ENG. CARLOS MIRANDA, PE, MAI, SRA, CCIM, MRICS, CMEA, CSBAAppraiser

Pho: (787) 399 1598Fax: (787) 890 5556

www.international-appraisers.comccimpr@gmail.com

EDUCATIONAL

BS Electrical Engineering, University of Puerto Rico, Mayagüez, Puerto Rico - 1983

LICENSE(S)/CERTIFICATION(S)

State-Certified General Real Estate Appraiser # 46000050725; State of New YorkState-Certified General Real Estate Appraiser # RZ3419; State of FloridaState-Certified General Real Estate Appraiser # GC340478; State of GeorgiaState-Certified General Real Estate Appraiser # 165CG; Commonwealth of Puerto RicoProfessional Real Estate Appraiser # 643EPA; Commonwealth of Puerto RicoProfessional Engineer License # 15098-PE; Commonwealth of Puerto Rico

PROFESSIONAL

Appraisal Institute - Designated Member (MAI), No. 12488, Southeast Florida Chapter Appraisal Institute - Designated Member (SRA), Southeast Florida Chapter CCIM Institute – Designated Member (CCIM ), No. 11518, Florida ChapterNEBBI Institute – Designated Member (CMEA), Certified Machinery & Equipment AppraiserSociety of Business Analysts – Designated Member (CSBA), Certified Senior Business AnalystRoyal Institution of Chartered Surveyors – Designated Member (MRICS), No. 1292766 International Consortium of Real Estate – (TRC), Transnational Referral Certified BrokerProfessional College of Engineers and Surveyors of Puerto Rico – (PE) Professional Engineer

EMPLOYMENT EXPERIENCE

Twenty three (23) years of Real Estate Appraisal and Consulting Experience & over 31 years of Professional Engineering Experience.

? Present International Appraisers Puerto RicoIntegra Realty Resources (IRR) – Appraiser (Contractor) Miami, FLCB Richard Ellis – Consultant (Contractor) Boca Raton, FLNAI/NAC – Appraiser (Contractor) Miami, FLGesvalt – Appraiser (Contractor) Madrid, SpainHilco Acetec Mexico – Appraiser (Contractor) DF, Mexico

? 2010 Integra Realty Resources (IRR) – Associate Director Miami, FL? 1992-Present Engineering / Consulting Puerto Rico? 1991 to 2010 Independent Fee Appraiser Puerto Rico? 1986 to 1992 Hewlett-Packard – Engineer Puerto Rico? 1984 – 1986 Texas Instruments – Design Engineer Dallas, TX? 1983 – 1984 Electrical Engineering Instructor –UPR Mayagüez campus Puerto Rico? 1981 NASA, Lyndon B. Johnson Space Center Houston, TX

REAL ESTATE COURSES: (CIPS)Essentials of International Real Estate Course, 6/04The Americas & International Real Estate Course, 6/04Europe & International Real Estate Course, 6/04Asia/Pacific & International Real Estate Course, 6/04

REAL ESTATE COURSES: (CCIM)CCIM Ethics Course, 1/09Course Concepts Review, CCR, 4/04, Charlotte, NCInvestment Analysis for Commercial Investment Real Estate,Course CI-104, 3/04, San Juan, PRUser Decision Analysis for Commercial Investment Real Estate,Course CI-103, 1/04, San Juan, PRMarket Analysis for Commercial Investment Real Estate,Course CI-102, 10/03, Morristown, NJFinancial Analysis for Commercial Investment Real Estate,Course CI-101, 10/03, New Orleans, LAIntroduction to Commercial Investment Real Estate,Course CI-Intro, 11/03

