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Home My WebLink About10-27-08 (2)15056041147 REV-1500 ~ (06-05) OFFICIAL USE ONLY PA Department of Revenue • ? un ear i e um Bureau of Individual Taxes INHERITANCE TAX RETURN Po sox.2aosol RESIDENT DECEDENT 2 1 0 8 0 2 6 0 ' Harrisburg, PA 17128-0601 Social Security Number Date of Death Dabs of Birth 168018593 02132008 05161917 Decedents Last Name Suffix Decedent's First Name MI BRIICB CHARLES F (lf Applicable) Enter Surviving Spouse's Information Below Spouse's Last Name Suffix Spouse's First Name MI Spouse's Sodal Security Number THIS RETURN MUST BE FILED IN DUPLICATE WITH THE REGISTER OF WILLS FILL IN APPROPRIATE OVALS BELOW ® 1. Original Return p 2. Supplemental Return L] 3. Remainder Return (date of death prforto 12-13-82) ~] 4. Limited Estate 0 4a, Future Interest Compromise ~ 5. Federal Estate Tax Return Required (date of death after 12-12-82) ® g, Decedent Oled restate (Attach Copy of ywlq O ~, Decedent Maintained a Living trust (Attach Copy of Trust) ], 8. Total Number of Safe De posit BOXES ~ 9. LlUgatlon Proceeds Received 0 10. S~ a~ tP2~ t e~ndki~-9 ~ d~~ p 11.Elect)on to tax under' Sec. 9113(A) (Attach Sch. O) ame ~ Daytime T®lephone Number DALE F SHVC3HART, JR. ESQIIIRS 7172414311 Firm Name (If A licable) PP First Ilne of address 10 1i88T HIGH STREET Second Ilne of address City or Post Offtce State aP Code CARLISLE PA 17013 Correspondent's e-mail address: ' ~~ /f' 1 Dale F Shughart, Jr. Esquire REGISTER OF WILLS USE ONLY C7 C~ c-~-a w ,?:~ O _ z: r ~ -r-; f V .~,} .. L - ,, O~ FI LED ~ ~. .. t.n 0 DATE 10 West High Street, Carlisle, PA 17043 Side 1 15056041147 15056041147 J 13121 Greenoble Drive, Rockville, MD 20853 O ~~ `~ ~ ~~ 15056042148 . ' REV 1500 EX Decedents Social Security Number oeceasM~e name: BRUCE , CHARLES F . 16 8 018 5 9 3 RECAPITULATION 1. Real Estate (schedule A) .......................................................................................... 1. 2 7 7, 5 0 0. 0 0 2. Stocks and Bonds (Schedule e) ............................................................................... 2. 4 8 4, 9 7 9. 2 2 3. Closely Held Corporation, Partnership or Sole-Proprietorship (Schedule C).......... 3. 4. Mortgages & Notes Receivable (Schedule D) .......................................................... 4. 5. Cash, Bank Deposits i~ Miscellaneous Personal Property (Schedule E) ................ 5. 4 7 1 , 12 3 . 4 5 6. Jointly Owned Property (Schedule F) p Separate Billing Requested ............. 6. 7. Inter-Vivos Transfers 8 Miscellaneous Non-Probate Properly (Schedule G) p Separate Billing Requested ............. 7. 15 , 0 0 0 . 0 0 8. Total Gross Assets (total Lines 1-7) ....................................................................... g. 1, 2 4 8, 6 0 2. 6 7 9. Funeral Expenses & Administrative Costs (Schedule H) ......................................... 9. 3 2 , 0 4 7 . 5 1 10. Debts of Decedent, Mortctage Liabilities, & Liens (Schedule I) ................................ 10. 1 1 , 6 9 9 . 6 2 11. Total Deductions (total Lines 9 & 10) ...................................................................... 11, 4 3 , 7 4 7.13 12. Net Value of Estate (Line 8 minus Line 11) ............................................................. 12, 1 , 2 0 4 , 8 5 5 . 5 4 13. Charitable and Governmental Bequests/Sec 9113 Trusts for which an election to tax has not been made (Schedule J) ................................................. 13. 14. Net Value Subject to Tax (Line 12 minus Line 13} ................................................. 14, 1 , 2 0 4 , 8 5 5 . 5 4 TAX COMPUTATION -SEE INSTRUCTIONS FOR APPLICABLE RATES 15. Amount of Line 14 taxable at the spousal tax rate, or transfers under Sec. 9116 (ax1.2) X .00 15. 1 B. Amount of Line 14 taxable at lineal rate X .045 1, 2 0 4, 8 5 5. 5 4 16, 5 4 , 2 18.5 0 17. Amount of Line 'f~ faxable at sibling rate X .12 17. 18. Amount of Line 14 taxable at collateral rate X .15 18. 19. Tax Due ..................................................................................................................... 19. 5 4 , 218.5 0 20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT. ^ Side 2 1505604214$ 15056042148 ~ REV-1500 EX Page 3 File Number 21 - 08 - 0260 Decedent's Complete Address: • Bruce, Charles F. Green Ridge Village 410 Big Spring Road Newville PA 17241 Tax Payments and Credits: 1. Tax Due (Page 1 Line 19) 2. Credits/Paymenffi A. Spousal Poverty Credit B. Prior Payments C. Discount 3. Interest/Penalty if applicable p, Interest E. Penalty Total Credits (A + B + C) Total Interest/Penalty (D + E) 4. If Line 2 is greater than Line 1 + Llne 3, enter the difference. This is the OVERPAYMENT. Check box on Page 2 Line 20 to request a refund 5. If Line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DUE. A. Enter the interest on the tax due. g, Enter the total of Line 5 + 5A. This is the BALANCE DUE. (1) 54,218.50 (2) 50,000.00 (3) 0.00 (4) (5) 4,218.50 (SA) (5B) 4,218.50 Make Check Payable to: REGISTER OF WILLS, AGENT PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS 1. Did decedent make a transfer and: Yes No a. retain the use or income of the property transferred :.................................................................................. x b. retain the right to designate who shall use the property transferred or its income :.................................... x c. retain a reversionary interest: or .................................................................................................................. x d. receive the promise for life of either payments, benefits or care? .............................................................. x 2. If death occurred after December 12, 1982, did decedent transfer property within one year of death without receiving adequate consideration? ....................................................................................................................... ~ ^ 3. Did decedent own an °in trust for or payable upon .death bank account or security at his or her death?......... ^ ^x 4. Did decedent own an Individual Retirement Account, annuity, or other non-probate property which contains a beneficiary designation? ...................................................................................................................... ^ IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN For dates of death on or after July 1, 1994 and before January 1, 1995, the tax rate imposed on the net value of transfers In or for the use of the surviving spouse is three (3) percent [72 P.S. §91 i6 (a) (1.1) (i)]. For dates of death on or after January 1,1995, the ffix rate Imposed on the net value of transfers to or for the use of the surviving spouse is zero (0) percent [72 P.S. §9116 (a) (1.1) (lip. The statute does not exempt a transfer to a surviving spouse from tax, and the statutory requirements for disclosure of assets and filing a tax return are still applicable even if the surviving spouse is the only beneficary. For dates of death on or after July 1, 2000: The tax rate Imposed on the net value of transfers from a deceased child twenty-one years of age or younger at death to or for the use of a natural parent, an adoptive parent, or a stepparent of the child is zero (0) percent [72 P.S. §9116 (a) (1.2)]. The tax rate imposed on the net value of transfers to or for the use of the decedent's lineal beneficiaries is four and one-half (4.5) percent, except as noted in 72 P.S. §9116 1.2) [72 P.S. §9116 (a) (1 p. The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is twelve (12) percent [72 P.S. §9116 (a) (1.3)]. A sibling is deftned under Section 9102, as an individual who has at least one parent in common with the decedent, whether by blood or adoption. 2,500.00 i SCHEDULE A , REAL ESTATE (('I COMMdJWEALTH OF PENNSYLVANIA INHERITANCE TA%RETURN ~ RESIDENT DECEDENT I I i FILE NUMBER ESTATE OF Bruce, Charles F. ! 21 - 0$ - 0260 All real property owned sole)y or as a tenant in common must be n3 orted at fair market value. Fair market value is defined as the price at which property would be exchanged between a willing buyer and a willing seller, neither being compelled to buy or sell, both having reasonable knowledge of the relevant facts. Real property which is jointly-owned with right of survivorship must be disclosed on schedule F. ITEM DESCRIPTION VALUE AT DATE OF NUMBER DEATH 1 An undivided one-half ownership interest, as tenant in common, of three tracts of unimproved 277,500.00 land at Kutz Road and Hosfelt Road, Penn Township, Cumberland County, PA being: Parcel #31-10-0624-046, containing 6.75 acres; Parcel #31-10-0624-048, containing 53.86 acres; Parcel #31-10--0624-049 containing 21.27 acres. valued in accordance with attached appraisal of Larry E. Foote. Deed reference: Deed Book 167, Page 651, dated 11/10/97. TOTAL (Also enter on Line 1, Recapitulation) 277,500,00 SCHEDULE B STOCKS & BONDS ~ COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN j RESLDENT DECEDENT FILE NUMBER ESTATE OF Bruce, Charles F. ', 21 - 08 - 0260 All property jointiy-owned with right of survivorship must be disclosed on Schedule F. ITEM DESCRIPTION ~ UNIT VALUE VALUE AT DATE OF NUMBER DEATH 1 1400 shares ALLEGHENY ENERGY INC, common stock, CUSIP 52.86 74,004.00 #017361106) ~ 52.86 2 200 shares BOEING CO, common stock, 84.82 17,044.00 CUSIP #097023105) ~ 84.82 (16,964A0) x div $80 3 50 shares CBS CORP NEW CL B, 25.255 ~ 1,262.75 CUSIP #124857202 ~ 25.93 4 500 shares DELPHI CORP, common stock, ' 0.135 67.50 CUSIP # 247126105 t~ 0.135 5 100 shares DUN & BRADSTREET CORP DEL NEW, common stock, CUSIP, 89.54 8,954.00 #26483E100) 6 500 shares GENERAL ELECTRIC CO, common stock, 34.845050 17,422.53 CUSIP #369604103 ~ 34.845050 7 400 shares GENERAL MTRS CORP, common stock, 26.615 10,646.00 CUSIP #370442105 X26.35 x dividend 35 cents per share (26.615) 8 400 shares GOODRICH CORP, common stock, 61.345 24,538.00 CUSIP #382388106 ~ 61.345 9 300 shares JOHNSON & JOHNSON, common stock, 63.17 18,951.00 CUSIP #4781601049 ~ 63.170 10 100 shares LOCKHEED MARTIN CORP, common stock, CUSIP ~. 