Real Estate Counseling and Appraisal Firm

Lipman Frizzell & Mitchell LLC Lipman Frizzell & Mitchell LLC is a Real Estate Counseling and Appraisal firm that serves a wide array of clients in the public and private sectors, including corporations, institutions, governments, attorneys, investors and individuals. While the firm is regional in scope, serving all of Maryland, Washington DC, Northern Virginia and Delaware, our primary focus is on real property in and around the Washington DC and Baltimore metropolitan areas. Because our firm is independent, we can engage objectively in appraisal and consulting assignments. All of the real property valuations we author are subject to the Code of Professional Ethics and Uniform Standards of Professional Appraisal Practice of the Appraisal Institute. We embrace the logic and techniques encouraged by the Institute, which serve as a basis for our comprehensive professional real estate services. Appraisal/Portfolio Valuation Litigation Support/Expert Testimony Counseling/Property Evaluation Transactional Consulting Feasibility Analysis/Real Estate Economics Fractional Interest Valuation We provide these services to a wide spectrum of clients Attorneys, Accountants and Allied Professionals Buyers and Sellers Corporate Owners Developers Financial Institutions and Investment Bankers Government Agencies Insurance Companies Institutions and Associations Investors Landlords and Tenants

Services Appraisal/Portfolio Valuation Lipman Frizzell & Mitchell LLC has been providing appraisal services since 1977 and is recognized for reliable, objective and timely valuations. The Appraisal Institute, the leading professional organization in the field, defines an appraisal as an unbiased estimate of the nature, quality, value, or utility of an interest in, or aspect of, identified real estate. Lipman Frizzell & Mitchell LLC is on the cutting edge of sophisticated valuation techniques consistent with the Institute s definition, embracing computer-assisted models as well as the more traditional market research and valuation procedures. Our expertise covers all types of real property from vacant land to complex income-producing properties and the most sophisticated mixed use developments. Counseling/Property Evaluation As a consulting firm, Lipman Frizzell & Mitchell LLC assists its clients in making real estate-related decisions by developing strategies and solutions to assist owners and potential investors in solving problems, improving current and future profitability, and increasing value. Transactional Consulting Transactional consulting has become an important facet of counseling for Lipman Frizzell & Mitchell LLC. We have been consistently successful in marketing select properties, resulting in both timely and profitable transactions for our clients. Our philosophy for success involves preparation of complete, objective and informative marketing packages in which we address those factors a prospective purchaser needs to consider, thus accelerating market response and effectively shortening and/or eliminating contingency periods. Feasibility Analysis/Real Estate Economics Joseph M. Cronyn has been a principal with Lipman Frizzell & Mitchell LLC since 1997and a partner since 2003. He holds a Bachelor s degree from Boston College and a Master of Business Administration degree from Loyola University Maryland. Joe has a broad professional background in real estate research, sales and marketing, development, public policy and financing. His experience includes market and financial feasibility analyses of major real estate projects; fiscal and economic impact analysis; land acquisition and development of commercial and residential properties; planning for mixed use development, including historic preservation concerns; tax-motivated and conventional financing for single family and multi-family residential projects; TIF (Tax Increment Financing) bond financed development; due diligence research; and advising public, non-profit and private clients concerning economic and community development strategies.

