Estate of Helen A. Deputy, Deceased, William J. Deputy, Co-Executor - Page 4

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          aluminum pontoon boats sometime in the late 1950s.  Godfrey                 
          expanded, in part, by acquisitions of companies in the same                 
          industry, during 1968 and 1974, and by expansion into the                   
          manufacture of aluminum fishing boats.                                      
               During 1987, Godfrey entered into a joint venture with                 
          Dynasty Boats, Inc., concerning the manufacture and sale of                 
          fiberglass boats and other marketing arrangements with outboard             
          motor manufacturers.  During 1993, Godfrey acquired Dynasty,                
          Boats, Inc., and an outboard motor company.  At the time of the             
          acquisition, both companies were financially troubled.  By 1994,            
          and during the valuation period under consideration, Godfrey was            
          the largest manufacturer of aluminum pontoon boats in the United            
          States.  Its main plant was in Elkhart, Indiana, with other                 
          manufacturing facilities located in Mississippi and Alabama.                
               During 1997, Godfrey employed approximately 750 people, and,           
          with the exception of its truck drivers, it was a nonunion                  
          operation.  Godfrey generally enjoyed good employee relations.              
          Godfrey had a well-trained and qualified workforce, and employee            
          reductions occurred only with respect to seasonal manufacturing             
          needs.  During 1997, Godfrey had a good reputation and was known            
          for quality products, service, and moderate pricing.                        
          Merchandising was accomplished through a network of approximately           
          500 loyal dealers.  As of 1997, Godfrey marketed several                    








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