Estate of Georgina T. Gimbel, Deceased, Janet G. Rogers, JoAnne M. Gimbel, and Thomas W. Gimbel, Co-Executors and Co-Trustees - Page 21

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               We agree that as of the valuation date a repurchase by                 
          Reliance was reasonably foreseeable.  Reliance’s repurchase plan            
          had been in place for several years.  Reliance had a track record           
          for repurchasing a significant number of shares.  Hannah, 10 days           
          prior to the valuation date, had stated publicly that Reliance              
          would favorably consider repurchasing Reliance shares at                    
          approximately $19 a share, although Hannah did not indicate how             
          many shares Reliance might be willing to repurchase.  We                    
          disagree, however, that it was reasonably foreseeable that                  
          Reliance would repurchase 50 percent of the estate’s Reliance               
          shares.                                                                     
               As of the valuation date, Reliance was negotiating a large             
          company acquisition which, if successful, would have required               
          significant cash and credit.  Considering that the potential                
          acquisition would have stretched Reliance’s financial capacity,             
          we do not believe it reasonably foreseeable, as of the valuation            
          date, that Reliance would repurchase 50 percent of the estate’s             
          Reliance shares.                                                            
               Of significance also is the fact that the largest prior                
          Reliance repurchase was the October 1998 series of stock                    
          repurchases totaling 646,200 shares for $11,090,017.  The                   
          repurchase of 50 percent of the estate’s Reliance shares would              
          have cost Reliance approximately three times as much as the                 
          October 1998 repurchases.                                                   






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