Eugene D. Lanier, Inc. - Page 7

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          1983 and early 1987.  The recession was severest during 1985                
          through 1987, with the lowest point occurring during the first              
          quarter of 1987.                                                            
               In 1985, 1986, and 1987, at least several prominently                  
          located vacant land tracts were available for sale and/or                   
          development in the vicinity of the Property.  However, none of              
          those parcels were sold during this period.  Moreover, the market           
          value for all classes of improved commercial real estate had                
          steadily declined, and there was an excess inventory of                     
          commercial office, retail, and industrial buildings.  Sales of              
          such properties by repossessing lenders were common in 1987.                
          The availability of financing for new development was minimal at            
          this time, and development reached a virtual standstill.                    
               On March 31, 1987, if the Property had been vacant land, the           
          highest and best use of the Property would have been to hold it             
          for future commercial development.  As then improved, however,              
          the highest and best use of the Property was as an automobile               
          II.  The Corporation's $13,000 Transfer to Vance E. Lanier, Inc.            
               Vance E. Lanier (Vance) is the Laniers' son.  He was an                
          officer of the Corporation in 1987.  Vance was also a candidate             
          for Representative for District 43 of the Louisiana House of                
          Representatives in the election held on October 24, 1987.  Vance            
          E. Lanier, Inc., d/b/a the Committee to Elect Vance Lanier (the             
          Committee), was duly incorporated under the laws of Louisiana.              

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