Real Estate • Machinery & Equipment • Business ValuationPersonal Property • Financial Analysis

Since 1974

BTI Appraisal provides

valuation documentation

and financial analysis for: Real estate sales

Purchasing decisions

Lending decisions

Asset reviews

Charitable donations

Tax reduction

Leasing rates

Insurance coverage or claims

Damages

Litigation

Arbitration

Estate planning

Corporate or marital dissolutions

Limited and General partnershipinterests

Construction planning

Feasibility studies

Market analysis

Construction defects

Diminution in value

Loss of view or land

Minority or marketability discountsfor partial interests

Eminent domain

Replacement costs

Equipment value in place and in use

Fair market value

Liquidation value

Goodwill and goodwill impairment

Lost profits

Residential contents

Artwork and other collectibles

Exotic automobiles

Commercial, Residential

and Industrial Real EstateFrom sophisticated food processingplants to retail shopping centers tohigh rise office buildings – BTI hasappraised it. Our extensive record ofaccomplishment is both dependableand highly respected. BTI can determine value for either “as is” or“as proposed” construction, marketanalysis and feasibility studies. Wehandle projects of all sizes - from single-family residences to extensivesubdivisions, and everything inbetween.

Our research and technical capabilitiesare second to none and we handleassignments anywhere in the world,including:

• All types of office and industrialbuildings, including office condominiums

• Mobile home parks

• Golf courses

• Cemeteries

• Hotels and Motels

• Apartment and condominium complexes

• Affordable housing

• Agricultural land

• Medical buildings, nursing homesand hospitals

• Churches

• Schools

• Fire stations

• Restaurants

• Gas stations

• Car washes

• Food processing plants

• Cold storage facilities

• and much more…

Machinery and EquipmentOur diverse experience in appraisingmachinery and equipment includes all types of leasehold improvements, furniture and other tangible assets. We can value assets as part of a business enterprise, for sale or collateralvalue, for eminent domain, insurancecoverage, donations, property tax reduction and litigation purposes. Wealso provide inventory and tagging offixed assets.

Businesses and IntangiblesWe are often called upon to appraisebusinesses for estate planning, sale, purchase, dispute resolution, mergers,bankruptcy, loan support and eminentdomain. We routinely perform purchaseprice allocations, partial interest discounts, valuations on intellectualproperty, non-compete agreements,contracts and other intangibles, as wellas goodwill impairment and economicdamages. Fair market value, liquidationvalue, lost profits and other damage calculations are regularly addressed.

Personal PropertyBTI is an expert at performing personalproperty valuations that include residential contents, works of art or collections, exotic automobiles andinventory for estate taxes, insurancecoverage, loans, sales, donations and litigation.

Financial AnalysisSales, profits and expenses often needto be projected, or analyzed, based onexternal events that trigger losses orgains. BTI regularly performs this type of work for a variety of business typesincluding real estate developers. Wealso analyze contract disputes thatfinancially impact the parties.Commercial creditors even use our services to analyze and value accountsreceivable and related assets that securetheir loans to operating businesses.

The Services We Provide

Our Clients

InsuranceFrom determining proper coverage, tosettling claims, BTI can assist with allmajor property claim events:

• Fire• Earthquake• Flood• Land movement and mudslide• Construction defects• Contamination• Asbestos• Relocation costs

Whether you require reports or experttestimony before or after a loss, BTI’sservices for insurance purposes include

historical dates of value, allocationbetween land and improvements,diminution in value, fair market rentalvalue, stigma, bad faith claims, or serving as the appraiser in arbitrationproceedings.

We also calculate damages, includinglost income, profits or rent as well asextra expenses connected with businessinterruption or property claims. Errors & Omissions coverage issues by otherappraisal firms and replacement costreports have also been assigned to ourteam. And during major disasters, weare ready to step into important roles at a moment’s notice.

A.I.G.Aetna InsuranceAllstate InsuranceAmeriprise Insurance Co.Arroyo Insurance ServicesCalifornia Fair PlanCapital Insurance GroupCentury Surety InsuranceCommercial Underwriters Insurance Co.Farmers InsuranceFireman’s Fund InsuranceGreat American InsuranceHartford Insurance Co.Hawkeye Security InsuranceHoffman Brown Co.McLarens YoungNew Hampshire Insurance Co.Pacific Specialty Insurance Co.Prudential InsuranceSafeco InsuranceScottsdale InsuranceSt. Paul Fire & MarineState Farm InsuranceThe Travelers Insurance CompaniesTruck Insurance21st Century InsuranceUnited Agencies InsuranceU.S.A.A.Zurich Insurance

LawOne of our core strengths is in providing expert testimony. We haveover 20 years of experience defending values in court, providing quickresponse, sound conclusions, consultation and review of opposingexpert work.

