Appraiser’s Qualifications & Professional Data

Eugene Stuard, IFAC, CCIM, CEVA, CERA, GAA, ASA.

Indiana State Certified General Appraiser #CG49300028

Kentucky State Certified General Appraiser #2525

Illinois State Certified General Appraiser-License # 153.001380

Web Site: http://www.forrestal.net

Email: gstuard@forrestal.net

4004 Morgan Ave., Suite100, P.O. Box 4836 (47724-0836)

Evansville, Indiana 47715

Phone: (812) 421-1730 (800) 847-5982 Fax: (812) 491-2266

OVERVIEW OF QUALIFICATIONS

WORK PERFORMED: Appraisals, consultation, feasibility studies, court testimony, value analyses and specialized real estate market studies including tax appeals and condemnation proceedings. Special assignments relating to loss of property value from stigma resulting from contamination. Golf course, hospitality projects and convenience stores feasibility studies and appraisals.

SPECIAL ASSIGNMENTS: Appraisals and court testimony on contamination and environmentally sensitive properties for value loss and tax assessment. Qualified as an expert witness in Indiana, Illinois, Kentucky, Ohio and Louisiana. Special consultant to property owners relating to loss of property value from contamination.

RESEARCH: Valuation studies and research on the affect of contamination on real property including before and after value. Studies on the affect of Underground Storage Tanks on the value of a property with possible contamination undefined. Research and studies on the public’s perception of contamination and how that perception affects value.

ASSIGNMENTS COMPLETED: A hazardous waste facility - (SCMF) landfill, industrial and commercial land, industrial plants, warehouses, automobile facility, golf course and golf course community, medical and office buildings, motels, multi-family housing and other commercial type projects. Assignment completed on residential and commercial sub-division developments. Assignments completed on property adjacent to a solid waste sanitary landfill. Appraisal review, trial preparation assistance and consultation on environmentally sensitive real estate and multi-family subsidized housing. Consulting work in Indiana, Louisiana, Kentucky and Pennsylvania on unique assignments involving class action litigation. Consultant to Kentucky Revenue Cabinet on Appraisals and other valuation matters. Certified as Indiana Level 11 Tax Assessor. Property tax appeals completed in Indiana, Kentucky, Mississippi, W. V Virginia and Illinois. Assignments on State Highway Projects for State of Indiana Department of Transportation and the Illinois Department of Transportation.

EXPERT WITNESS: Qualified as expert witness in Indiana, Illinois, Ohio, Kentucky and Louisiana. Served by appointment of the Southern Indiana Superior Court as Umpire to mediate several court cases involving opposing appraisers difference of value loss opinions. Acted as final recommendation to the Superior Court.

BROKERAGE COMPLETED: Residential and commercial land development and marketing. Brokerage of all types of industrial, commercial and investment properties in Indiana, Kentucky and Illinois.

EXPERIENCE

1995-Present The Forrestal Group, Inc.

Forrestal Appraisal / Environmental

Forrestal Property Tax Advisory Group, LLC.

1989-Present Gene Stuard & Associates-Owner

1986-Present: Independent Appraisers-Consultants, Inc. Affiliated

1991-1998: Realty USA, Consultant To Management.

1985-1989: ERA Steve Thompson Realty, Inc.-Chief Executive Officer

1970-1985: Midwest Realty & Development Corporation, President

1963-1970: Henry & Stuard Associates, General Partner

1961-1963: US Army, Giessen, Germany

DESIGNATIONS, CERTIFICATION AND LICENSE

APPRAISER Indiana State Certified General Appraiser #GC49300028

APPRAISER Kentucky State Certified General Appraiser # 2525

APPRAISER Illinois State Certified General Appraiser License #153.001380

BROKER Indiana Real Estate License #IB20500330

BROKER Kentucky Real Estate License #16542

BROKER Illinois Real Estate License #07510093

IFAC #156 National Association of Independent Fee Appraisers, Counselor -1982

Senior Member #876-1976 IFA Member-1972

CCIM #1936 Certified Commercial Investment Member (CCIM 1983)

ASA Accredited Senior Appraiser-American Society of Appraisers-1994

GAA #4099 General Accredited Appraiser-National Association of Realtors, Inc. Appraisal Section

