Gayle M. Hartfelder
Commercial Appraiser

PROFESSIONAL AFFILIATIONS

State Certified General Real Estate Appraiser
License No. TX-1322705-G, expires March 31, 2004

PROFESSIONAL EXPERIENCE

Comerica Bank of Texas, Dallas, Texas
Assistant Vice President
Chase Bank of Texas, N.A. (Texas Commerce Bank), Hurst and Austin, Texas
Assistant Vice President/Appraisal Officer/Research Assistant

EDUCATIONAL BACKGROUND

Texas A & M University
B.B.A. Degree in Finance May 1988
Appraisal Institute
Various appraisal course and seminars

General
Real Estate Fundamentals
Real Estate Investment Analysis
Real Estate Law
Real Estate Finance
Financial Statement Analysis

Professional
Real Estate Appraisal Principles
Basic Valuation Procedures
Capitalization Theory, Parts A and B
Case Studies in Real Estate Valuation
Report Writing and Valuation Analysis
Standards of Professional Practice, Part A
Standards of Professional Practice, Part B
Subdivision Analysis
Feasibility Analysis and Highest and Best Use
Appraising Special Purpose Properties
Appraising from Blueprints and Specifications
Scope of Work
Dynamics of Office Building Valuation