Estate of Etta H. Weinberg - Page 17

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             The values computed by Mr. Siwicki are slightly different                
             from the above values because of rounding.                               

             Respondent's Expert                                                      
                  Respondent relies on the testimony and expert report                
             of Dr. Samuel J. Kursh who is certified as a business                    
             appraiser by the Institute of Business Appraisers, Inc.,                 
             and holds a doctorate in business administration from                    
             George Washington University.                                            
                  Dr. Kursh valued the subject limited partnership                    
             interest using only the capitalization of income approach.               
             According to Dr. Kursh, the net asset value approach is                  
             inappropriate for valuing the subject interest in Hill                   
             House because the partnership's underlying asset was                     
             income-producing real estate.  Respondent argues that the                
             net asset value is irrelevant because a hypothetical buyer               
             could not control the sale of the underlying property or                 
             the liquidation of the partnership.                                      
                  Dr. Kursh began his valuation by computing a discount               
             rate.  To do this, he selected comparables from the limited              
             partnerships referenced in the May/June 1993 edition of                  
             "The Perspective".  This is the same publication used by                 
             petitioner’s expert but a later edition.  Dr. Kursh                      

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