Estate of Georgina T. Gimbel, Deceased, Janet G. Rogers, JoAnne M. Gimbel, and Thomas W. Gimbel, Co-Executors and Co-Trustees - Page 7

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          required the use of most of Reliance’s available cash and then              
          remaining balance in Reliance’s $200 million outstanding line of            
               Shortly before the valuation date, Reliance’s board of                 
          directors increased Reliance’s per share quarterly dividends from           
          5 to 5.5 cents.                                                             
               On the valuation date, Reliance shares reached a public                
          trading price high of $21.25, a low of $20.375, and averaged                
          $20.8125 per share (the valuation date trading price).                      
               On the valuation date, 18,300 shares of Reliance stock were            
          publicly traded.  In the 10 weeks preceding the valuation date,             
          average daily trading volume in publicly traded Reliance shares             
          was approximately 25,000 shares.                                            
               Based on the $20.8125 valuation date trading price for                 
          publicly traded Reliance shares, multiplied by the total                    
          27,786,030 shares of Reliance common stock outstanding, as of the           
          valuation date Reliance had an equity market capitalization of              
          approximately $578 million.                                                 
               As of the valuation date, an active market for options and             
          other hedging instruments and derivatives relating to Reliance              
          stock did not exist.                                                        

          Restricted Nature of Decedent’s Reliance Stock                              
               In addition to the fact that almost all of the estate’s                
          Reliance shares were unregistered, due to the large number of               

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Last modified: May 25, 2011