Estate of Lynn M. Rodgers, deceased, First National Bank of Commerce, Executor - Page 12




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          Assets other than real properties               $11,024,000                 
          Improved and leased real properties             26,398,433                  
          Unimproved real properties:                                                 
          Plantation Estates                              2,450,000                   
          Destrahan Division Wetlands                     4,100,000                   
          Fairfield Plantation                            3,242,568                   
          Barkley Estates - residential portion,                                      
          not including commercial portion                2,395,286                   
          Whitehouse Plantation                           1,032,831                   
          Remaining unimproved real properties            20,366,470                  
          Total                                           71,009,588                  
               The fair market value of each of the unimproved real prop-             
          erties other than the remaining unimproved real properties that             
          are identified in the foregoing table was calculated by using a             
          discounted cash-flow analysis which included a discount for                 
          market absorption (absorption discount) and marketing.  The                 
          dollar figure that is shown in the foregoing table for the                  
          remaining unimproved real properties is the aggregate value as of           
          the valuation date of those properties to which the parties                 
          stipulated and which was determined by ascertaining the value of            
          each such property without taking into account an absorption                
          discount.                                                                   
               As of the valuation date, neither decedent's spouse nor any            
          of his children was a stockholder of Marrero Land, and there was            
          no plan to sell or liquidate Marrero Land.  It was anticipated as           
          of that date that the highest and best use of at a minimum                  
          approximately 75 percent of the remaining unimproved real prop-             
          erties was to sell them.                                                    






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Last modified: May 25, 2011