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HYPOTHETICAL CONDITIONS & EXTRAORDINARY ASSUMPTIONS This appraisal is subject to a hypothetical condition. A hypothetical condition, as defined by USPAP, is a condition, directly related to a specific assignment, which is contrary to what is known by the appraiser on the effective date of the assignment results, but is used for the purpose of analysis. Hypothetical conditions assume conditions contrary to known facts about physical, legal, or economic characteristics of the subject property; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis. A hypothetical condition may be used in an assignment only if. Use of the hypothetical condition is clearly required for legal purposes, for purposes of reasonable analysis, or for purposes of comparison; Use of the hypothetical condition results in a credible analysis; and The appraiser complies with the disclosure requirements set forth in USPAP for hypothetical conditions. A before and after valuation method will be applied in this appraisal report. The subject property will be appraised in the after condition subject to MnDOT's proposed acquisition of Parcel 229C (hypothetical condition) based on the Parcel Sketch provided by the client. There are no other hypothetical conditions or extraordinary assumptions associated with the development of this report. USPAP COMPLIANCE This valuation report was authored with the goal of compliance to the Uniform Standards of Professional Appraisal Practice (USPAP). The Underlying Assumptions and Limiting Conditions document attached to this report generally articulates the applicable USPAP Standards requirements. The Before and After Appraisal method and report format utilized is consistent with USPAP Standards Rule 1 and 2 and meets the requirements set forth in Minnesota Statute 82B and the Minnesota Department of Transportation Right of Way manual. COMPETENCY PROVISION This statement is made in accordance with the competency provision of USPAP. Mr. Montague holds a Certified General Real Property Appraiser license and is a full-time staff appraiser for MnDOT, working specifically in the realm of right of way appraisal and acquisition. Mr. Montague has extensive experience valuing commercial, industrial and residential property types among numerous other land uses through work experience prior to MnDOT employment, dating back to March of 2005. A summary of the appraiser's experience, training, and education attended is found in the Addendum of this report. The appraiser has the necessary knowledge, understanding and experience in the valuation of properties similar to the subject. Additional competency is acquired when necessary to supplement existing knowledge to competently value the subject property. To gain local market competency, the appraiser viewed the community, researched sales and assessed values, and had discussions with the County Assessor, local realtors and landowners. The appraiser has also worked in collaboration with professional peers with experience in right of way appraisal and acquisition. The training, knowledge, experience, and efforts of the appraiser provides competency to perform this appraisal assignment. The client, fully knowledgeable of the appraiser's abilities and experience, has assigned this work with confidence in the appraiser's competence to perform this appraisal. S.P. 7102-135RW C.S. 7102 (10=3) 902 Parcel 7102-902-229C Page 9