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Stocks A / American Heritage Life


Subject:  ALL purchase of AHL Date:  7/13/1999  9:33 PM
Author:  joeearl Number:  3 of 8

Re: TMF Spirit of July 9, 1999.
After reading several announcements, including a letter from Merrill Lynch today, none are clear on the stated the ratio of exchange of AHL shares for ALL shares. One reading seems to say that AHL holders will receive one share of ALL for each share of AHL.

On the other hand, each of the announcements states that the price for the AHL shares wll be $32.25 per share, with the shareholders having the option to receive their holdings in cash or ALL shares.

Do you know if there will be a one-for-one exchange, or will there be some ratio of exchange, based on some stated price of ALL?

Thanks. joeearl

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