Professional Resume

Business Experience:
Ed is currently the Managing Member of Primus Valuation Group, LLC and a Senior Advisor to Duff & Phelps, LLC for the New York City and Dallas offices with a focus on a national Real Estate Dispute Consulting and Property Tax Litigation practice centered around engagements involving complex litigation cases on high-end, investment-grade operating real estate. From 2005 to 2007, he was the Managing Director of American Appraisal for the New York City and Northeast Region with additional international liaison responsibilities with a firm engaged in real estate investment advisory services. From 2002 to 2005, he was the Managing Member of Primus Risk Strategies, LLC, a firm engaged in real estate investment advisory services. Ed became the Managing Director in the New York office from 2001-2002 of the Real Estate Structured Finance/Underwriting division and Chief Administrative Officer of FSL Group, Inc., a wholly-owned subsidiary of Royal & Sun Alliance based in London. During this time, he was involved with 622 residual value insurance (partial interest intangibles valuation and underwriting) and structured real estate financing transactions in the hospitality industry totaling $3.8 billion in collateral. Ed first joined American Appraisal as a Principal in 1999-2001. Prior to this, from 1995-1999, he was Director of the Hospitality Practice at Arthur Andersen LLP in Dallas, Texas. From 1993 to 1995, Ed was associated with the Wilson K. Mason Company as Vice President and participating partner. He served from 1991 to 1993 as Senior Vice President of American Federal Bank, Dallas, and from 1988 to 1991 as Vice President of Georgia Federal Bank, Atlanta. During this time Ed was responsible for the ordering, administration and review for compliance with the appraisal policies and procedures of the bank, the Office of Thrift Supervision, the FDIC and Title XI of FIRREA.

Expert Witness and Dispute Resolution:
Ed has testified in Federal, State, County, and U.S. Bankruptcy courts as a qualified expert in valuation and construction in support of both market and investment value conclusions. Ed has also provided litigation support in complex real estate litigation, federal tax, property tax, condemnation and intangible (Business Enterprise Value) real estate issues. Specific current cases include the following:

