Exhibit (c)(2)(v)
| ISSUE 27-5 |
| PREPARED FOR US 1 INDUSTRIES, INC. |
| VALUATION OF AMERICAN INTER-FIDELITY EXCHANGE |
| EXECUTIVE SUMMARY |
| PREPARED BY CAMBRIDGE PARTNERS & ASSOCIATES |
REMARKS
[1] There were non-operating assets of "OTHER INVESTED ASSETS - INDIANA TRUCKER' EXCHANGE " in the amount of $1,020M and non-operating liability of $126M as of the valuation date.
[2] Minority discount calculated based on control premium of 20% for insurance industry based on Mergerstat data.
[3] Allocable percentage of interest of AIFE to US 1 calculated based on underwriting profit by management.
| | | | | | | | | |
| | | | | MARKET VALUE | | | WTD | |
| | | COST APPROACH INDICATION [1] | | $ | 12,900 | | | | 33 | % |
| | | | | | | | | | | |
| | | MARKET TRANSACTION APPROACH INDICATION (ROUNDED) | | | 13,900 | | | | 33 | % |
| | | | | | | | | | | |
| | | MARKET COMPARABLE APPROACH INDICATION (ROUNDED) | | | 12,700 | | | | 33 | % |
| | | | | | | | | | | |
| | | BUSINESS ENTERPRISE VALUE | | | 13,200 | | | | | |
| | | | | | | | | | | |
| | [1] | | ADD: NON-OPERATING ASSETS (LIABILITIES) | | | 893 | | | | | |
| | | | | | | | | | | | |
| | | | MARKET VALUE OF INVESTED CAPITAL | | $ | 14,100 | | | | | |
| | | | | | | | | | | | |
| | | | LESS: LONG TERM DEBT | | | 0 | | | | | |
| | | | | | | | | | | | |
| | | | MARKET VALUE OF EQUITY - TOTAL CONTROL BASIS | | $ | 14,100 | | | | | |
| | | | | | | | | | | | |
| | [2] | | LESS: DISCOUNT FOR LACK OF CONTROL (MINORITY) 16.7% | | | 2,400 | | | | | |
| | | | | | | | | | | | |
| | | | MARKET VALUE OF COMMON EQUITY - MARKETABLE MINORITY INTEREST | | | 11,700 | | | | | |
| | | | | | | | | | | | |
| | [3] | | TIMES: ALLOCABLE PERCENTAGE TO US 1 INDUSTRIES (Rounded) 13.3% | | $ | 1,600 | | | | | |
| | | | | | | | | | | | |
| | | | DIVIDED BY: NUMBER OF COMMON SHARES OUTSTANDING OF US 1 INDUSTRIES | | | 14,243 | | | | | |
| | | | | | | | | | | | |
| | | | MARKET VALUE OF AIFE CONTRIBUTION TO US1 INDUSTRIES INTEREST ON PER SHARE BASIS | | $ | 0.11 | | | | | |