Appraisal/Portfolio Valuation Lipman Frizzell & Mitchell LLC has been providing appraisal services since 1977 and is recognized for reliable, objective and timely valuations. The Appraisal Institute, the leading professional organization in the field, defines an appraisal as an unbiased estimate of the nature, quality, value, or utility of an interest in, or aspect of, identified real estate. Lipman Frizzell & Mitchell LLC is on the cutting edge of sophisticated valuation techniques consistent with the Institute s definition, embracing computer-assisted models as well as the more traditional market research and valuation procedures. Our expertise covers all types of real property from vacant land to complex income-producing properties and the most sophisticated mixed use developments. Our appraisals are used for Ad Valorem Tax Appeals Arbitration/Mediation/Litigation Condemnation/Just Compensation Corporate Mergers and Acquisitions Development Feasibility Investment Due Diligence Estate Valuations and Planning/Fractional Interest Valuations Financing/Debt Restructuring Insurance Underwriting Portfolio Valuation Proposed and Existing Properties Ownership Restructuring and Transfer Litigation Support/Expert Testimony The valuation and evaluation of real property is often a critical element in the legal process. We assist the legal community by providing these services in the context of Arbitration Assessment Appeal/Real Estate Tax Analysis Condemnation Estate Appraisal, Gift and Fractional Interest Valuation Expert Testimony; Liquidation and Bankruptcy Analysis; Litigation Strategy; and Zoning Analysis and Testimony. We act as appraiser, consultant and/or expert witness, providing narrative appraisal reports, trial preparation assistance, appraisal review and critique, and expert testimony.

Counseling/Property Evaluation As a consulting firm, Lipman Frizzell & Mitchell LLC assists its clients in making real estate-related decisions by developing strategies and solutions to assist owners and potential investors in solving problems, improving current and future profitability, and increasing value. We develop the data and analyses necessary for decisions regarding acquisition and disposition strategy, development of marketing techniques and revitalization of underutilized real estate. In order to facilitate these decisions, Lipman Frizzell & Mitchell LLC engages in and/or provides Acquisition and Disposition Strategy Concept Development Divestiture of Real Estate Portfolios Highest and Best Use Studies Locational Analysis Litigation Support Market and Economic Feasibility Studies Property Development Re-Pricing/Repositioning Strategy Supply and Demand Analysis Work-Out Planning and Consulting The role of the counselor has grown with the added complexity and diversity of project development and property ownership. Our clients have come to rely on our pragmatic advice tailored to their needs. In this aspect of our work, unlike our appraisal practice, we can become our clients advocate, and in some cases, undertake certain development or negotiation activities on their behalf.

Transactional Consulting Transactional consulting has become an important facet of counseling for Lipman Frizzell & Mitchell LLC. We have been consistently successful in marketing select properties, resulting in both timely and profitable transactions for our clients. Our philosophy for success involves preparation of complete, objective and informative marketing packages in which we address those factors a prospective purchaser needs to consider, thus accelerating market response and effectively shortening and/or eliminating contingency periods. As a transactional consultant, Lipman Frizzell & Mitchell LLC is effective in providing the following Acquisition and Disposition Strategies Development Coordination Lease Analysis and Negotiation Marketing Plans Property Analysis and Packaging Target Marketing Transaction Negotiation and Implementation Our market experience combined with effective due diligence packages has resulted in the closing of numerous large transactions.

Feasibility Analysis/Real Estate Economics Joseph M. Cronyn has been a principal with Lipman Frizzell & Mitchell LLC since 1997 and a partner since 2003. He holds a Bachelor s degree from Boston College and a Master of Business Administration degree from Loyola University Maryland. Joe has a broad professional background in real estate research, sales and marketing, development, public policy and financing. His experience includes market and financial feasibility analyses of major real estate projects; fiscal and economic impact analysis; land acquisition and development of commercial and residential properties; planning for mixed use development, including historic preservation concerns; tax-motivated and conventional financing for single family and multi-family residential projects; TIF (Tax Increment Financing) bond financed development; due diligence research; and advising public, non-profit and private clients concerning economic and community development strategies. As a feasibility and real estate economics consultant for Lipman Frizzell & Mitchell LLC, Joe provides the following services Project Feasibility Analysis Economic and Demographic Analysis Program Feasibility and Review Development Planning and Execution Fiscal and Economic Impact Analysis Annexation and Zoning Analysis Transaction Support and Due Diligence Strategic Planning and Portfolio Management Policy Formulation and Implementation

