MARKET VALUE CONCLUSION Appraisal Premise As k Compiled by CBRE Interest Appraised Leased Fee/Leasehold Interest Date of Value June 19, 2007 Exposure Time Value Conclusion 9 Months 521,000,000 77 <0 2007 CB Richard Ellis, Inc. EFTA00787852 AMERICAN YACHT HARBOR & MARINA ASSUMPTIONS AND LIMITING CONDITIONS ASSUM