Valuation 2017 - Cushman & Wakefield

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APPRAISAL OF REAL PROPERTY

Masjid Noor-UL-Haram
2478 Ninth Line
Oakville, ON

Effective Date: March 24th, 2017

Prepared For:

World Islamic Mission Canada
2478 Ninth Line
Oakville, ON
L6H 7G9

Prepared By:
Cushman & Wakefield Ltd.
Valuation & Advisory
161 Bay Street, Suite 1500
P.O. Box 602
Toronto, ON M5J 2S1
C&W File ID: 17-445-900288

CONFIDENTIAL

CUSHMAN & WAKEFIELD LTD.
VALUATION & ADVISORY
161 BAY STREET, SUITE 1500
P.O. BOX 602
TORONTO, ON M5J 2S1

Masjid Noor-UL-Haram
2478 Ninth Line
Oakville, ON

Cushman & Wakefield Ltd.

161 Bay Street, Suite 1500
P.O. Box 602
Toronto, ON M5J 2S1
(416) 862 0611 Tel
(416) 359 2613 Fax
www.cushmanwakefield.com

April 20, 2017

Noorhassen Kausim
President
World Islamic Mission Canada
2478 Ninth Line
Oakville, ON
L6H 7G9

C&W File #: 17-445-900288

Dear Mr. Kausim,

RE: NARRATIVE APPRAISAL REPORT OF 2478 NINTH LINE, OAKVILLE, ONTARIO

In accordance with your request, we have completed our investigation and analysis of the above noted property
and are pleased to submit this report of our findings and conclusions.

The purpose of this narrative appraisal is to estimate the market value “As-Is” and “As-If Complete” of 2478 Ninth
Line, Oakville (Phase 1 only) of the fee simple interest at the effective date of March 24th, 2017, subject to the
Assumptions and Limiting Conditions which form Addendum “A” to this report. The subject property will be
redeveloped into a mosque known as Masjid Noor-UL-Haram.

It is our understanding that the intended use of the appraisal report is to assist with obtaining financing. This
appraisal was prepared for World Islamic Mission Canada, its lender(s), and is intended only for its specified use.

This Narrative Appraisal Report was prepared in accordance with the Canadian Uniform Standards of
Professional Appraisal Practice (CUSPAP). It contains an analysis of general and specific data deemed essential
to support the estimate of value reported herein.

It may not be distributed to or relied upon by other persons or entities without written permission of the Appraiser.
It is not to be referred to or quoted in any prospectus for the sale or exchange of securities, and may not be
reproduced, in whole or in part, without our prior written agreement. It is subject to the Assumptions and Limiting
Conditions contained in Addendum A, in addition to any in the report.

WORLD ISLAMIC MISSION CANADA
APRIL 20, 2017
PAGE 2

CURRENT MARKET VALUE “AS-IS”

It is our opinion that the current market value “As-Is” of 2478 Ninth Line, Oakville, at the effective date of March
24th, 2017 was:

ELEVEN MILLION FOUR HUNDRED FIFTY THOUSAND DOLLARS

$11,450,000

The above market value “As-Is” is based on an exposure time of six to twelve months. In addition, the market
value “As-Is” is based on the Extraordinary Assumption that the current construction costs incurred are accurate
as provided by the owner. Should the completed cost incurred as of March 24th, 2017 be different, Cushman &
Wakefield reserves the right to amend the value conclusion(s) accordingly.

CURRENT MARKET VALUE “AS-IF COMPLETE”

Based on the details of the anticipated development of Phase 1 within this report, it is our opinion that the current
market value “As-If Complete” of Phase 1 located at 2478 Ninth Line, Oakville, at the effective date of March 24th,

2017 was:

TWENTY-THREE MILLION FIVE HUNDRED THOUSAND DOLLARS

$23,500,000

The above market value “As-If Complete” is based on an exposure time of six to twelve months.

The current market value “As-If Complete” is premised on the Extraordinary Assumption and Hypothetical
Condition that all construction pertaining to Phase 1 is complete and in accordance to the details within this
appraisal report as provided by the owner(s). Should the construction details differ upon completion, Cushman &
Wakefield Ltd. reserves the right to amend the value conclusion(s) accordingly.

The attached report includes all relevant data and our analysis supporting the conclusion. If you have any
questions, please contact us.

Yours very truly,

CUSHMAN & WAKEFIELD LTD. Digitally signed
by Jonathan
Digitally Dunlap
signed by
Peter Chan Jonathan Dunlap, MBA
Senior Consultant
Peter Chan, AACI, P. App. Valuation & Advisory
Senior Vice President [email protected]
Valuation & Advisory Phone Office Direct 416.359.2413
[email protected] Fax 416.359.2613
Phone Office Direct 416.359.2432
Fax 416.369.2613

2478 NINTH LINE, OAKVILLE EXECUTIVE SUMMARY I

EXECUTIVE SUMMARY

BASIC INFORMATION Masjid Noor-UL-Haram Effective Date: March 24th, 2017
Property Name: 2478 Ninth Line, Oakville Date of Inspection: March 24th, 2017
Address: Place of Worship / Mosque Date of Transmittal Letter: April 20th, 2017
Property Type: World Islamic Mission Canada Inc. Appraisal Type: Narrative
Current Property Owner: 17-445-900288 Value Interest Appraised: Fee Simple Interest
CW File Reference:

SITE INFORMATION 451,385 (as per GeoWarehouse) Site Topography: Level at street frontage, sloping
Land Area (Square Feet): Site Shape: downward towards rear of site.
Land Area (Acres): 10.36 (as per GeoWarehouse) Natural Area (Acres): Rectangular
Net Developable Area: 6.36 acres or 277,042 square feet Access:
Frontage (Feet): approximately Parking: 4.0 Approximately at rear of site.
Depth (Feet): 550.0 approximately
Good
825.0 approximately 358 spaces total.
Paved surface & covered parking.

PROPOSED BUILDING INFORMATION

Basement Floor: 36,794 square feet Upper Parking Level: 23,785 square feet

Ground Floor: 35,401 square feet Second Floor: 13,473 square feet

Total Building Area (Phase 1 & 2): 109,453 square feet Phase 2 Building Area 54,589 square feet

Phase 1 Building Area: 54,864 square feet

Installation of silt fence & trees protection / Tree Removal

Removal of top soil to prepare the foundation / Excavation & materials removal.

Current Completed Construction: Retaining walls excavation & backfill / Backfilling and compaction.

Fire fighting pond / Water storm drainage.

100% of walls foaming / 100% of the perimeter of the concrete walls for first level / Elevator pit.

MUNICIPAL INFORMATION

Municipality Governing Zoning: Town of Oakville Current Zoning: E2 sp:331 – Business Employment,
Current Use Conformance: including place of worship
Official Plan: Business Employment N – Natural Area
Legal Conforming Use

HIGHEST & BEST USE

As if Vacant: Employment / Place of Worship

As Improved: Employment / Place of Worship

2478 NINTH LINE, OAKVILLE EXECUTIVE SUMMARY II

VALUATION SUMMARY

Current Market Value "As-Is" Summary

Direct Comparison (Land Only) $6,272,800
Developable Site Size (ac): 6.36
Unit Rate:
Non-Developable Site Size (ac): $980,000
Unit Rate: 4.00
Completed Contruction Cost:
$10,000
$5,183,251

Final Market Value "As-Is": $11,450,000

The above market value “As-Is” is based on an exposure time of six to twelve months. In addition, the market
value “As-Is” is based on the Extraordinary Assumption that the current construction costs incurred are accurate
as provided by the owner. Should the completed cost incurred as of March 24th, 2017 be different, Cushman &
Wakefield reserves the right to amend the value conclusion(s) accordingly.

