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11732 Maplewood DR SW LANZ APPRAISAL, LLC 218.839.9377 <br />Brainerd, MN 56401 scoff @scottlanz.com Fax 218.829.2005 <br />July 17, 2008 <br />Mr. Todd Sorensen <br />American National Bank <br />31279 Brunes Street P.O. Box 147 <br />Pequot Lakes, MN 56472 <br />Re: Whalen Lots <br />Highway 371, Pequot Lakes, Crow Wing County, MN 56472 <br />Dear Mr. Sorensen: <br />At your request, I have prepared a Restricted -Use Appraisal for the above referenced property. <br />The purpose of this appraisal is to provide my opinion of the market value and liquidation value <br />of the subject property's fee simple interest for portfolio management purposes. This appraisal <br />is intended for the use of the client, and only the client. <br />This letter is not an appraisal and must be used with the entire report of 23 pages including the <br />addendum for the following value opinion to be valid. <br />Value Table <br />Please reference the Scope section of this report for information regarding the scope of <br />research and analysis for this appraisal, including property identification, inspection, highest and <br />best use analysis and valuation methodology. <br />I certify that I have no present or contemplated future interest in the property beyond this <br />estimate of value. Your attention is directed to the Limiting Conditions and Assumptions section <br />of this report. Acceptance of this report constitutes an agreement with these conditions and <br />assumptions. <br />Appraisal Brief <br />• Two values are provided including the individual values for each lot and a combination <br />value of all 4 lots (listed as Lots 1-4). <br />• The liquidation value is based on 75.00% of the market value. <br />St�E 0,2 1 I�Soo3oo -zoo <br />1 <br />As4s <br />June 30, 2008 <br />$42,800 <br />$32,100 <br />81,933 <br />214 <br />2 <br />As -Is <br />June 30, 2008 <br />$35,800 <br />$26,850 <br />83,242 <br />179 <br />3 <br />As4s <br />June 30, 2008 <br />$35,800 <br />$26,850 <br />81,294 <br />179 <br />4 <br />As -Is <br />June 30, 2008 <br />$47,300 <br />$35,475 <br />98,991 <br />220 <br />Lots 1-4 <br />As -Is <br />June 30, 2008 <br />$99,000 <br />$74,250 <br />345,460 <br />792 <br />Please reference the Scope section of this report for information regarding the scope of <br />research and analysis for this appraisal, including property identification, inspection, highest and <br />best use analysis and valuation methodology. <br />I certify that I have no present or contemplated future interest in the property beyond this <br />estimate of value. Your attention is directed to the Limiting Conditions and Assumptions section <br />of this report. Acceptance of this report constitutes an agreement with these conditions and <br />assumptions. <br />Appraisal Brief <br />• Two values are provided including the individual values for each lot and a combination <br />value of all 4 lots (listed as Lots 1-4). <br />• The liquidation value is based on 75.00% of the market value. <br />St�E 0,2 1 I�Soo3oo -zoo <br />