STANDARDS OF PROFESSIONAL PRACTICE AND CONDUCT

A WRITTEN APPRAISAL CONTAINING A SUPPORTED VALUE WILL BE PREPARED FOR EACH APPRAISAL ASSIGNMENT ACCEPTED AND WILL INCLUDE THE FOLLOWING AS MINIMUM REQUIREMENTS:

1. AN ADEQUATE AND DEFINITE DESCRIPTION OF THE AIRCRAFT APPRAISED;

2. THE EFFECTED DATE OF THE APPRAISAL;

3. THE DATED WORK SHEET SUPPORTING THE VALUE CONCLUSION;

4. THE FINAL ESTIMATE OF VALUE;

5. SPECIAL AND LIMITING CONDITIONS, IF ANY;

6. THE APPRAISER’S SIGNATURE;

7. A WRITTEN APPRAISAL SEAL AND SIGNATURE BY AN AUTHORIZED PERSON OF Malara's Aircraft Services.

UNDER THE STANDARDS OF Malara's Aircraft Services, IT IS UNETHICAL FOR ANY APPRAISER TO:

1. CONTRACT FOR OR ACCEPT COMPENSATION FOR APPRAISAL SERVICES IN THE FORM OF A COMMISSION, REBATE, DIVISION OF BROKERAGE COMMISSION OR ANY SIMILAR FORM;

2. COMPETE FOR ANY APPRAISAL ENGAGEMENT ON THE BASIS OF BIDS WHEN THE AMOUNT OF THE FEE IS BASIS FOR AWARDING THE ASSIGNMENT;

3. ACCEPT AN ASSIGNMENT TO APPRAISE AN AIRCRAFT FOR WHICH EMPLOYMENT OR FEE IS CONTINGENT UPON REPORTING A PREDETERMINED CONCLUSION;

4. MAKE COMPENSATION ON ANY BASIS OTHER THAN A FAIR PROFESSIONAL FEE BASED UPON THE RESPONSIBILITY, WORK AND EXPENSE INVOLVED;

5. PREPARE AN AIRCRAFT REPORT WITHOUT PHYSICALLY INSPECTING THE AIRCRAFT AND ALL RELATED DOCUMENTATION;

6. REPORT THE CONDITION OF THE AIRCRAFT BETTER THAN OR LESS THAN ACTUAL CONDITION OF THR AIRCRAFT.