Current Market Value "As-If Complete" Summary

Direct Comparison $21,950,000 $400 PSF
Building Area Phase 1 54,864 -
Unit Rate: $400 -

Cost Approach $23,500,000 $428 PSF
Land Value: $6,280,000 -
Depreciated Value Improvements: $17,255,867
$315
Final Market Value "As-If Complete": $23,500,000
$428 PSF

The above market value “As-If Complete” is based on an exposure time of six to twelve months.

The current market value “As-If Complete” is premised on the Extraordinary Assumption and Hypothetical
Condition that all construction pertaining to Phase 1 is complete and in accordance to the details within this
appraisal report as provided by the owner(s). Should the construction details differ upon completion, Cushman &
Wakefield Ltd. reserves the right to amend the value conclusion(s) accordingly.

2478 NINTH LINE, OAKVILLE EXECUTIVE SUMMARY III

REGIONAL MAP

2478 NINTH LINE, OAKVILLE EXECUTIVE SUMMARY IV

LOCATION MAP

2478 NINTH LINE, OAKVILLE EXECUTIVE SUMMARY V

PHOTOGRAPHS OF SUBJECT PROPERTY

Proposed Development of Subject Property Proposed Site Plan of Subject Property

Subject Property in Construction Subject Property in Construction

Subject Property in Construction Subject Property in Construction

2478 NINTH LINE, OAKVILLE EXECUTIVE SUMMARY VI

Subject Property in Construction Subject Property in Construction

Subject Property in Construction Subject Property in Construction

Ninth Line looking South Ninth Line looking North

2478 NINTH LINE, OAKVILLE TABLE OF CONTENTS

TABLE OF CONTENTS

EXECUTIVE SUMMARY--------------------------------------------------------------------------------------------------------------------------------------------- I
TERMS OF REFERENCE ------------------------------------------------------------------------------------------------------------------------------------------1
MARKET AND LOCATION ANALYSIS---------------------------------------------------------------------------------------------------------------------4
PROPERTY DATA-------------------------------------------------------------------------------------------------------------------------------------------------- 18
VALUATION------------------------------------------------------------------------------------------------------------------------------------------------------------ 27
DIRECT COMPARISON APPROACH – “AS-IS” -------------------------------------------------------------------------------------------------- 30
DIRECT COMPARISON APPROACH – “AS-IF COMPLETE” ------------------------------------------------------------------------------ 47
COST APPROACH – “AS-IF COMPLETE”------------------------------------------------------------------------------------------------------------ 59
RECONCILIATION-------------------------------------------------------------------------------------------------------------------------------------------------- 64
CERTIFICATION OF APPRAISAL ------------------------------------------------------------------------------------------------------------------------- 66
ADDENDA CONTENTS------------------------------------------------------------------------------------------------------------------------------------------ 68
ASSUMPTIONS AND LIMITING CONDITIONS---------------------------------------------------------------------------------------------------- 69
APPRAISAL TERMS AND DEFINITIONS------------------------------------------------------------------------------------------------------------- 72

2478 NINTH LINE, OAKVILLE TERMS OF REFERENCE 1

TERMS OF REFERENCE

PURPOSE AND INTENDED USE OF REPORT

The purpose of this valuation is to estimate the current “As-Is” and the “As-If Complete” market value of Phase 1
of the Fee Simple Interest of the property at 2478 Ninth Line, Oakville, Ontario, for assisting in financing purposes.

Mr. Noorhassen Kausim of World Islamic Mission Canada has requested this report.

This report has been prepared only for the party named above and only the specific use stated. Use of this report
by any other party or for any other purpose than that stated herein is completely unauthorized.

DEFINITION OF MARKET VALUE

For the purposes of this valuation, market value is defined as:

The most probable price which a property should bring in a competitive and open market under all conditions
requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is
not affected by undue stimulus. Implicit in this definition are the consummation of a sale as of the specific date
and the passing of title from seller to buyer under conditions whereby:

1. Buyer and seller are typically motivated;

2. Both parties are well informed or well advised, and acting in what they consider to be in their best
interests;

3. A reasonable time is allowed for exposure in the open market;

4. Payment is made in terms of cash in Canadian Dollars or in financial arrangements comparable thereto;
and

5. The price represents the normal consideration for the property sold unaffected by special or creative
financing or sales concessions granted by anyone associated with the sale.

REASONABLE EXPOSURE TIME

Exposure time is always presumed to precede the effective date of the appraisal. It may be defined as:

"The estimated length of time the property interest being appraised would have been
offered on the market prior to the hypothetical consummation of a sale at market value on
the effective date of the appraisal. It is a retrospective estimate based upon an analysis of
past events assuming a competitive and open market."

Ongoing discussions with agents active within the investment real estate market have indicated that properties
such as the subject typically require a marketing period of six to nine months, depending on a number of factors
including, location, condition of the improvements, and motivation of the purchaser/vendor. Therefore, it is
concluded that for the subject property to sell at the market value estimated herein as of the effective date of this
report, an exposure period of approximately six to nine months would be required.

2478 NINTH LINE, OAKVILLE TERMS OF REFERENCE 2

SCOPE OF VALUATION AND REPORTING PROCESS

During the course of preparing this valuation, the appraiser:

 Inspected the subject property;
 Verified current land use and zoning regulations;
 Reviewed sales and listing data on comparable properties;
 Interviewed market participants;
 Confirmed data relied upon in the valuation process, where possible; and
 Prepared a Narrative valuation report in accordance with the standards.
Additional supporting documentation concerning the data, reasoning, and analyses is retained in the appraiser’s
file. The depth of discussion contained in this report is specific to the needs of the client and for the intended use
stated. The appraiser is not responsible for unauthorized use of this report.

EXTRAORDINARY LIMITING CONDITIONS

An Extraordinary Limiting Condition refers to a necessary modification or exclusion of an Appraisal Institute
Standard Rule. Such special circumstances include the inability to complete a property inspection, the purposeful
exclusion of a relevant valuation technique, etc.

No Extraordinary Limiting Conditions were invoked within this report.

EXTRAORDINARY ASSUMPTIONS / HYPOTHETICAL CONDITIONS

An Extraordinary Assumption is an assumption, which if not true, could alter the appraiser’s opinions and
conclusions. They are required when a Hypothetical Condition is necessary due to circumstances that are not
self-evident regarding the appraised property. Hypothetical Conditions include retrospective appraisals, significant
renovations to the improvements, completion of proposed improvements, etc.

The market value “As-Is” is based on the Extraordinary Assumption that the current construction costs incurred
are accurate as provided by the owner. Should the completed cost incurred as of March 24th, 2017 be different,
Cushman & Wakefield reserves the right to amend the value conclusion(s) accordingly.

The current market value “As-If Complete” is premised on the Extraordinary Assumption and Hypothetical
Condition that all construction pertaining to Phase 1 is complete and in accordance to the details within this
appraisal report as provided by the owner(s). Should the construction details differ upon completion, Cushman &
Wakefield Ltd. reserves the right to amend the value conclusion(s) accordingly.

