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FOREIGN DIRECT INVESTMENT IN THE UNITED STATES 1987 Transactions /'w'N £ W o o ------- 2 ^ ------ - ^TES & ^ U.S. DEPARTMENT OF COMMERCE International Trade Administration December 1988 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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Page 1: Fordirinv Comm 1987

FOREIGN DIRECT INVESTMENT IN THE

UNITED STATES

1987 Transactions

/'w'N£ W oo -------2 ^ -------

^ T E S & ̂

U.S. DEPARTMENT OF COMMERCE International Trade Administration

December 1988

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FOREIGN DIRECT INVESTMENT IN THE UNITED STATES

1987 Transactions

U.S. DEPARTMENT OF COMMERCE International Trade Administration Trade Information and Analysis

Office of Trade & Investment Analysis

December 1988

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FW a l t fcy th» SapTinttnibwf of D r a w M * U A Oow n m i X Printi ig Q f l h mmt u n &m, D C. 20402

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PREFACE

This report covering 1987 is one of an annual series of publications on foreign direct investment transactions in the United States. The reports have been prepared by the Office of Trade and Investment Analysis and its predecessor units, the Office of International Investment and the Office of Foreign Investment in the United States.

Listings of individual foreign direct investment transactions in the United States are especially useful to government and private sector analysts needing information on the investment activities of prominent foreign firms and individuals in the United States. This publication is the most comprehensive of its kind— it incorporates information from a wide variety of public sources and efforts are made to verify the timing and terms of completed transactions.

The transactions listings are arranged by the primary industrial classification of the U.S. company owned/controlled by foreign investors (Appendix A), by source country of the foreign investors (Appendix B), and by state location of the foreign investment (Appendi x C).

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TABLE OF CONTENTS

INTRODUCTION .................................................... ^

OVERVIEW OF FOREIGN DIRECT INVESTMENTIN THE UNITED STATES, 1987 ................................... 3

INVESTMENT BY SOURCE COUNTRY ................................... 5

THE MEGADEALS.................................................... 10

INVESTMENT BY INDUSTRY (SIC) .................................... 13

MODE OF INVESTMENT TRANSACTION ................................. 29

LOCATION OF INVESTMENT BY STATE ........ ........................ 32

MAJOR SECTORAL DEVELOPMENTS .................................... 37

APPENDIX A: LISTING OF TRANSACTIONS BYSTANDARD INDUSTRIAL CLASSIFICATION (SIC) ...... 81

APPENDIX B: LISTING OF TRANSACTIONS BYSOURCE COUNTRY .................................. 106

APPENDIX C: LISTING OF TRANSACTIONS BYSTATE LOCATION .................................. 131

APPENDIX D: DESCRIPTION OF KEY TERMS, SOURCE COUNTRYABBREVIATIONS, SIC REFERENCE TABLE, INVESTMENTTYPES REFERENCE TABLE ............................. 156

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LISTS OF SUMMARY TABLES

Table I Source Country - Completed Cases - 1987 .......... 7

Table II Number of Identified Completed Transactions,by Source Country, 1981-1987 .................... 9

Table III The Megadeals ..................................... 11

Table IV Direct Investment Distribution by Industry Subsector of U.S. Affiliate - Completed Transactions, 1987 .............................. 15

Table V Direct Investment Distribution by Industry Group of U.S. Affiliate and Country of Foreign Parent - Completed Transactions, 1987 .......... 19

Table VI Mode of Investment by Source Country-Completed Transactions, 1987 .................... 30

Table VII State Location of Foreign Investments, 1987 ...... 33

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LIST OF FIGURES

Figure 1 Total Number of Foreign Direct Investments,1978-87............................................... 3

Figure 2 Number of Investments by Source Country, 1987...... 6

Figure 3 Number of Investments by Industry, 1987............. 14

Figure 4 Number of Investments by State, 1987................ 32

Figure 5 Number of Investments in the Metal MiningIndustry, 1983-87.................................... 38

Figure 6 Number of Investments in the Oil and GasExtraction Industry, 1983-1987...................... 40

Figure 7 Number of Investments in the Nonmetal lieMinerals Industry, 1983-87.......................... 42

Figure 8 Number of Investments in the Foods Industry,1983-87............................................... 44

Figure 9 Number of Investments in the Textile MillProducts Industry, 1983-87.......................... 46

Figure 10 Number of Investments in the Paper Industry,1983-87............................................... 48

Figure 11 Number Investments in the Printing andPublishing Industry, 1983-87........................ 50

Figure 12 Number of Investments in the ChemicalIndustry, 1983-87.................................... 52

Figure 13 Number of Investments in the PetroleumRefining Industry, 1983-87........................... 54

Figure 14 Number of Investments in the Rubber and Miscellaneous Plastics Products Industry,1983-87............................................... 56

Figure 15 Number of Investments in the Stone, Clay,and Glass Industries, 1983-87.......................... 58

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LIST OF FIGURES (Cont'd.)

Figure 16 Number of Investments in the Primary MetalIndustry, 1983-87................................... 60

Figure 17 Number of Investments in the FabricatedMetal Products Industry, 1983-87................... 62

Figure 18 Number of Investments in the MachineryIndustry, 1983-87................................... 64

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Figure 19 Number of ^vestments in the ElectricalIndustry, 1983-87................................... 67

Figure 20 Number of Investments in the TransportationIndustry, 1983-87................................... 69

Figure 21 Number of Investments in the Instrumentsand Related Products Industry, 1983-87............. 70

Figure 22 Number of Investments in the CommunicationsIndustry, 1983-87................................... 71

Figure 23 Number of Investments in the Electric,Gas & Sanitary Services Industry, 1983-87.......... 73

Figure 24 Number of Investments in the RetailTrade Industry, 1983-87............................. 75

Figure 25 Number of Investments in the BankingIndustry, 1983-87................................... 76

Figure 26 Number of Investments in the ServicesIndustry, 1983-87................................... 78

Figure 27 Number of Investments in the RealProperty Industry, 1983-87.......................... 80

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INTRODUCTION

The purpose of this report is to Identify specific foreign direct Investment (FDI) transactions In the United States during 1987, analyze recent trends In such Investment, and provide data and related Information on significant transactions. The report incorporates Information obtained In fulfilling responsibilities assigned to the Secretary of Commerce by Executive Order No. 11858, dated May 7, 1975. Specifically, the Secretary of Commerce Is responsible for "the obtainment, consolidation, and analysis of Information on foreign direct investment in the United States."

Foreign direct Investment, as used in this report, means the direct or indirect ownership of 10 percent or more of the voting securities of an incorporated business enterprise, or an equivalent Interest in an unincorporated business enterprise, and a 10 percent or more interest in real property transactions.

Transactions values, as used in this report, refer to the reported total cost of the Investment regardless of the source or timing of funds. In the case of a joint venture, the estimated foreign ownership proportion of the investment is cited. These values are Intended to Identify the relative size of various Investments and, in the aggregate, indicate trends In Investment activity.

The data and other information contained in this report represent a compilation and distillation of material available from generally-available public sources, transaction participants, and miscellaneous contacts. A major portion of the data and information was derived from public secondary sources such as newspapers, magazines, and business and trade journals, as well as from the public files of Federal regulatory agencies. In all instances, the monetary values and numbers of investments given In this report Include only those identified in these sources and should not be considered a compilation of the entire universe of FDI transactions.

The primary Federal agency sources for publicly available data are the Securities and Exchange Commission (SEC), the Federal Trade Commission (FTC), and the Federal Reserve Board (FRB). Much of the data obtained from Federal regulatory agencies originated from report series that differ widely in frequency and content. These reports are, in most cases, filed in response to the various agencies' general regulatory responsibilities, rather than for the specific purpose of providing data on foreign investment. Certain other Investment transaction and related data collected by the Federal Government on a business confidential basis to facilitate Federal regulatory responsibilities or to provide aggregate data for macroeconomic analysis purposes are not available for this report.

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It should be noted that the aggregate data in this report are not strictly comparable to the other major statistical series on foreign direct investment in the United States, published by the Commerce Department's Bureau of Economic Analysis (BEA). The BEA aggregate dollar value data on new investments, published annually since 1979, are based on individual firm responses to mandatory reporting requirements (including strict confidentiality provisions protecting the identity of Individual reporters). The BEA data are thus likely to provide more comprehensive coverage for the types of transactions Included in BEA's reporting requirements. On the other hand, the information contained In this report not only identifies individual transactions, but Includes a broader range of investment transactions than the.BEA data— particularly with regard to plant expansions, equity Increases, and certain types of real estate Investments. Consequently, the two data series are not directly comparable, although there has been significant correlation In the movement of the overall series in most years.

While every effort was made to verify the Information obtained from public sources, the U.S. Department of Commerce is not responsible for any Inaccuracies or gaps In information presented In this report. Transaction values for many investments are not publicly available. Nevertheless, experience has shown that value and other data for the large majority of major investments are identified 1n the monitoring process.

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OVERVIEW OF FOREIGN INVESTMENT IN THE UNITED STATES, 1987

The Office of Trade and Investment Analysis (OTIA) Identified from public sources 1,328 foreign direct investment transactions during 1987. Values were reported for 588 of these individual transactions, for a total of $58.1 billion. Appendices A, B, and C contain listings of all the identified transactions by source country, U.S. Industry, and state location.

The total number of transactions increased by more than 29 percent over the 1,051 reported for 1986 (see Figure 1). In value terms,

Figure 1

TOTAL NUMBER OF FOREIGN DIRECT INVESTMENTS,

1978-87NUMBER OF INVESTM ENTS

1 9 7 8 1 9 7 9 1 9 8 0 1 9 8 1 1 9 8 2 1 9 8 3 1 9 8 4 1 9 8 5 1 9 8 6 1 9 8 7

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also, the 1987 total reflected a substantial Increase (62 percent) above the total value, $35.8 billion, identified in 1986. As in previous years, a few large transactions continued to account for a substantial part of the total value. In 1987, 29 transactions of $500 million or more had a combined total of $34.3 billion, 59 percent of the total reported value. The nine largest transactions, each over $1 billion, had a combined value of $22.7 billion, 39 percent of the total value.

The rise in foreign direct investment continued a growth trend which began 1n 1983 and followed the recession of 1981/82. Several factors accounted for the growth, of which three were probably most influential. First, the value of the dollar continued to decline against other major .currencies, not only making it less expensive to acquire or establish a U.S. business, but also broadening the scope of potentially attractive investment opportunities. Second, many corporations, 1n efforts to become more efficient and profitable In their Industries or to prevent takeovers by domestic or foreign investors, restructured their organizations considerably, making available for acquisition many subsidiaries or divisions no longer contributing to changed corporate goals. And third, despite "Black Monday" of October 19, which slowed Investment quite appreciably while the Impact was evaluated, foreign investors believe that they must invest in the United States— the world's largest consumer market— if they are to be competitive in a global economy.

These factors supplemented the more traditional reasons to invest in the United States, such as political stability, excellent transportation infrastructure, and a educated labor force. In addition, large trade related surpluses accumulated by Japan, Taiwan, and certain European countries In recent years have created a substantial pool of foreign-owned dollar-denominated assets available in part for direct investment in the United States.

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INVESTMENT BY SOURCE COUNTRY

The major Industrialized countries have traditionally been the source of most direct Investment activity 1n the United States. In 1987, seven nations— Canada, France, West Germany, Japan, the Netherlands, Switzerland, and the United Kingdom-accounted for 1078 transactions or 87 percent of the total transactions— up from 79 percent in 1986. The Identified aggregate value of the transactions by the seven countries— $40.2 bl 111on— represented 85 percent of the total Identified value.

As In the last 3 years, Japan was the source for the largest number of transactions, although British Investment accounted for the highest aggregate value. More than 37 percent (490) of all transactions originated 1n Japan, with 235 Identified values totaling $13 billion. The United Kingdom was second with 249 transactions, and 117 Identified values totaling $21.2 billion (36 percent of total Identified aggregate value). Canada was third 1n terms both of number, with 122 transactions and 54 Identified values totalling $1.8 billion. (Figure 2 shows the shares of these seven nations.)

Hhlle Japan will continue to be the source of most Aslan Investments for the foreseeable future. It 1s interesting to note that other Aslan/Pacific investors, especially from Australia and New Zealand, have Increased their activity here— the number of transactions doubled and the value quadrupled 1n 1987.

Table I shows the number of completed transactions with Identified values for 1987, while Table II shows the continuing, and gradually Increasing, dominance of the major Industrialized countries (also our largest trading partners) as sources of direct Investment in the United States.

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Figure 2

NUMBER OF INVESTMENTS BY SOURCE COUNTRY, 1987

JAPAN 4 9 0NETHERLANDS 3 6

SW ITZERLAND 3 7

UNITED KINGDOM 2 4 8

ALL OTHERS 2 5 0

W EST GERMANY 7 7

FRANCE 6 9

CANADA 1 2 2

TOTAL 1 3 2 9 = 100%

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TABLE I. SOURCE COUNTRIES - COMPLETED CASES - 1987

G R O U P = P R I N C I P A L SOURCE C O U N T R I E S

C OU N T R V

CANADAFR A N C EG E R M A N Y , F E D E R A L REP J A PA NN E T H E R L A N D S S W I T Z E R L A N D U N I T E D K I N G D O M

GROUP

NUMBER OF C A SE S

1 2 16 97 7

4 9 03 63 7

2 4 8

1 0 7 8

NUMBER C A S E S / V A L U E KNOWN

5 4163 2

2 3 5n13

1 17

4 8 0

V AL U E( $ M I L L I O N )

1 8 1 1 . 31 9 8 4 . 04 4 8 8 . 1

1 2 9 9 8 . 7 5 1 0 7 . 91 4 9 4 . 4

2 1 2 4 4 . 8

4 9 ) 2 9 . 2

G R O U P = O T H E R E U R O P E

C O U N T R Y NUMBEROF C A SE S

A U S T R I A 6B E L G I U M 1 1DENMARK 5F I N L A N D 8I R E L A N D 8I T A L Y 3 6L I E C H T E N S T E I N 1NORWAY 4SWEDEN 2 3

GROUP 1 0 2

NUMBER C A S E S / V A L U E KNOWN

V A L U E

2

( S M I L L I O N )

1 . 53 8 6 . 81 3 . 303 3 3 . 2

13 1 9 6 9 . 80 I1 7 . 6

1 2 3 5 6 . 3 '—l------- l

3 5 2 4 5 8 . 5

C O U N T R Y

K U W A I TS A U D I A R A B I A V E N E Z U E L A

G R O U P - O P E C C O U N T R I E S ----------------------

NUMBER NUMBER C A S E S /

GROUP

C OU N T R V

I S R A E LS Y R I A

GROUP

V AL U EOF C A S E S

210

3

V A L U E KNOWN

2B2

( S M I L L I O N )

5 5 . 09 0 . 09 9 . 0

1 5 12 2 4 4 . 0

G R O U P - O T H E R - M I D D L E I E A S T

NUMBER NUMBER C A S E S / V A L U EOF C A SE S V A L U E KNOWN ( S M I L L I O N )

3 1 1 0 0 . 01 1 0 . 5

4 2 1 0 0 . 5

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TABLE I. SOURCE COUNTRIES - COMPLETED CASES - 1987

G R O U P = O T H E R A S I A AND P A C I F

COUNTRY NUMBER NUMBER C A S E S / V A L U EOF CA SE S V AL UE KNOWN ( $ M I L L I O N )

A U S T R A L I A 5 8 2 6 2 4 0 7 . 4C H I N A 3 0 .C H I N A ( T A I W A N ) 1 0HONG KONG 1 1 6 1 1 7 5 . 9I N D I A 1 1 2 . 5I N D O N E S I A 1 1 6 . 6K O R E A , R E P U B L I C OF 5 0NEW Z E A L A N D 2 5 12 4 2 6 . 0S I N G A P O R E 1 1 3 . 2

GROUP 1 0 6 4 7 4 0 2 1 . 6

G R O U P = O T H E R WE S T E R N H E M I S P H E R E

COU N T R Y NUMBER OF C A S E S

NUMBER C A S E S / V A L U E KNOWN

V A L U ECS M I L L I O N )

B A H A M A S , TH E BERMUDA B R A Z I L H A I T IN E T H E R L A N D S A N T I L L E S T R I N I D A D AND TOBAGO

GROUP

14 3 15 1

15

2 . 88 . 3

1 0 . 0

2 . 5

2 3 . 6

Ioo

i

------------------------------------------------------- G R O U P = A L L O T H E R C O U N T R I E S

C OU N T R Y NUMBER N UMBER C A S E S / V A L U E

B R U N E IS O U T H A F R I C A

GROUP

OF C AS E S V A L U E KNOWN ( S M I L L I O N )

1 1 2 0 0 . 07 6 1 9 4 9 . 0

a 7 2 1 4 9 . 0

1 3 2 8 5 8 8 5 8 1 2 6 . 4

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TABLE II

Number of Identified Completed Transactions

Bv Source Country. 1963-1987

Source Country 1983____ ___L9S4____ ___1265____ ___ ISfifi____ ___ I3 SI

#

TOTAL 751

Canada 97

France 48

Germany, F.R. 72

Japan 105

Netherlands 47

Switzerland 28

United Kingdom 159

All Others 195

% # %

100.0 907 100.0

12.9 127 14.0

6.4 54 5.9

9.6 76 8.4

14.0 198 21.8

6.3 38 4.0

3.7 26 3.0

21.1 171 18.8

26.0 217 24.1

# % #912 100.0 1051

101 11.1 114

61 6.7 45

69 7.6 60

216 23.7 351

44 4.8 42

36 3.9 39

176 19.3 176

209 22.9 222

% 0 %100.0 1328 100.0

10.8 122 9.2

4.3 69 5.2

5.7 77 5.8

33.4 490 36.9

4.0 39 2.9

3.7 37 2.8

16.7 248 18.7

21.4 247 18.5

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THE MEGADEALS

Foreign direct Investment In the United States set a record In 1987 In terms of both number of transactions and value of Investments. A record number of "megadeals" was also recorded (see Table III). A megadeal Is defined for the purposes of this report as an Individual transaction worth $100 million or more.

In 1987, 99 foreign direct Investment transactions, or almost 7.5 percent of the transactions Identified by the Office of Trade and Investment Analysis were megadeals. Nine transactions were worth $1 billion or more. The largest of these was In the petroleum and coal products sector— the almost $8 billion equity Increase by the British Petroleum Co. PLC In Standard 011 Co. The British firm acquired the remaining shares of the Ohio-based company it did not already own.

The Industry with the most megadeals 1n 1987 was the real property sector which had 15 of them. The electric and electronic equipment sector was in second place with eight multlmlllion-dollar Investments. There was a four-way tie for third place among the following sectors: chemicals, food and kindred products, Instruments and related products, and hotel and other lodgings. These sectors each had six megadeals.

The majority of the megadeals were acquisitions/mergers; there were 64 transactions 1n this category. Real estate transactions accounted for 15 megadeals,and equity increases accounted for eight of these large Investments. Three states attracted most of the megadeal Investments; California with 20, New York with 16, and Ohio with 7 were the most popular locations. Massachusetts and North Carolina followed with five megadeals each.

Two countries accounted for the majority of megadeals— about three-fifths of the total. The Investment totals for the United Kingdom (31) and Japan (28) far exceeded the next highest totals— six each for Canada and West Germany.

The 99 megadeals had a total value of more than $49.3 billion and accounted for almost 85 percent of the total Investment value recorded In 1987.

