Eugene D. Lanier, Inc. - Page 22

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          that the foregoing transactions are not reliable in determining             
          the Property's FMV.                                                         
               Lambert made other analytical errors as well.  Among the               
          more noteworthy, Vacant Land Sale No. 2 was not actually vacant             
          but contained a metal warehouse and small office building.                  
          Lambert assigned a value of only $10,000 to these 2 buildings,              
          which had the effect of inflating the amount paid for the                   
          underlying land.  He neither inspected the interiors nor measured           
          the dimensions of the buildings.  He viewed the buildings only              
          through a fence from adjoining property.  We do not think that              
          this transaction is a reliable indicator of FMV.                            
               Furthermore, as mentioned above, Lambert included an                   
          entrepreneurial fee of $114,500 under the replacement-cost                  
          approach.  We believe that such a fee is inappropriate given the            
          depressed economic situation in Lafayette at the time of sale.              
          Lambert himself acknowledged that, as of March 31, 1987, had the            
          land been vacant, it would not have been feasible for an                    
          entrepreneur to have constructed buildings of the type on the               
          Property.                                                                   
               Equally troubling in our view are the numerous and                     
          substantial alterations Lambert made to the data contained in his           
          report at trial.  Among other things, Lambert reduced the                   
          estimated value per square foot of Vacant Land Sale No. 3 from              
          $2.45 to $1.89 after acknowledging that he had used the wrong               
          size of the parcel in his initial estimate.  For Lease Comparable           




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