Estate of Charles a. Boratello, Deceased, C. Norman Borgatello and Josephine E. Donnelly, Co-Executors, and C. Norman Borgatello, Successor Trustee to the Charles A. Borgatello Living Trust - Page 35

                                               - 35 -                                                  
                  In sum, a total discount of 33 percent accounts properly for                         
            the lack of marketability of the VIC stock.  Discounting the net                           
            asset value by 33 percent leads to a valuation adjustment of                               
            $5,255,016.  On the basis of the foregoing examination of the                              
            record we conclude that the fair market value of Mr. Borgatello's                          
            VIC shares is as follows:                                                                  
                  Net asset value                           $15,924,290                                
                  Less: Valuation adjustment                 5,255,016                                 
                  Aggregate fair market value               $10,669,274                                
                  Fair market value per share               $8,515                                     
                  (1253 shares outstanding)                                                            
                  Fair market value of 1037 shares   $8,830,038                                        
                  To reflect the foregoing,                                                            

                                                      Decision will be entered                         
                                                pursuant to Rule 155.                                  

Page:  Previous  16  17  18  19  20  21  22  23  24  25  26  27  28  29  30  31  32  33  34  35