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TABLE III

T H E M E G A D E A L S

BY D E S C E N D I N G

V A L U E US F I R M NAME T S S I C

7 9 9 2 . , 0 S T A N D A R D O I L CO OH 2 9 1 13 1 0 0 . 0 C H E S E B R O U G H - P O N D ' S I N C CT 2 8 4 42 8 5 0 . . 0 C E L A N E S E C OR P NY 2 8 6 92 0 0 0 . . 0 CB S R E C O R D S GR O U P NY 3 6 5 21 5 5 1 .. 0 NEWMONT M I N I N G CORP NY 1 0 2 11 4 9 0 . , 0 N I M O N T I N C DE 2 8 2 11 3 5 0 . , 0 MANP OWER I N C WI 7 3 6 21 2 0 0 . , 0 G . H E I L E M A N B R E W I N G CO WI 2 0 8 21 2 0 0 . . 0 H E U B L E I N I N C CT 2 0 8 4

9 1 1 ., 0 T E L E X COR P OK 3 5 7 38 2 0 . . 0 F I R S T J E R S E Y N A T I O N A L NJ 6 08 0 0 . . 0 G E ' S C ON S UM E R E L E C T R O N I C S D I V I N 3 6 5 17 5 6 . , 0 M A R I N E M I D L A N D B A N K S I N C NY 6 07 5 0 . , 0 W E S T I N H O T E L S & R E S O R T S WA 7 0 1 17 3 0 . , 0 E . J . B R A C H CORP I L 2 0 6 57 1 5 . 0 A D T I N C NY 3 6 7 96 8 0 . , 0 N OR T H A M E R I C A N P H I L I P S CORP NY 3 6 9 36 7 0 . 0 C I T I C O R P B L D G NY * * * *6 2 5 . 0 G E N C O R P ' S G E N E R A L T I R E & R U B B E R CO OH 3 0 1 16 0 0 . 0 RE I C H H O L D C H E M I C A L I N C NY 2 8 1 95 9 4 . . 0 R E N T - A - C E N T E R S KS 7 3 9 45 7 4 . , 0 R E V L O N I N C ' S V I S I O N C A R E D I V NY 3 8 5 15 6 6 . . 6 JWT G R O UP ( J W A L T E R T H O M P S O N ) NY 7 3 1 15 6 0 . , 0 1 0 1 C A L I F O R N I A S T CA * * * *5 5 1 .. 0 ST J O E GO L D CORP MO 1 0 4 15 2 7 . . 0 H O N E Y W E L L I N F O R M A T I O N S Y S T E M S MN 7 3 7 25 0 8 . , 3 S H E A R S O N L E H M A N B R O T H E R S H O L D I N G S I N C NY 6 25 0 0 . . 0 6 6 6 F I F T H A V E N U E NY * * * *5 0 0 . . 0 H O U D A I L L E I N D U S T R I E S I N C F L 3 2 9 34 8 0 , . 0 S C H E N L E Y I N D U S T R I E S I N C NY 2 0 8 54 5 0 . , 0 H ON D A OF A M E R I C A MFG CO OH 3 7 1 44 0 5 . . 0 S U B A R U " I S U Z U A U T O M O T I V E I N C I N 3 7 1 13 8 4 . , 0 C Y C L O P S C O R P . PA 5 2 1 13 6 0 , . 0 C E N T R A L S OYA CORP I N 2 0 4 83 5 0 , . 0 B L A N D I N P A P E R CO MN 2 6 2 13 5 0 . . 0 D I V E R S I F I E D P R I N T I N G C(ft?P NY 2 7 5 43 1 0 , . 0 I / N T E K I N 3 3 1 23 1 0 , . 0 S P E C T R A - P H Y S I C S I N C CA 3 8 1 13 0 0 , . 0 P A I N E W E B B E R GR OUP I N C NY 6 2 1 13 0 0 , . 0 T H E C R O S S I N G S A Z * * * *2 6 1 , 5 SHAW S U P E R M A R K E T I N C MA 5 4 1 12 5 0 . 0 A R R OWHE AD D R I N K I N G WATER CO CA 5 1 4 92 5 0 . 0 LA C OS T A H O T E L & SPA CA 7 0 1 12 5 0 . 0 G I L B A R C O I N C NC 3 5 8 62 5 0 . 0 K A I S E R C E M E N T CORP CA 3 2 4 12 4 2 . 5 E C O L A B ' S W O R L D W I D E C ON S UME R P R D T S D I V MN 2 8 4 12 4 2 . 0 A M E R I C A N A G G R E G A T E S CORP OH 1 4 4 22 4 0 . 0 O W E N S - C O R N I N G F I B E R G L A S S H I T C O D I V CA 3 7 6 42 2 7 . 0 B A R B E R - C O L M A N CO I L 3 8 2 22 2 6 , . 0 R E X H A M CORP NC 2 6 4 12 2 5 . 0 O F F I C E B LD GS DC * * * *2 1 3 . 0 T O R A Y I N D U S T R I E S R I 2 2 8 2

1 9 8 7

NA F O R E I G N I N V E S T O R T Y

UK U N I T E D K I N G D O M , G O V ' T OF E lNL U N I L E V E R NV AMGE H O E C H S T AG AMJA SONY CORP AMSO O P P E N H E I M E R * H AR R Y F . & F A M I L Y E lI T F E R R U Z Z I GROUP E lUK B L U E ARROW P L C AMAS B O N D , A LA N AMUK GR A N D M E T R O P O L I T A N PLC AMN L MEMOR E X I N T L NV AMUK N A T I O N A L W E S T M I N S T E R BANK GROUP AMFR F R A N C E , G O V T OF AMHK H ONGKONG S H A N G H A I B A N K I N G CORP E lJA A O K I CORP AMS Z C O L I M A H O L D I N G AG AMUK H A WL E Y GR OUP PLC AMNL P H I L I P S NV E lJ A D A I - I C H I M U T U A L L . I . C O REGE C O N T I N E N T A L GU MMI WERKE AG AMJ A D A I N I P P O N I N K & C H E M I C A L S I N C AMUK T H OR N - E M I PLC AMUK P I L K I N G T O N B R O T H E R S PLC AMUK WPP GR OUP P LC AMJA N I P P O N L I F E I N S CO REAS B O N D , A LA N AMFR F R A N C E , GO V T OF OTJ A N I P P O N L . I . C . AMJ A S U M I T O M O R E A L T Y a D E V E L O P M E N T CO REUK T I G R O UP P L C AMUK G U I N N E S S P L C AMJ A H ONDA MOTOR CO L T D PEJ A F U J I H E A V Y I N D S / I S U Z U MOTOR NPUK D I X O N S GROUP PLC AMI T F E R R U Z Z I GROUP AMCA B R O N F M A N , EDWARD & P E T E R PEUK M A X W E L L , R O B E R T AMJA N I P P O N S T E E L CORP J VS Z C I B A G E I G Y CORP E lJA Y A S U D A M U T U A L L . I . C . AMJ A T A I Y O R . E . C O . L T D . REUK S A I N S B U R G J . PLC E lFR S O U R C E P E R R I E R SA AMJ A S P O R T S S H I N K O CO AMUK G E N E R A L E L E C T R I C CO PLC AMUK H A N SO N T R U S T PLC AMGE J OH A B E N C K I S E R GMBH AMSO O P P E N H E I M E R , H AR R Y F . & F A M I L Y AMUK U K , GO V T OF AMUK S I E B E PLC AMUK B OWATER I N D U S T R I E S PLC AMJ A S U M I T O M O L . I . C . REJA T O R A Y I N D U S T R I E S I N C NP

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TABLE III

T H E M E G A D E A L S - 1 9 8 7

BV D E S C E N D I N G V A L U E

V A L U E US F I R M NAME T S S I C NA F O R E I G N I N V E S T O R TV2 1 2 . 0 G E O R G I A C R A F T C O ' S M I L L GA 2 6 3 1 AS P R A T T H O L D I N G S P T V L T D AM2 1 0 . 0 S T E R L I N G I N C OH 5 4 9 9 UK R A T N E R GROUP PLC AM2 0 5 . 0 B U R L I N G T O N ' S D E N I M P L A N T NC 2 2 1 1 CA D O M I N I O N T E X T I L E I N C AM2 0 0 . 0 B E V E R L Y H I L L S H O T E L CA 7 0 1 1 BX B R U N E I f S U L T A N OF AM2 0 0 . 0 MONROE E N Q U I R E R J O U R N A L E T AL NC 2 7 1 1 CA T H O M S O N , K E N N E T H R & F A M I L Y AM2 0 0 . 0 S H O P P I N G C E N T E R S ( 5 ) UN CA C AMP EA U CORP RE2 0 0 . 0 M U L T I - U S E P R O J E C T CA * * * ♦ HK CHAN t L A WR E N C E E T AL RE2 0 0 . 0 C A M E L B A C K E S P L A N A D E AZ * ♦ * + J A S H I M I Z U L A N D CORP RE2 0 0 . 0 D A L L A S M A R K E T C E N T E R T X * * * * J A D A I - I C H I M U T U A L L . I . C . RE2 0 0 . 0 O F F I C E B L D G CA * * * * J A M I T S U I FU D O S A N RE2 0 0 . 0 A L E X A N D E R P R O U D F O O T CO F L 7 3 9 2 UK B R I T A N N I A H O L D I N G S P L C AM2 0 0 . 0 S T E W A R T - W A R N E R CORP I L 3 6 7 9 UK B T R P L C AM1 7 8 . 1 B E N E Q U I T V H O L D I N G S CA 6 7 1 1 N Z R EN O U F CORP AM1 7 6 . 0 W H I R L P O O L ' S H E I L - O U A K E R HOME S Y S T E M S TN 3 5 8 5 CA I N T E R - C I T Y GAS CORP AM1 7 5 . 0 H O L I D A Y I N N S ( 7 ) F L 7 0 1 1 UK B A S S P L C AM1 7 4 . 0 D A T A C AR D C OR P MN 3 6 6 2 GE Q U A N D T , H E R B E R T F A M I L Y AM1 7 0 . 0 F I V E H I N D R E D B O Y L S T O N MA * * * * NL PGGM P E N S I O N F U N D S RE1 5 7 . 7 D U N E S H O T E L AND C A S I N O NV 7 0 1 1 J A N A N G A K U . MASAO AM1 5 5 . 0 A V E N T I N E CA * * * * J A S H I M I Z U C O N S T R U C T I O N CO L T D E T AL RE1 5 1 . 8 K A I S E R A L U M I N U M & C H E M I C A L CORP CA 3 3 5 3 UK C L O R E , A LA N E l1 5 0 . 0 P A N A V I S I O N I N C CA 3 8 6 1 UK L E E , B EN N Y AM1 5 0 . 0 R A N C O I N C OH 3 8 2 2 UK S I E B E P L C AM1 4 9 . 2 W A L D B A U M I N C NY 5 4 1 1 GE T E N G E L M A N N F A M I L Y AM1 4 5 . 0 1 0 0 0 W I L S H I R E B L V D CA * * * * J A S U M I T O M O L . I . C . RE1 4 0 . 0 P O R T E R P A I N T CO KY 2 8 5 1 UK C O U R T A U L D S P L C AM1 3 5 . 2 S H E A F F E R E A T O N D I V I S I O N MA 2 6 4 8 S Z G E F I N O R SA AM1 3 3 . 6 D A Y I N T L C O R P OH 3 0 6 9 CA B R O N F M A N f P E T E R & EDWARD E T A L AM1 3 2 . 5 MCC P OWE R S D I V I L 3 6 2 2 S Z L A N D I S & GYR H L D G AG AM1 3 0 . 0 F U J I T S U M I C R O E L E C T R O N I C S I N C OR 3 6 7 4 J A F U J I E L E C T R I C CO L T D NP1 2 9 . 0 B E V E R L Y W I L S H I R E H O T E L CA 7 0 1 1 H K R E G E N T H O T E L S AM1 2 8 . 0 A L M A D E N V I N E Y A R D S I N C CA 2 0 8 4 UK G R A N D M E T R O P O L I T A N P L C AM1 2 6 . 0 A T & T / K D D V E N T U R E GU 4 8 1 1 J A K O K U S A I D E N S H I N OENWA CO L T D J V1 2 0 . 0 T E X A S I N T E R N A T I O N A L C O ' S O I L / G A S A S S E T S T X 1 3 1 1 FR F R A N C E * G O V ' T OF AM1 2 0 . 0 K O N I C A M F G U S A I N C NC 3 8 6 1 J A K O N I S H I R O K U P H O T O I N D CO L T D NP1 1 5 . 0 E M H A R T C O R P ' S S HO E M C H Y O P E R . C T 3 5 5 9 UK A B L E K I N D L T D AM1 1 2 . 5 S M I T H & WE SS O N C O R P MA 3 4 8 4 UK H U T C H I N G S , G R E G O R Y AM1 1 0 . 4 C A L M A T CO CA 1 4 4 2 N Z B R I E R L E Y . R O N A L D A . E T AL AM1 1 0 . 0 W E S T E R N G E A R C O R P WI 3 5 6 6 UK L U C A S I N D U S T R I E S PLC AM1 0 5 . 0 N ET W O R K S E C U R I T Y C OR P T X 5 9 9 9 S Z I N S P E C T O R A T E I N T E R N A T I O N A L SA AM1 0 0 . 0 6 U D D CO KY 3 4 6 5 GE T H Y S S E N AG NP1 0 0 . 0 C A R I B B E A N G U L F R E F I N I N G CORP PR 2 9 1 1 I S Z E E V I , GA D AM1 0 0 . 0 C H E V R O N U S A I N C / N I P P O N O I L CO V E N T U R E CA 1 3 1 1 J A N I P P O N O I L CO L T D J V1 0 0 . 0 O F F I C E B L D G S CA * * * * J A SHUWA C OR P RE1 0 0 . 0 T E X A C O / N I P P O N O I L CO V E N T U R E LA 1 3 1 1 J A N I P P O N O I L CO L T D J V1 0 0 . 0 2 6 5 F R A N K L I N S T MA ♦ * * * J A SHUWA T R U S T CO RE1 0 0 . 0 L I Q U O R B A R N C H A I N CA 5 9 2 1 UK M A J E S T I C W I N E WA R E HO U S E L T D AM1 0 0 . 0 M A R T I N P R O C E S S I N G I N C VA 2 2 2 1 UK C O U R T A U L D S P L C AM

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Page 22: Fordirinv Comm 1987

- 13 -

INVESTMENT BY INDUSTRY

The manufacturing sector continued to predominate 1n terms of the number of transactions and aggregate values, with 627 transactions and 306 identified values totalling $38.1 billion. These represent a 39 percent increase in terms of numbers and a 143 percent increase in value over the previous year.

There were other industry sectors experiencing substantial activity. In the real estate sector, including hotels (SIC 70), 131 Investments were identified, with 98 values totalling $7.5 billion. There were 140 transactions In the wholesale trade sector, with 43 values totalling $0.8 billion. And in the services sector (excluding hotels) there were 141 transactions, with 44 values totalling $3.8 billion.

Figure 3 shows the principal industry sectors by numbers of transactions.

Table IV shows the Investment activity 1n each Standard Industrial Classification (SIC) sector.

Table V highlights the trend In completed cases by major source country in each SIC sector for the year.

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Page 23: Fordirinv Comm 1987

- 14 -

Figure 3

NUMBER OF INVESTMENTS BY INDUSTRY,1987

TOTAL 1 3 2 9 t 100%

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Page 24: Fordirinv Comm 1987

TABLE IV

--------------------- C L A S S = N O T R E A L P R O P E R T Y S EC T O R = A A G R I C U L T U R E , F O R E S T R Y , AND F I S H I N G --------

S I C NUMBER NUMBER C A S E S / V A L U E

DIRECT INVESTMENT DISTRIBUTION BV INDUSTRY SUBSECTOR OFU.S. AFFILIATE - COMPLETED TRANSACTIONS - 1987

NUMBER OF C AS E S V A L U E KNOWN ( S M I L L I O N )

01 A G R I C U L T U R A L P R O D U C T I O N - C ROPS 4 2 4 . 70 2 A G R I C U L T U R A L P R O D U C T I O N - L I V E S T O C K 1 1 6 . 0

S E C T O R 5 3 - 1 0 . 7

C L A S S = N O T R E A L P R O P E R T Y S E C T O R * B M I N I N G

S I CNUMBER

1 0 M E T A L M I N I N G1 2 B I T U M I N O U S COAL AND L I G N I T E M I N I N G13 O I L AND GAS E X T R A C T I O N1 4 N O N M E T A L L I C M I N E R A L S , E X C E P T F U E L S

S E C T O R

NUMBER NUMBER C A S E S / V A L U EC A SE S V A L U E KNOWN ( $ M I L L I O N )

1 9 1 3 2 3 0 5 . 24 2 31 . 6

2 3 18 6 3 4 . 96 4 4 4 9 . 4

5 2 3 7 3 4 2 1 . 1

C L A S S = N O T R E A L P RO P E R T Y S E C T O R * C C O N S T R U C T I O N

S I CNUMBER

1 5 G E N E R A L B U I L D I N G C O N T R A C TO R S1 6 H E A V Y C O N S T R U C T I O N C O N T R A C TO R S1 7 S P E C I A L T R A D E C O N T R A C T O R S

S E C T O R

NUMBER NUMBER C A S E S / V A L U EOF C A SE S V A L U E KNOWN ( $ M I L L I O N )

12 3 1 1 7 . 31 02 1 2 0 . 5

1 5 4 1 3 7 . 8

C L A S S = N O T R EA L P R O P E R T Y S EC T O R E D M A N U F A C T U R I N G

S I CNUMBER

2 0 FOOD AND K I N D R E D P R O D UC T S21 T OB A C C O M A N U F A C T U R E S2 2 T E X T I L E M I L L P R O D U C T S2 3 A P P A R E L AND O T H E R T E X T I L E P RO D U C T S2 4 LUMBER AND WOOD P R O D U C TS2 5 F U R N I T U R E AND F I X T U R E S2 6 P A P E R AND A L L I E D P R O D UC TS2 7 P R I N T I N G AND P U B L I S H I N G2 8 C H E M I C A L S AND A L L I E D P R O D U C T S2 9 P E T R O L E U M AND C OAL P R O D U C T S3 0 R U B BE R AND M I S C . P L A S T I C S P RO D U C T S3 1 L E A T H E R AND L E A T H E R P RO D U C T S3 2 S T O N E , C L A Y , AND G L A S S P R O D UC TS

NUMBER NUMBER C A S E S / V A L UEOF C A S E S V A L U E KNOWN ( $ M I L L I O N )

4 7 2 3 4 3 1 0 . 61 1 3 . 0

2 2 1 1 6 7 4 . 55 3 2 4 . 78 5 3 2 . 77 4 1 3 . 5

13 8 1 0 0 0 . 021 12 8 6 3 . 28 0 3 4 8 7 9 1 . 210 6 8 2 2 9 . 32 7 14 8 7 7 . 6

5 2 6 5 . 92 6 12 9 1 4 . 3

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t a b l e IV

DIRECT INVESTMENT DISTRIBUTION BV INDUSTRY SUBSECTOR OFU.S. AFFILIATE - COMPLETED TRANSACTIONS - 1987

CLA SS = NOT R E A L P R O P E R T Y

S I CNUMBER

3 3 P R I M A R Y M E T A L I N D U S T R I E S3 4 F A B R I C A T E D M E T A L P R O D U C T S3 5 M A C H I N E R Y , E X C E P T E L E C T R I C A L3 6 E L E C T R I C AND E L E C T R O N I C E Q U I P M E N T3 7 T R A N S P O R T A T I O N E Q U I P M E N T3 8 I N S T R U M E N T S AND R E L A T E D P R O D U C T S3 9 M I S C E L L A N E O U S M A N U F A C T U R N G I N D U S T R I E S

S EC T OR

C L A S S - N Q T R E A L P R O P E R T Y

S I CNUMBER

4 0 R A I L R O A D T R A N S P O R T A T I O N4 1 L O C A L & I N T E R U R B A N P AS S E N GE R T R A N S I T4 2 T R U C K I N G AND W A R E H O U S I N G4 4 WATER T R A N S P O R T A T I O N4 5 T R A N S P O R T A T I O N BY A I R4 7 T R A N S P O R T A T I O N S E R V I C E S4 8 C O M M U N I C A T I O N4 9 E L E C T R I C , G A S , AND S A N I T A R Y S E R V I C E S

S EC T O R

C L A S S = N O T R E A L P R O P E R T Y

S I CNUMBER

5 0 W H O L E S A L E T R A D E - D U R A B L E GOODS51 W H O L E S A L E T R A D E - N O N D U R A B L E GOODS

NUMBER NUMBER C A S E S / V AL UEOF C A S E S V A L U E KNOWN ( $ M I L L I O N )

2 2 16 7 6 4 . 62 5 14 4 1 9 . 7

1 0 5 3 7 2 1 3 2 . 61 0 3 5 3 5 6 3 6 . 0

4 5 2 7 1 4 6 7 . 94 0 18 1 7 5 0 . 915 6 1 0 9 . 7

6 2 7 3 0 6 3 8 0 8 1 . 9

T R A N S P O R T A T I O N , C O M M U N I C A T I O N S , U T I L .

