FOR IMMEDIATE RELEASE
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CONTACT: PRICE SLOAN
(816) 960-6308
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J. C. NICHOLS COMPANY ESOP RECEIVES
DECEMBER 31, 1997 VALUATION
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KANSAS CITY, MO - JUNE 16, 1998 - J. C. NICHOLS SAID TODAY THAT COLUMBIA
FINANCIAL ADVISORS, INC. HAS COMPLETED ITS INDEPENDENT APPRAISAL OF THE COMPANY
FOR EMPLOYEE STOCK OWNERSHIP PLAN ADMINISTRATION PURPOSES. COLUMBIA FINANCIAL'S
APPRAISAL VALUES THE COMPANY AT $65 PER SHARE, AS OF DECEMBER 31, 1997. THE
APPRAISAL TOOK INTO ACCOUNT MARKET VALUATIONS OF SIMILAR PUBLICLY TRADED
COMPANIES, CURRENT MARKET CONDITIONS AS OF THE EFFECTIVE DATE OF THE APPRAISAL,
THE HIGHWOODS OFFER AND OTHER FACTORS RELATING TO THE COMPANY'S CURRENT AND
EXPECTED FINANCIAL AND OPERATING CONDITION.
THE COMPANY NOTED THAT THE APPRAISAL IS CONDUCTED ANNUALLY FOR PLAN
ADMINISTRATION PURPOSES ONLY, AND HAS NO IMPACT ON THE COMPANY'S MERGER
AGREEMENT WITH HIGHWOODS.