108.08 10,808.00 #539830109 ~ 108.08 TOTAL (Also enter on line 2, Recapitulation) 484,979.22 ' SCHEDULE B STOCKS & BONDS COMMONWEALTH OF PENNSYLVANIA • 1NHERRANCETAxREruRN continued RESIDENT DECEDENT ESTATE OF Bruce, Charles F. All property jointly-owned with right of survivorship must tie disclosed on Schedule F. ITEM DESCRIPTION NUMBER 11 474 shares M & T Bank Corp, common stock, CUSIP #55261 F104 ~ 87.595 12 400 shares MOODYS CORP, common stock, CUSIP #615369105 ~ 39.195 13 800 shares MOTOROLA INC, common stock, CUSIP #620076109 ~ 11.66 14 600 shares NCR CORP NEW, common stock, CUSIP #62886E108 ~ 23.15 15 1000 shares PEPCO HOLDINGS INC, common stock, CUSIP #713291102 ~ 26.293750 16 4 shares PIPER JAFFRAY COS, common stock, CUSIP #724078100 ~ 43.295 17 3000 PPL CORP, common stock, CUSIP #69351 T 106 ~ 48.230 18 40 shares R H DONNELLEY CORP, common stock, CUSIP #74955W307 ~ 19.86 19 100 shares SYNOVUS FINL CORP, common stock, CUSIP #871610105 ~ 12.220 20 600 shares TERADATA CORP DEL, common stock, CUSIP #88076W103 ~ 23.025 21 48 shares TOTAL SYS SVCS INC, common stock, CUSIP #891906109 ~ 22.615 FILE NUMBER 21 - 08 - 0260 UNIT VALUE ~ VALUE AT DATE OF i DEATH 87.595 41,520.03 39.195 15,678.00 11.66 9,328.00 23.15 13,890.00 26.29375 26,293.75 43.295 173.18 4$.230 144,690.00 19.86 794.40 12.220 1,222.00 23.025 13,815.00 22.615 1,085.52 Page 2 of Schedule B a .. SCHEDULE B ~~~~~~ ~ ~~~~~ CCMMCNWEALTH OF PENNSYWANIA ~ 1NNERITANCE TAX RETURN continued RESIDENT DECEDENT -_.- ...--_ ___~ . _ ._ -_ _ ___.. _...._ _ - _-- FILE NUMBER ~__~rr ESTATE OF BCUC@, Char~2S F. 21 - 08 - 0260 All property joiMiy-owned vrfth right of survivorship must be disclosed on Schedule F. ITEM __._ - _ _ _ - - -- _._..__..._ DESCRIPTION - - - __-__--- _._--_--. UNIT VALUE ____ .... __. VALUE AT DATE OF NUMBER DEATH 22 412 shares US ANCORP DEL, common stock 32.665 13,457.98 CUSIP #902973304 ~ 32.665 23 50 shares VIACOM INC NEW 40.765 2,038.25 CUSIP #92553P201 ~ 40.765 24 200 shares EM CO, common stock, 80.495 16,099.00 CUSIP #88579Y101 ~ 80.495 25 195 shares ALCATEL-LUCENT, 6.135 1,196.33 CUSIP #013904305 ~ 6.135 SCHEDULE E CASH, BANK DEPOSITS, & MISC. °O"'"A0N`"~^'-TMOFPEN"~"^"'^ PERSONAL PROPERTY INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF Bruce, Charles F. FILE NUMBER 21 - 08 - 0260 Include the proceeds of litigation and the date the proceeds were received by the estate. Ali property jointly-owned with the right of survivorship must be disclosed on schedule F. ITEM NUMBER DESCRIPTION VALUE AT DATE OF DEATH 1 Furniture valued in accordance with attached appraisal of Allysa Loney. 60.00 2 1994 Mercedes-Benz automobile, valued in accordance with attached Kelley Blue Book 4,500.00 valuation. 3 Members 1st FCU, Power of Attorney Accounts #9876 1,852.19 Checking: Principal 1,852.19 Accrued 'interest -0- 4 Members 1st FCU, Power of Attorney Accounts#9876 37,188.14 Savings: Principal 37,188.14 Accrued interest -0- 5 M & T Bank, Money Market Account #2003069 380,021.65 Principal 367,878.87 Accrued interest 12,142.78 6 Presbyterian Homes, refund on Residency Agreement. 40,562.50 7 Connecticut Imaging, refund 40.47 8 Defense Finance and Accounting Service, final military retirement pay 6,898.50 I TOTAL (Also enter on Line 5, Recapitulation) ~ 471,123.45 COMMONWERLTH OF PENNSYLVANIA SCHEDULE G INHERITANCE TAX RETURN INTER-VIVOS TRANSFERS & RESIDENT DECEDENT MISC. NON-PROBATE PROPERTY __ _ __ ESTATE OF Bruce, Charles F. FILE N2MB08 - 0260 .._ ___ This schedule must be completed and filed if the answer to any of questions 1 through 4 on page 2 is yes. ._ ITEM DESCRIPTION OF PROPERTY DATE OF DEATH % ~ EXCLUSION NUMBER Include the name of the transferee, their relationship to decedent VALUE OF ASSET DECD'S (lF APPLICABLE TAXABLE VALUE and the date of trensier. Attach a copy of the deed for real estate. INTEREST ~ 1 Chad F. Bruce, son 6,000.00 100% 3,000.00 3,000.00 6/20/07, cash gift, Ck #908 2 Chad F. Bruce, son 6,000.00 6,000.00 12/21/07, cash gift, Ck #911 3 Chad F. Bruce, son 6,000.00 6,000.00 02/06/08, cash gift, Ck #912 TOTAL (Also enter on line 7, Recapitulation) 15,000.00 5CI-~DULE H caat-AONwEwTN of PENNSVwANIA ~~~' w w / &~+ INHERITANCE TAX RETURN ~~N~ 1 1 WTIY G ~ 1 ~7 RESIDENT DECEDENT ESTATE OF Bruce, Charles F. 21 - 08 - 0260 Debts of decedent must be reported on Schedule t. NUMBER FUNERAL EXPENSES: DESCRIPTION AMOUNT A. 1 Auer Memorial Home and Cremation Services, Inc., cremation 1,380.00 B. ADMINISTRATIVE COSTS: 1. Personas Representative's Commissions Social Security Number(s) / EIN Number of Per3onal Representative(s): Street Address City State Zip Year(s) Commission paid 2. Attome~s Fees Dale F. Shughart, Jr. (estimated) 3, Family Exemption: (If decedents address is not the same as claimant's, attach expianatlon) Claimant Street Address CIty State Zip RefaHonship of Claimant in Decedent 4. Probate Fees Register of Wills (paid 240 owe 600) 5. Accountant's Fees 6. Tax Retum Prepare-'s Fees (estimated) 2008 and Fiduciary 7. Other Administrative Costs 1 Cumberland Law Journal, advertise 20,000.00 840.00 1,000.00 75.00 TOTAL (Also enter on line 9, Recapitulation) 32,047.51 .. , Shcadt~ie H Ftlr>~eral E~q~erl~es & COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN ~~ ^~ .....+• ...a VW73 ~.7~1 ~ 1YO~~ RESIDENT DECEDENT ESTATE OF Bruce, Charles F. 21 - 08 - 0260 2 The Sentinel, advertise 150.64 3 IBIS Appraisal Services, appraise personal property 60.00 4 Diversified Appraisal Services, appraise real estate 325.00 5 Register of Wills, Short Certificates 20.00 6 M 8 T Bank, drilling safe deposit box 150.00 7 M Z3< T Bank, safe deposit box rental 40.00 8 Cumberland Perry Abstract, bring down title search 28.50 9 Postmaster, certified mail 6.00 10 Recorder of Deeds, deed recording 73.50 11 Bonnie Coyle, notary fees 30.00 12 Register of ~Ils, filing inheritance tax return and inventory 30.00 13 Chad F. Bruce, reimburse out of pocket expenses, mileage, telephone, postage 506.00 14 Mable Stitt, Tax Collector, 2008 county and township real estate taxes. 127.49 15 M & T Bank, management fees on invested assets to 9/15/08. 5,345.18 16 Larry HofFinan, preparing 2007 income tax returns 200.00 17 Chesapeake Exxon, auto inspection 69.00 18 Cassius Mullen Repair Service, vehicle repairs 541.36 19 Merchant Tire Auto Center, vehicle repairs 333.44 20 Maryland Department of Motor Vehicles, transfer and register vehicle 216.40 Page 2 of Schedule H Sd~ed~ie H ' funeral E>~ert~ & COMMONWEALTH OF PENNSYLVANIA wy~ INHERITANCE TAX RETURN rM.a" RESIDENT DECEDENT ESTATE OF Bruce, Charles F. 21 - 08 - 0260 21 Register of Wills, reserve for accounting 500.00 Page 3 of Schedule H ` ,. COMMONWEALTN OP PENNSYLVANu INHERITANCE TA% RETURN ~ RESIDENT DECEDENT SCHEDULEI DEBTS OF DECEDENT, MORTGAGE LIABILITIES, & LIENS FlLE NUMBER ESTATE OF BrUCe, Charles F. 21 - 08 - 0260 Include unreimbursed medical expenses. ITEM DESCRIPTION AMOUNT NUMBER 1 Special Event Emergency Medical Services, Inc., ambulance 138.03 2 Green Ridge Village, nursing care 4,243.01 3 Carlisle HMA Physician Management, doctor bill (21.41 8~ 48.51) 69.92 4 Kinetic Image, medical bill 11.74 5 Health Network Laboratories, medical bill 13.00 6 Continuing Care RX, medicine 883.34 7 United States Treasury, 2007 personal Federal Income Taxes 2,314.00 8 PA Department of Revenue, 2007 personal State Income Taxes. 3,068.00 9 M & T Bank, management fees on invested assets. 787.88 10 U.S. Treasury 2006 personal Federal Income taxes 170.70 TOTAL (Also enter on Line 10, Recapitulation) I 11,699.62 fiEV-1513 EXa (9-00~ , SCHEDULE J COMMONWEALTH OF PENNSYLVANIA BENEFICIARIES INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF :, FILE NUMBER Bruce, Charles F. 21 - 08 - 0260 RELATIONSHIP TO SHARE OF ESTATE AMOUNT OF ESTATE NUMBER NAME AND ADDRESS OF PERSON(S) DECEDENT (Words) ($$$) RECEIVING PROPERTY Do NotLlstTrustee(a) I~ TAXABLE DISTRIBUTIONS [include outright spousal distributions, and transfers under Sec. 9116 (a) (1.2)] ' 1 Chad F. Bruce Son One hundred 13121 Greenoble Drive percent Rockville, MD 20853 100% Enter dollar amounts for distributions shown above on lines 15 through 18, as appropriate, on Rev 1500 cover sheet II. NON-TAXABLE DISTRIBUTIONS: A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT BEING MADE B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS TOTAL OF PART 11 -ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET 0.00 __ ~ i ~_ ~ APPRAISAL REPORT VACANT LAND IN PENN TWP. CUMBERLAND COUNTY, PA. PREPARED FOR THE ESTATE OF CHARLES F. BRUCE BY LARRY E. FOOTE DIVERSIFIED APPRAISAL SERVICES 35 EAST HIGH STREET, SUITE 101 CARLISLE, PENNSYLVAr1IA 17013-3052 (717) 249-2758 COPY ~ Y f r , SifMMARY OF Il1ZL'ORTANT FACTS AND CONCLUSIONS LOCATION: Kutz Road and Hosfelt Road Penn Township Cumberland County, Pennsylvania TAX PARCEL NUMBERS: 31-10-0624-045, 048 and 049 DESCRIPTION: A 5.75-acre, 53.86-acre and 21.27-acre tract of vacant land. PROPERTY RIGHTS: Fee simple interest. OWNERSHIP HISTORY: The subject property is owned by the Charles F. Bruce. The property. was acquired on November 10, 1997 for a reported consideration of $1.00 and ownership transferred on Deed Book 167, Page 651. SCOPE OF THE ASSIGNMENT: The scope of the assignment included an analysis of the subject's area, an inspection of the subject property, an estimation of the property's highest and best use, consideration of all three approaches to value, and the application of those relevant to the valuation of the subject. OBJECTIVE: To estimate the market value of the one-half tenant in common interest in the subject property as unencumbered. EFFECTIVE DATE: As of February 13, 2008. HIGHEST AND BEST USE: Development into two farmettes. COST APPROACH: N.A. SALES APPROACH: $277,500 (one-half interest) INCOME APPROACH: N.A. FINAL VALUE CONCLUSION: $277,500 (one-half interest) 2 t' APPRAISAL CERTIFICATION I hereby certify that upon application for valuation by: THE ESTATE OF CHARLES F. BRUCE the undersigned personally inspected the following described property: All those certain three tracts of land situate in Penn Township, Cumberland County, Pennsylvania, bounded and described as follows: TRACT NO. 1: Beginning at an iron pin at corner of Lot No. 1 on the hereinafter mentioned Plan of Lots in line of land now or formerly of Ralph A. Bream; thence by said Lot No. 1 North 24 degrees 42 minutes 54 seconds West 439.65 feet to an iron pin; thence by the same South ?0 degrees 24 minutes 39 seconds West 584.98 feet to an iron pin in line of Lot No. 3 on the hereinafter mentioned Plan of Lots; thence by said Lot No. 3 North 14 degrees 40 minutes 14 seconds West 207.26 feet to an iron pin in line of land now or formerly of Ralph A. Bream; thence by said land now or formerly of Ralph A. Bream North 16 degrees 45 minutes 00 seconds West 199.65 feet to an iron pin; thence by the same North 65 degrees 30 minutes 00 seconds East 685.31 feet to an iron pin, the place of beginning. Containing 6.75 acres, more or less and being Lot No. 2 on the Subdivision Plan for Charles F. and Nlildred T. Bruce, dated