• 2012 - Plano Atrium LLC vs. Collin County Appraisal District, Cause No. 296-03811-2011, 296th; Valuation Testimony on Atrium at Collin Ridge Office Building); Amy Salusti, Geary, Porter & Donovan, 972-931-9901
• 2012 – LMREC vs. Dallas County, Cause No. DC-10-12172-E, 101st; valuation testimony for property tax dispute settlement conference; Dan Donovan, Geary, Porter & Donovan, 972-931-9901
• 2011 – Hewlett-Packard Co. vs. Benton County Assessor and Department of Revenue, State of Oregon Case Nos. 4979, 4980, 4987; David Canary, Garvey, Schubert & Barer, 503-228-3939
• Garden House Investment Partners LP vs. Dallas County, Cause No. DC-10-12172-E, 101st; valuation testimony for property tax dispute settlement conference; Dan Donovan, Geary, Porter & Donovan, 972-931-9901
• 2011 – Garden House Investment Partners LP vs. Dallas County, Cause No. DC-10-12172-E, 101st; valuation testimony for property tax dispute settlement conference; Dan Donovan, Geary, Porter & Donovan, 972-931-9901
• 2011 – Vinland Aspentree, Inc. Garden House Investment Partners LP vs. Dallas County, Cause No. DC-10-12469-M, 298th; valuation testimony for property tax dispute settlement conference; Dan Donovan, Geary, Porter & Donovan, 972-931-9901
• 2010 – CSHV One Atlanta, LLC vs. Fulton County Board of Tax Assessors, Superior Court of Fulton County, State of Georgia, CAF No. 2009CV169707; valuation testimony for property tax dispute, April 6, 2010; Jack R. Hancock, Esq., Freeman Mathis & Gary – (404) 361-3223
• 2010 – Cuyahoga County Board of Revision, State of Ohio, Complaint No: 200904060519, partial TIC interest valuation testimony for property tax dispute, May 20, 2010; Karen Baurenschmidt, Esq. – (216) 566-8500
• 2010 – Collin County, Texas Appraisal Review Board; valuation testimony for property tax dispute, June 17, 2010
• 2010 – Dallas County, Texas Appraisal Review Board; valuation testimony for property tax dispute, July 7, 2010
• 2009 – Highly Confidential Engagement; Allan Kacenjar, Esq., Squires, Sanders & Dempsey – (216) 479-8296
• 2009 – 375 Park Holdings, LLC vs. Clear Capital, Superior Court of the State of Arizona, Case No. CV2008-003579, Residential Asset Valuation Damages Case consisting of note valuation (partial interests) in a portfolio of 375 assets; Joseph Goldberg, Esq., Hodgson & Russ – (646) 218-7615
• 2007-2009 - Highly Confidential Engagement; Andrew Levine, Esq., Debevoise & Plimpton - (212) 909-6069
• 2007-2009 - September 11, 2001 Property Damage Litigation; Ralph Desanto, Esq., O’Melveny & Myers – (212) 326-2270
• 2008 – Clem’s Ye Olde Homestead Farms, Ltd. v. Bill Brisco, et. al.al., United States District Court for the Eastern District of Texas Sherman Division, Case No. 4:07cv285, Environmental Damages Case; Vincent Hess, Esq., Locke Liddell & Sapp (214) 740-8732
• 2007 - Marshall Investments Corporation v. Upland Properties, LLC; U.S.D.C. Eastern District of Louisiana, Case No. 07-4054; Robert Mouton, Esq., Locke Liddell & Sapp, LLP - (504) 558-5113
• 2007 - Noretta Thomas, et.al. v. DOW Chemical Company; 18th Judicial District Court, Parish of Iberville, State of Louisiana, Suit No. 55,127; John Michael Parker, Esq., Taylor, Porter, Brooks & Phillips - (225) 214-0326
• 2006 - Ventas v. Kindred; Douglas H. Flaum, Esq., Fried, Frank, Harris, Shriver & Jacobson, LLP - (212) 859-8259
• 2002/03 - Daniel G. Kamin Kilgore Enterprise v. Brookshire Grocery Company in the United States District Court for the Eastern District of Texas, Civil Action No. 6:01CV611; Michael E. Jones, Esq., Potter & Minton - (903) 597-8311
• 2001 - Western Pacific Associates, L.P., et al. v. TriWest Associates, L.P., et al., Cause No.1908230; Scott Hershman, Esq., Lackey & Hershman - (214) 560-2201

Federal Tax & Purchase Price Accounting Valuation:
Ed has had completed an extensive number of engagements for financial reporting and federal tax purposes including valuations for FAS 141/142/144 purchase price accounting, IRS tax allocation and donation, and FIN 47 accounting for environmental liabilities. From 1998-2007 Ed was the project manager in charge of the valuation and allocation of into the tangible and intangible partial interests of both individual assets and portfolios of more than $12 billion of transactions. These were performed while at American Appraisal, FSL and Duff & Phelps.

Transaction Due Diligence and Valuation:
Ed has experience in transaction due diligence, consulting and valuations for retail shopping centers, freestanding AAA-credit-tenant retail properties, multi-use retail, residential and office properties (both individual asset and portfolios), residential asset/mortgage portfolios, Class A office buildings, residential and industrial subdivisions, high-end resorts and golf facilities, mini-warehouses, apartments, industrial distribution warehouses, manufacturing facilities, and diverse portfolios with properties nationwide. Special-use property valuations include professional sports stadiums, radio/television transmission towers, a railroad intermodal facility, automobile dealerships, cinemas and movie theatres, deep water industrial sites, marinas truck terminals, cemeteries, U.S. Postal Service facilities, and depletion properties including gold mines, landfills, sand and gravel pits, mining operations, deep water injection wells, and sewage overflow facilities. Ed also specializes in high-end, investment-grade real estate in Manhattan, New York City.

