APPRAISAL OF THE REAL PROPERTY502 West Ninth StreetWilmington, Delaware

AS OF:May 22, 2013

FOR:Wells Fargo Bank RETECHS

Mr. Jerry Adkins (WDC)160 Hurlburt Street

Glastonbury, CT 06033WF-PA-13-002039-03

BY:Steven J. Hopkins, CRA, GAA

Certified General Real Property Appraiser(DE, MD, NJ)

Wells Fargo Bank RETECHS June 7, 2013Mr. Jerry Adkins (WDC)160 Hurlburt StreetGlastonbury, CT 06033WF-PA-13-002039-03

RE: APPRAISAL OF THE REAL PROPERTY DAG FILE #13-0248b502 West Ninth StreetWilmington, Delaware

Dear Mr. Adkins,

I have completed an analysis of the above captioned property, for the purpose ofestimating market value of its fee simple interest on an “as-is” basis. The date of the valueestimate is May 22, 2013, the day my full inspection of the real estate was completed. Thesubject property consists of a rectangular-shaped 9-space parking lot containing 0.04+/- acresof land. A copy of the engagement letter authorizing me to perform this appraisal issubmitted as Exhibit A in the Addenda. These value estimates are to be utilized by WellsFargo Bank RETECHS and its successors and assigns, as the basis to render guidance forportfolio monitoring purposes.

This is a Summary Appraisal Report that is intended to comply with the reportingrequirements set forth under Standard Rule 2-2 (b) of the Uniform Standards of ProfessionalAppraisal Practice (USPAP). As such, it does not present detailed discussions of the data,reasoning and analyses that were used in the appraisal process to develop the appraiser’sopinion of value. Supporting documentation concerning the data, reasoning and analyses isretained is in the appraiser’s file. The depth of discussion in this report is specific to theneeds of the client, and for the intended use stated on the following page. Your appraiser isnot responsible for unauthorized use of the report.

This report is intended for use only by Wells Fargo Bank RETECHS and itssuccessors and assigns, while any other parties processing this report are not intended users.Your appraiser does not authorize and is not responsible for use of this report by any partyother than the previously cited client and intended user of the appraisal.

Your appraiser has acted in an independent capacity, therefore, the completion of thisassignment and conclusion to value was not based on a requested minimum valuation, aspecific valuation or the approval of a loan. Also, your appraiser has no direct interest,financial or otherwise, in the property or the transaction beyond the scope of this appraisalassignment. This report identifies the scope of the assignment, defines the value estimated,supplies pertinent property facts, economic data, valuation methodology and conclusions.Also included are definitions, assumptions, limiting conditions and other necessaryinformation essential to the completion of the analyses. The value estimate subsequently citedis predicated on my full inspection, an analysis of that data considered pertinent to marketvalue and my experience from previous appraisal assignments. I have not appraised orprovided any professional services on the subject property within the past three years. Thisreport is structured to estimate market value for its fee simple interest on its “as-is” basis.From these sources, I have concluded market value of the subject property, as of May 22,2013, to be:

EIGHTY FIVE THOUSAND DOLLARS($85,000)

The attached report and contents were prepared exclusively for your information andassistance regarding the stated function. No other party is entitled to or shall rely on theinformation and conclusions contained in this report unless written permission has beenobtained from Delaware Appraisal Group, L.L.C. Wells Fargo reserves the right to use thereport for the purposes of syndication with other financial institutions or securitization.Thank you for the opportunity to complete this assignment. I trust that the reporting of myanalyses and conclusions adequately and satisfactorily address your questions regarding thesubject real estate.

Respectfully Submitted,

Steven J. Hopkins, CRA, GAACertified General Real Property Appraiser:Delaware Certificate #X10000298 (expires 10/31/13)

TABLE OF CONTENTS

TABLE OF CONTENTS -LETTER OF TRANSMITTAL iSUMMARY OF FACTS AND CONCLUSIONS iiSCOPE OF APPRAISAL ASSIGNMENT 1PURPOSE OF APPRAISAL 2PROPERTY RIGHTS APPRAISED 2DEFINITION OF FEE SIMPLE ESTATE 2DEFINITION OF MARKET VALUE 2SUMMARY OF RELEVANT FACTS 3

Property Valued 3Property Type 3Ownership 3Assessment and Taxes 3

PROPERTY INFORMATION 6Zoning Map 6Flood Zone Map 7Site Description 8Tax Map 9Improvement Description 12

SPECIAL CONDITIONS 13HIGHEST AND BEST USE 14APPRAISAL PROCESS 15VALUE ESTIMATE BY THE COST APPROACH ---VALUE ESTIMATE BY THE INCOME CAPITALIZATION APPROACH 16VALUE ESTIMATE BY THE DIRECT SALES COMPARISON APPROACH 20CONCLUSION TO VALUE 31REASONABLE EXPOSURE TIME 32MARKETING TIME AND MARKET PARTICIPANT INTERVIEWS 32STANDARD ASSUMPTIONS AND LIMITING CONDITIONS 34CERTIFICATE OF APPRAISAL 38ADDENDA ---

Engagement Letter Exhibit ACopy of Deed Exhibit BTenant List Exhibit CQualifications Exhibit D

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SUMMARY OF FACTS AND CONCLUSIONS

Property Appraised: 502 West Ninth StreetWilmington, Delaware

Property Type: 9-Car Parking Lot on 0.04+/- Acres of Land

Tax Parcel: 26-028.30-359

Census Tract: 0016.00

Site: A rectangular-shaped tax parcel totaling 0.04+/- acre, withbasically blacktop-paved and level topography.

Improvements: 9-Car Parking Lot with Blacktop Paving

Ownership: Barron Associates, Inc.

Zoning: R-4, Row Houses with Conversions District(Legal, Non-Conforming Use)

Highest & Best Use: Continued Use as a Parking Lot

Date of Value Estimate: May 22, 2013

Value Conclusion: $85,000

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SCOPE OF APPRAISAL ASSIGNMENT

The process of assembling this appraisal report began with identifying and quantifying, inprecise terms, the property to be appraised. The subject site was then fully inspected, andcomparable market data was assembled. Specific sale and rental data was supported with avariety of preceding data, including general market information and specific factual data onthe subject, regarding zoning, taxes, potential natural and environmental hazards, and adescription of the property. Public records, property owners, real estate brokers and datasystems of other appraisal firms, as well as internal and confidential records maintained byDelaware Appraisal Group, L.L.C., were researched, in order to obtain the sales data, inaddition to other pertinent economic data presented in this report.

In assembling and analyzing the primary data I have on this, or on recent, occasions, driventhe neighborhood; inspected at least the exterior of the properties in this vicinity; inspectedthose sales selected as being most comparable to the subject; fully inspected the subjectproperty; considered the highest and best use of the subject property; applied all appropriatevaluation techniques; reconciled all value indications, and arrived at a value conclusion forthe subject property, as of the date it was inspected.

