Estate of Georgina T. Gimbel, Deceased, Janet G. Rogers, JoAnne M. Gimbel, and Thomas W. Gimbel, Co-Executors and Co-Trustees - Page 10

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          Reliance was authorized to repurchase under the stock repurchase            
               From December 1994 through the valuation date, under                   
          Reliance’s stock repurchase plan Reliance repurchased in the                
          public market approximately 1.37 million shares (2.7 million                
          after adjustment for a stock split) of Reliance stock for                   
          approximately $27 million.  The largest repurchase of Reliance              
          stock that occurred during this period, both in number of shares            
          and dollar amount, occurred during an 11-day period in October of           
          1998 when Reliance for $11,090,017 repurchased on the open market           
          430,800 Reliance shares (646,200 shares after adjustment for a              
          stock split).                                                               
               On May 25, 2000, about 2 weeks before the June 5, 2000,                
          valuation date, Dave Hannah (Hannah), Reliance’s CEO, made a                
          presentation at a steel industry conference.  In his                        
          presentation, Hannah reported that 1999 represented a “record               
          year” for Reliance and that Reliance would consider repurchasing            
          Reliance shares at around $19 a share, as it had done in the                
          recent past.                                                                

          October 30, 2000, Repurchase by Reliance of 2,270,000                       
          of the Estate’s Reliance Shares                                             
               Prior to her death, decedent had not discussed with Reliance           
          management the possibility that Reliance, upon decedent’s death,            
          might repurchase decedent’s Reliance shares.                                

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Last modified: May 25, 2011