LIMITING CONDITIONS

This report is subject to the Contingent and Limiting Conditions set forth within the Addenda to this appraisal in
addition to any specific assumptions that may be stated in the body of the report. These conditions are critical to
the value stated herein and should be thoroughly read and understood before any reliance on this report is
considered.

2478 NINTH LINE, OAKVILLE TERMS OF REFERENCE 3

No Limiting Conditions were invoked within this report.

PROPERTY RIGHTS APPRAISED

The property rights appraised within this report are those of the Fee Simple Interest in the property described
herein.

DATE OF INSPECTION

The property was inspected by Peter Chan and Jonathan Dunlap on January 22nd, 2016. Jonathan Dunlap
completed a secondary inspection on March 24th, 2017

EFFECTIVE DATE

The effective date of this valuation is March 24th, 2017.

2478 NINTH LINE, OAKVILLE MARKET AND LOCATION ANALYSIS 4

MARKET AND LOCATION ANALYSIS

CANADIAN ECONOMIC OVERVIEW

KEY INDICATORS

 Real GDP grew 0.4% in November, more than offsetting the 0.2% contraction in October. Growth was
fairly broad-based. We estimate that GDP grew by around 2.0% annualized in Q4 as a whole. Looking
ahead, we expect that strengthening non-energy activity, gradually rebounding energy sector output, and
an expansionary fiscal policy, will underpin a modest acceleration in real GDP growth to 1.8% in 2017.
That being said, there is considerable uncertainty, largely related to US policy, that is threatening to derail
the growth outlook.

 The Bank of Canada left the overnight rate unchanged at 0.5% in January, as expected, and now
forecasts real GDP growth of 2.0% in 2017. However, policy makers cautioned that there is an especially
high degree of global policy uncertainty, particularly in the US, which could exert a significant drag on the
Canadian economy. In light of the persistent downside risks to the outlook and the still fairly sluggish
performance of the economy, we expect the Bank of Canada to remain on the sidelines through 2017.

 About 20% of Canadian GDP is exported to the US, meaning Canada is highly exposed to a trade-
induced slump if US President Trump implements major protectionist measures. Eastern Canada is most
exposed, with nearly 65% of total Canadian exports to the US originating in either Ontario or Quebec.
Prime Minister Trudeau has dispatched several of his top ministers, including Finance Minister Morneau
and Foreign Minister Freeland, to seek clarification of the Trump Administration’s view on trade with
Canada, and emphasize its critical importance to Canada’s economic outlook.

2478 NINTH LINE, OAKVILLE MARKET AND LOCATION ANALYSIS 5

FORECAST OVERVIEW

FAIRLY SLUGGISH EXPORT PERFORMANCE

Export performance was volatile in 2016, with volumes rising
by 9% annualized in Q1. But the Alberta wildfires then led
them to fall 18% in Q2, before rebounding by 10% in Q3.
Export growth momentum then subsided somewhat to 3% in
Q4. But, overall, the performance of non-energy exports was
disappointing in 2016, given a fairly competitive Canadian
dollar, and it showed the impact of weak external demand,
particularly from the US. We estimate that total export
volumes grew a lackluster 0.9% in 2016, and expect a modest
acceleration to 1.8% growth in 2017. This, though, will still be
a stronger performance than imports – which are projected to
grow by 1.6% in 2017 as a whole, reflecting the impact of the
weak Canadian dollar and subdued investment spending
(Canada imports a lot of its industrial machinery).

SUBDUED GROWTH OUTLOOK

Business investment grew 3.5% on an annualized basis in Q3 2016 – the first increase in two years. Much of the
boost was related to an oil project off the coast of Newfoundland & Labrador. More generally, business
investment declined in 2015 and 2016, in response to low global oil prices undermining the profitability of capital
spending in the oil and gas sector. However, this drag should fade in 2017, as oil prices have picked up. In
addition, a more competitive currency and slowly rising external demand, mainly in the US, will provide a mild
boost in the coming quarters. We forecast total investment will grow by 0.8% this year after falling 4.6% in 2015,
and a further 2.6% in 2016. Overall, we expect that GDP growth will accelerate from an average 1.3% last year to
1.8% in 2017.

RISKS TO CONSUMER SPENDING AHEAD

While the drag of falling investment should fade in 2017, the
consumer spending outlook is becoming more uncertain. Key
factors affecting the forecast include:

 Slow employment growth: the economy is still
adding jobs, with the 12-month moving average for
payroll growth at about +19,000 in December, but the
gains in 2016 were concentrated in part-time workers.

 Stagnating real earnings: annual CPI inflation was

1.5% in December and we forecast it will gradually
accelerate through 2017 and average 2.1%. Given
modest nominal earnings growth, real wages will
struggle.

2478 NINTH LINE, OAKVILLE MARKET AND LOCATION ANALYSIS 6

 Interest rate risk: short-term interest rates remain
pinned down by accommodative Bank of Canada
monetary policy, which is unlikely to shift in 2017.
However, rising long-term interest rates in the US have
also pushed up Canadian interest rates, posing risks
to the outlook; most notably, rising mortgage rates
could derail housing activity.

Over the medium term, growth will be influenced by:

 Persistent drag from high household debt: over-
indebtedness will remain a concern. We expect
household debt to start falling only in the medium term.
Even then, it will stay well above the level of many other developed economies – the eventual
deleveraging process will be protracted, and serve as
a drag on consumer spending.

 Housing sector checked, but not crushed: although
housing starts were relatively strong during in 2016,
supported in part by Bank of Canada policy easing, we
expect them to lose momentum in 2017 as policies
aimed at reducing housing sector risks restrain activity.

 Improving external backdrop: while uncertainty
surrounding the policies of the Trump administration
will weigh on the outlook, US domestic demand should
slowly strengthen in 2017. As such, world trade
weighted by Canadian export shares is expected to
grow by 3.3% in 2017, up from 0.6% in 2016.

KEY-LONG TERM ADVANTAGES

 Energy sector opportunities: Canada will benefit
from rising shale gas and oil output in the longer term.
However, a vast outstripping of global supply trends
relative to demand will lead to less vigorous activity in
Canada’s energy sector in the short term.

 Healthy government finances: the budget deficit is
small relative to most developed countries, at around
1% of GDP. The Trudeau government will ramp up spending to stimulate the economy but government
debt as a percentage of GDP should fall over time.

 Growing labour supply: although slowing, the working age population is expected to grow at a faster
rate than in most other advanced economies, supporting long-term potential growth.

2478 NINTH LINE, OAKVILLE MARKET AND LOCATION ANALYSIS 7

WHAT TO WATCH OUT FOR

New US administration: Donald Trump’s victory means that there is a high degree of uncertainty surrounding the
US economic outlook. In certain scenarios, Trump’s policies could lead to weaker Canadian export growth – even
if NAFTA remained intact.

High household indebtedness: multiple household debt metrics, including debt-to-disposable income, are at
historic highs.

Excessively high house prices: a house price correction is
underway in the Vancouver area. Meanwhile, valuations in the
Greater Toronto area continue to rise, underpinned by very
strong demand and limited supply.

Higher interest rates: sharply higher US interest rates could
transmit north into Canada’s financial markets, and threaten to
choke off Canada’s slow-building economic recovery.