November 1, 1989, and recorded in the Office of the Recorder of Deeds in and for Cumberland county in Plan Book 59, Page 94. TRACT N0.2: Beginning at a railroad spike in the right-of--way of Kutz Road, on the northern edge of the right-of-way for Interstate Route 81; thence by the northern right-of-way line of I-81 by a curve to the left with a radius of 5,859.65 feet, an arc length of 514.09 feet to an iron pin; thence by the same South 4? degrees 07 minutes 20 seconds West 998.81. feet to an iron pin; thence by a curve to the left with a radius of 3,689.83 feet, an arc length of 159.32 feet to a point; thence by the same North 40 degrees 24 minutes 14 seconds West 10.00 feet to a point; thence by the same by a curve to the left with a radius of 3,679.83 feet, an arc length of 192.67 feet to an iron pin; thence by the same North 37 degrees 24 minutes 14 seconds West 20.00 feet to a point; thence by the same by a curve to the left with a radius of 3,459.83 feet, an arc length of 239.53 feet to a point; thence by the same South 33 degrees 39 minutes 15 seconds East 30.00 feet to an iron pin; thence by the same by a curve to the left with a radius of 3,689. $3 feet an arc length of 186.66 feet to a point; thence by the same South 59 degrees 14 minutes 40 seconds West 268.62 feet to an iron pin at corner of land now or formerly of Richard Mains Corporation; thence by said land now or formerly of Richard Mains Corporation North 24 degrees 25 minutes 43 seconds West 1,717.40 feet to an iron pin at corner of land now or formerly of Ralph A. Bream; thence by said land now or formerly of Ralph A. Bream North 68 degrees 15 minutes 00 seconds East 750.48 feet to an iron pin in line of Lot No. 2 on the hereinafter mentioned Plan of Lots; thence by said Lot No. 2 South 14 degrees 40 minutes 14 seconds East 207.26 feet to an iron pin at corner common to Lot Nos. 1 and 2 on the 3 ~' hereinafter mentioned Plan of Lots; thence by said Lat No. 1 South 11 degrees 03 minutes 43 seconds West 69.75 feet to an iron pin; thence by the same South 38 degrees 55 minutes 53 seconds East 44.78 feet to an iron pin; thence by the same South 65 degrees 33 minutes 18 seconds East 61.84 feet to an iron pin; thence by the same South 74 degrees 49 minutes OS seconds East 49.96 feet to an iron pin; thence by the same South 84 degrees O 1 minutes 02 seconds East 69.45 feet to an iron pin; thence by the same South 87 degrees 13 minutes 59 seconds East 159.81 feet to an iron pin; thence by the same South 78 degrees 34 minutes 19 seconds East 60.37 feet to an iron pin; thence by the same North 69 degrees 32 minutes 42 seconds East 451.12 feet to an iron pin; thence by the same South 24 degrees 42 minutes 54 seconds East 184.30 feet to an iron pin; thence by the same North b8 degrees 19 minutes 13 seconds East 176.70 feet to an iron pin; thence by the same North 67 degrees 32 minutes 08 seconds East 207.37 feet to an iron pin; thence by the same North 43 degrees 49 minutes 47 seconds East 95.01 feet to an iron pin; thence by the same North 41 degrees 34 minutes 41 seconds East 370.19 feet to a railroad spike on the eastern edge of Kutz Road; thence along land now or formerly of Ralph A. Bream and within the right-of-way for said Kutz Road South 47 degrees 30 minutes 54 seconds East 491.08 feet to a railroad spike in the right-of--way of Kutz Road, the piece of beginning. Containing 53.86 acres, more or less, and being Lot No. 3 on the Subdivision Plan for Charles F. and Mildred T. Bruce, dated November 1,1989, and recorded in the Office of the Recorder of Deeds in and for Cumberland county in Plan Book 59, Page 94. TRACT N0.3: Beginning at a railroad spike in the right-of--way of Kutz Road, Township Road T-432 at comer of land now or formerly of Douglas R. Kutz; thence by slaid land now or formerly of Douglas R Kutz South 68 degrees 21 minutes 52 seconds West 2,457.25 feet to an iron pin on the southern right-of--way line of Interstate Route 81; thence by the southern right-of-way line of said I-81 by a curve to the left with a radius of 3,999.83 feet, an arc length of 691.43 feet to an iron pin; thence by the same North 47 degrees 07 minutes 20 seconds East 285.07 feet to an iron pin; thence by the same North 42 degrees 52 minutes 40 seconds West 50.00 feet to a point; thence by the same North 47 degrees 07 minutes 20 seconds East 713.11 feet to a point; thence by the same to a curve to the left with a radius of 5,599.65 feet, an arc length of 535.59 feet to a railroad spike in the right-of--way of Katz Road; thence within the right-of--way of Katz Road and along land now or formerly of Ralph A. Bream South 47 degrees 30 minutes 54 seconds East 857.89 feet to a railroad spike in the right-of-way of Kutz Road, the place of beginning. Containing 21.27 acres, more or less. To the best of my knowledge and belief the statements contained in this report are true and correct, and that neither the employment to make this appraisal nor the compensation is contingent upon the value reported, and that in my opinion the Market Value of the one-half interest in the subject property, as of February 13, 2008, is: TWO HUNDRED SEVENTY SEVEN THOUSAND FIVE THOUSAND DOLLARS $277,500 The property was appraised as a whole, subject to the contingent and limiting conditions 4 S ~ outlined herein. ~-~ J Larry E. Foote Certified General Appraiser GA-U00(114-L t PURPOSE OF THE APPRAISAL The purpose of this appraisal is to estimate the Market Value of the one-half interest of the subject property as of February 13, 2008. Mazket Value, as defined by the courts, is the most probable price estimated in terms of money which a property will bring if exposed for sale in the open market, allowing a reasonable time finding a purchaser who buys with knowledge of all the uses to which it is adapted and for which it is capable of being used Frequently, it is referred to as the price at which, a willing seller would sell and a willing buyer would buy, neither being under abnormal pressure. HIGHEST AND BEST USE Highest and Best Use is defined by the Appraisal Terminology and Handbook, published by the Appraisal Institute, as "the most profitable likely use to which a property can be put". The opinion of such use may be based on the highest and most profitable continuous use to which the property is adapted and needed, or likely to be in demand, in the reasonable near future. However, elements affecting value that depend upon events or a combination of occurrences which, while within the realm of possibility, aze not fairly shown to be reasonably probable, should be excluded from consideration. Also, if the intended use is dependent on an uncertain act of another person, the intention cannot be considered. Based on the above definition and after seeing the site, neighborhood, and area, it is my opinion that development of the subject into two farmettes is its Highest and Best Use. 6 SITE DATA ADDRESS: Tax parcels 31-10-0624-046, 048 and 049 on Kutz Road. TOWNSHIl': Perri COUNTY: Cumberland STATE: Pennsylvania LOT SIZE: 21.27 acres, 53.86 acres and a 6.75-acre lot addition. SEWERS: None on site. WATER: None on site. ELECTRICITY: Public utility. ~ LANDSCAPING: .All tracts are presently being utilized for• crop farming. ZONING: Agriculture. DETRIMENTAL INFLUENCES None. Pride of ownership is evident throughout the neighborhood. DESCRIPTION OF 'THE SITE The subject site consists of three vacant parcels of land containing 21.27 acres, 53.86 acres and 6.75 acres. However, the 6.75 acre tract may only be used as a lot addition to the 53.86-acre tract, according to a note on the Subdivision Plan for Charles F. and Mildred T. Bruce dated November 1,1989, prepared by Stephen G. Fisher, professional land surveyor. The 53.86-acre tract, along with the 6.75-acre tract, is irregular in shape and contains approximately 491.08 linear feet of macadam road frontage along Kutz Road and the southern boundary line adjoins Interstate 81. The 21.27-acre tract is triangular in shape and contains approximately 857.891inear feet of macadam road frontage along Kutz road and the northern boundary line adjoins Interstate 81. The topography of the tracts is best described as .rolling. -Some areas of the road frontage are slightly above road grade. There does not appear to be any drainage problems, and 7 t according to the Federal Emergency Management Agency map number 421584-0005-B, the site is not located in an azea which is prone to flooding. In the absence of core boring, it has been assumed that there are no mineral deposits of a commercial nature underlying the subject sites. For the same reason, it is assumed that there are no unusual sub-soil conditions that would adversely affect the subject sites. Access to the sites is via Kutz Road, and visibility of the sites from this roadway is considered to be good. 8 THE APPRAISAL PROCESS Three approaches to value are generally included in an appraisal report. These techniques include the cost approach, sales comparison approach, and income approach to value. The cost approach to value is based on the assumption that the reproduction cost of a building plus land value, tends to set the upper limit to value. A key assumption is that a newly constructed building would have advantages over the existing building, therefore an evaluation focuses upon disadvantages or deficiencies (depreciation] of the existing building compared to anew facility. The sales comparison approach to value assumes that under normal conditions, a given number of parties acting intelligently and voluntarily, tend to set a pattern from which value can be estimated Application of this approach relies on a comparison of the subject with a sufficient number of recent transactions of comparable properties in the market, based on a common unit, such as Brice per square foot of building area or price per acre. The income approach concerns itself with present worth of the futwe potential benefits of a property. The initial estimate involves the net income, which a fully informed person is justified in assuming the property will produce during its remaining useful life. This estimated net income is then capitalized into a value estimate, based upon the level of risk as compared with that of a similar type and class. Since the subject property consists of a vacant tract of land or existing improvements have insignificant value, in accordance with the departure provision of the Uniform Standards of Professional Appraisal Practice, only the sales comparison approach to value has been applied to the subject property and is subsequently presented. 