APPRAISAL INSTITUTE COURSES: (MAI)Feasibility, Market Value, Investment Timing, Option Value Course, 11/12Business Practices and Ethics Course, 11/127 Hour National USPAP Update Course, 10/12Fundamentals of Separating Real Property, Personal Property, and Intangible Business Assets, Course 833, 6/12, Ft. Lauderdale, FLFlorida Real Estate Appraisers Laws & Regulations Course, 3/12, Orlando, FL 7 Hour National USPAP Update Course, 11/11PR Real Estate Appraisers Laws & Regulations Course, 10/11, San Juan, PRSite Use and Valuation Analysis, 3/09The Real Implications of the HVCC on Appraisers and Lenders Webinar, 1/09Data Verification Methods, 1/09Advanced Internet Search Strategies, 1/09Valuation of Green Residential Properties, Course 808, 1/09GIS - The Executive Overview, 11/08Rates & Ratios: Making Sense of GIMs, OARs, & DCFs, Course 754, 3/08Subdivision Valuation, Course 772, 3/08Business Practices & Ethics, Course 420, 1/077 Hour National USPAP Update Course, 12/06General Demonstration Report Workshop, 10/06, Orlando, FLAdvanced Applications, Course 550, 5/05, Greensboro, NCAdvanced Report Writing, Course 540, 4/05, Greensboro, NCAdvanced Sales & Cost Approach, Course 530, 11/04, Tampa, FLHighest & Best Use and Market Analysis, Course 520, 8/00Advanced Income Approach, Course 510, 10/04, Orlando, FLHotels Valuation Seminar,(8/04), San Juan, PRBusiness Practices & Ethics, Course 420, 8/01, San Juan, PRUSPAP, Course 410, 8/01, San Juan, PRResidential Case Study, Course 210, (1994)Basic Valuation Procedures, Course 120, (1993)Basic Appraisal Principles, Course 110, (1992)

OTHER APPRAISAL COURSESPR Real Estate Appraisers Laws & Regulations Course, 10/11, IEPR, San Juan, PRMarketPoint 3.5 Valuation System, Parts 1,2,3,4,5Integra Training Academy, 10/10, Las Vegas, NVDataPoint Basics, Parts 1,2, Integra Training Academy, 10/10, Las Vegas, NVUSPAP 15 Hrs Course, 9/07, San Juan, PRREITs – An economic opportunity for PR, 9/07, San Juan, PRPR Real Estate Appraisers Laws & Regulations Course, 2/07, UPR Aguadilla, PRMachinery & Equipment Appraisaland Business Broker Course, 5/06, Wichita, KSComprehensive Appraisal Workshop - Income Approach & PartialInterest, 7/05, Dallas, TXComprehensive Appraisal Workshop - Cost, Feasibility, Highest & Best Use, 7/05, Dallas, TXComprehensive Appraisal Workshop - Sales ComparisonApproach 7/05, Dallas, TXUSPAP 15 Hrs Course, (2000), San Juan, PRAppraisal of Machinery and Equipment (1998)Real Property Rights Valuation (1997)USPAP Standard 3, Review AppraiserRETO, P.S.C. San Juan, P.R. (11/2003)USPAP 15 Hrs Course, (1994), San Juan, PRMathematics for Appraisers, (7/1991)Eminent Domain, (9/1991)Basic Appraisal Principles, (2/1991)Mathematics for Appraisers, (4/1991)

SOCIETY OF BUSINESS ANALYSTS (CSBA) & NEBB INSTITUTE (CMEA) COURSES/SEMINARSTraining: “Navigating IRS fro 8283”, 12/13USPAP: Fair market value and much more!,10/13Training: “How a strategic Partnership with IACVA benefits CMRA appraisers”, 9/13Training: “How to broker medical equipment”, 8/13Training: “Fraud in the machinery & appraisal business”, 7/13USPAP: “A client’s conceived idea of Value”, 6/13USPAP: The importance of economic conditions, 5/13Training: How to calculate obsolescence and rounding values…what you need to know!”, 4/13USPAP: “The importance of the Certification Page and Remaining Useful life”, 2/13USPAP: “What’s the difference between the effective date, the inspection date, and the date the report is written”, 1/13Machinery & Equipment Appraisal Course, 2/12How Do You Appraise Custom Built Equipment?, 3/09Biz Enhancement, How You Can Make Money With Inventory Control, 6/08Biz Enhancement, Legacy Planning, 5/08Biz Enhancement, Making Money with Enhancement Strategies, 5/08Biz Enhancement, How to Develop an Exit Strategy, 4/08Marketing, The #1 Secret to Marketing Success, 4/08Marketing, Is Your Company in Alignment?, 4/08

