Estate of H.A. True, Jr. - Page 216

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                  3. Summary of Proposed Values and Court’s Determinations of Values of Interests              
                      in White Stallion                                                                        



          Value as of         Book value   Statutory    Kimball    Final Lax Respondent’sCourt’s values        
          June 4, 1994        reported onnotice value   reports     report     position                        
                                return                                                                         
          Entity Value                                                                                         
          (Controlling Basis)    N/A         N/A       $1,138,698  $1,139,080 $1,139,080   $1,139,080          
          Less: Minority                               (227,740)   (683,448)               (170,862)           
          Discount               N/A         N/A         20%         60%1        N/A         15%               
          Marketable Minority                                                                                  
          Value                  N/A         N/A        910,958      N/A         N/A       968,218             
          Less: Marketability                          (318,835)                           (290,465)           
          Discount               N/A         N/A         35%         N/A         N/A         30%               
          Nonmarketable Minority                                                                               
          Value                  N/A         N/A        592,123     455,632      N/A       677,753             
          Value of 34.235%                                                                                     
          Interest Owned at                                                                                    
          Dave True’s Death     153,434     389,964     202,713     155,986    389,964     232,029             
          1 Combined minority and marketability discount1                                                                                                   

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