CERS Certified Environmental Risk Screener-1992

CERA #07 Certified Environmental Risk Assessor-1992

GRI Graduate, Realtors Institute-1979-Indiana University

CEVA #01 Certified Environmental Valuation Analyst-1997

LEVEL 1 Level 1 Certified Indiana Assessor-Appraiser, September 10, 2001

LEVEL II Indiana Level II Certified Assessor-Appraiser- July 7^th, 2004

Indiana Certified Tax Representative- July 27^th, 2004

AGENT State of Tennessee Board of Equalization Registered Agent # 0246

PROFESSIONAL MEMBERSHIPS

National Association of Independent Fee Appraisers - Member 1972

National Association of Realtors, Inc. - Member 1973

Realtors National Marketing Institute - Member 1978

Commercial Investment Real Estate Institute - Member 1978

International Association of Assessing Officers - Member 1991

National Association of Realtors-Appraisal Section - Member 1993

American Society of Appraisers - Member 1994

International Right of Way Association - Member 1994

Indiana Convenience Store Association - Member 1999

Indiana Assessor Association - Member 2001

Indiana Rural Housing Rental Association -Member 2004

Indiana Manufacturers Association -Member 2005

EDUCATION

Graduate-Jo Byrns High School, Cedar Hill, Tennessee-1951-1955

Castle Heights Military Academy, Nashville, Tennessee-1955-56

Columbia Pacific University-Bachelor of Arts (BA)-Real Estate & Marketing. Columbia Pacific University-(Conferred June 30, 1989) Master of Arts (MA) in Administration & Management; (Conferred August 31, 1989).Admitted on April 25, 1985.. A Non-Residential Private Post-Secondary Institution recognized by the State Department of Education in California, with Full Institutional Approval by the State of California. (Disclosure)

EDUCATION-CONTINUING

1971 Indiana State University-Real Estate Sales person Course-Graduate

1972 Indiana State University-Real Estate Broker’s Course-Graduate

1973 University of Evansville-Course 100-Real Estate Residential Appraisal-Graduate

1975 University of Evansville-Course 200-Real Estate Income Appraisal-Graduate

1977 Indiana University-Realtor Institute-Graduate-Indiana University

1977 NAR-Course MM101-MM102-MM103-MM104-MM105-Graduate-Certified

Real Estate Brokerage Manager (CRB)

1978 NAR-Course CI-100 CI-101 CI-102 CI-103 CI-104 CI-105-Graduate-Certified

Commercial Investment member (CCIM)