SOCIETY OF BUSINESS ANALYSTS (CSBA) & NEBB INSTITUTE (CMEA) COURSES/SEMINARSLeasing, How to Make Money with Equipment Leasing, 3/08Banking, What a Lender Needs to Know, 3/08Insurance 101, Are You and Your Clients Protected?, 3/08Biz Brokerage 301, Getting to the Close, 2/08Biz Brokerage 201, A Broker's Responsibilities, 2/08Biz Brokerage 101, The Basics, 2/08Biz Val 301, The Anatomy of a Business Appraisal, 1/08Biz Val 201, How to Sell a Business Appraisal, 1/08Biz Val 101, How to Do a Business Appraisal, 1/08Business Brokerage Training, 6/06Machinery & Equipment Appraisal Course, 6/06

OTHER COURSES/SEMINARSMapping Projections and Coordinates SystemsProfessional College of Engineers and Surveyors of P.R. (3/2010)Safety of the Homes Electrical SystemsProfessional College of Engineers and Surveyors of P.R. (10/2009)An Intuitive Approach to Analog IC DesignProfessional College of Engineers and Surveyors of P.R. (3/2009)PEX Piping SystemProfessional College of Engineers and Surveyors of P.R. (2/2009)NAR Ethics Seminar, (1/2009)National Association of Realtors2008 Puerto Rico Zoning Classification OrdinanceProfessional College of Engineers and Surveyors of P.R. (12/2008)Inspection of Boilers and Pressure RecipientsProfessional College of Engineers and Surveyors of P.R. (10/2008)Civil and Professional Responsibilities of the EngineerProfessional College of Engineers and Surveyors of P.R. (12/2007)Appraisal from Three Points of ViewMayagüez Board of Realtors (11/2006)Environmental Documents: Process, Presentation, Evaluation and TransmittalProfessional College of Engineers and Surveyors of P.R. (11/2006)Basic Validation Concepts and DocumentationProfessional College of Engineers and Surveyors of P.R. (11/2005)Working with the New Digital FEMA MapsProfessional College of Engineers and Surveyors of P.R. (8/2005)Understanding the Design & Implementation of Automatic ControlSystems, Professional College of Engineers and Surveyors of P.R. (12/04)NAR Ethics Seminar, (11/2004)Mayagüez Board of RealtorsFHA Appraiser/Underwriter Training (7 HRS)U.S. Dept. of HUD, (5/04), San Juan, P.R.Real Estate Broker Course, (2003)Mayagüez Board of RealtorsProject Inspection CourseProfessional College of Engineers and Surveyors of P.R. (12/02)

OTHER COURSES/SEMINARSProject Management Using CPMProfessional College of Engineers and Surveyors of P.R. (12/02)Construction Management CourseProfessional College of Engineers and Surveyors of P.R. (11/02)FHA Appraiser Training (7 HRS)U.S. Dept. of HUD, (4/02), San Juan, P.R.First Real Estate Market Symposium, (7HRS)Appraisal Institute, San Juan, P.R. (3/02)Home Inspection Course Professional College of Engineers and Surveyors of P.R. (5/01)FHA-Update Seminar, Mortgage Bankers Association, (2001)Legal Aspects in the Valuation of Properties with Easements PR Institute of Appraisers (1996)Accounting Principles CONT-3006 University of PR, Mayagüez Campus (Spring 1992)Statistical Analysis ESTA-102 Interamerican University of PR, Aguadilla Campus (Spring 1992)Accounting Principles CONT-3005 University of PR, Mayagüez Campus (Fall 1991)Statistical Analysis ESTA-101 Interamerican University of PR, Aguadilla Campus (Fall 1991)Traditional and Creative Financing,Institute of Realtors of P.R. (1991)Real Estate Broker Course, (1991)Arecibo Board of RealtorsTax Planning for Corporations and Individuals, (1991)Instituto de Aprendizaje e Investigaciones Jurídicas, PR

