Common Stock Appraisals
The Plymouth Rock Company / Independent Annual Appraisal Prices of Common Shares
Plymouth Rock Assurance is a wholly-owned subsidiary of the Plymouth Rock Company Incorporated. The common shares of The Plymouth Rock Company Incorporated are not publicly traded. For a variety of corporate purposes, the Company commissions each year an outside and independent appraisal of its Class A common stock. For each of the years 1996-2009, the appraisal has been performed by Shields & Company, Inc, a Boston-based investment banking firm.
Set forth below are the annual fair market values estimated by Shields & Company for the Company's Class A common stock in each of those years. Fair market value for purposes of the appraisal is defined by Shields & Company as "the price at which the relevant shares would change hands between a willing buyer and a willing seller, both in the possession of reasonable knowledge of all relevant facts, with neither party being under any compulsion to act or not act." A fair market value of the Company's Class A common stock is presented each year both before and after a discount applied by Shields & Company for lack of marketability in the stock.
The valuations, shown on a per share basis, have been as follows:
| Year | Per Share Fair Market Value of the Plymouth Rock Companies Before Discount for Lack of Marketability | Discount for Lack of Marketability | Per Share Fair Market Value of the Plymouth Rock Companies After Discount for Lack of Marketability |
|---|---|---|---|
| 2011 | $3,729 | 20% | $2,980 |
| 2010 | $3,628 | 20% | $2,900 |
| 2009 | $3,265 | 20% | $2,610 |
| 2008 | $3,105 | 20% | $2,480 |
| 2007 | $3,138 | 20% | $2,510 |
| 2006 | $2,827 | 20% | $2,260 |
| 2005 | $2,589 | 20% | $2,070 |
| 2004 | $2,215 | 20% | $1,770 |
| 2003 | $1,236 | 20% | $990 |
| 2002 | $1,148 | 20% | $920 |
| 2001 | $1,047 | 20% | $840 |
| 2000 | $963 | 20% | $770 |
| 1999 | $813 | 20% | $650 |
| 1998 | $873 | 20% | $700 |
| 1997 | $773 | 20% | $620 |
| 1996 | $760 | 20% | $610 |
