NVI Technical College Information

104 West Sierra Dr. Raymore, MO 64083 Ph 816-974-2951 CertifiedAssetAppraisals.com Valuations-USA.com

January 24, 2024

BayFirst National Bank/Credit Bench 700 Central Avenue St. Petersburg, FL 33701

Dear Sir:

In accordance with your request, we have completed the Fair Market Value analysis of certain assets located at the New Village Institute, Blairsville, PA. (BVI). Our analysis involved the valuation of furniture, fixtures, and equipment (FFE) as of January 3, 2024 (Valuation Date). The purpose of this analysis is to assist BVI with balance sheet allocations and loan values pertaining to BVI ’s assets. This report and its contents, in whole or in part, are not to be distributed to any other third party not defined herein without our consent. The results of our analysis should not be construed as a fairness opinion, a solvency opinion, or an investment recommendation. We were not engaged to make specific purchase or sale recommendations.

The scope of our analysis includes the following:

1. Replacement Cost and Fair Market Valuation of a group of fixtures, furniture, and equipment (FFE) 2. Valuation analysis of the subject assets utilizing appropriate valuation methodology. 3. Preparation of this report, outlining the assumptions utilized, methodologies employed and our recommendation of fair market value.

PROJECT SCOPE

The scope of our analysis includes the following:

1. A review of asset and inventory records for BVI as of January 3, 2024. 2. Research and review of current market data. 3. Valuation analysis of the subject assets utilizing appropriate valuation methodology. 4. Preparation of this report, outlining the assumptions utilized, methodologies employed and our recommendation of fair market value.

Based upon the procedures, analysis and findings further described in this report, it is our opinion that the current fair value of the subject assets for the New Village Institute is fairly represented as follows:

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