Estate of Richard R. Simplot - Page 71




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          in the Company.  On the other hand, here, no one individual had a           
          controlling block of voting stock.                                          
               We also recognize that Don, Gay, and Scott would want to               
          maximize their children's interest in the Company and that if a             
          sale or liquidation of J.R. Simplot Co. occurred or if the Company          
          merged with or into another, the benefits derived therefrom would           
          probably be distributed not by class of stock, but rather on an             
          equal per-share basis, regardless of class.  In other words, after          
          having paid for voting privileges, if on or after June 24, 1993,            
          the Company were merged, sold, or liquidated, the hypothetical              
          buyer would suffer a loss if the proceeds of the sale, merger, or           
          liquidation were to be distributed among all shareholders of J.R.           
          Simplot Co. on a pro rata share basis, rather than on a class               
          basis.                                                                      
               On the other hand, we agree with Mr. Matthews that although on         
          the valuation date decedent's class A voting shares constituted a           
          minority interest in J.R. Simplot Co., it was foreseeable that one          
          day (but not on the valuation date) the voting characteristics              
          associated with them could have "swing vote" potential if the               
          hypothetical buyer combined his 18 class A voting shares with               
          Scott's 22.445 shares or joined with Don and Gay (combined having           
          36 class A voting shares) to form a control group.                          
               Considering and weighing all of these factors, we adopt Mr.            
          Matthews' lower range figure of 3 percent of J.R. Simplot Co.'s             
          equity value as the fair premium for the voting privileges (not             
          voting control) associated with the class A stock of J.R. Simplot           

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