Estate of Richard R. Simplot - Page 56




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          $5,871.32 per share ($830,000,000/141,365.029 shares), or a                 
          $947,871.32 value per class A voting share.26  (Dr. Spiro noted that        
          the value per vote he determined is very large because the voting           
          block rights are allocated among an extremely small number of class         
          A voting shares; thus, in his view, traditional valuation concepts,         
          as used by petitioner's experts, are not applicable to the                  
          calculation of voting rights premium in this case.)                         




               26   Dr. Spiro used the following calculation to arrive at             
          the $947,871.32 value:                                                      
          Aggregate value of J.R. Simplot Co. -                                       
          freely traded, minority-interest basis           $830,000,000               
                                                                                     
          Aggregate value of J.R. Simplot Co. -                                       
          freely traded, minority interest basis                                      
          (excluding Micron Technology interest)            720,000,000               
          Value of voting rights associated with                                      
          23.55 percent interest in class A shares                                    
          Pro rata value of 23.55 percent                                             
          equity interest                                169,560,000                  
          Voting rights premium associated                                            
          with 23.55 percent voting block                                             
          interest                                               10%                  
          Value of voting rights associated with                                      
          23.55 percent voting interest                      16,956,000               
          Total number of class A shares at issue                     18              
          Additional value per share of voting                                        
          rights associated with 23.55 percent                                        
          voting block interest                              942,000.00               
          Total class A and class B common shares                                     
          outstanding                                       141,365.029               
          Pro rata value of class A and class B                                       
          shares (ignoring voting rights)                                             
          5,871.32                                                                    
          Value per class A share held in 23.55 percent                               
          voting interest                                                947,871.32   


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