About Us Five of the partners hold the MAI designation of the Appraisal Institute or other advanced degrees. Academic degrees and professional designations are combined with hands-on real estate investment, development and ownership expertise, offering years of valuation and counseling experience. Most of the partners also hold the CRE (Counselor of Real Estate) designation. Members of the firm are affiliated with the Appraisal Institute, the American Society of Real Estate Counselors, the National and Maryland Associations of Realtors, Coastal Association of Realtors and the National Association of Industrial and Office Properties. Members of our firm hold professional appraisal licenses from Maryland, the District of Columbia, Delaware, Virginia and Georgia. Partners and Commissioned Associates Calvin Thomas, David Brooks, Ron Lipman, Sheldon Stern, Michael Lester, Joanne Andrews, Ford Dennis, Barbara Cantrell, Michael Chicorelli, Heather Lueben, Nathan Brantley, Kelly Hoffert, George Frizzell, Joseph Cronyn, Ryland Mitchell

Partners M. Ronald Lipman, CRE, MAI M. Ronald Lipman earned a Bachelor of Arts degree from Duke University and holds a Masters of Business Administration with a major in Real Estate from American University. He has over 45 years of experience as a real estate appraiser and, over the past 25 years, has provided extensive real estate counseling services to property owners, developers, banking and investment clients and their legal representatives. Ron has considerable experience in litigation matters, having participated in some of the state s most important court cases, several of which have set legal precedent. Ron s personal experiences as a developer, investor and joint partner, and as a trustee of Mid Atlantic Realty Trust (NYSE) add significantly to his ability to provide effective, pragmatic consulting advice to his clients. Ron is licensed as a Certified General Appraiser in Maryland, Virginia and Washington DC. mrl@lfmvalue.com 410-423-2328 fax: 410-423-2329 George P. Frizzell, CRE, MAI George P. Frizzell is one of the founding members of the firm and has over 30 years experience in the field of real estate appraisal and consulting. A graduate of the University of Maryland in Business, George s initial employment was in the field of Urban Planning, which provided a natural basis for working in the private real estate market. A former instructor in real estate appraising at Towson State University, George has also lectured on a wide variety of valuation issues. His specialties include litigation counseling, expert testimony, valuation analysis and special purpose property appraising. George holds the MAI designation of the Appraisal Institute, the CRE designation of the American Society of Real Estate Counselors, and is licensed as a Certified General Appraiser in the State of Maryland. gpf@lfmvalue.com 410-423-2324 fax: 410-423-2325

Partners Ryland L. Mitchell, III, CRE, MAI Ryland L. Mitchell, III is one of the three partners who started the firm in March 1977. For approximately six years prior to that time, he was an appraiser with McCurdy Lipman & Associates in Towson. Ryland graduated from the business school of the University of Richmond in 1965 and did graduate work in the field of real estate at the University of Florida. He holds the MAI designation of the Appraisal Institute and the CRE designation of the American Society of Real Estate Counselors. Ryland was the partner in charge of the firm s Silver Spring office, which served the Washington metropolitan area, from 1981 until the firm relocated to Columbia in 1999. Ryland is licensed as a Certified General Appraiser in Maryland, Virginia and Washington rmitchell@lfmvalue.com 410-423-2300 fax: 410-423-2365 David H. Brooks, CRE, MAI David H. Brooks earned both a Bachelor s Degree in Urban Development and Accounting and a Master s Degree in Real Estate and Urban Development from American University. A partner since 1989, he holds the MAI designation of the Appraisal Institute and the CRE designation of the American Society of Real Estate Counselors. David has served as an expert witness in U.S. Bankruptcy Court and in Maryland Tax Court. He is past president of the Maryland Chapter of the Appraisal Institute and served as President of CHAI, a non-profit housing agency. He is also a licensed real estate broker and was a member of the real estate faculty at Johns Hopkins University. With over 30 years of appraisal, consulting, management and investment experience, David engages in all types of valuation and evaluation assignments, emphasizing hospitality, healthcare, commercial and multi-family projects. David is a Certified General Appraiser in Maryland, Delaware, Washington DC and Virginia. dbrooks@lfmvalue.com 410-423-2359 fax: 410-423-2360

