MilleniuM Real Estate Advisors was assigned the analysis and valuation of US Government-owned property consisting of a total of ±2,196 acres of land; including 411 acres of vacant land and 1,785 acres of land underlying 5,622 improved dwelling units.

The purpose of the analysis was to respond to a Congressionally mandated requirement relating to the RCI / housing program.

The subject property is located within the geographic boundaries of Bell and Coryell, Texas. It is situated entirely within the Fort Hood Military Installation on Federally owned land. In the process of preparing this valuation:

• we inspected the property
• reviewed comparable market data and related documents
• conducted primary and secondary market research
• evaluated competing alternatives to establish a highest and best use of the property
• developed a primary value estimate by using the sales comparison approach and several other techniques related to the income approach to value, such as land residual which enables us to evaluate competing economic alternatives.