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April 3, 2019 <br />Page 2 <br />developed based on, and this report has been prepared in conformance with, the guidelines and <br />recommendations set forth in the Uniform Standards of Professional Appraisal Practice (USPAP), <br />and the requirements of the Code of Professional Ethics and Standards of Professional Appraisal <br />Practice of the Appraisal Institute. It also conforms to Title XI Regulations and the Financial <br />Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) updated in 1994 and further <br />updated by the lnteragency Appraisal and Evaluation Guidelines promulgated in 20 l 0. <br />The intended use and user of our report are specifically identified in our report as agreed upon in <br />our contract for services and/or reliance language found in the report. As a condition to being <br />granted the status of an intended user, any intended user who has not entered into a written <br />agreement with CBRE in connection with its use of our report agrees to be bound by the terms <br />and conditions of the agreement between CBRE and the client who ordered the report. No other <br />use or user of the report is permitted by any other party for any other purpose. Dissemination of <br />this report by any party to any non-intended users does not extend reliance to any such party, <br />and CBRE will not be responsible for any unauthorized use of or reliance upon the report, its <br />conclusions or contents (or any portion thereof). <br />It has been a pleasure to assist you in this assignment. If you have any questions concerning the <br />analysis, or if CBRE can be of further service, please contact us. <br />Respectfully submitted, <br />CBRE -VALUATION & ADVISORY SERVICES <br />Diredor <br />Certified General Real Properly Appraiser <br />State of North Dakota License #CG-2705 -• <br />Senior Managing Director <br />Certified General Real Property Appraiser <br />State of North Dakota License #CG-2402 <br />CBRE <br />Page 40