NUMBER NUMBER C A S E S / V A L U EOF C A S E S V A L U E KNOWN ( $ M I L L I O N )

2 08 07 1 1 2 . 0

1 5 3 3 0 . 49 1 3 1 . 8

13 2 3 0 . 05 3 1 3 5 . 5

1 4 6 1 0 9 . 8

7 3 16 3 4 9 . 5

^ F r T H P s P WHO! P T D A n c -

N UMBER N UMBER C A S E S / V A L U EOF C A S E S V A L U E KNOWN ( $ M I L L I O N )

1 01 2 8 3 3 1 . 63 9 15 4 5 8 . 4

S EC T O R 1 4 0 4 3

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TABLE IV

DIRECT INVESTMENT DISTRIBUTION BV INDUSTRY SUBSECTOR OFU.S. AFFILIATE - COMPLETED TRANSACTIONS - 1907

C L A S S = N O T R EA L P R O P E R T Y S E C T O R = G R E T A I L T R A D E

S I C NUMBER NUMBER C A S E S / V A L U ENUMBER OF C AS E S V A L U E KNOWN ( S M I L L I O N )

5 2 B U I L D I N G M A T E R I A L S & GA R D EN S U P P L I E S 2 1 3 8 4 . 05 3 G E N E R A L M E R C H A N D I S E S T O R ES 6 1 1 . 05 4 FOOD S T O R ES 7 3 6 2 0 . 75 5 A U T O M O T I V E D E A L E R S & S E R V I C E S T A T I O N S 5 05 6 A P P A R E L AND A C C E S SO RY S T O R ES 2 9 3 2 2 . 55 7 F U R N I T U R E AND HOME F U R N I S H I N G S S T O R ES 6 2 3 2 . 95 8 E A T I N G AND D R I N K I N G P L A C E S 2 5 6 6 . 05 9 M I S C E L L A N E O U S R E T A I L 17 4 2 2 0 . 6

SEC TOR 9 7 2 0 1 2 8 7 . 7

CLA SS = NOT R EA L P RO P E R T Y S E C T O R = H F I N A N C E t I N S U R A N C E , AND R E A L E S T A T E

S I CNUMBER

6 0 B A N K I N G6 1 C R E D I T A G E N C I E S O T H E R TH A N B ANKS6 2 S E C U R I T Y , C O M M O D I T Y B RO K E R S & S E R V I C E S6 3 I N S U R A N C E C A R R I E R S6 4 I N S U R A N C E A G E N T S . B R OK ER S & S E R V I C E6 5 R E A L E S T A T E6 7 H O L D I N G AND OT H E R I N V E S T M E N T O F F I C E S

S EC T OR

NUMBER NUMBER C A S E S / V AL U EC A SE S V A L U E KNOWN ( S M I L L I O N )

1 3 6 1 6 6 0 . 93 1 3 0 . 0

1 0 2 8 0 8 . 33 1 3 0 . 01 1 5 . 76 1 1 . 39 5 3 4 4 . 9

4 5 17 2 8 8 1 . 1

------------------------------------------------------- C L A S S = N O T R E A L P R O P E R T Y

S I CNUMBER

7 0 H O T E L S AND OT H E R L O D G I N G P L A C E S7 2 P ER S O N A L S E R V I C E S7 3 B U S I N E S S S E R V I C E S7 5 AUTO R E P A I R , S E R V I C E S , AND GA R A GE S7 8 M O T I O N P I C T U R E S7 9 A MU S E M E N T & R E C R E A T I O N S E R V I C E S8 0 H E A L T H S E R V I C E S81 L E GA L S E R V I C E S8 2 E D U C A T I O N A L S E R V I C E S 8 9 M I S C E L L A N E O U S S E R V I C E S

SECTOR

S E C T O R = I S E R V I C E S -----------------------------------------

NUMBER NUMBER C A S E S / V AL U EC A S E S V A L U E KNOWN ( $ M I L L I O N )

2 3 2 0 1 9 7 7 . 01 0

1 12 3 0 3 6 9 1 . 01 0

1 1 5 6 9 . 34 3 1 7 . 07 4 4 1 . 51 1 1 . 82 02 1 5 . 5

1 6 4 6 4 5 8 0 3 . 1

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TABLE IV

DIRECT INVESTMENT DISTRIBUTION BY INDUSTRY SUBSECTOR OFU.S. AFFILIATE - COMPLETED TRANSACTIONS - 1987

C L A S S = NOT R EA L P R O P E R T Y S E C T 0 R * 9 6

S I CNUMBER

9 6 A D M I N I S T R A T I O N OF E C O N O M I C PROGRAMS

C L A S S

NUMBER OF CA SE S

2

1220

NUMBER C A S E S / V AL UE KNOWN

0

5 1 0

C L A S S = R E A L P R O P E R T Y

S I CNUMBER

R E A L P R O P E R T Y

S E C T O R = L R E A L P R O P E R T Y

NUMBER OF C A S E S

toe1 3 2 6

NUMBER C A S E S / V A L U E KNOWN

7 8= s = s

5 6 6

V AL UECS M I L L I O N )

5 2 7 6 2 . 9

V A L UE( S M I L L I O N )

5 3 6 3 .

5 0 1 2 6 . 4

00I

in ii

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TABLE V

DIRECT INVESTMENT DISTRIBUTION 9V INDUSTRY GROUP OF U.S. AFFILIATE AND COUNTRY OF FOREIGN PARENTCOMPLETED TRANSACTIONS — 1987

T O T A L CANADA F R A N C E GERMANY J A P A NN E T H E R ­

LANDSS W I T Z E R ­

LANDUNITED

KINGDOMALL

OTHER

A ( i R I C U L T U R E , F O R E S T R Y t AND F I S H I N G

A G R I C U L T U R A L P R O D U C T I O N - CROPS T O T A L NUMBER OF C A SE S NUMBER C A S E S - - V A L U E KNOWN V A L U E ( $ M I L L I O N S )

42

4 . 7

A G R I C U L T U R A L P R O D U C T I O N - L I V E S T O C K T O T A L NUMBER OF C A SE S N UMBER C A S E S - - V A L U E KNOWN V A L U E ( S M I L L I O N S )

1t

6.0

11

6.0

T O T A L NUMBER OF C A S E S NUMBER C A S E S - - V A L U E KNOWN V A L U E ( S M I L L I O N S )

53

1 0 . 7

22

4 . 7

11

6.0

M I N I N G

M ET A L M I N I N GT O T A L NUMBER OF C A S E S 19 10 0 0 1 0 0 2 6NUMBER C A S E S - - V A L U E KNOWN J 3 8 0 0 0 0 0 0 5V A L U E ( $ M I L L I O N S ) 2 3 0 5 . 2 1 2 1 . 0 0 0 0 0 0 0 2 1 0 4 . 2

B I T U M I N O U S COAL AND L I G N I T E M I N I N GT O T A L NUMBER OF C A S E S 4 0 0 2 1 0 0 0 1

NUMBER C A S E S — V A L U E KNOWN 2 0 0 2 0 0 0 0 0V A L U E ( S M I L L I O N S ) 3 1 . 6 0 0 3 1 . 6 0 0 0 0 0

O I L AND GAS E X T R A C T I O NT O T A L NUMBER OF C A S E S 2 3 0 2 0 3 3 1 3 11NUMBER C A SE S ~~ V A L U E KNOWN 18 0 2 0 3 3 0 2 8V A L U E ( S M I L L I O N S ) 6 3 4 . 9 0 1 3 5 . 3 0 2 1 4 . 3 1 7 6 . 0 0 6 . 1 1 0 3 . 2

N O N M E T A L L I C M I N E R A L S , E X C E P T F U E L ST O T A L NUMBER OF C A S E S 6 0 0 0 0 0 0 2 4

NUMBER C A S E S - - V A L U E KNOWN 4 0 0 0 0 0 0 1 3V A L U E ( $ M I L L I O N S ) 4 4 9 . 4 0 0 0 0 0 0 7 3 . 0 3 7 6 . 4

T O T A L NUMBER OF C A S E S 5 2 10 2 2 5 3 1 7 2 2NUMBER C A S E S - - V A L UE KNOWN 3 7 8 2 2 3 3 0 3 16V A L U E ( S M I L L I O N S ) 3 4 2 1 . 1 1 2 1 . 0 1 3 5 . 3 3 1 . 6 2 1 4 . 3 1 7 6 . 0 0 7 9 . 1 2 6 6 3 . 8

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t a b l e V

0 . » e CT , „ E S ™ E „ T D , S T B 1 B U T I „ n a v COUNTRV 0 F , « « « , . „ „ T

T O T . L c . H . 0 . ™ . M C « GERMANV J A „ , “ S " « S S o ‘r S .

C O N S T R U C T I O N

G E N E R A L B U I L D I N G C ON T R A C T O R S T O T A L NUMBER OF C A SE S NUMBER C A S E S — V A L U E KNOWN V A L U E ( $ M I L L I O N S )

H E A V Y C O N S T R U C T I O N C ON T R A C T O R S T O T A L NUMBER OF C A S E S N UMBER C A SE S — V A L U E KNOWN V A L U E ( S M I L L I O N S )

S P E C I A L TR A D E C ON TR A C TO R S T O T A L NUMBER OF C AS E S NUMBER C A S E S — V A L U E KNOWN V A L U E ( $ M I L L I O N S )

T O T A L NUMBER OF C AS E S NUMBER C A SE S — V A L U E KNOWN V A L U E ( $ M I L L I O N S )

1 23

1 1 7 . 3

21

2 0 . 5

154

1 3 7 . 8

00

00

00

12 0 . 5

11

2 0 . 5

00

30

00

40

00

00

00

00

31

2 9 . 3

2 9 . 3

52

66.0

00

52

8 8 . 0

N>O

M A N U F A C T U R I N G

F OOD A N D K I N D R E D P R O D U C TS T O T A L NUMBER OF C A S E S N UMBER C A S E S — V A L U E KNOWN V A L U E ( $ M I L L I O N S )

T OB A C C O M A N U F A C T U R E ST O T A L N UMBE R OF C A S E S N UMBER C A S E S — V A L U E KNOWN V A L U E ( $ M I L L I O N S )

T E X T I L E M I L L P R O D U C T S T O T A L N UMBER OF C A S E S N U MB E R C A S E S — V A L U E KNOWN V A L U E ( S M I L L I O N S )

A P P A R E L A N D O T H E R T E X T I L E P R O D U C T S T O T A L N UMBER OF C A S E S N U MB E R C A S E S - - V A L U E KNOWN V A L U E ( S M I L L I O N S )

4 72 3

4 3 1 0 . 6

11

3 . 0

22 1 1

6 7 4 . 5

53

2 4 . 7

72

5 9 . 9

32

2 1 3 . 0

50

21

3 0 . 0

11

3 . 0

11

0 . 1

1 610

6 2 . 7

106

3 3 8 . 5

21

9 . 6

20

00

7 3 1 . 0

00

1 8 4 1 . 0

31

100.0

63

1 5 8 6 . 0

11

3 . 0

41

20.0

1 5 . 0

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TABLE V

DIRECT INVESTMENT DISTRIBUTION BV INDUSTRY GROUP OF U.S. AFFILIATE AND COUNTRY OF FOREIGN PARENTCOMPLETED TRANSACTIONS — 1987

N E T H E R - S W I T Z E R - U N I T E D T O T A L CANADA F R A N C E GERMANY J A PA N LANDS LAND K I NGD OM

LU MBE R AND MOOD P R O D U C T S T O T A L NUMBER OF C A S E S NUMBER C A S E S - - V A L U E KNOWN V A L U E ( $ M I L L I O N S )

85

3 2 . 7

11

0 . 1

11

2 8 . 0

53

4 . 6

F U R N I T U R E AND F I X T U R E S T O T A L NUMBER OF C AS E S NUMBER C A S E S — V A L U E KNOWN V A L U E ( $ M I L L I O N S )

74

1 3 . 5

53

1 0 . 3

P AP E R AND A L L I E D P R O D UC T S T O T A L NUMBER OF C A S E S NUMBER C A SE S — V A L U E KNOWN V A L U E ( $ M I L L I O N S )

138

1 0 0 0 . 0

32

3 6 5 . 0

21

1 0 . 4

22

1 7 2 . 2

11

2 2 6 . 0

P R I N T I N G AND P U B L I S H I N G T O T A L NUMBER OF C A SE S NUMBER C A SE S — V A L U E KNOWN V A L U E ( S M I L L I O N S )

2112

8 6 3 . 2

31

200.0

11

3 . 0

42

1 6 . 4

77

6 2 8 . 8

C H E M I C A L S AND A L L I E D P RO D UC T S T O T A L NUMBER OF C A S E S NUMBER C A SE S — V A L U E KNOWN V A L U E ( $ M I L L I O N S )

8 03 4

8 7 9 1 . 2

75

3 0 . 4

31

2.0

144

3 1 1 1 . 5

2 9 1 1

6 7 2 . 1

31

3 1:Q0. 0

42

2 6 . 5

1 2 7

3 2 2 . 5

P ET R OL E U M AND COAL P RO D UC T S T O T A L NUMBER OF C A S E S NUMBER C A S E S — V A L U E KNOWN V A L U E ( S M I L L I O N S )

106

8 2 2 9 . 3

22

4 5 . 4

11

7 9 9 2 . 0

RUBBER AND M I S C . P L A S T I C S P R O D U C T S T O T A L NUMBER OF C A S E S NUMBER C A S E S - - V A L U E KNOWN V A L U E ( S M I L L I O N S )

2 7 1 4

8 7 7 . 6

22

1 4 3 . 6

31

6 2 5 . 0

1 1 8

8 4 . 5

51

20.0

L E A T H E R AND L E A T H E R PROD UC TS T O T A L NUMBER OF CA SE S NUMBER C A S E S - - V A L UE KNOWN V A L U E (% M I L L I O N S )

52

6 5 . 9

21

5 7 . 9

S T O N E , C L A Y , AND G L A S S P ROD UC TS T O T A L NUMBER OF CA SE S NUMBER C A S E S - - V A L UE KNOWN V A L U E ( $ M I L L I O N S )

2 612

9 . 1 4 . 3

31

1 2. 0

21

5 0 . 0

63

1 6 . 0

64

7 8 6 . 0

ALLOTHER

100

11

3 . 2

42

2 2 6 . 4

41

1 5 . 0

83

1 5 2 6 . 2

43

1 9 1 . 9

42

4 . 5

11

8.0

83

50.3

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Page 31: Fordirinv Comm 1987

t a b l e V

DIRECT INVESTMENT DISTRIBUTION BY INDUSTRY GROUP OF U.S. AFFILIATE AND COUNTRV OF FOREIGN PARENTCOMPLETED TRANSACTIONS -- 1907

T O T A L CANADA FRANCE GERMANYN E T H E R - S W I T Z E R - U N I T E D

JA P A N LANDS LAND KI NGD OMALL

OTHER

P R I M A R Y M E T A L I N D U S T R I E ST O T A L NUMBER OF C A S E S 2 2N UMBER C A SE S - - V A L U E KNOWN 16

V A L U E ( 5 M I L L I O N S ) 7 6 4 . 6

F A B R I C A T E D M E T A L P R O D U C T ST O T A L NUMBER OF C A S E S 2 5NUMBER C A SE S — V A L U E KNOWN 14

V A L U E ( $ M I L L I O N S ) 4 1 9 . 7

M A C H I N E R Y , E X C E P T E L E C T R I C A LT O T A L NUMBER OF C AS E S 1 0 5NUMBER C A S E S - - VA-LUE KNOWN 3 7

V A L U E ( $ M I L L I O N S ) 2 t 3 2 . 6

E L E C T R I C AND E L E C T R O N I C E Q U I P M E N TT O T A L NUMBER OF C A S E S 1 0 3N UMBER C A S E S - - V A L U E KNOWN 5 3

V A L U E ( S M I L L I O N S ) 5 6 3 6 . 0

T R A N S P O R T A T I O N E Q U I P M E N TT O T A L NUMBER OF C A S E S 4 5NUMBER C A S E S - - V A L U E KNOWN 2 7

V A L U E ( $ M I L L I O N S ) 1 4 6 7 . 9

I N S T R U M E N T S AND R E L A T E D P R O D U C T ST O T A L N UMBER OF C A S E S 4 0N UMBER C A S E S - - V A L U E KNOWN 18

V A L U E ( S M I L L I O N S ) 1 7 5 0 . 9

M I S C E L L A N E O U S M A N U F A C T U R N G I N D U S T R I E ST O T A L N U MB E R OF C A S E S 15N UMBER C A S E S - - V A L U E KNOWN 6

V A L U E ( $ M I L L I O N S ) 1 0 9 . 7

T O T A L N UMBER OF C A S E S 6 2 7N U MB E R C A S E S - - V A L U E KNOWN 3 0 6V A L U E ( S M I L L I O N S ) 3 8 0 8 1 . 9

21

3 3 . 0

83

1 7 8 . 2

85

3 0 . 5

17

21

1 . 1

11

7 2 . 5

81

5 . 0

52

8 7 0 . 0

31

3 . 5

5 72 9

1 2 7 4 . 1

3 69

1 0 1 0 . 4

31

t o o .o

72

3 2 . 1

32

1 8 3 . 0

31

0.6

4 318

4 1 7 6 . 7

1 1 8

4 2 0 . 8

107

1 2 1 . 9

4 615

1 7 7 . 9

4 928

2 5 5 8 . 3

3119

1 1 1 7 . 7

136

2 1 8 . 4

63

8 4 . 8

2 5 61 3 3

5 9 1 4 . 5

32

9 1 6 . 0

11

6 8 0 . 0

31

0. 1

21

1 3 2 . 5

3 1 0 . 0

32

1 9 1 . 8

11

1 1 2 . 5

168

6 2 7 . 6

2 310

1 0 8 2 . 0

53

2 9 2 . 5

148

1 2 2 0 . 1

1 1 0 1

0 1 8 . 6

1 2 4

4 6 9 6 . 0

209

1 0 8 61

1 3 7 2 . 3 1 5 5 1 9 . 3

54

4 6 . 5

53

8 3 . 7

145

1 9 5 . 7

1 2 4

9 9 . 7

32

3 6 . 5

51

0 . 7

42

6 . 3

9 54 3

4 1 1 8 . 6

hoN)

T R A N S P O R T A T I O N , C O M M U N I C A T I O N S , U T I L .

R A I L R O A D T R A N S P O R T A T I O N T O T A L N U MB E R OF C A S E S NU MB E R C A S E S - - V A L U E KNOWN V A L U E ( $ M I L L I O N S )

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Page 32: Fordirinv Comm 1987

TABLE V

DIRECT INVESTMENT DISTRIBUTION BY INDUSTRY GROUP OF U.S. AFFILIATE AND COUNTRY OF FOREIGN PARENTCOMPLETED TRANSACTIONS — 1987

T O T A L CANADA FRANCE GERMANY JA PA NN E T H E R ­

LANDSS W I T Z E R ­

LANDUNITED

KINGDOMALL

OTHER

LOCAL & I N T E R U R B A N P AS S E N GE R T R A N S I T T O T A L NUMBER OF CA SE S NUMBER C A S E S - - V A L U E KNOWN V A L U E ( $ M I L L I O N S )

T R U C K I N G AND W A R E H O U S I N G T O T A L NUMBER OF CA SE S NUMBER C A S E S - - V AL U E KNOWN V AL UE ( $ M I L L I O N S )

71

1 2 . 0

31

1 2 . 0

WATER T R A N S P O R T A T I O NT O T A L NUMBER OF C A SE S NUMBER C A S E S — V A L U E KNOWN V A L U E ( % M I L L I O N S )

153

3 0 . 4

11

7 . 5

92

2 2 . 9

T R A N S P O R T A T I O N BY A I RT O T A L NUMBER OF CA SE S NUMBER CASE S - - V A L UE KNOWN V A L U E ( $ M I L L I O N S )

91

3 1 . 8

51

3 1 . 0

T R A N S P O R T A T I O N S E R V I C E S T O T A L NUMBER OF CASES NUMBER CASE S - - V A L UE KNOWN V A L U E ( $ M I L L I O N S )

132

3 0 . 0

31

1 3 . 2

31

1 6 . 0

C O M M U N I C A T I O NT O T A L NUMBER OF C A S E S NUMBER C A S E S - - V A L UE KNOWN V A L U E ( $ M I L L I O N S )

53

1 3 5 . 5

11

2.0

31

1 2 6 . 0

11

7 . 5

E L E C T R I C , G A S , AND S A N I T A R Y S E R V I C E ST O T A L NUMBER OF CASES 14NUMBER C A S E S - - V A L U E KNOWN 6V A L U E ( $ M I L L I O N S ) 1 0 9 . 8

T O T A L NUMBER OF C A S E S 7 3NUMBER C A S E S - - V A L U E KNOWN 16V AL UE ( S M I L L I O N S ) 3 4 9 . 5

182

9 . 5

11

1 6 . 0

41

1 6 . 0

22

8 0 . 2

42

8 0 . 2

141

1 2 6 . 0

43

1 3 . 6

84

2 6 . 8

226

9 1 . 0

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Page 33: Fordirinv Comm 1987

T A B L E V

D I R E C T I N V E S T M E N T D I S T R I B U T I O N BY I N D U S T R Y G R O U P OF U. S. A F F I L I A T E A N D C O U N T R Y OF F O R E I G N P A R E N TC O M P L E T E D T R A N S A C T I O N S - - 1 9 8 7

_ — _ „ _ N E T H E R - S W I T Z E R - U N I T E D ALLL CANADA FRANCE GERMANY J A PA N LANDS LAND KI NGD OM OTHER

W H O L E S A L E TR A D E

WH O L E S A L E TR A D E - D U R A B LE GOODST O T A L NUMBER OF C A S E S 101 5 3 8 4 8 4 5 12 16

NUMBER C AS E S — V A L U E KNOWN 2 8 2 0 4 13 n n 1 1V AL UE ( $ M I L L I O N S ) 3 3 1 . (J 2 9 . 5 0 2 0 . 0 1 0 3 . 2 0 0 1 6 9 . 3 9 . 6

WH OL E S A L E T R A D E - N ON D U R A B L E GOODST O T A L NUMBER OF C A S E S 3 9 0 4 5 ft 2 O i l QNUMBER C A S E S — V A L UE KNOWN 1 5 0 2 1 4 1 0 4 3

