June 5, 2004

Dr. Charles Cowan Presents
“Environmental Impacts on Real Estate Appraisals”

Birmingham, AL - Dr. Charles D. Cowan presented a talk on “Environmental Impacts on Real Estate Appraisals: Valuation and Systems for Managing Risk in Environmental Cases” at the meeting of the Alabama State Bar Environmental Law Section Annual Symposium. The meeting was held at The Grand Hotel, Point Clear, Alabama on June 4, 2004. The session in which the paper was presented covered legal issues in real estate transactions involving environmentally damaged properties. Dr. Cowan's presentation described a system for determining the likely diminution of value for properties in a class action when the properties are in a large area impacted by some type of environmental contamination. In cases like this, questions arise concerning the number of persons or properties that might be affected, now and in the future, the potential diminution of value for properties, health impacts that may be observed over time, and the need and pricing of insurance against future claims. A system can be implemented when an environmental event occurs that coordinates the measurement of impact with the estimation of dollar loss for potential claimants. Dr. Cowan is Managing Partner of Analytic Focus LLC.

Analytic Focus LLC is a Birmingham based research and consulting firm with decades of practical experience in analysis, research methods, and financial models. Our partners are highly skilled statisticians and financial economists with academic, industry, regulatory and testifying experience. Our focus is on providing the highest value in interpretation of data, insight regarding business problems, and advising on best practices. Analytic Focus can be reached at (205) 672-9253 or visit us at www.analyticfocus.com.

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