Estate of Paul Mitchell, Deceased - Page 31




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          DeJoria.  Thus, we find that the value of the shares of stock at            
          the moment of decedent’s death was $41,532,600.                             
               We calculated this amount as follows:                                  
               Value of JPMS at the moment immediately                                
               prior to Mr. Mitchell’s death                $150,000,000              
               Less:  Discount to reflect the loss of                                 
               Mr. Mitchell to JPMS                          (15,000,000)             
               Value of JPMS at the moment of Mr.                                     
               Mitchell’s death                             135,000,000               
               Percent of trust’s interest in JPMS           x    49.04               
               Value of trust’s interest in JPMS before                               
               discounts                                    66,204,000                
               Discount for lack of marketability and                                 
               minority interest (35%)                       (23,171,400)             
                                                            43,032,600                
               Discount for possibility of lawsuit           (1,500,000)              
               Value of trust’s interest in JPMS after                                
               discounts                                    41,532,600                
               To reflect the foregoing,                                              


                                                  Decision will be entered as         
                                             previously entered on January 5,         
                                             1999.                                    




















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