Estate of Eugene E. Stone, III, Deceased, C. Rivers Stone, E.E. Stone, IV, Mary Stone Fraser & Rosalie Stone Morris, Co-Personal Representatives - Page 4

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          the operations of that business.2                                           
               Around 1950, after having made the repairs necessary to make           
          it habitable, Mr. and Ms. Stone along with their children (col-             
          lectively, the Stone family) began residing in the house situated           
          on the Cherrydale property, which had been built in the 1840s.              
          (We shall refer to the house and the approximately four acres of            
          surrounding land on the Cherrydale property where the Stone                 
          family began residing around 1950 as the Cherrydale residence.)             
               From at least as early as 1994 until their respective                  
          deaths, Mr. Stone lived in North Carolina on a 582.672-acre                 
          parcel of land located on certain real property known as Cedar              
          Mountain (Cedar Mountain property),3 and Ms. Stone lived in a               
          villa in The Cypress of Hilton Head (Cypress villa) on Hilton               
          Head Island, South Carolina.                                                
               By the late 1980s or the early 1990s, the Cherrydale resi-             
          dence had begun to deteriorate, although the Cherrydale property            
          was still being used as the location for Stone Manufacturing’s              

               2Although not altogether clear from the record, it appears             
          that at some time after Mr. Stone purchased the Cherrydale                  
          property he transferred that property, except for the Cherrydale            
          residence discussed below, to Stone Manufacturing.                          
               3Mr. and Ms. Stone’s Cedar Mountain property, located in               
          Little River Township, N.C., north of Greenville, S.C., consisted           
          at least as early as 1994 of a 582.672-acre parcel, a 1054.415-             
          acre parcel, and a .338-acre parcel, which they accumulated over            
          approximately a 50-year period.  During that time, Mr. and Ms.              
          Stone carried out their vision of developing the Cedar Mountain             
          property by, inter alia, building various lakes and bridges and             
          at least one residence on that property.                                    

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