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To: paul feldman who wrote (31575)	11/7/1998 1:16:00 PM
From: Braddock Bull	Read Replies (1) \| Respond to of 95453

Paul - 1.7 FLC = 1.0 CDG When the merger is finalized, at the end of this month, CDG stockholders of record will receive 1.7 shares of FLC for every one share they own. Cliffs and Falcon have been trading close to that formula since the merger was announced. You're right though, CDG share price is slightly discounted to the FLC value, but that's always the case as it reflects the potential risk of the deal falling through. As of late, that spread seems to have diminished. Good luck! Brad