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DAHLEN & DWYER, INC. 2. The regipnal and city analyses are based on information available in Dahlen and Dwyer, Inc. company files. The neighborhood analysis is based on a physical inspection of the area. 3. The subject's Highest and Best Use was analyzed using data compiled in the aforementioned steps, as well as the result of the valuation approach discussed in this report. 4. Pertinent market data was collected and analyzed in order to develop thè valuation approach used in this appraisal. The data sources included files maintained in our offices, local searches for sales of similar properties, and discussions with other appraisers involved in the appraisal of this type of property along with developers involved in developing mid to high density residential parcels. The data obtained is verified in some form, and confirmed directly with the buyer, seller I owner or broker involved, unless extenuating circumstances would not allow such contact to be made. In many cases, I have contacted more. than one of the above. 5. The only approach to value used, as the subject is vacant land, was the Direct Sales Comparison Approach. The final value conclusion is based on the Direct Sales Comparison Approach, market forces, and other variables mentioned in this report. This appraisal report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practices (USPAP) recently promulgated by the Standards Board of the Appraisal Foundation as mandated by Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA). The appraisal is made in compliance with and is subject to the requirements of the Code of Professional Ethics and Standards of the Professional Practice of the Appraisal Institute. "