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QUALIFICATIONS OF STEPHEN T. HOSCH, MAI Biographical Data and Education Born and raised in Columbia Heights, Minnesota, and graduated from Columbia Heights High School. Attended St. Cloud State University and graduated with a Bachelor of Science degree in Real Estate with an emphasis in appraisal. Successfully completed numerous real estate appraisal courses offered by the Appraisal Institute, as well as attended several seminars covering specialized appraisal topics, some of the more recent of which are highlighted below: 13th Annual Real Estate Trends Seminar - May 2011 7th Annual Land Development Conference - May 2011 Annual IREM - 2010 Annual Forecast - January 2010 Annual RERC - Industry Forecast: 2009 - January 2009 4th Annual Minnesota Land Development Conference - May 2008 10th Annual Real Estate Trends Seminar - May 2008 Professional Qualifications or Associations Annual RERC-Industry Forecast: 2007 - January 2007 Eminent Domain - November 2006 Land Development & Redevelopment Conference - May 2006 Annual RERC-Industry Forecast: 2006 - January 2006 22nd Annual Real Estate Institute - November 2004 Mortgage Foreclosures in Minnesota - March 2004 Certified General Real Property Appraiser Licensed Appraiser - State of Minnesota, License #4002903, Expires August 31, 2013 Member - Appraisal Institute (MAI) Holding MAI Designation The MAI membership designation is held by appraisers who are experienced in the valuation and evaluation of commercial, industrial, residential and other types of properties, and who advise clients on real estate investment decisions. MAI members are the preferred choice among lawyers to serve as expert witnesses in trials, hearings, and other litigation matters. The Appraisal Institute conducts a mandatory program of continuing education for its designated members and also requires that they comply with the requirements of the Code of Professional Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute. MAI's and RM's 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, 2011. Member - Institute of Business Appraisers (IBA) Member - Minnesota Shopping Center Association (MSCA) Professional Experience Hosch Appraisal & Consulting, Inc., Minneapolis, Minnesota President, February 2005 - present Duties and Responsibilities: Prepare professional valuations and market analysis of real estate, businesses and intangible property rights. Real estate assignments involve numerous types of commercial, multiple family, industrial, and special purpose properties as well as land subdivisions, bulk acreage and proposed developments. Business valuation and consulting assignments have included both operating and holding companies. The specific purposes of these assignments have included 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, gift tax, and allocation of purchase price. Court experience involves testifying at commissioner hearings, depositions and trials, preparation of affidavits, and providing litigation support. Qualified as a court -appointed commissioner in Wright County. Shenehon Company, Minneapolis, Minnesota Senior Vice President - Director of Real Estate, November 2003 - January 2005; Shareholder Senior Vice President - Co -Director of Real Estate, September 2002 - November 2003; Shareholder Vice President - Co -Director of Real Estate, April 2001 - September 2002; Shareholder Appraiser/Analyst from June 1991 to March 2001