Source: Equipment Appraisers Association of North America (EAANA)

Orderly Liquidation Value (OLV) is defined as: A professional opinion of the most
probable value expressed in cash or equivalent, as of the effective date of the Appraisal
Report, that the subject assets could typically realize in a privately negotiated sale. This
assumes that the sale would be properly advertised and professionally managed. The
seller would be compelled to sell over a period of time as defined below. The buyer
would be responsible for the removal of the subject assets at their own risk and
expense. The ability of the subject assets to draw sufficient prospective buyers to
ensure competitive offers has been considered. Any change in location, condition,
deletions or additions to the subject assets, could change these estimated values.
Forced Liquidation Value (FLV) is defined as: A professional opinion of the most
probable value expressed in cash or cash equivalent, as of the Effective Date of the
Appraisal Report, that the subject assets would typically realize at a public auction sale.
This assumes that the auction would be properly advertised and professionally
managed. The seller would be compelled to sell the subject assets by public auction.
The buyer would be responsible for the removal of the subject assets at their own risk
and expense. The ability of the subject assets to draw sufficient prospective buyers to
ensure competitive offers is considered. Any change in location, condition, deletions or
additions to the subject assets, could change the estimated values.

Fair Market Value – Removed (FMV-R) is defined as: A professional opinion of the
most probable value expressed in cash or equivalent, as of the effective date of the
Appraisal Report, that the subject assets could typically realize in a privately negotiated
sale. Neither Seller or Buyer would be compelled to sell or buy, both parties are
knowledgeable and fully aware of all relevant facts. The buyer would be responsible for
the removal of the subject assets at their own risk and expense.
Fair Market Value – Installed (FMV-I) is defined as: A professional opinion of the most
probable value expressed in cash or equivalent, as of the effective date of the Appraisal
Report, that the subject assets could typically realize in a privately negotiated sale.
Neither Seller or Buyer would be compelled to sell or buy, both parties are
knowledgeable and fully aware of all relevant facts. It is assumed that the assets are
being sold to remain in place and in operation, taking advantage of all leasehold and
site improvements designed to facilitate their operation. This definition does not take into consideration
the past, present or forecasted income generating performance of the assets.
Fair Market Value – In Place (FMV-IP) is defined as: A professional opinion of the most
probable value expressed in cash or equivalent, as of the effective date of the Appraisal
Report, that the subject assets could typically realize in a privately negotiated sale.
Neither Seller or Buyer would be compelled to sell or buy, both parties are
knowledgeable and fully aware of all relevant facts. It is assumed that the assets are
being sold to remain in place. This definition does not take into consideration the past,
present or forecasted income generating performance of the assets.

Source: Machinery & Technical Specialties Committee of the American Society of Appraisers- July25, 2010

Fair Market Value: An opinion expressed in terms of money, at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts, as of a specific date.