O-2007-2971 close alley Blks 349,351,352 & portions of North 1ST Street and North “G” Street R.O.Ways

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I I I I I I EDWARD MILLER Real Estate Appraisal Services 12715 Woodforest Boulevard Houston, Texas 77015 713-450-1911 Fax 713-453-2152 April 8, 2005 Frontier Logistics 101 East Barbours Cut Boulevard Morgans Point, Texas 77571 Attn.: Mr. John Vossler Reference: Real Estate Appraisal of +-11.416 acres of land located along Barbours Cut Boulevard in La Porte, Harris County Texas Dear Mr. Vossler: In accordance with your request and" authorization, we have performed a Complete Appraisal ofthe properly described as: . Approximateiy,11.416 acres ,of land being Blocks 349, 350, 351 and 352, First Street and North "G" Street, Including Alleys in Block 349,351 and 352 and the Alley in Block 350, vacated, abandoned and closed by The City of La Porte, Town of La Porte, Nebraska Syndicate Interest, Johnson Hunter Survey, Abstract 35, Harris County, La Porte, Texas After completing an analysis of the properly as reflected in the followingSlllllIDary . Complete AppraisaLReport, it is_our opinion that the ~'subject 11.416 acre whole property" has an "as is" market value of the fee simple estate {land only), subject to the attached assuInptions and limiting conditions, as of March 31, 2005, of: $820,000 It is further our OpiniOll that the -yalue ofth~ 2.323 acre or 101,200 square f()otparcel <;>f land further identified as closed and abandoned right of ways and alleys is: $120,000 I certify that, to the best of my knowledge andbelief,... (1) The statements of fact contained in this report are true and correct. (2) Th~ reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and is my personal, unbiased professional analyses, opinions, and conclusions. 2 EMAS 25-4244