This report is intended as a professional opinion of value, as of a certain specified date, underspecific assumptions. It is not intended as a substitute for legal, accounting, engineering orother professional expertise. Anyone relying on this report is urged to perform due diligenceneeded or required to reconcile any issues relating to these assumptions. This appraisal is forno purpose other than property valuation under specific premises and assumptions, and theseappraisers are neither qualified nor attempting to go beyond that narrow scope. The readershould be aware that there are also inherent limitations to the accuracy of the information ananalysis contained in this appraisal. Before making any decision based on the informationand analysis contained in this report, it is critically important to read the entire report,including the assumptions, in order to understand the limitations. The appraisal should not beconstrued as a survey, legal opinion or an engineering or property inspection report. It ismade under conditions of uncertainty and the appraisers are limited by having only that dataavailable and known at the time the appraisal was made. A casual reader should understandthat this report does not contain all the information concerning the property or the real estatemarket. Opinions and estimates expressed herein represent the appraiser's best judgmentwhich should not be construed as advice or recommendations to act. Any actions taken byyou, the client, or any other should be based on your own judgment, and the decision processshould consider many factors other than just the value estimate and information given in thisreport. The reader is referred to the assumptions, limiting conditions and contingenciesoutlined at the end of this report which are an integral part of this appraisal report.

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Purpose of Appraisal: At your request, I have completed an analysis of the subject propertyfor the purpose of estimating market value for its fee simple interest on its “as-is” basis. Theeffective date of this value opinion is May 22, 2013, the day that a full inspection of thesubject real estate was completed.

Function of Appraisal: This value opinion is to assist the client for mortgagefinancing/portfolio monitoring purposes. This report is intended for use only by Wells FargoBank RETECHS, and its successors and assigns, while any other parties processing thisreport are not intended users. Wells Fargo reserves the right to use the report for the purposesof syndication with other financial institutions or securitization. Your appraiser does notauthorize and is not responsible for use of this report by any party other than the previouslycited client and intended user of the appraisal. It should be noted that this appraisalassignment and final value estimate were not based on a requested minimum valuation, aspecific valuation, or the approval of a loan. The format utilized in my presentation for thisassignment is referred to as a Summary Report, as permitted under Standards Rule 2-2(b).

Property Rights Appraised: Fee Simple Estate

Definition of Fee Simple Estate: Absolute ownership unencumbered by any other interest orestate, subject only to the limitations imposed by the governmental powers of taxation,eminent domain, police power and escheat. A fee simple estate is an inheritable estate.

Definition of Market Value: The most probable price which a property should bring in acompetitive and open market under all conditions requisite to a fair sale, the buyer and sellereach acting prudently and knowledgeably, and assuming the price is not affected by unduestimulus. Implicit in this definition is the consummation of a sale as of a specified date andthe 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 US dollars or in terms of

financial arrangements comparable thereto; and5. the price represents the normal consideration for the property

sold unaffected by special or creative financing or salesconcessions granted by anyone associated with the sale.(USPAP Advisory Opinions 2012-2013 Edition) The Appraisal Foundation, Page A-102

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SUMMARY OF RELEVANT FACTS

Property Valued: The property under appraisement is situated on the northeastern portion ofthe block situated between 8th and 9th Streets, on the eastern side of Wollaston Street, and thesouthern side of West 9th Street, in the northern incorporated section of New Castle County,Delaware known as the City of Wilmington. The approximate geographical location of thesite is depicted on those maps entered as Pages 4 and 5 of this report, and the property isfurther identified by the numerical designation of 502 West Ninth Street.

Property Type: The subject property is improved with a rectangular-shaped tax parcel on0.04+/- acres of land which is used as a 9-car parking lot.

Ownership: According to the New Castle County Recorder of Deeds, ownership is James E.and Patricia D. Barron; recorded April 1, 1991 for $90,000; per Deed Reference 1161-32, ofwhich a copy is submitted as Exhibit B in the Addenda. Since this transaction, the propertyhas not transferred within the past three years, nor is it currently listed for sale or under acontract of sale.

Taxes/Assessments: The subject property is entered in the New Castle County Tax Records,as tax parcel # 26-028.30-359, with current assessments and taxes for the fiscal year 2012-2013 being:

Total Assessments: Total Taxes:

Land $8,700 $393.00Building $ 900Total $9,600

New Castle County’s assessment is representative of 100% of the estimated market value asof July 1, 1983, which is also used by the City of Wilmington for property tax purposes.

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Zoning Map: The subject property has a zoning of R-4 (Row Houses with ConversionsDistrict), a classification that is designed to include those areas which were originallydeveloped with one-family row houses but where many such buildings have been convertedfor the use of two or more families. It would retain the general row house character of theseareas, permitting conversions for an additional family or families only if approved by thezoning board of adjustment. To encourage assembly and rebuilding, new apartment houseswith not more than two families on each story are permitted. Some institutions excluded fromthe one-family districts are permitted. The past/current use of the property is considered to bein compliance with the City of Wilmington Zoning Code as a legal, non-conforming use. Asection of the Wilmington zoning map is submitted below, with the subject’s approximatelocation delineated.

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Flood Map: As indicated on FEMA Map #10003C0160-J, dated January 17, 2007, it wouldappear that the subject property is located in an unshaded Zone X, which denotes those areasdetermined to be located outside the limits of the 500 year flood plain. A section of theFEMA map is submitted below, with the subject’s approximate location delineated.

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PROPERTY INFORMATION

Neighborhood Description: The subject property is located just north of the central businessdistrict of the City of Wilmington, in northern New Castle County, Delaware. This generalgeographical section of Wilmington is comprised of a mixture of residential, commercial andinstitutional land uses. A number of properties situated on Washington Street consist ofoffice buildings, residences and residences being converted into commercial use. The subjectarea is one of a middle socio-economic basis, with many of the existing structures exhibitingminimal accrued depreciation. Overall, the area is well established, and there appears to beno single neighboring land use that would adversely impact the subject properties. Thesubject possesses convenient access to several traffic arteries (12th/Market/Walnut Streets andInterstate 95), which facilities travel to and from the property.

The subject has exposure to major highways and amenities such as shopping and employment,which provide it with a favorable commercial-type location as a parking lot. In synopsis, thesubject property is located in a well-established section of the City of Wilmington with similarland uses. No change in this pattern of real estate activity is foreseen within the next two tothree years. The existing use of the subject property, in a 9-car parking lot capacity, isconsidered to be in keeping with the general land use patterns of the neighborhood. Little, ifany, appreciation is forecast for the subject property and the majority of the surrounding realestate through 2013. From available information, it would appear that the rather stable socio-economic base of this geographical area will continue to favorably impact the subject propertyand the general neighborhood for the foreseeable future.

