Estate of Helen A. Deputy, Deceased, William J. Deputy, Co-Executor - Page 31

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          value for the 187.5 shares in Godfrey, he considered the                    
          investment quite large and therefore assigned six discount points           
          to this aspect.  We view this aspect as one of the considerations           
          associated with the risk factor in investing in a minority                  
          interest in a closely held family corporation.  It would be                 
          reasonable to assess six discount points for this factor.                   
               The third category concerns Godfrey’s financial outlook,               
          management, and growth potential, and the scale is another                  
          arithmetic progression by 2.  However, it starts with 2 and                 
          proceeds to 10 discount points.  Here Mr. Dorman indicates that             
          Godfrey has had some sales fluctuation, but that operating                  
          expenses have shown continuous and steady decline, and that the             
          short-term financial information indicates an improving trend.              
          The record here reflects a much more positive picture of                    
          Godfrey’s financial record and prospects.  Accordingly, we                  
          consider Mr. Dorman’s evaluation to be too conservative.                    
               From another perspective, the financial outlook category               
          should ostensibly be addressing the potential for return on                 
          invested capital.  In that regard, the sixth category of the                
          matrix more directly addresses that aspect and assigns as much as           
          14 discount points for that aspect.  The third category appears,            
          in that respect, to be a duplication.  Mr. Dorman has given an              
          “above average” rating, assigning 4 discount points to the third            







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