Estate of Dorothy B. Foote - Page 22




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          Respondent's Expert                                                          
               Respondent's expert, Richard L. Davis, a chartered financial            
          analyst, is the managing director and senior vice president of the           
          corporate finance department of Southwest Securities, Inc., an               
          investment banking firm6 and a member of the NYSE.  Mr. Davis has            
          a master's degree in business administration, concentrating in               
          finance.  The majority of Mr. Davis' assignments over the years              
          have involved securities of publicly traded companies or publicly            
          traded issues of privately held or previously privately held                 
          companies.                                                                   
          Mr. Davis opined that a 3.3-percent blockage discount is                     
          appropriate.  When applied to the agreed $15.125 per-share price             
          (the weighted average mean per-share market price of the stock),             
          the 3.3-percent blockage discount results in a $14.625 per-share             
          valuation or a $4,102,414.88 total value.                                    
               Mr. Davis determined that market activity in the Applied Power          
          stock on or about the valuation date was free from abnormal factors          
          and influences; thus, he concluded that the trading prices for               
          Applied Power's stock were representative of the stock's fair                
          market value.  Mr. Davis felt that this conclusion was buttressed            
          by the fact that ultimately most of the Trust's Applied Power stock          


               6    As an investment banker (with over 21 years                        
          experience), Mr. Davis' work is primarily performed in three                 
          areas:  (1) Raising capital through public offerings and private             
          placements; (2) representing buyers and sellers of companies in              
          mergers and acquisitions; and (3) providing financial advisory               
          services, valuations, and expert testimony in investment banking             
          transactions.                                                                

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