V A L U E ( $ M I L L I O N S ) 4 5 8 . 4 0 2 5 4 . 3 5 . 0 2 0 . 0 3 8 . 9 0 8 0 . 8 5 9 . 4

6 5 2 3 2 5T O T A L NUMBER OF C A SE S 1 4 0 5 7 13 5 6NUMBER C A SE S — V A L U E KNOWN 4 3 2 2 5 1 7 1 0 9 7V A L U E ( S M I L L I O N S ) 7 9 0 . 0 2 9 . 5 2 5 4 . 3 2 5 . 0 1 2 3 . 2 3 8 . 9 0 2 5 0 . 1 6 9 . 0 1

k ETA I L T RA D E ^ -t -

B U I L D I N G M A T E R I A L S & GA R D EN S U P P L I E S 1T O T A L NUMBER OF C A S E S 2 0 0 0 0 0 0 2 0NUMBER C A SE S — V A L U E KNOWN 1 0 0 0 0 0 0 1 0V A L U E ( $ M I L L I O N S ) 3 8 4 . 0 0 0 0 0 0 0 3 8 4 . 0 Q

G E N E R A L M E R C H A N D I S E S T O R E ST O T A L NUMBER OF C A S E S 6 1 0 0 1 0 0 0 4NUMBER C A SE S — V A L U E KNOWN 1 0 0 0 0 0 0 0 1V A L U E ( $ M I L L I O N S ) 1 . 0 0 0 0 0 0 0 0 1 0

2 1 2 0

FOOD S T O R E ST O T A L NUMBER OF C A S E S 7 1 0 3 0 0 0N UMBE R C A S E S - - V A L U E KNOWN 3 0 0 1 0 0 0V A L U E ( $ M I L L I O N S ) 6 2 0 . 7 0 0 1 4 9 . 2 0 0 0 4 7 1 . 5 0

A U T O M O T I V E O E A L E R S & S E R V I C E S T A T I O N ST O T A L N UMBER OF C A S E S 5 0 1 1 1 0 1 0 1NUMBER C A S E S — V A L U E KNOWN 0 0 0 0 0 0 0 0 0V A L U E ( $ M I L L I O N S ) 0 0 0 0 0 0 0 0 0

A P P A R E L AND A C C E S S O R Y S T O R EST O T A L NUMB E R OF C A S E S 2 9 2 4 2 8 0 1 7 5N UMBER C A S E S - - V A L U E KNOWN 3 0 0 0 2 0 0 0 1V A L U E ( $ M I L L I O N S ) 2 2 . 5 0 0 0 1 2 . 5 0 0 0 10 0

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TABLE V

DIRECT INVESTMENT DISTRIBUTION BY INDUSTRY GROUP OF U.S. AFFILIATE AND COUNTRY OF FOREIGN PARENTCOMPLETED TRANSACTIONS — 1987

N E T H E R - S W I T Z E R - U N I T E D T O T A L CANADA FRA N C E GERMANY J A P A N L A N D S LAND K I NGD OM

F U R N I T U R E AND HOME F U R N I S H I N G S S T OR E ST O T A L NUMBER OF C A S E S 6 1 0 0 0 0 0 1NUMBER C A S E S - - V A L U E KNOWN 2 0 0 0 0 0 0 1V A L U E ( $ M I L L I O N S ) 3 2 . 9 0 0 0 0 0 0 3 0 . 4

E A T I N G AND D R I N K I N G P L A CE ST O T A L NUMBER OF C A S E S 2 5 0 1 0 1 6 0 0 4

NUMBER C A SE S - - V A L U E KNOWN 6 0 0 0 5 0 0 0V A L U E ( S M I L L I O N S ) 6 . 0 0 0 0 4 . 1 0 0 0

M I S C E L L A N E O U S R E T A I LT O T A L NUMBER OF C A SE S 17 1 4 0 2 1 2 5NUMBER C AS E S - - V A L UE KNOWN 4 0 0 0 2 0 1 1V A L U E ( $ M I L L I O N S ) 2 2 0 . 6 0 0 0 1 5 . 6 0 1 0 5 . 0 1 0 0 . 0

T O T A L NUMBER OF C A S E S 9 7 6 10 6 2 8 1 4 21NUMBER C A S E S - - V A L U E KNOWN 2 0 0 0 1 9 0 1 5V A L U E ( $ M I L L I O N S ) 1 2 8 7 . 7 0 0 1 4 9 . 2 3 2 . 2 0 1 0 5 . 0 9 8 5 . 9

F I N A N C E , I N S U R A N C E , AND R E A L E S T A T E

B A N K I N GT O T A L NUMBER OF C A S E S 13 0 0 0 6 0 0 1NUMBER C A S E S — V A L U E KNOWN 6 0 0 0 1 0 0 1V A L U E ( $ M I L L I O N S ) 1 6 6 0 . 9 0 0 0 1 5 . 0 0 0 8 2 0 . 0

C R E D I T A G E N C I E S OTHER THAN BANKST O T A L NUMBER OF C A SE S 3 0 0 0 2 0 0 0

NUMBER C A S E S - - V A L UE KNOWN 1 0 0 0 1 0 0 0V A L U E ( $ M I L L I O N S ) 3 0 . 0 0 0 0 3 0 . 0 0 0 0

S E C U R I T Y , C O M M O D I T Y B ROKERS & S E R V I C E ST O T A L NUMBER OF C AS E S 10 0 0 0 3 1 0 2

NUMBER C A SE S — V A L UE KNOWN 2 0 0 0 2 0 0 0V AL U E ( $ M I L L I O N S ) 8 0 0 . 3 0 0 0 8 0 8 . 3 0 0 0

I N S U R A N C E C A R R I E R ST O T A L NUMBER OF C A S E S 3 0 0 0 0 0 0 0

NUMBER C A SE S - - V A L U E KNOWN 1 0 0 0 0 0 0 0V A L U E ( $ M I L L I O N S ) 3 0 . 0 0 0 0 0 0 0 0

ALLOTHER

41

2 . 5

41

1 . 9

200

64

8 2 5 . 9

100

400

31

3 0 . 0

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Page 35: Fordirinv Comm 1987

TABLE V

DIRECT INVESTMENT DISTRIBUTION BY INDUSTRY GROUP OF U.S. AFFILIATE AND COUNTRY OF FOREIGN PARENTCOMPLETED TRANSACTIONS — 1987

_ _ _ „ ^ N E T H E R - S W I T Z E R - U N I T E D ALLT O T A L CANADA FRANCE GERMANY J APA N LANDS LAND KI NGD OM OTHER

I N S U R A N C E A G E N T S , BR OK ER S & S E R V I C E T O T A L NUMBER OF C A SE S NUMBER C A S E S - - V A L U E KNOWN V A L U E ( S M I L L I O N S )

R E A L E S T A T ET O T A L NUMBER OF C A SE S N UMBER C A S E S — V A L UE KNOWN V A L U E ( $ M I L L I O N S )

H O L D I N G AND OTHE R I N V E S T M E N T O F F I C E S T O T A L NUMBER OF C A S E S NUMBER C A S E S — V A L U E KNOWN V A L U E ( $ M I L L I O N S )

T O T A L NUMBER OF C A SE SNUMBER C A S E S - - V AL U E KNOWNV A L U E ( $ M I L L I O N S )

5 . 7

61

T . 3

95

3 4 4 . 9

4 5 1 7

2 8 8 1 . 1

11

1 5 . 0

11

T 5 . 0

164

0 5 3 . 3

5 .

1 .

6 7 . 5

64

8 9 4 . 5

43

2 6 2 . 4

208

1 1 1 8 . 3roO '

S E R V I C E S

H O T E L S AND O T H E R L O D G I N G P L A C E S T O T A L NUMBER OF C AS E S NUMBER C A S E S — V A L U E KNOWN V A L U E ( $ M I L L I O N S )

P E R S O N A L S E R V I C E ST O T A L NUMBER OF C A S E S NUMBER C A S E S - - V A L U E KNOWN V A L U E ( S M I L L I O N S )

B U S I N E S S S E R V I C E ST O T A L N UMBER OF C A SE S NUMBER C A SE S - - V A L U E KNOWN V A L U E ( $ M I L L I O N S )

A U T O R E P A I R , S E R V I C E S . AND GA R A GE S T O T A L NUMBER OF C A SE S NUMBER C A S E S - - V A L U E KNOWN V A L U E ( $ M I L L I O N S )

2 320

1 9 7 7 . 0

1 1 2 3 0

3 6 9 1 . 0

33

4 4 . 3

61

4 2 . 5

6

5 2 7 . 0

1 1 10

1 3 9 3 . 7

2 63

4 0 . 7

5}

2.0

51

9 . 3

22

1 7 7 . 0

5 219

3 0 3 4 . 5

65

3 6 2 . 0

104

35.0

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Page 36: Fordirinv Comm 1987

TABLE V

DIRECT INVESTMENT DISTRIBUTION BY INDUSTRY GROUP OF U.S. AFFILIATE AND COUNTRY OF FOREIGN PARENTCOMPLETED TRANSACTIONS — 1987

T O T AL CANADA F RANCE GERMANY J A PA NN E T H E R ­

LANDSS W I T Z E R ­

LANDU N I T E D

K I N G D O MA L L

O T H E R

M O T I O N P I C T U R E ST O T A L NUMBER OF CA SE S NUMBER C A SE S — V A L U E KNOWN V A L U E ( $ M I L L I O N S )

1 1 5

6 9 . 3

52

3 2 . 0

11

2 . 4 3 4 .

A MU S EM E N T 8. R E C R E A T I O N S E R V I C E S T O T A L NUMBER OF CA SE S NUMBER C A S E S — V A L U E KNOWN V A L U E ( $ M I L L I O N S )

43

1 7 . 0

33

1 7 . 0

H E A L T H S E R V I C E ST O T A L NUMBER OF C A S E S NUMBER C A S E S - - V A L UE KNOWN V A L U E ( $ M I L L I O N S )

74

4 1 . 5

32

1 1 . 0

31

0 . 5 3 0 .

L E GA L S E R V I C E ST O T A L NUMBER OF C A SE S NUMBER C A S E S — V A L U E KNOWN V A L U E ( $ M I L L I O N S )

11

1 . 8

1

1 . 8

E D U C A T I O N A L S E R V I C E ST O T A L NUMBER OF CA SE S NUMBER C A S E S — V A L U E KNOWN V A L U E ( $ M I L L I O N S )

M I S C E L L A N E O U S S E R V I C E S T O T A L NUMBER OF C A S E S NUMBER C A SE S — V A L U E KNOWN V A L U E ( $ M I L L I O N S )

T O T A L NUMBER OF C A S E S NUMBER C A S E S - - V AL U E KNOWN V A L U E ( $ M I L L I O N S )

21

5 . 5

1 6 46 4

5 8 0 3 . 1

188

1 2 9 . 8

61

5 2 7 . 0

4 416

1 4 5 1 . 4

61

2 . 0

62

1 1 . 1

11

5 . 5

6 02 4

3 2 1 9 . 9

2212

4 6 1 . 9

A D M I N I S T R A T I O N OF E C O N O M I C PROGRAMST O T A L NUMBER OF C A S E S 2 0 0 0 0 1 0 0 1NUMBER C AS E S - - V A L U E KNOWN 0 0 0 0 0 0 0 0 0V A L U E ( $ M I L L I O N S ) 0 0 0 0 0 0 0 0 0

04 &

oo —

— o

oo oo

oo

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t a b l e V

DIRECT INVESTMENT DISTRIBUTION BV INDUSTRY GROUP OF U.S. AFFILIATE AND COUNTRY OF FOREIGN PARENTCOMPLETED TRANSACTIONS — 1907

T O T AL CANADA FRANCE GERMANY J A PA NN E T H E R ­

LANDSS W I T Z E R ­

LANDU N I T E D

KI NGDOMALL

OTHER

T O T A L NUMBER OF CASES NUMBER C A S E S - - V A L UE KNOWN V AL UE ( $ M I L L I O N S )

R EA L P RO P E R T Y

T O T A L NUMBER OF C A SE S NUMBER C A SE S - - V A L UE KNOWN V A L U E ( $ M I L L I O N S )

1 0 8 7 8

5 3 6 3 . 5

64

2 3 2 . 4

32

2 0 . 5

54

2 5 . 4

6 55 0

4 2 7 9 . 1

22

1 9 5 . 0

11

6.0

106

2 3 9 . 9

169

3 6 5 . 2

u R A N D T O T A L

T O T A L NUMBER OF C AS E S NUMBER C A SE S — V A L U E KNOWN v A L U E ( $ M I L L I O N S )

1 3 2 8 5 8 8

5 8 1 2 6 . 4

1 2 1 5 4

1 8 1 1 . 3

6 918

1 9 8 4 . 0

7 73 2

4 4 8 8 . 1

4 9 02 3 5

1 2 9 9 8 . 7

3 6 1 1

5 1 0 7 . 9

3 713

1 4 9 4 . 4

2 4 8 1 1 7

2 1 2 4 4 . 8

2 5 01 0 8

8 9 9 7 . 2 NiOO

I

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MODE OF INVESTMENT TRANSACTION

Foreign direct investment transactions can be classified Into various modes relating to type and characteristics. For the purposes of the OTIA transaction monitoring program, the modes of investment used are

o Acquisitions/mergers; o Equity increases; o Joint ventures; o New plants and plant expansions;o Real property (purchases of real estate, except private homes

and agricultural land); o All others (including branches, agencies, representative

offices, stores, outlets, warehouses, and unidentified transactions).

Appendix 0 defines these and other terms used 1n this report.

In 1987, acquisitions/mergers, real property transactions, and new plant activity were the leading forms of Investment activity 1n terms of the number of transactions. Acquisitions/mergers accounted for 547 of the transactions identified during 1987, new plant activity for 164, and real property accounted for a further 108. Together these three modes accounted for 819 transactions, 62 percent of the total.

Table VI shows the modes of investment by principal source country.

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TABLE VI

C ANADA

F R A N C E

N E T H E R L A N D S

MODE OF I N V E S T M E N T BY SOURCE COUNTRY C OM P L E T E D T R A N S A C T I O N S — 1 9 8 7

T O T A L A C Q U I S I T I O N S E Q U I T Y J O I N T

A L L MODES & MERGERS I N C R E A S E S V EN T U R E S

NEW PLANT REAL OTHER

P L A N T S EXPANSION E S T A TE MODES

T O T A L A L L C O U N T R I E S

T O T A L NUMBER OF C A S E S N UMBER C A S E S - - V A L U E KNOWN V A L U E ( S M I L L I O N S )

1 3 2 8 5 8 8

5 8 1 2 6 . 4

5 4 7 2 7 7

3 3 7 6 4 . 8

6 33 3

1 3 5 0 5 . 0

9 9 3 3

9 5 1 . 3

1 6 49 0

2 2 4 7 . 9

6 72 9

1 2 5 2 . 3

1 0 87 9

5 3 9 3 . 3

2 8 04 7

1 0 1 1 . 8

T O T A L NUMBER OF C A S E S NUMBER C A S E S — V A L U E KNOWN V A L U E ( S M I L L I O N S )

1215 4

1 8 1 1 . 3

662 9

9 9 7 . 0

83

2 4 . 8

63

5 3 . 8

1 0 6

3 7 . 0

43

3 6 7 . 0

64

2 3 2 . 4

2 1 6

9 9 . 3

T O T A L NUMBER OF C A $ £ S NUMBER C A S E S - - V A L UE KNOWN V A L U E ( $ M I L L I 0 N 5 )

6 918

1 9 8 4 . 0

3 310

1 3 4 2 . 6

21

3 . 4

8-3

2 0 . 5

41

7 0 . 0

32

2 0 . 5

161

5 2 7 . 0

V>Jo

GE R MA N Y

T O T A L N U M B E * OF C A S E S NU MB E R C A S t S — V A L U E KNOWN V A L U E ( * M I L L I O N S )

7 73 2

4 4 8 8 . 1

2 59

4 1 4 6 . 9

32

2 8 . 2

41

0.2

168

2 3 8 . 4

52

1 5 . 0

54

2 5 . 4

196

3 4 . 0

J A P A N

T Q T A L NUMBER OF C A S E S NUMBER C A S E S - - V A L U E KNOWN V A L U E ( $ M I L L I O N S )

4 9 02 3 5

1 2 9 9 8 . 7

9 76 5

5 2 5 5 . 2

81

1 . 7

5 92 4

8 1 3 . 9

9 55 4

1 7 0 5 . 8

4 319

7 1 9 . 3

6651

4 3 0 8 . 9

12221

1 9 3 . 9

T O T A L NUMB E R OF C A S E S NU MB E R C A S E S - - V A L U E KNOWN V A L U E ( $ M I L L I O N S )

3 6 1 1

5 1 0 7 . 9

207

4 1 9 4 . 0

22

7 1 8 . 9

22

1 9 5 . 0

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TABLE VI

MODE OF I N V E S T M E N T BY S OURCE COU N TR YC O M P L E T E D T R A N S A C T I O N S ~ 1 9 0 7

T O T A L A C Q U I S I T I O N S E Q U I T Y J O I N T

A L L MODES & MERGE RS I N C R E A S E S V E N T U R E S

NEW P L A N T R E A L OTHER

P L A N T S E X P A N S I O N E S T A T E MODES

S W I T Z E R L A N D

T O T A L NUMBER OF C A S E S NUMBER C A S E S — V A L U E KNOWN V A L U E ( $ M I L L I O N S )

3 713

1 4 9 4 . 4

207

1141.6

22

319.3

73

2 7 . 5

11

6 . 0

U N I T E D K I N G D O M

T O T A L NUMBER OF C A S E S N UMBER C A SE S - - V A L U E KNOWN V A L U E CS M I L L I O N S )

2 4 8 1 17

2 1 2 4 4 . 0

1 7 39 2

1 2 3 1 4 . 3

86

8408.0

61

20.0

126

1 1 5 . 0

42

5 0 . 0

96

2 3 9 . 9

3 64

1 7 . 6

OT H E R SOURCE C O U N T R I E S

T O T A L NUMBER OF C A SE S NUMBER C A S E S — V A L U E KNOWN V A L U E ( S M I L L I O N S )

2 5 0 1 0 8

0 9 9 7 . 2

1 13 5 8

4 3 7 3 . 2

3016

3920.7

174

63.4

1510

1 0 3 . 7

42

3 1 . 0

169

3 6 5 . 2

5 59

1 4 0 . 0

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- 32 -

LOCATION OF INVESTMENT BY STATE

Foreign direct Investments were Identified In 48 sJates’ *the District of Columbia, the Virgin Is1ands*.and.Gua?-d^ ^ n J nf year <see Table VII), with six states accounting for 53 percent of the total. California and New York, the leading states for the previous 3 years, again attracted the most investments w th 244 and 163 respectively. They were followed by Texas (61), Ohio and New Jersey (57 each), and Illinois and Georgia (55 each). (Figure 4.)

Figure 4

NUMBER OF INVESTMENTS BY STATE, 1987

ALL OTHERS 6 3 7

TEXAS 61

NEW JERSEY 5 7

OHIO 5 7

GEORGIA 5 5

ILLINOIS 5 5

NEW YORK 1 63

CALIFORNIA 2 4 4

TOTAL 1 3 2 9 = 100%

A slightly different picture emerges based on dollar values. Based on the transaction values Identified, New York was the leading recipient with $14.1 billion, followed by Ohio ($10.2 billion), California ($5.3 billion), and Connecticut ($4.5 billion).