Oil prices: a renewed decline in oil prices could further slow
activity in the resources sector, and hurt the growth outlook for
the energy-intensive provinces.

Financial sector stability: Canada’s banking system remains
largely stable and well-fortified, although the real estate sector and high household debt are still risks.

Regional growth imbalances: growth in Quebec, British Colombia, and Ontario, is forecast to strengthen in
2017. The pace of activity in Alberta and Newfoundland will be sluggish.

EXPOSURE TO KEY GLOBAL RISKS

Trump (downside): in this scenario, we assume Trump
adopts a highly protectionist stance, imposing high import
tariffs on several key trading partners, which in turn lead to
retaliatory measures. Given the strong financial and trade links
with the US, this scenario would dampen Canadian GDP
growth noticeably in both 2017 and 2018.

China managed slowdown: if China’s policymakers
recognize the unsustainability of the current debt trajectory and
decide to lower their ambitious growth targets and rein in the
expansion of credit, supported by structural reforms to support
activity over the longer term, then global growth and trade
would be dampened.

2478 NINTH LINE, OAKVILLE MARKET AND LOCATION ANALYSIS 8

BACKGROUND

ECONOMIC DEVELOPMENT

Canada is a market economy, where most decisions are taken by private individuals and firms. However, while
the economy is much freer in this respect than many other developed economies, there is more government
regulation than in the US. The economy is diversified, though huge deposits of tar sands give Canada the second
largest reserves of oil in the world, and have increased the importance of the country’s energy sector in recent
years (however, the price of oil has to remain quite high to make such production economically viable). Although
commodities and manufacturing account for relatively small shares of total output and employment, they account
for over half of exports.

STRUCTURE OF THE ECONOMY

Canada has a reputation as a resource-based economy, but that is misleading. While it is certainly rich in
resources, from energy commodities to lumber and minerals, the economy is actually service-based. About two-
thirds of the nation’s output originates in the services sector, and nearly three-quarters of workers are employed
there. Key service sub-sectors include retail trade, business services (financial services, real estate and
communications), education, and health services. The main manufacturing industry is motor vehicles and parts,
which is centered in the province of Ontario. The manufacturing sector is responsible for less than 10% of total
employment, while agriculture accounts for under 2%.

BALANCE OF PAYMENTS AND STRUCTURE OF TRADE

Trade is a very important sector of the economy – both imports and exports represent more than a third of GDP.
About 75% of exports go to the US, and over 60% of imports originate there, so changing economic conditions in
the US economy can be critically important to Canada. Services are an increasingly important part of Canadian
trade with foreign countries, stressing Canada’s competitive advantage as a knowledge-based economy with a
highly-skilled workforce.

POLICY

The Bank of Canada, the country’s central bank, first implemented the policy of inflation targeting in 1991. The
current inflation target is to keep inflation at a 2 percent rate, with a range of 1 to 3 percent, over the medium term.
The Bank of Canada’s Governing Council meets eight times a year with the goal of achieving this objective. The
primary policy tool to achieve this objective is the target the central bank sets for the overnight interest rate – the
interest rate financial institutions charge each over for overnight loans. The central bank’s mandate is reviewed
every five years in conjunction with the federal government. The government in power – with the Prime Minister at
the helm – has control over the federal budget. Importantly, Canada’s federal constitution allows the provincial
governments to pursue their own fiscal policy, independent from policy set by Ottawa. This allows the federal and
regional governments to pursue fiscal policies pertinent to the desires of their constituencies.

POLITICS

Canada is a parliamentary democracy and constitutional monarchy. Parliament is comprised of three distinct
parts: the Queen, the Senate, and the House of Commons. The House of Commons, containing 338 sitting
members, is the main seat of power of Parliament, and is able to propose, debate, and vote on bills before they
become law. Importantly, only the House of Commons can propose changes to fiscal policy. Federal elections

2478 NINTH LINE, OAKVILLE MARKET AND LOCATION ANALYSIS 9

are conducted every four years. Canada has many political parties, though the two main parties are the
Conservative Party and the Liberal Party. Liberals claimed a major victory in the 2015 federal election, and
currently hold a majority in the House of Commons, bringing to an end nearly a decade of Conservative
leadership.

2478 NINTH LINE, OAKVILLE MARKET AND LOCATION ANALYSIS 10

PROVINCIAL AND METRO MARKETS ECONOMIC OVERVIEW

THE NEAR-TERM OUTLOOK FOR ALBERTA HAS IMPROVED

Recent OPEC agreements give the appearance of a more constructive environment for global energy prices and
therein providing some support to Alberta’s struggling economy. We estimate this energy-dependent province
contracted by more than 6% cumulatively through 2015 and 2016. But 2017 will be an inflection year for Alberta,
as oil prices have stabilized, and their growth trajectory is expected to average 6% per annum through 2020. That
said, prices are not forecast to achieve the levels of the previous cycle, partly due to increased North American
capacity. Nonetheless, a more favourable pricing environment is expected to encourage moderate growth of
business investment in Alberta, which will pick up slowly in upcoming years. Rising economic activity will be
accompanied by a modest uptick in Albertan employment as we move through 2017 and into 2018. But the pace
of job creation will fall short of that recorded in the province in the run up to the collapse in oil prices, and it is
therefore likely to be 2019 before job numbers regain the highs last seen in 2015.

THE OUTLOOK IS MIXED FOR THE REST OF CANADA

The greatest contribution to Canadian economic output will
come from Ontario and British Columbia, where GDP growth is
forecast to average 1.9% and 2% respectively, over the next
five years. However, this is an average, and such growth is
front-loaded, as weakness amongst the local consumer base
and the prospect of a cooling residential market weigh on
longer-term growth. Specifically, these provinces are sensitive
to further escalation of mortgage rates, which will weigh further
on the housing sector and spending power amongst
overleveraged households. In British Columbia, a land transfer
tax on foreign buyers has depressed sales volumes, and we
expect new home price appreciation to cease in upcoming
quarters with most of risk trending to the downside. In Ontario,
GDP growth will be constrained by softer consumption and
over capacity of automobiles across North America.

Economic growth in Francophone Canada will remain slower,
albeit more stable. Indeed, the standard deviation of economic
growth here is slightly below the national average. This
stability is partly a result of Quebec having a greater reliance
upon public sector activity. The provincial economy is
anchored by Montreal, where finance, business services, and
retail activities should drive growth. The local manufacturing
sector will not be a key driver, and has been dealt a blow in
recent quarters by Bombardier cutting activity. Overall, we
expect Quebec’s economy to grow by 1.5% per annum during
the next five years, slightly below the national average.

Atlantic Canada will remain the country’s slowest growing
region, as some provinces will see a continued decline in

2478 NINTH LINE, OAKVILLE MARKET AND LOCATION ANALYSIS 11

population. Also, key industries, such as fishing, lumber, and coal, will continue to struggle. GDP growth here will
struggle to surpass 1% per year during the next five years.

2478 NINTH LINE, OAKVILLE MARKET AND LOCATION ANALYSIS 12

2478 NINTH LINE, OAKVILLE MARKET AND LOCATION ANALYSIS 13

TORONTO ECONOMIC OVERVIEW









 As the media, business, and financial capital of Canada, the Greater Toronto Area (GTA) accounts for
nearly a fifth of the country’s GDP. Further, the region exhibited above-average growth during the past
five years. This trend is poised to continue, thanks to the GTA’s exposure to higher growth sectors, such
as professional services.

