Estate of Helen M. Noble, Deceased, Leslie H. Noble, Jr., and John R. Noble, Co-Personal Representatives - Page 7

                                         -7-                                          
          experts, namely, Hein, Janet M. Labenz (Labenz), and Z.                     
          Christopher Mercer (Mercer), also prepared an expert report under           
          Rule 143(f).  Hein’s expert report (Seim Johnson report) was                
          merely the appraisal with a February 8, 2003, cover letter                  
          stating in relevant part that “Our opinion is the same opinion as           
          it was as of December 31, 1996".  The cover letter also stated              
          that Seim Johnson had been                                                  
               engaged with the management of the [Glenwood] Bank to                  
               value the [estate’s 116 Glenwood Bank] shares as of                    
               December 31, 1996.  * * *  We have inquired as to                      
               significant items for the last quarter of 1996 that                    
               would have a material effect on the valuation of the                   
               stock from the time of Mrs. Noble’s death and the date                 
               of our original valuation.  We were informed that there                
               are no such items which would have materially affected                 
               the valuation from the time of death to the valuation                  
               date.                                                                  
          Labenz’s expert report (Labenz report) was accepted into evidence           
          as a rebuttal to the opinion of respondent’s expert.  The Labenz            
          report addressed the differences between the Shenehon report and            
          the Seim Johnson report.                                                    
               The Court with no objection from respondent recognized                 
          Mercer as an expert on the valuation of financial institutions              
          and with no objection from respondent accepted Mercer’s expert              
          report (Mercer report) into evidence.  The Mercer report                    
          concluded that the fair market value of the estate’s 11.6-percent           
          interest in Glenwood Bank was $841,000.  The Mercer report                  
          generally arrived at this fair market value through a two-step              
          process.  First, the Mercer report ascertained the marketable               





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