Shareholders of Shenehon Company

PROFESSIONAL QUALIFICATIONS OR ASSOCIATIONS
Counselor of Real Estate - American Society of Real Estate Counselors (CRE)
Member - Appraisal Institute (MAI)
Member - Institute of Business Appraisers (MCBA) (BVAL) (Fellow)
Industrial Organization Economist Associate - American Bar Association (ABA)
Member - National Association of Industrial and Office Properties - Minnesota Chapter (NAIOP)
Member - Urban Land Institute (ULI)
Member - Building Owners and Managers Association - Greater Minneapolis Chapter (BOMA)
Member - Commissioner of Commerce Task Force for Appraiser Licensing - 1990
NAIOP Judges Panel for Building Awards - 1996
Member - Lambda Alpha International - Honorary Land Economics Society

CERTIFIED AND LICENSED APPRAISER
Licensed Appraiser - State of Minnesota, #4000882
Licensed Appraiser - State of Arizona, #30727
Licensed Appraiser - State of Wisconsin, #585-010
Licensed Appraiser - State of South Dakota, #585CG-2007R
Licensed Appraiser - State of Colorado, #CG40027370
Licensed Appraiser - State of Florida, #RZ0002662

PROFESSIONAL EXPERIENCE
Shenehon Company, Shareholder, since October 1980; President since 1985.
Patchin Appraisals, Inc., Manager from February 1978 to September 1980.
Shenehon-Goodlund and Associates, Inc., Appraiser from May 1975 to February 1978.

Duties and Responsibilities: Prepare professional valuations and market analysis of real estate, business enterprises and intangible property rights. Assignments have involved numerous types of real estate properties and businesses. These assignments have included highest and best use studies, mortgage financing/recapitalization, condemnation, marriage dissolution, economic loss analysis, tax abatement proceedings, feasibility analysis, investment counseling, potential sales and purchases, lease and rental analyses, bankruptcy proceedings, charitable donations, internal management decisions, easements, special assessment appeals, allocation of purchase price, going public or private, lost profits analyses, estate planning, gift tax, ESOP/ESOT, rights-of-way, valuation of limited and general partner interests in real estate and business partnerships, and insurance indemnification. Teaching experience has been with the Board of Realtors in the University of Minnesota Extension and as an adjunct professor and lecturer at the University of St. Thomas and the University of Minnesota degree programs. Court experience involves testifying at various commission hearings, district courts, tax courts, and federal courts throughout the U.S. Writing experience includes numerous published articles in various local and national trade journals. Arbitration and commissioner experience involves acting as a court approved arbitrator, commissioner or magistrate on numerous real estate and business valuation disputes. Investment experience has involved a variety of business and real estate assets. Appraisal experience has been throughout the U.S. (over 25 states) and Canada.

BIOGRAPHICAL DATA AND EDUCATION
Raised in Edina, Minnesota. Graduated from Benilde High School in St. Louis Park. Graduated from the University of St. Thomas with a bachelor of arts degree in accounting.

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

American Society of Appraisers:
- Advanced Business Valuation Seminar
(1987, 1989, 1994, 1997, and 1999)
- International Appraisal Conference - 1998
- Business Valuation Courses I, II, III
- Business Valuation Strategies Seminar
- Closely Held Corporations - Valuation Seminar
- Executive Compensation Seminar

Institute of Business Appraisers
- Seminar Appraising Closely Held Business
(1992, 1994, 1996, 1999, 2000, 2002, 2003, and 2004)

Minnesota Legal Education
- Asset Valuation Conference - 1997

University of Minnesota
- Real Estate Investment Analysis

Society of Real Estate Appraisers 1989 Symposium
- Business Components in Operating Properties

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 #4000874
Licensed Appraiser - State of Nebraska, License #CG950132

PROFESSIONAL EXPERIENCE
Shenehon Company, Minneapolis, Minnesota; Shareholder; Senior Vice President - Director of Business Valuation/Treasurer since 2002; Vice President - Director of Business Valuation/Treasurer 1985-2002; Part time since 1980
World Travel & Incentives, Inc., Minneapolis, Minnesota; Vice President/Controller 1979-1985
Carlson Companies, Minneapolis, Minnesota; Internal Auditor 1978-1979