 Toronto is aided by population growth that is 60 basis points greater than Canada overall – a key
component of which is international migration. However, the pace of GDP growth has been slowed in
recent quarters by the city’s sizable manufacturing sector. Much of the weakness is concentrated in the
auto sector. GM recently announced cuts to shifts at some Midwestern US plants due to an oversupply of
autos in the US – a key export market for Canada. Further, should President Donald Trump follow-
through on his campaign rhetoric to renegotiate NAFTA, the impact could be quite draconian for the GTA
(and nearby Ontario cities) given that a large share of Canada’s merchandise exports to the US come
from this region. Our expectation is that Trump will focus on the growth aspects of his platform (lower
taxes, cutting regulation), which would stimulate US growth, and have pass-through effects for Toronto’s
economy. Domestic risks include high levels of household debt – especially amongst the young-adult
population – which is a big component of Toronto’s urban condo market. This cohort would also be
sensitive to an increase in mortgage rates.

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2478 NINTH LINE, OAKVILLE MARKET AND LOCATION ANALYSIS 14

THE TOWN OF OAKVILLE

The Town of Oakville, founded in 1827, is a municipality of approximately 182,520 residents. The Town of Oakville
is situated within approximately a 30-minute drive from downtown Toronto and an hour’s drive from the U.S.
border.

Oakville is made up of many small communities; including: Old Oakville, Kerr Village, Bronte, Eastlake,
Clearview, College Park, Iroquois Ridge North, Iroquois Ridge South, Glen Abbey, Palermo, River Oaks, Uptown
Core and West Oak Trails.

According to the Town’s website, the primary residential housing inventory within the Town is single family
detached dwellings, comprising approximately 61% of all residential development. Apartment inventory is second
on list, comprising approximately 18.2% of all development. Town homes are ranked third (16.8%); while semi-
detached dwellings have the least amount of inventory at 4.13%.

Oakville's strong and diversified economic base offers an excellent location for both new and expanding
businesses. Currently, national and international corporate headquarters represent automotive, technology,
business service, aerospace, pharmaceutical, and tourism sectors.

Oakville has become the location for nearly 300 national or international corporate headquarters. Major employers
include Ford Motor Company of Canada Ltd., GE Water & Process Technologies, Siemens Canada, Goodrich
Landing Gear and AMEC, among others.

In the coming years, a significant supply of employment lands will be developed including 510 hectares in north
Oakville and 95 hectares in Winston Business Park West. This expansion of the employment lands represents a
great opportunity for businesses to move into one of North America’s fastest growing markets. With a focus on
growing clusters in knowledge-based industries, the town’s employment lands will be optimized.

The location advantages of Oakville suggest future office and industrial development will be characterized by high
value, modern and attractive facilities. By 2031, employment in Oakville is expected to increase by 64 percent
with the majority of new growth targeted in sectors such as Life Sciences, Professional, Scientific and Technical
Services, Digital Media and Animation and Advanced Manufacturing.

Midtown Oakville, an area close to both the downtown and Oakville GO Transit station, represents another
opportunity for future development. Midtown will be a vibrant, transit supportive, mixed-use urban community and
employment area that consists of high-density residential, commercial, employment and recreational uses. The
Province's Growth Plan for the Greater Golden Horseshoe identifies this area as an urban growth centre and
requires that it be planned to accommodate 20,000 new residents and jobs by 2031.

2478 NINTH LINE, OAKVILLE MARKET AND LOCATION ANALYSIS 15

Below you will find information that describes the key facts and statistics for the Town of Oakville, its residents and
business community:

QUICK FACTS

Estimated Population : 182,520 (Statistics Canada 2011) – increase of 10.2% since 2006

Land Area : 138.88 square kilometres

Location : Approximately 38 kilometres west of Toronto

Major Industries and Commerce : Business Services
Finance and Real Estate
Manufacturing
Retail Trade

Unemployment Rate : 6.6% (2016) * Part of Toronto CMA

Median Household Income (2011) : $118,671

Average House Price (2015) : $831,088 (All)

Total Number of Private Households : 62,415 (2011)

Development Charges (2015): : $1,049,567 per dwelling (Detached Dwelling)
Transportation $534,567 per dwelling (Semi-Detached Dwelling)
$584,942 per dwelling (Attached Townhouses Dwelling)
$438,262 per dwelling (Condominium Townhouses Dwelling)
$367,571 per dwelling (Condominium Apartments Dwelling)

: Highways: Highway No.’s 403, 407 ETR and the Queen Elizabeth Way
Rail: CNR, CPR & Via Rail Corridor
Public Transportation: Oakville Transit & GO Transit
Air: Pearson International Airport & Hamilton International Airport

2478 NINTH LINE, OAKVILLE MARKET AND LOCATION ANALYSIS 16

NEIGHBOURHOOD OVERVIEW

LOCATION
The subject property is located on the west side of Ninth Line, south of Dundas Street East and north of Upper
Middle Road East. The subject property is currently being developed into an Islamic Centre, that will include a
Mosque and facilities open to the community, including a banquet hall, ancillary offices and two gymnasiums. The
subject is located north of a residential neighbourhood, in an area surrounded by lots of vacant land.

TRANSPORTATION SYSTEMS
Highway 403 is approximately 0.6 kilometres northeast of the subject. Queen Elizabeth Way is approximately 1.9
kilometres southeast of the subject. Highway 407 is approximately 3.4 kilometres northwest of the subject.
Oakville Transit bus stops are approximately 0.3 kilometres northwest of the subject, at the intersection of
Dundas Street East and Ninth Line. Erindale GO Station is approximately 7.1 kilometres northeast of the subject.

PLANNED CHANGES IN ROAD NETWORK
None known as of the effective date of this valuation.

NEARBY AND ADJACENT USES
North: Agricultural – Agram Garden Centre.
East: Vacant land.
South: Low density residential neighbourhood.
West: Vacant land.

SPECIAL HAZARDS OR ADVERSE INFLUENCES
The immediate areas are not municipally serviced (water & sewage).

LAND USE CHANGES
None known.

CONCLUSION
We observed no detrimental influences in the local market area, such as landfills, flood areas, noisy or air
polluting industrial plants, or chemical factories. Overall, the subject property is in a location suitable for its uses.

We have identified and detailed statistical data from
the subject’s Primary Trade Area (based on a 1 km
radius) in addition to the Secondary Trade Area is
(based on a 3 km radius). Data with these two radius
from the subject area summarized below:

2478 NINTH LINE, OAKVILLE MARKET AND LOCATION ANALYSIS 17

DEMOGRAPHICS OVERVIEW

Population Daytime Population Median Income Median Age
Trade Area:
Trade Area: 2,539 Trade Area 6,239 Trade Area: $200,176 28
(Daytime): (284%) Peel (Census 33
Division): 34
Peel (Census 1.41M Peel (Census 1.03M Peel (Census $81,729 Halton (Census 34
Division): 551.1K Division): 413.6K Division): (116%) Division): 43

Halton (Census Halton (Census Halton (Census $99,699 Ontario:
Division): Division): Division): (141%)
Canada:
Ontario: 13.38M Ontario: 74,149
(105%)

Canada: 34.12M Canada: $70,545
(100%)

* Indices shown are the percent average values of the given region relative to the average national value.

