Appraisers & Analysts at Shenehon Company

QUALIFICATIONS OF CLAYTON J. SHULTZ

BIOGRAPHICAL DATA AND EDUCATION

Raised in Orono, Minnesota. Attended Orono High School. Graduated from the University of Saint Thomas in St. Paul, Minnesota with Bachelor of Arts Degree in Business Administration and German Language.

Successfully completed the four Business Valuation Principles of Valuation courses offered by the American Society of Appraisers (ASA)
- Introduction to Business Valuation
- Income Approach
- Market Approach
- Business Valuation Case Study

Appraisal Institute
- National USPAP

PROFESSIONAL QUALIFICATIONS OR ASSOCIATIONS

American Society of Appraisers - Candidate Member

PROFESSIONAL EXPERIENCE

Shenehon Company, Minneapolis, Minnesota
Senior Valuation Analyst, April 2006 - Present
Valuation Analyst, July 2002 - April 2006

Duties and Responsibilities: Prepare professional valuations and market analyses of business enterprises and intangible property rights. Appraisal assignments have included professional practices, manufacturing and service businesses, minority interests, limited partnerships, and common-tenancy issues. Experience includes estate and gift tax, marriage dissolution, shareholder disputes, ESOP valuations, personal bankruptcy, potential sale, fairness opinions, and fair compensation.

TEACHING EXPERIENCE

Adjunct Professor - University of St. Thomas, Master of Science in Real Estate "Business Valuation Case Study"

AUTHOR OF

"Executive Compensation: Too Much of a Good Thing?"- Spring 2005 Valuation Viewpoint

RECENT SPEAKING ENGAGEMENTS

"Court Case Update", North Central Chapter of Institute of Business Appraisers, October 2005
"New Thoughts on the Market Approach", 16th Annual Business Valuation Conference, February 2006

PARTIAL CLIENT LIST

Anthony, Ostlund & Baer, PA
CBIZ, Inc.
Dunkley, Bennett, Christensen & Madigan, PA
Lindquist & Vennum, PLLP
Faegre & Benson, LLP
Fredrikson & Byron, PA Gray Plant Mooty, LTD
Internal Revenue Service
Leonard, Street and Deinard
Moss & Barnett, PA
Maslon, Edelman, Borman & Brandt, LLP
RSM McGladrey, Inc.

QUALIFICATIONS OF CHRISTOPHER J. STOCKNESS

BIOGRAPHICAL DATA AND EDUCATION
Raised in Mahtomedi, Minnesota. Graduated from Mahtomedi Senior High School. Graduated from the University of St. Thomas with a Bachelor of Science degree in Real Estate.

Successfully completed the following real estate courses and seminars:

University of St. Thomas
- Real Estate Appraisal
- Real Estate Development
- Real Estate Finance and Investment
- Real Estate Principals
- Real Estate Property Management
- Real Estate Law
- Regional and Urban Economics

The Appraisal Institute
- Principals of Condemnation
- Apartment Appraisal: Concepts & Applications
- National USPAP

PROFESSIONAL QUALIFICATIONS
Certified General Real Property Appraiser
Licensed Appraiser - State of Minnesota, License #20458763

PROFESSIONAL EXPERIENCE
Shenehon Company, Minneapolis, Minnesota
Senior Appraiser, September, 2007 - Present
Appraiser, January, 2007 - August, 2007
Valuation Analyst, 2002 to 2006

Duties and Responsibilities: Conduct valuation assignments for various public, quasi-public, private entities. These include preparing professional valuations and market analysis of real estate in the Midwest with experience expanding throughout the United States. Real estate appraisal assignments have involved numerous types of commercial, multiple family, industrial, and special purpose properties. These assignments have included mortgage financing, condemnation, tax abatement, investment counseling, potential sales and purchases, lease and rental analyses, charitable donations, internal management decisions, allocation of purchase price, bankruptcy, special assessment benefit analysis, Internal Revenue estate valuations and insurance indemnification.