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T A B L E V I I - S T A T E L O C A T I O N OF F O R E I G N I N V E S T M E N T S - 1 9 8 7

S T A T E S NUMBER NUMBER C A S E S / V A L U EOF C A S E S V A L U E KNOWN ( $ M I L L I O N )

T O T A L 1 3 2 8 5 8 0 5 8 1 2 6 . 4

A L A B A MA 15 9 2 2 5 . 6

A L A S K A 6 1 1 0 . 0

A R I Z O N A 1 4 10 7 0 1 . 6

A R K AN S A S A 2 9 3 . 8

C A L I F O R N I A 2 4 4 1 0 9 5 2 6 7 . 4

C OL O R A D O 2 0 8 1 4 6 . 1

C O N N E C T I C U T 2 5 1 3 4 5 0 7 . 3

D E L AW A R E 9 4 1 5 7 5 . 0

D I S T . - C O L U M B I A 1 2 7 4 8 3 . 6

F L O R I D A 4 3 2 4 1 1 5 7 . 0

G E O R G I A 5 5 31 6 4 2 . 2

GUAM 1 1 1 2 6 . 0

H A W A I r 3 0 21 4 0 2 . 8

I D A H O

I L L I N O I S 5 5 18 1 6 3 0 . 0

I N D I A N A 3 5 2 3 2 0 5 5 . 7

I OWA 4 1 6 9 . 0

K AN SA S 7 3 5 9 9 . 5

K E N T U C K Y 21 14 3 9 2 . 3

L O U I S I A N A 8 8 3 4 8 . 1

M A I NE 5 1 1 6 . 0

M AR Y L A N D 1 2 3 0 7 . 3

M A S S A C H U S E T T S 4 2 16 9 9 4 . 0

M I C H I G A N 4 2 12 1 6 6 . 7

M I N N E S O T A 16 8 1 4 0 6 . 3

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TABLE VII - STATE LOCATION OF FOREIGN INVESTMENTS - 1907

S T A T E S

M I S S O U R I

MON TA N A

N E B R A S K A

N E V AD A

NEW H A M P S H I R E

NEW J E R S E Y

NEW M E X I C O

NEW YORK

N O R TH C A R O L I N A

N O R T H D A K O T A

O H I O

OK L A H OM A

OR E GON

P E N N S Y L V A N I A

P U E R T O R I C O

R H OD E I S L A N D

S O U T H C A R O L I N A

S O U T H D A K O T A

T E N N E S S E E

T E X A S

UNKNOWN

U T A H

V E R M O N T

V I R G I N I S L A N D S

V I R G I N I A

W A S H I N G T O N

WEST VIRGINIA

NUMBER OF C A SE S

7

1

4

10

4

5 7

2

1 6 3

5 2

1

5 7

9

2 7

2 9

1

7

14

3 0

6 1

1

4

2

2 3

20

2

N UMBE R C A S E S / V A L U E KNOWN

3

1

0

4

2

1 3

0

5 9

18

0

3 4

3

1 1

9

1

3

7

1 5

3 0

0

1

0

8

10

1

V A L U E£ $ M I L L I O N )

6 0 7 . 4

0.2

2 4 1 . 0

1 0 4 . 8

1 0 5 4 . 5

1 4 0 8 0 . 9

1 1 3 1 . 3

1 0 1 8 4 . 8

9 2 6 . 0

2 7 0 . 0

4 8 7 . 1

100.0

2 3 3 , 7

1 3 9 . 6

2 7 8 . 4

1 0 0 6 . 4

1 .8

2 6 5 . 8

8 2 3 . 5

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T A B L E V I I - S T A T E L O C A T I O N O F F O R E I G N I N V E S T M E N T S - 1 9 S 7

c t a t c c N UMBER NU MB E R C A S E S / V A L U EOF C A S E S V A L U E KNOWN ( $ M I L L I O N )

W I S C O N S I N 2 8 1 7 . 9

W Y O M I N G

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MAJOR SECTORAL DEVELOPMENTS

The following section focuses on major investment transactions trends in the more active industrial sectors during 1987.

Metal Mining (SIC 10)— Technological advances, rising prices and falling output from overseas producers were all factors in the rise In U.S. gold production In 1987. The copper Industry also recovered strongly thanks to new technology, reductions In the work force, worldwide demand and sharply higher copper prices. Attracted by these developments, foreign investors increased their activity In this sector almost 36 percent over 1986. (Figure 5.) Thirteen of 19 completed transactions Identified had a total value of $2.3 billion, more than four times greater than that of the previous year.

The two major transactions, which accounted for more than 90 percent of the total value, reflected the Interest of foreign Investors in the gold and copper Industries. The largest was the equity Increase by Consolidated Gold Fields PLC, a London-based mining concern, 1n Newmont Mining Corp., headquartered In New York, with both gold and copper mining Interests. In a protracted takeover battle with Ivanhoe Partners, led by T. Boone Pickens, Consolidated Gold Fields purchased 15.8 million common shares of Newmont Mining in the open market over a 2-day period In what Is called a street sweep. These purchases, which totalled more than $1.5 billion, Increased the British mining firm's holdings 1n Newmont to 49.7 percent from 26.2 percent and enabled Newmont to fend off Ivanhoe Partners' hostile bid. Consolidated Gold Fields is 28 percent held by Minerals and Resources Corp. Ltd., known as Mlnorco, a Bermuda-based holding company, Itself controlled by Anglo-American Corp. of South Africa Ltd. Harry F. Oppenhelmer and his family are beneficial owners of Anglo-American Corp.

The second largest transaction was the $551 million acquisition of St. Joe Gold Corp. and other gold properties from Fluor Corp. by Dallhold Investments Pty Ltd. of Perth, Australia. The Dallhold Group, which is the second largest gold producer in Australia, 1s controlled by Alan Bond and his family. St. Joe Gold Corp., based in Clayton, Missouri, has 1,700 employees and is the sixth largest gold producer 1n North America.

The increased activity in the metal mining sector was also reflected 1n the types of Investments made in 1987. Ten Investments were 1n the gold mining subsector. There were three Investments 1n both the copper and silver subsectors, two In Iron and one 1n the lead/zinc subsector.

In 1987 four source countries accounted for almost 85 percent of the Investments in the metal mining sector. For the third year In a row, Canada was the principal source country; It accounted for 10 transactions. Australia, South Africa, and the United Kingdom each had two transactions.

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Nevada was the state that accounted for most of the transactions in this sector— five. Alaska had three and Utah had two transactions.

Figure 5

NUMBER OF INVESTMENTS

20

16

NUMBER OF INVESTMENTS IN THE METAL MINING INDUSTRY,

1983-87

12

1 9 8 3 1 9 8 4 1 9 8 5 19Q 6 1 9 8 7

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011 and Gas Extraction (SIC 13)— In 1987 with U.S. demand growing at only one percent a year and crude oil prices at between $15 and $18 per barrel, U.S. oil and gas exploration activity Increased only slightly from the depressed levels of 1986. The number of foreign direct Investment transactions In 1987 declined from 1986's record low. (Figure 6.) There were 23 transactions identified; 18 of them had an aggregate value of $634.9 million. This is the first time since 1980 that the total value in the oil and gas extraction sector has fallen below $1 billion.

Three transactions accounted for more than 50 percent of the total value. The largest was the acquisition of Texas International Co.'s oil and gas reserves by Mlnatome Corp. for $120 million. The properties, located primarily in Louisiana and Texas, comprise 13 million barrels of proven oil reserves and 65 billion cubic feet of proven natural gas reserves. Houston-based Minatome is a subsidiary of Total Compagnie Francai se des Petroles, the Paris-based oil, gas, and minerals concern controlled by the Government of France.

Two investments, both by Nippon Oil Co. Ltd. of Tokyo, tied for second place. The first was a joint venture with Chevron USA to explore and develop 50 oil and gas wells across the United States. Nippon Oil contributed $100 million to the venture, some of It provided by the Japanese Government through Japan National 011 Corp.

Nippon Oil also established a joint venture with Texaco USA to explore outer continental shelf leases held by Texaco In the Gulf of Mexico. Again, Nippon Oil Invested $100 million to cover the costs of the project, part of which was financed by Japan National 011 Corp. This is the second joint drilling venture between Texaco and Nippon 011. The first one was established in March 1986 and has since resulted in discoveries in North Dakota's Wllliston Basin, Colorado's Paradox Basin, and Texas'. Permian Basin.

Nippon 011 Co., Japan's largest oil refiner and marketer, has had a long-standing relationship with both Chevron and Texaco. The U.S. firms jointly own Caltex Petroleum Corp., which markets oil throughout Asia. Nippon Oil buys 50 percent of its crude from Caltex, which has a 25 percent share of the Japanese firm's refinery operations.

There were six principal source countries In 1987. Australia, Japan, the Netherlands and the United Kingdom each accounted for three investments. Belgium and France each had two Investments. Five Investments were made by companies owned or controlled by the governments of Brazil, Finland, France (two) and Japan.

The most prominent corporate investors in the oil and gas extraction sector 1n 1987 were the Royal Dutch Shell Group of the Netherlands, through Its U.S. subsidiary Shell 011 Corp., with three investments and Japan's Nippon 011 Co. Ltd. with two Investments.

There were three types of Investments 1n the oil and gas extraction sector. Thirteen of them were acquisitions. There were also five joint ventures and five equity Increases. The oil and gas

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exploration and development subsector (SIC 1311) attracted the most investment; there were 19 transactions. Oil and gas field exploration services (SIC 1382) and oil and gas field services (SIC 1389) each had two transactions.

Geographically, Texas was the state with the most Investments in this Industry— 11, while Colorado and Louisiana each had 5 Investments.The two remaining Investments were in California and North Dakota.

Figure 6

NUMBER OF INVESTMENTS IN THE OIL & GAS EXTRACTION INDUSTRY,

NUMBER OF INVESTMENTS 1983“87SO

7 0

6 0

5 0

4 0

3 0

2 0

10

01983 1984 1985 1986 1987

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NonmetalUc Minerals, except Fuels (SIC 14)— Increased Interest In the U.S. construction sand and gravel Industry resulted In a 50 percent Increase of foreign direct Investment In the nonmetal 11c minerals sector 1n 1987. (Figure 7.) Four of the six completed transactions Identified had a total value of $449.4 million, almost three times greater than the 1986 total.

Two major transactions accounted for nearly 75 percent of the value. The largest was the $242 million acquisition of American Aggregates Corp. by Consolidated Gold Fields PLC of London. Based In Greenville, Ohio, American Aggregates Is engaged In the mining, processing, and sale of sand, gravel, limestone, and other aggregate-s. Consolidated Gold Fields, also the largest corporate Investor In the U.S. metal mining sector In 1987, 1s 28 percent owned by Mlnorco, a Bermuda-based holding company controlled by Anglo-American Corp. of South Africa Ltd., of which Harry F. Oppenhelmer and his family are beneficial owners.

The second major transaction was the acquisition of 19.2 percent of Calmat Co. for $110.4 million by Industrial Equity (Pacific) Ltd., a Hong Kong-based Investment firm controlled by Brlerley Investments Ltd. of Wellington, New Zealand. Brlerley Investments, New Zealand's largest company with assets of $7 billion, is controlled by a group of investors headed by Ronald A. Brlerley. Calmat, with headquarters in Los Angeles, California, produces construction sand and gravel, cement and concrete.

Two countries accounted for two-thirds of the investments in the nonmetal lie minerals sector. Both the United Kingdom and South Africa each had two transactions, while Ireland and New Zealand each had one transaction. Construction sand and gravel, the most attractive Industry, accounted for four transactions, all of which were acquisitions. One transaction in the kaolin and ball clay industry was a plant expansion; one peat mining transaction was a new subsidiary.

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Figure 7

NUMBER OF INVESTMENTS IN THE NONMETALLIC MINERALS INDUSTRY

NUMBER OF INVESTMENTS 1 9 8 3 “ 8 7

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Food and Kindred Products (SIC 20)— The U.S. food Industry, from distribution to production, 1s rapidly becoming internationalized, thus becoming a magnet for foreign Investors. The decline of the U.S. dollar and the openness of our economy were major factors attributing to the surge of foreign direct investment in the food and kindred products industry, resulting in an 83 percent increase in the total number of transactions in 1987. (Figure 8.) OTIA identified 47 completed transactions, with 23 values totalling $4.3 billion, while in 1986 there were 39 completed cases and values totalling $1.7 bi11 ion.

With acquisitions being the most popular mode of investments, foreign companies invested $4.2 billion (98 percent of total value) in 29 U.S. food makers and processors, 7 new plants/expansions, 5 new outlets, 4 joint ventures, and 2 equity Increases.

The major industrialized countries continue to be the source of most investment activity; Japan had 16 transactions, the United Kingdom and Canada, seven each. France had five transactions, the Netherlands, Switzerland, and West Germany had two apiece. These countries accounted for 87 percent of the total transactions 1n 1987.

In the foods sector, foreign direct Investment were reported In 21 states. Two states, California (11 transactions) and New York (6), accounted for 36 percent of the total transactions. The remaining transactions were scattered throughout the eastern half of the United States.

In 1987, as wine Imports dwindled, foreign companies found it more enticing to Invest in the U.S. alcoholic beverages subsector (SIC 2082-3-4), and made 14 Investments totalling $3.1 billion. As unsuccessful owners bowed out of the industry, foreign companies Invested 1n five wineries In California, acquiring some of the country's most prestigious labels.

Two $1.2 billion transactions accounted for more than 55 percent of the total value in the foods industry. Australian magnate Alan Bond, through Bond Corp. Holdings Ltd., paid $1.2 billion for a 91 percent Interest 1n G. Heileman Brewing Company. Helleman, headquartered In LaCross, Wisconsin, 1s the nation's fourth largest brewer. The Bond Corp. 1s also a leading Australian brewery.

Grand Metropolitan's long range strategy to enhance its position as one of the leading wines and spirits companies in the world led to the purchase of two major companies, thereby Increasing Its share of the U.S. market to well over 13 percent. Grand Metropolitan, a British hotel and beverage conglomerate, acquired Heublln Inc., Farmington, Connecticut, for $1.2 billion. Heublln 1s the United States' second largest producer of wines and spirits. Almaden Vineyards Inc., a San Jose, California-based wine maker, was also purchased by Grand Metropolitan for $128 million.

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Another large transaction by a British company in the industry was the $480 million acquisition of Schenley Industries Inc., New York, by Guinness PLC.

In the foods sector, Jacobs Suchard AG, Switzerland, which is rapidly expanding its chocolate manufacturing base In Europe and the United States, paid $730 million for E. J. Brach and Sons. Brach, headquartered in Chicago, Illinois, Is also known for its candy and other confectionery products. Suchard is owned by Colima Holding AG, a Swiss investment company.

Figure 8

NUMBER OF INVESTMENTS IN THE FOODS INDUSTRY,

NUMBER OF INVESTMENTS

6 0

1983-87

5 0

4 0

3 0

20

10 -

1983 1984 1985 1986 1987

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Textile Hill Products (SIC 22)— The textile Industry is one of the most competitive in the world, and the U.S. Industry has experienced numerous consolidations and plant closures, and the loss of more than 300,000 jobs since 1980. Under present economic conditions, it is attractive to foreign investors.

For the first time since 0TIA began monitoring foreign Investment, the textile mill industry experienced more than a 100 percent increase In the total number of transactions and a fivefold Increase in total value. (Figure 9.) In 1987, 0TIA recorded 22 transactions, with 11 known values totalling $674.5 million, as opposed to 8 transactions with 3 values aggregating $115 million in 1986.

Ten East Coast states were recipients of the 22 transactions identified in the textile industry. South Carolina led with six transactions representing more than one-quarter of the total number of transactions.

TNS, one of the largest industrial Investors In South Carolina and a subsidiary of Tsuzukl Spinning Company Ltd. of Japan; built a $65 million spinning and weaving plant in Gaffney, South Carolina; expanded Its Spartanburg and Blacksburg, South Carolina; and established a $25 million cotton and cotton-blend yarns plant 1n Eufaula, Alabama.

A Belgian-based multinational yarn company, Beaulieu Tufting N.V., built a $20 million yarn plant in Bridgeport, Alabama.

Establishment of new plants or expansions (10) were the most active mode of Investment followed by acquisitions (8), joint ventures (2), and new outlets (2).

The three largest transactions accounted for more than 77 percent of the total value identified In the textile mill products Industry.

Toray Industries Inc., a leading manufacturer of synthetic fibers, made the first major Japanese Investment in Rhode Island, opening a $213 million plant there.

To pay off or reduce debt incurred during the attempted hostile takeover of Burlington Industries by New York investor Asher Edelman and Dominion Textiles, Burlington had to divest some of its operating units. Burlington sold its state-of-the-art denim plant in Erwin, North Carolina to Dominion Textile Inc. of Montreal, Canada for $205 million. The purchase makes Dominion one of the top denim manufacturers in the country.

A multinational British textiles and chemicals company, Courtaulds PLC, paid $100 million for Martin Processing Inc. of Martinsville, Virginia.

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Figure 9

NUMBER OF INVESTMENTS IN THE TEXTILE MILL PRODUCTS INDUSTRY,

NUMBER OF INVESTMENTS 1 9 8 3 - 8 7

3 0

2 5

20

15

10

5

01 9 8 3 1 9 8 4 1 9 8 5 1 9 8 6 1 9 8 7

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Paper and Allied Products (SIC 26)— The U.S. paper and allied products Industry enjoyed an upswing In 1987. Cost-cutting and higher prices Increased activity, while a weaker dollar made the industry much more competitive In International paper markets.Foreign investors found the U.S. paper Industry more attractive and investment rose 18 percent over the 1986 level. (Figure 10.) There were 13 transactions Identified. Eight of them had values that totaled $1 billion, a record sum for this industry.

Three transactions accounted for almost 76 percent of the value figure for this industry. The largest transaction was a $350 million expansion and modernization of Blandin Paper Co. of Grand Rapids, Minnesota by Its Canadian parent company, British Columbia Forest Products Ltd. The Vancouver-based firm is controlled by Noranda Mines Ltd., which is Itself controlled by Edward and Peter Bronfman through their holdings in Brascan Ltd. of Toronto.

The second largest transaction was the $226 million acquisition of Rexham Corp., a Charlotte, North Carolina packing materials and machinery company, by Bowater Industries PLC of London. This British industrial holding company with Interests in packaging, timber products, building materials, and freight services, became Rexham Corp.'s "white knight" In Its attempts to resist a hostile bid by the Asher B. Edelman Investment group.

The third largest investment was the $212 million acquisition of Georgia Craft Co.'s llnerboard mill In Macon, Georgia by Pratt Holdings Pty Ltd., an Australian forest products company based In Melbourne. Pratt also has Interests In three corrugating factories 1n the United States.

There were four primary source countries in 1987. Canada and Sweden each had three Investments, while Switzerland and West Germany together accounted for another four Investments. Six of the Investments were acquisitions. Joint ventures (two) and plant expansions (two) were the next most frequent modes of Investment. Investments were primarily In four industry subsectors: 2611-paper mills (three); 2-631-paperboard mills (three); 2641-paper coating and glazing (two); and 2645-dle-cut paper, paperboard, and cardboard.

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Figure 10

NUMBER OF INVESTMENTS

20

16 -

12 -

8 -

NUMBER OF INVESTMENTS IN THE PAPER INDUSTRY*,

1983-87

1 9 8 3 1 9 8 4 1 9 8 5 1 9 8 6 1 9 8 7

‘ INCLUDES ALLIED PRODUCTS

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Printing and Publishing (SIC 27)— In 1987 the printing and publishing industry, despite a year of robust Investment activity, experienced almost a 73 percent decline In foreign investment from the record high levels of 1986. (Figure 11.) Twenty-one transactions were Identified; 16 of them had an aggregate value of $863.2 million.

Robert Maxwell, chairman of Maxwell Communication PLC and a major Investor 1n 1986, accounted for two of the three largest investments recorded 1n this industry. Both of them were In the commercial printing Industry. The first and largest investment was the acquisition of Diversified Printing Corp. of New York from Parade Publications Inc. for about $350 million. The other, which was the third largest investment, was the acquisition of Alco Gravure Inc., a Rochelle Park, New Jersey commercial printer, for about $77.5 million. With this purchase, Maxwell Communication became the second largest commercial printer in the United States. In 1986 and 1987 Maxwell Communication (formerly British Printing & Communication Corp. PLC) acquired four U.S. commercial printers for more than $600 million.

However, not all Maxwell Investments were concluded successfully In 1987. The attempted acquisition of Harcourt Brace Jovanovlch Inc., the publishing and entertainment company, for $1.7 billion failed when the Orlando, Florida-based firm successfully undertook a $3 billion recapitalization, effectively blocking Maxwell's bid.

A second prominent Investor was Canadian publisher Kenneth R.Thomson. Thomson Newspapers Inc., the Des Plaines, Illinois subsidiary of Thomson Newspapers Ltd. of Toronto, accounted for two transactions, Including the second largest Investment In the printing and publishing Industry in 1987. This was the acquisition of four daily newspapers in North Carolina and West Virginia from Clay Communications Investors Corp. for about $200 million. This transaction brought the number of Thomson-owned newspapers 1n the United States to 102.

Two source countries accounted for more than half of the Investments In this Industry sector. The United Kingdom, as In 1986, ranked first with Seven transactions. Japan, not noticeably active 1n this area until 1987, was In second place with four transactions. Australia, another new investor source country in this sector, had three transactions as did Canada.

The two primary forms of Investment were acquisitions (15) and new plants (4). As 1n 1986, periodicals publishing (2721), with eight transactions, was the most attractive Industry. However, the commercial printing Industry (2754), with four transactions, had the highest aggregate value— $442.5 million for three transactions. Newspaper publishing (2711) and book publishing (2731), with three transactions each, tied as the third most attractive area for Investment.

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Figure 11

NUMBER OF INVESTMENTS

NUMBER OF INVESTMENTS IN THE PRINTING & PUBLISHING INDUSTRY,

1983-87

1 9 8 3 1 9 8 4 1 9 8 5 1 9 8 6 1 9 8 7

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Chemical and Allied Products (SIC 28)— Continued globalization, favorable exchange rates against the U.S. dollar, and U.S. chemical manufacturers' need for cash and their willingness to restructure and divest themselves of unprofitable units, resulted in a banner year for foreign companies wishing to invest in this industry.

There were 80 transactions completed by foreign investors in the chemical Industry with values known for 34 totaling nearly $8.8 billion. (Figure 12.) The following transactions were major foreign investments in the U.S. chemical Industry in 1988:

Specialty chemicals and pharmaceuticals were the main attraction as Unilever of the Netherlands acquired Cheseborough Pond Inc., a cosmetic and toiletries manufacturer and distributor, for $3.1 billion.

Hoechst AG, West Germany, acquired Celanese Corp., one of the world's largest producers of textile polyester fibers, for $2.8 bi11 Ion.