9 SALES COMPARISON APPROACH In arriving at this conclusion of the value of the subject property, the appraiser made a survey of properties that have sold in the area of the subject property. Consideration was given and adjustments were made on each comparable sale as to time of sale, size, location, as well as all other factors that might affect value. A resume of some of the sales considered by the appraiser is as follows: SALE NO. 1: Location: Parcel No.: Date of Sale: Deed Ref.: Sale Price: Size: Unit Price: Grantor: Grantee: SALE NO. 2: Location: Parcel No.: Date of Sale: Deed Ref.: Sale Price: Size: Unit Price: Grantor: Grantee: SALE NO. 3: Location: Parcel No.: Date of Sale: Deed Ref.: Sale Price: Size: Unit Price: Grantor: Grantee: Creek Road, West Pennsboro Township. 4b-07-0477-013A February 28, 2047. Deed Book 278, Page 4556. $225,000 21.86 acres of rolling land $10,293 per acre. Donald W. and John B. Pattison. Eric L. and Jeri M. Diffenbaugh. Campground Road, Lower Frankford Township. 14-06-0025-057A November 9, 2006. Deed Book 277; Page 2649. $127,000 18.66 acres of rolling land. $6,806 per acre. Robert P. and Deborah W. Winston. Jefrtey M. and Lisa M. Garman. Hoy Road, North Middleton Township. 29-04-0377-030 April 12, 2006. Deed Book 273, Page 4898. $396,885 66.31 acres of rolling to hilly land. $5,985 per acre. Paul Dick. Paul W. Gettel and Annette K. Burns. 10 The appraiser, in addition to the sales listed, also considered several additional sales in arriving at his final opinion of value. 4n the Sales Comparison Analysis form that follows this page aze dollar adjustments reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to, or more favorable than, the subject property, a minus (-) adjustment is made, thus reducing the indicated value of the subject; if a significant item in the comparable is inferior to, or less favorable than, the subject property, a plus (+) adjustment is made, thus increasing the indicated value of the subject. After making all of the necessary adjustments, it is the appraiser's considered opinion that the indicated value of the one-half interest in the subject property by the Sales Comparison Approach is as follows: 21.77-acre tract: $15b,000 60.61-acre tract: $399,000 11 SALES COMPARISON ADJUSTMENTS 21.77-ACRE TRACT The appraiser has analyzed comparable sales and has developed dollar adjustments, reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to, or mare favorable than the subject property, a minus (-) adjustment is made, thus reducing the indicated value of the subject; if a significant item in the comparable is inferior to, or less favorable than the subject property, a plus (+) adjustment is made, thus increasing the indicated value of the subject. SALE #1 SALE #2 SALE #3 Sale Price 225,000 127,000 396,885 Price Per Acre 10,293 6,806 5,985 Time +515 +340 +599 Location -599 Land Size +599 Topography +599 Net Adjustment +515 +340 + 1,198 Indicated Value: 10,808 7,146 7,183 21.77 acres x $7,146 = $155,568 Rounded to: $156,000 12 a SALES COMPARISON ADJUSTMENTS 60.61-ACRE TRACT The appraiser has analyzed comparable sales and has developed dollaz adjustments, reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to, or more favorable than the subject property, a minus (-) adjustment is made, thus reducing the indicated value of the subject; if a significant item in the compazable is inferior to, or less favorable than the subject property, a plus (+) adjustment is made, thus increasing the indicated value of the subject. SATE # 1 SALE #2 SALE #3 Sale Price 225,000 127,000 396,885 Price Per Acre 10,293 6,806 5,985 Time +515 +340 +599 Location -599 Land. Size -1,029 -681 Topography +599 Net Adjustment -514 -341 +599 Indicated Value: 9,779 6,465 6,584 60.61 acres x $6,584 =$399,056 Rounded to: $399,000 FINAL ONE~HALF TENANT IN COMMON VALUE CALCULATION: $156,000 -Value of 21.27-acre tract 399 000 -Value of 60.61-acre tract $555,000 -Value of the entire property _ 2 = $277,500 13 ' 3 CORRELATION Correlation may be defined as "the bringing together of parts in a proper relationship." The parts of this appraisal report are the following approaches to value your appraiser used: Value Indicated by Cost Approach N.A. Value Indicated by Sales Comparison Approach $277,500 Value Indicated by Income Approach N.A. These approaches are representative of the market value of the subject property. I have carefully reexamined each step in each method, and I believe the conclusions accurately reflect the attitude of typical purchasers of this type property in this neighborhood. It is my belief that this reexamination has confirmed the original conclusions. The Sales Comparison Approach was based on several recent sales. of properties similar to that of the subject, all of which are located in the same general area. The adjusted sales prices are most consistent under comparison. This approach is the most reliable because it reflects the reactions of typical buyers and sellers in the market. Therefore, as a result of this appraisal and analysis, it is this appraiser's considered judgment and opinion that the Market Value of one-half interest in the subject property, as of February 13, 2008, is: TWO HUNDRED SEVENTY-SEVEN THOUSAND FIVE HUNDRED DOLLARS $277,500 14 UNDERLYING ASSUMPTIONS AND LIlVIITING CONDITIONS SUBJECT TO THIS APPRAISAL 1. I assume no responsibility for matters legal in nature, nor do I render any opinion as to the title, which is assumed to be mazketable. The property is appraised as though under responsible ownership. 2. The legal description used herein is correct. 3. I have made no survey of the property, and the boundaries are taken from records believed to be reliable. 4. I assume that there are no hidden or unappazent conditions of the property, subsoil or structures which would render it more or less valuable. I assume no responsibility for such conditions or for engineering which might be required to discover such factors. 5. The information, estimates, and opinions furnished to me and contained in this report were obtained from sources considered reliable and believed to be true and correct. However, no responsibility for accuracy can be assumed by me. 6. This report is to be used in its entirety and only for the purpose for which it was rendered. 7. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser or the firm with which he is connected) shall be reproduced, published, or disseminated to the public through advertising media, public relations media, news media, sales media, or any other public means of communication, without the prior written consent and approval of the appraiser. 8. This appraisal was prepared for the exclusive use of the client identified in this appraisal report. The information and opinions contained in this appraisal set forth the appraiser's best judgment in light of the information available at the time of the preparation of this report. Any use of this appraisal by any other person or entity, or any reliance .or decisions based on this appraisal are the sole responsibility and at the sole risk of the third party. The appraiser accepts no responsibility for damages suffered by any third party as a result of reliance on or decisions made or actions taken based on this report. 15 CERTIFICATE QF APPRAISAL Your appraiser hereby certifies that: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. 3. I have no present of prospective interest in the property that is the subject of this report, and no personal interest with respect to the parties involved. 4. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5. My engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 7. To the best of my knowledge and belief, the statements of fact contained in this appraisal report, upon which the analyses, opinions, and conclusions expressed herein are based, are true and correct. 8. This appraisal report sets forth all of the limiting conditions (imposed by the terms of my assignment or by the undersigned) affecting the analyses, opinions, and conclusions contained in this report. 9. This appraisal report has been made in conformity with the Uniform Standazds of Professional Appraisal Practice adopted by the Appraisal Standards Boazd of the Appraisal Foundarion, and is subject to the requirements of the Code of Professional Ethics and Standards of Professional Conduct of the National Association of Realtors Appraisal Section, 16 10. No one other than the undersigned prepazed the analyses, conclusions, and opinions concerning real estate that are set forth in this appraisal report. ~ ~~~ E. Foote Certified General Appraiser GA-000014-L 17 PRIVACY NOTICE Pursuant to the Gramm-Leach-Billey Act of 1999, effective July 1, 2041, appraisers, along with all providers of personal financial services are now required by federal law to inform their clients of the policies of the firm with regard to the privacy of client nonpublic personal information. As professionals, we understand that your privacy is very important to you and are pleased to provide you with this information. In the course of performing appraisals, we may collect what is known as "nonpublic personal information" about you. This information is used to facilitate the services that we provide to you and may include the information provided to us by you directly or received by us from others with your authorization. We do not disclose any nonpublic personal information obtained in the course of our engagement with our clients to nonaffiliated third parties, except as necessary or as required by law. Byway of example, a necessary discloswe would be to ow independent contractors, and in certain situations, to unrelated third party consultants who need to know that information to assist us in providing appraisal services to you. All of ow independent contractors and any third party consultants we engage are informed that any information they see as part of an appraisal assignment is to be maintained in strict confidence within the firm. A disclosure required by law would be a disclosure by us that is ordered by a court of competent jurisdiction with regard to a legal action to which you are a party. We will retain records relating to professional services that we have provided to you for a reasonable time so that we are better able to assist you with your needs. In order to protect your nonpublic personal information from unauthorized access by third parties, we maintain physical, electronic and procedwal safeguaxds that comply with our professional standards to inswe the security and integrity of yow information. 