REAL ESTATE COURSES/SEMINARS ATTENDED

1972 Residential Appraisal Courses, NAIFA-Update Course 1983

1973 Income Capitalization Course, NAIFA (1.a-1.b) Update 1975-1984

1981 Six (6) Functions of a Dollar, NAIFA-Update Course 1985

1982 Mortgage Equity Analysis Course, NAIFA, Update Course 1984

1983 Manufactured Housing Course, NAIFA

1985 Condemnation Appraisal Course-NAIFA-Update Course 1992-1997

1985 Series “22” Security-NASD. Beattie Co.

1986 Center for Education and Research-Update-1993

1988 Taxation Update Seminar. NAR-1983-84-86-88-1999

1991 Appraisal Concepts and Terminology. NAIFA

1992 National Association of Independent Fee Appraisers-Instructor Clinic-1978-2004

1992 Marshall & Swift-Residential-Commercial Cost Seminar-NAIFA

1993 Business Insurance-Financial Concepts-Pictorial-Indianapolis, Indiana

1993 American Disabilities Act. NAIFA- Atlanta, Georgia

1993 Market Data Analysis-Course 1.2 NAIFA- Ivy Tech, Evansville, Indiana

1993 AARO Seminar on Enforcement & Investigation Washington DC Nov 20-21, 1999

1993 Florida Real Estate Course-63 Hours-Approved Provider-Panama City, Fl. 1993

1994 Accrued Depreciation Seminar-Appraisal Institute, San Diego, Ca. 01/31/94

1994 Appraisal Review-Income Property-Appraisal Institute, San Diego, Ca. 02/01/94

1994 Partial Takings/High Impact Traffic Sites-I.R.W.A. Pittsburgh, PA 06/30/94

1995 Uniform Standards of Professional Practice-NAIFA-1985-88-90-92-95-2000

1995 Litigation Valuation- Course 2.3 NAIFA, Evansville, Indiana 4/1/95

1995 Florida 45 Hours Post License Course-Approved Provider-FWB, Florida, 9/23/95

1996 Regression Analysis-Mckissock Data System-Cincinnati, Ohio 5/2/95

1996 Florida 7 Hours Real Estate Appraisal Law-Golf Coast-Florida.11/27/96

1996 Land Use Course 8.2, Evansville, Indiana 11/1/96

1997 Indiana Dept. of Transportation Appraisal, Indianapolis, Indiana 4/18/97

1998 Small Income Appraisal Course 1.5, 2-4 Families, NAIFA, Evansville, Indiana 11/2-3/98

1998 Metrics for R/W Course H001, IRWA, Indianapolis, Indiana 11/12/98

1998 Engineering Plan Development R/W Course 901, IRWA, Indianapolis, Indiana 11/13/98

1999 Continuing Education for Appraisers, Brokers License in Indiana and Kentucky

2000 Uniform Standards of Professional Appraisal Practice-Course 5.0,,(15 Hrs) NAIFA-Evansville, IN.

2001 Income Property Appraising Course 2.1-NAIFA-Evansville, IN. (30 Hrs) March 2001 (Olney Il,August 2004

2001 Income Property Appraising Course 2.2 NAIFA-Evansville, IN (30 Hrs) May 2001 (Olney, IL, Sept, 2004)

2001 Property Tax Assessment-Indiana Assessor Association Conference-Sessions: Appeals, Land,

Commercial, Advanced Commercial, July 15-18, 2001, Indianapolis, Indiana.

2002 Uniform Standards of Professional Appraisal Practice-7 Hour Update, St. Louis, Mo. March 21,2002

2002 Expert Witness – Litigation 4 Hour Seminar- NAIFA- Troy Missouri, April 5,2002

2002 IRS 1031 Tax Deferred Exchange Seminar-NAIFA-Troy, Missouri, April 26, 2002

2002 Appraising Partial Interests Seminar-NAIFA-Troy, Missouri, April 26, 2002

2002 Uniform Standards of Professional Appraisal Practice-ASB Instructor Certification Course #10507

Columbus, Ohio September 20-21, 2002- Completed Exam, Orlando Florida, November 17, 2002

