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Pastimes : Triffin's Market Diary
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To: Triffin who wrote ()7/18/1999 6:50:00 PM
From: Triffin   of 869
 
ARBITRAGE: QWST/USW

Under terms of the merger agreement, Qwest will issue shares of its common stock having a value
of $69.00 for each share of U S WEST common stock, subject to a ''collar'' on Qwest's average
stock price between $28.26 and $39.90 per share. The number of Qwest shares to be issued for
each U S WEST share will be determined by dividing $69.00 by the average of the daily volume
weighted average prices of Qwest common stock for 15 randomly selected trading days over a
30-day measurement period ending three days before the closing of the transaction, provided that
Qwest will not issue more than 2.44161 shares for each U S WEST share or less than 1.72932
shares for each U S WEST share.

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