18 LARRY E. FOOTE REAL ESTATE APPRAISER EXPERIENCE: 1979-Present: Chief Appraiser, Diversified Appraisal Services, Carlisle, Pa Principal Broker, LaRue Development Company, Carlisle, Pa 1976-1979: Associate Broker, Colonial Realty, Carlisle, Pa. 1972-1976: Realtor Associate, Jack Gaughan Realtor, Carlisle, Pa. Appraisal experience included undeveloped .land, farms, building lots, single-family dwellings, mobile home parks, medical centers, nursing homes, motels, apartment buildings and complexes, office buildings, service stations, vetezinary clinics, rehabilitation centers, retail buildings, daycare centers, warehouses, and manufacturing facilities. EDUCATION: Bachelor of Business Administration, Pennsylvania State University, 1976. Associate Bachelor of Business Administration, Harrisburg Area Community College, 1974. Diploma, Carlisle Senior High School, 1965. Certificate, Pennsylvania Realtors Institute, GRI I, GRI II, GRI III. Certificate, Realtors National Marketing Institute, CI 101, CI 102, CI 103, CI 104, CI 105. Standards of Professional Practice, American Institute of Real Estate Appraisers. Real Estate Appraisal Principles, American Institute of Real Estate Appraisers. Residential Valuation, American Institute of Real Estate Appraisers. Appraisal Procedures, Appraisal Institute. Principles of Income Property Appraising, Appraisal Institute. Case Studies in Real Estate Valuation, Appraisal Institute. Report Writing and Valuation Analysis, Appraisal Institute. PROFESSIONAL LICENSES: General Appraiser #GA-000014L, Commonwealth of Pennsylvania. Real Estate Broker #RB-029729-A, Commonwealth of Pennsylvania. PROFESSIONAL DESIGNATIONS: GRI: Cnaduate of the Pennsylvania Realtors Institute, awarded by the Pennsyl- vania Association of Realtors. CRS: Certified Residential Specialist, awarded by the Realtors National Market- ing Institute of the National Association of Realtors. CCIM: Certified Commercial Investment Member, awarded by the Realtors National Marketing Institute of the National Association of Realtors. PROFESSIONAL ORGANIZATION AFFILIATIONS: National Association of Realtors Appraisal Section. Greater Harrisburg Association of Realtors. Pemisylvania Association of Realtors. National Association of Realtors. Realtors National Marketing Intitute. 19 . PAST CLIENTS: Borough of Carlisle Keystone Financial Mortgage Cornerstone Federal Credit Union Pennsylvania State Bank Commerce Bank Cumberland-Perry Association for Retarded Citizens Carlisle Suburban Authority Members 1" Federal Credit Union Penm~sylvania National Bank Evans Financial Corporation Greenawalt Bc Company, CPA Smith's Transfer Corporation Carlisle Department of Parks and Recreation Executive Relocation Services Carlisle Area School District Messiah Homes, Incorporated ERA Eastern Regional Services Pennsylvania Turnpike Commission Chase Home Mortgage Corporation Defense Activities Federal Credit Union Pennsylvania State Employees Credit Union PNC Mortgage Corporation FBtM Trust Company National City Mortgage Corporation Washington Mutual Home Loans, Inc. Prudential Relocation Services Lender's Choice Market Intelligence, Incorporated United Telephone Employees Federal Credit Union Cumberland County Commissioners Allstate Enterprises Mortgage Corporation Dickinson College PPG Industries, Incorporated Gettysburg College Redevelopment Authority of Cumberland Courrty Record Data Appraisal Services, Incorporated First United Federal Savings Association Fulton Bank United States Marshall Service GMAC Mortgage Corporation Otrstown Bank Letterkenny Federal Credit Union BancPlus Mortgage Corporation Caldwell Banker Relocation Services, Incorporated Central Pennsylvania Savings Bank Mellon Bank Providerrt Home Mortgage Corporation Various law firms and individuals 20 21 PHOTOGRAPHS OF THE SUB,TECT PRUr~lc11 _.. r,~a¢QV~s~. ""'°a"~m~ .::: cam, .., .. ' ,,: :, ~a '. :": r~`~ f 11 i 22 ~ Estate Valuation Date of Death: 02/13/2008 Estate of: Charles F. Bruce, Agent Valuation Date: 02/13/2008 Account: 2003069 Processing Date:.-03/14/2008 Aeport Type: Date of Death Number of Securities: 25 File ID: Bruce, Charles F, Agent Shares Security Mean and/or Div and Int Security or Par Description High/Ask Low/Bid Adjustments Accruals Value 1) 1400 ALLEGHENY ENERGY INC (017361106) COM New York Stock Exchange 02/13/2006 53.94000 52.28000 H/L 52.860000 74,009.00 2) 200 BOEING CO (097023105) COM New York Stock Exchange 02/13/2008 85.63000 84.01000 H/L 84.820000 16,969.00 Div: 0.4 Ex: 02/06/2008 Rec: 02/08/2008 Pay: 03/07/2008 80.00 3) 50 CBS CORP NEW (124857202) CL B New York Stock Exchange 02/13/2008 25.58000 24.93000 H/L 25.255000 1,262.75 4) 500 DELPHI CORP (297126105) COM Other OTC 02/13/2008 0.19000 0.13000 H/L 0.135000 67.50 5) 100 DUN 6 BRADSTREET CORP DEL NEW (26 483E100) COM New York Stock Exchange 02/13/2008 90.29000 88.79000 H/L 89.540000 8,959.00 6) 500 GENERAL ELECTRIC CO (369604103) COM New York Stock Exchange 02/13/2008 35.10010 34.59000 H/L 34.895050 17,422.53 71 400 GENERAL MTRS CORP (370442105) COM New York Stock Exchange 02/13/2008 27.00000 25.73000 H/L 26.365000 Div: 0.250000 Ex: 02/13/2008 Rec: 02/15/2008 Pay: 03/10/2008 + 0.250000 26.615000 10,646.00 8) 400 GOODRICH CORP (382388106) COM New York Stock Exchange 02/13/2008 62.72000 59.97000 H/L 61.345000 29,538.00 9) 300 JOHNSON & JOHNSON (476160104) COM New York Stock Exchange 02/13/2008 63.75000 62.59000 H/L 63.170000 18,951.00 10) 100 LOCKHEED MARTIN CORP (539830109) COM New York Stock Exchange 02/13/2008 109.15000 107.01000 H/L 108.080000 10,808.00 11) 474 M fi T BK COAP (55261F104) COM New York Stock Exchange 02/13/2008 89.19000. 86.00000 H/L 87.595000 41,520.03 Page 1 This report was produced with EstateVal, a product of Estate Valuations ~ Pricing Systems, Inc. If you have questions, please contact EVP Systems at (818) 313-6300 or www.evpsys.com. (Revision 7.0.4) v • Date of Death: 02/13/2008 Estate of: Charles F. Bruce, Agent Valuation Dat e: 02/13/2008 Account: 2003069 Report Type: Date of Death Processi~ Da te: 03/19/2008 Number of Securities: 25 File IDs Bruce, Charles F, Agent. w Shares Security Mean and/or Div and Int Security or Par Description High/Ask Low/Bid Adjustments Accruals Value 12) 400 MOODYS CORD (615369105) COM New York Stock Exchange 02/13/2008 39.82000 38.57000 H/L 39.195000 15,670.00 13) 800 MOTOROLA INC (620076109) COH New York Stock Exchange 02/13!2008 11.00000 11.52000 H/L 11.660000 9,328.00 14) 600 NCR CORD NEW (62886E108) COM New York Stock Exchange 02/13/2008 23.99000 22.61000 H/L 23.150000 13,890.00 15) 1000 PEPCO HOLDINGS INC (713291102) CQM New York Stock Exchange 02!13/2008 26.91000 2b.17750 H/L 26.293750 26,293.75 16) 9 PIPER JAFFRAY COS (729078100) COH New York Stock Exchange 02/13/2008 49.70000 41.81000 H/L 43.295000 173.18 17) 3000 PPL CORP (693517106) COM New York Stock Exchange 02/13/2008 48.59000 47.87000 H1L 48.230b00 149,690.00 18) 40 R H DONNELLEY CORD (74955W307) coM NEW New York Stock Exchange 02/13/2008 20.99000 19.23000 H/L 19.860000 794.40 19) 100 SYNOWS FINL CORP (8716101051 COM New York Stock Exchange 02/13/2008 12.49000 11.95000 H/L 12.220000 1,222.00 20) 600 TERADATA CORD DEL (08076W103) COM New York Stock Exchange 02/13/2008 24.16000 21.89000 H/L 23.025000 13,815.00 21) 48 TOTAL SYS SVCS INC (891906109) COM New York Stock Exchange 02/13/2008 22.87000 22.36000 H/L 22.615000 1,085.52 22) 412 US BANCORP DEL (902973304) COM NEW New York Stock Exchange 02/13/2000 33.00000 32.33000 H/L 32.665000 13,957.98 23) 50 VIACOM INC NEW (92553P201) CL B New York Stock Exchange 02/13/2008 41.59000 39.99000 H/L 40.765000 2,038.25 Page 2 This report was produced with EstateVal, a product of Estate Valuations fi Pricing Systems, In c. If you have questions, please contact EVP Systems at (818) 313-6300 o r www.evpsys .com. (Revision 7.0.4) I • Dade of Death: 02/13/2008 Valuation Date: 02/13/2008 ProcessintJ Date: 03/14/2008 Shares Security or Par Description 29) 200 3M CO (88579Y101) COM New York Stock Exchange 02/13/2008 25) 195 ALCATEL-LUCENT (013904305) SPONSORED ADR New York Stock Exchange 02/13/2008 Estate of: Charles F. Bruce, Agent Account: 2003069 Report Type: Date of Death Number of Securities: 25 File ID: Bruee-, Charles F, Agent Mean and/or Div and Int Security High/Ask Low/Bid Adjustments Accruals Value 81.51000 79.48000 H/L 80.495000 16,099.00 6.21000 6.06000 H/L 6.135000 Total Value: Total Accrual: Total: $464,979.22 ~pouEK ~I,Ao~KEr ~A~„atic~S' pQrr~tAA~- ~ 3~7,g7~.H1 TotAc- un~n ~ 3 80, 4d ~ • ~S' 1,196.33 $484,899.22 580.00 ~ 86~,'~~~.8'~ ~ 38o,oai.~,S Paqe 3 This report was produced with EstateVal, a product of Estate Valuations & Pricinq Systems, Inc. If you have questions, S please contact EVP Systems at (818) 313-6300 or www.evpsys.com. (Revision 7.0.4) TABLE OF CONTENTS Table of Contents Appraisal Certificate Appraisal Summary Photograph & CD-ROM Instructions Personal Property Listing Appraisal Summary (Copy) References Privacy Notice Statement of Qualifications Assumptions and Limiting Conditions 2 3 4 5 6 7 8 9 10 11 2 ti ~ APPRAISAL CERTIFICATE I hereby certify that, upon the request for the estate appraisal of the personal property of Charles Bruce, deceased, I have personally and physically inspected the listed personal property. The personal property was appraised to determine the FAIR MARKET VALUE, AS OF d.o.d. February 13, 2008 & reported on April 1, 2008. The date of inspection was March 20, 2008. The information and values contained in this report are based upon my experience as an appraiser and other reliable sources. The personal property was found to be in EXCELLENT condition, unless otherwise noted. Values are reported piece-by-piece, and/or as a whole. All values reported have been determined with consideration to the condition of the item, market conditions, and salability factors. pis Ap~raisa~ ..~ C.A. ~i-vector 3 APPRAISAL SUMMARY It is in my opinion, that as of d.o.d February 13, 2008, the Fair Market Value of the personal property of Charles Bruce, deceased: (Sixty Dollars and Zero Cents) ($60.00) pis Ayrpraisa~ C.A. ~lY8Ct0Y The report must be read in its entirety. The Appraisal Summary ONLY is not the appraisal report Personal Property Listing 1 Chest. Modern chest on chest dresser with $35.00 eight drawers. Corresponding Digital Photograph File: r0329396jpg 2 Chest. Modern Pennsylvania House chest $20.00 with one drawer and two doors. Corresponding Digital Photograph File: r0329397 jpg 3 Chair. Modem plush recliner chair. $5.00 Corresponding Digital Photograph File: r0329398jpg Total $60.00 APPRAISAL SI:f~/IlVIARY (COPY) It is in my opinion, that as of d.o.d February 13, 2008, the Fair Market Value of the personal property of Charles Bruce, deceased: (Sixty Dollars and Zero Cents) ($60.00) Ibis Annraisa~ ICES C.A. Director The report must be read in its entirety. The Appraisal Summary ONLY is not the appraisal report. 