DEMOGRAPHICS POPULATION ANALYSIS

Population 2010 2011 2015 2016 2017 2020 2025 Growth
Household 7,704 8,387 22%
6,848 6,848 7,413 7,478

DEMOGRAPHICS HOUSEHOLD INCOME

Trade Area Peel (Census Halton (Census Ontario Canada
$200,176 Division) Division) $74,150 $70,545

Median Income $81,729 $99,699

2478 NINTH LINE, OAKVILLE PROPERTY DATA 18

PROPERTY DATA

MUNICIPAL ADDRESS

2478 Ninth Line, Oakville, Ontario

LEGAL DESCRIPTION

Part Lot 6, Concession 1 Trafalgar South of Dundas Street, as in 746106 save and except Parts 2,3 20R14831 &
Part 22 20R19148 subject to an easement in gross over Part 23 20R19148 as in HR1140267 subject to an
easement in gross over Part 1 on 20R19857 as in HR1207347, Town of Oakville

PIN: 250633565

OWNERSHIP AND HISTORY

The subject property is held under the registered ownership of World Islamic Mission Canada Inc. The subject
was acquired and registered on title on December 29th, 1998, for a total consideration of $780,000. We are
unaware of any ownership transfers within the past three years.

CURRENT CONTRACTS

We are unaware of any current purchase & sale agreements pertaining to the subject property.

ENCUMBRANCES

The investigation of easements, nuisances, hazards and encroachments for this assignment did not include a title
search or detailed investigation beyond the data sources presented in this report. If undisclosed easements,
nuisances or hazards are present, their impacts on value have not been considered within this report. Any
easements are assumed to be typical.

2478 NINTH LINE, OAKVILLE PROPERTY DATA 19

MUNICIPAL DATA

Land use in Ontario may be controlled or directed by provincial restrictions through legislation such as the
Planning Act, the Planning and Development Act, the Niagara Escarpment Act, etc. Land use is also controlled by
municipal restrictions such as Official Plans and Zoning By-laws and /or other restrictive By-laws. The subject
property is located within the Town of Oakville.

LAND USE PLANNING  Business Employment
Official Plan  E2 sp:331 – Business Employment, including place of worship
Zoning  N – Natural Area
 E2 sp:331 – This designation generally permits a wide range of uses including food production, rental
Permitted Uses
establishment, repair shop, restaurant, sports facility, taxi dispatch, emergency service facility, food bank,
Compliance public works yard, private school, place of worship, hotel, public hall, conservation use, public park,
ASSESSMENT DATA stormwater management facility, and heavy vehicle parking area.
Assessed Value  N – The designation permits conservation use, private or public park, and stormwater management facility.
Property Taxes  We understand that the property is in compliance with current land use regulations. For greater certainty,
enquiries should be made with the Town of Oakville.

 $2,447,000
 Current property tax was not provided.

2478 NINTH LINE, OAKVILLE PROPERTY DATA 20

ZONING MAP

2478 NINTH LINE, OAKVILLE PROPERTY DATA 21

SITE DATA

GENERAL DESCRIPTION

Total Site Area  10.36 acres or 451,385 square feet (as per GeoWarehouse)

Net Developable Area  6.36 acres (Approximately 4.00 acres of land are zoned Natural Area and are undevelopable)

Frontage  550.0 feet approximately

Depth  825.0 feet approximately

Site Shape  Rectangular

Parking Spaces  The development will have a total of 358 spaces total. Surface parking of 255 spaces, and 103 covered spaces.

Easements  The investigation of easements, nuisances, hazards and encroachments for this assignment did not include a title
search or detailed investigation beyond the data sources presented in this report. If undisclosed easements,
nuisances or hazards are present, their impacts on value have not been considered within this report. Any easements
are assumed to be typical.

Services  Municipal services are not provided to the site as the site is located outside of the municipal service boundary. As part
of the development, general services including water, sewer, natural gas, electricity, and telephone have been
incorporated in the construction of the development.

Access  Pedestrian and vehicular access to the site along with ingress/egress is available via two access points on the west
side of Ninth Line.

Title Instruments  For the purposes of this analysis, the instruments registered against the title(s) to the property are assumed not to
have a significant effect on the property’s marketability or its market value. For greater certainty a legal opinion should
be solicited for a full explanation of the effects of these encumbrances. Additionally, the property has been valued as if
free and clear of any financing.

Topography  The topography of the site is generally level at street frontage, and gently sloping down towards the rear of the lot.

Environment/Soil  We have not undertaken a detailed environmental or soil analysis and we are not qualified to comment on
Conditions environmental or soil conditions. We have assumed there are no contaminants affecting the site. A full environmental
audit is required for certainty and any cost of remedy should be deducted from the reported value. The sub-soil is
assumed to be similar to other lands in the area and suitable in drainage qualities and load bearing capabilities to
support the existing development.

Aerial View

Summary  After a review of the subject site’s characteristics, we have concluded that the overall utility is rated as average.

2478 NINTH LINE, OAKVILLE PROPERTY DATA 22

DESCRIPTION OF IMPROVEMENTS

Based on the physical inspection, the subject property is currently improved with a bungalow measuring
approximately 3,200 square feet. About 250 worshippers currently attend prayers at the existing building. It will be
replaced with Masjid Noor-UL-Haram, a mosque and Islamic Centre that will be able to serve up to 1,000 people.
The perimeter of the concrete walls for the lower and main level have been completed. As well, an elevator pit has
been constructed.

According to the subject property’s representative(s), Site Services work for Phase 1 started in March 2015.
Construction has been halted for winter, with plans to resume in the summer of 2017. Construction costs (hard
and Soft) have totaled $5,183,251 as of March 31st, 2017. The completion report to date is as follows:

 Installation of silt fence & trees protection

 Trees Removal

 Removal of top soil to prepare the foundation

 Excavation & materials removal

 Retaining walls excavation & backfill

 Backfilling and compaction

 Fire fighting pond

 Water storm drainage

 Inspection and approval of the Site Services Engineer, Conservation Authority and Architect

 100% of walls foaming

 100% of the perimeter of the concrete walls for first level

 Elevator Pit is complete

 Phasing inspection and approval by the Architect and Structural Engineer is done

2478 NINTH LINE, OAKVILLE PROPERTY DATA 23

DESCRIPTION OF PROPOSED DEVELOPMENT

On September 23rd, 2014, the Town of Oakville issued a permit (13-000782 000 00 SN) to World Islamic Mission
allowing for the new construction of a mosque (48,875 sf), finished basement area (20,230 sf), and parking areas
(40,350 sf) on the areas of the subject property not designated as Natural Area. Please refer to Figure No. 1 for a
site plan of the proposed development.

The approved proposed development includes a 69-feet-high mosque dome, four minaret towers rising 100 feet,
two full-size gymnasiums, and dressing and meeting rooms. Please refer to Figure No. 2 for an architectural
drawing of the proposed development. Parking will accommodate up to 358 cars, 255 on the surface and 103
covered spaces. The centre is open to the entire community, and will include a path at the back of the mosque
where people can walk through the property through Joshua Creek. Construction is planned for two phases.
Phase 1 will see the construction of a mosque, Masjid Noor-UL-Haram and a banquet hall. Phase 2 includes the
construction of gymnasiums and parking deck. Please refer to Figure No. 3 for a detailed ground floor plan, the
orange line divides Phase 1 to the right, and Phase 2 to the left.

