Shenehon Company Officers

QUALIFICATIONS OF JOHN T. SCHMICK

BIOGRAPHICAL DATA AND EDUCATION

Graduated from Southwest High School in Minneapolis. Graduated from St. Cloud State University with a bachelor of science degree in finance. Graduated from St. Cloud State University with a master of business administration degree, specializing in real estate.

Awarded scholarships by the Minnesota Association of Realtors and by the Minneapolis Chapter of the American Institute of Real Estate Appraisers.

PROFESSIONAL QUALIFICATIONS OR ASSOCIATIONS

Certified General Real Property Appraiser
Licensed Appraiser - State of Minnesota, License #4000878
Licensed Appraiser - State of Colorado, License #CG40029459

Appraisal Institute - MAI Associate

Member - International Right of Way Association

PROFESSIONAL EXPERIENCE

Shenehon Company, Minneapolis, Minnesota (1986-Present).
Vice President - Director of Special Projects since 2002

St. Cloud State University, St. Cloud, Minnesota.
Graduate Assistant to Minnesota Chair in Real Estate, 1983-1985
Instructor - Real Estate Principles Course, 1985

Duties and Responsibilities: Prepare professional valuation and market analysis reports for all types of real property, business enterprises, and intangible property rights. Typical assignments include studies for highest and best use, mortgage financing, condemnations, tax abatement proceedings, feasibility studies, sales and purchases, leasehold and leased fee interests, and internal management decisions.

Adjunct Professor, University of St. Thomas, Various Dates - "Easements"

PUBLICATIONS

John T. Schmick, "Unintended Consequences: The Impact of Medians", Right of Way, January/February 2008
John T. Schmick, "Appraising Public Utility Easements in a Railroad Corridor", Right of Way, January/February 2007
John T. Schmick, "Complexities of Pipeline Easement Damages on Midwest Farmland", Right of Way, November/December 2006
John T. Schmick and Robert J. Strachota, "Railroad Right Of Way - Appraising Public Utility Easements", Part II, Right of Way, March/April 2006
John T. Schmick and Robert J. Strachota, "Railroad Right Of Way - Appraising Public Utility Easements", Part I, Right of Way, January/February 2006
John T. Schmick, "Adopting Old Theories for New Applications: A New Approach to Church Valuations", Paper Presented at 16th Annual Meeting, American Real Estate Society, April 2000
John T. Schmick and Robert J. Strachota, "Larger Parcel Theory", Real Estate Review, Fall 1987
Contributor: Valuation Viewpoint, Shenehon Company
Contributor: Minnesota Real Estate Journal

PARTIAL CLIENT LIST

Bassford, Lockhart, Truesdell & Briggs, P.A.
Danforth, Meierhenry & Meierhenry, P.A.
Dorsey & Whitney
Faegre & Benson
Grace Church of Edina
Gray, Plant, Mooty, Mooty & Bennett
Hennepin County Regional Railroad Authority
Investment Management, Inc.
Kelly & Fawcett, P.A.
Leonard, Street and Deinard
Metcalf, Larson & Muth, P.A.
Metropolitan Airports Commission
National Presto Company
Neils, Franz, Chirhart, P.A.
Opus Corporation
Principal Insurance
Robins, Kaplan, Miller & Ciresi LLP
San Diego Gas and Electric
Siegel, Brill, Greupner, Duffy & Foster P.A.
Xcel Energy
W.D. Schock Company
Williams Pipeline Co.
Wilson's, The Leather Experts
Woods Fulkler Shultz & Smith, P.C.

BIOGRAPHICAL DATA AND EDUCATION

Raised in Bloomington, Minnesota. Graduated from Minnehaha Academy in Minneapolis. Graduated from University of Minnesota with a degree in business communications.

Successfully completed the following real estate business valuation courses and seminars:

Institute of Business Appraisers
- Seminar Appraising Closely Held Business - 2002, 2003, 2004

Appraisal Institute
- Level I, II, III, and IV Fundamentals of Business Valuation
- Capitalization Development Seminar
- Economic and Industry Research Seminar
- Advanced Business Valuation Seminar, 2000
- International Appraisal Conference, 1991-2001
- Annual National Conference, 2003
- National USPAP

A.I.C.P.A.
- Business Forecasting and Projections Seminar
L & H
- Hotel - Motel Development Conference

PROFESSIONAL QUALIFICATIONS OR ASSOCIATIONS

Associate Member (Candidate) - Business Valuation, American Society of Appraisers
Certified Business Appraiser (2003) - The Institute of Business Appraisers, Inc. (CBA)
Certified General Real Property Appraiser
Licensed Appraiser - State of Minnesota, License #4000883

