Lande IGY-AYH ST. THOMAS HOLDINGS, LLC 717 Fifth Avenue, 18th Floor New York, NY 10022 AND Cassandra P. Webster-Hodge Assistant Vice President BANCO POPULAR VIRGIN ISLANDS St. Thomas, VI 00801 VALUATION & ADVISORY SERVICES Self Contained Appraisal Report CBRE CB RICHARD ELLIS @ 2007 CB Richor EFTA00787768 VALU

N. 21. 2007 6:03PM BANCO POPULAR COMMERIAL BANKING Ma 4917 P. 4 Mark Londe Appraisal Agreement Page 4 of 7 June 11, 2007 AGREED AND ACCEPTED BANCO POPULAR VIRGIN ISLANDS: 3 —in ze207 Date /C b}4,6) li -r-r451C‘i Tifle kf0'•-t93-.2Me Phone Number Fax Number ehe WO' E-Mail Address CBRE CB RICHARD ELLS O 200