PARTIAL CLIENT LIST

Advance Shoring Company
Allina Health System
Associated Bank National Association
BNC National Bank
Briggs & Morgan
Cargill
City of Grand Forks
City of New Hope
City of St. Paul
Community Pride Bank
DJM Asset Management
Dorsey & Whitney, LLP
Downey & Engerbretson, Inc.
Ecolab
Equity Financial Services
Faegre & Benson
First National Bank
Franklin National Bank
Highland Bank
Hollander Asset Strategies
Howse & Thompson
Leonard Street & Deinard
Medical Properties, Inc.
Minnesota/Iowa AAA
MN Department of Natural Resources
Opus
Pinehurst Properties, Inc.
Roundtree Capitol Corporation
Shapiro Professional Association
St. PaulTravelers
The Marshall Group
United States Postal Service
University of Minnesota
University of St. Thomas
Varde Partners, Inc.

QUALIFICATIONS OF ANDREW T. DONAHUE

BIOGRAPHICAL DATA AND EDUCATION

Raised in St. Paul, Minnesota. Graduated from Harding Senior High School. Graduated from the University of Saint Thomas in St. Paul, Minnesota with Bachelor of Science Degree in Real Estate Studies.

Attended and successfully completed the following relevant valuation courses and seminars:

University of St. Thomas
- Principles of Real Estate
- Property Management
- Urban & Regional Economics
- Real Estate Appraisal
- Retailing
- Real Estate Finance/Investment
- Real Estate Law
- Real Estate Development

Inver Hills Community College
- Building Inspections
- Field Inspection
- Structural Inspection, Concrete
- Construction Management
- Electrical Inspection
- Mechanical Inspection

Appraisal Institute
- Advanced Income Capitalization
- Advanced Sales Comparison & and Cost Approaches
- Apartment Appraisal
- Highest & Best Use and Market Analysis
- Small Hotel/Motel Valuation
- Business Practices and Ethics
- National USPAP

Waiver received from the Appraisal Institute for the following courses:
- Basic Appraisal Principles
- Basic Appraisal Procedures
- Basic Income Capitalization
- General Applications


PROFESSIONAL QUALIFICATIONS OR ASSOCIATIONS

Licensed Appraiser - State of Minnesota, License #20563302
Member - Appraisal Institute - General Associate
Member - Urban Land Institute
Member - National Association of Industrial and Office Properties - Minnesota Chapter (NAIOP)

PROFESSIONAL EXPERIENCE

Shenehon Company, Minneapolis, Minnesota
Senior Appraiser, January, 2007 - Present
Appraiser, February 2006 - December, 2006
Valuation Analyst, August 2004 - February 2006

Duties and Responsibilities: Prepare professional valuations and market analysis of real estate, business enterprises, and intangible property rights. Appraisal assignments have involved numerous types of commercial, multiple family, industrial, and special purpose properties. These assignments have included highest and best use studies, mortgage financing, condemnation, feasibility analysis, investment counseling, potential sales and purchases, lease and rental analyses, bankruptcy proceedings, charitable donations, internal management decisions, and allocation of purchase price.



CO-AUTHOR OF
"Changes in Eminent Domain Law: Minnesota is Moving in the Right Direction" Winter 2007 Valuation Viewpoint




PARTIAL CLIENT LIST

Anthony, Ostlund & Baer, P.A
Fredrikson & Byron, PA
Suntide Commercial Realty
Best & Flannagan
Henson & Effron
State of Minnesota - DNR
Catholic Charaties
Leonard, Street and Deinard
United Health Care
City of Minneapolis Public Schools
Murphy Warehouse
University of Minnesota
Dorsey & Whitney
Omaha Steaks
University of St. Thomas
Faegre & Benson, LLP
Opus Corporation
Zieglar Cat

QUALIFICATIONS OF CHARLES A. MILLER

BIOGRAPHICAL DATA AND EDUCATION

Raised in Mandan, North Dakota and graduated from Mandan High School. Graduated from Concordia College in Moorhead, Minnesota with a Bachelor of Arts Degree in Business Administration. Awarded a Master of Business Administration degree with a Finance concentration from the University of Minnesota's Carlson School of Management.
Attended and successfully completed the following relevant valuation courses and seminars:

Carlson School of Management MBA Program
- Financial Management
- Financial Accounting
- Marketing Management
- Theory of Finance
- Managerial Accounting
- Operations Management
- Advanced Corporate Finance
- Financial Statement Analysis
- Strategic Management
- Equity Securities Analysis
- Data Analysis and Statistics
- Ethical Environment of Business

