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Letter of Transmittal — Continued <br />Extraordinary Assumptions <br />None <br />Hypothetical Conditions <br />None <br />Property Rights Appraised <br />— Fee Simple Interest: The property is currently vacant; the appraised value reflects the fee simple <br />interest. <br />Property Components Appraised <br />Real Estate: The appraised value includes the real estate value opinion. <br />Furniture, Fixtures, & Equipment (FF&E): The appraised value does not include any values of <br />fixtures, furnishings and equipment. The appraised value reflects real estate only. <br />Business Value: The appraised value does not include business value. <br />Highest and Best Use Conclusions <br />As Vacant: Develop with a commercial or industrial use (likely a destination user given the <br />access). <br />As Improved: Existing commercial related use. <br />Valuation Methodology <br />The highest and best use of the subject is for a highway commercial use. <br />Given the highest and best use, the following approaches are used: <br />Cost Approach: Not applied due to subjective depreciation amounts. <br />Sales Comparison Approach: Similar commercial property sales. <br />— Income Approach: Considers market rent and capitalization rates of commercial and <br />industrial properties to indicate value. <br />iv <br />