Estate of Frazier Jelke III, Deceased, Wachovia Bank, N.A., f.k.a. First Union National Bank, Personal Representative - Page 29

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          Frazier, discounted decedent’s CCC interest by 25 percent for               
          lack of control.  Respondent’s expert, Mr. Shaked, applied a 5-             
          percent discount.                                                           
               Mr. Frazier compared CCC to a closed-end and not widely                
          traded investment fund holding publicly traded securities.  He              
          believed that CCC and a closed-end fund both have a fixed amount            
          of assets for trading, unlike open-end investment funds (mutual             
          funds).  Because closed-end funds are flowthrough entities taxed            
          only at the shareholder level,  Mr. Frazier concluded that the              
          discounts reflected in those funds did not include any reduction            
          for built-in capital gain tax liability.  Likewise, because                 
          closed-end funds are typically publicly traded, none of the                 
          discount inherent in those funds would be attributable to lack of           
          marketability.                                                              
               With those assumptions, Mr. Frazier reviewed 44 domestic               
          equity security funds and selected 15 that he believed were                 
          comparable.  He removed eight companies from the 15 because,                
          unlike CCC, they had guaranteed payouts.  The remaining seven               
          companies had an average discount rate of 14.8 percent as of                
          March 4, 1999.  The funds’ discounts and returns compared with              
          those of CCC, as computed by Mr. Frazier, are reflected in the              
          following table:                                                            











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