BUSINESS BACKGROUND

Maine Valuation Company. (Partner, 1995 - present) An independent commercial real estate appraisal, business valuation, review and consulting firm providing a comprehensive range of professional valuation products and services throughout Northern New England. Mr. Linehan is a principal of Maine Valuation Company and presently manages a satellite office in the City of Bangor, Maine.

Appraisal Associates, Portland, Maine. (Senior Commercial Appraiser, 1991 - 1995) The firm of Appraisal Associates was engaged in the valuation of real estate, including whole and partial interests, economic base studies, business enterprise valuations and intangibles. Mr. Linehan managed a satellite office for Appraisal Associates in the City of Bangor while performing depreciation cost recovery studies, economic base studies, feasibility studies, absorption studies, consulting and report writing on a wide variety of commercial, industrial, retail, office, recreational and institutional properties for a variety of private, corporate and banking clients as well as government agencies throughout New England. Maine Valuation Company acquired the assets of Appraisal Associates in March of 1997.

Paris Appraisal Services, South Paris, Maine. (Commercial Appraiser/Trainee, 1990 - 1991) Performed inspections, sales research, and value analysis of industrial, commercial/retail, offices, restaurants and unimproved land for a wide variety of private, corporate and banking clients.

SCOPE OF EXPERIENCE

Numerous appraisal & consulting assignments on a variety of property types throughout New England, including but not limited to:

• Retail Shopping Centers - Strip, Neighborhood, Community, Outlet;
• Hospitality Properties - Hotels, Motels, Bed & Breakfast, Inns;
• Residential Multi-Family Projects - Apartment Projects - Market & Subsidized;
• Mixed-Use Commercial Properties - All types of Mixed-Use properties;
• Office Buildings - Medical, Professional; Owner-Occupant & Investment Grade;
• Industrial Properties - Manufacturing, Warehouse, Distribution, Trucking Terminals, etc;
• Special Purpose Properties - Self-Storage, Churches, Airplane Hangers, etc;
• Elderly Care Facilities - Nursing Homes, Boarding Homes, Assisted Living, etc;
• Automotive - Dealerships, Car Wash, Mini-Lube, C-Stores w/ Gas, Parking Garages;
• Restaurants - Independent, Chain, and Franchise;
• Land/New Construction - Lots, Acreage, Subdivisions, Development Projects, land leases, etc;
• Recreational - Golf Courses, Marinas, Sporting Camps, Summer Camps, Camp Grounds;
• Institutional - Hospital MRI facilities, Schools, etc.

CLIENT SERVICES & VALUATION PRODUCTS

The purpose of these valuation services typically involves: purchase and sale agreements; mortgage financing; collateral evaluation; estate settlement; ad valorem taxation; mediation/arbitration; valuation of leased fee/leasehold interests; insurable value/ replacement cost studies; feasibility, marketability, and highest and best use analyses for evaluation & planning purposes.

Client services and valuation products consist of Complete and Limited Appraisals presented in Self-Contained, Summary, and Restricted Reports; SR#3 Appraisal Review Reports for USPAP & regulatory compliance and client evaluation; REALnet Data Service; due diligence/research studies; and private consultation. Computer literacy in ARGUS, Access, Word, and Excel, as well as Internet access, enhances the analytical and reporting service to clients. Professional service has been provided to numerous financial institutions, governmental agencies, insurance companies, corporations, lawyers, estates, and private individuals.

REAL ESTATE EDUCATION

Paul C. Linehan, is a graduate of the University of Southern Maine with a B.A. Degree in Economics with major concentrations in real estate and accounting. Mr. Linehan also attended and successfully completed numerous Real Estate Broker and Maine Assessor pre-licensing courses such as; Real Estate Valuation, Real Estate Law, Real Estate Practice and Basic Courses #1, #2 and #3. Other real estate appraisal courses successfully completed to date include:

• An Introduction to Appraising Real Property
  Society of Real Estate Appraisers, Course #101
• Applied Residential Property Valuation
  Society of Real Estate Appraisers, Course #102
• Basic Income Capitalization
  Appraisal Institute, Course #310
• Standards of Professional Appraisal Practice, Parts A & B
  Appraisal Institute, Courses #410 & #420
• Advanced Income Capitalization
  Appraisal Institute, Course #510
• Report Writing
  Appraisal Institute, Course #540
• Advanced Applications
  Appraisal Institute, Course #550
• Comprehensive Appraisal Workshop, Ted Whitmer, MAI, CCIM, J.D., MBA

Numerous seminars on appraisal methodology, techniques, and regulations have also been attended, such as:

• Understanding Limited Appraisals and Reporting Options
• The Appraiser as an Expert Witness
• The Americans with Disabilities Act
• Rates, Ratios, and Reasonableness
• Hotel & Motel Valuation
• The Appraisal of Special Use Properties
• The Internet and Appraising
• Detrimental Conditions
• Uniform Standards of Federal Land Acquisitions
• Scope of Work
• Highest and Best Use Applications
• Appraising Non-conforming Uses

PROFESSIONAL AFFILIATIONS

• MAI Member of the Appraisal Institute, #14042 (2001+)
• Maine Certified General Appraiser, #CG591
• State of Maine Chapter of the Appraisal Institute
  LDAC Leadershipg Development Advisory Council Appraisal Institute (2002)
  Vice President, State of Maine Chapter of the Appraisal Institute (2003)
  President, State of Maine Chapter of the Appraisal Institute (2004)