APPRAISAL
The appraisal functions of the company are directed by N. Clark Wheeler, ARA, who has 28 years of direct appraisal experience in the region. Mr. Neibergs, who operates the Missoula Office, is a designated Accredited Rural Appraisal as well, and has over 30 years of valuation experience within the intermountain west. Mr. Neibergs has a Masters Degree in Agricultural Economics. He previously worked for Farm Credit Services, and has been with the firm since 2000. Mr. Andrew Rahn, ARA, has been with the firm for eight years. Mr. Rahn had extensive background experience in agriculture. All of the associates and employees at Norman C. Wheeler & Associates are native of Montana and Idaho. In addition to their professional training, they possess inherent experience and knowledge of this market.

All of the associates have extensive specialized training and experience related to conservation easement valuation throughout the west. In late 2006, the IRS issued interim rules relative to the appraisal of conservation easements, regarding appraiser qualifications and specialized training. Mr. Wheeler represents one of the most highly qualified individuals in the United States relative to the valuation of conservation easements. He has completed all of the primary educational offerings related to conservation easements, including the current Federal Yellow Book class and has taught various courses throughout the United States related to conservation easements over the past ten years.

In addition to these educational aspects, Mr. Wheeler has an extensive amount of experience in specialized training related to easements having worked within the field of conservation easement valuation for 30 years. He has also been qualified as a real estate expert, with particular expertise related to conservation easement appraisal in two federal tax court cases in which he provided expert testimony, in both instances, prevailing over the IRS.

REAL ESTATE
Norman C. Wheeler & Associates provides select real estate services to specific clients. Primarily, the real estate services provided by the company involve locational analysis of rural properties for purchase; however the Firm on occasion does list and advertise properties for sale.

The Firm has a specialized position in the market in that they can document trends and have value information relative to properties that far exceed the general knowledge of real estate brokers. Some of the most astute buyers in the market have hired Norman C. Wheeler & Associates on a direct basis to search-out, locate and assist with the purchase of rural properties.

In 2004 the Firm listed and sold the $30 million Rock Creek Ranch for a long-time client, Mr. Ron Yanke. During 2004 and 2005, the Firm helped direct the purchase of six properties for various international purchasers seeking properties in Montana. In addition to these real estate services, the Firm has also sold and been involved in direct transactions within the local market involving both local buyers and sellers. In 2006 and 2007, the Firm actively engaged in listing and selling properties totaling $21,000,000.

CONSULTING

In the dynamic environment of the rural real estate market as it currently exists throughout the inter-mountain area, more and more buyers and market participants are seeking out detailed market data and information related to properties and value trends. The Firm acts in a consulting role to various clients, which include planning values for various land trusts, as well as helping buyers through due diligence issues related to property values and other trends. The Firm has the ability to quickly analyze and provide detailed maps and other information relative to a specific area, which is often sought-out by buyers during their due diligence period, in order to give them additional assurances relative to values and information which has been provided to them through the real estate process.

MAPPING
Norman C. Wheeler and Associates has a full time GIS mapping specialist and has developed advanced mapping and value products to specifically serve rural property owners. The firm has in-house color mapping and large format plotting equipment and maintains an extensive database of mapped sales and ownerships throughout the State. The mapping work of the Firm has been studied and featured by the State of Montana as a practical application process and the firm is a financial sponsor of the States 2005 Orthoimagery Project to update internet aerial photography for the State.