Duff & Phelps Acquisition of American Appraisal

Duff & Phelps Corporation, the premier global valuation and corporate finance advisor, has announced
that it has acquired American Appraisal Associates, Inc., a global full-service valuation and fixed asset
management advisor. The transaction bolsters Duff & Phelps’ world-class valuation capabilities, adding
professionals in more than 50 offices globally. As a result, Duff & Phelps will significantly expand its
geographic footprint in Europe and Asia.

Emory & Co., a middle-market investment banking boutique, was the financial advisor to the Board of
Directors of American Appraisal. The team was led by John Emory Jr., President, John Emory Sr., Chairman,
and F. R. Dengel, Managing Director of Emory & Co.

John Emory Jr., President of Emory & Co., LLC, commented: “This is the first time we have worked for
American Appraisal. Our role was to serve as the financial advisor to American Appraisal’s Board of
Directors and provide a Fairness Opinion.”

Also included in the transaction is American Appraisal’s Real Estate Advisory Group (“REAG”), a leading
real estate advisor with principal operations in Europe. Financial terms of the transaction were not disclosed.
Kirkland & Ellis acted as legal advisor to Duff & Phelps and Foley & Lardner acted as legal advisor
to American Appraisal.

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Duff & Phelps

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Emory & Co

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