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n it il lt l. 1 nI lt AND CONSUL REALESTATEVALUATION PnoNB l-847-228-3700 * FAX I-847-228-3L48 *ELK 5OO E. HIGGINS ROAD, STE. 10 1 GRO\E VILLAGE, TL 60007 -1 437 September 17.2002 File No. I250we2-0955 Ms. Dana Salvatore Assistant Vice President Bank One Corporation Real Estate Appraisal Group 1 Bank One Plaza, IL1-0635 Chicago, Illinois 60670 Re: Bank One FILe #IL2002-0678 Single-User Industrial Building 444 Mercantile Court Wheeling, Illinois 60090 (Bank Client - Avenues to Independence Foundation) Dear Ms. Salvatore: As requested, an inspection and appraisal have been made of the above referenced properf5r. Our objective was to estimate the market value, as defined by the Comptroller of the Currency under 12CFR, part 34, subpart C, of the fee simple interest of the subject, assuming no liens oi encumbrances other thannormal covenants and restrictions of record. This appraisal is supported by the contents of our workfile, which are included herein by reference. You have requested a Complete Appraisal - Summar,v Report which sets forthprimarily summalv discussions of the data, reasoning, and analyses we used to arrive at the final valire estimate. Some of the supporting data may be contained in our file. This report has been prepared in cornpliance .*'lth the reporting requirements set fortJ: in rJ:e Unifonrr StanCards of Professional Appraisal Practice (USPAP) Standards Rule 2-2(b) and is the result of a Complete Appraisal development process whereby all Approaches to Value were carefutly analyzed and their applicabilify to the subject properfy determined. No departures from Standard 1 of USPAP were invoked in the development of this appraisal. We understand that the appraisal report is intended to be used for loan underwriting purposes. We have estimated the market value of the fee simple estate of the subject property as defined above as of September 9, 2002, the date of our inspection. The appraisal is subject to the l MURIELLO oppnors* oNo "o*rutrnou Ms. Dana Salvatore Assistant Vice President Bank One Corporation Real Estate Appraisal Group September 12,2002 Page2 Definitions, Assumpiions, and Limiting Condiiions contairred in the foiiowing report, whieh is dated September 12, 2002. The subject propeffy consists of a slightly irregular shaped, but essentially rectangular site on the west side of Mercantile Court, west of Wheeling Road, in the northern sector oi the Village of Wheeiing, Illinois, a northern suburb of the City of Chicago. The subjeet is in a basic industrial district first platted in the 19601s and is among other industrial sites. Residential properties are to the west. The site has 100 feet of frontage on Mercantile Court and contains a gross area of approximately 106,039 square feet. It is levei at the grade of adjacent propertie; and has all municipal and private utilities connected to it. The site is L00Vo located inaZone AO flood huardarea accord,ing to Flood Insurance Rate Map #17031'C 0068 F, with an effective date of November 6, 2000. The flood depth in this area has been measured at two feet. Please. see the enclosed Flood Lrsurance Rate Map. However, our opinion is the flood hazard has no effect on marketability, as many properties iocated within the flood plain in Wheeling industrial districts sell with suificient frequency to suggest no market resistence. The site is improved with an FDA-registered one-story industrial manufacturing-warehouse building containing a total of 48,425 square feet. The original 21,274 square foot manufacturing section with 13 foot clear height was built circa 1964. In approximately the late 1960's , a 6,97O square foot metal panel addition was made to the rear which was originally designed for extrusions. In approximately the mid-1970's a masonry constructed wareh6use uOAiriori*ith 17 foot clear height was made, containing 20,1.81. square feet. In total, the weighted average age of the property is 31 years, and there are four exterior d.epressed docks and one drive-in door. Clear height in the warehouse , again, ranges from 13 to 17 feet, with a weighted average of 15 feet. The current owner purchased the property in 1996 and did extensive renovation to include a new Dryvit facade on the front elevations, glass block plant windows, a complete office gut and remodel with good quality materials and workmanship (oak woodwork and trim, Pella windows, upgradeceilingtilesandparaboliclightlenses, etc.), along withl00Zo airconditioningthroughout the properly. Roll-up vinyl /rubber doors were installed between the various sections of the plant/ warehouse for more efficient HVAC and isoiating the packaging section of the properfy (the owner packages candy) from the elements and dust. The renovation project also inctuded decent quality plant washrooms and locker roomg, and-fulI metal halide or sodium vapor lighting Ms. Dana Salvatore Assistant Vice President