Client s Name Client s Address Appraisal Report #

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1 Client s Name Client s Address Appraiser s name and address: Edward N. Okil NATIONAL INSTITUTE OF APPRAISERS Country Club Dr. # 181 Palm Desert, CA 92260

2 NATIONAL INSTITUTE OF APPRAISERS Country Club Dr. # 181 Palm Desert, CA Office:(800) Current Replacement Value Fine Arts Appraisal Report This fine arts appraisal (APP #) has been prepared for: Client: Purpose of appraisal: Object of appraisal: To secure insurance coverage To determine Current Replacement Value. Date of examination: Location of examination: The NIA office in Palm Desert, CA Date of valuation: Dear Client, At your request, I have examined and appraised the 1 work of art and have attached a detailed description of each item. With the appraisal, I am submitting the following information: I make this report with all details and appraisal values to the best of my ability, knowledge, and opinion. I certify that all statements are true according to procedures authorized by the ethical code of the National Institute of Appraisers and are in conformity with the U.S.P.A.P. (Uniform Standards of Professional Appraisal Practice) of the Appraisal Foundation. We have researched these items and have based our findings on the information gathered from the client and other sources. During our research, there are occasionally some items/artists for whom we had no information and who we cannot locate in standard works of artistic biography, the client files or other sources of information. Some of the values listed below may therefore be based on our best professional opinions as to the prices, which would have to be paid if the works were to be replaced.

Client: Description of item: Item number: 001 Artist: After Michelangelo Buonarroti (Italian, 1475 1564) Title: Medium: Madonna della Pieta Virgin Mary (Bust from original sculpture.

3 Client: Description of item: Item number: 001 Artist: After Michelangelo Buonarroti (Italian, ) Title: Medium: Madonna della Pieta Virgin Mary (Bust from original sculpture.) Bronze Edition size: 500 Dimensions: Condition: Signature: H: 15 x W: 11 1/4 x D: 13 (Approximate size.) The item appears to be clean, stable and intact. Unsigned Date: Undated (Original was done in 1499) References: Bryan, Michael. Bryan s Dictionary of Painters and Engravers. New edition revised and enlarged under the supervision of George C. Williamson. New York, Kennikat Press Champlin, John Denison. Cyclopedia of Painters and Paintings. New York, Scribner, Dictionary of Italian Painting. New York, Tudor, 1964 Enciclopedia della Pittura Italiana. Milano, Garzanti, 1950, 2v. Encyclopedia of World Art. New York, McGraw-Hill, Kindlers Malerei Lexikon. Zurich, Kindler Verlag, v. Murray, Peter and Linda. Dictionary of Art and Artists. New York, Praeger, Current Replacement Value: $70,000.00

4 Client: The original Marble sculpture of Madonna della Pieta was done by Michelangelo Buonarroti in 1499 when he was 23 years old. In the 1970 s a mold of the bust (head & shoulders) of the sculpture Madonna della Pieta was taken by Vatican Artesians. This current item done in bronze is cast from that same mold and fully authorized by the Vatican.

5 VALUE CONCLUSIONS AND CERTIFICATE OF APPRAISAL Client: Certification: This appraiser certifies and agrees that this report is made with all details and appraisal values to the best of my ability, and knowledge. I certify that all statements are true according to procedures authorized by the ethical code of the National Institute of Appraisers and are in conformity with the U.S.P.A.P. (Uniform Standards of Professional Appraisal Practice) of the Appraisal Foundation. I am the Executive Director and a tested and Certified Senior Member in Fine Arts Evaluation. This report is offered with no known limiting conditions that would affect the values listed. I have no present or contemplated future interest in the subject art listed in this appraisal which might tend to prevent my making a full, fair and unbiased estimate of its value. The fees charged for this appraisal have been based on a per-item schedule and do not reflect a percentage of the appraised value, nor are they contingent on any prearranged expectations. All information in this report is confidential and will not be released to anyone without your approval. A professional qualifications data sheet is included with this report. Two copies of this report are submitted on this date with photographs. This report consists of: 1. Title Page 5. Research References 2. Fine Arts Appraisal Report 6. Item Descriptions 3. Methods of Valuation 7. Value Conclusions and 4. Assumptions and General Certificate of Appraisal Limiting Conditions 8. Appraiser s Credentials All of these elements must be present for the value conclusions to be valid. Number of items: 1 Current Replacement Value of the 1 item as of is $70, Replacement Value Defined: The cost necessary to generally replace at the highest current level of retail prices, with a comparable work of art of like kind, quality, and similar utility as the item being appraised. This definition assumes that the work of art being appraised cannot be substituted with an exact duplicate, and indicates the buyers desire not to shop for best price Edward N. Okil, NIA Certified Senior Appraiser Certificate Seal

GENERAL ASSEMBLY OF NORTH CAROLINA SESSION

GENERAL ASSEMBLY OF NORTH CAROLINA SESSION S SENATE BILL Judiciary I Committee Substitute Adopted // House Committee Substitute Favorable //1 Short Title: Rule in Dumpor's Case/Broker Price Opinions. (Public)