Jane Crocker, F.K.A. Jane C. Jacobs, et al. - Page 46

                                       - 36 -                                         
               the life of the property.  The office space has already                
               been restored, except for the Fourth Floor where tenant                
               finish is needed, some minor deferred maintenance yet                  
               to complete.  This office space is in very good to                     
               excellent condition having been renovated to the extent                
               of refinishing most surfaces and installing new                        
               restrooms.  In consideration of these facts and                        
               experience in appraising commercial properties it is                   
               concluded that the effective age is 18 years, resulting                
               in a depreciation estimate of 15 percent. * * *                        
          Ingram/Ewing estimated depreciation for the retail/office space             
          to be $238,650.                                                             
               Ingram/Ewing estimated a value of $3,773,123 under the                 
          replacement cost approach for the theater space, computed as                
          follows:23                                                                  
                        Cost Approach Analysis for Theater Use Space                  
          Estimated Replacement Cost,             $5,497,240                          
          As completed with 1,130 seats,                                              
          for 24,358 square feet at                                                   
          $226 per square foot                                                        
          Less Provision for Depreciation at 19%1 1,044,475                           
          (Utilizing Marshall Valuation Service and                                   
          computed after restoration)                                                 
          Net Depreciated Value of Improvements   4,452,765                           
          Add Land Value Estimate                 542,403                             
          Total Estimated Value by the Cost Approach4,995,168                           
          After Provision for Depreciation                                            
          As Completed with Planned Restoration                                       
          Less Estimated Cost of Restoration and  1,222,045                           
          Maintenance                                                                 

               23 In the various tables produced by the experts and                   
          reproduced in our opinion, several of the experts' dollar totals            
          do not appear to be correct.  However, the dollar figures                   
          appearing in the experts' tables and reproduced in our opinion              
          were rounded by the experts to what they considered the nearest             
          dollar amount.  We note that the dollar totals presented are in             
          fact correct when the unrounded figures are considered.                     





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