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54.530 65.449 70.672 75,619 80,157 Net laconic ($28.730) $2.226 $28,487 $51.036 $79.385 $95.281 $102,884 $110,086 $116,692 AL/regale Business Model (Common tilm) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Revenue 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 10

estricted stocks of companies whose unrestricted shares are freely traded and (ii) studies of private transactions prior to initial public offerings el PO"). While both the restricted stock and pre-IPO studies have been used by appraisers to derive adjustments for lack of marketability, we believe tha

54.530 65.449 70.672 75,619 80,157 Net laconic ($28.730) $2.226 $28,487 $51.036 $79.385 $95.281 $102,884 $110,086 $116,692 AL/regale Business Model (Common tilm) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Revenue 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 10

estricted stocks of companies whose unrestricted shares are freely traded and (ii) studies of private transactions prior to initial public offerings el PO"). While both the restricted stock and pre-IPO studies have been used by appraisers to derive adjustments for lack of marketability, we believe tha

54.530 65.449 70.672 75,619 80,157 Net laconic ($28.730) $2.226 $28,487 $51.036 $79.385 $95.281 $102,884 $110,086 $116,692 AL/regale Business Model (Common tilm) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Revenue 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 10

estricted stocks of companies whose unrestricted shares are freely traded and (ii) studies of private transactions prior to initial public offerings el PO"). While both the restricted stock and pre-IPO studies have been used by appraisers to derive adjustments for lack of marketability, we believe tha