Estate of Richard R. Simplot - Page 49

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          reconciled the resulting values.  Dr. Spiro used discounted free            
          cash-flow projections16 to determine the value of J.R. Simplot Co.          
          (exclusive of its Micron Technology holdings) under the income              
































               15(...continued)                                                       
          paying for identical assets.                                                
               16   Dr. Spiro defined "free cash flow" as the amount of               
          cash that could be drawn out of the business without impairing              
          operations, and represents the maximum amount of money available            
          to long-term debt and equity holders.   Under this valuation                
          method, a calculation is made as to the level of sustainable                
          cash-flow the business can be expected to generate in the future.           

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