PROFESSIONAL EXPERIENCE

Shenehon Company, Minneapolis, Minnesota
Vice President - Director of Information Systems, September 2002 - Present
Senior Business Appraiser, March 1987 - September 2002

Duties and Responsibilities: Prepare professional valuations for business enterprises and intangible property rights. Appraisal assignments have included professional practices, service businesses, retail businesses, manufacturing concerns, leasehold interests, minority interests, limited partnerships, and limited liability corporations. These assignments have included mortgage financing, condemnation feasibility, potential sale or purchase, gift and estate, valuation of "limited and general partner interests in real estate and business partnerships," internal management decisions, and the allocation of purchase price.

CO-AUTHOR OF

Discount and Capitalization Rates: Practical and Defensible Deviation - IBA Course, August 25 & 26, 2004
Challenges of Valuing an S Corporation in the Gross Environment: A Continuum Model as a Solution - Summer 2003 Business Appraisal Practice
The Roll Up - Look Before You Leap - Spring 2001 Valuation Viewpoint
Operating Companies Versus Holding Companies - November 1995 Valuation Viewpoint

TEACHING EXPERIENCE

University of St. Thomas Master of Science in Real Estate Business Valuation Case Study
IBA 8-Day Workshop: Mastering Appraisal Skills for Valuing the Closely Held Business

QUALIFICATIONS OF ROBERT H. BROWN

BIOGRAPHICAL DATA AND EDUCATION
Born in Grand Rapids, Minnesota. Graduated from Northland High School in Remer, Minnesota. Bachelor of Science Degree, Bemidji State University, Bemidji, Minnesota, in Mathematics and Psychology.

- Basic Valuation Procedures
- Easement Valuation
- Capitalization Theory A
- Capitalization Theory B
- Real Estate Appraisal Principles
- Case Studies in Real Estate Valuation

Appraisal Institute
- National USPAP

PROFESSIONAL QUALIFICATIONS OR ASSOCIATIONS
Senior Member, American Society of Appraisers
A.S.A. Designation - Machinery and Equipment
President, Local Chapter 1992-1993

Certified General Real Property Appraiser
Licensed Appraiser - State of Minnesota, License #4000646

PROFESSIONAL EXPERIENCE
Shenehon Company, Minneapolis, Minnesota
Vice President, September 2002 - Present
Senior Appraiser, April 1993 - September 2002

American Appraisal Associates, Minneapolis, Minnesota
Senior/Staff Appraiser from September 1978 to March 1993

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 mortgage financing, condemnation, tax abatement proceedings, investment counseling, potential sales and purchases, lease and rental analyses, bankruptcy proceedings, charitable donations, internal management decisions, allocation of purchase price, and insurance indemnification. Has testified in district court and commissioners' hearings regarding valuation issues.

PARTIAL CLIENT LIST
American Realty Advisors
Bremer Bank
Boston Scientific/SciMed
Brookfield Properties (US) LLC
Carlson Companies
Cargill
Caterpillar
CB Richard Ellis
Citicorp
City of Bloomington
City of Chaska
City of Fridley
City of New Hope
City of St. Paul
CSM Corporation
Dorsey & Whitney
Faegre & Benson
Frauenshuh Companies
Fredrikson & Byron
GE Credit Corporation
HealthEast
Hillcrest Development
Hinshaw & Culbertson
Hoyt Properties, Inc.
H.U.D.
Internal Revenue Service
Katun Corporation
Kraus Anderson
Leonard, Street & Deinard
Lindquist & Vennum
Lutheran Brotherhood
McGough Construction
Metropolitan Airports Commission
Minnesota Public Radio
Moss & Barnett
NorthMarq Capital
Novartis
Opus Corporation
Property Reserve, Inc.
Prudential Insurance
Robins, Kaplan, Miller & Ciresi
St. Paul Properties
Silicon Graphics
Smith Gendler Shiell Sheff Ford & Maher
The Thymes Limited
Union Labor Life Insurance Company
UnitedHealth Group
United Properties
U.S. Postal Service
University of Minnesota
University of St. Thomas
Dept of Veterans Affairs
W.D. Schock
Wells Fargo

