The client has requested an opinion of market value for their ownership interest in the subject property.

The subject property is comprised of vacant land, three parcels, at the northeast corner of East Third St. and Maria Ave., a commercial area in the Dayton's Bluff neighborhood of St. Paul. The parcel is comprised of 13,956 sf.

This report has been prepared in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP) promulgated by the Appraisal Foundation. The scope of the appraisal encompasses the required research and analysis to prepare a professional report in accordance with the purpose of the appraisal and its intended use.

The three key elements of the scope of work include the level of inspection; the extent of research involved; and the level of analysis. The following scope of work identifies the most significant procedures conducted in the development of this appraisal which complies with requirements of the Uniform Standards and addresses the needs of the client. This report contains those procedures I consider the most appropriate for this particular property and appraisal assignment.

The appraisal assignment commenced with an interview with the client about the property characteristics, assignment conditions (i.e. hypothetical conditions and/ or extraordinary assumptions), the date and definition of value, and the intended use and intended users of the report.

Once the specific property information was obtained, an appropriate scope of work was identified for this specific assignment. The following section of the report includes the disclosure of the scope of work deemed necessary and applicable for this assignment:

The site was inspected on August 17, 2026 by Dwight W. Dahlen, MAI which is effective date of this appraisal.