Estate of Richard R. Simplot - Page 40




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          Technology's "blackout" policy9) and that the sale of stock                 
          constitutes 15 to 25 percent of daily trading volume.                       
              Mr. Much also considered "blockage" (referring to the market's         
          ability to absorb an individual block of stock without an adverse           
          impact on the market price), analyzing block trades between June            
          27, 1989, and April 16, 1993, the length of the holding period,             
          blackout restrictions, and the relative size of the block; he               
          concluded that a 5-percent blockage discount was appropriate.               
          Moreover, he took into account the transaction costs (estimated to          
          be $500,000) necessary to sell the block of shares.  Mr. Much               
          concluded that gross proceeds to J.R. Simplot Co. would approximate         
          $173.7 million.  As an alternative means of realizing value, Mr.            
          Much considered selling the Micron Technology stock via a secondary         
          stock offering.  Using this means of selling the stock, Mr. Much            
          determined that J.R. Simplot Co. would realize $176.4 million.  Mr.         
          Much then considered income taxes payable as a result of J.R.               
          Simplot Co.'s selling its Micron Technology holding. Using the              
          estimated $176.4 million sale proceeds (via a secondary stock               
          offering), and after considering corporate income taxes (40                 
          percent) on the gain, Mr. Much determined the maximum amount of net         
          proceeds J.R. Simplot Co. would realize from the sale of its Micron         
          Technology stock was $111,193,870.                                          


               9    Micron Technology maintained a trading "blackout"                 
          policy that prohibited insider transactions in the stock for a              
          period from 30 days before the end of each quarter until after              
          each quarterly earnings announcement (which typically occurred              
          approximately 2-3 weeks following the end of every quarter).                

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