Estate of Helen A. Deputy, Deceased, William J. Deputy, Co-Executor - Page 28

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          built-in indexing to place more emphasis on some categories over            
          others.  For purposes of our analysis and clarification, we                 
          replicate the table used by Mr. Dorman with the final column                
          showing the percentage discount he assigned with respect to the             
          19.99-percent interest in Godfrey:                                          
                                        Percent(%) of Discount Based                  
                                             on Condition                             
                                        Above          Below     Dorman’s             
                                  Good  Average  Average  Average  Poor  Rating      
          1. Information availability                                                 
               and reliability     1      2      3     4      5      2                
          2. Investment size       1      2       4         6       8      6          
          3. Company outlook, manage-                                                 
               ment & growth potential   24      6       8     10      4                
          4. Ability to control    0    5     10       15     20     10               
          5. Any restrictions on trans-                                               
               ferability, anticipated                                                
               holding period and com-                                                
               pany’s redemption policy  25      8       11     14      8               
          6. Dividend payout history and                                              
               outlook               2      5       8        11      14     14        
               Total               8    23      39        55     71     44            
               Mr. Dorman’s report also contained references to discount              
          studies as background and/or to support his own approach.  In               
          regards to the marketability discounts, Mr. Dorman discussed                
          various studies, including some that were relied on by Mr. Burns.           
          The majority of the studies referenced by Mr. Dorman, however,              
          resulted in marketability discounts ranging from approximately 26           
          percent to 45 percent, with most in the 32- to 35-percent range.            
          Most of the data for the studies referenced by Mr. Dorman were              






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