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CN Luxury Resorts, Inc. 3033 West Alabama Houston, TX 77098

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CN Luxury Resorts, Inc. 3033 West Alabama Houston, TX 77098 CRAB CAY MASTER PLANNED COMMUNITY Located At CRAB CAY, QUEEN ELIZABETH HARBOR, GREAT EXUMA, THE BAHAMAS FOR: Mr. Leon Andrew Wells CN Luxury Resorts, Inc. 3033 West Alabama Houston, TX 77098 BY: 2200 North Loop West, Suite 230 Houston, Texas 77018 Effective Date of Appraisal August 3, 2020 Crab Cay Master Planned CN Luxury Resorts, Inc. August 18, 2020 Mr. Leon Andrew Wells CN Luxury Resorts, Inc. 3033 West Alabama Houston, TX 77098 Re: Master Planned Resort and Residential Development Crab Cay Master Planned Community Crab Cay, Queen Elizabeth Harbor, Great Exuma, The Bahamas Dear Mr. Leon Andrew Wells: In fulfillment of our agreement as outlined in the Letter of Engagement, we are pleased to transmit our appraisal report on the property referenced above. The value opinion reported below is qualified by certain assumptions, limiting conditions, certifications, and definitions, which are set forth in the report. We particularly call your attention to the extraordinary assumptions and hypothetical conditions in this report. Throughout the Caribbean and Bahamas in 2020, travel bans were initiated as a result of COVID-19. Although tourism numbers fell to all-time lows, residential demand has remained robust, as wealthy investors in the U.S., Canada and throughout Europe sought out stable investments. One of these is Bahama’s real estate and with the popularity of house rental applications like AirBnB and VRBO, have turned every house and condominium into a potential investment rental acquisition. When the market normalizes, the number of homes available for rent in the Bahamas and the Exuma Cays will have increased, supplementing hotel rental supply. The combination will provide multiple types of rental opportunities that include everything from 400 square foot hotel rooms, to penthouse condos to 5,000+ square foot custom houses. Projects in the Bahamas have tended to fair better during the recovery than those resorts in other areas of the Caribbean. This is due to the perceived security of investing in real estate, beauty of the landscape, superior airport access and close proximity to the United States As such, lot and home prices in the Bahamas remain at some of the highest levels of any resort country in the world. Surveys of brokers, title companies, hotel management companies, construction companies and prior investors who had invested in excess of $8,000,000,000 in the Caribbean have unilaterally indicated the market in the Bahamas will quickly recover to economic levels starting when travel is not restricted. Previous to this pandemic, pricing was as high as seen in the sales of two condominiums at $1,647 per square foot in the newly constructed condominium building at February Point, Great Exuma, which is adjacent to Crab Cay. Decreased unemployment, favorable taxes, perceived security from high wealth individuals relative to safety and financial aspects, as well as high consumer sentiment on government performance has perpetuated real estate market conditions in the Bahamas to expect rebounding to above normalized conditions. Crab Cay Master Planned Community will cater to an upscale market, similar to other resort and residential projects on Exuma, New Providence, Abaco and other islands in the Bahamas. This marina and resort Crab Cay Master Planned CN Luxury Resorts, Inc. community is unique to the market due to: 1. Its island configuration; 2. Protected “Hurricane Hole” in Queen Elizabeth Harbor; 3. Location proximate to Sandals Resort; and 4. Location proximate to Exuma International Airport. The spectacular views are expected to command upper pricing. Further, the hotel, marina and club development will allow the community to compete with the highest priced resort and residential developments in the region. The following is a summary of the land use: Note: 64,500 SF adjusted to 2/3 size The property was inspected by and the report was prepared by Ryan P. Lin, MAI. Ryan P. Lin, MAI gathered and analyzed considerable data and information having a bearing on its values. Our experience with numerous land buyers, sellers and developers’ of resort-oriented residential projects in the Exumas, Crab Cay Master Planned CN Luxury Resorts, Inc. the Bahamas and other Caribbean countries (Dominican Republic, Barbuda, USVI, BVI, Anguilla, etc.), in addition to 32 cities in Mexico and Central America, provides the appraiser with unique market knowledge and information that few real estate professionals possess. Most of the sale comparables have been analyzed/appraised by the appraiser in previous assignments and associations with local and national politicians, attorneys and title companies provided input that has led to a reasonable opinion