The Phase 1 building will be two storeys, with a finished basement. The basement will include offices, a seminar
room, a large general purpose room, storage rooms, service rooms, and washrooms. The main floor will include
a large prayer hall, meeting rooms, offices, library, computer lab, and washrooms. The second floor will include a
women prayer hall, baby sitting room, offices, and washrooms. In addition, a banquet hall will be included. An
elevator will connect all three levels, and the site will be fully wheelchair accessible. The building exterior will be
constructed using mainly brick masonry and stucco.

2478 NINTH LINE, OAKVILLE

SITE PLAN OF PROPOSED DEVELOPMENT – FIG

PROPERTY DATA 24

GURE NO. 1

2478 NINTH LINE, OAKVILLE

ARCHITECTURAL DRAWING (FRONT) OF PROPO

PROPERTY DATA 25

OSED DEVELOPMENT – FIGURE NO. 2

2478 NINTH LINE, OAKVILLE

GROUND FLOOR PLAN OF PROPOSED DEVELOP

PROPERTY DATA 26

PMENT – FIGURE NO. 3

2478 NINTH LINE, OAKVILLE VALUATION 27

VALUATION

HIGHEST AND BEST USE

The principal of the “Highest and Best Use” of a property is fundamental to the concept of market value. Highest
and best use is defined by the Appraisal Institute of Canada as:

“The reasonably probable and legal use of vacant land or an improved property; which is physically
possible, appropriately supported, financially feasible, and that results in the highest value. The four
criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility,
and maximum profitability.”

ANALYSIS  In determining the Highest and Best Use of a property, it is important for the appraiser
to ascertain the range of uses that are legally permissible. In cases where
Legally Permissible modifications to the Official Plan or Zoning By-Law designations are likely, these uses
must also be considered. Consideration should also be given to public planning
Physically Possible initiatives and economic and political conditions that affect planning decisions. These
considerations will assist the appraiser in determining whether amendments to the
Financially Feasible Official Plan and / or Zoning By-Law is likely.

 Under the Official Plan, the subject is designated as Business Employment. Within the
Zoning By-Law, the subject is designated as Business Employment and Natural Area.

 The proposed use for a site cannot be considered the Highest and Best Use unless
that use is physically and functionally possible and adaptable to the characteristics of
the site. The size, shape, area, topography and soil conditions may affect the
potential uses that can be developed. The physical possibility of development for the
Subject property also reasonably expects that development can occur without
additional costs above those of a typical vacant site. In cases where there are
unusual costs associated with a development (i.e. soil clean, demolition, external
costs, etc.) these costs should be deducted from the market value estimate.

 The Subject property is a rectangular 10.36 acre parcel that has been approved for
construction for a place or worship. The property comprises a size / configuration that
would allow for development of an employment and/or the approved use, in conformity
with the existing land use policy.

 The estimate of Highest and Best Use is based on the market demand for the
intended use, reasonably expecting that purchasers have rationalized a positive
financial benefit. Further, in order to be financially feasible, there must be demand or
a market for the intended use. An employment use and/or a place of worship is
considered to be feasible and marketable based on the Subject’s location, site size,
and demographics.

2478 NINTH LINE, OAKVILLE VALUATION 28

Maximally Productive  A use cannot be considered a site’s Highest and Best Use unless its anticipated
earnings ability is sufficient to generate a reasonable return on costs of acquisition
CONCLUSION and development. This aspect of Highest and Best Use inherently involves a cost
Highest & Best Use benefit analysis whereby the use that generates the highest profit or greatest return
‘As-Vacant’ logically represents the Highest and Best Use. An employment type use and/or a
place of worship use would most likely generate the highest returns to a potential
Highest & Best Use investor, as compared to other permitted uses.
“As-Improved’
Considering the subject site’s physical characteristics and location, as well as the
state of the local market, it is our opinion that the highest and best use of the subject
site as though vacant is an employment type use and/or a place of worship developed
to the highest density possible.

Employment and/or place of worship use.

2478 NINTH LINE, OAKVILLE VALUATION 29

VALUATION METHODOLOGY

There are three accepted methods of valuing real property:

 Cost Approach;

 Income Approach; and

 Direct Comparison Approach

The selection of the relevant methodology depends on the characteristics of the real estate being analyzed.

1. The Cost Approach to value is based on the economic principle of substitution, which states that the
value of a property should not be more than the amount by which one can develop (by purchase of a site
and construction of a building without undue delay) a property of equal desirability and utility.

2. The Direct Comparison Approach considers the cost of acquiring equally desirable and valuable
substitute properties, indicated by transactions of comparable properties, within the market area. The
characteristics of the sale properties are compared to the subject property on the basis of time and such
features as location, size and quality of improvements, design features and income generating potential of
the property.

3. The Income Approach to value is used to estimate real estate value based on property income
generating capabilities using the Direct Capitalization Method or the Discounted Cash Flow method.

There are two traditional methods to income valuations.

1. Direct Capitalization Method - division of a required yield (inverse of a required income multiple) into Net
Operating Income to yield a value.

2. Discounted Cash Flow Method is a method that accounts for the anticipated growth or decline in
income over the term of a prescribed holding period.

Two rates are required for a DCF analysis:

 Discount Rate applicable to future cash flows based on the relative risk profile of the cash flow; and

 Exit Capitalization Rate used to determine reversionary value of the asset based on estimated future
market requirements.

SELECTION OF VALUATION METHODOLOGY

The current market value “As-Is” is described as land value plus ancillary building(s). For redevelopment lands,
prudent purchasers will typically use only the Direct Comparison Approach. The Income Approach and Cost
Approach is considered irrelevant for the market value “As-Is”.

The market value “As-Is” will be a newly constructed mosque with a banquet hall. Place of worship and/or special
purpose built properties are typically analyzed based on its total cost of construction for which the Cost Approach
will be appropriate. Although the “As-If Complete” development will be unique with limited recent transactions of
similar type buildings, we have included transactions of buildings used as places of worship. The Direct
Comparison Approach has been included as a “check” to the Cost Approach. The Income Approach is considered
irrelevant as it is not considered an income producing/investment property.

2478 NINTH LINE, OAKVILLE DIRECT COMPARISON APPROACH – “AS-IS” 30

DIRECT COMPARISON APPROACH – “AS-IS”

The Direct Comparison Approach is a valuation method whereby the property being appraised is compared with
similar properties that have recently been sold or offered for sale. The assumption is that if the subject property
had been exposed to the market, it would have been in competition with the comparable property dealing with the
same type of purchaser under similar market conditions. Since no two properties are completely alike,
adjustments must be made to compensate for differences between the comparables and the subject property. In
arriving at a value conclusion by this method, the greatest weight is given to actual sales of truly comparable
properties made at or nearest the effective date of appraisal in order to reflect comparable economic conditions.

The Direct Comparison Approach is based on the “Principle of Substitution” which implies that a prudent
purchaser will not pay more to buy or rent a property than it will cost them to buy or rent a comparable substitute
property. This approach to value recognizes that the typical buyer will compare properties which constitute the
market for a given type and class.

