsibility for any signatures which are used without permission by an individual or institution. Digital signatures are password protected and are known only to the signing individual. No alteration of the report or signature is possible without the consent of the signing individual. Predominate Price The subject's current valuation varies from the median for the area. Typical appraisal guidelines and supplemental instructions do not allow the Appraiser to express the predominate value as a range. For this reason, the median or average price for all sales in the subject's neighborhood in the past 12 months is reported and will most likely vary from the subject's current estimate of value. Reporting guidelines require high and low values to include the range of bulk sales in the subject's Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

Supplemental Addendum File No. 3587389 neighborhood, excluding extreme cases. Any value falling within the high and low range is considered to be an improvement conforming to neighborhood standards (neither an under or over improvement), unless otherwise expressed in the report based on functional utility or other notable feature. Any value that falls within the neighborhood range acquires a buyer pool as it moves from the median toward the noted high or low end of sales and is influenced by supply and demand forces. The subject'ss estimate of value is lower than the neighborhood predominate price. This difference does not adversely affect the marketability of the subject property. Properties in the subject's market area range in sold value from around $25,, to over $1,,. The subject's value falls at the lower mid-range of sales. Other Land Use Land use reported as other on Page 1 of the report refers to special use, governmental use, recreational use, public use, and undeveloped land areas (including buffer zones). There is no known negative impacts of agricultural use, industrial use, or detrimental land use. Gross Living Area (GLA) Reported gross living area above grade, (GLA), was based on Appraiser measurement of the subject and not on MLS or public records data. Reported GLA for all comparables may differ slightly from MLS data and public records. This is typical and common. Any physical measurement is by nature an approximation. This is particularly true in home measurements due to differing measuring techniques, interfering shrubbery, non-square walls, and second stories which don't follow the main level outline, etc. For these reasons, no adjustment for any difference less then 1sf was made. The figures provided in this report are for comparative and descriptive purposes and are not intended as a verification of exact size. Comparable Photos Photos for comparables 1, 3, and 4 were taken from the Denver Metrolist. Properties were not visible from the street. Appraiser taken photos are included in the attached Photograph Addendum. Land Value The subject's land value is greater than 2% of the subjec'ts estimate of value. This is common and typical for properties on acreage sites in the subject's market area. This does not effect marketability. Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

ANS-174984 File No. 3587389 The purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subject neighborhood. This is a required addendum for all appraisal reports with an effective date on or after April 1, 29. ZIP Code 8118 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 5 1 Increasing Stable Declining Absorption Rate (Total Sales/Months).83..33 Declining Stable Increasing Total # of Comparable Active Listings 1 2 2 Declining Stable Increasing Months of Housing Supply (Total Listings/Ab.Rate) 1.2. 6.1 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 425, 45, Declining Stable Increasing Median Comparable Sales Days on Market 7 6 Increasing Stable Declining Median Comparable List Price 399,95 422,975 422,975 Declining Stable Increasing Median Comparable Listings Days on Market 28 169 169 Increasing Stable Declining Median Sale Price as % of List Price 16.28. 1. 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 concessions have ranged between.5% and 1.69% with a median of.51 on 3.7% of all transactions listed in the Denver Metrolist in the subject's neighborhood for the 12 months prior to the effective date of this appraisal. The minimum, maximum and median percentages of concessions exclude 1 outlier. A sale to list price ratio analysis indicates no impact on final sales/contract price for properties with conventional or VA financing. Those sales with FHA financing showed the greatest impact. MARKET RESEARCH & ANALYSIS Market Conditions Addendum to the Appraisal Report 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). Foreclosures are not predominate in this market. This information is based on a review of sales in the past year in the MLS database. Cite data sources for above information. Information obtained from the Denver Metrolist system, a review of comparable listings and sales in the subject's market area and drive by inspection. Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such as an analysis of pending sales and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions. APPRAISER CONDO/CO-OP PROJECTS The market area appears stable with slightly higher inventory at this time. There is low available inventory. Median sold price has increased in the past year when compared to the previous 12 month period which may reflect normal market fluctuations. The number of sales has decreased and days on market has slightly increased. This information is supported by interviews with market participants. 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 Gayle Greenfield Company Name Apogee Valuations Company Address PO Box 5134, Colorado Springs, CO 8919 State License/Certification # CR11939 Signature Supervisory Appraiser Name Company Name Company Address State License/Certification # Email Address Email Address gayle@apogeevaluations.com Freddie Mac Form 71 March 29 Page 1 of 1 State Fannie Mae Form 14MC March 29 Form 14MC2 - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

Subject Photo Page Subject Front Sales Price Gross Living Area 1,696 Total Rooms 7 Total Bedrooms 3 Total Bathrooms 2. Site 6.2 ac Quality Age 43 Subject Rear Street Scene Form PICPIX.SR - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

