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THIS IS A RESTRICTED USE REPORT <br />(The cost and income approaches are not relevant to estimate value) <br />This report is intended for the use of the client only and may not be <br />be fully understood without data contained in the appraisers' workfile. <br />February 5, 2013 <br />Certified Appraisal Services <br />Federally Certified Appraisers <br />13016 Owatonna Street Northeast <br />Blaine, Minnesota 55449 <br />Mr. Patrick Brama, Management Analyst <br />City of Ramsey <br />7550 Sunwood Drive Northwest <br />Ramsey, Minnesota 55303 <br />RE: 4.80± Acres of Vacant Industrial Land <br />14280 Azurite Street Northwest <br />Ramsey, Minnesota 55303 <br />Dear Mr. Brama: <br />Pursuant to your request, we have made a careful inspection of the <br />captioned property, which is more particularly described as Lot 1, Block 1, <br />Sunfish Lake Business Park 4th Addition, Ramsey, Minnesota, and have made a <br />study of the conditions affecting its value. The property rights appraised <br />consist of title in fee simple, subject to easements and special assessments <br />of record, if any. <br />THE PURPOSE AND INTENDED USE OF THIS APPRAISAL IS: <br />To estimate the market value of subject property, as of our inspection <br />date which is January 31, 2013, which value will be used by The City <br />of Ramsey as a resource for making internal business decisions. <br />This appraisal conforms to "USPAP" and is made subject to certain <br />limiting conditions and assumptions as hereinafter expressed. Such <br />facts and information contained herein were obtained from sources that <br />we considered reliable and are true to the best of our knowledge. <br />The following is a restricted use report and states our method of <br />approach, contains data gathered in our investigation, but does not <br />demonstrate our analysis in arriving at the estimation of market value <br />for the subject property. All analysis is contained in the <br />appraisers' workfile and may be viewed by the client only. THE <br />APPRAISERS HAVE ELECTED TO INCLUDE ALL ANALYSIS IN THE CLIENTS REPORT. <br />The client has been informed that a restricted use report contains <br />minimum analysis and a photocopy will not be provided for any other <br />party. The client has been informed that a restricted use report <br />should not be used for underwriting purposes. The client has been <br />informed that a restricted use report is intended for internal uses <br />such as, foreclosures, OREO's and abundance of caution only. <br />2 <br />