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PRESS RELEASE 9 MARCH 2010

INTERNATIONAL VALUATION STANDARDS COUNCIL ANNOUNCES NEW TRUSTEE APPOINTMENTS

The International Valuation Standards Council (IVSC) has today announced two new appointments to its Board of Trustees. Malcolm Knight, non-executive Vice Chairman of Deutsche Bank and April Mackenzie, Global Head of Public Policy and external affairs for Grant Thornton International, will join the Board [with immediate effect].

The appointments signify an important stage in the advancement of the IVSC, which develops robust and transparent procedures for performing international valuations through a single set of globally recognized valuation standards.

Michel Prada, chairman of the IVSC Board of Trustees comments: “Both Malcolm and April are significant appointments to the IVSC board. April has extensive experience in standard setting and a full understanding of the broader issues facing capital markets, whilst Malcolm is our first trustee from the banking sector and will therefore provide a new perspective to the Board’s work.

“Now more than ever, standardised valuation across all business sectors is vital for reducing investment risk, adding confidence to financial reporting and providing a consistent approach to portfolio and asset valuation. These appointments will therefore help the IVSC to reinforce its position as the leading global standard setter.”

Biographies of the new Trustees

Malcolm Knight
Since October 2008, Mr Knight has been non-executive Vice Chairman of Deutsche Bank, coordinating the firm’s work on reform of financial regulation and its contribution to the dialogue with global regulators and central banks. He is also Visiting Professor in Finance, London School of Economics and Political Science. From 2003 to 2008 Mr Knight was General Manager of the Bank for International Settlements. During this period he was also a member of the Financial Stability Forum (now the Financial Stability Board) and the International Monetary Fund’s Capital Markets Consultative Group, and a Trustee of the International Accounting Standards Committee Foundation.

Malcolm Knight served as Senior Deputy Governor of the Bank of Canada from 1999 to 2003. He was the Bank’s chief operating officer and a member of its Board of Directors. His key duties included overseeing strategic planning and coordinating the Bank’s operations, acting for the Governor, and sharing responsibility for the conduct of monetary policy as a member of the Bank’s Governing Council.

Much of Mr Knight’s earlier career was spent with the International Monetary Fund, where he served as Assistant Director of the Research Department and then successively as Deputy Director of the Middle East Department; the Monetary and Exchange Affairs Department; and the European Department.

April Mackenzie
Mrs. Mackenzie, a New Zealander, is Global Head of Public Policy and external affairs for Grant Thornton International and is currently based in New York. Prior to joining Grant Thornton, Mrs Mackenzie spent 10 years in an executive management role at the New Zealand Institute of Chartered Accountants as Divisional Director of Policy. She has also played a key role in the initial development of international public sector accounting standards through her role as Technical Advisor to the chair of the International Federation of Accountants public sector accounting standards board.

In her current role with Grant Thornton International, Mrs Mackenzie has responsibility for developing and maintaining relationships with key regulators and international standard setters; representing Grant Thornton International on the Global Public Policy Committee of the 6 largest global accountancy and auditing networks; and is a member of the International Accounting Standards Board Standards Advisory Council. She has extensive experience and knowledge of matters related to standard setting and the development of professional bodies and a full understanding of the broader issues facing global capital markets.

For more information on the IVSC, please see the website: www.ivsc.org

ENDS

For further information on the IVSC please contact: Marianne Tissier, IVSC
mtissier@ivsc.org
Tel: +44 (0)1442 879 306

NOTES TO EDITORS

About the IVSC:
The International Valuation Standards Council (IVSC) is charged with developing robust and transparent procedures for performing international valuations through a single set of globally recognized valuation standards, acceptable to the world’s capital markets organisations market participants and regulators, which will meet the challenges of a fast-changing global economy.

The governance structure of the IVSC, a non-profit organisation incorporated in the US, includes two independent technical Boards – the International Valuation Standards Board and the International Valuation Professional Board – and a global Board of Trustees responsible for the overall strategic direction and funding of the IVSC. The IVSC works co-operatively with national professional valuation institutes, users and preparers of valuations, governments, regulators and academic bodies, all of whom can become members of the IVSC and have an important role to play in advising the Boards on agenda decisions and priorities in the work of the IVSC.

For more information please visit: www.ivsc.org

TO CONTACT US: email: ivsc@ivsc.org | phone: +44 (0) 1442 879 306 | 41 Moorgate, London EC2R 6PP, United Kingdom