Estate of Georgina T. Gimbel, Deceased, Janet G. Rogers, JoAnne M. Gimbel, and Thomas W. Gimbel, Co-Executors and Co-Trustees - Page 20

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          Reliance shares DLJ apparently suggested to Reliance management a           
          discount range of 10 to 15 percent; (2) Hannah told Nunes, and              
          also testified, that if on the valuation date the estate had                
          asked Reliance to repurchase some of the estate’s Reliance                  
          shares, and if Reliance at that time was interested in                      
          repurchasing the shares, Reliance management would have sought              
          and relied on DLJ’s advice; and (3) Reliance’s financial and                
          business position did not appear materially to change between the           
          June 2000 valuation date and the actual October 2000 repurchase             
          date.  Based on the foregoing, Nunes assumes that on the June 5,            
          2000, valuation date DLJ would have suggested to Reliance the               
          same 10- to 15-percent discount range DLJ suggested in October of           
          2000.  Nunes then chooses the 12.5-percent midpoint of the above            
          range for his repurchase price discount from the valuation date             
          trading price.                                                              
               Nunes’ second step in his valuation of the 50 percent of the           
          estate’s Reliance shares that he treats as repurchased by                   
          Reliance involves discounting the estimated sales proceeds that             
          would be realized on the repurchase to account for holding costs            
          and the time value of money during the estimated 3-month period             
          after the valuation date to complete the repurchase.  Nunes                 
          calculates that the discount adjustment relating to this 3-month            
          period increased the repurchase discount from 12.5 percent to               
          13.9 percent.                                                               

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