Site Description: The property under appraisement consists of a basically cleared/level,rectangular-shaped tax parcel that contains a land area approximating 0.04 acres (with 18.00’frontage x 87.00’ depth per New Castle County tax records). The site is improved with ninemarked car spaces on a blacktop surface that fronts Wollaston Street. A section of the NewCastle County tax maps is submitted as Page 9, which delineates the subject property. Thosephotographs submitted as Pages 10-12 will provide the reader with an overview of the subjectsite and neighboring land uses. All utilities are assumed to be available in an adequate supplyto accommodate the highest and best use of the site.

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Tax Map for 502 West Ninth Street

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Subject Property Located at 502 West Ninth Street, Wilmington, Delaware(SJH, 05/22/13)

View of Subject Property, with Wollaston Street on Left(SJH, 05/22/13)

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Street Scene Facing Southwest Along Wollaston Street, with Subject on Right(SJH, 05/22/13)

Street Scene Facing Northeast Along Wollaston Street, with Subject on Left(SJH, 05/22/13)

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Street Scene Facing Southeast Along Ninth Street, with Subject on Right(SJH, 05/22/13)

Street Scene Facing Northwest Along Ninth Street, with Subject on Left(SJH, 05/22/13)

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SPECIAL CONDITIONS

The subject property is assumed to have no environmental problems or environmentalcontamination that would render this value estimate null and void. No such problems orcontamination are known to your appraiser, but I am not an expert in those fields and,therefore, make no guarantees as to the accuracy of this statement. The reader may wish tohave an environmental audit conducted with respect to the presence of various soil/subsurfacewater contaminants. Hazardous substances could include toxic substances, wastes, pollutants,material/contaminates (including asbestos, asbestos containing materials, petroleum productsand any other substances or materials which are included under, regulated by or subject to anylocal, state or federal law, rule or regulation pertaining to environmental regulation,contamination, clean-up or disclosure.

The value provided herein is exclusive of the fee to complete such reports and/or the cost tocure any environmental contamination that may be discovered. If any environmental problemswere detected, the property's market value would be reduced, at the very least, by the "cost-to-cure" such contamination and/or problems. It is further assumed that the parcel does notcontain any type of dump site and that there are no underground tanks (or any undergroundsource) leaking toxic or hazardous chemicals into the ground or the environment unlessotherwise noted in the report. Also, it is assumed there are no underground fuel storage tankslocated on the subject property in a functional or abandoned nature.

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HIGHEST AND BEST USE

Highest and Best Use is defined as "The reasonably probable and legal use of vacant land oran improved property, which is physically possible, appropriately supported, financiallyfeasible and that results in the highest value". Because use of land can be limited by thepresence of improvements, Highest and Best Use is determined separately for the site asthough vacant and available to be put to it Highest and Best Use and for the property aspresently improved. The Highest and Best Use of the site as though vacant and the propertyas improved are analyzed and each use must meet the following four criteria:

1) Legally Permissible - that use which is or will be permitted under existing orreasonably attainable zoning and/or other regulations;2) Physically Possible - that use for which the property is physically suitable oradaptable;3) Financially Feasible - that use for which there is an economic, social and/ormarket demand that results in a positive return;4) Maximally Productive - that use which produces the highest price, or value,consistent with the rate of return warranted by the market.

"As Vacant Land" - Under this premise, I am of the opinion that the maximum dollar valueof the subject property would be realized through development of the land with parking inconjunction with neighboring commercial/office operations. There appears to be a limiteddemand for small unimproved land parcels in this section of Wilmington for futuredevelopment, such as the subject property. Such usage would be in keeping with the generalcharacter of the subject neighborhood.

"As Improved" – As noted, the subject real estate consists of vacant land, therefore, theunimproved nature of the subject property would preclude any consideration of this land usepremise.

Conclusion - With consideration given the pertinent site features and the demand for such realestate in the prevailing marketplace, I have concluded that the optimum utilization of thesubject property would be realized through its continued use as a parking lot, whereby itshighest value could be obtained, if offered for sale on the open market.

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APPRAISAL PROCESS

The estimating of a real property's market value involves a systematic process in which theproblem is defined; the work necessary to solve the problem is planned; and the data requiredis gathered, classified, analyzed and interpreted into an estimate of value. In this process, threebasic approaches are used by the appraiser, which are defined in the 3rd edition of theDictionary of Real Estate Appraisal by the Appraisal Institute as:

THE COST APPROACH estimates the cost of replacing the property'simprovements, depreciating the improvements to their present worth, if applicable,then adding this to 1) depreciated value of the improvements to 2) the property's landvalue, and 3) the value of any site improvements, to derive an indication of marketvalue. This approach is typically utilized where the major improvements are new ornearly new and depreciation can be reliably estimated, or where special purposeproperties are concerned. Due to the unimproved nature of the subject property, thisapproach has not been utilized in this assignment.

INCOME CAPITALIZATION APPROACH is a set of procedures through whichan appraiser derives a value indication for an income-producing property by convertingits anticipated benefits (cash flows and reversion) into property value. This conversioncan be accomplished in two ways. One year's income expectancy can be capitalized ata market-derived capitalization rate that reflects a specified income pattern, return oninvestment, and change in the value of the investment. Alternatively, the annual cashflows for the holding period and the reversion can be discounted at a specified yieldrate. Parking lots, such as the subject property, are usually leased, therefore, thisapproach was utilized in this assignment as a check on reasonableness.

DIRECT SALES COMPARISON APPROACH is a set of procedures in which avalue indication is derived by comparing the property being appraised to similarproperties that have been sold recently, applying appropriate units of comparison, andmaking adjustments to the sale prices of the comparables based on the elements ofcomparison. The direct sales comparison approach may be used to value improvedproperties, vacant land, or land being considered as though vacant; it is the mostcommon and preferred method of real estate valuation when comparable sales data isavailable. This approach has been utilized in this assignment.

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RECONCILIATION is the last phase of any valuation assignment in which thevarious value indications derived from market data are resolved into a final valueestimate, which may be either a final range of value or a single point estimate.

Normally the appraiser will base an opinion of market value on one or more of these threeapproaches, properly emphasizing one or another as the circumstances may warrant. Withrespect to the property under appraisement, two of the approaches were considered inconcluding a final value estimate for the subject property. It is the opinion of your appraiserthat the Income Capitalization and Direct Sales Comparison Approaches accurately reflect thethinking of a buyer for the subject property in the prevailing marketplace.

VALUE ESTIMATE BY THE INCOME CAPITALIZATION APPROACH

The Income Capitalization Approach is a good indication of value for real estate which isprimarily held for investment. It is not normally a prime approach for an owner/user typefacility, except as it relates to the principle of substitution; that is, an occupant would not paymore for use of a property than it would cost to purchase a substitute one, except underpeculiar circumstances. This approach is a process in which the anticipated flow of futurebenefits (actual dollar income or amenities) is discounted to a present worth figure through thecapitalization process. This process utilizes a capitalization rate that is derived from the marketand varies with time and economic conditions. This rate is reflective of the cost of the riskinvolved in ownership or operation of the particular property and the required return oninvestment.

