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COMPANY BACKGROUND <br />GARDNER ECONOMICS, LLC offers a full range of real estate and economic advisory services, <br />and has extensive experience in a wide range of land uses and development forms. The firm <br />offers a highly qualified staff of professionals, whose principal has over 20 years of industry <br />experience. The Firms' experience includes land use and regional economics, residential <br />market analysis, commercial and industrial market analysis, periodic economic and market <br />forecasting and financial analysis. Experience includes the following types of projects: <br />Land Use and Regional Economics <br />- Economic Development Plans <br />- Housing Need Assessment; <br />- Public Need Analysis <br />- Litigation SuppordExpert Witness Testimony; <br />- Target Industry Analysis. <br />Residential Market Analysis <br />- Rental Apartments <br />- Urban mid -rise and High-rise; <br />- Redevelopment of Existing Assets <br />- Mixed-use Development Programs <br />- Detached Single Fancily; <br />- CondominiumslTownhomes <br />- Retirement Communities; <br />- Master Planned Communities and <br />- Public-private Partnerships. <br />Periodic Economic and Market Forecasting <br />Commercial/Industrial Market Analysis <br />- Speculative Office Space, <br />- Retail Shopping Centers; <br />- Business Parks, Including Flex Space; and <br />- HotellMotel c� Conference Center. <br />Financial Analysis <br />- Financial Feasibility Analysis; <br />- Tax Credit Underwriting; <br />- Residual Land Value Analysis; and <br />- Highest and Best Use Analysis. <br />Strategic Planning <br />- Public Policy Advisory. <br />Fiscal & Economic Impact Analysis <br />The Firm has been actively involved in the development of many of the largest and most <br />complex developments in the Pacific Northwest, and we are regularly retained by the <br />region's most prominent developers to complete market and financial feasibility studies. In <br />addition, we work for many of the region's lenders on a retainer basis to monitor local real <br />estate markets. <br />GARDNER ECONOMICS has extensive experience forecasting land needs for jurisdictions as <br />well as private -sector clients. The Firm has developed a series of proprietary models that <br />allow for land demand forecasts to reflect market realities. These are used for land use <br />forecasting, as well as for short-term forecasting by our institutional and banking clients. <br />REVIEW OF A SOUTH EVEREI I' INDUSTRIAI.ANALYSIS <br />POR CAMPBELL SOUP COMPANY PAGE 4 <br />