Within this approach, the property being valued is compared to properties that have sold recently or are currently
listed and are considered to be relatively similar to the subject property. Typically, a unit of comparison (i.e. sale
price per square foot, sale price per acre, price per buildable square foot) is used to facilitate the analysis, typical
investors/purchasers would commonly utilize a price per acre when analyzing value.

In estimating the market value “As-Is” of the subject property, we have investigated, and analyzed, recent sales of
similar type lands in the Peel Region. Relevant details of these sales are presented in the chart below. Full details
of the sales have been retained in our files.

A search in the market for similar type properties indicated six (6) comparable transactions sold between April 14,
2015 and March 16, 2017. The sale prices ranged from $2,150,000 to $6,732,044 - an average of $3,707,207.
When converted into a unit rate, the sales range from $692,432 per acre to $1,314,852 per acre - an average of
$990,589 per acre.

Comparable Sales Transactions Sale Date Sale Price Site Area (acres) Sale Price Per
Acre:
No Address March 16, 2017 $6,732,044 5.120
June 1, 2016 $2,600,000 2.963 $1,314,852
1 Odyssey Drive, Mississauga April 25, 2016 $3,541,200 2.951 $877,489
2 2183 Ninth Line, Oakville $2,720,000 2.837 $1,200,000
3 Platinum Drive, Mississauga October 30, 2015 $2,150,000 3.105 $958,759
4 2037 Ninth Line, Oakville October 23, 2015 $4,500,000 5.000 $692,432
5 Royal Windsor Drive, Oakville $2,150,000 2.837 $900,000
6 Ninth Line, Mississauga April 14, 2015
April 14, 2015 $6,732,044 5.120 $692,432
Minimum:
March 16, 2017 $3,707,207 3.663 $1,314,852
Maximum:
February 22, 2016 $990,589
Average:

2478 NINTH LINE, OAKVILLE

COMPARABLE SALES MAP

DIRECT COMPARISON APPROACH – “AS-IS” 31

2478 NINTH LINE, OAKVILLE DIRECT COMPARISON APPROACH – “AS-IS” 32

SALES SHEETS

COMPARABLE TRANSACTION INDEX 1

Odyssey Drive, Mississauga

SALE DATA Final
Sale Status: Odyssey Drive, Mississauga
Address: South of Eglinton Ave W., East of Ninth Line
Location: March 16, 2017
Sale Date: $6,732,044
Sale Price: $1,314,852
Sale Price Per Acre: 5.12
Site Area (acres) 100%
Percentage Transferred: Market
Sale Type: The Erin Mills Development Corporation
Vendor Name: Muslim Neighbour Nexus
Purchaser Name:

PRICE STRUCTURE $6,406,250 95.16% PROPERTY CHARACTERISTICS Vacant Development Land
Cash Down: $325,794 4.84% General Description: 223,027
VTB/Assumed: $6,732,044 100.00% Site Size (sq.ft.): 5.120
Total Price: Cash + Other Site Size (acres): Business Employment / E2
Price Notes: Planning (OP/Zoning):

TRANSACTION COMMENTS

The City of Mississauga Official Plan designates the property Business Employment within the Churchill Meadows Secondary Plan. The Zoning By-law
classifies the property E2, an employment classification. At the time of sale, the property was vacant and unimproved. It is our understanding that the
Purchaser had acquired the property in order to construct an Islamic Centre.

2478 NINTH LINE, OAKVILLE DIRECT COMPARISON APPROACH – “AS-IS” 33

COMPARABLE TRANSACTION INDEX 2

2183 Ninth Line, Oakville

SALE DATA Final
Sale Status: 2183 Ninth Line, Oakville
Address: East side of Ninth Line, North of Upper Middle Road
Location: June 1, 2016
Sale Date: $2,600,000
Sale Price: $877,489
Sale Price Per Acre: 2.963
Site Area (acres) 100%
Percentage Transferred: Market
Sale Type: Individual
Vendor Name: 2519975 Ontario Ltd.
Purchaser Name:

PRICE STRUCTURE $250,000 9.62% PROPERTY CHARACTERISTICS Future Development Land with Single Family Dwelling
Cash Down: $2,350,000 90.38% General Description: 129,068
VTB/Assumed: $2,600,000 100.00% Site Size (sq.ft.): 2.963
Total Price: Cash + VTB Site Size (acres): Business Employment / E2
Price Notes: Planning (OP/Zoning):

TRANSACTION COMMENTS

The Town of Oakville Official Plan designates the property Employment. The Zoning By-law classifies the property E2, an employment classification. At
the time of sale, the property was improved with a single family detached residential dwelling. Industry professionals familiar with this transaction indicated
that the property was on the market for approximately 16 months. The asking price for the property was $2,850,000.

2478 NINTH LINE, OAKVILLE DIRECT COMPARISON APPROACH – “AS-IS” 34

COMPARABLE TRANSACTION INDEX 3

Platinum Drive, Mississauga

SALE DATA Final
Sale Status: Platinum Drive, Mississauga
Address: South of Eglinton Ave W., East of Ninth Line
Location: April 25, 2016
Sale Date: $3,541,200
Sale Price: $1,200,000
Sale Price Per Acre: 2.951
Site Area (acres) 100%
Percentage Transferred: Market
Sale Type: The Erin Mills Development Corporation
Vendor Name: 1574626 Ontario Inc.
Purchaser Name:

PRICE STRUCTURE $3,541,200 100.00% PROPERTY CHARACTERISTICS Future Development Land
Cash Down: $0 0.00% General Description: 128,546
VTB/Assumed: $3,541,200 100.00% Site Size (sq.ft.): 2.951
Total Price: Cash Site Size (acres): Business Employment / E2
Price Notes: Planning (OP/Zoning):

TRANSACTION COMMENTS

The City of Mississauga Official Plan designates the property Business Employment within the Churchill Meadows District Plan. The Zoning By-law
classifies the property E2, an employment zone classification. At the time of sale, the property was vacant and unimproved.

2478 NINTH LINE, OAKVILLE DIRECT COMPARISON APPROACH – “AS-IS” 35

COMPARABLE TRANSACTION INDEX 4

2037 Ninth Line, Oakville

SALE DATA Final
Sale Status: 2037 Ninth Line, Oakville
Address: East side of Ninth Line, north of Upper Middle Rd.
Location: October 30, 2015
Sale Date: $2,720,000
Sale Price: $958,759
Sale Price Per Acre: 2.837
Site Area (acres) 100%
Percentage Transferred: Market
Sale Type: Individuals
Vendor Name: The Living Hope Presbyterian Church
Purchaser Name:

PRICE STRUCTURE $2,720,000 100.00% PROPERTY CHARACTERISTICS Future Development Land
Cash Down: $0 0.00% General Description: 123,580
VTB/Assumed: $2,720,000 100.00% Site Size (sq.ft.): 2.837
Total Price: Cash Site Size (acres): Employment / E2
Price Notes: Planning (OP/Zoning):

TRANSACTION COMMENTS

The Town of Oakville Official Plan designates the property Employment. The Zoning By-law classifies the property E2, an employment classification. At
the time of sale, the property was improved with a single family detached residential dwelling. As of November 2015, no applications had been submitted
to the Town of Oakville Planning Department regarding development of the property. As a result of the land use regulations in place at the time of sale, a
site plan application is required for development to commence.