Qualifications

<body topmargin=0 leftmargin=0 marginheight=0 marginwidth=0> <table cellpadding=0 cellspacing=0 border=0><tr> <td valign="top" colspan=2 height=140 BGCOLOR="#FFFFFF" TEXT="#080000" bgproperties="fixed" background="07ff0f21egerdp.jpg"> <div> <B><IMG SRC="05f203c0.jpg" border=0 width="32" height="60" ALIGN="BOTTOM" HSPACE="0" VSPACE="0"></B><FONT SIZE="6" COLOR="#66334C" FACE="Times New Roman" ><A HREF="index.htm" TARGET="_top" TITLE="Pickering Valuation Group"><U><B>Pickering Valuation Group</B></U></A></FONT></div> <div> <A HREF="id2.htm" TARGET="_top" TITLE="About Pickering Valuation Group"><U>About Pickering Valuation Group</U></A>   |   <A HREF="id43.htm" TARGET="_top" TITLE="Services Offered"><U>Services Offered</U></A>   |   <A HREF="id50.htm" TARGET="_top" TITLE="Property Types Appraised"><U>Property Types Appraised</U></A>   |   <A HREF="id7.htm" TARGET="_top" TITLE="Client List"><U>Client List</U></A></div> <div> <B><IMG SRC="05f203c0.jpg" border=0 width="32" height="60" ALIGN="BOTTOM" HSPACE="0" VSPACE="0"></B><FONT SIZE="5" COLOR="#66334C" FACE="Arial" ><B>Pickering Valuation Group</B></FONT><B>      |     </B><A HREF="index.htm" TARGET="_top" TITLE="Pickering Valuation Group"><U><B>home</B></U></A></div> <div> <A HREF="id48.htm" TARGET="_top" TITLE="Contact Information"><U>Contact Information</U></A>   |   <B>Qualifications</B></div> <div> </div> </td> </tr><tr> <td valign="top" width=150 BGCOLOR="#FFFFFF" TEXT="#080000" bgproperties="fixed" background="05df2f02egerdp.jpg"> <div> <A HREF="id48.htm" TARGET="_top" TITLE="Contact Information"><U>Contact Information</U></A></div> <div> <B>Qualifications</B></div> <div> <IMG SRC="10d7a5f0.jpg" border=0 width="122" height="95" ALIGN="BOTTOM" HSPACE="0" VSPACE="0"></div> </td> <td valign="top" height=340 BGCOLOR="#FFFFFF" TEXT="#080000" bgproperties="fixed" background="081f0f03.jpg"> <div> <I>Qualifications</I></div> <div>  </div> <DIV ALIGN="LEFT"></DIV> <div> <B><U>CURRICULUM VITAE</U></B></div> <div> <B>Bruce E. Pickering, MAI</B></div> <bR> <div> <B><U>PRESENT STATUS</U></B></div> <bR> <div> Owner of Pickering Valuation Group, LLC, a professional appraisal firm specializing in the valuation of commercial and industrial properties located primarily in the eastern half of the United States.</div> <bR> <bR> <div> <B><U>APPRAISAL AND COUNSELING EXPERIENCE</U></B></div> <bR> <div> Mr. Pickering has over forty years' full-time experience which includes a broad range of property types and valuation problems.  Analyses have been prepared for a variety of clients including large corporations, private individuals, investors, attorneys, assessors, school boards, and various public entities.  In addition to estimates of <U>market value</U>, estimates of investment value, assessed value, value in use, rental value, and special-use value have been completed.  Following are examples of properties Mr. Pickering has appraised:</div> <bR> <DIV ALIGN="LEFT"></DIV> <div> <B><U>Industrial</U></B></div> <div> Light and heavy industrial including various types of manufacturing plants to over three million square feet in size, plus distribution centers, warehouses, mini-warehouses, personal storage warehouses, and freezer warehouses</div> <bR> <DIV ALIGN="LEFT"></DIV> <div> <B><U>Commercial</U></B></div> <div> Numerous small commercial properties of various types, motels, office buildings, headquarter facilities, auto dealerships, central business district land, extended care/medical facilities, and strip and regional mall shopping centers</div> <bR> <DIV ALIGN="LEFT"></DIV> <div> <B><U>Agricultural</U></B></div> <div> Various farms have been appraised for their agricultural value and, in certain instances, based on their potential for other uses </div> <bR> <DIV ALIGN="LEFT"></DIV> <div> <B><U>Residential</U></B></div> <div> Apartment complexes, condominiums, single family homes, large modern mobile home complexes, and single family subdivisions</div> <bR> <DIV ALIGN="LEFT"></DIV> <div> <B><U>Unique Assignments</U></B></div> <div> -     164,544 acres of land appraised in north central Ohio for the Wyandotte Indians, with a valuation date in the middle 1800's.  This appraisal also included the entire town of Upper Sandusky, Ohio.</div> <bR> <div>       -     3,900 acre "Newfields New Town Project" based on revised Highest and Best Use considerations.