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FOR IMMEDIATE RELEASE 8 OCTOBER 2001

‘AMERICAN APPRAISAL ASSOCIATES SUPPORT INTERNATIONAL VALUATION STANDARDS’

Following a meeting in New York, the Board of Directors of American Appraisal Associates has agreed to act as sponsors to the International Valuation Standards Committee and to support financially the development of International Valuation Standards. President and CEO, Ronald M Goergen said that American Appraisal had played a leading role in the development of the valuation profession for over 100 years and that the development of global standards for the profession was essential if the profession was to respond to the needs of an increasingly global market.

Speaking from Australia, IVSC chairman Greg McNamara welcomed the news saying, “It is a sad time for the world, with the recent tragic events in the US. The deadly acts of terrorism have, if nothing else, brought the world closer together. With this spirit, it is likely that world business will experience a unifying thrust never before evidenced. Any difference in our business practices is no longer likely to be seen as a major hurdle, but rather a small inconvenience. The demand for unifying standards I believe, is now stronger than ever before. I very much welcome the decision by American Appraisal Associates to support the worldwide effort by the valuation profession to develop International Valuation Standards. They join a further twenty two organisations who in total have pledged over US$800,000 to the development of the standards.”

END

NOTES TO EDITORS

1. For further details, please contact:
   Lee Hackett - Executive Vice President, American Appraisal Associates
   Tel +1 414 271 7240
   Ian Gough - Managing Director, American Appraisal (UK) Ltd
   Tel +44 207 329 1776
   Marianne Tissier - Executive Director, IVSC.
   Tel: +44 1442 879306

2. American Appraisal Associates is the largest independent valuation consulting firm in the world with over 100 years of appraisal experience. The firm operates from more than 60 offices on all 5 continents. A team of experienced professionals provides valuation and consulting services to a wide range of national and international clients on all aspects of industrial and commercial property, plant and machinery, intellectual property, and business valuation.

3. The IVSC is an unincorporated association comprising professional valuation associations from some 50 countries. It has published International Valuation Standards (IVS) since 1985. The IVSC is an NGO (Non Government Organisation) member of the United Nations. IVSC maintains liaison with international agencies, such as the Organisation for Economic Co-operation and Development (OECD), the World Bank, the International Monetary Fund, the World Trade Organisation, the European Commission, and the Bank for International Settlements. IVSC also maintains a close relationship with standard-setting bodies such as the International Accounting Standards Board, the International Federation of Accountants, and the International Organisation of Securities Commissions. For further details on the IVSC or to obtain a copy of the 2001 edition of International Valuation Standards, please contact the IVSC Executive Director (see above) or visit the IVSC web site.

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