NVI Technical College Information

November 15, 2023

Mr. Bo Cooksey BayFirst National Bank - St. Petersburg, FL 700 Central Avenue St. Petersburg, FL 33701

Re:

Appraisal of Real Property Four Building Industrial Complex 500 Innovation Drive Blairsville, Pennsylvania 15717

BBG File #0123122853 Client File #231019031

Dear Mr. Cooksey:

In accordance with your authorization (per the engagement letter found in the Addenda of this report), an Appraisal Report of the above-referenced property has been prepared. The subject consists of four industrial buildings. Building I (Administration/Street Rod) is located at 500 Innovation Drive, built in 2004, and consists of 77,007 SF of net rentable area. Building II (Diesel Technology) is located at 277 Cornell Road, built in 2006, and consists of 89,400 SF of net rentable area. Building III (Automotive) is located at 406 Cornell Road, built in 2003, and consists of 58,109 SF of net rentable area. Building IV (Collision, Trim, and Refinishing) is located at 408 Cornell Road, built in 2004, and consists of 57,609 SF of net rentable area. The improvements are constructed on a two-parcel, 26.419-acre site. The subject was previously unoccupied since January of 2019. According to information provided by current ownership, the subject has undergone an extensive renovation to the interior and exterior of the building at a reported cost of $1,600,000 with an additional $500,000 currently in process. As of the valuation date of this report, New Village Development, LLC owns the subject properties. The subject is under a lease to tenant New Village Institute Blairsville, LLC. Note that ownership is the parent company of the tenant, under the entity of New Village Development, LLC. The Fee Simple interest has been appraised, as ownership owns the fee simple rights of the subject. The subject is not currently listed for sale or under a sales contract. This Appraisal Report was prepared to conform with the requirements of the Uniform Standards of Professional Appraisal Practice (USPAP), the appraisal guidelines set forth in Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), and the December 2010 Interagency Appraisal and Evaluation Guidelines. This report has been written in accordance with the Code of Ethics and the Standards of Professional Practice of the Appraisal Institute. In addition, this report is intended to be in compliance with additional requirements of BayFirst National Bank - St. Petersburg, FL (client) and the U.S. Small Business Administration, as applicable. This report is intended to be used by the intended user(s) named herein; no other party may rely upon the opinions presented in this report. EXTRAORDINARY ASSUMPTION(S) AND HYPOTHETICAL CONDITION(S) The values presented within this appraisal report are subject to the extraordinary assumptions and hypothetical conditions listed below. Pursuant to the requirement within Uniform Standards of Professional Appraisal Practice Standards, it is stated here that the use of any extraordinary assumptions and/or hypothetical conditions might have affected the assignment results.

Extraordinary Assumption(s) Hypothetical Condition(s)

This appraisal employs no extraordinary assumptions. This appraisal employs no hypothetical conditions.

F OUR B UILDING I NDUSTRIAL C OMPLEX A PPRAISAL

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