Subject Photo Page Street Scene - Other Sales Price Gross Living Area 1,696 Total Rooms 7 Total Bedrooms 3 Total Bathrooms 2. Site 6.2 ac Quality Age 43 Side Other Side Form PICPIX.SR - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

Subject Photo Page Rear Side Sales Price Gross Living Area 1,696 Total Rooms 7 Total Bedrooms 3 Total Bathrooms 2. Site 6.2 ac Quality Age 43 Rear - Other Side Uncovered Deck Form PICPIX.SR - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

Subject Photo Page Uncovered Porch/Deck Sales Price Gross Living Area 1,696 Total Rooms 7 Total Bedrooms 3 Total Bathrooms 2. Site 6.2 ac Quality Age 43 Property Front Property Front - Other Form PICPIX.SR - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

Subject Photo Page Property Rear Sales Price Gross Living Area 1,696 Total Rooms 7 Total Bedrooms 3 Total Bathrooms 2. Site 6.2 ac Quality Age 43 Property Rear - Other Lean To Storage Shed Form PICPIX.SR - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

Subject Photo Page Lean To Storage Shed Sales Price Gross Living Area 1,696 Total Rooms 7 Total Bedrooms 3 Total Bathrooms 2. Site 6.2 ac Quality Age 43 Lean To Interior Lean To Rear Form PICPIX.SR - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

Subject Photo Page Garden Sales Price Gross Living Area 1,696 Total Rooms 7 Total Bedrooms 3 Total Bathrooms 2. Site 6.2 ac Quality Age 43 New Screen Doors of Pikes Peak from Property Rear Form PICPIX.SR - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

Subject Photo Page From Property Rear Sales Price Gross Living Area 1,696 Total Rooms 7 Total Bedrooms 3 Total Bathrooms 2. Site 6.2 ac Quality Age 43 New Walkway Subject Street Form PICPIX.SR - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

Comparable Photo Page Comparable 1 1441 True Mountain Dr Prox. to Subject.31 miles N Sale Price 399,5 Gross Living Area 2,168 Total Rooms 7 Total Bedrooms 3 Total Bathrooms 2.1 Site 5.8 ac Quality Age 36 Comparable 2 12565 Mesa Rd Prox. to Subject 2.4 miles NE Sale Price 385,5 Gross Living Area 1,58 Total Rooms 7 Total Bedrooms 3 Total Bathrooms 2. Site 1.9 ac Quality Age 38 Comparable 3 1895 Mountain Rd Prox. to Subject 14.64 miles NW Sale Price 412, Gross Living Area 1,44 Total Rooms 6 Total Bedrooms 2 Total Bathrooms 2. Site 5. ac Quality Age 4 Form PICPIX.CR - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

Comparable Photo Page Comparable 4 2655 Elk Park Rd Prox. to Subject 6.4 miles W Sale Price 399,95 Gross Living Area 2,314 Total Rooms 6 Total Bedrooms 3 Total Bathrooms 2. Site 2.69 ac Quality Age 2 Comparable 5 2798 Cagle Dr Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Site Quality Age 1.8 miles SW 475, 2,96 5 2 2. 1. ac 14 Comparable 6 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Site Quality Age Form PICPIX.CR - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

Photograph Addendum Appraiser Photo For Comparable Sale 1 1441 True Mountain Dr Appraiser Photo For Comparable Sale 3 Appraiser Photo For Listing 4 2655 Elk Park Rd Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

Interior Photos Entry Living Room Wood Burning Stove, Newer Tile Flooring Dining Room Kitchen - Remodeled Travertine Back Splash Form PICINT6 - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

Interior Photos Newer Triple Pane Windows Newer Hardwood Flooring Bedroom Bedroom Bath - Remodeled Tile Flooring Form PICINT6 - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

Interior Photos Lower Level Family Room Lower Level Laundry Lower Level Hot Water Heater Lower Level Bath - Remodeled Lower Level Bedroom Carbon Monoxide Detector Form PICINT6 - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

Interior Photos Garage Interior Form PICINT6 - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

Building Sketch Lean To Shed 12' 12' 24' 24' 16' 16' 38' Mechanical Kitchen Laundry Bath Bedroom 38' 26' Family Room 14' Bedroom Bath 2' 14' Garage Stoop 8' 6.2 1 8' 18' Uncovered Deck/Porch 8' 18.5' Living Room 34' Bedroom 12' Dining Room 26' Uncovered Deck 6.5' 38' 5' 5' ' 15' 2' 7' 5.5' TOTAL Sketch by a la mode, inc. Area Calculations Summary Living Area Lower Level 78 Sq ft 18 14 = 252 12 38 = 456 Main Level 988 Sq ft 26 38 = 988 Total Living Area (Rounded): Non-living Area Garage Calculation Details 1696 Sq ft 28 Sq ft Form SKT.BLDSKI - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE 2 14 = 28

Map Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

Aerial Map Form MAP.AERIAL - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

Plat Map Form MAP_LT.PLAT - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE

Neighborhood Map Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-8-ALAMODE