2003 Valuation of Subsidized Housing by IAAO, 7.5 Hours, September 13^th, 2003, Nashville, Tennessee

2003 Investment Analysis Course 2.4- NAIFA-September 17-20, 2003, Evansville, Indiana

2003 USPAP 7.0-Hour Update Course –NAIFA-October 10, 2003, Evansville, Indiana

2003 Indiana law required by Indiana Appraisal Board, NAIFA-October 11, 2003, Evansville, Indiana

2003 Appraising Partial Interests-4 hour-NAIFA-October 11, 2003, Evansville, Indiana

2003 State of Indiana Assessor’s DLGF Update, October 28, 2003, Vincennes, Indiana

2003 USPAP 2004 7-Hour Instructor Update Course-ASB-November 22, 2003, Chicago, Illinois

2004 IDOT “eminent Domain Practice” Seminar by IICLE, February 20^th, 2004, Springfield, Illinois

2004 Indiana DLGF “Appeals Procedures & Evidence April 27, 2004, Vincennes, Indiana

2004 Indiana DLGF “Real Estate Assessment Guide Book I” April 28^th, 2004, Evansville, Indiana

2004 USPAP 2004-7-Hour Appraisal Foundation USPAP Instructor Update September 11, 2004, Chicago, Illinois

2005 Indiana Association of Assessors, Golf Courses, Trending & Statistics. Jan 18-21, 2005, Indianapolis, Indiana.

2005 Kentucky Board of Real Estate Appraisers Seminar-March 11, 2005, Louisville, Kentucky

2005 DLGF, Basic Statistics, Appeal Process, Various Courses, Winter Conference, Jan 2006, Indianapolis, Indiana

2005 USPAP 2005 National Update Course 5.0A, NAIFA, June 1, 2005, Evansville, Indiana

2005 Fannie Mae Forms Update Course 9.8, August 1^st, 2005, Evansville, Indiana

2005 Indiana License Law Course 13.0, October 14^th, 2005, Evansville, Indiana

ENVIRONMENTAL RELATED EDUCATION

1990 Underground Storage Tank Seminar, by PSI, Clearwater, Florida

1990 Environmental Assessment Seminar, by PSI, Clearwater, Florida

1990 Environmental Assessment Seminar, by Ontario Environmental, Indianapolis

1990 Environmental Studies-Phase I-II-III Program by NAIFA and PSI, West Virginia

1990 Environmental Issues Affecting Managers and Management Firms-N O. LA.

1990 Asbestos Affected & Environmentally Burdened Properties-NAR-N.O. LA.

1991 Legal Issues Affecting Real Estate-Case Studies-I. Kornfeld, New Orleans, LA.

1991 Certified Environmental Risk Screener-#101 & #102-(3 days) NAERA-Indianapolis, Indiana

1991 Certified Environmental Risk Auditor-#301- (6 Days) NAERA-Indiana University

1991 Certified Environmental Risk Auditor-#302-( 6 Days) NAERA-Cincinnati, Ohio

1991 Illinois LUST Fund Seminar-Springfield, Illinois

1992 Indiana Lust Fund Seminar-Indianapolis, Indiana

1994 Environmental Risk & The R.E. Appraisal, Appraisal Institute, Atlanta, 04/08/94

1994 Decontamination and Demolition of a Contaminated Property.

1994 International Right of Way Assn., Pittsburgh, PA 06/28/94

1994 Appraising Contaminated Properties-I.R.W.A. Pittsburgh, PA 06/29/94

1994 EMF-Power Lines and Real Estate Values-I.R.W.A. Pittsburgh, PA 06/29/94

1996 Environmental Considerations for Appraisers-McKissock Systems, Ohio 5/2/96

1996 Appraising Environmentally Impacted Properties-NAERA-Baton Rouge, LA 8/9/96

2002 Environmental 4 hour seminar-NAIFA, Troy Missouri, April 5, 2002

2004 An Appraiser’s Guide to Environmental Issues-Course 19.1, October 20^th, 2004, Chicago, Illinois

2004 Meth Labs; Impact on Property Values-KRC Conference-November 2005, Covington, Kentucky

2004 Appraisal & Assessment of Contaminated Property-IAAO-KRC Conference-Nov 2004 Covington, KY.

2005 An Appraiser’s Guide to Environmental Issues-Course 19.1, Feb 24^th, 2005, Murfreesboro, Tennessee

RECERTIFICATIONS OF DESIGNATIONS

The National Association of Independent Fee Appraisers has a mandatory program of continuing education for designated members. Those who meet the standards of the program are considered to have recertified. This Appraiser-Consultant is certified under the program through December 31, 2007.

The American Society of Appraisers has a mandatory program of continuing education for designated members. Those who meet the standards of the program are considered to have recertified. This Appraiser-Consultant is certified under the program through August 9^th, 2009.

APPRAISAL FOUNDATION-APPRASIERS QUALIFICAITONS BOARD

AQB Certified USPAP Instructor No. 10507 December 9, 2002-Certified 2005. (Recertified 9/11/04 to 6/30/2007)

INSTRUCTOR-FACULTY MEMBER

NATIONAL ASSOCIATION OF INDEPENDENT FEE APPRAISERS, ST. LOUIS, MISSOURI

Certified to instruct the following courses as well as continuing educational seminars.

Residential Appraisal Course 1.1

Residential Market Abstraction 1.2

HP 12-C Calculator 2.0

Income Course Capitalization 2.1

Income Course-Advanced Capitalization 2.2

Income-Condemnation Appraising 2.3

Litigation Valuation-Expert Witness 2.3A

Income-Investment Analysis 2.4

Uniform Standards (USPAP) Update 5.0

Environmental Risk – Appraiser Overview 19.1A

An Appraiser’s Guide to Environmental Issues 19.1

Appraising Environmental Impacted Properties 19.2

Certified to Instruct Numerous 4.0 Hour Seminars such as 1031 Tax Deferred Exchanges, Partial Interests,

Expert Witness, Understanding Legal Descriptions, Environmental Awareness, and Indiana Real Estate Law.

