Estate of Richard R. Simplot - Page 45




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          appropriate for both the class A voting and class B nonvoting               
          shares.                                                                     
               After applying this 35-percent lack of marketability discount          
          (to the $4,560.18 per-share value), Mr. Much concluded that as of           
          the valuation date, the fair market value of both the 18 class A            
          voting shares and 3,942.048 class B nonvoting shares of J.R.                
          Simplot  Co., on a nonmarketable, minority-interest basis, was              
          $2,964.10 per share (based on a combined 141,365.029 shares of J.R.         
          Simplot Co.'s common stock issued and outstanding).                         
               2.  John R. Ettelson                                                   
               Petitioner's second expert, John R. Ettelson, is a senior              
          banker in the corporate finance department of William Blair & Co.,          
          L.L.C., an investment banking and securities brokerage firm.  Mr.           
          Ettelson was requested to render an opinion as to the voting rights         
          premium, if any, to be assigned to decedent's 18 class A voting             
          shares vis-a-vis decedent's 3,942.048 class B nonvoting shares.  He         
          was not requested to render an opinion as to the per-share value of         
          the class A or class B stock as of decedent's death.  In performing         
          his assignment, he focused on those public corporation having a             
          substantial value with the per-share price of their stock being             
          high (rather than low), working under the assumption that the               
          equity value of J.R. Simplot Co. on the valuation date was in               
          excess of $600 million and the value of its shares in excess of             
          $3,000 per share.                                                           
               Mr. Ettelson began his analysis by considering the mindset and         
          objectives of a hypothetical buyer of decedent's 18 class A voting          

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