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MMJM II Trust <br />Page Three <br />I have not, nor has any of my associates, provided professional services related to the subject <br />property, as an appraisers or in any other professional capacity, within the prior three years, <br />preceding this date of appraisal. I have provided similar TDR appraisals within the project. <br />By virtue of my investigation and analyses, it is the opinion of the appraiser that, the cost per unit <br />for the purchase of TDR's, as they pertain to the subj ect property, as a fee simple estate, as of April <br />27, 2023, is: <br />$125.00 Per SF of Allowable FAR <br />Respectfully submitted, <br />Frank Hornstein, MAI <br />State -Certified General <br />Real Estate Appraiser, No. RZ1376 <br />205 <br />