| 1. | The current values are based on a January 1, 2008, valuation date.
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| 2. | This completed the mileage of road owned and operated on valuation date.
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| 3. | The remaining 70.325 miles constitutes the property in existence on valuation date.
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| 4. | On valuation date the owned mileage of the carrier was as follows:
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| 5. | The economic conditions are considered at the Antecedent Valuation Date.
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| 6. | Next, age-to-age factors are determined by calculating the ratio of losses at subsequent valuation dates.
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| 7. | On valuation date the ownership of some 22 miles of this road was in dispute.
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| 8. | Valuations date from the 1820s and 1830s.
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| 9. | First, throughout the bill's history, the valuation date and interest-accrual date moved about in an apparently uncoordinated way.
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| 10. | The notes were evidently paid, as they did not appear on the books of the carrier on valuation date.
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