Estate of George C. Blount, Deceased, Fred B. Aftergut, Executor - Page 5

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          I.   Decedent and BCC                                                       
               Decedent was a U.S. citizen domiciled in Georgia when he               
          died testate on September 21, 1997.  Decedent’s will was probated           
          in Fulton County, Georgia, with Fred B. Aftergut appointed as               
               At his death, decedent owned 43,079.9657 (hereinafter                  
          rounded to 43,080) shares of BCC, constituting 83.2 percent of              
          its outstanding stock.  BCC was located in Atlanta, Georgia, and            
          had been in existence in one form or another since 1946, when               
          decedent’s father founded Blount Asphalt Co.  Decedent became               
          involved in the business shortly thereafter, and when his father            
          died, decedent and his brother-in-law, James M. Jennings, became            
          equal owners.                                                               
               BCC was in the general business of the construction and                
          repair of roads, streets, driveways, parking lots, and similar              
          projects.  At decedent’s death, BCC also operated an asphalt                
          plant.  In addition, BCC had certain nonoperating assets,                   
          including an idle asphalt plant and notes receivable.  BCC                  
          required approximately $1.5 million in cash and cash equivalents            
          to operate.  Among other things, this allowed it to meet bonding            
          requirements without the need for personal guaranties.  When                
          decedent died, BCC had at least $2.5 million in cash and cash               

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Last modified: May 25, 2011