Estate of Lynn M. Rodgers, deceased, First National Bank of Commerce, Executor - Page 53




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                                                  Indicated                           
               Appraisal Ratios                   Value Per Share                     
               Price-to-earnings                  $19,200                             
               Price-to-cash flow (net income                                         
               plus depreciation and                                                  
               amortization)                      22,200                              
               Price-to-cash flow (EBITDA)        22,000                              
               Price-to-tangible book value         25,900                            
          In reconciling the foregoing indicated values, Mr. Stryker gave             
          the greatest weight to the indicated value based on price-to-               
          earnings ratios and the least weight to the respective indicated            
          values based on price-to-cash flow ratios (EBITDA) and price-to-            
          tangible book value ratios.                                                 
               Mr. Stryker concluded under the market approach that the               
          freely traded value of the common stock of Marrero Land as of the           
          valuation date was $21,200 (rounded) per share.  Mr. Stryker then           
          applied a discount of 35 percent because "the holder of a mi-               
          nority and noncontrolling interest in the common stock of                   
          Marrero, unlike the holders of common stock in the selected                 
          public companies, had no market for his or her shares other than            
          by a private sale, and could not compel registration".16  After             
          applying that discount, Mr. Stryker determined under the market             
          approach that the fair market value on the valuation date of the            
          common stock of Marrero Land on a minority, noncontrolling basis            
          was $13,800 per share.                                                      

               16In determining that discount, Mr. Stryker did not consider           
          amended article VI, but he did give consideration to the voting             
          trust.                                                                      





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