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This value may also be used to denve Fair Market ' Vdue for Inwrenm and vehicle donation purposes. Veiride Condition Ratings Clieck Vehkle TI[le History Excellent ~pE,,pp X4,925 • Looks new, is in excellent mechaniml condition and needs no reconditioning. • Never had any paint or body work and is free of rust. • Gaon title history and will pass a smog and safety inspection. • Engine compnrtmem is clean, wkh no fluid leaks and is free d any wear or vlslble defects. • Complete and verifiable service rewrds. less than 5% of all used vehicles fall into this category. QOOd QCf~7L7<°, X4,500 • Free of ariY major deferxs. • peen tltla history, the paints, lady, and Interlar have only minor (if any) tflsmishes, and there are no major madraniml problems. • tittle ar ra nrst on this vehcle. • Tires metdr and have substerMat treed wear left. • A'good' vehicle will need some recondNionfrg to 6e sold et natnil. Moat corstlmer owned vehidas faN into this category. Fair ~E3C7 :r ;3,950 • Some mechanical or cosmetic defects and needs servidrp but is sdll in reasonable running condition. • denn title history, the paint, body and/or interior need work performed by a professional. • Tires may need to be replaced. • There may ba some repairable nisi damage. Poor • Severe mechanical and/or cosmetic defects and is in poor running condition. • May have problems that mnnot tie readily fixed wch as a damaged frame or a noted-through body. • Brended title (salvage, Flood, etc.) or unsubstantiatsd mileage. Kelley Blue Book does not attempt to report a value on a "poor' vehicle because the value of these vehicles varies greatly. A vehide in poor condition may require an independent appraisal to determine its value. Perwmylvenia 3/208008 Accurate Condition Appraisal Change CondKbn Accurately appraising th• condition of a vehide Is an Important aspect in datarminirg Its Blue Book vdue. Taking our 16 glbatlon condition quiz will ensure You know the corratt condition rating. NEXT STEP: -_ O 70Ga Kaaey Blue gook Co., inc. Act Nphtr reserved. JmrAPr 20Q8 EdAGbn. The tpacllk bdbrmeaon raeWred m deavm/ne Me veAre br tlib prtlcubr whhb was suppMd by the person penerWny tMs roport. Vehleb wkutbrs ere opbbrn end cosy wry from wh/cb m whkb. Acare/ vduetlona wa/ very Deeed upon market Mndlabrs, eP•cUAretleM, vehkb condldon or other pertkubr ckuenetences pertlnent m brb perrkrdsr vahkb or U'e beneecbon or the pestles m the trenaectlon TAb report b kauwned ibr ba IrlaWkkrel nse o/ the person gnentkry bra report onN eM sMa nor f» sold or busmabd m eratlrer perry. Kdby akm Book eewmrs no resppndMlKy hr srron er ombrbm. (v.ca033) ~ ~ E44Slt ua I &oL~z I F~ I condce us i ~Ih~9e 1 ~dl+ c•nnr I Advrwlnu I rtcmmcl. yah,.e Pnvary Policy Copynght & Trademarks p 1995-7008 Kelly Blu• Book Co., Inc. http://www.kbb.com/KBB/UsedCars/Pricins;Report.asux?VehicleClass=UsedCarBcManufa... 3/20/2008 St MEMBERS 1st FEDERAL CREDIT iJNION SAVINGS ACCOUNT: Account Number/Suffix Date Account Established Principal Balance at Date of Death Accrued Interest to Date of Death Total Principal and Accrued Interest Name of Joint Owner CHECKING ACCOUNT: Account Number/Suffix Date Account Established Principal Balance at Date of Death Accrued Interest to Date of Death Total Principal and Accrued Interest Name of Joint Owner Estate of: CHARLES F. BRUCE Date of Death: 02/13/2008 Social Security Number: 168-01-8593 9876-00 11 /20/1967 $37,188.14 $12.23 $37,200.37 None 9876-11 01 /30/1979 $1,852.19 $.36 $1,852.55 None MBERS 1ST FED RAL/ C~R~EDIT UNION ~~~~-~ Danielle A. Kline Insurance Services Specialist May 6, 2008 5000 Louise Drive EO. Box 40 Mechanicsburg, Pennsylvania 17055 (800) 283-2328 wwwmemberslst.org ~ M&T Investment Group February 20, 2008 Dale F. Shughart, Jr., Esquire 10 West High Street Carlisle, Pennsylvania 17013 RE: Estate of Charles F. Bruce Dear Dale: As requested, this letter will serve to provide you with the Money Market Balances in the Charles F. Bruce account # 2003069 at his date of death on February 13, 2008. Money Market Balance in account 2003069: $367,878.87 Accumulated Income to Date of Death: $ 12,142.78 Should you have any question, please do not hesitate to call. Thank you. Very truly yours, Manufacturers and Traders Trust Company ~c David C. Gority Vice President Private Client Services One West High Street, P.O. Box 220, Carlisle, Pennsylvania. 17013 (717) 240-4505 or 1-800-822-2155 ' F:\WP51\Q,IENT\SHUGDALE\SRUCE2.WIL 11/04/97 HCD LAST WILL AND TESTAMENT I, CHARLES F. BRUCE, of the Borough of Carlisle, Cumberland County, Pennsylvania, declare this to be my Last Will and Testament and revoke any Will or Codicil previously made by me. ITEM I: I direct that all my just debts (except as may be barred by a Statute of Limitations) and my funeral expenses (including my gravemarker and expenses of my last illness) shall be paid from my residuary estate, as soon as practicable after my decease as a part of the administration of my estate. ITEM II: I give and bequeath all my tangible personal property (excluding cash on hand and tangible evidences of intangible personal property), including but not limited to, any and all automobiles and other motor vehicles, household goods and furniture and furnishings, china, silverware, jewelry, ornaments, works of art, books, pictures, wearing apparel and personal effects, together with any policies of insurance applicable thereto including any prepaid premiums thereon to my son, CHAD F. BRUCE, provided that he shall survive me. ITEM III: If my wife, MILDRED T. BRUCE, survives me, I devise and bequeath to my TRUSTEE, hereinafter named, to be held in a separate TRUST (the non-marital or By-pass Trust) the maximum amount that can pass at my death free of federal estate tax because of the unified credit and all other credits or deductions applicable to my estate other than the marital deduction, (provided however that the credit for state death taxes shall be taken into 1 e~~~~~ C account only to the extent that doing so does not result in state death taxes that would otherwise not be payable). The amount of this By-Pass Trust and its funding shall be governed by the following: A. The amount of this By-Pass Trust shall be reduced by the aggregate of (1) all items includable in my estate for Federal Estate Tax purposes which either are taxable gifts made during my lifetime or are disposed of in previous articles of this Will or pass outside of this Will but only if such items do not qualify for the Federal Estate Tax marital deduction or the Federal Estate Tax charitable deduction and (2) the amount of any administration expenses claimed as income tax rather than estate tax deductions. B. My executor shall allocate and set aside or distribute to this By-Pass Trust any (up to all) assets (or proceeds of assets) which do not qualify for the marital deduction for Federal Estate taxes. But in no event shall assets be distributed in kind to this By-Pass Trust to the extent the effect would be to permit diminution of the marital deduction trust (created in Item IV below) by more than a pro- rata share of all depreciation occurring in my estate between the date of my death and the date of distribution to this Trust. Any allocation of assets between this By-Pass Trust and the marital deduction trust shall, with respect to each gift, be comprised of assets having an aggregatle market value 2 I _/V~ at the time of allocation fairly representative of the net appreciation or depreciation in value to the date of distribution of all assets then available for distribution. C. My Trustees shall hold this gift, IN TRUST, for the following uses and purposes and under the following terms and conditions: 1. To pay the net income therefrom to my wife, MILDRED T. BRUCE, for and during her lifetime. 2. As much of the principal of this Trust as my Trustees in their sole discretion may from time to time think advisable for the health, support and maintenance of my.wife, MILDRED T. BRUCE, and for the protection and ' preservation of her property, shall either be paid to her or else applied directly for her benefit by my Trustees after taking into account her or their other readily available assets and sources of income. 3. My Trustees may apply the net income of this Trust for the support of my wife, MILDRED T. BRUCE, should she by reason of age, illness or any other cause in the opinion of my Trustees be incapable of disbursing it. 4. Upon the death of my wife, MILDRED T. BRUCE, (or upon my death, if my spouse shall have predeceased me) the then remaining principal and any undistributed income shall be distributed to my son, CHAD F. BRUCE(J, if he 3 . ~-~i~. ~-C shall then be living. However, if my son has died before the death of the latter of my wife and me but leaves descendants who are living at the death of the latter of my wife and me, such descendants shall receive, per stirpes, the share that my son would have received had he been then living. If at any time after my death, whether during the continuation of any trust established hereunder, or at the time for termination of such trust, there is no beneficiary named or designated hereunder living to receive such property, or to have such property continue in trust for his or her benefit, or at my death, if no such beneficiary is then living, the property then constituting the trust estate shall be distributed, free from trust, as follows: a. One-quarter (lj4) thereof to my brother, ELMER R. BRUCE, provided he shall survive me. Should my said brother be then deceased, such property shall be distributed to my intestate heirs as then ascertained under the Intestate Laws of Pennsylvania as though I had died at such time, a resident of Pennsylvania and owning such property. b. One-quarter (1/4) thereof to my daughter- in-law, LINDA H. BRUCE, provided she shall survive me. Should my said daughter-in-law be then deceased, such property shall be distributed to my cam. ,. intestate heirs as then ascertained under the Intestate Laws of Pennsylvania as though I had died at such time, a resident of Pennsylvania and owning such property. c. One-half (1/2) thereof to be divided among the following