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Non-Tech : CORESTAFF (CSTF), now MMWW -- Ignore unavailable to you. Want to Upgrade?

To: Dave Kahn who wrote (146)	10/19/1999 7:32:00 AM
From: Glenn Petersen	Respond to of 257

It is MMWW's intent to distribute the remainder of its Xpedior shares to its shareholders during the year 2000. MMWW should have a healthy move up this morning. From the S-1: RELATIONSHIP WITH METAMOR We are currently a subsidiary of Metamor Worldwide (Nasdaq: MMWW). After the completion of this offering, Metamor will own approximately 83% of our outstanding common stock, or approximately 80% if the underwriters exercise their over-allotment option in full. Metamor has announced that in 2000 it plans to distribute all of its shares of Xpedior common stock to its stockholders. Metamor expects to accomplish this distribution through one of the following: - Split-Off. An exchange offer by Metamor in which holders of Metamor's common stock would be invited to tender their shares in exchange for shares of our common stock; or - Spin-Off. A pro rata distribution by Metamor of its shares of our common stock to holders of Metamor's common stock; or - Combined Split-Off/Spin-Off. A combination of the above transactions. Metamor has the sole discretion to determine the timing, structure and all terms of its distribution of our common stock. We have agreed to cooperate with Metamor in all respects to complete the divestiture because we believe that our complete separation from Metamor will enhance our ability to pursue our business strategy. Metamor intends to seek a private letter ruling from the IRS that the distribution of its shares of Xpedior common stock to its stockholders would be tax-free to Metamor and its stockholders for U.S. federal income tax purposes. We cannot assure you that the IRS will provide Metamor with a favorable ruling. While it expects to do so, Metamor is not obligated to complete the divestiture.

To: Dave Kahn who wrote (146)	10/19/1999 8:47:00 AM
From: Glenn Petersen	Read Replies (1) \| Respond to of 257

MMWW should pop this morning. MMWW has 34,239,398 shares outstanding as of June 30, 1999 and will own 41,285,295 shares of XPDR subsequent to the IPO. The IPO has been initially priced in a range of $13 to $15 per share. If you assume a modest pop to $20 per share, MMWW's holdings will have a value of approximately of $825.7 MM. Discount that by 40% for tax and liquidity considerations and you have a value of approximately $495.4 MM, or $14.47 per MMWW share.