EXPERIENCE

1/94 to Present 7/92 to 1/94 6/86 to 7/92

President- Beer- Wells- Todd, Real Estate Property Analysis, Inc.; Dallas Texas Vice President -Beer-Wells-Vaughan, Commercial Property Analysis; Dallas, TX Vice President -Noyd & O'Connell, Inc.; Real Estate Appraisers & Consultants; Dallas, Texas (2/90-7/92); Houston, Texas (6/86-1/90)

During Mr. Todd's tenure as a real estate appraiser, he has prepared numerous valuations on a variety of high profile and complex income producing real estate developments. Additionally, Mr. Todd has been involved in the valuation of numerous single family and multi-family residential properties during his career. These assignments required analytical, communication, and problem-solving skills, which Mr. Todd has continually enhanced since his inception into the profession. During the last several years, as the DallaslForth Worth residential market has expanded and mortgage interest rates have been at attractive levels, Mr. Todd has gained significant experience in the appraisal of single family residential properties for the purpose of obtaining mortgage financing.

Some of the more complex assignments in which Mr. Todd has completed appraisals involve The Vickery Hill Office building in Dallas, Texas; the Hughes Aircraft Facility in Las Cruces, New Mexico; the Stephens Graphics Manufacturing Facility in Dallas, Texas; the Valley View Square Shopping Center in Dallas, Texas; the Radisson Inn Tulsa Airport in Tulsa, Oklahoma, the Trophy Club Development (all remaining lots, acreage, and disputed acreage) of Denton County, Texas; the Eldorado Subdivision (all remaining lots and acreage) in McKinney, Texas; the Holiday Inn Brookhollow in Dallas, Texas; the Trinity Terrace Retirement Center in Fort Worth, Texas; and the San Antonio Savings Association Headquarters Building in San Antonio, Texas.

PROFESSIONAL LICENSE AND AFFILIATIONS

Designated member of The Appraisal Institute -MAl #9379
State Certified General Real Estate Appraiser (Certificate Number TX-13235l4-G) Registered Property Tax Consultant, State of Texas (Registration #00002555) Licensed Salesman by the Texas Real Estate Commission (License #0364803) Member- Society of Texas A&M Real Estate Professionals

EDUCATION

Master's Degree -Land Economics and Real Estate, Texas A&M University, 1986 Bachelor of Science Degree -Agricultural Economics, Texas A&M University, 1984

The Land Economics and Real Estate curriculum at Texas A&M University in one of only three degree programs in the United States which have been sanctioned by The Appraisal Institute for post-graduate studies in commercial real estate appraisal. During his pursuit of the Master's degree, Mr. Todd served as a graduate teaching assistant for several undergraduate courses, including real estate appraisal curriculum. Mr. Todd received the Master's degree in May 1986. Prior to his post-graduate studies, Mr. Todd received a Bachelor of Science Degree in December 1984, graduating with Magna Cum Laude honors.

The Appraisal Institute courses completed by Mr. Todd include: Standards of Professional Appraisal Practice, Principles of Appraisal, Basic Valuation, Capitalization Theory -Part A, Capitalization Theory -Part B, Case Studies in Real Estate Valuation, Report Writing and Valuation Analysis, and received a passing grade on both the Comprehensive Examination and the Demonstration Report. Mr. Todd was awarded the designation of MAl in May 1992. The Appraisal Institute conducts a program of continuing professional education for its designated members. MAl and SRA members who meet the minimum standards of the program are awarded periodic educational certification. Mr. Todd is currently certified under this program. Mr. Todd serves on the Region 8 Ethics and Counseling Regional Panel of the Appraisal Institute.

Other college level real estate courses and seminars completed by Mr. Todd include: Real Estate Development Analysis, Real Property Valuation, Building Construction Practices, Rural Real Estate Appraisal, Understanding Limited Appraisals and Reporting Options, ASB Informational Meeting, and Texas Property Tax Law.