LETTER OF

APPRAISAL
 RECONCILIATION AND FINAL VALUE ESTIMATE

Indicated Value
Market Value Approach Php 700,000
Cost Approach Php 1,000,000
Income Approach Omitted

Final Value Estimate as of November 7, 2020 is:

One Million Seven Hundred Thousand Pesos

(Php 1,700,000)
LIMITING CONDITIONS
1. The report is based, I part, upon information assembled from a wide
range of sources

2. No opinion is intended to be expressed for matters which require

legal expertise or specialized investigation or knowledge

3. No opinion as to title is rendered.

4. The property is appraised assuming it to be in full compliance

with all applicable federal, state and local environmental
regulations and laws, unless otherwise stated.

5. The property is appraised assuming that all applicable zoning and

use regulations and restrictions have been complied with
6. The property is appraised assuming that all required licenses,
certificates of occupancy, consents, or other legislative or
administrative authority have been or can be obtained or renewed
for any use on which the value estimate contained in this report is
based, unless otherwise stated.

7. The date of value to which the conclusions and opinions

expressed in this report applies, is set forth in the letter of
transmittal.

8. The appraisers assume no responsibility for economic or physical

factors which may affect the opinions in this report occurring after
the date of the letter transmitting the report.

9. The appraisers reserve the right to make such adjustments to the

analyses, opinions and conclusions set forth in this report
10. No survey or engineering analysis of this property has been made
by the appraisers mentioned in the report.

11. Maps, plats and exhibits included in the report are for illustration
only as an aid in visualizing matters discussed within the report.

12. No detailed soil studies or information relating to geologic

conditions existing on the subject property was available to the
appraisers.

13. No opinion is expressed as to the value of subsurface oil, gas or

mineral rights or whether the property is subject to surface entry
for the exploration or removal of such materials except as is
expressly stated.
14. The liability of the appraisers responsible for this report is limited to
the client only and to the fee actually received by them.

15. If this report is placed in the hands of anyone other than the client,
the client shall make such party aware of all limiting conditions and
assumptions.

16. Acceptance of and/or use of this appraisal report by the client or

any third party constitutes acceptance of these limiting conditions.

17. The possession of this report, or a copy of it, does not carry the right
of publication.

18. Testimony or attendance in court or at any other hearing is not

required by reason of rendering this appraisal.
CERTIFICATION
1. The statements of fact contained in this report are true and correct.

2. The reported analyses, opinions, and conclusions are limited only by

the reported limiting conditions and the special conditions, and are
our personal, unbiased professional analyses, opinions, and
conclusions.

3. We have no present or prospective interest in the property that is

the subject of this report, and we have no personal interest or bias
with respect to the parties involved.

4. Our compensation is not contingent upon the reporting of a

predetermined value or direction in value that favors the cause of
 the client, the amount of the value estimate, the attainment of a
stipulated result, or the occurrence of a subsequent event.

5. The use of this report is subject to the requirements of the Appraisal

Institute relating to review by its duly authorized representatives.

6. In accordance with the Competency Provision of the Uniform

Standards of Professional Appraisal Practice.

7. The following people stated below is a licensed in the Republic of

the Philippines as a general certified appraiser.
Jan Mary Tarog
Ella Marie Lopez
Edlyn Bautista
Maricris Manlulu
Jovianne Calixtoss