CENTER FOR REAL ESTATE EDUCATION AND RESEARCH, BLOOMINGTON, INDIANA

Certified by the Indiana Real Estate Commission to instruct the Indiana Real Estate Sales Person and Real Estate

Broker Course for licensing-beginning in 1987-1995.

CERTIFIED AUCTIONEER INSTITUTE, INDIANA UNIVERSITY, BLOOMINGTON, INDIANA

A member of the CAI faculty from 1990-1993. Instructed series of seminars on income producing properties and advance appraisal techniques at Indiana University.

NATIONAL ASSOCIATION OF ENVIRONMENTAL RISK AUDITORS, CINCINNATI, OHIO

Certified to instruct the Environmental Risk Screener Courses #101-102, Course 300 Report Writing (Phase I Level),

and Course 401-Appraising Environmentally Impacted Properties, 1990 to present date.

INDIANA VOCATIONAL TECHNICAL COLLEGE SOUTHWEST, EVANSVILLE, INDIANA

Approved to instruct HP 12-C Calculator Course, Income 2.1 and Income 2.2 (Basic and advanced courses)

ITI TRAINING INSTITUTE Candidate-Louisiana Real Estate Foundation, New Orleans, LA 7/15-17/96

Instructed real estate appraisal education in over 30 different states.

PERSONAL & & COMMUNITY INVOLVEMENT INFORMATION

President National Association of Environmental Risk Assessors-1995-1997

President National Association of Independent Fee Appraisers 1993-1994, President Elect 1993, Vice President 1992, Secretary 1991, Treasurer 1990, Regional Governor 1984-1985, National Director 1986-1993, National Education Committee 1983-1989, Chairman of Education Committee 1989.

President Evansville Board of Realtors-1978

President Indiana State Association of Real Estate Educators-1988

President Evansville Chapter of National Association of Independent Fee appraisers-1978-2002-2003

Selected Leadership Evansville Class of 1980

President/Director Served in over 20 community and business organizations in Evansville, Indiana

Fraternal Fraternal Order of Eagles No. 2235, Evansville, Indiana

Grand Lodge F.&A.M. Reed Lodge No. 316, Evansville, Indiana #623

Special Honors

“Realtor of the Year” 1986, Evansville, Indiana

Nominee National NAIFA “Appraiser of the Year” 1987 and 1988

Indiana NAIFA Appraiser of the Year-1995

Awarded Life Membership-National Association of Independent Fee Appraisers-1994

Awarded Life Membership-National Association of Environmental Risk Assessors-1997

Awarded the “Distinguished Service Award” October 2004 by the NAIFA

PUBLICATIONS

NAIFA-Appraiser’s Review-Winter 1996 Issue-Appraising Contaminated Real Estate “Back to the Basics-A Beginners Guide to Environmental Valuation Analysis.”

NAIFA-Appraiser’s Review-Winter 1995 Issue-Market Reactions to Contamination and Stigma-A case study of contamination by Dioxin, and the loss of value and marketing time.

NAIFA-Appraiser’s Review-Fall 1995 Issue-“The effect of Stigma’s Risk Factor on Overall Rates”-Risk study on underground storage tanks.

NAIFA-Appraiser’s Review-Summer 1995 Issue-Appraising Contaminated Properties-Case Study on Loss of Value Paired Sales-Contamination by PCB’s and Loss of Value due to Stigma.

Appraiser’s Review-NAIFA-January 1995 Issue-Appraising Contaminated Properties-National Association of Independent Fee Appraisers-Appraiser-Gram-February 1994 Issue

“URAR-ETC” Reporting Environmental Hazards in Single Family Appraisal Reports.

Mobility Magazine Interview June 1991 Issue “Environmental Factors and the Role of the Appraiser in Disclosure.”

Mobility Magazine-June 1992 Issue “Environmental Risk in Residential Real Estate.” This appraiser served as a

ghost writer for NAIFA Executive Vice President Robert G. Kaestner, IFAC on these articles.

National Association of Independent Fee Appraisers, Appraisal Review-1984-Vol. 26-Pg. 148-157. “Feasibility and Market Study-Appraisal of a Single Family Sub-Division.”