Our well-written and extensively documented reports reduce litigationcosts and speed dispute resolution. BTI’s work has passed the most rigorousscrutiny of the Internal Revenue Service,the SEC, government condemningagencies, and state and federal courts.The collective experience of our nationally regarded professionals can address projects of all sizes, in any location.

Akin, Gump, Strauss, Hauer & FeldArnold & PorterBarbanel & TreuerBerger KahnBistline & CohoonBotto Law GroupBremer Whyte Brown & O’Meara

Buchalter, Nemer, Fields & YoungerBurke, Williams & SorensonCallahan, McCune & WillisCihigoyonetche, Grossberg & ClouseClausen Miller PCCountryman & McDanielDLA Piper Rudnick Gray CaryEarly, Maslach & Van DueckFord, Walker, Haggerty & BeharFreeman, Freeman & SmileyGibbs, Giden, Locher, Turner & SenetGibson, Dunn & CrutcherGifford, Dearing & AbernathyGoodson, Wachtel & PetrulisGordon & Rees, LLPHawley, Troxell, Enis & HawleyHunt Ortmann Palffy Nieves LubkaDarling & Mah, Inc.Jackson LewisKirtland & PackardKoeller, Nebeker, Carlson & HaluckLaw Offices of George BurnsLaw Offices of Craig HartsuykerLaw Offices of James F. MillerLeClair RyanLewis, Brisbois, Bisgaard & SmithLoeb & LoebLong & Levit LLPLynberg & WatkinsMariscal, Weeks, McIntyre & Friedlander, P.A.Mitchell, Silberberg & KnuppMorgan, Lewis & BockiusMorris, Polich & PurdyMunger, Tolles & Olson, LLPMurchison & CummingMusick, Peeler & GarrettNegele & AssociatesNottage & WardO’Melveny & MyersOrd & NormanParker, Milliken, Clark, O’Hara & SamuelianPite, Duncan & MelmetProskauer RoseReed SmithRichard Hamlin AttorneysRobie & MatthaiRobinson & Wood, Inc.Ropers, Majeski, Kohn & BentleyRutan & TuckerSchiller, DuCanto & FleckSimpson Thacher & BartlettSnell & Wilmer, LLPWilson, Elser, Moskwitz, Edelman & DickerWaters, McCluskey & Boehle

Lenders, Corporations

and InstitutionsFinancial institutions, corporations andinstitutional clients appreciate BTI’scomprehensive capabilities and rapidresponsiveness. We offer a full range of accurately prepared reports, fromself-contained narratives to URAR andFHA form appraisals. BTI handles singleor volume assignments throughout theWestern United States and beyond.Lenders also call us for machinery,equipment and inventory valuations.

American Premier BancorpAmerican Realty AdvisorsAnnenberg FoundationBanco PopularBessemer TrustCalifornia Ironworker’s UnionCantwell-AndersonCaran Precision Engineering Co.Celtic BankCharles Drew UniversityCitic Ka Wah BankClear Channel CommunicationsComerica BankExxon MobilFairway Outdoor AdvertisingFirst CapitalGlacier WaterHaliburton Energy ServicesHonda Trading of AmericaJenny Craig InternationalJP Morgan Chase BankKaiser Foundation Health PlanKeil’s Food StoresLAACOLACMAMorgan StanleyNations FirstNorthern Trust BankPacific Western BankProfessional Business BankRBC Capital Security Business BankStone & YoungbergTemecula Valley BankThe Macerich CompanyU.S. Veterans InitiativeUnion BankUnited Commercial BankUniversal StudiosUniversity of Southern CaliforniaVolunteers of AmericaWilliams Service Corp.

GovernmentWe work with cities, counties, states,federal and foreign governments onissues of eminent domain, partial or full takes, municipal bond collateralappraisals, lease rates for government-owned property, FPPC compliancereports, peer reviews and litigation.

