DHL Corporation and Subsidiaries - Page 16

                                        - 105 -                                       
          1984        $367,841,000                                                    
          1985         431,929,000                                                    
          1986         534,283,000                                                    
          1987         687,427,000                                                    
          1988         832,879,000                                                    
          1989         974,050,000                                                    
          1990       1,146,312,000                                                    
          1991       1,404.800,000                                                    
          1992       1,725,850,000                                                    
          The expert’s computations imply that the income earned is from              
          the trademark and not from other intangibles or assets.  We do              
          not agree that these income figures show only the value of the              
          trademark, but they do reflect that DHLI’s revenues were                    
          generally increasing and substantial.  There is no question that            
          the DHL name had some role in DHL’s, DHLI’s, and the DHL                    
          network’s success.                                                          
               Petitioners proffered one valuation expert, an economist,              
          who used the relief-from-royalty income approach to value the               
          trademark and two additional economists who opined on whether               
          valuable intangibles existed in the context of the DHL network.             
          One of petitioners’ experts concluded that DHLI had valuable                
          intangible assets including a cost advantage from its volume and            
          its reputation for reliable performance and that it was those               
          attributes and not the DHL name that had value to DHLI.  Another            
          of petitioners’ experts, using a different methodology, similarly           
          opined that it was the DHLI infrastructure that made the                    
          difference and that DHL did not possess an intangible (including            
          the trademark) that caused DHLI’s success.  Finally, petitioners’           
          valuation expert opined that the DHL trademark had $55.2 million            




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