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Strategies & Market Trends : Gorilla and King Portfolio Candidates

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To: shamsaee who wrote (27061)	6/29/2000 1:07:00 PM
From: G_Barr	Read Replies (2) of 54805

SNDK's PE includes a large one time investment gain in the 1st quarter of 2000. From the latest 10Q: Gain on Investment in Foundry. In the first quarter of 2000, we recognized a gain of $344.2 million as a result of the merger of United Silicon, Inc.("USIC") and United Microelectronics Corporation ("UMC"). We had invested $51.2 million in USIC. We received 111 million shares of UMC in exchange for our USIC shares. These shares were valued at $396 million at the time of the merger. All of the UMC shares are subject to trading restrictions imposed by UMC and the Taiwan Stock Exchange. The trading restrictions will expire on one-half of the shares on July 3, 2000. The remaining shares will become available for sale over a two year period beginning in January 2002. When the shares are ultimately sold, it is likely that we will report additional gains or losses. In April 2000, UMC announced a stock dividend of 200 shares for every 1000 shares of UMC owned, resulting in our ownership of 22 million additional UMC shares.

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