Duties and Responsibilities: Prepare professional valuations and market analysis of real estate, business enterprises and intangible property rights. Appraisal assignments have involved professional practices, service businesses, retail businesses, manufacturing concerns, leasehold interests, minority interests, and limited partnerships. These assignments have included dissenting shareholder disputes, mortgage financing, initial public offerings, potential sale and purchase, estate purpose, valuation of "limited and general partner interests in real estate and business partnerships," internal management decisions, and allocation of purchase price. Current experience involves testifying at various commission hearings, State of Minnesota District Court and Federal Tax Court.

CO-AUTHOR OF
Major Issues Associated with the Valuation of a Business
in a Divorce - Fall 2004 American Journal of Family Law
Challenges to Valuing an S Corporation in the Gross
Environment - Summer 2003 IBA-Business Appraisal
Practice
Operating Companies Versus Holding Companies
- November 1995 Valuation Viewpoint
Single-Year Capitalization Rates Vs.
Discount Rates in Tax Appeals Cases
- Summer 1993 Equal Eyes
Fairness in Minority Interest Valuation
- September 1992 Business Valuation Review

TEACHING EXPERIENCE
Adjunct Professor - 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" RECENT SEMINAR PRESENTATIONS
2003 IBA Conference, "Challenges to Valuing an S Corporation
in the Gross Environment"
2001 MILE - Minority Shareholder Disputes
"Determining 'Fair Value' of Shares in a Privately Held
Corporation"
2001 NCCIBA Business Valuation Seminar
"A Case Study of Do's and Don'ts in Litigation from ACD"
2000 NCCIBA Business Valuation Seminar "Asset Approach"
1999 NCCIBA Business Valuation Seminar "Case Presentation"
1999 MILE - Minority Shareholder Disputes
"Valuing Interest in Closely Held Corporations"
1998 NCCIBA Business Valuation Seminar
"Family Limited Partnerships"
1997 and 1998 MILE Asset Valuation Conference
"Minority and Illiquidity Discounts"
1996 NCCIBA Business Valuation Seminar
"Courtroom Do's and Don'ts"

BIOGRAPHICAL DATA AND EDUCATION

Born in Chicago, Illinois. Graduated from Brother Rice High School in Chicago. Graduated from the University of St. Thomas in St. Paul with a bachelor of arts degree in political science. Awarded a master of business administration degree from the University of St. Thomas.

Successfully completed the following real estate appraisal courses offered by:

Appraisal Institute
- Basic Valuation Procedures
- Real Estate Appraisal Principles
- Capitalization Theory A
- Capitalization Theory B
- Valuation Analysis & Report Writing
- Case Studies in Real Estate Valuation
- National USPAP

PROFESSIONAL QUALIFICATIONS OR ASSOCIATIONS

Certified General Real Property Appraiser
Licensed Appraiser - State of Minnesota, License #4000875
Licensed Appraiser - State of Wisconsin, License #1035-010

Member - Appraisal Institute (MAI)
The Appraisal Institute conducts a mandatory program of continuing education for its designated members. MAIs and RMs who meet the minimum standards of this program are awarded periodic educational certification. I am currently certified under the Appraisal Institute education program through December 31, 2012.

PROFESSIONAL EXPERIENCE

Shenehon Company, Minneapolis, Minnesota
Senior Vice President; Shareholder - 1991 to Present
Appraiser/Analyst, May 1982 - 1991

Dun and Bradstreet, Inc., Minneapolis, Minnesota
Business Analyst from August 1975 to April 1982

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 include highest and best use studies, mortgage financing, condemnation, tax abatement proceedings, feasibility analysis, investment counseling, potential sales and purchases, lease and rental analyses, bankruptcy proceedings, charitable donations, internal management decisions, special assessment appeals, allocation of purchase price, and insurance indemnification.