Estate of Georgina T. Gimbel, Deceased, Janet G. Rogers, JoAnne M. Gimbel, and Thomas W. Gimbel, Co-Executors and Co-Trustees - Page 19

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               We conclude that as of the valuation date a disposition of             
          the estate’s Reliance shares through either a secondary public              
          offering or a private placement was not likely.                             

          Reliance Repurchase                                                         
               In his report, Range does not discuss the foreseeability of            
          Reliance repurchasing the estate’s Reliance shares.                         
               Kimball concludes that as of the valuation date it was not             
          reasonably foreseeable that Reliance would repurchase any of the            
          estate’s Reliance shares, and he therefore does not factor a                
          repurchase of the estate’s Reliance shares into his valuation.              
          Kimball does note that if Reliance were to repurchase the                   
          estate’s Reliance shares, the shares would be discounted in the             
          same manner as if they had been sold in a private placement.                
               Nunes concludes that as of the valuation date it was                   
          reasonably foreseeable that Reliance would repurchase 50 percent            
          of the estate’s Reliance shares and that the discount on the                
          sales price for the repurchase would be 13.9 percent.  Nunes does           
          not indicate specifically how he concludes that it was reasonably           
          foreseeable that 50 percent of the estate’s Reliance shares would           
          be repurchased.                                                             
               Nunes arrives at his 13.9-percent repurchase discount in a             
          two-step process.  Nunes first calculates a 12.5-percent                    
          repurchase discount based on the following:  (1) For the actual             
          October 2000 repurchase of a significant portion of the estate’s            





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