Estate of Richard R. Simplot - Page 39




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          Fertilizer Division was between $493,590,000 and $648,610,000, or           
          $557,120,000 using an 8.5-percent discount rate.7                           
               Next, Mr. Much valued J.R. Simplot Co.'s investment in Micron          
          Technology, a nonoperating asset.  Considering that J.R. Simplot            
          Co. is an "affiliate" of Micron Technology under the Securities             
          Exchange Act of 1933 (rendering any sale of J.R. Simplot Co.'s              
          Micron Technology shares subject to certain restrictions under              
          Securities and Exchange Commission rule 144),8  Mr. Much concluded          
          that a year (based on approximately 250 trading days per year) or           
          more would be required for J.R. Simplot Co. to sell its Micron              
          Technology shares through normal market channels, assuming that the         
          shares are sold on each available day (subject to Micron                    







               7    The following summarizes Mr. Much's TIC conclusions               
          regarding the Food and Fertilizer Divisions (before considering             
          the value of nonoperating assets and liabilities):                          
          Market Capitalization Method                                                
               Food Division                                 $492,470,000             
               Fertilizer Division                            574,270,000             
               J.R. Simplot Co. Consolidated                1,066,740,000             
                                                                                     
          Discounted Cash Flow Method                                                 
               Food Division                                 $522,780,000             
               Fertilizer Division                            557,120,000             
               J.R. Simplot Co. Consolidated                1,079,900,000             
               8    As of June 24, 1993, John R. Simplot, Don J. Simplot,             
          and Gordon C. Smith, all J.R. Simplot Co. officers, were also               
          members of Micron Technology's board of directors, and J.R.                 
          Simplot Co. owned more than 10 percent of Micron Technology's               
          common stock.                                                               

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