This approach is primarily concerned with the future benefits resulting from net income. Netincome is the remainder after deduction of operational expenses from the effective grossincome. The steps in this approach include estimating potential gross income and expensesthrough comparison with competing properties, market experiences and/or actual statements ofthe subject operation. The final determination of net income is then capitalized into anindication of present value. The subject property is a parking lot, which is leased to severalvehicles. The tenant list is included as Exhibit C in the Addenda, which appears to representmarket rent for such parking space. Parking meters, with 2-hour maximum limits, surround thesubject site, while other comparable parking lots in close proximity to the subject offer fewvacancies. Capitalization is at the 8.4% rate supported by the mortgage-equity concept,subsequently cited within this report. Calculation of an overall Net Operating Income (NOI)for the property is summarized on the next page:

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The rentals would be on a relatively gross basis, with the owner responsible formaintenance, property taxes and insurance. After analyzing the market and data submitted inthe addendum, $75.00 per month was used for the parking spaces:

RECONSTRUCTED OPERATING STATEMENT AND CAPITALIZATION

GROSS ANNUAL INCOME

9 Parking Spaces @ $75.00 per Month x 12 Months = $8,100

Minus Vacancy/Collection Loss Allowance (05%) ($405)

EFFECTIVE GROSS ANNUAL INCOME (EGI) $7,695

OPERATING EXPENSES

Real Estate Taxes $393Maintenance, Insurance, Management,Replacement & Reserve @ 5% of EGI $385 (rd)

Total Operating Expenses: ($385)

NET OPERATING INCOME (NOI) $7,310

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Through my study of the marketplace, I concluded the foregoing rental and operating expenses to berepresentative of the market for such parking space. Available information indicated that there hasbeen and should continue to be a sustained demand for such space, however, a vacancy allowance of05% should be allocated since tenant “turn-over” will occur, but should be nominal on such space.With respect to operating expenses, I utilized projections for certain management/reserve areas. It isacknowledged that the subject property has been and may continue to be managed/maintained by theowner, however, an appropriate adjustment was made to reflect the thinking of a knowledgeable buyerfor this anticipated expense. In addition, an allowance was made for "Replacement Reserve" which isan annual fund that is set-aside to cover such capital improvements as parking lot repaving. The finalstep in this approach is the capitalization of the estimated net income into an indication of value.Summarized below is the composition of the overall capitalization rate by the mortgage-equityconcept. Under this concept, the mortgage rate is combined with an appropriate rate for equity return toprovide an indicated capitalization rate. The following scenario was utilized:

interest rate of 5.0% indicated mortgage constant of 0.0791947 amortization of 20 years loan-to-value ratio of 75%

The selected mortgage rate approximates 175 basis points over the prevailing Prime Rate of 3.25% and300+ basis points over the 10-year Treasury Securities, which are cross references utilized indetermining commercial mortgage components by local lenders. In past years, the differential mayhave only been 100 basis points, however, with unprecedented and unstable economic conditions,banks appear reluctant to loan at rates less than 4.0-5.5% for the typical commercial borrower. Thecomponents comprising the capitalization rate are considered to be reflective of the banking industrywithin New Castle County, Delaware, with the interest rate fixed for 3-5 years, but amortized over a20-year term, while the interest rate for subsequent years could “float” with the Prime Rate. To attractequity capital, an appropriate return would be required. In determining the rate of return on equity,consideration was given several alternative investment vehicles that would be available to the potentialbuyer of the subject property. From information provided by the Federal Reserve Bank of St. Louis forthe week ending May 17, 2013, the alternative investment vehicles considered appropriate under thesecircumstances were:

Selected Security YieldsCorporate Aaa Bonds…….….…. 3.91% 5-Year Treasury Bill…...………… 0.83%Corporate Baa Bonds…....….…. 4.74% 10-Year Treasury Bill…...….…..... 1.93%Municipal Bonds……….....…… 3.61% 30-Year Treasury Securities…....... 3.14%

Real estate returns have many of the same elements which track other investment capital. Essentialparts of any form of investment return are safety, management, liquidity and risk. My analysis of theabove information indicates that alternative forms of investment for capital approximate 0.8-4.7% forlong-term investment vehicles. An important consideration is the level of risk that may be incurredwith these alternatives.

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Real estate obviously has greater risk than these other forms and requires a positive adjustmentfor risk as well as for liquidity and management. The property under appraisement concerns thevaluation of a parking lot in average overall physical condition and good functional utility. Inaddition, there is a sustained demand for such investment-type real estate in the prevailingmarketplace. For these reasons, the overall rate of return for the subject property wasassembled by considering the above long term yield rates and adding a risk factor of 6.0%. Inview of the criteria cited, a rate of 10.0% was chosen as an appropriate overall rate of returnfor the subject property. Application of the foregoing data indicates a capitalization rate asfollows:

Mortgage Component: 0.75 x 0.0791947 = 0.059396Equity Component: 0.25 x 0.1000000 = 0.025000Basic Capitalization Rate: 0.084396 or say 8.4%

The above technique of arriving at a capitalization rate represents typical thinking in themarket by the investor or user who must consider alternative methods of either purchasing orrenting. Applying this capitalization rate to the estimated net annual incomes indicate thefollowing value estimates through the Income Capitalization Approach:

$7,310 (NOI) / 0.084 (Capitalization Rate) = $87,024Rounded to $85,000

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VALUE ESTIMATE BY THE DIRECT SALES COMPARISON APPROACH

This approach has at its core the principle of substitution, which states that "a prudentpurchaser will pay no more for real property than the cost of acquiring an equally desirablesubstitute on the open market". Thus, the property’s total value can be estimated by thismethod. It should be noted that under this approach to value, the subject property has beencompared to the available sales involving neighboring parking lots on a unit basis of “Dollarsper Parking Space ($/Space) paid”. It has been my experience that this unit of comparison isreliable, since it is commonly utilized or cited in the listing, sale, purchase and/or appraisal ofsuch real estate. The unit values were then adjusted to reflect the differences in the individualsales, as compared to the subject, for such factors as time, location, site features and theprevailing market conditions. The value range, as indicated by the adjusted comparableproperties, is correlated into a final indication of value for the subject property. The sales onthe following pages were considered most representative of the subject property:

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SALE: 1Date: July 31, 2012Price: $130,000Location: 603 North Tatnall Street, WilmingtonGrantor: Gilpin Partners, LLCGrantee: Tatnall 603, LLCPrimary Source: Not AvailableSecondary Source: Public RecordsDeed Reference: 20120810-0044947Zoning: C-1A (Neighborhood Commercial District)Tax Parcel: 26-035.30-202Parcel Size: 0.15+/- acreComments: The basically rectangular-shaped tax parcel had level

topography and was improved with a blacktop-pavedparking lot with an 18-car capacity. The propertypreviously sold on May 8, 2008 for $115,000, whichequated to $6,389 per space.