Montedison SPA, Italy, controlled by the Ferruzzl Group,Increased its Interest 1n Hlmont to 81 percent for nearly $1.5 billion. Hlmont Is the world's largest producer of polypropylene, a lightweight plastic.

Dalnlppon Ink & Chemicals, Japan, acquired Relchhold Chemicals, a manufacturer of specialty chemicals used in printing inks, for $600 million.

Joh,A. Benckiser GmbH, a West German chemical consumer products manufacturer, bought Ecolab's worldwide consumer dishwasher detergent division for $242.5 million.

Courtauld's PLC, a leading British textile chemical manufacturer, acquired Porter Paint Company for $140 million.

In addition to these transactions, there was one transfer of assets between two foreign companies when Britain's Imperial Chemicals acquired Stauffer Chemicals from Unilever of the Netherlands for $1.9 billion.

Foreign Investment in this Industry nearly doubled that of 1986 In terms of dollar value known while the number of transactions increased about 16 percent with acquisitions (36) accounting for the largest share, followed by new plants (23).

Initially slow to enter the chemical Industry, Japanese Investors have been moving more swiftly In the last couple of years. During 1987 they completed 29 transactions, more than any other country.With little exception, however, their Investments tend to be in smaller start-up companies.

West Germany was the source for 14 transactions and the United Kingdom 12. However, West Germany and .the Netherlands had about 70 percent of the known value ($6.2 billion), with only 17 transactions.

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Investments In this Industry were made In 28 states with California Michigan, New Jersey and Ohio having six transactions each. Other states had five or less.

Figure 12

NUMBER OF INVESTMENTS IN THE CHEMICAL INDUSTRY,

NUMBER OF INVESTMENTS 1983“87100

9 0

8 0

1 9 8 3 1 9 8 4 1 9 8 5 1 9 8 6 1 9 8 7

‘ INCLUDES ALLIED PRODUCTS

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Petroleum Refining and Related Industries (SIC 29)— Continued low profit margins and crude oil price instability did little to Improve conditions in the long-depressed petroleum refining business.However, foreign producers interested in Insuring outlets for their crude oil and sales networks in their major markets were active In the U.S. petroleum refining and related industries sector In 1987. (Figure 13.) Moreover, this sector had the largest single foreign direct investment identified in 1987.

The acquisition by British Petroleum Co. PLC of the 45 percent of Standard Oil Co. that it did not already own for almost $8 billion was also the largest foreign Investment identified since the OTIA foreign investment monitoring program began. This transaction accounted for more than 97 percent of the total value figure in this Industry.

In 1987 10 investments were identified in the petroleum refining and related industries sector. Six investments had an aggregate value of $8.2 billion.

The second largest investment was the $100 million acquisition of the Caribbean Gulf Refining Corp. in Catano, Puerto Rico from Chevron USA Inc. by FOI Ltd., a company controlled by Gad Zeevl, an Israeli citizen based in Kenya. Mr. Zeevl also owns Kobll East Africa and Kobll Kenya Co., two other refining and downstream oil operations.

The third largest Investment was the acquisition of 50 percent of Union Pacific Corp.'s refinery In Corpus Christi, Texas by Petroleos de Venezuela SA(PDVSA), the government-owned oil firm, In a transaction valued at $90 million. Under the terms of the agreement, each firm contributed equally to establish and finance the venture known as Champlin Refining Co. This Investment followed closely the Investment by PDVSA 1n Citgo Petroleum Corp. of Dallas In 1986. So far, Venezuela has been the only OPEC member to Invest directly In U.S. refining and marketing operations, although Kuwait and Saudi Arabia are said to be considering the acquisition of refining and marketing operations in this country.

Investor source countries were numerous in 1987. France and Switzerland were the most prominent source countries with two investments each. Canada, Ireland, Israel, Saudi Arabia, the United Kingdom, and Venezuela had one Investment apiece. Moreover, companies owned or controlled by foreign governments— France (two), the United Kingdom (one), and Venezuela (one)— accounted for 40 percent of the Investment in this sector.

The majority of Investments were acquisitions (six). Other investment modes included equity Increases (two), joint ventures (one), and new plants (one). The petroleum refining subsector (SIC 2911) attracted almost two-thirds of the investment 1n 1987. Four of the six transactions Identified were acquisitions, evidence of increased foreign Interest in owning U.S. refining operations. The remaining transactions (three) were either in the asphalt paving and roofing materials sub?ectors (2951 and 2952) or In the lubricating oils and greases (2992) subsector (one).

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Companies with headquarters or production sites located in Texas (three) and New York (two) attracted half of the investments in this sector. Colorado, Massachusetts, Michigan, Ohio, and Puerto Rico were also sites for investment.

Figure 13

NUMBER OF INVESTMENTS IN THE PETROLEUM REFINING INDUSTRY*,

NUMBER OF INVESTMENTS 19 83“8720

16 -

12

8 -

4 -

1 9 8 3 1 9 8 4 1 9 8 5 1 9 8 6

*AND RELATED INDUSTRIES

1 9 8 7

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Rubber and Miscellaneous Plastics Products (SIC 30)— The rubber and miscellaneous plastics products Industry Is basically dominated by a few large companies that compete 1n every region of the world. In the United States, foreigners more than doubled their Investments by number of transactions and total value. There were 27 transactions Identified during 1987 with 14 known values, totalling $877.6 million. (Figure 14.)

Acquisition was the most favored mode of Investment, with 11 such transactions. Additionally, there were the f oilowing types of Investment: seven new plants or expansions, four joint ventures, three new outlets, and two equity increases.

The largest transaction, a $625 million acquisition (71 percent of the total value), was made by a West German company. As part of Its restructuring plan to thwart a hostile takeover attempt, and 1n order to concentrate on its aerospace and Industrial businesses, GenCorp., Akron, Ohio, sold its General Tire company subsidiary, both domestic and foreign operations, to Continental Gumml-Werke AG. General Tire employs over 10,000 people and 1s one of the oldest and best-known tire makers 1n America.

A number of foreign companies invested In Industries that correspond with their domestically manufactured product. For Instance, Japanese Investors established (11 transactions) automotive and Industrial rubber and plastics plants throughout the Midwest to supply Japanese automobile plants 1n the United States. Other leading source countries for 1987 were the United Kingdom with five transactions, and West Germany and Sweden, with three each.

Miscellaneous plastics products was the most active subsector in terms of numbers, with 16 completed transactions. The Japanese and British dominated this sub industry with six and five transactions, respectively.

A diversified mining and energy resources company, M.A. Hanna Company, Cleveland, Ohio paid $133.6 million for Day International Corp., a Dayton, Ohio maker of rubber and plastic products. Hanna Is 35.5 percent controlled through subsidiaries owned by Edward & Peter Bronfman and Peter Cundlll of Canada.

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Figure 14

NUMBER OF INVESTMENTS IN THE RUBBER & MISCELLANEOUS PLASTICS

PRODUCTS INDUSTRY,1$Q3-87

NUMBER OF INVESTMENTS

3 0 ,--------------------------------------------------------------------------------------------------------------------

- 56 -

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Stone, Clay, and Glass Products (SIC 32)— In 1987 foreign direct Investment In the stone, clay, and glass products Industry rose almost 63 percent from the 1986 level. (Figure 15.) There were 26 completed transactions Identified and 12 had values totaling $914.3 million.

The largest transaction was the acquisition of Houdallle Industries Inc., a mechanical seals manufacturers, by TI Group PLC of England for $500 million. The second largest transaction, In the cement subsector, was the $250 million acquisition of Kaiser Cement Corp. by Hanson Trust PLC, another British company. Seven of the ten largest cement manufacturers in the United States are now controlled by foreign companies. The growing trend toward foreign ownership of cement companies in this country may be partly attributed to concern by foreign investors about the possibility of future import restrictions.

British and Japanese companies were the most prominent investors in this industry In 1987. British firms completed six transactions with four values totaling $786 million, which accounted for almost 86 percent of the total Industry value. Japanese firms also had six transactions; however, the three known values had a total of only $16 million.

The two two primary types of Investment were acquisitions (10) and new plants (9). Most of the investments were located In Indiana, Kentucky, and North Carolina, each of which had three transactions. Fourteen other states had only one or two.

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Figure 15

NUMBER OF INVESTMENTS IN THE STONE, CLAY, & GLASS INDUSTRY,

NUMBER OF INVESTMENTS 1 9 8 3 ” 8 73 0 .---------------------------------------------------------------------------------------------------------------

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Primary Metal Industries (SIC 33)— While the falling dollar has helped products In the primary metal industries become more competitive in price and quality, world and domestic overcapacity and competition from highly efficient foreign mills continue to present challenges to U.S. producers. Foreign Investment In the primary metal industries sector dropped almost 32 percent In 1987. There were 22 completed transactions identified; 16 of them had a total value of $764.6 million. Japanese firms, traditionally prominent investors In this Industry, accounted for $420.8 million, or 55 percent of the total value. (Figure 16.)

Two of the three largest investments were joint ventures by Japanese companies in the steel industry. The first was a joint project between Nippon Steel Corp. and Inland Steel Industries Inc. to build a continuous cold-rolling mill complex employing 200 people In South Bend, Indiana. The project, known as I/N Tek Inc., will cost $400 million. Inland Steel, with a 60 percent interest, will provide $90 million. Foreign Investors will contribute $310 million. Nippon Steel will contribute $60 million for a 40 percent interest in the complex. The remainder of the cost will be covered by Mitsui & Co. Ltd., Mitsubishi Corp. and Nissho Iwal Corp. The three Japanese trading companies will handle the steel sales to Japanese automobile plants.

The other major Japanese investment, the third largest in this sector, was a $175 million joint venture between Nucor Corp. of Charlotte, North Carolina and Yamato Kogyo Co. Ltd. of Hlmelji City, Japan to build and operate an electric furnace steel mill, which will employ 400 to 600 people In Blytheville, Arkansas. Yamato Kogyo's 49 percent share of the project accounts for $85.8 million of the cost.

The second largest investment 1n the primary metal industries sector was an equity increase to 16.3 percent from 15.2 percent of Kaiser Aluminum and Chemical Corp.'s common.shares by British Investor Alan E. Clore for $151.8 million. When the Oakland, California aluminum producer was reorganized as KalserTech Ltd., Mr. Clore became chairman. However, he began selling part of his holdings late in 1987, apparently because of financial difficulties resulting from the October drop in the stock market.

For the 4th consecutive year, Japan, with 11 Investments, was the number one source country. The United Kingdom was a distant second with three Investments, while Canada and Australia tied for third place with two investments each.

Acquisitions (11) accounted for half of the investments identified. The other primary forms of Investment were joint ventures (five), all by Japanese Investors, and equity increases (three). Although the steel Industry (SIC 331) attracted the most foreign Investors 1n 1987, the number of transactions actually declined slightly from 14 in 1986 to 12. Four transactions were Identified In the area of rolling, drawing, extruding of nonferrous metals (SIC 335). These two industries accounted for almost 73 percent of the Investments.

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An Investment of particular Interest was the acquisition of Special Metals Corp. The Hartford, New York producer of superalloy products for the aerospace and transportation Industries was acquired by Aubert & Duval SA, a French producer of specialty alloys, and Vereinlgte Deutsche Metalwerke AG of West Germany from Astrotech International Corp. for $72.5 million. In 1983 Special Metals was the subject of sale negotiations between Allegheny International Inc., its parent company at the time, and Nippon Steel Corp. of Japan. The negotiations were terminated after objections by the Department of Defense. Special Metals was subsequently sold to Cyprus Corp., the parent of Astrotech International, for $85 million In cash and notes In December 1983.

Figure 16

NUMBER OF INVESTMENTS IN THE PRIMARY METAL INDUSTRY,

NUMBER OF INVESTMENTS 1 9 8 3 “ 8 75 0

4 0

3 0

20

10

01983 1984 1985 1986 1987

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Fabricated Metal Products (SIC 34)— Foreign direct Investment In the fabricated metal products industry rose almost 32 percent from 1986, thanks largely to overseas manufacturers following In the footsteps of major foreign automobile companies that have established operations In the United States. Twenty-five completed transactions were identified in 1987; 14 of them had a total value of $419.7 million. (Figure 17,)

Two Investments accounted for more than 50 percent of the total value. The largest was the $112.5 million acquisition of Smith & Wesson Corp., the famous 135-year-old firearms maker, by F. H.Tomkins PLC from Lear Siegler Holdings Corp. Smith & Wesson, of Springfield, Massachusetts, is the country's largest pistol manufacturer and its weapons are used by many law enforcement agencies, including 44 of the 50 state police forces. This purchase was the first major acquisition in the United States for Tomkins, a diversified British manufacturer of industrial and consumer products, controlled by Gregory Hutchings.

The second largest investment was the Budd Co.'s new $100 million plant in She 1byv111e, Kentucky. This stamping plant will employ 400 people and Is the largest plant Investment In recent years by the Budd Co., one of the nation's largest automotive parts manufacturers. Based In Troy, Michigan, the Budd Co. is a subsidiary of Thyssen AG of Duisburg, Hest Germany.

Three countries were the source of almost 70 percent of the transactions in this sector. Japanese firms with 10 transactions were the preeminent investors. Canadian companies accounted for four investments and German investors made three investments. Most of the investments (ten) were acquisitions. Other primary forms of investment were new plants (six) and joint ventures (two).

Almost half of the investments were in four subsectors. The most active area was automotive stampings (3465) which had six Investments, one-fourth of the Investments In the fabricated metal products sector. Japanese firms made five of the six Investments identified. Investments in the other subsectors were equally divided.- They each had two Investments: bolts, nuts, screws and rivets (3452); coating, engraving and allied services (3479); and small arms (3484).

Geographically, investments were concentrated 1n and around major automobile and automotive parts production centers. Ohio, Pennsylvania, and Tennessee each accounted for three Investments, while Indiana, Michigan, and New York had two each.

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Figure 17

NUMBER OF INVESTMENTS IN THE FABRICATED METAL PRODUCTS INDUSTRY,

NUMBER OF INVESTMENTS 1983-873 5

2 8

21

14

7

0

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Machinery, Except Electrical (SIC 35)— An economically rebounding machinery industry encourged foreigners to establish facilities here to take advantage of fluctuations in the exchange market and the stability of our economy. Foreign direct Investment in the machinery Industry Increased significantly 1n number of transactions and total value for 1987. (Figure 18.)

The industry experienced a 63 percent increase in case numbers over 1986 and more than a triple Increase in dollar value. OTIA recorded 105 completed transactions in 1987, 37 of them had a total value $2.1 billion, compared to 1986's 66 transactions, 34 known values totalling $599.2 million.

Forty-three percent <46 cases) of all transactions originated In Japan, with 15 values totalling $177.8 million. The United Kingdom was the second leading investor country with 16 transactions and values totalling $627.6 million, while the Netherlands was responsible for the single largest dollar value— $916 million.

The largest transaction 1n the machinery Industry was made by a privately held Dutch computer maker. Memorex International NV (Amsterdam) paid $911 million for a 90 percent Interest In Tulsa, Oklahoma-based Telex Corp., a manufacturer of computer terminals.

General Electric Co. PLC (GEC), a London-based multinational electronics concern, acquired Gllbarco Inc., Greensboro, North Carolina, for $250 million. Gllbarco makes gas station equipment.The acquisition will strengthen business relations between North Carolina and Great Britain.

Other transactions that exceeded $100 million follow:

• Inter-City Gas Corp., Winnipeg, Canada, bought Whirlpool Corp's He1l-Quaker Home Systems Division (Nashville,Tennessee) for $176 million. Heil-Quaker makes heating and cooling systems for commercial and industrial use.

• Emhart Corp. of Farmington, Connecticut, sold Its shoe machinery operations to Ableklnd Ltd., United Kingdom for $115 million.

• To expand and strengthen its position In the United States, a British aerospace, automotive, and industrial products producer, Lucas Industries PLC, paid $110 million for Western Gear Corp. Western Gear, headquartered in South Milwaukee, Wisconsin manufactures gears.

Foreign investment took place In 32 states, with California hosting 17 transactions; New York and Illinois, 8 each; North Carolina, 7; and Michigan, Ohio, and Tennessee, 5 each. Investments In these seven states accounted for more than 50 percent of the Identified transactions.

The electronic computing equipment (SIC 3573) subsector had the largest number of transactions with 26. Values were Identified for

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10 of them, totalling over $1 billion, and representing 47 percent of the total value. Japanese Investors were the most prominent with 12 transactions.

Figure 18

NUMBER OF INVESTMENTS IN THE MACHINERY INDUSTRY,

NUMBER OF INVESTMENTS 1 9 8 3 - 8 7

120

1 0 5

9 0

7 5

6 0

1 9 8 3 1 9 8 4 1 9 8 5 1 9 8 6 1 9 8 7

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Electric & Electronic Equipment (SIC 36)— Since the United States Is viewed as a stable country with great market potential, the electric and electronic equipment industry experienced a 73 percent Increase in foreign direct Investment activity and more than a threefold increase in value in 1987. OTIA Identified 103 completed transactions, values for 53 of them totaling $5.6 billion, compared to 1986 figures of 75 transactions, 37 values of $1.8 billion.(Figure 19.)

As in 1986, Japanese high-technology Investors continued to buy Into the electrical industry, with 49 transactions and aggregate value of $2.5 billion. The United Kingdom was the second leading Investor country with 23 transactions and $1.1 billion In total Investments. Japan and the United Kingdom investment activity In the Industry accounted for almost 70 percent of the total number of transactions.

The primary mode of investment In electronics was by acquisitions. More than half of the transactions (57) were foreigner Investors acquiring U.S. electrical/electronics companies. The establishment of new plants or plant expansions (20) was second, followed by new outlets/subsidiaries/offlces (19), equity Increases (4), and joint ventures (3).

On a regional basis, 25 states were recipients of foreign direct investment. Most notable were the states known for their high-tech areas: California with 25 transactions; followed by New York with 11; Illinois, 8; Florida, 7, and New Jersey, 6. Together they accounted for 65 percent of the total number of Investments.

The most active subsector in the electronics Industry was electronic components (SIC 3679) with 16 transactions; Investments were made principally by firms from the United Kingdom and Japan which had five transactions each.

Japanese investors were responsible for 9 of the 13 cases In the semiconductor and related devices sector (SIC 3674). Currently Japan has 49 percent of the worldwide market share In semiconductors, while the United States trails with a 38 percent share.

The radio and television transmitting, signaling, detection equipment and apparatus (SIC 3662) subsector also had 13 transactions. British Investors led with six acquisitions and one equity Increase.

Intent on making products in countries where they will market them, Japanese investors played a major role In the U.S. telephone and telegraph apparatus (SIC 3661) subsector. Of the nine transactions Identified in the wire telephone and telegraph equipment area, Japanese Investors acquired or established six new plants or outlets here.

A Japanese firm also made the largest Investment In this Industry in 1987. Sony Corp., one of the world's leading consumer electronics manufacturers, purchased CBS Records, the largest record company In the world, for $2 billion, from CBS Inc. This acquisition will enable Sony to expand its product range In the music business.

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The second third, and fourth largest Investments In this Industry sector came from France, the United Kingdom and the Netherlands, respectively.

Thomson SA, the large electronics company owned by the French Government, continued Its International expansion by acquiring GE s Consumer Electronics Division for $800 million. This acquisition leaves Zenith Electronics Co. as the only U.S. television manufacturer 1n this country.

British Investors strengthened their presence in the U.S. security systems Industry with a $715 million acquisition. ADT Inc., a New York-based manufacturer of electronic security systems, was purchased by an International services company, Hawley Group Ltd.

In an effort to consolidate Its operations, Dutch electronics concern, Philips NV, purchased the outstanding 42 percent publicly held Interest of Its U.S. subsidiary, North American Philips Corp., for $680 million. North American Philips, headquartered in New York, makes electronics, lighting and electrical products and 1s known for Its Norelco, Maganvox, Phi 1co and Sylvanla brand names.

Other noteworthy transactions In this Industry Include the following acquisitions :

BTR PLC, another British Industrial conglomerate, paid $200 million for Stewart-Warner Corp., Chicago, Illinois.Stewart-Warner makes electronic components.

The Herbert Quandt family of Bad Homburg, West Germany bought 97 percent of Data Card Corp for $174 million. The Minnesota company makes credit card equipment.

Landis & Gyr AG, Switzerland, a maker of heating, ventilating and air-conditioning controls, paid $132.5 million for Skokie!Ill nois-based Mark Control's MCC Powers Division, a manufacturer of Industrial temperature controls.

Despite a slump In the semiconductor market, Fujitsu Ltd throuahIts U.S. subsidiary, Fujitsu Microelectronics Inc. beqan‘construction of a $130 million semiconductors plant in GreshamOregon. Fujitsu Ltd., Japan's largest computer manufacturer is owned by Fuji Electric Co. Ltd. «'«"uracturer, is

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Figure 19

NUMBER OF INVESTMENTS IN THE ELECTRICAL INDUSTRY,

NUMBER OF INVESTMENTS 1983-87120

1 9 8 3 1 9 6 4 1 9 8 5 1 9 8 6 1 9 8 7

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Traninnrtflt1™ r.iiilpment (SrC 37)— Hoping that the United States is to support jet another a J S otlve manufacturer two Japanese

Full Heavy Industries and Isuzu Motors,' teamed up to for* r$405 Sin* Joint venture to produce cars and light trucks in Lafayette, Indiana. Japanese Imports accounted tor about 21 percentof the 10,277 auto sales In the United States during 1987Nevertheless,’ Volkswagen of West Germany announced plans to close its U.S. production plant in 1988.

