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TERESA CORNELLISON SENIOR ANALYST Ms. Cornellison has been actively engaged in real estate valuation and consulting since 2003, working with private firms in the Seattle, Washington and Minneapolis/St. Paul areas. She has worked with Integra Realty Resources-Minneapolis/St. Paul since January 2007. Her experience includes valuation and analysis of projects for commercial, industrial, office and multiple family and residential properties. In addition, she has done market studies and valuations on proposed, partially completed, renovated and existing structures, including warehouses, retail and office buildings, all types of residential properties and land. A graduate of St. Benedict, in St. Joseph, Minnesota, with a Bachelor of Science Degree, Ms. Cornellison holds Certified General Real Estate Appraiser Licenses in both Minnesota and Washington State. She is an Associate Member of the Appraisal Institute. WILLIAM TOELKE ANALYST Mr. Toelke has been involved in the appraisal profession since his tenure as a managing editor with the Appraisal Institute in Chicago. In 2004, he starting working in valuation and consulting with a leading regional appraisal company based in Portland, Oregon, before joining Integra Realty Resources-Minneapolis/St. Paul in the fall of 2007. In addition to subdivision and land analysis, his primary experience is multifamily housing, with an emphasis on market studies and analysis of proposed, existing, and income -restricted housing under renovation. Mr. Toelke has a B.A. in English from St. Olaf College, in Northfield, Minnesota, and an M.A. in journalism from Indiana University in Bloomington, Indiana. He holds Certified General Real Estate Appraiser licenses in Minnesota and Oregon. He is an Associate Member of the Appraisal Institute. KELLY M. ARVIDSON ANALYST Ms. Arvidson has been employed by Integra Realty Resources — Minneapolis/St. Paul since 2005. Her experience consists of research, market data compilation, and market studies of various types of commercial real estate, and she has assisted with the preparation of professional real estate valuations. Assignments have included commercial properties, retail centers, multi- family residences, industrial buildings, office buildings, mixed use developments and vacant land. An Associate Member of the Appraisal Institute, Ms. Arvidson holds a Trainee Real Property Appraiser license in Minnesota. She earned her Bachelor of Arts Degree from St. Cloud State University.