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Commercial Real Estate Services SCOPE OF WORK 712 through 902 S. Bristol Street in Santa Ana The scope of our work will include an inspection of the subject property, complete with measurements and photographs thereof, in which we will note the characteristics of the property that are relevant to its valuation. We will inspect the surrounding neighborhood and photograph comparable properties. We consult a number of printed data sources as needed, including real estate reports and databases, and news articles to derive information on value indicators such as tax rates, zoning boundaries, comparable property information, and neighborhood and regional demographics. We also pursue conversations, as needed, with real estate brokers, developers, appraisers, property owners, and public officials regarding the real and personal property values, market conditions, zoning and building issues, capital market rates, and cost estimates in the subject area. We investigate the available market data for use with the selected approach, including research of public records through the use of commercial data sources. Our search parameters, including dates of sales and leases, locations, sizes, types of properties, and distances from the subject start with relatively narrow constraints and, if necessary, we expand the constraints until we retrieve data sufficient to estimate market value or until we exhaust the available pool of data. Researched lease and sales data is viewed and, if found to be appropriate, efforts are made to verify the data with persons directly involved in the transactions, such as tenants, landlords, buyers, sellers, brokers, or agents. Some data may be used without personal verification if, in our opinion, the data appear to be correct and we were unable to contact any direct participants. In addition, we consider any appropriate listings or properties found through observation during our data collection process. We report all data deemed to be pertinent to the valuation problem. We will prepare an Appraisal Report, as defined in USPAP, that includes photographs of the subject property; descriptions of the subject neighborhood, site, any improvements on the site, and the zoning; a highest and best use analysis; a summary of the most important transactions used in our valuation; maps illustrating the transactions in relationship to the subject property; other data we deem relevant to the assignment; and a reconciliation and conclusion. Pertinent data and analyses not included in the report may be retained in our files. For purposes of this report, the three traditional techniques of estimating value (the Cost Approach, Income Approach, and Sales Comparison Approach) have all been considered. Based on our discussions with the client and on our experience appraising similar properties, the Land Sales Comparison Approach will be presented in the appraisal report. An Income and Cost Approach will not be included because they are not considered necessary in order to result in opinions or conclusions that are credible. 129 W. Wilson Street • Suite 201 • Costa Mesa, California 92627 • (949) 764-2650 Fax (949) 764-9325