Partners Calvin V. Thomas, Jr., MAI Calvin V. Thomas, Jr. earned a Bachelor of Science degree in Economics from the University of Maryland. With over 35 years of appraisal and consulting experience, he has been affiliated with Lipman Frizzell & Mitchell LLC since 1996 and became a partner in 1998. Previously he was Senior Vice President of a regional appraisal firm headquartered in Baltimore. He has also served as an appraiser and mortgage loan officer for various local and regional banks. Calvin has analyzed and appraised real estate projects throughout the Mid-Atlantic States and has worked nationwide on portfolio valuations. He is also an expert witness in U.S. Bankruptcy Court, Maryland Tax Court, and the Circuit Court of Baltimore. Calvin engages in all types of valuation and evaluation assignments. His area of expertise is income-producing properties and special purpose real estate. He holds the MAI designation of the Appraisal Institute and is a licensed real estate broker in Maryland. Calvin is a Certified General Appraiser in Maryland, Georgia, and Washington DC. cthomas@lfmvalue.com 410-423-2336 fax: 410-423-2337 Joseph M. Cronyn Joseph M. Cronyn has been a principal with Lipman Frizzell & Mitchell LLC since 1997 and a partner since 2003. Previously, he was Vice President with the real estate advisory subsidiary of a regional securities firm headquartered in Baltimore, Maryland. Mr. Cronyn earned his Master in Business Administration (Executive Program) from Loyola University Maryland and his Bachelors degree from Boston College. Mr. Cronyn has broad experience in real estate development, financing and market research. His areas of expertise include: market and financial feasibility analysis, economic and community development issues; fiscal impact analysis; transit oriented development; TIF (tax increment financing) development; affordable and market rate multifamily rental housing; commercial development strategies; litigation support. Mr. Cronyn advises private, public and non-profit clients throughout the Mid-Atlantic area. He has testified as an expert witness before public bodies and is a licensed real estate agent in the State of Maryland. jcronyn@lfmvalue.com 410-423-2372 fax: 410-423-2373

Associates Nathan O. Brantley Nathan O. Brantley joined Lipman Frizzell & Mitchell LLC in January 1998, as an associate. Nathan graduated from the University of Maryland, College Park in December 1997 with a Bachelors of Arts degree in Economics. He has combined his education with work experience in the residential construction industry. Appraisal and consulting assignments completed throughout the Baltimore, Washington, D.C. and Northern Virginia Region. Nathan is licensed as a Certified General Real Estate Appraiser in the State of Maryland and is currently working toward obtaining an MAI designation. nbrantley@lfmvalue.com 410-423-2338 fax: 410-423-2339 James E. Caminis James joined Lipman Frizzell & Mitchell LLC as an associate in January 2005. James holds a Bachelor of Science degree in Management from Case Western Reserve University in Cleveland, Ohio. James is a licensed Appraiser Trainee in Maryland and is working toward earning a Certified General Real Estate Appraisal license and an MAI designation. jcaminis@lfmvalue.com 410-423-2320 fax: 410-423-2321 Barbara L. Cantrell, MAI Barb joined Lipman Frizzell & Mitchell LLC in June, 2001. She holds a Bachelor s Degree in Business Administration from the University of Maryland. Barb is a licensed Certified General Real Estate Appraiser in the State of Maryland, and holds the MAI designation of the Appraisal Institute. Barb also serves as a board member for the Maryland Chapter of the Appraisal Institute. bcantrell@lfmvalue.com 410-423-2348 fax: 410-423-2349 Michael J. Chicorelli Michael is a graduate of Towson University where he earned a Bachelor s Degree in Biology, with a Chemistry minor. He has a Master s degree in Environmental Science from Johns Hopkins University. Prior to obtaining his Appraiser Trainee License and joining Lipman Frizzell & Mitchell LLC in August 2005, Michael worked as an environmental engineer and consultant. He is a Certified General Appraiser and is working towards earning an MAI designation. mchicorelli@lfmvalue.com 410-423-2340 fax: 410-423-2341