Financial Institution Appraisal, Underwriting & Loan Review Experience:
From 1988-91, Ed served in the capacity of Commercial Valuation Manager for Georgia Federal Bank in Atlanta, Georgia. During this time responsibilities included the review of both commercial and residential assets to be used as collateral for lending purposes. From 1991-93 Ed served as Senior Vice President/Chief Appraiser for American Federal Bank in Dallas, Texas. During his tenure at American Federal Bank, Ed served on the Senior Loan and Real Estate Loan Committees in an advisory capacity. Areas of responsibility included the management of 14 employees in Valuation and Environmental/ADA oversight, including residential and commercial appraisal, environmental and loan review. In this capacity Ed was responsible for the drafting and implementation of the bank's Appraisal & Environmental Policies & Procedures, and the approval of a bank board of appraisers and environmental professionals. Bank owned assets under direct review included 7,500 residential assets and 375 commercial assets, all requiring 3 mandatory appraisals per year, for a total annual appraisal volume of approximately 24,000 appraisal reviews per year. The review process included the compliance with the appraisal policies and procedures of the bank, the Office of Thrift Supervision, the FDIC and Title XI of FIRREA.

Sample of Manhattan, New York Investment Real Estate:

• World Trade Center Buildings 1, 2, 4, 5 and 7
• Rockefeller Center, 3 Rockefeller Plaza
• 1221 & 1251 Avenue of the Americas
• Lehman Brothers Building, 745 Avenue of the Americas
• The Chrysler Building, 405 Lexington Avenue
• 666 Fifth Avenue
• 100 Park Avenue
• The Gucci Building, 685 Fifth Avenue
• Barnes & Noble Headquarters Building, 122 Fifth Avenue
• The Lipstick Building, 885 Third Avenue
• 360 Lexington Avenue
• 498 Seventh Avenue
• 19 West 44th Street
• 417 Fifth Avenue
• 485 Fifth Avenue
• 36 West 34th Street
• 729 Seventh Avenue
• 987 Eighth Avenue
• 1552 Broadway
• Peter Cooper Village and Stuyvesant Town, 14th to 23rd Street, 1st to Ave C
• 300 E. 55th Street
• Flushing Promenade
• SYMS Store, 55 Trinity Place

Health Care Industry:
Since 1982, Ed has developed specific health-care industry experience in the following property types: long-term acute-care hospitals, skilled nursing facilities, general hospitals, psychiatric care facilities, specialty care centers, congregate care centers, day surgery centers, rehabilitation centers and hospital-in-hospital facilities. Clients and/or facilities have included:

• Baylor University Medical Center
• Cardinal Health
• Charter Psychiatric Hospitals
• Columbia-HCA
• Denton Regional Medical Center
• HealthSouth Corporation
• Kindred Healthcare
• Trinity Medical Center
• University of Texas Southwestern Medical Center
• LSUHCS
• Parkland Memorial Hospital
• Regency Hospital Company
• RHD Memorial Medical Center
• Tenet Healthcare Corporation
• Numerous independent operators

Hospitality & Golf Industry Experience:
Ed has engaged in hospitality/golf industry consulting since 1982 in the following service lines: market supply/demand analyses; financial feasibility studies; acquisition due diligence reviews; operational performance audits; recapitalization evaluations; membership/dues structure evaluation; financial modeling, including Monte Carlo simulation modeling; and valuation. Facility types include nationally recognized upscale resorts; urban mega hotel centers; multi-use entertainment hospitality complexes; residential golf developments, private and fee-play courses, and driving ranges; nationally flagged hospitality properties; campground/lodging resorts; spas; and operating restaurant properties, including nationwide T.G.I. Friday's (Riese Restaurants) and independent local restaurants in New York, Texas, Louisiana, California, Arizona, and several other states. Ed is a former member of the Southern California Section of the Professional Golfers' Association as an assistant teaching professional in Orange County, California, at the El Toro Marine Air Station Golf Facility. He served as a director of the USF&G Golf Classic in New Orleans, Louisiana, from 1986 to 1988 and was the 1998 Cochairman of the Cadillac National Kidney Foundation golf tournament.

Hospitality and Resort properties have included:

