Estate of Juanita F. Sirmans, Deceased Dan L. Sirmans, Executor - Page 4

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             that cannot be developed.  While no Government agency had                
             formally designated any part of the subject property as                  
             wetland, we find that, as of the time of the decedent's                  
             death, the breakdown between wetland and dry land for each               
             parcel was as follows:                                                   

                                                                                     
                  Folio     Total        Wetland            Dry Land                  
                  3143.0    30.03     10.03 (33.40%)     20.00 (66.60%)               
                  3143.5    26.47     23.00 (86.89%)     3.47 (13.11%)                
                            56.50     33.03 (58.46%)     23.47 (41.54%)               

             We sometimes refer to the portion of the subject property                
             consisting of so-called dry land as "usable acres".                      
                  On December 7, 1984, Mr. Sirmans hired Mr. John Hunt,               
             ARA, to appraise the decedent's 56.5 acre parcel.  Mr. Hunt              
             concluded that the highest and best use of the decedent's                
             property was for residential use.  Using the market value                
             approach, under which similar parcels of property are                    
             compared to the subject parcel, Mr. Hunt valued the subject              
             property as follows:                                                     

                    22.27 acres highland @ $10,000/Ac = $222,700                      
                    34.23 acres low swamp @ 500/Ac    =   17,115                      
                    56.50                                239,815                      
                    Value from the market approach       240,000                      








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