Estate of Dorothy B. Foote - Page 24





                                        - 24 -                                         


               In determining the blockage discount to be accorded to the              

          Trust's stock, Mr. Davis tabulated statistics involving 8 days in            

          1993 where more than 50,000 shares of Applied Power stock were               

          traded,7 comparing the closing price on each of those days with the          

          previous day's close, and noting that the largest down tick trading          

          day was 2.5 percent while for one of the largest trading volume              

          days there was an up tick of 1.5 percent.                                    

               Mr. Davis stated that taken together, the following  factors            

          substantiate his conclusion:  (1) The close proximity of the sale            

          of all of the Trust's stock (within 3-1/2 months of the valuation            

          date); (2) the number of days (only 3) taken to accomplish the               

          disposal of all of the Trust's stock; and (3) the apparent ease of           

          the sale of all the Trust's stock and lack of disruption in the              

          market price of Applied Power stock.                                         


               7    The following table demonstrates the market                        
          "acceptability" on each of the 8 days during 1993 on which more              
          than 50,000 shares of Applied Power common stock were traded:                
                                                                                      
          Previous    Price     Price                                                  
          Day       Dollar    Percent                                                  
          Date     Volume     High      Low      Close     Close      Change    Change 
          2/25     62,600    $17.750  $17.500   $17.625   $17.875     ($0.250)   -1.4% 
          3/11     56,600     17.625   17.375    17.500    17.375       0.125     0.7  
          4/08     57,300     17.750   17.500    17.625    17.625        ---      0.0  
          5/04     99,400     17.250   16.750    17.250    17.000       0.250     1.5  
          5/12    104,000     16.875   16.625    16.625    16.875      (0.250)   -1.5  
          9/02     50,400     17.375   17.000    17.250    17.125       0.125     0.7  
          11/23    77,000     15.375   15.000    15.125    15.250      (0.125)   -0.8  
          12/01    52,100     15.125   14.625    14.625    15.000      (0.375)   -2.5  
                                                                                      



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