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To: John Finley who wrote (57)	1/17/2000 9:20:00 PM
From: kinkblot	Read Replies (1) \| Respond to of 330

Still looking at the Thermos... How warm are the contents? Hard to determine from outside. Shares outstanding (million): TOC 51.1, SPLI 16.2, THI 119.2 From Thermo Optek's Proxy Statement filed 4/20/99, "Thermo Electron, primarily through its majority-owned subsidiary Thermo Instrument, beneficially owned 94.94% of the outstanding Common Stock." For a breakdown between TMO and THI, the most recent thing I found was a Statement of Beneficial Ownership filed back on 12/29/97. At that time, 1.5% was owned directly by TMO and 92.2% was owned by THI. Estimating THI's current ownership at 93% and based on TOC's close last Friday of 10-3/8, THI's portion is worth ~$4-1/8 per share. Thermo Instrument acquired Spectra-Physics AB last year and thereby ended up with 13.0 million shares (80.4%) in the subsidiary Spectra-Physics Lasers. With SPLI at 47-1/8, that stake is worth ~$5-1/8 per share. That doesn't include the rest of Spectra-Physics, which is 100% owned. However, because the recent move in SPLI is speculative and won't be expected to last, the increase in SPLI's market value is translated to THI at a discount. At full value, those two holdings add up to over three-fourths of THI's price. WT