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HOUSE_OVERSIGHT_018804

IGY AYH ST THOMAS HOLDINGS APPRAISAL NOV 25, 2015 1 of 3

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Integra Realty Resources 
Caribbean 
Appraisal of Going Concern 
IGY American Yacht Harbor Marina 
Mixed Use Property 
18A-1, 18-B1,18-B and 18-W Remainder Estate Smith Bay 
East End Quarter, St. Thomas, Virgin Islands 
Client Reference: 23559 
Prepared For: 
Banco Popular de Puerto Rico 
Effective Date of the Appraisal: 
November 25, 2015 
Report Format: 
Appraisal Report —Standard Format 
IRR - Caribbean 
File Number: 172-2015-0181 
IGY American Yacht Harbor Marina 
18A-1, 18-61,18-B and 18-W Remainder Estate Smith Bay 
East End Quarter, St. Thomas, Virgin Islands 
Integra Realty Resources 
Caribbean 
December 15, 2015 
Roberto A. Soltero 
Vice President 
Banco Popular de Puerto Rico 
PO Box 362708 
San Juan, PR 00936-2708 
6500 Red Hook Plaza Suite 201 
St. Thomas, VI 00802 
U.S. Virgin Islands 
T 340-714-7325 
T 844-952-7304 
caribbean@irr.com 
www.irr.com 
SUBJECT: Market Value Appraisal 
IGY American Yacht Harbor Marina 
18A-1, 18-61,18-B and 18-W Remainder Estate Smith Bay 
East End Quarter, St. Thomas, Virgin Islands 
Client Reference: 23559 
IRR - Caribbean File No. 172-2015-0181 
Dear Mr. Soltero: 
Integra Realty Resources — Caribbean is pleased to submit the accompanying appraisal of 
the referenced property. The purpose of the appraisal is to develop an opinion of the 
market value of the leased fee (going concern) interest in the property. The client for the 
assignment is Banco Popular de Puerto Rico, and the intended use is for Commercial credit 
administration. 
The appraisal is intended to conform with the Uniform Standards of Professional Appraisal 
Practice (USPAP), the Code of Professional Ethics and Standards of Professional Appraisal 
Practice of the Appraisal Institute, the Principles of Appraisal Practice and Code of Ethics of 
the American Society of Appraisers, the RICS Valuation Professional Standards, the 
International Valuation Standards, applicable jurisdictional appraisal regulations, and the 
appraisal guidelines of Banco Popular 

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