Executive Summary

Assets Appraised (“Subject Assets”)

Valuation Methods

Economic Perspective

Conclusion of Fair Market Value

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Company History and Overview

History

Products and Services

Operations

General Economic Outlook

Economic Growth

Consumer Confidence

Consumer Spending & Inflation

Financial Markets

Unemployment

Monetary Policy & Interest Rates

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Industry Overview

Introduction

Industry Evolution

Regulatory Environment

Valuation Approaches

Cost Approach

Income Approach

Market Approach

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Operating Enterprise

Cost of Capital

Discounted Cash Flow Analysis

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Real Property Value Summary

Valuation Approaches

Buildings, Land

Real Property Value Conclusion