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Ford Sets Distribution Ratio for Spin-Off of The Associates

13 March 1998

Ford Sets Distribution Ratio for Spin-Off of The Associates

    DEARBORN, Mich., March 13 -- The actual distribution ratio
for Ford Motor Company's spin-off of its 80.7 percent stake in
Associates First Capital Corp. to Ford common and Class B
shareholders will be 0.262085 shares of The Associates for each Ford share
owned as of the record date on March 12, 1998.  The distribution date is
April 7, 1998.
    As announced on March 3, in addition to the spin-off, Ford will make a
cash distribution in lieu of The Associates stock to U.S. employee savings
plan participants who own Ford stock through the plans.  The cash distribution
will be of equal value to the stock distribution on a per-share basis.  These
plan participants will receive a cash distribution because stock in
The Associates is no longer being offered as an investment option in U.S.
employee savings plans as a result of the spin-off.
    The distribution ratio was calculated by dividing 279,484,849, the number
of The Associates shares owned by Ford, by 1,066,390,822, which is the number
of Ford common and Class B shares outstanding on the record date of March 12,
1998, which does not include the shares held in U.S. employee savings plans.

SOURCE  Ford Motor Company