Estate of Michel Dunia, Deceased, Renee Hawley and Michel Dunia, Jr., Executors and Trustees - Page 21

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               I.  The Lowe’s Sale                                                    
               On July 1, 1999, Bear Valley Partners sold 15.87 acres of              
          the Victorville property to Lowe’s for a stated purchase price of           
          $4.1 million.  The sale agreement provided that Bear Valley                 
          Partners would be obligated to reimburse Lowe’s for up to                   
          $600,000 of development costs.  Mr. Dicker testified that                   
          approximately $1.5 to $2 million was spent by Bear Valley                   
          Partners to improve the Victorville property as part of the sale            
          to Lowe’s.  This was spent to build a storm drain, widen an                 
          exterior road, and install traffic signals.  Most of these                  
          improvements benefited the entire Victorville property, not just            
          the portion sold to Lowe’s.  On the basis of these figures, we              
          can estimate that Bear Valley Partners received, net of                     
          development costs, approximately $2.7 million for the Lowe’s                
          property.  Under the partnership agreement, the trustees                    
          presumably received only 75 percent of this amount, or                      
          approximately $2,025,000, for the most marketable tract in the              
          92.91 acres of the Victorville property.  We give this                      
          transaction limited weight, because it occurred 3 years after the           
          valuation date.  We conclude that it is consistent with our                 
          conclusion that the Victorville property as a whole was worth no            
          more than $5,463,666 on the valuation date.                                 









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