TY 2020 ReductionExplanationStatement
Name:
The George Gund Foundation
Explanation:
The Foundation held 1,277,285 shares of Kellogg Co. common stock at 12/31/2020, which represents approximately 0.37% of the total issued and outstanding shares of Kellogg. The average FMV of the stock before the blockage discount was $87,903,573. Per the blockage discount analysis performed by Stout Risius Ross LLC dated January 20, 2021, a 1.0% blockage discount is appropriate because the securities could not be liquidated as a block within a reasonable period of time except at a price less than fair market value. The amount of the blockage discount claimed is $879,036.