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File No. 20103427 APPRAISERS CERTIFICATION: The Appraiser certifies and agrees that: 1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate. to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation. If a significant item in a comparable property is superior to , or more favorable than, the subject property, i have made a negative adjustment to reduce the adjusted sales price of the comparable and, if a significant item in a comparable property is inferior to, or less favorable than the subject property, I have made a positive adjustment to increase the adjusted sales price of the comparable. 2. I have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. I have not knowingly withheld any significant information from the appraisal report and I believe, to the best of my knowl€dg€, that all stat€m€nts and information in the appraisalleport ale true and correct. 3. I stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent aod limiting cooditi<ms sp€cified in this form. 4. I have no present or prospective interest in the property that is the subject to this report, and I have no present or prospective personal inl€rest or bias with respect to Ihe participants in the transaction: I did not base, either partially or completety, my anaiysis and lor the estimate of market value in the appraisal report on the race, color, religion, 5ex, handicap, familial status, or national origin of either the prospective owners or occupants of Ihe subject properly or of Ihe present owners or occupants of the properties in the vicinity of the subject property. 5. I have no present or contemplated future interest in the subject property, and neither my currenl or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 6. i was nol required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the valu€ estimate, the attainment of a specific result, or the oc~urrence of a subsequent event in order to receive my compensation andlor employment for performing the appraisal. I did not base the appraisal repQrt on a requested minimum valuation, a specific valuation, or the ne€d to approve a specific mortgage loan. 7. I performed this appraisal In conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of th€ departure provision of those Standards, which does not apply. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value and the estimat€ I developed is consistent with the marketing time noted in the neighborhood section of this ieport, unless I have otherwise stated in the reconciliation section. B. i hav€ personai!y insp%led the interior and exterior areas of the subject property and the extelior 01 ail ploperties listed as comparables in the appraisal report. I furlher certify that I have noled any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the subject property of which I am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that I had market evidence to support them. I have also Gommen\€d about the effect of the adverse conditions on the marketability of the subject property. 9. I personally prepared all conclusions and opinions about the real estate thaI were set forth in the appraisal repolt. If I Ie lied on significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, I have named such individual(s) and disclos€d the specific tasks performed by them in the reconciliation section of this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change 10 any item in the report; therefore, if an unauthorized change is made to the appraisal report, I will take no responsibility far it. SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbeled 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. ADDRESS OF PROPERTY APPRAISED: 2018 Hamline Avenue, Roseville, MN 55113 APPRAISER: SUPERVISORY APPRAISER (only if required) Signature: ;?J ,~~ Name: Michael'Annunziata, e!:1istered Real Prop Date Signed: 03/19/2002 State Certification #: . or State License #: 20222622 State: MN Expiration Date of Certification or License: 08/31/2003 o Did IZJ Did Not Inspect Property Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Form 10048 6-93