Employment History

2005 - Present:	Eastern Appraisal & Consulting, Inc., Portland, ME Appraiser, Consultant and Resource Economist.
2001 - 2004:	James W. Sewall Company, Old Town, ME Resource Economist/Appraiser.
1997 - 2001:	John Hancock Financial Services, Boston, MA Portfolio Analyst.
1991 - 1997:	University of Minnesota, St. Paul, MN Research Associate/Instructor.
1986 - 1988:	Charles D. Burnes Company, Newton, MA Buyer.

Education
University of Minnesota, St. Paul, MN, Ph.D., Forestry, 1994.
      Dissertation: Alternative timber pricing mechanisms for Minnesota's
      state forests.
Duke University, Fuqua School of Business, Durham, NC, MBA, 1990.
College of William and Mary, Williamsburg, VA, Economics, 1986.

In addition to many seminars on real estate topics sponsored by various private and governmental organizations, the following Appraisal Institute courses have been completed.

110 Appraisal Principles
120 Appraisal Practices
310 Basic Income Capitalization
320 General Applications
400 USPAP
410 Standards of Professional Practice, Part A
420N Business Practices and Ethics
510 Advanced Income Capitalization

Purpose of Service
Don MacKay is an appraiser, consultant and resource economist at Eastern Appraisal & Consulting, Inc. ("EAC"). Members of this firm include other real estate appraisers, consultants and support staff. Senior members have provided valuation and consulting services related to all forms of real estate since 1975. Assignment types and functions are summarized separately.

Business Experience
Mr. MacKay brings appraisal, consulting, and financial analysis experience to Eastern Appraisal & Consulting. His career includes seven years in natural resource economics and policy research at the University of Minnesota and four years as a forestland real estate analyst at John Hancock Financial Services. He worked as an economist and appraiser at a major forestland appraisal and consulting firm in Maine. He has applied financial and statistical analyses to evaluate investments and developed statistical forecasting models for a variety of clients. Don has taught courses in both natural resources and statistics.

Professional Affiliations / Licenses
Chartered Financial Analyst (48027) of the CFA Institute.
Maine Licensed Forester LF3364.
Faculty Assoc., School of Forest Resources, U Maine, Orono
Associate Member of the Appraisal Institute, MAI path.
Maine Licensed and Certified General Appraiser CG2486.

Instruction and Teaching

Personal Experience/Interests
Hiking and running. Volunteer soccer and basketball coach in Veazie, ME. Married, with two children.

Selected Non-proprietary Publications
Kilgore, M. and D.G. MacKay. 2006: Trends in Minnesota's
      forest land real estate market. Northern Journal of Applied Forestry
MacKay, D.G. 2003. Diversification among timberland regions. Timberland
      Report, Vol. 5, No. 1. James W. Sewall Company, 136 Center Street,
      P.O. Box 433, Old Town, ME 04468-0433.
MacKay, D.G. 2001. Relating cash flow and total return: Do properties
      with lower near-term cash flows produce higher total returns? Hancock
      Timber Research Report R-01-3. Hancock Timber Resource Group,
      99 High Street, 26th Floor, Boston, MA 02110.
MacKay, D.G. 2001. Review of southern pine sawtimber prices in HTRG
      properties in Alabama and Mississippi.
      Hancock Timber Research Report R-01-3. Hancock
      Timber Resource Group, 99 High Street, 26th Floor, Boston, MA 02110.
MacKay, D.G. and P.V. Ellefson. 1999. Financial implications of selling
      Northern Journal of Applied Forestry 16(1), pp. 36-42.
MacKay, D.G., P.V. Ellefson, and M. Kilgore. 1998. Building consensus
      on timber harvesting in Minnesota: A decision case study.
      Journal of Natural Resources and Life Sciences Education (27), pp. 1-7.
MacKay, D.G. 1998. Bienville: Maximizing value with a timber deed.
      ForesTree Investor. Hancock Timber Resource Group, 99 High Street,
       26th Floor, Boston, MA 02110. October 1998, pp. 5-8.
MacKay, D.G., Ellefson, P.V., and C.R. Blinn. 1996. Registration,
      certification, and licensing: Creating better timber harvesters.
      Journal of Forestry 94(7), pp. 27-31.
MacKay, D.G. and M.J. Baughman. 1996. Multiple regression-based
      transactions evidence timber appraisal for Minnesota's state forests.
      Northern Journal of Applied Forestry 13(3), pp. 129-134.
Ellefson, P.V. and D.G. MacKay. 1996. Case study teaching: An avenue to
      explore. Journal of Forestry 94(3).
MacKay, D.G. and P.V. Ellefson. 1996. Itasca County tax-forfeited forest
      and natural resources land: An assessment of land sale policies and
       programs. Minnesota Agricultural Experiment Station Paper Number
       22,503. Staff Paper Series No. 117. University of Minnesota, Dept. of
      Forest Resources. St. Paul, MN. 69 pp.
MacKay, D.G., Lime, D.W., Simmons, P. and L. Limback. 1993. Minnesota
      hotels and motels: A profile of the industry. Research Summary No. 14.
      Tourism Center, Minnesota Extension Service, University of Minnesota,
      St. Paul, MN. 8 pp.
Jaakko Pöyry Consulting, Inc. 1992. Economics and management issues:
      A technical paper for a generic environmental impact statement on timber
      harvesting and forest management in Minnesota. Prepared by
      A.L. Lundgren, M.E. McDill, D.G. MacKay, and B. Arias. 287+ pp.
MacKay, D.G., Lime, D., Simmons, P., and L. Limback. 1992. Minnesota
    resorts: A profile of the industry. Research Summary No. 13. Tourism
    Center, Minnesota Extension Service, University of Minnesota, St. Paul,
    MN. 8 pp.