Associates F. Ford Dennis, Jr. Ford is a graduate of the University of Maryland at College Park with a Bachelor s Degree in Economics and an MBA from the Robert H. Smith School of Business. Ford has been an associate with Lipman Frizzell & Mitchell since 1998 and is licensed as a Certified General Real Estate Appraiser in the State of Maryland. forddennis@lfmvalue.com 410-423-2344 fax: 410-423-2345 Stacy A. Harman Stacy A. Harman joined Lipman Frizzell & Mitchell LLC in August 1988, as an administrative assistant. In 2003, she expanded her role to become an associate appraiser. Stacy is a licensed Certified General Real Estate Appraiser in the State of Maryland, and an Associate Member of the Appraisal Institute. stacy@lfmvalue.com 410-423-2322 fax: 410-423-2323 Kelly A. Hoffert Kelly A. Hoffert joined Lipman Frizzell & Mitchell LLC as an associate appraiser in August 1997. Kelly earned a Bachelor of Arts degree in Sociology from Mary Washington College in 1994 and a Master of City and Regional Planning degree from the University of North Carolina at Chapel Hill in 1996. Her previous experience includes working as a development officer for a non-profit housing development corporation in Baltimore City. She is licensed as a Certified General Real Estate Appraiser in the State of Maryland. khoffert@lfmvalue.com 410-423-2374 fax: 410-423-2375 Michael J. Lester Michael is a graduate of Boston University, where he earned a Bachelor s degree in Journalism. He holds a Master s degree in Community Planning from the University of Maryland at College Park, and has over eight years of planning experience. Michael came to Lipman, Frizzell and Mitchell as an associate in January 2004 and is licensed as a Certified General Real Estate Appraiser in the state of Maryland. mlester@lfmvalue.com 410-423-2357 fax: 410-423-2358

Associates Heather R. Lueben Heather joined Lipman Frizzell & Mitchell LLC as an associate appraiser in March 2003. Heather earned a Bachelor of Fine Arts degree in Historic Preservation from the Savannah College of Art and Design in 1997 and a Master of City and Regional Planning degree from the University of Pennsylvania in 2001. Her previous experience includes providing market analyses for residential and commercial projects. Heather is licensed as a Certified General Real Estate Appraiser in the state of Maryland, an Associate Member of the Appraisal Institute, and is currently working toward obtaining an MAI designation. hlueben@lfmvalue.com 410-423-2353 fax: 410-423-2354 Sheldon A. Stern, MAI Sheldon A. Stern has been an associate appraiser with Lipman Frizzell & Mitchell LLC since 1987 and holds a Bachelor s Degree in Business Administration/Accounting from University of Maryland (College Park), an MBA degree from the University of Baltimore and a Masters Degree in Real Estate and Urban Development from American University. His background includes extensive property management operations expertise, having attained the CPM (Certified Property Manager) designation. Sheldon brings his specialized educational background, solid operations experience, and appraisal knowledge to Lipman Frizzell & Mitchell LLC and has attained his MAI designation. He has a special interest in multi-family and industrial property valuation. Sheldon is a Certified General Appraiser in the State of Maryland. sas@lfmvalue.com 410-423-2366 fax: 410-423-2367 Eileen T. Thomas Eileen T. Thomas joined Lipman Frizzell & Mitchell LLC in October 1985 as an administrative assistant. In December 2003, she became an associate appraiser trainee. In December 2007, Eileen obtained a Certified General Real Estate Appraiser license from the State of Maryland and is an Associate Member of the Appraisal Institute. eileen@lfmvalue.com 410-423-2351 fax: 410-423-2352