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PURPOSE OF THE APPRAISAL The purpose of this appraisal is to identify the Market Value for an identified partial acquisition of the subject parcel in the condition in which it was found on January 16th, 2020 involving a right of way acquisition process for a four -lane highway reconstruction project on Trunk Highway (TH) 10. Furthermore, determine any negative effect (severance damage) to the value of the remaining parcel after the acquisition and to determine values and reasonable replacement costs for items within the acquisition. CLIENT The client is the Minnesota Department of Transportation (MnDOT). INTENDED USER(S) This report is intended for use only by the named client and the client's agents involved in the acquisition process. Use of this report by others is not intended by the appraiser. Note; the property owner is required by state statute to receive a copy of the report; however, the property owner does not become an intended user of the report as a consequence of disclosure requirements. INTENDED USE The intended use of this report is for determination of just compensation for the client's right of way acquisition needs. There are no other intended uses of this appraisal report. DEFINITION OF MARKET VALUE The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition are the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. Buyer and seller are typically motivated; 2. Both parties are well informed or well advised, and acting in what they consider their own best interests; 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. Source: Office of the Comptroller of the Currency (OCC); 12 CFR part 34, subpart C EFFECTIVE DATE The effective date of this appraisal is January 16th, 2020, which is the date of the appraiser's viewing of the subject property. The date of the report is located on the Certificate of Appraiser page. REPORT TYPE Per USPAP, the report type is an Appraisal Report. REAL PROPERTY INTERESTS APPRAISED The subject is a partial acquisition of temporary easement from the subject property that is under fee simple interest. S.P. 7102-135RW C.S. 7102 (10=3) 902 Parcel 7102-902-229C Page 8