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To: Buster who wrote (7668)	3/23/1998 3:41:00 PM
From: Double Dipper	Read Replies (1) \| Respond to of 27968

Jake, Next stop...The Twilight Zone. Kevin

To: Buster who wrote (7668)	3/23/1998 4:20:00 PM
From: Brad	Read Replies (2) \| Respond to of 27968

Buster, We are looking at 2 distinctly different situations... 1) In my first example (post #7465) we were talking about how to properly compare "what would have been the case if the companies were combined back at the end of 1997." 2) In my second example (post #7663) we are talking about "PROJECTED EPS for 1998 based on what information we already know." (It's kind of like one of those old "story problems" back in school.) We CAN use the .1085 x 4 because we are NOW projecting on the basis of known factors. Those factors are... 1) What FAMH projections would be for 1998 WITHOUT a merger: The answer (WITHOUT a merger) is: 25-30› EPS 2) Then, using the percentage impact the merger WOULD have had if it had occurred in 1997 (82.9493%), we can PROJECT the impact on to the previous 1998 PRE-Merger estimates of 25-30›. That equates to about 20.74› to 24.88›. Then, we multiply that by 4 (because of the 4:1 exchange ratio) and arrive at the POST-Merger 1998 PROJECTION of 82.96› to 99.53› (that's 20.74› x 4 = 82.96› AND 24.88› x 4 = 99.53›) So, in round numbers, the 1998 EPS PROJECTION (Post-merger) is 82-99›. Best wishes, Brad