EUROPEAN VALUATION CONFERENCE. Dubrovnik 17th May 2019 Overview of Progress in the Development of a European Valuation Profession EUROPEAN VALUATION CONFERENCE. Dubrovnik 17th May 2019 “The Role of the Expert Witness in the Valuation of Property and Businesses” Krzysztof Grzesik REV Chairman TEGoVA

The European Group of Valuers’ Associations (TEGoVA) Europe’s property valuation standards setter since 1977 70 member associations (incl HDSViP) 36 countries (including Observer members from Canada (AIC) and USA (AI & IAAO)) 70 000 qualified valuers Outputs European Valuation Standards Minimum Educational Requirements Code of Ethics Pan European REV Designation TEGoVA Residential Valuer (TRV) Methodology (European Practice & Methodology Board)   “

What’s New in Valuation in Europe Updated European Valuation Standards – EVS 2020 almost ready following meeting of European Valuation Standards Board in Dubrovnik yesterday Draft of European Business Valuation Standards – EBVS 2020 to be considered by European Business Valuation Standards Committee in Dubrovnik today Final Draft of extended guidance on valuation methodology to be considered by European Valuation Practice and Methodology Board in Dubrovnik today Successful TEGoVA Lobbying in Relation to EU Covered Bonds Directive (insertion of requirement for qualified valuers)

EVS 2020 Update and rationalisation of standards, guidance notes and information papers More clarity on the definition of Market Value addressing the chaos caused by varying translations the term "arm's length transaction” Extension of Highest and Best Use to encompass Hope Value  Templates for valuation reports  Guidance on Valuation Reviews  Upgrade of methodology section including major stand-alone pieces on Cost Approach

WHY EUROPEAN BUSINESS VALUATION STANDARDS ? Business valuation is a natural offshoot for valuers proficient with the complexities of real estate. Many TEGoVA member associations have members practicing both RE and Business Valuation Young professionals wish to specialise in more than one area of valuation and to develop additional skills to adapt to rapid market changes.  The modern holistic approach to real estate education provides an excellent technical and analytical foundation for approaching the valuation of businesses in general. TEGoVA is undertaking a gap analysis between these two fields of valuation, enabling valuers to bridge the knowledge and skills gap and facilitate future educational programmes in business valuation

Thank You! www.tegova.org