Unit Price: $7,222 Per Space

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SALE: 2Date: January 24, 2012Price: $35,000Location: 702 North Orange Street, WilmingtonGrantor: Shipley Village Development CorporationGrantee: SSAM’s Property, Inc.Primary Source: Not AvailableSecondary Source: Public RecordsDeed Reference: 20120124-0004031Zoning: C-3 (Central Retail District)Tax Parcel: 26-035.30-343Parcel Size: 0.04+/- acreComments: The basically rectangular-shaped tax parcel had level

topography and was improved with a blacktop-pavedparking lot with an 8-car capacity. The property previouslysold on November 19, 2009 for $55,000, which equated to$6,875 per space (See Sale #5).

Unit Price: $4,375 Per Space

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SALE: 3Date: October 1, 2010Price: $300,000Location: 819 West Street, WilmingtonGrantor: West Street Parking, LPGrantee: Delaware Offices, LLCPrimary Source: Not AvailableSecondary Source: Public RecordsDeed Reference: 20101004-0052599Zoning: C-4 (Central Office District)Tax Parcel: 26-035.10-366Parcel Size: 0.17+/- acreComments: The basically rectangular-shaped tax parcel had level

topography and was improved with a blacktop-pavedparking lot with a 26-car capacity.

Unit Price: $11,538 Per Space

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SALE: 4Date: December 15, 2009Price: $245,000Location: 815-817 West Street, WilmingtonGrantor: Curray-Poole Group, LLCGrantee: Delaware Offices, LLCPrimary Source: Not AvailableSecondary Source: Public RecordsDeed Reference: 20091216-0079483Zoning: C-4 (Central Office District)Tax Parcels: 26-035.10-364 and 26-035.10-365Parcel Size: 0.16+/- acreComments: Two contiguous and rectangular-shaped tax parcels had

level topography and were improved with a blacktop-paved parking lot with a 22-car capacity.

Unit Price: $11,136 Per Space

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SALE: 5Date: November 19, 2009Price: $55,000Location: 702 North Orange Street, WilmingtonGrantor: Selma I. Goldstein EstateGrantee: Shipley Village Development CorporationPrimary Source: Not AvailableSecondary Source: Public RecordsDeed Reference: 20091125-0075027Zoning: C-3 (Central Retail District)Tax Parcel: 26-035.30-343Parcel Size: 0.04+/- acreComments: The basically rectangular-shaped tax parcel had level

topography and was improved with a blacktop-pavedparking lot with an 8-car capacity.

Unit Price: $6,875 Per Space

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Although there are no exact comparables for the subject property, the foregoing propertiesinvolved parking lots, which would have been considered competitive alternatives in the eyesof a well-informed buyer. From available data, it is my opinion that these sales are the bestcomparables available, with the individual transactions summarized as follows:

SALES SUMMARY

Sale Date Location PriceParkingSpaces

$/Space

1 07/12603 N. Tatnall Street,

Wilmington$130,000 18 $7,222

2 01/12702 N. Orange Street,

Wilmington$35,000 8 $4,375

3 10/10819 West Street,

Wilmington$300,000 26 $11,538

4 12/09815-817 West Street,

Wilmington$245,000 22 $11,136

5 11/09702 N. Orange Street,

Wilmington$55,000 8 $6,875

Subject ------502 West Ninth Street,

Wilmington----------- 9 -------

Data pertaining to the respective land areas for the cited sales was obtained from the New CastleAssessment Office, CoStar, Loopnet, South Shore Regional, Trend and/or MRIS Multiple ListingServices, and/or internal files of Delaware Appraisal Group, LLC. This data is deemed reliable forreference purposes in this appraisal assignment.

The approximate locations of the respective sales are depicted on Page 27, while the grid onPage 28 identifies the various factors typically included in this analysis. The sales weresubjectively adjusted for those pertinent factors in an attempt to reflect those directionaladjustments that would be considered appropriate by a knowledgeable buyer, with thoseadjustments discussed on Page 29.

27

28

GRID ANALYSIS

Element Sale #1 Sale #2 Sale #3 Sale #4 Sale #5

$/Space $7,222 $4,375 $11,538 $11,136 $6,875

Property RightsConveyed

FeeSimple

FeeSimple

FeeSimple

FeeSimple

FeeSimple

Financing -------- -------- -------- -------- --------

Conditions ofSale

ArmsLength

ArmsLength

ArmsLength

ArmsLength

ArmsLength

MarketConditions

-------- -------- -05% -05% -05%

TotalAdjustments

-------- -------- -05% -05% -05%

Adjusted Price$/Space

$7,222 $4,375 $10,961 $10,579 $6,531

Location Similar Similar Similar Similar Similar

Land Utility Similar Similar Similar Similar Similar

Land Size -05% Similar -05% -05% Similar

Zoning Similar Similar Similar Similar Similar

TotalAdjustments

-05% ------- -05% -05% -------

Adjusted Price$/Space

$6,861 $4,375 $10,413 $10,050 $6,531

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GRID ANALYSIS DISCUSSION

o Property rights conveyed: All sales were in fee simple, therefore no adjustment was made;o Financing Terms: Available information indicated that all of the sales transferred with nospecial financing or seller concessions utilized, therefore no adjustments were warranted;o Conditions of Sale: Available information indicated that no unusual conditions orcircumstances are known to have impacted the cited sales, therefore no adjustments were madeto those cited sales;o Market Conditions: The demand for commercial properties realized a sustained activityduring 2003-2006, however, a changing marketplace demonstrated a diminished demand sincelate 2007-2008, with a discernible decline in value evidenced into 2010. The market for suchreal estate appears to have stabilized somewhat in the second/third quarters of 2011, thereforeno adjustment was applied to Sales #1 and #2, while Sales #3, #4 and #5 were adjusteddownward for their sales in the latter part of the economic downturn;o Location: All sales were located in areas with similar traffic exposure and amenities,therefore no adjustments were warranted for those cited sales;o Land Utility: All comparable sales were similar to the subject in this category, therefore noadjustments were necessary for those cited sales;o Land Size: Downward adjustments were warranted for the larger land sizes of Sales #1, #3and #4, relative to the subject property;o Zoning: All sales possessed zoning classifications that allowed parking lots, therefore noadjustments were necessary for this category.