Co-authored the training manual for Electronic Realty Associates (ERA) - Seller Security Plan - A guaranteed

sale-equity advance program for home sellers/buyers.

Co-authored Income 2.1 Course appraisal manual for the National Association of Independent Fee Appraisers in 1983, with updates in 1987, 1988, 1989, and 1993.

Co-authored Income 2.2 Course appraisal manual for the National Association of Independent Fee Appraisers in 1983, with updates in 1987, 1988, 1989, and 1993.

Authored - Introduction to Investment Analysis - manual for the National Association of Independent Fee Appraisers. Written in 1984, revised in 1987

Authored Income 2.0-The HP 12-C Calculator Seminar for the National Association of Independent Fee Appraisers. Written in 1987, revised in 1989.

Authored the Business Course-How to value a going concern Business

Co-authored-Principles and Practices of Environmental Site Assessing & Report Writing-3 day Courses 101-102 developed for NAERA, Cincinnati, Ohio and NAIFA, St. Louis, Missouri April, 1996

Authored-Appraising Environmentally Impacted Properties-Course 401-a two (2) day course developed for the

National Association of Environmental Risk Assessors, Cincinnati, Ohio and the National Association of Independent Fee Appraisers, St. Louis, Missouri, May, 1996

Authored-Kentucky “Guidelines to Appraising Subsidized Housing” 2000 for the Kentucky Revenue Cabinet

Co-Authored “:An Appraiser’s Guide to Environmental Issues” Course 19.1 published by the National Association of Independent Fee Appraisers, May 2004

Co-Authored “:Appraising Environmentally Impacted Properties”” Course 19.2, published by the National Association of Independent Fee Appraisers, October 2004

August 2003-Testified Before the State of Indiana Senate Finance Committee on Real Estate Property Taxes

As relating to assessments and real estate taxes on apartments and low-income subsidized housing.

November 2003-Testified Before the State of Indiana Senate Committee on Property Taxes relating to the late

or non-receipt of Form 11 or Notices of Assessment and extended time for filing Form 130 Tax Appeals Also

testified relating to assessments apartments and low-income subsidized housing.

REPRESENTATIVE/PARTIAL LIST OF VARIOUS CLIENTS SERVED

· Indiana Department of Transportation, Indianapolis, Indiana

· Illinois Department of Transportation, Alfred Benesch Company, Peoria, Illinois

· Commonwealth of Kentucky Revenue Cabinet, Served as Chief Appraiser on State Appeals

· Kentucky Property Valuation Administrator-Counties of Franklin, Webster, Greenup, Christian,

Pulaski, Henry, Wool ford, Scott, Hardin, Boone and Daviess

· Indiana Counties Including Jennings, Vanderburgh and Sullivan (Low Income Housing)

· Pittsburgh Tube Company, Hopkinsville, Kentucky

· Plews, Shadley, Racher, & Braun, Attorneys, Peter Racher, Indianapolis, Indiana, Litigation, Visteon Groundwater Contamination Case, Connersville, Indiana.

· Kroger, Gardis, & Regis, LLP. Gregory. P. Caffouros, Attorney, Indianapolis, Indiana

Litigation, White River Fish Kill, Indianapolis, Indiana Area

· The Martin Group, Inc. John N. Martin, Investment Group, Evansville, Indiana

· Professional Property Management, Rockford, Illinois

· Franklin Asset Management, Inc., Louisville, Kentucky

· Busler Enterprises, Nancy Markham, VP, Evansville, Indiana

· Lenders Include; Lynnville National Bank, Lynnville, Indiana, Fifth Third Bank, Old National Bank, Integra Bank,

Springs Valley Bank, Bank of Evansville, First National Bank of Evansville, Freedom Bank, i.e.

· Evansville Insurance & Financial Services, Evansville, Indiana

· Edwin Johnson, Jr. Johnson, Carroll & Griffith, Evansville, Indiana

· Consultant to attorneys/appraisers in litigation involving environmental problems and condemnation

· Consultant to Property Owners on property tax assessments / condemnation – Indiana-Illinois-Kentucky

· Expert Witness Qualified in Ohio, Indiana, Kentucky, and Illinois.