You don't get any aggro reduction, it just requires more aggro to pull.
In melee range it takes 110% of the current targets aggro for the mob to switch, at range, you need 130%, you could represent that as range generating ~76% aggro I suppose, but it wouldn't be accurate since if they DO pull aggro, the threshold to pull it back is based on their full aggro ammount (ie: tank has 100 hate, range can go up to 129 hate without pulling aggro, once they get 130 hate mob goes charging off, tank would have to run over and get 130*1.1 = 143 aggro to take it back).
For a more complete description:
http://www.wowwiki.com/Formulas:Aggro