Horace D'Angelo - Page 3

                                         -3-                                          
          Petitioner’s Business Pursuits                                              
               Petitioner has been a business associate of Keith Pomeroy              
          (Pomeroy) since the early 1980s.  In 1983, he and Pomeroy entered           
          into a Development Agreement (1983 Development Agreement).  It              
          provided, in relevant part:                                                 
               1.   Purpose.  The principal purpose of the Parties                    
               acting together is to acquire, hold, develop, operate,                 
               and sell various real estate and building projects,                    
               primarily, although not exclusively, nursing homes and                 
               housing for the elderly.  The Parties shall contribute                 
               equally funds as are required to acquire, hold,                        
               develop, operate and/or sell projects that are subject                 
               to this Agreement, and each shall own an undivided one-                
               half interest in such projects.  Only those projects                   
               will be acquired and developed on which there is                       
               unanimous agreement.  Either Party may decline to                      
               participate in any project for any reason whatsoever.                  
               In such case, the other Party may not proceed with such                
               project individually.                                                  
               Pursuant to the 1983 Development Agreement, petitioner and             
          Pomeroy through the years have organized numerous entities                  
          primarily to acquire, develop, manage, and operate commercial               
          real estate.  Petitioner directly owned an interest in                      
          approximately 21 real-estate-related entities during the subject            
          years and was involved with numerous other entities primarily by            
          virtue of contractual relationships through the entities which he           
          owned.  The relevant entities are Arbor Corporation (Arbor),                
          Peachwood Nursing Center (PNC), H.K. Peach, Inc. (H.K. Peach),              
          REH1 Corporation (REH1), TROY-SAK Associates (TROY-SAK), Lakeland           








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