Alameda Corridor Engineering TeamAlhambra Redevelopment AgencyCalTransCity of AlhambraCity of AnaheimCity of ArcadiaCity of Baldwin ParkCity of BurbankCity of CarpenteriaCity of CerritosCity of CommerceCity of CovinaCity of DowneyCity of DuarteCity of GoodyearCity of Hawaiian GardensCity of Inglewood RedevelopmentCity of Las VegasCity of Los AngelesCity of MonroviaCity of Monterey ParkCity of RiversideCity of San BernardinoCity of San DiegoCity of Santa AnaCity of Santa MonicaCity of Santa PaulaCity of South PasadenaCity of TemeculaCity of TorranceCounty of Los AngelesCounty of OrangeCounty of San BernardinoCounty of San DiegoFDICGovernment of the BahamasInternal Revenue ServiceL.A. Housing AuthorityLa Puente Redevelopment AgencyMetropolitan Transportation AuthorityState of CaliforniaState of Washington Military DepartmentU.S. Department of Army

At BTI value is more than a price, it is the cornerstone of our company. Everyday, in every report we produce, we strive to deliver true value in two significantways. First, to provide accurate and defensible values for whatever asset weappraise. Second, to provide unparalleled value to our clients. We consistentlyachieve these goals by taking a unique approach to the tasks we are assigned,because our clients depend on us to deliver analysis and insight “when valuematters” most.

EmployeesWhile many of the firms we compete with rely on independent contractors, BTI maintains an exceptional staff of well-trained full-time employees who areable to devote the time and energy necessary to ensure that their reporting isboth comprehensive and complete. We are a family owned business, whichhelps explain why our employees average 12 years of service with our firm. We maintain active membership in the leading industry groups including theAmerican Society of Appraisers, Appraisal Institute, Worldwide ERC and theInternational Right of Way Association.

ReportsWe take pride in producing well written, easy-to comprehend reports, and ensuring that the values we determine are accurate and defendable. We continually review our work to verify that all of the reports we generate conform to USPAP, government and appraisal society standards.

ReviewsBefore any report leaves our office, one of us personally reviews it – in additionto the originating appraiser. For particularly difficult assignments, several reviewers will proofread and fact check reports to ensure accuracy.

Response TimeRegardless of the location, scope of work, or quantity of appraisals required, our clients know that we will be there when they need us. The size of our company coupled with our research capabilities and the commitment from our staff provides our clients with a tangible advantage.

We are here to appraise correctly, meet or exceed your expectations for quality and responsiveness, and to support you after the report leaves our office by providing expert witness services and ensure your satisfaction with our performance.

If you have an appraisal assignment you'd like to discuss, please give us a call personally. It would be our pleasure to assist you “when value matters.”

The BTI Difference

BTI founder and Chairman, Ben F. Tunnell III, has headed the firm since 1974. He previouslyspent eight years with FirstInterstate Bank of California asVice President at the corporateheadquarters in Los Angeles. Mr.Tunnell received a BA degree inEconomics from ClaremontMcKenna College and completedpost-graduate courses at UCLAand the American Institute ofBanking where he also lectured.He served on the Board ofArbitrators for both the AmericanArbitration Association and theBetter Business Bureau. He hasalso been a Registered InvestmentAdvisor and Broker / Dealer withthe Securities and ExchangeCommission and a licensedCalifornia Real Estate Broker.

Mr. Tunnell is an ASA, the seniordesignation of the AmericanSociety of Appraisers in BusinessValuation, and a Certified GeneralReal Estate Appraiser in multiplestates. He has qualified and testified in Federal, State and TaxCourts, as well as in arbitrationproceedings as an expert witnessin appraisals of businesses, realestate, machinery and equipment,and financial analysis.

W H E N V A L U EM A T T E R S

Megan Tunnell O’Rourke,

Vice Chairman and

Ben F. Tunnell III, Chairman

Affiliated Companies

BTI BrokerageBTI Brokerage is a Realtor®, capable of handling the sale and purchase of all types of real estate and businesses.

BTI ConsultingBTI Consulting offers a wide range of professional services to individual,corporate and government clients.

Geographic CoverageBTI regularly performs appraisal workthroughout the United States andabroad. We are well positioned to perform any appraisal assignmentregardless of location.

605 West Olympic Boulevard, Suite 820, Los Angeles, CA 90015Tel: (213) 532-3800 • Toll Free: (866) 256-9300 • Fax: (213) 532-3807 • www.btiappraisal.com

W H E N V A L U EM A T T E R S