Bank One Corporation Real Estate Appraisal Group September 12,2A02 Paee 3 throughout. We found the property to be in good condition, with the only suggested deferred maintenance being replacement of the parking lot, which is in strictly average condition and need.s attention. The condition of the parking lot was taken into consideration in the value estimate. We are of the opinion that the highest and best use of the land as though vaeant is industrial, and the highest and best use as improved is the current use, a single-user industrial manufacturing- warehouse propefty. The scope of our appraisal included an inspection of the subject propeffy and neighborhood, research of the market for land saies, improved sales and leases of comparable properties, inspection of the data and analysis and comparison of same to the subject property. The th'ree classic Approaches to Value as they pertain to the subject are developed herein, and a discernible market behavioral pattern is evident. After careful consideration of all factors pertaining to value and subject to the Definitions, Assumptions, and Limiting Conditions contained in the report, we are of the opinion that as of September 9, 2002, the subject properry had a market value of: $1,865,000 (Owr Mn r,roxETcHT,IfUNDRED Sxry-X'rw Tuouslwo DoLLARS) Disclosure of the contents of the appraisal is governed by the Bylaws and Regulations of the Appqaisal Institute. In furtherance of the aims of the Institute to develop higher standards of professional performance by its members, the appraisers may be required to submit to authorized committees of said Institute copies of the report and any subsequent changes or mod.ifications thereof. Our appraisal is prepared in conformance with the Code of Professional Ethics and the Uniform Standards of Professional Appraisal Practice and Supplemental Standards of the Appraisal Institute, and aiso is consisteniwith appraisal requiremenii and guidelines mandated by FIRREA. MURIELLO appnrser aNo "oNswrnvc Ms. Dana Salvatore Assistant Vice president Real Estate Appraisal Group September 12, Z0Az Page 4 ; This letter of transmitial sets , forth the value conclusions resuiting from our inspection, research, and analyses. Some of the data and analyses to support these cJnclusions follow in the f"r- a Complete Appraisal - Summary Report. "i Respectfu lly subr.nitted, ,.r , Senior Appraiser ii Illinois State Certified General Real Estate i Appraiser License No. 153-000426 x il \--/' i lr c f/hw, t',t iir--l<J - / l/t 4r./Z*' THOMAS,G. MURIELLO, SRA FRANT J. MURIELLO, MAI, SRA it Illinois State Certifi ed Illinois State Certified General ReaI Estate Appraiser General Real Estate Appraiser License No. 153-000500 License No. 153-000722 1\ ll PJMIbdh File No. I250we2-0955 n n llI lllr rl fltI TABLE OF CONTENTS INTR.ODUCTION INTRoDUCTIoN 1 Crmwr I4 SrrerBcr PRopsnly 1 PunposB oF THB Appnersar L Drscrosuns or CovpBrENCy 2 INrnxnen UsB or rnr Rsponr 2 Pnopsrry fucHrs AppRerspn 2 Darp op INsppcrioN 2 Erpscrrye Ders or Varus 3 DerB op Rnponr 3 LscAr DescRrprroN 3 SrerBlmNr op OwNBRssrp 3 THnne Yeen SarBs HlsroRy oF rue SLrBrBcr 3 Fsrnlars op Exposrrnp*Nn MenrBrING TIME PREMISES OF TI{E APPRAISAL pRocess i Appnarsar DrveropwNT AND RspoRrnqc DESCRIPTIVE DATA Vrcngny Mep l 6 AREA AND NucrmonHooo Dera Suvnmny 7 Eppecrs op 9lI1 awo lNsunexcs PREN.4rur4s lrqcpsasB 8 ZoNnTc Mep 9 Froon INsunawcB RerB Mep 10 Prar or SunvBv I2 SrrE PreN 13 S rrerncr Plroro cnepns T4 PRopeRry DBscnpuoN L4 ZoNrt.Ic 28 Rear Esrlrs Texps 28 l ANALYSIS AND CONCLUSIONS HrcnBsr aNo Bnsr Uss 29 I Salss CorwenrsoN Appnoacn To Verus 31 Covpanasrs Sarns Mep 38 INcow CaprrerzeTroN APPRoACH To VaTUB 41 RBcoNcu-uuoN 44 CsRrmrcArroN 45 File No. I25Awe2-0955 MURIELLo APPRAISAL AND CONST]LTING t-l ADDENDA l1I : ASSUMPTIONS t-r- - - I ' I I Copyu\Jr r or\Jx ENc*cBtvreNrrll\\jr/r{"tr Lprrpn QuermrcertoNs or AppReispRs n fial iln l IIn tl n ftll r.lll ll,l l't ttt1 Ft'lt fi n lilt FTtt tlll n Ii n l1fi Iif"l n f1tl n ttfl r-r l:l, j r File No. 1250we2:0955 MLTRTELLo AppRArsAr AND CoNstrLTINc - COMPLETE APPRAISAL - STMMARY REPORT In accordance with our prior agreement with the client, this is a Complete Appraisal - Summary Report which is intended to comply with the reporting requirements set forthunaer StanOards Rule 2-2(b) of the Uniform Standards of Professional Appraisal Pracrice for a Summary Appraisal Report, As such, it may present only summary disclssions of the data,reasoning, and analyses that were used in the appraisal process to develop the appraisers' opinion of value. Supporting documentation concerning the d.ata, reasoning, and analyses may be retained in the appraisers, file. The depth of discussion contained in this report is specific to the needs of rhe client, for the intended use stated below, and the appraisers are not responsible for unau thorized,use of this repofi.

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