Summary of Salient Facts and Conclusions

Table of Contents Summary of Salient Facts and Conclusions General Information Identification of Subject Sale History Pending Transactions Purpose of the Appraisal Basis of Value Definition of Property Rights Appraised Definition of Going-Concern Premise Intended Use and User Applicable Requirements Prior Services Competency Independence RICS Valuer Registration Currency Scope of Work Economic Analysis Area Analysis Surrounding Area Analysis Marina Market Analysis Property Analysis Land Description and Analysis Improvements Description and Analysis Real Estate Taxes Highest and Best Use Valuation Valuation Methodology IGY American Yacht Harbor Marina CWO DAAADADUNUNUNHHPHPHPHPWWWW PF NN ON nob ww PNHMOND A wi ul an dD Income Capitalization Approach 57 Market Rent Analysis — General Retail Space 59 Market Rent Analysis — General Office Space 65 Market Rent Analysis — Restaurant Space 71 Market Rent Analysis — Marina Slip Rentals78 Reconciliation and Conclusion of Value 106 Exposure Time 107 Marketing Period 107 Allocation of Going-Concern Value 108 Value of Furniture, Fixtures and Equipment (FF&E) 108 Value of Intangible Assets 109 Allocation of Going-Concern Value 109 Insurable Replacement Cost 110 Certification 111 Assumptions and Limiting Conditions 113 Addenda A. Appraiser Qualifications B. Financials and Property Information C. Comparable Data D. DCF Reports E. Engagement Letter HOUSE_OVERSIGHT_018810