Estimated Value Per Share

On April 11, 2017, the board of directors of MVP REIT, Inc., a
publicly registered non-traded real estate investment trust
incorporated under the laws of Maryland (the “Company”),
determined that the Company’s estimated net asset value
(“NAV”) was approximately $102.3 million or $9.32 per common
share as of March 30, 2017. Shares in the initial public offering
were sold at $9.00 per share. Last year, the board of directors
determined that the NAV was $9.14 per common as of March 30,
2016, which value has been used since April 11, 2016 for purposes
of effectuating permitted redemptions of the Company’s common
stock and issuing shares to the Company’s distribution
reinvestment plan. In determining an estimated value per share of
the Company’s common stock, the Company’s board of directors
relied upon information provided by MVP Realty Advisors, LLC, the
Company’s advisor and the board’s experience with, and
knowledge of, the Company’s real property and other assets.

The Company is providing the estimated value per share to assist
broker-dealers and stockholders to certain rules of the Financial
Industry Regulatory Authority, Inc., or FINRA. The objective of
the board of directors in determining the estimated value per
share was to arrive at a value, based on recent available data,
that it believed was reasonable based on methods that it deemed
appropriate after consultation with the Advisor. Accordingly, the
Company’s Advisor performed the valuation of the Company’s
common stock using as a guide Practice Guideline 2013-01,
Valuations of Publicly Registered Non-Listed REITs, issued by the
Investment Program Association in April 2013 . The estimated
value per share is based on (x) the estimated value of the
Company’s assets less the estimated value of the Company’s
liabilities divided by (y) the number of outstanding shares of
the Company’s common stock, all as of March 30, 2017.

Starting April 11, 2017, the NAV of $9.32 per common share will
be used for purposes of effectuating permitted redemptions of our
common stock and issuing shares to our distribution reinvestment
plan.

Valuation Summary

The following is a summary of the valuation methods used on the
Company’s assets and liabilities, and the results of the
valuation.

Real Estate Investments. As of March 30, 2017, the Company had
ownership interests in 31 parking assets. The Company’s board of
directors determined the fair value of the Company’s investments
in parking assets to be $158.1 million as of that date. This
determination was based on appraisals of the fair value of the
Company’s investments in parking assets as of that date. The
Company engaged Parking Property Advisors, LLC, an independent
third party valuation firm, to provide it with a valuation
analysis for 29 of the properties, the other two properties not
valued by the firm were purchased in November 2016 and January
2017 and were valued based on the appraisals at the time of
purchase and management’s internal estimate. Property Parking
Advisors, LLC engaged the following Appraisal Institute members
to value the parking assets:

Appraisal Firm	# of appraisals
CBRE
Colliers International Valuation Advisory Services
Integra Realty Resources
Jll Valuation Advisory Services
Valbridge

In determining the market value of the parking assets, Property
Parking Advisors considered typical approaches to value in
developing and justifying the respective value conclusions
namely, the Sales Comparison and Income Capitalization
Approaches. The Cost Approach was employed for one structured
parking facility. Land values were also prepared on the
respective properties. A Sales Comparison approach was employed
for the four parking garages. The predominant valuation approach
was the income approach with significant analysis provided on the
contract rent paid by the operator. Specific expenses were based
on local custom (property taxes) as well as the terms of the
operator agreement. Of note, most of the income approach value
indications were based on the use of the direct capitalization
approach; four surface lots were based on a discounted cash flow
where the property’s surface lot was anticipated to represent a
defined interim use.

Other Assets and Liabilities. The board then reviewed with its
Advisor the Company’s other assets and liabilities, consisting
primarily of cash and cash equivalents, restricted cash, deferred
costs, accounts receivable, and prepaid expenses and other
assets. These other assets and liabilities, as record in the
balance sheet per US GAAP, were considered by the board of
directors to equal to fair value as of March 30, 2017.

Estimated Value Per Share. The estimated value per share was
based upon 10,978,745 shares of the Company’s common stock
outstanding as of March 30, 2017. Although the estimated value
per share has been developed as a measure of value as of March
30, 2017, the estimated value per share does not reflect (i) a
liquidity discount for the fact that the shares are not currently
traded on a national securities exchange and the Company’s share
repurchase program provides only limited liquidity , (ii) a
discount for the non-assumability or prepayment obligations
associated with certain of the Company’s debt, or (iii) a
discount for the Company’s corporate level overhead.

The following table presents how the estimated value per share
was determined as of March 30, 2017:

Limitations of Valuation Method. FINRA rules provided limited
guidance on the methods an issuer must use to determine its
estimated value per share. As with any valuation method, and as
noted above, the methods used to determine the Company’s
estimated value per share were based upon a number of
assumptions, estimates and judgments that may not be accurate or
complete. The estimated value per share determined by the
Company’s board of directors is not a representation, warranty
or guarantee that, among other things:

a stockholder would be able to realize the estimated value per share if such stockholder attempts to sell his or her shares;

a stockholder would ultimately realize distributions per share equal to the estimated value per share upon liquidation of the Company’s assets and settlement of the Company’s liabilities or if the Company were sold;

shares of the Company’s common stock would trade at the estimated value per share on a national securities exchange;

a third party would offer the estimated value per share in an arms-length transaction to purchase all or substantially all of the shares of the Company’s common stock; or

the methods used to determine the estimated value per share would be acceptable to FINRA, the SEC, any state securities regulatory entity or the Department of Labor with respect to their respective requirements.

Further, the estimated value per share was calculated as of a
particular moment in time and the value of the Company’s shares
will fluctuate over time as a result of, among other things,
future acquisitions or dispositions of assets, developments
related to individual assets and changes in the real estate and
capital markets.

Forward-Looking Statements

The foregoing includes forward-looking statements within the
meaning of the Federal Private Securities Litigation Reform Act
of 1995. The Registrant intends that such forward-looking
statements be subject to the safe harbors created by Section 27A
of the Securities Act and Section 21E of the Exchange Act. These
statements include statements regarding the intent, belief or
current expectations of the Registrant and members of its
management team, as well as the assumptions on which such
statements are based, and generally are identified by the use of
words such as “may,” “will,” “seeks,” “anticipates,”
“believes,” “estimates,” “expects,” “plans,” “intends,”
“should” or similar expressions. Further, forward-looking
statements speak only as of the date they are made, and the
Registrant undertakes no obligation to update or revise
forward-looking statements to reflect changed assumptions, the
occurrence of unanticipated events or changes to future operating
results over time, unless required by law. Actual results may
differ materially from those contemplated by such forward-looking
statements. These statements depend on factors such as: projected
cash flows; expected cash flow discount rates, terminal discount
rates, terminal capitalization rates; future economic,
competitive and market conditions; the Registrant’s ability to
maintain occupancy levels and lease rates at its real estate
properties; and other risk factors as outlined in the
Registrant’s annual report on Form 10-K and quarterly reports on
Form 10-Q, as filed with the SEC. Actual events may cause the
value and returns on the Registrant’s investments to be less
than that used for purposes of the Registrant’s estimated value
per share.