Estate of Mildred Green, Deceased, Thomas R. Green, Executor - Page 17

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          percent minority interest discount and a 40-percent lack of                 
          marketability discount.                                                     
               2.  Respondent’s Expert                                                
               Respondent’s expert, William C. Herber, is an associate                
          member (candidate) of the American Society of Appraisers and a              
          member of the Institute of Business Appraisers, Inc.  Mr. Herber            
          prepares valuations and market analyses of real estate, business            
          enterprises, and intangible property rights.  He has worked in              
          the valuation field since approximately 1985.  Mr. Herber                   
          determined that, as of September 26, 1997, the fair market value            
          of 100 percent of the shares of RBI stock before consideration of           
          any discounts was $26,500,000.  Mr. Herber determined an $860,000           
          ($262.52 per share) value for decedent’s shares of RBI stock.  In           
          determining this value, Mr. Herber allowed a 15-percent minority            
          interest discount and a 25-percent discount for lack of                     
          marketability.                                                              
               The experts agree to a considerable extent on the valuation            
          of RBI stock.  Indeed, the aggregate values the experts                     
          determined are relatively close.  The greatest difference in the            
          experts’ respective positions relates to the lack of                        
          marketability discount.                                                     
               D.  Pre-Discount Aggregate Value of RBI Stock                          
               1.   Income Approach                                                   
               Both experts used an income approach to value RBI stock and            






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