individuals in the following manner: (1) 25~ to my wife's sister, CARLENE FOSTER. If she does not survive me, then to my wife's sister, VERNA BAKER and niece, PATRICIA DOWNING, or the survivor, in equal shares. (2) 50~ to my wife's sister, VERNA BAKER. If she does not survive, then to my wife's sister, CARLENE FOSTER and niece, PATRICIA DOWNING, or the survivor, in equal shares. (3) 25~ to my wife's niece, PATRICIA DOWNING. If she does not survive, then to my wife's sisters, CARLENE FOSTER and VERNA BAKER, or the survivor, in equal shares. Should both of my wife's sisters and her niece be then deceased, such property shall be distributed to my wife's intestate heirs as then ascertained under the Intestate Laws of Pennsylvania as though she had died a(t such time, a 5 ~ , ~, resident of Pennsylvania and owning such property. ITEM IV: All of the residue and remainder of my estate, I devise and bequeath to my Trustees hereinafter named, to be held, IN TRUST, (the Marital Deduction Trust) for the following uses and purposes and under the following terms and conditions: A. My wife, MILDRED T. BRUCE, shall be paid the entire income from the principal in such periodic installments as the Trustees shall find convenient, but at least as often as quarter-annually. B. As much of the principal of this trust as my Trustees, in their sole discretion, may from time to time think advisable for the health, support and maintenance in reasonable comfort of my wife, MILDRED T. BRUCE, and for the protection and preservation of her property shall either be paid to her or else applied directly for her benefit by my Trustees after taking into account her other readily available assets and sources of income. C. My Trustees may apply the income or Principal of this Trust for the support of my wife, MILDRED T. BRUCE, should she by reason of age, illness or any other cause in the opinion of my Trustee be incapable of appropriately receiving or disbursing it. D. Upon the death of my wife unless there is a contrary provision in her Will, the Trustee shall deduct and pay to the personal representative of my wife's estate an amount equal to 6 1 -e ~~ ~ , the increase if any in federal estate tax or state death taxes which her estate will have to pay because of the inclusion of the assets under this ITEM IV of my Will in her gross estate. My Executor or Trustees may rely upon a certification from my wife's personal representative as to the amount of such additional death taxes. E. This ITEM IV of my Will is intended to be able to qualify and my Executor is authorized to make such election as is necessary to qualify all or part of this gift for the marital deduction under the qualified terminable interest property provision set forth in Section 2056(b)(7) of the Internal Revenue Code of 1986, as amended. As such I direct that (1) if any provision of my Will shall result in depriving this ITEM IV of the benefits if IRC § 2056(b)(7) such provision is hereby revoked and my Will shall be read as if any portion thereof which would result in such disqualification is null and void; (2) my Executor is hereby excused from liability to any person for the decision to elect to have this ITEM IV qualify for the marital deduction or for the decision to elect not to so qualify all or any of it; and (3) no reimbursement or other adjustment shall be made as among beneficiaries by reason of the consequences of such election or failure to elect. If the federal estate tax laws applicable to my estate permit a partial election to be made, or permit such an election with respect to a specific portion 7 ~, ~ .~ ~, ~ , of this Trust, my Executor may make such election with respect to less than all of this Trust. It is my suggestion that my Executor elect to qualify this entire Trust under Section 2056 (b) (7) of the Internal Revenue Code unless the anticipated incremental estate taxes occasioned by my spouse's death or the anticipated length of survival of my spouse make a lesser election or no election more appropriate. My Executor shall not be liable for any decision made in good faith and with reasonable diligence with respect to such election. F. If the marital deduction or any similar benefit is allowable with respect to any property, including property held by entireties, which my wife has received prior to my death, or at my death will receive otherwise than pursuant to this ITEM IV, the value of such property should be taken into consideration in calculating the size of the election made by my Executor. G. In funding the By-Pass Trust under ITEM III and this marital deduction (Qualified Terminable. Interest Property) Trust, my Executor shall take into consideration the existence of and shall not (if possible) distribute to this portion any assets which would not qualify for the federal estate tax marital deduction. H. All assets distributed in kind shall be valued at the value at which it is finally included in my gross estate for federal estate tax purposes, provided that the gregate ~~ market value thereof on•the date of allocation (plus the value as finally determined for federal state tax purposes of all other property qualifying for the marital deduction) be comprised of assets having an aggregate market value at the time of allocation fairly representative of the net appreciation or depreciation in value to the date of distribution of all assets then available for distribution. I. Notwithstanding any other provision of this Will, my spouse shall have the right and power to direct that the assets of this Trust be invested or reinvested so as to produce such income as is reasonable and consistent with the value of the trust corpus. Notwithstanding any contrary provision of this Will, my Trustee shall pay to my spouse's estate all income accrued or received by this Trust, but not distributed prior to my spouse's death. J. I recognize the possibility that no amount may be disposed of by this ITEM IV and that the amount disposed of may be affected by certain tax elections of my Executor. K. Upon the death of my spouse (or upon my death if my spouse shall have predeceased me), and after payment of any taxes payable pursuant to Section E. of this ITEM IV, the balance of this Trust shall be distributed in the same manner as is provided for in ITEM III.C.4. hereof. ITEM V: I direct my Executor to pay all estate and inheritance taxes, including any interest and penalties thereon, (other than any caused by negligent delay) payable with respect to all property ~, . , b includable in my gross estate, or taxable by reason of my death, whether or not such taxes are payable by my estate or by the recipient of any such property, out of the portion of my Estate distributable to ITEM III above. ITEM VI: My Executors, Trustees and Guardians {herein sometimes referred to as "fiduciaries" or "fiduciary") shall have the following powers in addition to those vested in them by law and by other provisions of my will applicable to all property, whether principal or income, including property held for minors, exercisable without court approval, and effective until actual distribution of all property: A. Any fiduciary hereunder may renounce or resign at any time with or without cause. B. No fiduciary shall be required to file bond, execute any instrument appointing anyone to accept service of process, or file inventories or accounts of any kind, except as ordered to do so by a court of competent jurisdiction or as required to do so under a state statute not providing for release of such requirements by a testator. C. If there is no corporate fiduciary acting hereunder, my Executor or Trustees may designate a corporation (regardless of where organized or headquartered) with fiduciary powers to act as agent or custodian hereunder, may delegate to it such duties as may be appropriate (including investment recommendation duties), may pay to it reasonable compensation for its services, and may discharge it with or 10 a without cause. D. To retain any or all of the assets of my estate, real or personal, including stock of any corporate fiduciary, without regard to any principal of diversification or risk. E. To invest in all forms of property, including stock, common trust funds, and mortgage investment funds whether operated by my fiduciary or others, without restriction to investments authorized for Pennsylvania Fiduciaries, as they deem proper, without regard to any principle of diversification or risk. F. To sell at public or private sale, to exchange, or to lease for any period of time, any real or personal property and to give options for sales, exchanges or leases, for such prices and upon such terms or conditions as they deem proper. G. To allocate receipts and expenses to principal or income or partly to each as they from time to time think proper in their sole discretion, but in no event shall the income of the marital deduction trust be reduced by the exercise of this power. H. To borrow from or to sell to my Trustees even though such Trustee may be my Executor. I. To cause the title to any property held hereunder to stand in the name of a nominee or nominees. J. To repair, alter or improve any real or personal property; to borrow money, including the right to borrow money from any fiduciary hereunder, and to pledge, mortgage, or ~~ ~ •i create a security interest in any property held by them as security therefor, and to make loans, secured or unsecured, for such purposes and upon such terms and conditions as they may deem advisable, including loans to my estate, with or without interest, for any purpose whatsoever, and to exercise options of any kind. K. To subscribe for or to exercise options for stocks, bonds or other investments; to join in any plan of lease, mortgage, merger, consolidation, reorganization, foreclosure or voting Trust and to deposit securities thereunder; to vote securities in person or by proxy, in such connection to delegate discretionary powers; and generally to exercise all the rights of security holders or employees of any corporation. L. To compromise, submit to arbitration or release any claim of my estate or any Trust hereunder against others and to pay, compromise, or submit to arbitration any claim of others against my estate or any Trust hereunder. M. To exercise any law-given option to pay death taxes in installments, the payment of interest due on such installments to be a Charge against principal. N. To exercise any law-given option to treat administrative expenses either as income tax or as estate tax deductions, without regard to whether