Estate of Georgina T. Gimbel, Deceased, Janet G. Rogers, JoAnne M. Gimbel, and Thomas W. Gimbel, Co-Executors and Co-Trustees - Page 18

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          pending company acquisition which was being negotiated as of the            
          valuation date.                                                             
               Regarding the viability of a private placement, the evidence           
          indicates that, other than a repurchase by Reliance, as of the              
          valuation date a private market for the estate’s Reliance shares            
          did not exist.  Hannah testified, and the experts generally                 
          agreed, that as of the valuation date there existed no strategic            
          investors for Reliance stock.  The estate’s inability, despite              
          the attempt of its representatives, to locate a strategic                   
          investor for the estate’s Reliance shares corroborates our                  
          finding that as of the valuation date strategic investors for the           
          estate’s Reliance shares did not exist.                                     
               Even if a strategic investor for Reliance shares did exist,            
          the estate’s Reliance block represented a minority interest that            
          likely would not have been marketable to a strategic investor               
          because of industry trends towards acquisition of entire                    
          companies.                                                                  
               Further, due to the resale restrictions on the estate’s                
          Reliance shares, which would have been also applicable to a                 
          purchaser of the estate’s restricted Reliance shares, an                    
          institutional investor, because of the need to maintain liquidity           
          in its investments, likely would not have been interested in                
          purchasing the estate’s Reliance shares.                                    








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Last modified: May 25, 2011