Estate of Etta H. Weinberg - Page 11

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                  Mr. Siwicki valued the subject limited partnership                  
             interest using both the capitalization of income approach                
             and the net asset value approach.  Under the capitalization              
             of income approach, it is necessary to identify the income               
             stream to be capitalized.  The income stream is then                     
             capitalized using a rate of return realized by hypothetical              
             investors on comparable investments.  Under the net asset                
             value approach, it is necessary to determine the net asset               
             value of the asset.  If necessary, that value is then                    
             discounted to reflect the minority ownership of the                      
                  Mr. Siwicki started his valuation in this case by                   
             reviewing the data on 85 publicly registered real estate                 
             partnerships compiled in the May/June 1992 edition of "The               
             Perspective", a bimonthly publication of Partnership                     
             Profiles, Inc., which provides market data for publicly                  
             registered limited partnership interests.  Mr. Siwicki                   
             focused on limited partnerships that invested in                         
             residential property, had little or no debt, and made cash               
             distributions to the limited partners.  He identified seven              
             publicly registered real estate partnerships that he                     
             believed were comparable to Hill House.  They are listed                 

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