Estate of Georgina T. Gimbel, Deceased, Janet G. Rogers, JoAnne M. Gimbel, and Thomas W. Gimbel, Co-Executors and Co-Trustees - Page 24

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          24.5-percent overall discount from the valuation date trading value.        

          (2) Kimball Report                                                          
               By multiplying the estate’s 3,601,267 Reliance shares by the           
          $20.8125 valuation date trading price, Kimball calculates the               
          dribble-out sales proceeds of the estate’s Reliance shares to be            
          $74,951,369.  To the $74,951,369, Kimball adds the $1,083,656 in            
          estimated dividends to be paid on the estate’s Reliance shares              
          during the dribble-out period, resulting in $76,035,025.7                   
               Kimball then discounts the $76,035,025 to present value                
          using a discount factor equal to a 13.2-percent expected rate of            
          return on Reliance equity.  Applying the 13.2-percent discount to           
          $76,035,025, Kimball calculates a $61,910,012 valuation date                
          present value for the estate’s Reliance shares, reflecting a                
          17.4-percent overall discount from the valuation date trading               
          price.                                                                      

          (3) Nunes Report                                                            
               Under the dribble-out method, Nunes values only 1,800,364              
          shares (50 percent of the estate’s 3,601,267 Reliance shares                
          remaining after the hypothetical repurchase of 50 percent of the            


               7 Instead of including in his calculation of future value              
          estimated future dividends that would be paid with respect to the           
          estate’s Reliance shares during the dribble-out period, Range               
          includes estimated Reliance dividends in the pricing of the put             
          option contracts.                                                           





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Last modified: May 25, 2011