• The Boulders Carefree, Arizona
• The Lodge at Ventana Canyon Tucson, Arizona
• JW Marriott Desert Ridge Resort Phoenix, Arizona
• Clift Hotel Ventura, California
• Stanley Ranch (Proposed) Napa, California
• Desert Springs Resort and Spa Palm Springs, California
• Ontario Hilton Ontario, California
• Sacramento Radisson Sacramento, California
• The Peaks at Telluride Telluride, Colorado
• The Lodge at Breckenridge Breckenridge, Colorado
• The Mystic Hilton Mystic, Connecticut
• Randall's Ordinary Mashantucket, Connecticut
• Norwich Inn & Spa Norwich, Connecticut
• Hotel Washington Washington, D.C.
• Tampa Airport Hilton Tampa, Florida
• Orlando World Center Orlando, Florida
• Radisson Deauville Resort Miami Beach, Florida
• Royal Plaza Orlando, Florida
• Shadow Mountain Resort and Golf Club Palm Springs, California
• Delano Hotel Miami Beach, Florida
• Marriott Waikiki Waikiki, Hawái
• Sheraton Northshore Northbrook, Illinois
• Ramada Inn Marysville, Kentucky
• Baltimore Hilton Baltimore, Maryland
• Minneapolis Hilton Minneapolis, Minnesota
• Kansas City Hilton Kansas City, Missouri
• Charlotte Hilton Charlotte, North Carolina
• Times Square Hilton New York, New York
• Embassy Suites Battery Park New York, New York
• Ian Schrager Hotels (5 hotels) New York, New York
• Oklahoma City Hilton Oklahoma City, Oklahoma
• Eugene, Oregon, Hilton Eugene, Oregon
• Ramada Inn Kingsport, Tennessee
• Loews Anatole Hotel Dallas, Texas
• San Antonio Hilton San Antonio, Texas
• Hilton Hobby Houston, Texas
• Menger Hotel San Antonio, Texas
• Crockett Ranch San Antonio, Texas
• YO Ranch Kerrville, Texas
• Ramada Inn Dufield, Virginia
• Ramada Inn Woodstock, Virginia

International locations:

• Clarion Suites Guatemala City, Guatemala
• Miraflores Park Plaza Lima, Peru
• Jaguar Reef Resort Dangriga, Belize
• 54 State-Owned Hotels/Golf Courses Athens, Greece

Golf Resort, Development and Course properties have included:

• Angel Park Golf Club Las Vegas, Nevada
• Beau Chene Country Club Mandeville, Louisiana
• Boone Valley Golf Club Augusta, Missouri
• The Boulders Carefree, Arizona
• The Broadmoor Resort Colorado Springs, Colorado
• Castle Hills Golf Club & Academy Lewisville, Texas
• The Country Club of Louisiana Baton Rouge, Louisiana
• Desert Mountain Golf Club Scottsdale, Arizona
• DuPont Country Club Wilmington, Delaware
• Gaillardia Golf & Country Club Oklahoma City, Oklahoma
• Glenwood Hall Country Club Perry Park, Kentucky
• The Hills at Lakeway Austin, Texas
• JW Marriott Desert Ridge Phoenix, Arizona
• The Legacy Golf Club Las Vegas, Nevada
• The Lodge at Ventana Canyon Tucson, Arizona
• Mira Vista Country Club Fort Worth, Texas
• Myrtle Beach Golf Owners Association (50 courses Horry County)
• Onion Creek Golf Course Austin, Texas
• The Pines Golf Club at Marana Marana, Arizona
• Redstone Golf Club Houston, Texas
• River Place Golf & CC Austin, Texas
• Seven Canyons GC Sedona, Arizona
• Sleepy Hollow GC Dallas, Texas
• Stanley Ranch Spa & Golf Resort Napa, California
• Stonebridge Country Club New Orleans, Louisiana
• Stonebridge Ranch Country Club McKinney, Texas
• The Woodlands Development Houston, Texas
• Valencia Golf & Country Club Valencia, California

Education & Certifications:

• M.S. - Finance, One Year Study, Louisiana State University
• B.S. - Finance and Real Estate, University of New Orleans
• 2 years Computer Science Study, Tulane University

State Certifications Include:

• State of Arizona, Certified General Appraiser, #31800
• State of Georgia, Certified General Appraiser, #4007
• State of Texas, Certified General Real Estate Appraiser, #TX-1321706-G
• Commonwealth of Virginia, Certified General Real Estate Appraiser, #4001011120

Professional Associations

• Member Appraisal Institute ( MAI); Certified Instructor of MAI courses
• Appraisal Institute, North Texas Chapter Admissions Committee, Past Chairman
• Commercial Investment Member (“CCIM”)
• Member, Forensic Expert’s Witness Association
• National Valuation Review Board, Trustee and Founding Member
• North Texas Commercial Association of Realtors, Member