American Appraisal Overview

1. American Appraisal Overview Valuation / Transaction Consulting / Real Estate Advisory / Fixed Asset Management Leading / Thinking / Performing

2. Contents of Presentation: Overview of American Appraisal Associates 3 List of All Available Valuation Services 4 Credentials 5 List of Global Offices 6 Notable Valuations 7 Independence and Objectivity 8 Quality Control and Assurance 9 Sample Audit Review Experience by Firm 11 The Value of a Relationship 12 The Engagement Process 13 Contact Information 14

3. Overview of American Appraisal • Established in 1896, employee owned • Largest, most experienced valuation-consulting firm in the world • The only global, “independent” valuation firm in the world • Our total independence from auditors, tax consultants and rating agencies provides clarity for governance boards • 850 employees globally • Serving companies of all sizes, including 85% of the Fortune 500 over the last ten years • Full service, multi-industry, valuation consulting firm - Valuation-consulting is our only business • Responsive to our client’s needs - 99% client satisfaction rating. Our reputation is one of quality, independence and service - we can be relied upon • No client has been requested to restate financial statements as a result of SEC objections to a valuation performed by American Appraisal.

4. Mergers, Acquisitions FAS141R/142, IFRS 3 Due Diligence Business Enterprise Valuations Fair Value-Options 123R / 409A Intangible Assets Impairment Testing 142/144 Solvency Opinions Fairness Opinions Divestitures / IPO’s ESOPS, Profit Sharing Plans Bankruptcy – Fresh Start Tax Reorganization Valuations All Valuation Disciplines Under One Roof - Globally Financial - Real Estate - Industrial • Structured Finance • Common, Preferred Stock • Worthless, Restricted Stock • Sub S to C & visa versa • Joint Ventures • Insurance Appraisals • Valuations for Insurance Pooling • Lifing Studies • M & E Valuations • FMV Lease End Valuations • Export Certification • Valuations for Collateral Financing • Section 1.861 FMV Studies • Ad Valorem Tax Challenges • Litigation Support • Real Estate Valuations • Real Estate Advisory Services • RE Appraisal Management Services • Cost Segregation Studies 1245/1250 • Property Records – Sarbox 404 • Estate & Gift Tax Valuations • Privatization

5. Credentials • Appraisal Issues Task Force - Gerald Mehm, SVP and Managing Principal, is presently chairperson of the Appraisal Issues Task Force. This entity was initially empanelled, at the suggestion of the SEC, to provide guidance relating to SFAS 141, SFAS 142, SFAS 144, SFAS 123, etc. • Appraisal Standard Board - Carla Glass, Vice President and Principal has recently completed her chairmanship of the Appraisal Standards Board ("ASB"), the sole source of appraisal standards and appraiser qualifications. • International Valuation Standards Committee – Nick Anderson, a managing director in our London practice, is a specialist in IFRS 3 and sits on the IVSC, leading the debate on the subject.

6. One Company Globally On Three Continents North & South America Eurasia

7. Notable Valuations Performed • MCI American Appraisal provided the Fresh Start Accounting needed for MCI to emerge from Ch 11 bankruptcy, the largest bankruptcy in US history. This valuation required all their assets to be valued or “stepped down” to their new values in much the same way an acquisition often requires a “stepping up” of the assets. MCI’s circumstances also required us to re-value their previous acquisitions going back 10 years – One of the most visible valuations ever! This involved all three valuation disciplines – Financial, Real Estate and Industrial. • Twin Towers How do you value something after it’s gone (post-loss)? American Appraisal was engaged to provide retrospective values for Larry Silverstein’s court case. 16 American Appraisal Engineers were involved to complete the engagement. The Experience of our Professionals is reflected in every engagement, large or small

8. Independence and Objectivity • Our total independence from auditors, tax consultants and rating agencies provides the clarity that governance boards are seeking. • American Appraisal is not an affiliate of any certified public accounting firm, management consulting firm, engineering design firm, or financial services organization. • This policy is designed to protect the valuation from current and prospective scrutiny, ensuring that a durable valuation and related opinion is achieved.

9. Quality Control And Assurance • Quality influences every client relationship. American Appraisal, from its early beginnings, developed, implemented, reviewed, and updated its quality control program. • American Appraisal developed and implemented a Quality Assurance Program consisting of a Procedural Review and a Judgmental Review. • The Procedural Review measures how closely employees who arrange, plan, perform or review work, follow practice policies, standards, procedures, and other systematic processes.  • The Judgmental Review is an in-depth examination of the work performed by members of the Client Service Team to gauge the quality of the assessments made in arranging, planning, performing and reviewing appraisal services.

10. Quality Control And Assurance (continued) • In addition to its internal monitoring and measurement processes, American Appraisal seeks continuous input on the quality of its services from its clients. • A Client Satisfaction Survey is enclosed with every final report, under our Chairman and CEO’s signature • Our Client Satisfaction Survey creates a platform where comments on every engagement are directly reported to our CEO and management team. • Finally, American Appraisal links quality directly with compensation. The incentive compensation awards of the members of American Appraisal's senior management and those who report to them is tied both to compliance with its Internal Guidance System and to achieving a minimum of 98% in meeting/exceeding client expectations, in the aggregate during the year.

11. Sample Audit Review Experience by Firm

12. The Value of a Relationship “It’s the caliber of your staff and the tested principles they employ on each assignment that make your company so valuable.” - Client Satisfaction Survey Respondent

13. The Engagement Process • A conference call or meeting with all involved disciplines takes place where the scope of the project is determined. • A formal proposal / engagement letter is prepared. • Your authorization to proceed triggers a specific data request. • Formal conferences / meetings take place for intangibles - property inspections take place for real property and based on scope, site visits might be required for personal property. • The client’s timetable is very important and will be discussed at the outset. There are no standard engagements and the needs of each client will be met. • Conclusions delivered in a written report in hardcopy, electronic or both as agreed to in the engagement letter.

14. Contact Information Sandra L. Sours Vice President – Managing Partner American Appraisal Associates 2802 Johnson Circle Bridgewater, NJ 08807 Tel 215 504 0203 Mobile 215 410 8162 Fax 908 541 9316 ssours@american-appraisal.com