Estate of Georgina T. Gimbel, Deceased, Janet G. Rogers, JoAnne M. Gimbel, and Thomas W. Gimbel, Co-Executors and Co-Trustees - Page 26

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               With respect to the put options used by Range in his                   
          dribble-out analysis, we believe the testimony of Kimball that an           
          active market did not exist for put options on the estate’s                 
          Reliance shares.  In order for the estate to purchase put options           
          on its Reliance shares, the estate would have to find a party               
          willing to write nonstandard, nontraded put options.  Even if a             
          writer of put options on Reliance stock could be found, the                 
          writer would require a substantial premium due to the inability             
          to unwind its position by purchasing opposite call options in the           
          open market and due to other associated market risks.                       
               With respect to the hedging contracts used by Nunes in his             
          dribble-out analysis, we believe the testimony of both Range and            
          Kimball that a market for such hedging contracts relating to the            
          estate’s Reliance shares did not exist.  Cashless collars and               
          prepaid variable forward contracts generally are used with blocks           
          of stock that are highly liquid and marketable.  Due to the size            
          of the estate’s block of Reliance shares in relation to the                 
          outstanding Reliance shares and the SEC Rule 144 restrictions,              
          the estate’s Reliance shares lacked liquidity and marketability.            
               Because we do not agree with either Range’s or Nunes’ use of           
          hedging contracts and because Kimball’s approach appears to be a            
          reasonable and generally accepted method, we adopt Kimball’s                
          dribble-out methodology.                                                    

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Last modified: May 25, 2011