PROFESSIONAL AFFILIATIONSAppraisal Institute, AIRoyal Institution of Chartered Surveyors, RICSInternational Consortium of Real Estate, ICREANational Association of Hispanic Real Estate ProfessionalsNEEB Institute, Wichita, KansasInternational Society of Business Analysts, ISBACollege of Engineers and Surveyors of P.R., CIAPRInstitute of Electrical & Electronics Engineers, IEEECertified Commercial Investment Institute, CCIMTau Beta Pi, Engineering Honor Society, Gßp

OFFICES HELD2005Treasurer/Founder Member of the PR CCIM Chapter

1995Director, CIAPR – Aguadilla Chapter

PROFESSIONAL EXPERIENCE AS APPRAISERPresentInternational Appraisers – Puerto RicoIndependent Fee Appraiser

Integra Realty Resources – Miami/Palm Beach, FLAppraiser (Contractor)

SMM Property Advisors – Miami, FLAppraiser (Contractor)

Aguirre Newman America – Miami, FLAppraiser (Contractor)

Hilco Acetec Mexico – DF, MexicoAppraiser (Contractor)

Gesvalt, Madrid, SpainAppraiser (Contractor)

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PROFESSIONAL EXPERIENCE AS APPRAISER2010Integra Realty Resources – Miami/Palm Beach, FloridaAssociate Director

1991 to 2010Independent Fee Appraiser – Puerto Rico

2003-2004 Lecturer at the Mayagüez Board of Realtors

May 2001 - May 2002Orisyn Research Inc./ C/O U.S. HUDFHA/FNMA Review Appraiser

PROFESSIONAL EXPERIENCE AS ENGINEERDec 1992 to PresentProfessional Engineer: Preparing Construction Plans forResidential and Commercial Buildings. Certifications, Inspection ofExisting/Under Construction Structures. Use/Construction Permits

Jan 1986 to Dec 1992Hewlett-Packard Co. Aguadilla, PRManufacturing Development EngineerTest Development EngineerProduct Engineer

Jan 1984 to Jan 1986 Texas Instruments, Inc., Dallas, TXDesign Engineer

June 1983 to Dec 1983University of P.R. Mayagüez CampusMayagüez, PRElectrical Engineering Department Instructor

1981NASA, Lyndon B. Johnson Space CenterHouston, TX

? Engineering Trainee

TYPE OF APPRAISALS PERFORMED

Puerto RicoExisting and Proposed Single-Family Residential Properties, Existing and Proposed Multi-family ResidentialProperties, Asphalt Paving Machinery & Equipments, Transport Trucks, Concrete Batch Plants, Automobiles,SUV's, Vans, Ambulances, Agricultural Equipment, Medical Labs/Equipments, Hospitals/Equipments, OfficeEquipment, Office Buildings, Offices, Elderly Homes, Industrial Properties, Manufacturing Plants, PRIDCOProperties, Land Subdivisions, Land/Ground Lease, Residential Subdivisions, Shopping Centers, (Strip,Neighborhood, etc.), Existing and Proposed Condominiums, Dairy Farms, Agricultural Properties,Restaurants/Cafeterias, Restaurant Equipment, Gas/Service Stations, Convenience Stores, Supermarkets, RentalApartments, Automobile Dealerships, Churches, Temples, Private Schools/Nurseries, Hotels, Motels, Inns,Guests Houses, Bed & Breakfasts, Self Storage Warehouses, Condo Warehouses, Funeral Homes, MemorialParks/Cemeteries, acant Land, Lots

Florida, USAWarehousesGolf CoursesOffice/Office BuildingsResidential SubdivisionsMultifamily/ResortsIndustrial PropertiesFree Standing Drug StoresCondominiumsDominican RepublicVacant LandMéxicoHotels/ResortsGuatemalaVacant Land