Charles H. Davison and Leslie B. Davison - Page 4

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               In 1979, White Tail realized $248,198 in gross revenues from           
          farming operations and incurred $868,684 in operating expenses,             
          exclusive of interest expense.  In 1980, White Tail realized                
          $2,098,717 in gross revenues from farming operations and incurred           
          $2,784,169 in operating expenses, exclusive of interest expense.            

          White Tail's Credit Arrangements With John Hancock                          

               On December 21, 1978, the John Hancock Mutual Life Insurance           
          Co. (John Hancock) issued to Messrs. Davison, Esposito, and                 
          Vitale a commitment to make a first mortgage loan on the White              
          Tail property in an amount up to $9 million.1  By a promissory              
          note dated March 16, 1979, White Tail and John Hancock                      
          established the credit arrangement contemplated by this $9                  
          million mortgage loan commitment.2  Subsequently, on January 28,            
          1980, John Hancock issued to White Tail a First Mortgage Loan               
          Commitment pursuant to which John Hancock agreed to advance White           
          Tail a maximum amount of $29 million.  The First Mortgage Loan              

               1This commitment preceded the actual formation of White Tail           
          and its acquisition of property.                                            
               2In connection therewith, White Tail executed a Deed of                
          Trust and Security Agreement.  Messrs. Davison, Esposito, and               
          Vitale also executed a Guaranty of Note, Deed of Trust and                  
          Mortgage in the amount of $1 million, with the maximum individual           
          liability of each guarantor limited to one-third of this amount.            
          In addition, Brad Hill Farms (Brad Hill), another partnership of            
          Messrs. Davison, Esposito, and Vitale, executed a mortgage of               
          certain Illinois real property as further security for the $9               
          million promissory note.  White Tail and John Hancock modified              
          their agreement with a Modification of Promissory Note and Deed             
          of Trust and Security Agreement, dated Dec. 4, 1979.                        




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