QUALIFICATIONS OF WENDY S. CELL

EDUCATION

Graduated with a degree of Bachelor of Science in Business with distinction from the Carlson School of Management at the University of Minnesota. Successfully completed numerous real estate and appraisal courses and seminars, including the following courses through the Appraisal Institute:
- Appraisal Principles
- Appraisal Procedures
- Basic Income Capitalization
- Hotel and Motel Valuation
- Standards of Processional Practice, Part A

PROFESSIONAL QUALIFICATIONS

Minnesota Real Estate Salesperson License #719278

PROFESSIONAL EXPERIENCE

Shenehon Company, Minneapolis, Minnesota, Vice President September, 2004 - Present

Fredrikson & Byron, P.A., Minneapolis, Minnesota, Senior Paralegal
February 1988 - September 2004

TCF Mortgage Corporation, Minneapolis, Minnesota, Loan Officer
January 1987 - October 1987

Community Management Company, Minneapolis, Minnesota, Property Administrator
October 1981 - September 1986

Duties and Responsibilities: Prepare real estate valuations, market analyses, feasibility studies and rent analyses. Experience encompasses a wide variety of property types including office, industrial, retail, multi-family, subdivisions, casinos, gas stations, and travel plazas. The specific purposes of these assignments include eminent domain proceedings, potential sales, internal management decisions, development feasibility, marriage dissolution, and estate planning. Specialized experience involves preparing affidavits, motions, and briefs, and providing litigation support.

PARTIAL CLIENT LIST

Katz, Manka, Teplinsky, Due & Sobol, Ltd.
Kennedy & Graven
Leonard, Street and Deinard
LeVander, Gillen & Miller, P.A.
Lindquist & Vennum, PLLP
Malkerson, Gilliland and Martin, LLP
Mansfield, Tanick, & Cohen, P.A.
Moss & Barnett, P.A.
Opus Properties
Tradition Capital Bank
YMCA

BIOGRAPHICAL DATA

Dennis has over 25 years of experience in business appraisals, accounting, financial analysis, and merger and acquisition activities.

Successfully completed the following business valuation courses and seminars:

Institute of Business Appraisers
- National Conference on Appraising Closely Held Business :
(2004, 2003, 2002, 2001, 2000, 1999, 1998, and 1996)
- NCCIBA Seminar: 2001, 1999 and 1998
- Divorce Engagements
- Investment Value
- Litigation Support and Expert Witness
- Marketability Discounts
- Report Writing
- SFAS 141 & 142
- Using Transaction Data
- Valuing Mid-Size and Smaller Businesses.

PROFESSIONAL QUALIFICATIONS OR ASSOCIATIONS

Certified Business Appraiser (1997) - The Institute of Business Appraisers
Certified in Financial Management (1997) and Certified in Management Accounting (1976) - The Institute of Management Accountants

PROFESSIONAL EXPERIENCE

Shenehon Company, Minneapolis, Minnesota
Vice President, May 2000 - Present

Self employed in Corporate Appraisal, Inc. 1997-1999. Prior to forming Corporate Appraisal, Mr. Bingham was a business consultant specializing in mergers and acquisitions, business reorganizations, and financial consulting. In addition, Mr. Bingham has been an executive for Munsingwear, Inc. and Minnesota Laser Corporation and held various management positions with responsibility at the director level at Lee Data Corporation and British Oxygen.

Duties and Responsibilities: Prepare professional valuations for business enterprises and intangible property rights. Appraisal assignments have involved: estate and gift tax appraisals, business and stock valuations, merger and acquisition appraisals, purchase price allocation appraisals, marital dissolution appraisals, shareholder oppression appraisals, lost profit analysis, fairness opinions, and solvency opinions.

Business appraisal and financial assignments have been performed in the following industries: manufacturing, construction, wholesale, distribution, dealership, and services - including professional practices.

Member of the Board of Directors, Chairman of the Board of Directors, Chairman of the Audit Committee, and member of the Corporate Governance Committee of Smith & Wesson Holding Corporation (2002-2004).

PROFESSIONAL ACTIVITIES

Member of the Qualifications Review Committee of the IBA
Member Editorial Review Committee of the Journal of Business Appraisal Practice
President of the North Central Chapter of the IBA, 2000-2001
Published in Business Appraisal Practice: Fall 2002, Winter 2001, Summer 2000, Fall 1999, and Winter 1999
Presentation at IBA National Conference - Challenges of Valuing an S Corporation in the Gross Environment - The Continuum Model as a Solution and The Experts Beg to Differ
Presentation at North Central Chapter of IBA Seminar - Recent Developments
Instructor: IBA - Preparing for the IBA Exam and Discount and Capitalization Rates