</div> <bR> <div> <B><U>PROFESSIONAL DESIGNATIONS, CERTIFICATIONS & LICENSES</U></B></div> <bR> <div> Appraisal Institute:  MAI #5511 - received 1975</div> <div> Ohio Division of Real Estate - Certified General Appraiser #380186</div> <div> Indiana Professional Licensing Agency - Certified General Appraiser #CG69201451</div> <div> Michigan Department of Commerce - Certified Appraiser #H649835</div> <div> Licensed sales person in Ohio since 1965 - #147221</div> <bR> <bR> <div> <B><U>QUALIFIED AS AN EXPERT WITNESS</U></B></div> <bR> <div> In various courts including:  Ohio Board of Tax Appeals; Indian Claims Commission; Washington, D.C.; Michigan Tax Tribunal; Franklin County Court of Domestic Relations; Franklin County Board of Revision; Franklin County Court of Common Pleas; Indiana State Board of Tax Commissions; plus, various tax appeal boards and courts outside of Ohio.</div> <bR> <bR> <div> <B><U>FORMAL EDUCATION</U></B></div> <bR> <div> Bachelor of Science in Agricultural Economics, The Ohio State University 1966</div> <div> Courses, etc., required for MAI designation, The Appraisal Institute</div> <div> Courses, etc., required for CCIM designation, Commercial Investment Real Estate Institute</div> <bR> <bR> <div> <B><U>PROFESSIONAL REAL ESTATE EDUCATION</U></B></div> <bR> <DIV ALIGN="LEFT"></DIV> <div> <U>American Institute of Real Estate Appraisers/Appraisal Institute</U></div> <bR> <div> Various courses necessary for the MAI designation (1968-70)</div> <div> Capitalization Workshop with Emphasis on Mortgage Equity (1975)</div> <div> Component Depreciation Appraising Seminar (1981)</div> <div> Cash Equivalency Seminar (1982)</div> <div> Tax Appeal & The Real Estate Appraiser (1982)</div> <div> Computer Applications in the 80's (1982)</div> <div> Hotel-Motel Valuation Seminar (1984)</div> <div> R-41B+C Seminars (1985 & 1987)</div> <div> Industrial Valuation (1986)</div> <div> Standards of Professional Practice (1986, 1989)</div> <div> Lotus 123 in Appraisal Analysis (1989)</div> <div> Reviewing Appraisals (1990)</div> <div> State Certification Seminar (1990)</div> <div> Appraisers Legal Liability (1991)</div> <div> Appraising Troubled Properties (1991)</div> <div> Annual Economic Seminar (annually 1980-2008)</div> <div> Analyzing Operating Expenses (2007)</div> <div>         Hotel/Motel Valuation (1992)</div> <div> Litigation Skills for the Appraiser (1996)</div> <div> Standards of Professional Practice (triennially through 2009)</div> <div> Real Estate Disclosure (2002)</div> <div> Internet Research Strategies (2005)     </div> <bR> <DIV ALIGN="LEFT"></DIV> <div> <U>Others</U></div> <bR> <div> Regression Analysis (2000)</div> <div> Defending the Appraisal in Litigation (2000)</div> <div> Course 301, Special Applications of Appraisal Analysis (1976)</div> <div> Hotel & Motel Valuation Seminars (1984)</div> <div> CI101 Financial Analysis for Commercial Investment RE (1996)</div> <div> CI201 Market Analysis for Commercial Investment RE (1997)</div> <div> CI301 Decision Analysis for Commercial Investment RE (1997)</div> <div> Hospitality Industry Investment Conference - New York (1980)</div> <div> Pension Fund Real Estate Investment & Management (1982)</div> <div> Case Studies in Real Estate Investment and Finance (1984)</div> <div> Environmental Risks of Real Estate Transactions Seminar (1987, 1988)</div> <div> Understanding Real Estate Markets (1990)</div> <div> ASTM - Standards for Site Environmental Assessments (1993)</div> <div> Regression Analysis - McKissock (1994)</div> <div> Map Merge/GIS - Columbus Board of Realtors (1999)</div> <div> Property Tax Law in Ohio - Instructor, National Business Institute (1998)</div> <div> Civil Rights, CORE Law and Ethics (2002)</div> <div> Investment Value - Deductions & Credits (2001)</div> <div> Survey of the Cost Approach (2008)</div> <bR> <bR> <div> <B><U>MEMBERSHIPS</U></B></div> <bR> <div> Appraisal Institute</div> <div> Columbus Board of Realtors</div> <div> The Ohio State University Alumni Association</div> <bR> <bR> <div> <B><U>MISCELLANEOUS</U></B></div> <bR> <div>   -     Past instructor of various courses at O.S.U., Continuing Education Division</div> <div>   -     Authored chapter on Market Approach for Ohio Real Estate Appraisal-Instructor's Manual</div> <div>   -     Contributed to Appraisal Institute's "Commercial Data Standards Committee"</div> <div>   -     Contributed to Appraisal Institute's "Industrial Data Standards Committee"</div> <div>   -     Former Regional Panel Member, Review and Counseling Committee, Appraisal Institute</div> <bR> </td> </tr></table></body>