TY 2021 ReductionExplanationStatement
Name:
The George Gund Foundation
Explanation:
The Foundation held 1,137,443 shares of Kellogg Co. common stock at 12/31/2021, which represents approximately 0.33% of the total issued and outstanding shares of Kellogg. The average FMV of the stock before the blockage discount was $76,565,601. Per the blockage discount analysis performed by Stout Risius Ross LLC dated January 13, 2022, 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 $765,656.