the expenses were paid from principal or income, without regard to whether the size of the marital deduction share created in ITEM IV hereof (if elected) will be increased thereby, and without requiring reimbursement. O. To receive other property of any type acceptable to the Trustees, including, but not in way of limitation, life insurance proceeds, which may be devised, bequeathed, assigned, granted, conveyed or made payable to the Trustees by any other person, to be added to and administered in accordance with the then applicable provisions of the Trust or Trusts hereunder; provided, however, if more than one Trust is then being administered hereunder, such other person may specify, in the instrument of transfer, among which Trusts, and in what proportions such property shall be allocated. P. To treat the entire trust estate as a common fund for the purpose of investment, notwithstanding any provision herein for division thereof into shares or separate Trusts. Q. Any Trust beneficiary will have the right at any time to request of and receive from the Trustees a complete written accounting of such matters pertaining to the administration of the Trust as are pertinent to that beneficiary. In the Trustees' discretion, income tax returns of the Trust may be used to satisfy such request. R. In making distribution of my estate, my Executor (and in making distribution of any Trust, my Trustees) are hereby granted the power to make non-prorata distribution of assets in kind. S . My Trustees in addition to other powers granted shall 13 ~ C have the authority to purchase life insurance on the lives of any or all beneficiaries of the Trust. In addition, specific authority or power is granted to pay premiums on existing policies as well as those purchased after the creation of the Trust even though said policies may not be owned by or payable to the Trustees as beneficiary. Premiums may be paid from the income of the Trust estate or, if necessary, from principal. T. Should the principal of any Trust herein provided for be or become so small that, in the Trustees' discretion, establishment or continuance of Trust is inadvisable, my Trustees or my Executor may make immediate distribution of the then remaining principal and any accumulated or undistributed income outright to the person or persons and in the proportions they are then entitled to. If any such person is then a minor, distribution may be made to that person's guardian, or to a person selected by the Trustee to be custodian for such person until the age of twenty-one (21) years under the Pennsylvania Uniform Transfers to Minors Act. U. My fiduciaries, generally, shall have full power and authority to exercise all rights and privileges appurtenant to any property held by my fiduciaries, and to execute and deliver any and all instruments which may be necessary or expedient in the exercise of the powers granted herein; provided, however, that no Trustee hereunder shall have any power in the administration of the Trust created under ITEM IV hereof which would in any way disqualify said Trust for t e 14 ~ 1 purposes of the marital deduction afforded by the Federal Estate Tax Laws. V. Any fiduciaries are authorized to make distributions in any manner which he or she deems to be in the best interest of a beneficiary, including: 1. To such beneficiary directly, including mailing to his or her last-known address or depositing to his or her bank account or to a bank account to be opened by him or her; and 2. To an existing Trust (or fund thereof) for the sole benefit of such beneficiary and providing no less a right to present enjoyment of income and principal that would be the case under the Trust hereunder; and 3. Directly to third persons for the sole benefit of such beneficiary or such beneficiary's dependents. 4. The receipt for any distribution made in conformity with the above provisions will fully discharge Trustee from any further liability for that distribution. 5. No fiduciary will exercise any discretionary authority to distribute principal or income for the benefit of any beneficiary to reimburse any governmental entity which may have incurred expense for the benefit of that beneficiary or pay any obligation of a beneficiary if that expense or obligation is otherwise payable by any governmental entity or pursuant to any governmental program of reimbursement or payment. IL - - .. •, ~ ~ , J W. The situs of any Trust created hereunder shall be in the County of Cumberland, and State of Pennsylvania, and all questions pertaining to the construction or validity of the provisions of this instrument shall be governed by the laws of that State (other than its conflicts of laws provisions). Despite the foregoing, the Trustees may, at any time and from time to time, change the situs of any Trust created hereunder as the Trustees in their sole discretion deem desirable for the benefit or security of this Trust. The Trustees may elect (or decline to elect) the law of a different jurisdiction and thereafter the court of such other jurisdiction shall have the power to effectuate the purposes of this instrument to such extent. The Trustees may change the situs of any Trust created hereunder, and may change the situs of one Trust without changing the situs of other Trusts created hereunder. This is a continuing power which will not be exhausted by its use. The determination of the Trustees as to the change of situs shall be conclusive and binding on all persons interested or claiming to be interested in any -Trust hereunder. X. If there are co-fiduciaries serving hereunder, they may delegate any and all management duties and responsibilities to one of them. My co-fiduciaries may, for example, designate one of them to maintain a bank account or accounts, and in that instance the signature of only that fiduciary shall be required to open and maintain such acr_c_oun~'t( 16 Cl r~~GQ/~~'(/t71..~ C.. to deposit funds to such account and to write checks on such account. ITEM VII: If any property passes outright (either under this Will or otherwise) to a minor (which shall be defined as anyone under twenty-one (21) years of age) and with respect to which I am authorized to appoint a guardian and have not otherwise specifically done so, I decline to appoint a guardian but instead authorize my Executor to distribute such property to a Custodian selected by my Executor (and my Executor may act as such Custodian) as Custodian for the minor under the Pennsylvania Uniform Transfers to Minors Act. Provided, however, that this appointment shall not supersede the right of any fiduciary to distribute a share where possible to the minor or to another for the minor's benefit. ITEM VIII: I appoint my son, CHAD F. BRUCE, Executor of this my Last Will. Should he fail to qualify or cease to act as Executor, I appoint my daughter-in-law, LINDA H. BRUCE, Executor of this my Last Will. ITEM IX: I direct that my Executor and Trustee or their successors shall not be required to give bond for the faithful performance. of their duties in any jurisdiction. ITEM X: I appoint my son, CHAD F. BRUCE, and FINANCIAL TRUST SERVICES COMPANY, Trustees of any trusts created by this my last Will. Should my son, CHAD F. BRUCE, fail to qualify or cease to act as Trustee, I appoint my daughter-in-law, LINDA H. BRUCE, substitute Co-Trustee. ITEM XI: My individual fiduciary shall be( /e'n~titled 17 l,G (/~'V ~_ r .~ J' i reasonable compensation for his or her services rendered from time to time and to reimbursement of out of pocket expenses. ITEM XII: My corporate fiduciary shall be entitled to compensation based upon its regular schedule of fees for such services in effect from time to time during the period over which its services are performed. ITEM XIII: I specifically give unto my son, CHAD F. BRUCE, or should he be unable or unwilling to act, my daughter-in-law, LINDA H. BRUCE, as the case may be, in his sole discretion, the right and authority to revoke the appointment of any corporate fiduciary designated in my Will or in any Codicil thereto, provided that he simultaneously appoint a substitute corporate fiduciary. IN WITNESS WHEREOF, I hereunto set my hand and seal to this my Last Wi11 and Testament, wriitten on nineteen (19) sheets of paper, dated this ~a ~^ day of i~~/1Typ~G~-+~ 1997. ~~~~^~' `' ~~ ( SEAL ) Charles F. Bruce The preceding instrument, consisting of this and seventeen (17) other typewritten pages, each identified by the signature or initials of the Testator, was on .the day and date thereof signed, published and declared by the Testator therein named, as and for his Last Will, in the presence of us, who, at his request, in his presence, and in the presence of each other have subscribed our names as witnesses her to. 1. ~ ~ residing at ~. ~ ~~~ residing at 3~ E~r~'E~+b N 5 j zi ae3 18 4 i , ~ . ' r r COMMONWEALTH OF PENNSYLVANIA COUNTY OF CUMBERLAND . ss. r T ~ ~ I, CHARLES F. BRUCE, the Testator whose name is signed to the attached. or foregoing instrument, having been duly qualified according to law, do hereby acknowledge that I signed and executed the instrument as my Last Will; and that I signed it willingly and as my free and voluntary act for the purposes therein expressed. 1 ~ r~ (SEAT,) Charles F. Bruce Sworn to or aff'rmed and a knowledged before me by G a ~ ~ ~-~ ~ the Testator, this ~_ day of ~, 1997. '°'° tlpTAR1AL SEAL eokk~e ~. crnn.E, r~arARY acta~.4c ` BORO OF tuiT HOLLY SFi1146S. CUW16ERi,ANO Ca. Notary Pub ' C MY C0111~IISSItjit D(PIRES OCTOR£R i7. 1~J'88 COMMONWEALTH OF PENNSYLVANIA COUNTY OF CUMBERLAND . ss. We , 17~~ ~. ~ Jam` ~ ht~tq hu ll, ~~. and .,, a~ r ~ 1~A ~Lprr~s~ the witnesses whose nac~ies are signed to the attached or foregoing instrument, being duly qualified according to law, do depose and say that we were present and saw the Testator sign and execute the instrument as his Last Will; that the Testator signed willingly and executed it as his free and voluntary act for the purposes therein expressed; that each subscribing witness in the hearing and sight of the Testator signed the Will as a witness; and that to the best of our knowledge the Testator was at the time eighteen (18) or more years of age and of sound mind and under no constraint or undue influence. Sworn to or affix-mP~ _. c~ s~~h~rribed to before me by ~~..F-~~h~.~~k. and :lallvt ~0..2~` K~~ witne ses, this day of -Uau~~b`~, 1997. Notary lic ~,o„p„ i~f~'fAf[IAl SEJlL 19 SRFtkIE L. CCYtk. ygQ7nRY F't!f?i.lC 90RQ itf liT W,rilu ::+~tAli,S. L'lf~t3fc.F:i;~.fVU i.B.~ i~Y C07N~.215Si:ii1 ~?1~S ti4~'U~~,