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DEVELOPMENT OF ASSET DATABASE. Concurrently, Superlative's valuation specialists <br />begin compiling the City of Elk River's assets and determining their quantitative <br />value based on local, regional and national media rates. <br />QUALITATIVE ASSESSMENT OF NAMING RIGHTS AND SPONSORSHIP ASSET VALUE. Our <br />valuation team conducts original research to ascertain the intangible value of the <br />City of Elk River's Naming Rights opportunities when compared to other, similar <br />properties, using annual reports, press releases and other relevant information <br />provided by the City of Elk River as well as Superlative's proprietary database of <br />Naming Rights contracts. <br />WEEKS 9 - 12 <br />CONTRACT REVIEW. Once Superlative has determined the Naming Rights value for <br />the City of Elk River assets, packages are compared to existing City of Elk River <br />Naming Rights agreements. A database of potential challenges and limitations <br />that could potentially impact revenue generation is created, from both external <br />(e.g., signage restrictions) and internal (e.g., category restrictions like tobacco or <br />alcohol) processes. <br />• INDUSTRY BENCHMARKING AND PROSPECT IDENTIFICATION, Drawing upon its <br />proprietary database, Superlative builds a list of comparable Naming Rights <br />contracts relevant to each City of Elk River opportunity. This list is also used to <br />identify target sponsor entities along with input from the Superlative sales team. <br />• EXECUTIVE REVIEW. Superlative conducts an extensive internal review process <br />where senior leadership has an opportunity to weigh in on potential contract <br />value and overall program revenue potential, lending insight critical insight to the <br />project and ensuring that all potential revenue is accounted for. <br />• DELIVERY OF DRAFT PHASE I REPORT. Superlative allows 1-2 weeks for review by the <br />City of Elk River staff, followed by a conference call with Superlative's valuation <br />experts to walk through our findings together. Subsequently, any feedback is <br />incorporated and the document is finalized. <br />12 <br />