Estate of Georgina T. Gimbel, Deceased, Janet G. Rogers, JoAnne M. Gimbel, and Thomas W. Gimbel, Co-Executors and Co-Trustees - Page 4

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                   Holder of Estate’s                                                 
                   Reliance Shares               Number of Shares                     
                   Marital Trust                 1,874,225*                           
                   Survivor Trust                1,674,225*                           
                   Reliance ESOP                 25,161**                             
                   Decedent’s IRA                22,500**                             
                   Decedent Individually            5,156**                           
                   Total                         3,601,267                            

                         * Unregistered shares                                        
                         ** Registered shares                                         

               As indicated, of the estate’s total 3,601,267 Reliance                 
          shares, approximately 3,548,450 shares (the shares held in trust)           
          were unregistered shares.  The remaining 52,817 Reliance shares             
          includable in decedent’s estate held by the ESOP, by the IRA, and           
          by decedent individually were registered shares.1  On the                   
          valuation date, the estate’s 3,601,267 shares of Reliance common            
          stock represented approximately 13 percent of the total                     
          27,786,030 shares of Reliance common stock outstanding.                     





               1 Trial testimony indicates that a small number of the                 
          Trusts’ 3,548,450 Reliance shares may have been registered.  The            
          evidence also leaves open the possibility that some of the 52,817           
          Reliance shares held by the ESOP, by the IRA, and by decedent               
          individually may have been unregistered shares.  We accept the              
          parties’ treatment of the Trusts’ 3,548,450 shares as                       
          unregistered and the remaining 52,817 shares as registered.                 




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Last modified: May 25, 2011