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The foregoing analysis indicated an adjusted value range for the subject property of$4,375/Space to $10,413/Space. With consideration given the prevailing marketplace, and thesalient features of the subject property such as its location and site features, I have concludedmarket value for the subject property, through an application of the Direct Sales ComparisonApproach to be:

9 Parking Spaces @ $7,000 per Space = $63,000Rounded to $65,000

The Direct Sales Comparison Approach was based upon analysis of similar properties that soldduring the past 3+ years, and its reliability depends of the degree of similarity between thecomparable properties and the subject real estate. All comparable data possessed differencesrequiring adjustment, lending some subjectivity to the process. However, upon adjustment fordiffering factors, the data defined bracket parameters which were considered to representreliable indicators of value.

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FINAL RECONCILIATION AND VALUE CONCLUSION

Final reconciliation is the process of coordinating and integrating related facts to form aunified conclusion. An orderly connection of interdependent elements is necessary for areliable determination of value. This requires a re-examination of specific data, procedures andtechniques within the framework of approaches used to derive preliminary estimates. Themethodology used in the preceding sections of this report is considered to be recognizedappraisal technique, and was reviewed in terms of adequacy, accuracy completeness ofreasoning and overall reliability. The estimates thus concluded, which are primarily based onavailable market data, produced the following figures:

COST APPROACH: N/AINCOME CAPITALIZATION APPROACH: $85,000DIRECT SALES COMPARISON APPROACH: $65,000

Through the application of the two approaches to value, I have attempted to show the readermy thinking and reasoning as it applied to the subject property. My analysis was orientedtowards a continued usage of the subject as a parking lot. From my investigation of pertinentdata, I have concluded that this was a reasonable and prudent use of the property and,therefore, this appraisal reflects a value that would be considered applicable by aknowledgeable, prospective buyer for the property. It is my opinion that a potential buyer forthe property would have incorporated the two respective approaches in their analysis whencontemplating a possible purchase of the real estate. With consideration given the nature ofthe subject property, your appraiser has given primary weight to the application of theIncome Capitalization Approach in determining final conclusions of market value for thesubject property, with the Direct Sales Comparison Approach given valuable support data forthe subject. The subject parking lot is fully leased; no long-term leases are in effect; demandappears to remain high for parking in the subject’s immediate neighborhood; and there havebeen relatively few sales, with no active listings discovered for analysis.

Having considered all of the real estate data presented herein, the facts and circumstancesrelative to the subjects and the actions of the local real estate market, I have concludedmarket value of the subject property, as of May 22, 2013, to be:

EIGHTY FIVE THOUSAND DOLLARS($85,000)

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REASONABLE EXPOSURE TIME

Reasonable exposure time is one of a series of conditions in most market value definitions.Exposure time is always presumed to precede the effective date of the appraisal, and may bedefined “as the time the property remains on the market, or the estimated length of time theproperty interest being appraised, would have been offered on the market, prior to thehypothetical consummation of a sale, at a market value, on the effective date of theappraisal”. Exposure time is a retrospective estimate, based on an analysis of past events,assuming a competitive and open market.

Sales of similar real estate generally illustrate a wide range in time, from official offering ofthe property, to closing of the sale that approximates six months to a year and a half. It isnoted that a reasonable exposure time presumes a concerted and sufficient effort to sell theproperty at a fair and appropriate price. However, discussions with local market participantsindicate that this type of property is typically not marketed in the time sense, but rather, aproperty owner will offer an open listing at an unspecified price, or above market price, whilenot needing to sell. In essence, nearly all properties are for sale “at the right price”. This, inmany cases, tends to skew exposure times of sold properties. Generally, for properties locatedin New Castle County, such as the subject, a reasonable exposure period of six months to oneyear, from offering the property for sale, to settlement on the contract. This is consistent withmy discussions with brokers, lenders, investors and/or other knowledgeable parties that havebeen involved in transactions with similar real estate.

Therefore, based on available data, and with consideration given the prevailing marketplace,I have concluded that a reasonable exposure period for the subject real estate would be sixmonths to one year. In addition, it should be noted that a forced sale, one requiring asignificantly shorter marketing/exposure period, could cause a substantial reduction in thecited value estimates.

MARKETING TIME AND MARKET PARTICIPANT INTERVIEWS

Marketing time is defined as an opinion of the amount of time it might take to sell a real orpersonal property interest at the concluded market value level during the period immediatelyafter the effective date of an appraisal. My discussions with other general appraisers andcommercial real estate salespeople such as Donald West, a certified general appraiser withDelaware Appraisal Group, and Greg Ellis, an agent with Patterson Woods – CommercialProperties, indicate six to nine months to be a reasonable marketing time to obtain theestimated market value of the subject properties. In addition, it should be noted that a forcedsale, one requiring a significantly shorter marketing period, could cause a substantialreduction in the cited value estimates.

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From the information available to your appraiser and conversations with the previous-mentioned real estate professionals, I have formed the opinion that a future sale of the subjectproperties would be directly affected by the following factors:

1) Property has proximity to major roadways;2) Fully occupied parking lot provides investment appeal to a future landlord;3) Property is a legal, non-conforming use as a parking lot;4) Small parcel size somewhat restricts building development;5) Unprecedented low commercial mortgage rates during 2002-2007 allowed

the typical buyer to pay more for a property, circumstances exacerbated bythe scarcity of available commercial real estate. This situation appeared toaccelerate property appreciation for most real estate during that timeframe.However, changing economic conditions and a deteriorating real estatemarket decreased demand from late 2007/early 2008, with gradual declinesin value realized through 2010;

6) Reasonable demand continues to exist for such commercial-type real estate,while a limited supply of good, well designed properties is available forsale. Demand tends to exceed supply, a factor that would typically supportvalue appreciation. However, the current economic climate appears to havenegated that factor, although the general market appears to have stabilizedsomewhat in the second/third quarters of 2011. Even so, market conditionsindicate that most real estate in the subject neighborhood will notexperience any value appreciation through 2013.

The subsequent opinions of value reflect careful consideration of these factors, bothindividually and collectively, as they are viewed to impact the subject property.

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STANDARD ASSUMPTIONS AND LIMITING CONDITIONS

This appraisal is subject to the following Assumptions and Limiting Conditions:

1. This analysis is applicable only under the assumptions and limiting conditions stated. No fractional partof this appraisal is to be used in conjunction with another appraisal; such use renders it invalid.

2. No responsibility is assumed by the appraiser for matters which are of a legal nature, nor is any opinionon the title rendered herewith. Title is assumed to be marketable and free and clear of all liens andencumbrances, except as specifically described in the appraisal report.

3. Exhibits are included to assist the reader in visualizing the property. No survey of the property has beenmade by the appraiser and no responsibility is assumed in connection with such matters. The exhibitsincluded in the report are for illustrative purposes only. The analysis covers the property as describedwithin the report, and areas and dimensions noted are assumed to be correct.

4. Unless otherwise noted herein, it is assumed that there are no encroachments, zoning or restrictionviolations existing on or in the subject property. This appraiser assumes no responsibility for matters ofthese natures such as validity and enforceability of leases and other rights, compliances, zoning and otherlaws. The appraisal assumes that there are no existing judgments or pending or threatened litigation thatmay affect the value of the property.

