Wagner Construction, Inc. - Page 41

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               Using data from the 12 publicly traded companies, Dr. Lacey            
          calculated that the total pool of funds available for                       
          distribution among the four groups was equal to operating income            
          plus other income/expense plus management compensation.  In                 
          calculating management compensation paid by the publicly traded             
          companies, Dr. Lacey included only salaries and bonuses paid to             
          executive officers.  He did not include stock options or any                
          other perquisite compensation paid to executive officers of the             
          publicly traded companies or compensation to managers such as               
          supervisors who were not officers.                                          
               Dr. Lacey calculated distributable funds, net income                   
          distributable to equity holders, and management compensation for            
          the 12 publicly traded companies and petitioner as follows:                 

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