Transmittal Letter
Fair Market Value
Forward Looking Statements
Valuation Qualifications
Nature and Scope of Assignment
ASA Reaccreditation Certificate
| Valuation Summary | A |
| Summary Description of the Company | B |
| Asset-Based Approach | C |
| Balance Sheets Analyzed and Adjusted | |
| Net Asset Book Value | |
| Net Realizable Equity | |
| Excess Earnings | |
| Income Approach | D |
| Income Statements Analyzed and Recasted | |
| Historic Cash Flows | |
| Discounted Future Cash Flow | |
| Capitalization of Cash Flow | |
| Market Approach | E |
| National Market | |
| Local Market | |
| Comparable Private Transactions | |
| Comparable Public Transactions | |
| Financial Analysis | F |
| Risk Factors | G |
| Premiums and Discounts | H |
| IRS Revenue Ruling 59-60 Considerations | I |
| Industry Outlook | J |
| U.S. Economic and Interest Rate Outlook | K |