5. Information, estimates and opinions contained in the report were obtained from sources consideredreliable; however, no liability for them is assumed by the appraiser.

6. The appraiser herein, by reason of this report, is not required to give testimony in court, attend pre-trialconferences or appear as required by subpoena with reference to the property appraised, unlessarrangements have been previously made therefore.

7. All mortgages, liens, encumbrances, leases and servitude have been disregarded unless so specifiedwithin the report. The property was appraised as though under responsible ownership and competentmanagement.

8. This appraisal assumes that there are no hidden or unapparent conditions of the property, subsoil orexisting structures which would render it more or less valuable. This appraiser assumes no responsibilityfor such conditions or for engineering which might be required to discover such factors. It is assumed,where applicable, that underground improvements, as well as utilities, are in place and connected.

9. It is assumed that all required licenses, consents or other legislative or administrative authority from anygovernmental or private organization have been or can be obtained or renewed for any use on which thevalue estimate in this report is based.

10. Portions of the property not inspected by the appraiser (if any) are assumed to be as reported or similar toother portions which were inspected.

11. It is assumed that there is full compliance with all applicable federal, state and local environmentalregulations and laws unless non-compliance is stated, defined and considered in the appraisal report.

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12. No changes in the federal, state or local laws, regulations or codes (including, without limitation, theInternal Revenue Code) are anticipated.

13. No responsibility is assumed for events, actions, conditions or circumstances affecting the property or itsvalue that transpire subsequent to the date of value contained in the report, or the date of field inspection,whichever occurs first.

14. The value conclusion(s) applies to the real estate only; it does not include personal property, machineryand equipment, trade fixtures, business value, goodwill, or other non-realty items. Income taxconsiderations have not been included or valued. This appraiser makes no representations as to the valueincrement which may be attributed to such consideration, unless noted herein.

15. The assumption is made that the property is not contaminated nor will it be hazardous in the future. Itmust be clearly understood that the existence of hazardous material, which may or may not be present onthe property, was not observed by the appraiser, nor is there any knowledge of the existence of suchmaterials on or in the property. This appraiser, however, is not qualified to detect such substances. Thepresence of potentially hazardous substances including, but not limited to, asbestos, urea formaldehydefoam insulation, lead paint, other EPA listed materials, or underground gasoline or fuel storage tanks mayaffect the value of the property. The value estimate provided is predicated on the assumption that thereare no such materials or structures on or in the property that would cause a loss of value. Noresponsibility is assumed for any such conditions, or for any expertise or engineering knowledge requiredto discover them. The client is urged to retain an expert in this field, if desired.

16. The valuation is limited to the surface rights of the property and does not consider positive or negativeeffects to value due to subsoil conditions, mineral rights, etc., which would render the property more orless valuable. No subsoil analysis or testing was authorized or performed, and no responsibility isassumed for such conditions or for engineering which may be required to discover them.

17. No chemical or scientific tests were performed by the appraiser on the subject property, and it is assumedthat the air, water, ground and general environment associated with the property present no physical orhealth hazard of any kind unless otherwise noted in the report. It is further assumed that the site does notcontain any type of dump site and that there are no underground tanks (or any underground source)leaking toxic or hazardous chemicals into the ground water or the environment unless otherwise noted inthe report.

18. The assumption is made that all necessary building permits, subdivision permits and approvals, ingressand egress easements, off-site improvements and other permits are in-place and paid for and that theproperty will be delivered on an essentially "free and clear" basis. Mortgage requirements or other debtare not factored into the value estimate.

19. The physical conditions of any building, structure, site improvements or other improvements noted hereinor on the property are based on a visual inspection. Electrical, heating, cooling, plumbing, roofing, sewerand/or septic system, mechanical equipment, water supply and the like are not specifically tested, but areassumed to be in good working order and adequate unless otherwise specified. No liability is assumedfor these items or for the soundness of structural members since no engineering tests were made. If theclient or any reader of the report has any concern regarding the structural, mechanical or protectivecomponents of the property described herein, or the adequacy or quality of utilities or the improvements,it is suggested that independent contractors, engineers or other experts in these disciplines be retained.

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20. Economic conditions are generally assumed to be consistent with the current state of the economy,including interest rates on loans that were available as of the date of the analysis. No responsibility isassumed for changes in market conditions or for the inability of the client or any other party to achievetheir desired results based upon the analysis herein. The analysis necessarily incorporates numerousestimates and assumptions regarding property performance, general and local business and economicconditions, the absence of material changes in the competitive environment and other matters. Someestimates and assumptions, however, will inevitably not materialize. Non-anticipated events andcircumstances may occur; therefore, actual results achieved during the period covered by the analysis willvary from the estimates and the variations may be material.

21. This report represents a value estimate based on the analysis as of a specific date and upon informationknown at the time the analysis was made. This appraiser does not assume any responsibility for incorrectanalysis based on incorrect or incomplete information. If new information of significance comes to light,conclusions in this report are subject to change.

22. This report was not prepared and shall not be used in connection with raising funds for the purchase of anequity interest in the property, including real estate limited partnerships and syndications.

23. No responsibility is accepted by this appraiser for considerations requiring expertise in other fields. Suchconsiderations include, but are not limited to, legal descriptions and other legal matters; geologicconsiderations such as soils and seismic stability; and civil, mechanical, electrical, structural and otherengineering and environmental matters.

24. On all appraisals subject to satisfactory completion, repair or alterations, this report and value conclusionare contingent upon completion of the improvements in a quality, workmanlike manner.

25. The American with Disabilities Act (referred to hereafter as the "ADA") became effective on January 26,1992. It is possible that a compliance survey of the property, together with a detailed analysis of therequirements of the ADA and state and local regulations, could reveal that the subject property is not incompliance with one or more requirements of the ADA and/or state and local regulations. If the propertydoes not comply with the ADA or with state and local regulations, this fact could have a negative effectupon the value of the property. Since this appraiser has no direct evidence relating to this issue, possiblenon-compliance with the requirements of the ADA and state and local regulations has not beenconsidered in estimating the value of the property. No responsibility is assumed for any possible non-compliance with the requirements of the ADA or with state and local regulations, nor for any expertise orengineering knowledge required to discover such non-compliance.

26. Disclosure of the contents of the appraisal report is governed by the Standards of Professional Practiceand Code of Ethics of the Appraisal Foundation. Therefore, except as hereinafter provided, the party forwhom this appraisal report was prepared, may distribute copies of this appraisal report, only in itsentirety, to such third parties as may be selected by the party for whom this appraisal was prepared;however, selected portions of this appraisal report shall not be given to third parties without prior writtenconsent of the signatories of this appraisal report. Further, neither all nor any part of this appraisal reportshall be disseminated to the general public by the use of advertising media, public relations media, newsmedia, sales media or other media for public communications without the prior written consent of thesignatories of this appraisal report.