OTIA Identified 45 foreign transactions during 1937 in this sector with values for 27 totalling nearly $1.5 billion. This was an Increase of more than 87 percent in the number of transactions Identified over 1936 while the Increase in Value was approximately 32 percent. (Figure 20.)

Much of the Increase In the number of transactions identified in this Industry came as Japanese parts manufacturers located here* to be near their end users, the Japanese auto manufacturers, who require timely and dependable deliveries.

Honda Motor Co. began a $450 million expansion of its Ohio engine assembly plant to Include engines, drive trains, suspensions and brake assembly for its automobiles manufactured here. Likewise, Toyota announced Its intension to expand its Kentucky plant to Include auto engines, front and rear axles, and steefrlng components.

Japanese Investors accounted for nearl'y 69 percent of the number of transactions (31) and 76 percent of toe known value. The United Kingdom had five transactions, one of which had a significant value. Owens Corning Fiberglass sold its Hitco Division to British Petroleum,' a subsidiary of the British Government, for $240 million. Hitco makes a wide range of aerospace products used in guided missiles. Other countries had three or fewer transactions.

r i ^ J 0^ Cal1f°[?1a !!1th s1x transact1ons, the Industry States h ™ ! J *f° be 1n the eastern and southern United Investments "a"ufacturers with Ohio gaining mostestablished’thlir « " ?re) ^ s years‘ 1nvestors frequently <9> However as 1tsK( and expanded existing facilities1n this Industrw lH! became more confident in U.S. suppliers

joint ventures with uysaCSSrt5ers6Ven U ‘S ' f1n"S comPleted seven

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Figure 20

NUMBER OF INVESTMENTS IN THE TRANSPORTATION INDUSTRY *,

NUMBER OF INVESTM ENTS 1983-8760 |----------------------------------------------------------------------------------------------------------------------------------

1 9 8 3 1 9 8 4 1 9 8 5 1 9 8 5 1 9 8 7

•SPECIALTY EQUIPMENT

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Instrument and Related Products (SIC 382— Building a U.S. production and distribution base continued to Influence foreign Investors 1n the Instruments and related products sector, who completed 40 transactions, with values for 18 totalling $1.7 billion. This was nearly twice the number of transactions Identified during 1986 and a 71 percent Increase In the value known. (Figure 21.)

Nearly 70 percent of the value came as Britain's Siebel PLC acquired Barber Colman, for $227 million and Ranco Co. for $150 million. Both U.S. companies manufacture automatic control devices. After an Initial Investment In Spectra-Physics nearly 2 years ago, Ciba Geigy of Switzerland acquired the outstanding 81 percent of this laser manufacturer for $310 million. Revlon solds its vision care division to Pllklngton Brothers PLC, England for $574 million. Panavision Inc., a California motion picture camera manufacturer and supplier, was acquired by Lee International PLC, England, for $150 million, and Konlshiraku Photos of Japan started construction on a $100 million plant In Greensboro, North Carolina to make photographic supplies.

Over half the transactions were from the United Kingdom and Japan, with 14 and 13 transactions, respectively. There were 23 acquisitions and mergers, and 8 new plant openings.

Figure 21

NUMBER OF INVESTMENTS IN THE INSTRUMENTS & RELATED PRODUCTS INDUSTRY,

NUMBER OF INVESTMENTS 1983“875 0

4 0

3 0

20

10

1 9 8 3 1 9 8 4 1 9 8 5 1 9 8 6 1 9 8 7

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Communications (SIC 48)— Foreign firms, looking at potential markets In the United States as part of their worldwide push toward global communications networks, increased direct Investment in this Industry 66 percent over 1986. (Figure 22.) Five transactions, three with values worth $135.5 million, were identified.

The largest transaction was a joint telephone communications venture linking the United States, via Oahu, Hawaii, to Japan and Guam. Japan's Kokusai Denshin Denwa Co. (KDD) is the second largest partner with a 21 percent share of the project, worth $126 million. American Telephone & Telegraph Co., the primary investor, owns 56 percent of the $600 million venture.

In 1987 Japan, with three transactions, was the leading source country. Canada and Italy each accounted for one transaction. Two of the transactions were acquisitions. One transaction was recorded in each of the following categories: joint venture, new subsidiary, and office expansion. Most of the investments (4) were equally divided between two subsectors: telephone communications and television broadcasting. There was one investment in the cablevision Industry.

Figure 22

NUMBER OF INVESTMENTS IN THE COMMUNICATIONS INDUSTRY,

NUMBER OF INVESTM ENTS 1983“87

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Electric. Gas and Sanitary Services (SIC 49)— A growing number of foreign firms, attracted by prospects for rapid expansion, have begun Increasing Investment In the electric, gas and sanitary services sector. There were 14 transactions Identified in 1987, more than double those of the previous year. (Figure 23.) Six transactions had a total value of $109.8 million.

The largest investment accounted for almost 73 percent of the total value. It was the $80 million acquisition of Mid-Louisiana Gas Co.. the New Orleans-based Interstate pipeline subsidiary of Tenneco Inc., by Hintershall Corp. of Denver, Colorado. Wintershall is the oil and gas exploration subsidiary of Wintershall AG, Kassel, West Germany, a member of the BASF Group. Included In the sale were natural gas-producing properties in the Monroe gas field In northeastern Louisiana.

Two source countries accounted for most of the investment in this sector. Canada ranked first with six transactions followed by the United Kingdom with four transactions. West Germany, with two transactions, was in third place.

The two primary modes of Investment were acquisitions (10) and joint ventures (3). Investments were made throughout the sector but concentrated In two subsectors: sanitary services (9) and gas production and distribution (3).

The most prominent Investor In the sanitary service sector was Laldlaw Transportation Ltd., a Canadian transportation services and waste management services firm, controlled by Michael G. DeGroote. Through Its U.S. subsidiary, Laldlaw Industries Inc., the Canadian firm acquired two chemical waste service companies and three solid waste removal companies In the United States via four investments.

^nrfAJhhIc5H°ni1n!nt 1nvestor 1n sanitary services was Atwoods PLC, a S WSk 1,no!gement serv1ces which entered the U.S.

i t l I I \ Atwoods' three 1987 acquisitions brought

85 d5?m 1? thrBH??IhefJem?Vai c?mpan1es ,n south F1or1da wherebs percent of the British firm's business Is centered

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Figure 23

NUMBER OF INVESTMENTS IN THE ELECTRIC, GAS & SANITARY SERVICES INDUSTRY,

NUMBER OF INVESTM ENTS 1983-8720

16 -

12 -

8 -

4 -

1 9 8 3 1 9 8 4 1 9 8 5 1 9 8 6 1 9 8 7

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Retail Trade (SIC 52-59)— The size of the U.S. retail market, the Initial small start-up required for sales outlets as compared to that of manufacturing facilities, and the diversity of the market continued to appeal to European investors.

Investment transactions in this Industry Increased about 37 percent over 1986; however, there was a decrease of about 77 percent in the reported dollar value. OTIA Identified 97 transactions, with values known for 20 amounting to $1.2 billion. (Figure 24.)

Unlike last year, there was no single billion dollar transaction.There were, however, some transactions of significant value. The Dixon Group of Britain acquired Cyclops Corp., a Pittsburgh lumber and other building materials company,for $384 million. J. Sainsbury PLC, London, acquired tjhe ^remaining 50 percent of Shaw Supermarket it did not already own for $261.5 million. The Ratner Group of London acquired Sterling Inc., an Ohio jewelry chain,for $210 million. The Tenglemann Family, West Germany, through It 52 percent interest in A&P, acquired 52 percent of the Waldbaum Grocery chain for $149.2 million. Network Security Corp. was acquired by Inspectorate International of Switzerland for $105 million, and Safeway sold Its California Liquor Barn chain to Majestic W1ne Warehouse of the United Kingdom for $100 million.

U.K., Swiss and German Investors provided over 94 percent of the value, while Japanese, Investors with the most transactions (27), accounted for only 2 percent of the value.

Investors from the United Kingdom completed 22 transactions with over 76 percent of the value.

Generally, foreign Investors In this Industry begin by establishlna small retail outlets-there were 52 in 1987. Nearly 80 percent of the value In this sector, however, came from acquisitions/mergers, of which there were 4. Specialty women's apparel stores attracted most

J!in5fn« ! y 9T ery St?re chains and restaurants, while

r £ 9mr a' ’ erchand,se stores accou"tedNew York was the primary entry point for Investment this industry- it had 27 transactions. California was in second place with 17Investment transactions. The remaining investments in this Industry were spread among 24 other states. mausiry

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Figure 24

NUMBER OF INVESTMENTS IN THE RETAIL TRADE INDUSTRY,

NUMBER OF INVESTM ENTS 1983-87100

9 0

8 0

1 9 8 3 1 9 8 4 1 9 8 5 1 9 8 6 1 9 8 7

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Banking (SIC 60>— During 1987 there were 14 Identified transactions In the banking sector, 6 of which had reported values totalling $1.6 billion. The sector was dominated by the $820 million acquisition of First Jersey National, New Jersey, by Britain's National Westminster Bank Group, and the $756 million purchase by the Hong Kong Shanghai Banking Corp. of the shares of Marine Midland Banks Inc., Buffalo,New York, that 1t did not already own. (Figure 25.)

Japan accounted for six Investments, Hong Kong for two, and six other countries, Indonesia, Australia, the United Kingdom, Italy, Saudi Arabia, and the Netherlands Antilles for one each.

Figure 25

NUMBER OF INVESTMENTS IN THE BANKING INDUSTRY,

NUMBER OF INVESTMENTS 1 9 8 3 - 8 7

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Services (SIC 72-89)— The need to become global and the declining dollar encouraged foreign investors wishing to enter into or expand 1!! Jh5 servlc?s industry. OTIA Identified 141 transactions of which 44 had a total value of more than $3.8 billion. While the value increased more than three fold over 1986, the number of transactions identified increased about 37 percent. (Figure 26.)

Substantial interest in the business services sector was directed at employment agencies (temporaries most often), one of the fastest growing service Industries in the country. Foreign Investors took advantage of many opportunities as U.S. companies cut costs by avoiding benefit payments to full-time employees, not just In traditional secretarial jobs but in a wide variety of professional jobs as well. There also has been a steady flow of Interest by foreign Investors in advertising agencies, public relations, and consultant firms, as well as information gathering services (software).

The largest transaction in this industry took place when Blue Arrow PLC, England, acquired Manpower Inc., the world's largest temporary employment agency for $1.3 billion. Other transactions with significant values were Thorn EMI PLC's, $594 acquisition of Rent-A-Centers, a Kansas lessor of household goods, and WPP Group PLC's $566.6 million acquisition of J. Walter Thompson, a New York advertising agency. Both foreign investors are from the United Kingdom. In another transaction, Compagnle des Machines Bull, controlled by the Government of France, and NEC of Japan, paid $527 million for 58 percent of a computer information service, Honeywell Information Systems. MachlnesBull has a 43 percent interest and NEC has 15 percent. Finally, Britannia Holding PLC, England, acquired Alexander Proudfoot, a Florida management consultant firm, for $200 million. The British advertising agency Saatchi and Saatchi PLC was very active this year completing.nearly a dozen transactions in the industry.

British investors accounted for $3 billion* or 79 percent of the total value. They also made the most investments (58). Japanese Investors were second with 33 transactions; however, only six known values had a total of $57.7 million. There were 74 u ojtacquisition/mergers and 40 new facilities established of which 34 were in California and 29 1n New York. Investments were also completed In another 25 states.

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Figure 26

NUMBER OF INVESTMENTS IN THE SERVICES INDUSTRY*,

NUMBER OF INVESTMENTS 1983-87150

125 -

100 -

75

50

25 h

1 9 8 3 1984 1985 1986 1987

♦EXCLUDES HOTELS & OTHER LODGING

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Real Property

Foreign Investors were identified In 1987 as having concluded 108 transactions in the commercial real estate sector, and a further 23 transactions in the hotel Industry (SIC 70). (Purchases of agricultural land and individual residential real estate units are not included in this report.) Of the total 131 investments, 98 had known values totalling $7.3 billion, with 21 valued in excess of $100 million. These 21 accounted for an aggregate value of $5.6 billion, just over 76 percent of the total value. (Figure 27.)

The Japanese were the most active investors in this sector for the third year in a row. During 1987, 75 Japanese investments were Identified, with 50 values totaling $5.7 billion, 77 percent of the total aggregate value. The Citicorp building in New York City was acquired by Japan's Dal-Ich1 Mutual Life Insurance Co. for $670 million; 1000 Wllshire Blvd. 1n Los Angeles was bought by Sumitomo Life Insurance Co. at a cost of $560 million; Sumitomo Real Estate Development Co. paid $500 million for 666 Fifth Avenue, New York City; and, with an estimated $750 million, A0KI Corp. participated in the acquisition of the Westin Hotels and Resorts chain of Seattle.

The Japanese far outdistanced other foreign Investors, with the British coming second with $356.9 million Invested, and the Dutch third at $276.7 million.

Hotels were popular, as 23 Instances of foreign Investment In this area were Identified. There were, of course, more than 23 hotels acquired— all the hotels 1n the Westin Hotels and Resorts chain, for Instance, as mentioned above, as well as the seven Holiday Inns, essentially in the Southeast, acquired by BASS PLC of the United Kingdom for $175 million. Nearly half (11) of the Investments were made by Japanese.

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- 8 0 -

Figure 27

NUMBER OF INVESTMENTS IN THE REAL PROPERTY INDUSTRY *

NUMBER OF INVESTMENTS 19 83“87200

150 -

100 -

50 -

1983 1984 1985 1986 1987

"INCLUDES HOTELS & OTHER LODGING

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APPENDIX A

LISTING OF INVESTMENT TRANSACTIONS

BY

STANDARD INDUSTRIAL CLASSIFICATION (SIC)

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I c

♦ + * * 1> + f *

* > *■ *

T + + * + » + * + + * * + * * * * * * * + * * * t * * * * * * * * * * * * * * * * * * * * * * * + * * * * f + + + * * *

A M E R I C A S TOWERSA MM E R S E E ON THE Cm A T T a m GGCm I EA P A R T M E N T B l DGA P A R T M E N T BLOGA V E N T I N EA V O N D A L E C EN T E RB A N Y A N G O L F C L U BB O I S E C A S C A D E B LDGC A L I F O R N I A BANK BLDGC AL U S A C OU N T R Y CLU BC A ME L B A C K E S P L A N A D ECAMP C R E E K B U S I N E S S CTRC I T I C O R P B LD GC OC ON U T I S L A N DC O M M E R C I A L P O I N T S H O P P I N G C E N T E RC OM MO N WE AL T H B L D GC O N D O M I N I U M BLDGC O N D O M I N I U M DEVD A L L A S M A R K E T C E N T E RE AT ON S QU A RE S H O P P I N G C E N T E RE X C H A N GE B l DGF I V E H I N D R E D B O Y L S T O NF R E E D O M TOWERG R E N E L E A F R E S O R T & C O N F E R E N C E CTR H A R BO R BAY C O M M U N I T Y H I L L C R E S T C E N T R E

US FIRM NAME

N E W Y O R K F U L T O N C O S A C R A M E N T O H O N O L U L U l a j C l l a C h i C A u G n l l GP G R T L A N D L O S A N G E L E S S . D A D E C O P H O E N I X E A S T P O I N T N E W Y O R K O A H UBROWARD COR O S S L Y NH O N OL U L UM AU ID A L L A SH O N OL UL UP O R T L A N DB O S T O NM I A M I

SAN F R A N C I S C O NEWBURY PARK

LOCATION

NY K U M A G A I G U M IGA T H Y S S E N R H E I N S T A H L T E C H N I K ET ALCA H O P E W E L L H O L D I N G SHA T O K A I U N I V E R S I T YCA S H I M I Z U C O N S T R U C T I O N CO L T D E T ALI L U N I D E N T I F I E D I N V E S T O RHA N AKANO CORPOR C O M M E R C IA L S E C U R I T I E S L T DCA T O S H I U CORPF L N I C H O N KOWA COA 2 S H I M I Z U LA N D CORPGA L A I N G P R O P E R T I E SNY D A I - I C H I M U T U A L L . I . COHA K A W A G U C H I , K A T S U H I R OF L M A R R E S S E , M I C H A E LVA L A D B R O K E SHA N A G A S A K I L U C K Y S H O J I CO L T DHA O H B A V A S H I CORPTX D A I - I C H I M U T U A L L . I . C .HA K A W A G U C H I , K A T S U H I R OOR C O M M E R C IA L S E C U R I T I E S L T DMA PGGM P E N S I O N FU N D SF L D A H L A W I F A M I L YF L S P O R T S S H I N K O COCA M I T S U I & COCA P U L T U S K I E R , J O S E P H

TS FOREIGN INVESTOR

■* * * + H U D SO N R I , ER C E N T E R NEW YORK NY GOMES DE A L M E I D A , F E R N A N D E S E* * * * I R V I N E C O M M E R C I A L C E N T E R I R V I N E CA SHUWA CORP* * + * J . M A G N I N BLDG B E V E R L Y H I L L S CA U N I D E N T I F I E D I N V E S T O R* * J U D I C I A R Y C E N T E R W A S H I N G T O N DC KONDO B E S E K I* * * * K A L U A K O R E S O R T M O L O K A I HA T O K Y O KOGYO CO L T D* * * * K I N G S B R O O K C OU N T R Y E S T A T E S L A W R E N C E V I L L E N J T R A F A L G A R H O U S E GR O UP* * * * K I N G S P L A C E C O N D O M I N I U M B LDG HA M I T S U G I C OR P* * * * LA C O L O N N A D E B E V E R L Y H I L L S CA C H I Y O D A T R A D I N G CO* * + * L A K E P AD R E D E V E L O P M E N T C OR P U S C H R I S T T X U N I O E N T I F I E D I N V E S T O R S* * * * LA N D H A R T F O R D CT F L I C H Y . G U Y F . E T A L* * * # LA N D OAHU HA D A I - I C H I R . E . C O* * * * L A N D W A S H I N G T O N DC K U M A G A I G U M I* * * * LA N D C H A R L O T T E NC U . K . I N V E S T O R S* * * * L A N D ( 2 0 . 5 A C R E S ) SAN B E R N A R D I N CA C O S T A I N GR O UPV * * * L A N D ( 2 9 0 0 A C R E S ) OAHU HA S A N K Y O T S U S H O CO L T D* * * * L A N D ( 4 9 . 9 A C R E S ) M A U I HA K U M A G A I G U M I* * * * L A N D ( 5 0 0 A C R E S ) W A I K ANE V A L L Y HA U N I D E N T I F I E D I N V E S T O R* * * * LA N D ( 6 9 A V R E S O S . S E T A U K E T NY C A R R E F O U R SA* * * * L A N D ( 7 7 A C R E S ) F U L T O N CO GA C I B A - G E I G Y C OR P* * + * LY NWOOD P L A Z A V I R G I N I A BCH VA S I E M A N S AG* * * * M A N H A T T A N TOWER M I A M I B EA C H F L C E N T R A L W E S T E R N H O L D I N G S L T D* * * * M U L H O L L A N D E S T A T E S D E V S H E R MA N OA K S CA U N I D E N T I F I E D I N V E S T O R S* # * * M U L T I - U S E P R O J E C T O A K L A N D CA C H A N , LA W R E N C E E T A L* * * * M U L T I - U S E P R O J E C T A T L A N T A GA LO N D O N & L E E D S E T A L* * * * O C E A N V I E W C E N T E R HA H A SE G A W A K O M U T E N CO L T D* * * * O F F I C E B LD G P A L M S P R I N G S CA Y O S H I D A K O S A N CO L T D+ * * * O F F I C E B L D G D A L L A S T X M A T S U S H I T A K O S A N CO L T D* * * * O F F I C E B L D G L OS A N G E L E S CA M I T S U I F U D O S A N* * * * O F F I C E B L D G VA C . I T O H 8c CO E T A L* * * * O F F I C E B L D G O N T A R I O CA M A T S U B A R A C O N S T R U C T I O N CO

