QUALIFICATIONS

CHADWICK L. MURRAY, MAI, SRA

EDUCATION

Bachelor of Science Degree, Business Administration, Real Estate/Economics Major

ArizonaStateUniversity, Tempe, Arizona - 1976

SREA Redlining Seminar, Scottsdale, Arizona, 1977

SREA Investment Feasibility Analysis, Phoenix, Arizona - 1977

AR/WA Educational Seminar, Scottsdale, Arizona - 1977

SREA Leasehold Valuations, University of Arizona. Tucson, Arizona - 1977

SREA Course 101, An Introduction to Appraising Real Property, University of Oklahoma,

Norman, Oklahoma - 1978

SREA Course 201, Income Property Appraising, ArizonaStateUniversity

Tempe, Arizona - 1978

SREA Appraising Apartments, Phoenix, Arizona - 1978

SREA Narrative Report Writing Seminar, University of California at Los Angles,

Los Angles, California - 1978

ASREC Statistical Analysis for Real Estate Market Decisions,

Salt Lake City, Utah - 1978

AIREA Capitalization Workshop, Tulsa, Oklahoma - 1978

SREA/AIREA Cash Flow/Cash Equivalency, Phoenix, Arizona - 1978

SREA Marketability/Market Analysis, ArizonaStateUniversity, Tempe, Arizona - 1979

SREA Basic Money Market Analysis, ArizonaStateUniversity, Tempe, Arizona - 1980

SREA Energy Considerations in Appraising, Phoenix, Arizona - 1980

AIREA Applied Appraisal Techniques, University of Arizona, Tucson, Arizona - 1981

AIREA Industrial Valuation, University of Georgia, Atlanta, Georgia, - 1981

Mortgage Brokers Program, ArizonaStateUniversity, Tempe, Arizona - 1981

SREA Creative Financing and Cash Equivalency, University of San Diego,

San DiegoCalifornia - 1981

AIREA Standards of Professional Practice, ArizonaStateUniversity,

Tempe, Arizona - 1981

AIREA Case Studies in Real Estate Valuation, University of Indiana,

Bloomington, Indiana - 1982

AIREA Valuation Analysis and Report Writing, University of Indiana,

Bloomington, Indiana - 1982

AIREA Introduction to Real Estate Investment Analysis,

ArizonaStateUniversity, Tempe, Arizona - 1982

SREA Adjusting for Creative Financing in Real Estate, ArizonaStateUniversity,

Tempe, Arizona - 1982

AIREA Contemporary Real Estate Appraisal, ArizonaStateUniversity,

Tempe, Arizona - 1983

SREA Course 301, Special applications of Real Estate Analysis, ArizonaState

University, Tempe, Arizona - 1984

ASREC Real Estate Analysis, Northwestern University, Chicago, Illinois, 1984

SREA Federal Home Loan Bank Board Memorandum R41-B, Phoenix, Arizona - 1985

SREA Federal Home Loan Bank Board Memorandum R41-C, Tucson, Arizona - 1986

Real Estate Investment Analysis, ArizonaStateUniversity, Tempe, Arizona, - 1986

Laventhol & Horwath, Effect on Real Estate by the 1986 Tax Reform Act, University

of San Diego, San DiegoCalifornia 1986

AIREA Computer Assisted Investment Analysis, ArizonaStateUniversity,

Tempe, Arizona - 1987

Chadwick L. Murray

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SREA Seminar, Professional Practice, ArizonaStateUniversity, Tempe, Arizona - 1989

AIREA Standards of Professional Practice, University of San Diego,

San Diego, California - 1990

Appraisal Institute, Case Studies in Real Estate Valuation, Course 2-1, University,

of San Diego, California - 1991

ARGUS Seminar, Phoenix, Arizona - 1994

Principles of Hazardous Materials and Waste Management, ArizonaStateUniversity,

Tempe, AZ 1998

Environmental and Natural Resource Law and Regulation, ArizonaStateUniversity,

Tempe, AZ 1998

Project Management, ArizonaStateUniversity, Tempe, AZ 1998

Appraisal Institute, Standards of Professional Practice, Los Angeles, CA, 2004

Appraisal Institute, Business Standards and Ethics, Los Angeles, CA, 2006

ArizonaSchool of Real Estate, Appraisal Review, Scottsdale, AZ, 2006

ArizonaSchool of Real Estate, USPAP, Scottsdale, AZ, 2006

Continuing Education. Continuing education is required by the State of Arizona to

maintain an appraisal license. Since the inception of license requirements in 1991, I have complied with all of the licensure laws which require appraise(s) to complete approved continuing education with a minimum of twenty-eight hours during a two year cycle.

ASSOCIATION MEMBERSHIPS:

STATE OF ARIZONA BOARD OF APPRAISAL. As of August 15, 1991 has met all the

requirements as a Certified General Real Estate Appraiser of the State of Arizona. Certificate Number 30100; Expiration: August 31, 2008.

Member of the APPRAISAL INSTITUTE – Professional designations - MAI, SPRA, SRANo. 95423. As of the date of this report, I have completed the continuing education program of the Appraisal Institute. My educational certification is current through December 31, 2011.

SREA Admissions Committee - 1981 to 1982.

APPRAISAL INSTITUTE - Candidate Guidance Committee - 1981 to 1982.

APPRAISAL INSTITUTE - Non-Residential Reports Sub-Committee - 1983 to 1986.

APPRAISAL INSTITUTE - Standards of Professional Practice Committee - 1984 to 1997.

GEOGRAPHICAL AREAS: States of Arizona, California, Missouri, Kansas, Utah,

Minnesota and South Dakota.

HUD/FHA: Approved Appraiser No. AZ-30100; Expiration: August 31, 2008.

ARIZONA PROPERTY TAX AGENT: Registration Number 2006038.

Chadwick L. Murray

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SCOPE OF WORK:

Have completed numerous consulting assignments and fee appraisals for

residential, commercial, industrial, farm and ranch, leasehold and leased

fee valuation, mortgages, condemnation, taxation, estate planning,

litigation, disbursement of assets, re-use appraisal programs and

redevelopment appraisals, asset valuation, acquisition and disposal

plans, corporate merger and business acquisitions, investment analysis,

risk analysis, cost/benefit analysis, feasibility analysis and market

demand studies, highest and best use analysis, trends/forecasts,

zoning analysis, and computer applications for real estate decisions

and environmental assessments as they pertain to real property.

COURT EXPERIENCE:

Qualified Expert Witness: Superior Court, Maricopa County, Arizona.

Federal District Bankruptcy Court, Maricopa County, Arizona.

Superior Court, County of Los Angles, California.

COMPUTER PROFICIENCY:

MS Word/Excel/Project, Word Perfect, Quatro-Pro, Win-Total, Investment Analyst, Day-One, Argus and Lotus.