Calculation of Fair Market Value

Table Of Contents

Monday, April 23rd 2018

Transmittal Letter

Scope of Engagement and Intended Use
Fair Market Value
USPAP Compliance
Nature and Scope of Assignment
Scope of Work
Credible Assignment Results
Highest and Best Use
Forward-Looking Statements
Assumptions and Limiting Conditions
Valuation Qualifications
Certification of Appraiser
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
Local Economy L