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To: Norm Demers who wrote (11869)	11/9/1999 4:30:00 PM
From: xcr600	Read Replies (1) \| Respond to of 118717

Ok, been doing some reading. Snyder has 73.5mln out and 36mln in the float (yahoo). Shareholders of SND received one share of SND and .25 shares of CIRC. So a qucik and dirty number for CIRC's float may be 9mln. Also found this line of interest in the filings. We believe that cash on hand as of June 30, 1999 will not be sufficient to fund the operations of circle.com through the end of 1999. We currently expect that circle.com will require additional cash to fund its growth and operating losses over the next year and beyond. Accordingly, circle.com will need to obtain additional funding from SNC, borrow money from a third party, or Snyder Communications may need to issue more shares of circle.com stock. If Snyder Communications issues additional shares of circle.com stock in order to fund circle.com's operating losses, the result could be a dilution of the interests of existing circle.com stockholders and SNC's retained interest. Circle.com does not have any borrowing arrangement in place with a third party and, therefore, relies on Snyder Communications as its source of cash. http://www.freeedgar.com/Search/ViewFilingsData.asp?CIK=1017906&Directory=928385&Year=99&SECIndex=2969&Extension=.tst&PathFlag=0&nStartLoc=736&nEndLoc=1474782&TextFileSize=1474798&FormType=S-4/A&DateFiled=9/30/99&SFType=&SDFiled=&tabletype=1&tablename=Body&SourcePage=FilingsResults&OEMSource=&UseFrame=0&CompanyName=SNYDER+COMMUNICATIONS+INC