QUALIFICATIONS OF L. ARTHUR LEE

The D. L. Evans Company, Inc. is an independent real estate company that specializes in providing expert real estate advisory services. Areas of expertise include real estate valuation, counseling, brokerage, and development. The company=s work products include narrative and form appraisal reports, written and oral appraisal consultations, general real estate consulting assignments, land planning, expert witness services and litigation support.

Experience
Mr. Lee has been employed by the D. L. Evans Company, Inc., since 1998, developing expertise in commercial real estate appraising and real estate consultation. He has been a licensed real estate broker in the state of Wisconsin since 1970, and has been involved in a variety of commercial transactions.
Mr. Lee has more than thirty-five years' experience in all aspects of the real estate industry. Key functional areas include: real estate analysis and valuation, corporate real estate holdings, real estate lending, asset management, acquisition-development, and real estate marketing and sales.

Real Estate Management
Member of a team that developed and analyzed a $1.3 billion real estate loan portfolio; held personal responsibility for over 1/3 of the portfolio.
Managed, marketed, and closed in excess of 50 asset sales that produced over $20 million of profit.
Responsible for negotiating purchase and sale agreements, construction loan agreements, property management contracts, third party vendor contracts, and construction contracts ranging up to $220 million.
Produced a $3.5 million profit by negotiating and selling a strategically located tract of land.
Conducted due diligence and worked with governmental agencies in zoning and environmental matters.
Managed the bulk disposition of 1200 assets totaling $40 million on a bid basis
Responsible for multi state real estate operations.
Managed a 500,000 square foot light industrial park.
Managed several departments including corporate real estate, sales/leasing, asset management, and appraisals.
Worked closely with in house legal counsel, outside legal counsel, and entire legal departments of large corporations on financial and contractual matters.

Finance Management
Managed and marketed commercial and investment real estate portfolios with book values ranging from $125 million to $800 million.
Approved construction draws for major projects of up to $220 million.
Responsible for lending functions concentrating on loans secured by income producing properties and major land developments. Arranged construction and permanent financing.
Responsible for strategic planning and programming, financial control, and multimillion dollar budgets.
Experience in financial reporting, budgeting, strategic planning, staffing, training, and start up operations.
Licensed Real Estate Broker - State of Wisconsin (previously licensed in California, Colorado, and Indiana)

Education
M.S. Real Estate and Urban Land Economics, University of Wisconsin, Madison, Wisconsin
B.B.A., University of Wisconsin, Madison, Wisconsin

Clients
The D.L. Evans Company provides real estate services for a variety of client types including local, regional and national lending institutions, life insurance companies, pension funds, medical institutions, large and small corporations, equity investors, public institutions, non-profit and religious organizations, estates, private individuals, and government agencies at the local, county, state and national levels.