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27. The client, by receipt of this appraisal, shall indemnify and hold harmless Delaware Appraisal Group,LLC and/or its individual appraisers or staff members from and against all damages, expenses, claims,demands and cost, including legal fees incurred in investigating and defending any claims arising from orin any way connected to the inclusion of the aforesaid reference to Delaware Appraisal Group, LLCand/or its individual staff members' failure to render the opinion(s) of value.

28. In any event, the maximum damages recoverable from Delaware Appraisal Group, LLC or itsindividual appraisers or staff relative to this assignment shall not be more than the amount of moneysactually collected by Delaware Appraisal Group, LLC for this assignment and under no circumstancesshall any claim for consequential damages be made. In addition, there is no accountability or liability toany third party.

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CERTIFICATE OF APPRAISAL

I, the undersigned, do hereby certify that, except as otherwise noted in this appraisal report:

1. I have no present or contemplated future interest in the real estate that is the subject of this appraisal report,and I have no personal interest or bias with respect to the subject matter of this report or the parties involved.To the best of my knowledge and belief the statements of fact contained in this appraisal report, upon whichthe analyses, opinions and conclusions expressed herein are based, are true and correct, and are my personal,impartial, and unbiased professional analyses, opinions, and conclusions. My engagement in this assignmentwas not contingent upon developing or reporting predetermined results. This appraisal report sets forth all ofthe limiting conditions (imposed by the terms of my assignment or by the undersigned) affecting the analyses,opinions and conclusions contained in this report.

2. I certify that, to the best of my knowledge and belief, the reported analyses, opinions and conclusions weredeveloped, and this report has been prepared, in conformity with the requirements of the Code of ProfessionalEthics and the Standards of Professional Appraisal Practice of the Appraisal Institute and the UniformStandards of Professional Appraisal Practice.

3. I have made a full inspection of the property that is the subject of this report, and no one other than theundersigned prepared the analyses, conclusions and opinions concerning real estate that are set forth in thisreport. The fee is not in any way contingent upon the amount of the value estimate. This appraisal assignmentwas not based on a requested minimum valuation, a specific valuation, the approval of a loan or attainment of astipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.

4. I have not appraised or provided any professional services on the subject property within the past threeyears.

5. After consideration of all factors and circumstances pertaining to and in connection with the property underappraisement, and subject to the contingent and limiting conditions & assumptions set forth in this report, myopinion of value for the real property, as of May 22, 2013, was:

EIGHTY FIVE THOUSAND DOLLARS($85,000)

Respectfully Submitted, June 7, 2013

Steven J. Hopkins, CRA, GAACertified General Real Property Appraiser:Delaware License X10000298Maryland License 20113New Jersey License RG001498

ADDENDA

EXHIBIT A

EXHIBIT B

EXHIBIT C

EXHIBIT D

QUALIFICATIONS OF STEVEN J. HOPKINS, CRA, GAA

APPRAISAL EXPERIENCEJoined Delaware Appraisal Group as a staff appraiser in August 1996. Worked with Lorenz

Associates as a staff appraiser from December 1998 to March 2011, while continuing affiliation withDelaware Appraisal Group. Property tax assessor with New Castle County, Delaware from 1980 to2003. Acted as an expert witness in over one hundred property tax appeal hearings for New CastleCounty Government.

Types of appraisals completed include single family residences, condominiums of allproperty types, mobile homes, farms, apartment complexes, vacant land, commercial retailproperties, office buildings, small and large industrial complexes, schools, churches, day carecenters, gasoline stations, marinas, golf courses, commercial land, industrial parks, etc.

REAL ESTATE EDUCATION AND TRAININGMaryland Association of Appraisers (MAA), Standards of Practice and Ethics for

Appraisers (USPAP), 1999 and 2003MAA, Farm and Land Appraisal, 1998MAA, Introduction to Appraising Commercial and Industrial Properties, 1998MAA, The Narrative Report, 1997MAA, Appraising Small Commercial Properties, 1997International Association of Assessing Officers (IAAO) Standards of Practice and

Professional Ethics Workshop, 1994Realtors’ Institute of Delaware and National Association of Realtors GRI 1, 1988GRI Course 2, 1991National Association of Realtors Residential Sales Council Course 202, 1991IAAO Narrative Appraisal Report Writing Workshop, 1989National Association of Realtors RITE Course, 1988IAAO Development and Analysis of the Assessment-Ratio Study, 1987IAAO Computer Assisted Mass Appraisal Valuation Model Building, 1986IAAO Mass Appraisal of Residential Properties, 1984IAAO Income Approach to Valuation, 1984IAAO Fundamentals of Real Property Appraisal, 1983 and 1995

PROFESSIONAL LICENSES AND MEMBERSHIPSCertified General Real Property Appraiser:

Delaware License X10000298 (expires 10/31/2013)Maryland License 20113 (expires 01/09/2016)New Jersey License 42RG00149800 (expires 12/31/2013)

Certified Residential Real Property Appraiser:Pennsylvania License RL003188R (expires 06/30/2013)

Certified Review Appraiser and Certified Valuation Consultant designations viaNational Association of Review Appraisers and Mortgage Underwriters

General Accredited Appraiser Designation via National Association of Realtors

PROFESSIONAL LICENSES AND MEMBERSHIPS (CONTINUED)Licensed Realtor:

Delaware License RS-0010011 (expires 04/30/2014)Maryland License 504935 (expires 09/22/2013)

Delaware Association of Appraisers (Current Board Member)Maryland Association of AppraisersInternational Association of Assessing Officers (IAAO)Commercial Industrial Realty CouncilNational Association of RealtorsDelaware Association of RealtorsMaryland Association of RealtorsCecil County Board of RealtorsNew Castle County Board of RealtorsSouth Jersey Shore Regional MLSSussex County Association of RealtorsMRIS (Metropolitan Regional Information Systems, Inc.)Trend (The Delaware Valley Real Estate Information Network)

PARTIAL LIST OF PREVIOUS CLIENTSAmerican Business Credit, Inc.Artisans’ BankCitizen’s BankCecil Federal Savings BankDelaware National BankDelaware State Housing AuthorityEquity OneFT Mortgage and Atlantic Coast MortgageFulton BankHarvest Community BankM&T BankMercury Real Estate ServicesMidCoast Community BankNational Penn BankNew Castle County Department of Land Use (Assessor Training and Consultation)New Castle County Department of Special ServicesPace Realty AdvisorsPeoples Bank of ElktonPNC BankSovereign BankWachovia BankWells Fargo BankWilmington Housing AuthorityWilmington Trust CorporationWSFS BankYork Federal Savings and LoanVarious appraisals for attorneys and individuals