Appraisal Summary for IGY American Yacht Harbor Marina in St. Thomas, U.S. Virgin Islands

Summary of Salient Facts and Conclusions = Summary of Salient Facts and Conclusions Property Name IGY American Yacht Harbor Marina Address 18A-1, 18-B1,18-B and 18-W Remainder Estate Smith Bay East End Quarter, St. Thomas, Virgin Islands Property Type Mixed Use - Marina Owner of Record IGY-AYH ST. Thomas Holdings, LLC Parcel ID 1-07702-0135-00, 1-07702-0134-00, 1-07702-0133-00, and 1-07702-0198-00 Legal Description Parcel Nos. 18A-1 Remainder, 18B-1 Remainder, 18B Remainder Estate and 18-W Estate Smith Bay, Nos. 1, 2 and 3 East End Quarter, St. Thomas, U.S. Virgin Islands Land Area 2.76 acres; 120,226 SF Number of Units 105 Gross Building Area 72,808 SF Rentable Area 48,652 SF Percent Leased 85% Year Built; Year Renovated 1992; N/A Zoning Designation W-1, Waterfront - Pleasure Highest and Best Use- As if Vacant Marina oriented commercial use Highest and Best Use - As Improved Continued marina and commercial use Exposure Time; Marketing Period 12-24 months; 12-24 months Effective Date of the Appraisal November 25, 2015 Date of the Report December 15, 2015 Property Interest Appraised Leased Fee (Going Concern) Market Value Indications Cost Approach Not Used Sales Comparison Approach Not Used Income Capitalization Approach $24,360,000 Market Value Conclusion* $24,360,000 *Values expressed in United States Dollars The values reported above are subject to the definitions, assumptions, and limiting conditions set forth in the accompanying report of which this summary is a part. No party other than Banco Popular de Puerto Rico may use or rely on the information, opinions, and conclusions contained in the report. Itis assumed that the users of the report have read the entire report, including all of the definitions, assumptions, and limiting conditions contained therein. IGY American Yacht Harbor Marina HOUSE_OVERSIGHT_018811