Institute of Business Appraisers
- Essentials of Business Appraisal 8000 Series
- Report Writing, Review and Analysis
- Preparation for the CBA Exam
- 16th, 17th, and 18th Annual Business Valuation Conferences

Prosource Educational Services
- Appraisal Principles
- Construction Principles
- Appraisal Practices

Appraisal Institute
- National USPAP

Minnesota Association of Assessing Officers
- Income Approach to Valuation
- Assessment Laws, History, and Procedure
- Residential Appraisal
- Lakeshore Property Appraisal
- Techniques of Mass Appraisal
- Building Inspection

PROFESSIONAL QUALIFICATIONS OR ASSOCIATIONS

Registered Real Property Appraiser - State of Minnesota, License #20491206
Member of the Institute of Business Appraisers

PROFESSIONAL EXPERIENCE

Shenehon Company, Minneapolis, Minnesota
Senior Valuation Analyst; 2005 - Present
Duties and Responsibilities: Prepare professional valuations and market analyses of business enterprises, real estate, and intangible property rights.
Teaching Experience: Seminar Presenter, University of St. Thomas, "Business Valuation Case Study".

Marshall Field's, Minneapolis, Minnesota
Senior Financial Analyst, 1999-2005
Duties and Responsibilities: Retail industry financial management including budgeting, forecasting and analysis of finances and operations for all stores.

Ramsey County, Saint Paul, Minnesota
Real Estate Assessor, 1996-1998
Deputy Registrar (Torrens), 1992-1995

Duties and Responsibilities: Inspected, appraised and analyzed residential real estate for tax purposes. Examined, recorded and researched real estate transactions, title, documents, and legal descriptions.

CLIENT AND ASSIGNMENT TYPES

Conducted business valuations for companies across a wide range of industries with annual revenues ranging from start up status to over $700 million and performed real estate appraisals for various property types including office/industrial, golf course, retail commercial, mixed use, and manufactured home parks. Primary geographic concentration has been in the Midwest with services continuing to expand throughout the country.

QUALIFICATIONS OF TIMOTHY A. RYE

BIOGRAPHICAL DATA AND EDUCATION

Born and raised in Minneapolis, Minnesota. Graduated from the Academy of Holy Angels High School. Received a Bachelor of Science Degree in Real Estate Studies from the University of St. Thomas and currently attends Hamline University's School of Law.

Attended and successfully completed the following relevant valuation courses and seminars:

University of St. Thomas:
- Principles of Real Estate
- Property Management
- Urban & Regional Economics
- Real Estate Appraisal
- Real Estate Finance/Investment
- Real Estate Law
- Real Estate Development

National USPAP

PROFESSIONAL QUALIFICATIONS OR ASSOCIATIONS

Licensed Appraiser - State of Minnesota, License #40044602
Member - Minnesota Shopping Center Association

PROFESSIONAL EXPERIENCE

Shenehon Company, Minneapolis, Minnesota
Valuation Analyst, July 2005 - February, 2007
Appraiser, March 2007 - Present

Duties and Responsibilities: Conduct real estate valuation assignments for various public, quasi-public, private entities. Appraisal assignments have involved numerous types of commercial, multiple family, industrial, and special purpose properties. These assignments have included highest and best use studies, mortgage financing, condemnation, feasibility analysis, investment counseling, potential sales and purchases, lease and rental analyses, charitable donations, internal management decisions, fairness opinions and allocation of purchase price.



AUTHOR OF
"Conditional and Grandfathered Uses Complicate the Appraisal Process" Winter 2008 Valuation Viewpoint




PARTIAL CLIENT LIST

Danforth and Meierhenry, LLP
Gray, Plant, Mooty, Mooty, & Bennett
Redmon Law
Maslon, Edelmen, Borman, & Brand
Leonard, Street and Deinard
Katz & Manka
Moss & Bennett
Gilsdorf & Askvig
Parker Rosen LLC
Wilkerson & Hegna, PLLP
Catholic Charities
Veterans Administration
Robbinsdale Area Schools
University of Minnesota
University of St. Thomas
Independent School District #277
Regions Hospital
Opus Corporation
Internal Revenue Service
Gillette Children's Hospital
Zieglar Cat
Malkerson Gilliland Martin, LLP
Dakota County Community Development Agency