of market value. The appraiser owns not only the largest enriched database in the United States with 151,000,000 properties, but also tracks hundreds of Caribbean projects for over 20 years. Over 150 data specialists costing millions annually, process the data and upgrades, are part of his team. High-value real estate and resort properties located outside of the United States are generally marketed, priced, and transacted in United States Dollars (USD). Therefore, the data presented, analysis, and conclusions are reported in United States Dollars. There is also the assumption that the developer has the financial capabilities to fund the infrastructure through debt and/or equity. The following is a summary of the proposed land uses and build-out: Crab Cay Master Planned CN Luxury Resorts, Inc. The scope of this assignment included providing a market value “as-is”, “upon completion of construction (roadways, infrastructure, landscaping)” estimate provides for the sale of finished lots, resort parcel superpads, etc. Note: The hotel and marina revenue, and stabilized sales are not included in this schedule. The resulting cash flows will be discounted into a prospective market value upon completion of construction. The restaurants and destination spa were not appraised as a stand-alone asset, but the costs associated with construction was included with the resulting resale value being the same as cost. It is assumed the cost-value relationship would be a ‘break-even’ for these going concern operations, as they benefit all guests and owners within the Crab Cay Master Planned Community. Because no master planned community project ever completes 100 percent infrastructure prior to initiating sales, the prospective date reflects the data where infrastructure is in sufficient capacity to start sales. Based on the Scope of Work, and as outlined in the report, we have developed an opinion that the Market Value of the Fee Simple estate of the above property, subject to the assumptions and limiting conditions, certifications, extraordinary and hypothetical conditions, if any, and definitions, is: Crab Cay Master Planned CN Luxury Resorts, Inc. This letter is invalid as an opinion of value if detached from the report, which contains the text, exhibits, and Addenda. Respectfully submitted, ENRICHED DATA Ryan P. Lin, MAI Managing Director Certified General Real Estate Appraiser [email protected] 346-571-7074 Office Direct Crab Cay Master Planned CN Luxury Resorts, Inc. TABLE OF CONTENTS TABLE OF CONTENTS ------------------------------------------------------------------------------------------------------------------------------- 1 EXECUTIVE SUMMARY ------------------------------------------------------------------------------------------------------------------------------- 2 P R O J E C T S U M M A R Y ------------------------------------------------------------------------------------------------------------------------- 3 I NT RO DUCT I O N ---------------------------------------------------------------------------------------------------------------------------------- 13 THE BAHAMAS OVERVI EW ------------------------------------------------------------------------------------------------------------------ 18 LODGING MARKET SUPPL Y AND DEMAND ANALYSIS -------------------------------------------------------------------------------- 27 COM PE T I TI V E MARKET OVERVIEW -------------------------------------------------------------------------------------------------- 33 COMPETITIVE MASTER PLANNED COMMUNITY DEVELOPMENTS ---------------------------------------- 41 LAND S ALE S AND HOME PRICES --------------------------------------------------------------------------------------------------------- 55 FUNDAMENTAL MARKET ANALYSIS ---------------------------------------------------------------------------------------------------------- 58 SITE CHARACTERISTICS --------------------------------------------------------------------------------------------------------------------------- 64 PROPOSED HOTEL - G ENERAL D ESCRIPTION ----------------------------------------------------------------------------- 67 HIGHEST AND BEST USE ------------------------------------------------------------------------------------------------------------------------- 68 VALUATION PROCESS ------------------------------------------------------------------------------------------------------------------------------ 71 LAND VALUATION ------------------------------------------------------------------------------------------------------------------------------------- 80 ESTATE LOT ANA LY S I S ------------------------------------------------------------------------------------------------------------------------- 88 FINISHED HOME INVENTORY ---------------------------------------------------------------------------------------------------------------------
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