60 DAY NOTICE OF

PROPOSED AMENDMENTS TO THE

APPRAISAL INSTITUTE’S BYLAWS AND REGULATIONS

At its meeting on November 13-14, 2001 at the Sheraton Hotel and Towers in Chicago, Illinois, the Appraisal Institute’s Board of Directors will consider proposed amendments to the Appraisal Institute’s Bylaws and Regulations.  Summaries of the proposed changes, as well as the full text of such proposed changes, are set forth below.  Unless otherwise noted, the proposed changes have no, or minimal, financial impact.