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DEFINITIONS OF SIGNIFICANT TERMS Throughout this report, the term "subject property" identifies the entirety of the real property owned by the identified owner at this location. The State's partial acquisition will be identified as "the subject", "Parcel 229C", or as the "acquisition". The term "remainder" shall refer to the property after the acquisition. The following definitions were acquired from The Dictionary of Real Estate Appraisal, Fourth Edition, published by The Appraisal Institute, unless otherwise indicated: • Highest and Best Use: The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum value. • Fee Simple Estate: Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat. • Easement: An interest in real property that conveys use, but not ownership, of a portion of an owner's property. • Temporary Easement: An easement conveyed for a defined time period. • Exposure Time: The estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal; a retrospective estimate based upon an analysis of past events assuming a competitive and open market. The overall concept of reasonable exposure encompasses not only adequate, sufficient and reasonable time, but also adequate, sufficient and reasonable effort. Exposure time is different for various types of real estate and value ranges and under various market conditions. Marketing Time: The time it takes an interest in real property to sell on the market subsequent to the date of appraisal. Reasonable marketing time is an estimate of the amount of time it might take to sell an interest in real property at its estimated market value during the period immediately after the effective date of the appraisal; the anticipated time required to expose the property to a pool of prospective purchasers and to allow appropriate time for negotiation, the experience of due diligence, and the consummation of a sale at a price supportable by current market conditions. Larger Parcel: The "larger parcel" is defined as that tract, or those tracts, of land which possess a unity of ownership and have the same, or an integrated, highest and best use. Elements of consideration by the appraiser in making a determination in this regard are contiguity, or proximity, as it bears on the highest and best use of the property, unity of ownership, and unity of highest and best use. Source: Uniform Appraisal Standards for Federal Land Acquisitions, Part III, Sec. A-14 S.P. 7102-135RW C.S. 7102 (10=3) 902 Parcel 7102-902-229C Page 7