T Y v a l u e N A T N A L T Y

PE JARE GERE t 5 ., u HKRE } . G JARE 1 5 5 . 0 JARE 4 7 . 5 JARE JARE NZRE 1 1 . 3 JARE 5 . 5 JARE 2 0 0 . 0 JARE 7 5 «, 0 UKRE 6 7 0 . 0 JARE 8 . 5 JARE 3 . 9 CARE UKRE 7 ., 1 JARE J ARE 2 0 0 .. 0 JARE J ARE NZRE 1 7 0 .. 0 N LRE 7 . , 5 SARE JARE 3 ., 0 J ARE 5 ,. 0 GE *RE BRRE 1 0 .. 9 JA gRE 7 . , 5 J A MRE 8 6 . , 0 J A |RE 3 5 , . 0 J ARE UKRE 7 , . 8 J ARE T 6 ,. 0 J ARE 2 , . 0 GERE 2 . 5 FRRE 6 6 . . 0 J ARE 7 ,„ 3 J ARE Q ,. 4 UKJ V UKRE JARE 5 0 , . 0 JARE 8 ,. 0 J ARE 18 . 0 FRRE 6 . 0 SZRE 9 ,. 5 GERE 1 0 , . 0 CARE HKRE 2 0 0 , . 0 HKRE UKRE 1 1 ,. 0 JARE 6 . 0 J ARE 1 3 , . 3 JARE 2 0 0 ,. 0 J AR E JARE 8 !, o JA

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1987 FOREIGN O I R E C T I N V E S T M E N T T R A N S A C T I O N S , COMPLETE. BV SIC

S I C U S F I R M N AME L O C A T I O N T S

* * * * O F F I C E B L D G S L O S A N G E L E S CA* * ¥ * O F F I C E B L D G S W A S H I N G T O N DC1 * »: * O F F I C E B L D G S ( 2 ) M I A M I F L

O F F I C E B L D G S ( 2 ) T O R R A N C E CA* * * * O F F I C E P A R K Q U I N C Y MA♦ ♦ * * O N E W A S H I N G T O N M A L L B O S T O N MA* ¥ * * O N E W E STW O O D WESTWOOD CA4 4 * * P A L I S A D E S A T L A N T A GA

P A V I L I O N T O W E R S A U R O R A CO+ * * * P H A S E S I I & I I I A T C I T I C O R P L OS A N G E L E S CA* 4 * * P H I L L I P S E S T A T E W A S H I N G T O N DC* * * * P L A Z A W E S T R O S S L Y N VA* * t * P L U M C R E E K C A S T L E ROCK A Z¥ * * * P R O F E S S I O N A L B L D G L OS A N G E L E S CA* * * * P R U D E N T I A L P L A Z A B L D G S C H I C A G O I L* * * * Q U A K E R TOWER C H I C A G O I L

R E T A I L C E N T E R F O R T WOR TH T X* * * * R O B E R T O O L L A R B L D G SAN F R A N C I S C O CA* * * * S H O P P I N G C E N T E R EDGEI VATER N J* * * * S H O P P I N G C E N T E R L OS A N G E L E S CA* 4 * * S H O P P I N G C E N T E R TI JC K AH O E NY* * 4 * S H O P P I N G C E N T E R S ( 5 ) UN« A t * S O M E R S E T C O U R T W A L T H A M MA

S U M M I T A T S O U T H L A K E MORROW GA+ * * * S U N N Y M E A D R A N C H OR A N GE CO CA* * * # S U N N Y S I D E P L A Z A C L A C K A M A S CO OR4 * * * T H E B A B Y L O N M I A M I F L-*• *• * * T H E C R O S S I N G S MESA AZ* *• T H E E N C L A V E H O L L Y W O O D CAw * * * T O S E I O F F I C E B L D G H O N O L U L U HA* 4. * * TWO P R U D E N T I A L TOWER C H I C A G O I L* + * * U . S . N E W S & WO R LD R E P O R T B L D G W A S H I N G T O N DC* ♦ *• * U N I O N S T A T I O N A P T S U N I O N C I T Y GAI * * * W E S T C O U R T I N T H E B U T T E ^ T E M P E A Z* 4 + * W E S T E R L Y P L A C E N EW P O R T B E A C H CA* 4 * * W E S T W 1 N D B U S I N E S S PARK SONOMA CO CA* * * * W I L C O X B L D G P O R T L A N D OR¥ * * * 1 0 0 W I L S H I R E B L V D S A N T A M O N I C A CA+ 4 4 * 1 0 0 0 W I L S H I R E B L V D l GS A N G E L E S CA* * * * 1 0 1 C A L I F O R N I A ST SAN F R A N C I S C O CA4 * * * 1 0 1 N . W A C K E R DR C H I C A G O I L4 * * * 1 4 5 5 E . B U R N S I D E RD GR E S H A M OR* # * * 1 8 2 1 D Y E R ROA D S AN TA ANA CA♦ * * * 2 0 2 5 M S T NW W A S H I N G ~ O N DC* * * * 2 2 5 W. WACKER D R I V E C H I C A G O I L★ * * * 2 6 5 F R A N K L I N S T B O S T O N MA* 4 4 # 2 7 0 0 Y G N A C I O RD WA L N U T C R E E K CA

3 H U T T O N C E N T E R DR SANTA ANA CA4 6 1 F I F T H A V E N U E NEW Y OR K NY

* * * * 6 1 1 M O N TG O M E R Y ST SAN F R A N C I S C O CA* * * * 6 2 1 S . W . A D L E R B L D G P O R T L A N D OR# 4 4 * 6 6 6 F I F T H A V E N U E NEW YORK NYu 1 7 3 U N I D E N T I F I E D A L M O N D ORv. nARD P I X L E Y CA*) 1 7 4 P A N A D O L ' S C I T R U S GROVE D E L A N O CA<>181 S A K A T A S E E D CO MORGAN H I L L CAfJ 1 9 1 ROHM & H A A S ' S E E O B U S . P H I L A D E L P H I A PA

*

F O R E I G N I N V E S T O R

SHUWA C O R P S U M I T O M O L . I . C .S A N S E I CO L T D M A R U C H A N I N C U N I D E N T I F I E D I N V E S T O R S U N I D E N T I F I E D I N V E S T O R B U R N E T T & H A L L A M S H I R E GR O UP PGGM P E N S I O N F U N D S C H I E M O R I KOGYO CO L T D M I T S U B I S H I R E A L E S T A T E CO L T D H A R I R I , R A F I K L A D B R O K E SBA N K O F N O V A S C O T I A G I N G I I N V E S T M E N T CO E T A L N I P P O N L . I . C .B C D E D E V E L O P M E N T S C OR P U N I D E N T I F I E D I N V E S T O R S K U G A V A S H O J I CO L T D V A O H A NK A T A O K A & CO L T D D A I - I C H I F U D O S A N CO L T D C A M P E A U COR PL O N D O N & E D I N B U R G H RE D E V CO C . H . B E A Z E R H O L D I N G S L E S N O U V E A U X C O N S 'T R U C T E U R S SA GR E YM OR D E V E L O P M E N T V E N E Z U E L A N R . E . C O T A I V O R . E . C O . L T D .C H I T A K A I N T ' L FO O D S CO T O S E I S H O J I CO L T D N I P P O N L . I . C .SHUWA C OR P GERMAN I N V E S T O R SS H I M I Z U G E N E R A L C O N S T R . CO ET A L SHUWA C OR P B O N D I t G E O R G I O C O M M E R C I A L S E C U R I T I E S L T D A S A H I U R B AN D E V CORP S U M IT O M O L . I . C .N I P P O N L I F E I N S CO D A I - I C H I M U T U A L L . I . C .J A L L A D , MAMOOR HA SEGA W A K O M U TEN D A I - I C H I M U T U A L L . I . C .T A I S E I C OR PSHUWA T R U S T COM I T S U I FU D O S A NN A N S A Y CORPM I T S U I RE D E V CO L T DU N I D E N T I F I E D I N V E S T O RC O M M E R C IA L S E C U R I T I E S L T DS U M IT O M O R E A L T Y & D E V E L O P M E N T COH O K U R I K U COCA COLA B O T T L I N G COU N I D E N T I F I E D UK I N V E S T O R SS A K A T A S E E D CO L T DKWS K L E IN W A N Z E B E N E R S A A T Z U C H T AG

T Y V A L U E N A T N A L T Y

RE 1 0 0 . 0 JARE 2 2 5 . 0 J ARE J ARE 8 . 5 J ARE 5 0 . 0 KURE 3 6 . 0 JARE 5 0 . 0 UKRE 2 5 . 0 N LRE 1 2 . 8 J ARE J ARE 1 3 . 0 SARE 6 7 . 0 UKRE 1 8 . 5 CARE J ARE JARE CARE 0 . 9 HKRE 21 . 0 JARE 1 0 . 0 JARE 1 5 . 0 JARE JARE 2 0 0 . G CARE 2 . 5 UKRE 4 5 . 0 UKRE FRRE CARE VERE 3 0 0 . 0 JARE 7 . 5 JARE 2 0 . 0 JARE JARE 8 G . 0 J ARE a .9 GERE 3 5 . 0 JARE 2 5 . 5 JARE I TRE NZRE 7 0 . 0 JARE 1 4 5 . 0 JARE 5 6 0 . 0 JARE JARE 0 . 5 SvRE 1 1 . 0 JARE 4 6 . 4 JARE 5 0 . n JA

RE 1 0 0 . 0 JARE 1 6 . 3 JA

RE 4 2 . 5 JARE JARE 7 5 . 0 HKRE 3 . 3 NZRE 5 0 0 . 0 JAAM 1 . 2 JAAM UKNPAM

3 . 5 JAGE

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S I C US F I R M NAME L O C A T I O N TS

0 2 4 1 M A S S T O C K I N T L C O R D E L E GA1 0 1 1 A R A B I A N S H I E L D D E V E L O P M E N T CO D A L L A S T Xi o n M . A . HAN NA CO C L E V E L A N D OH1 0 2 1 BP M I N E R A L S A M E R I C A S A L T L A K E CTY UT1 0 2 1 MO N T A N A R E S O U R C E S M I N E S ( 9 ) B U T T E MT1 0 2 1 NEWMONT M I N I N G CORP NEW YORK NY1 0 3 I Rc.l< DOG M I N E AK1 0 4 1 GO L D S T A N D A R D I N C S A L T LA K E CTY UT1 0 4 1 H I L L T O P GO L D P R O P E R T Y LA N D E R CTV NV1 0 4 1 K E N S I N G T O N G O L D P R O P E R T Y J U N E A U AK1 0 4 1 K E T T L E R I V E R P R O J E C T F ERRV C O U N T Y WA1 0 4 1 L A C A N A GOLD I N C NV1 0 4 1 N I P P O N M I N I N G OF N EV A D A L T D RENO NV1 0 4 1 R OU N D M O U N T A I N GO L D M I N E NYE C O U N T Y NV1 0 4 1 S T J O E GO L D CORP C L A Y T O N MO1 0 4 1 W E S T E R N GO L D E X P L O R A T I O N & M I N I N G CO D E N V E R CO1 0 4 1 Z A C A P R O P E R T Y RENO NV1 0 4 4 G R E E N S C R EE K M I N E AK1 0 4 4 S I L V E R H I L L M I N E D E N T O N NC1 0 9 4 R E S E R V E O I L & M I N E R A L S CORP A LB E Q U E R Q U E NM1 2 1 1 E A S T E R N GAS & F U E L A S S OC COAL P R O P E R T I E S WV1 2 1 1 H E N D R I X T R A C T S LETCHER CTY KY12 11 R O C K Y MT E N E R G Y C O / I D E M I T S U KOSAN JV ANCH ORA GE AK1 2 1 1 W E S T M O R E L A N D C O A L CO P H I L A D E L P H I A PA1 3 11 A M O C O / J A P E X O I L E X P L O R A T I O N V E N T U R E GULF OF MEX LA1 3 1 1 C H EV R O N U $ A I N C / N I P P O N O I L CO V E N T U R E CA1 3 1 1 D R X I N C DENVER CO13 11 E X P L O R A T I O N OF L O U I S I A N A I N C ' S P R O P S LA1 3 11 F O R E S T O I L C O R P ' S WE LLS T X1 3 1 1 H A R K E N O I L & GAS I N C BEDFORD T X13 11 NEW P A R A H O C O R P ' S P R O P E R T Y R I O B L A N C O CO1 3 1 1 O I L L E A S E S ( 8 4 ) GULF OF MEX LA1 3 1 1 O X OC O I N C HO USTON T X1 3 1 1 T A U R U S P E T R O L E U M I N C DENVER CO13 11 T E X A C O / N I P P O N O I L CO VENTURE GULF OF MEX LA13 11 T E X A C O / P E T R O B R A S O I L VENT URE GULF OF MEX LA1 3 1 1 T E X A S I N T E R N A T I O N A L C O ' S O I L / G A S A S S E T S T X1 3 1 1 T R I T O N E N E R G Y CORP D A L L A S T X1 3 1 1 T R I T O N E N E R G Y CORP D A L L A S T X1 3 1 1 U N I O N T E X A S P E T R O L E U M HOLD. INC'S PROPS. T X13 11 U N I O N T E X A S P E T R O L E U M / NESTE OY VE NT URE PERM IAN BASIN ND13 11 V A L E X P E T R O L E U M I N C DE NVER CO1 3 1 1 W O O D B I N E P E T R O L E U M I N C DA LLAS TX1 3 8 2 E N E R G Y V E N T U R E S I N C H OU S T O N TX1 3 8 2 G O L D K I N G C O N S O L I D A T E D INC DENVER CO1 3 8 9 K E N C O P E E N E R G Y COS SAN A N T O N I O T X1 3 8 9 P E N GO W I R E L I N E FT W O RTH T X1 4 4 2 A M E R I C A N A G G R E G A T E S CORP G R E E N V I L L E OH1 4 4 2 0 O O R H E I M - F I E L D S I N C P O w D E R L Y T X1 4 4 2 C A L M A T CO LOS ANG ELES CA1 4 4 2 J . L . S H I E L Y CO ST P AU L MN1 4 5 5 E N G E L H A R D C OR P GO RD ON GA1 4 9 9 P E A T A S S O C I A T E S OF AMERICA AIT KI N MN1 5 2 1 A - M H OM E S SANTA BAR BARA CA1 5 2 1 D O R I C / M I T S U I J V A L A M E I D A CA1 5 2 1 I O M / K G W A B U S S A N JV W E S T L A K E VILL CA

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F O R E I G N I N V E S T O R TY V A L U E N A T N A L T Y

M A S S T O C K I N T L OT 6 . 0 E lA L Z U H A I R , HARB S A L E H E l 2 . 0 SAB R O N F M A N . EDWARD & P E T E R E l 2 2 . 1 CAU N I T E D K I N G D O M , G O V ' T OF OT UKU N I D E N T I F I E D A U S T R A L I A N I N V E S T O R S AM 0 . 2 ASO P P E N H E I M E R , H AR R Y F . & F A M I L Y E l 1 5 5 1 . 0 SOC A N A D I A N P A C I F I C L T D J V CAS A A D I E N , RAY AM 1 . 8 CAB R O N F M A N , P E T E R & EDWARD J V 1 . 3 CAECHO BAY M I N E S L T D J V 1 0 . 0 CAECHO BAY M I N E S L T D OT 2 . 5 CAI N T E R N A T I O N A L CORONA R E S O U R C ES L T D E l CAN I P P O N M I N I N G L T D OT JAECHO B A Y M I N E S L T D OT 7 0 . 0 CAB O N D , A LA N AM 5 5 1 . 0 ASO P P E N H E I M E R , H AR R Y F . & F A M I L Y OT 8 0 . 0 SOC A L I F O R N I A GOLD M I N E S L T D OT 1 2 . 0 CAU N I T E D K I N G D O M , G O V ' T OF J V UKN I A G A R A C A P I T A L CORP OT 1 . 3 CAB R I E R L E Y , R O N A L D E T AL E l NZO P P E N H E I M E R , H A R R Y F . & F A M I L Y AM SOV EB A AG AM 3 ., 5 GEI D E M I T S U K OS AN CO L T D J V J AV E B A AG E l 2 8 ,. 1 GEJ A P A N , G O V ' T OF JV 1 4 .. 3 JAN I P P O N O I L CO L T D J V 1 0 0 , . 0 JAU N I T E D G U A R A N T E E PLC AM 0 , . 5 UKP E T R O F I N A SA AM 6 4 . 8 BEF R A N C E , G O V ' T OF AM 1 5 . 3 FRT RA C O I N T E R N A T I O N A L NV E l 1 7 . 5 SAR O Y A L D U T C H S H E L L GR OUP AM 3 7 . 0 NLR OY A L D U T C H S H E L L GR OUP AM 5 6 . 0 NLP H O E N I X V E N T U R E S SA AM 2 . 8 BFC O R N I S H . B R I A N E . E T AL AM 0 . 4 ASN I P P O N O I L CO L T D J V 1 0 0 . 0 JAB R A Z I L , G O V ' T OF J V 1 0 . 0 BRF R A N C E , G O V ' T OF AM 1 2 0 . 0 FRY U N G H A N N S , P E T E R N . E l 1 . 2 ASB R I E R L E Y , R O N A L D E T A L E l 5 . 6 NZR O Y A L D U T C H S H E L L GROUP AM 8 3 . 0 NLF I N L A N D , G O V ' T OF J V F IP A R G E S A E l BEMOAGE L T D E l ASS I D A W I , R A J A AM 0 . 9 AUW O H N L I C H , M A R T I N J . AM SZNEW L ON D O N O I L PLC AM 5 . 6 UKJ OH N WOOD G R O UP P L C AM UKO P P E N H E I M E R , H A R R Y F . & F A M I L Y AM 2 4 2 . 0 SOC E M E N T - R O A D S T O N E H O L D I N G S L T D AM E lB R I E R L E Y , R O N A L D A . ET A L AM 1 1 0 . 4 NZE N G L I S H C H I N A C L A Y S PLC AM 7 3 . 0 UKO P P E N H E I M E R H AR R Y F . & F A M I L Y PE 2 4 . 0 SOF I T Z G E R A L D . R E G I N A L D ET AL OT UKJ E N N I N G S I N T ' L L T D AM 3 0 . 0 ASM I T S U I & CO L T D J V J AKOWA B U S S A N E T A L J V JA

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1987 FOREIGN OIRECT" INVESTMENT TRANSACTIONS. COMPLETE. BY SIC

S I C U S F IR M N A M E L O C A T IO N

• 5 2 1 P A S S A M A Q U O D D Y H O M ES J V 1 5 2 1 R A L P H S Q U IR E S H O M E S 1 5 2 ! R A N O A L L P H I L L I P S B U IL D E R S IN C 1 5 2 1 W E S T R E N D HOM E'S J V1 5 4 1 D IL L IN G H A M C O N S T R U C T IO N C O R P1 5 4 2 E M E R A L IN C1 5 4 2 P R I N C E V I L L E D E V E L O P M E N T CO1 5 4 2 S O L T E IN C1 5 4 2 T E C H -H A U S IN C1 6 1 1 B L Y T H E IN D U S T R IE S IN C1 7 3 1 C O M S T O C K G R O U P ' IN C1 7 3 1 N A S A E L E C T R IC A L S E R V IC E S2 0 2 2 B E S N IE R A M E R IC A N IN C2 0 2 2 D A IS Y F R E S H C O R P2 0 2 2 I N T L C H E E S E CO IN C2 0 2 6 F O R E M O S T D A I R I E S2 0 2 6 Q U E E N S FA R M S D A IR Y2 0 2 6 T U S C A N D A IR Y FA R M S IN C2 0 3 2 J O H N L A B A T T F O O D S2 0 3 3 C A P R I S U N .2 0 3 3 N A S I S C O 'S D R O M E D A R Y O P E R2 0 3 7 D l G IO R G IO C O R P2 0 3 8 O f t E S S E L 'S B A K E R IE S 2 0 3 8 R O S E T T O F O O D S 2 0 4 1 G R E E N F O O D S C O R P 2 0 4 1 T N T L M U L T IF O O 0 S C O R P 2 0 4 1 N EW E N G L A N D M I L L I N G CO 2 0 4 5 R H E O N2 0 4 7 B tO P R O D U C T S IN C2 0 4 7 J l l f t D A N D Y CO IN C2 0 4 8 C E N T R A L S O Y A C O R P 2 0 4 8 D U C O N2 0 5 1 C O U N T R Y E P IC U R E IN C2 0 5 1 V I E D E F R A N C E C O R P 2 u 5 2 f iA H L S E N O F A M E R IC A IN C2 0 5 2 H A L L A M 'S P E A N V t B U T T E R P L A N T 2 0 6 5 E .J . B R A C H C O R P2 0 8 2 A S A H I B R E W E R IE S U S A I N C 2 0 8 2 G . H E IL E M A N B R E W IN G CO 2 0 8 2 L A T R O B E B R E W IN G CO J 0 8 4 A L M A D E N V IN E Y A R D S I N C 2 0 8 4 H E U B L E IN IN C * 0 8 4 M A R K H A M W IN E R Y J 0 8 4 P E T A L U M A L T O 2 0 8 4 S T . C L E M E N T V IN E Y A R D S J l * 8 5 S C H E N L E Y IN D U S T R IE S I N C 2 0 6 5 T A K A R A S A K E U SA IN C2 0 8 6 C O C A -C O L A B O T T L IN G O F N . N E w E N G L A N D IN C2 0 8 6 Z E P H Y R H I L L S2 0 8 7 B O R D E N * S W Y LE R P O W D . S O F T D R I N K B U S . 2 0 8 7 H E U B L E I N 'S R & D C E N T E R2 0 9 1 N I C H I R E I C O R P O F A M E R I C A2 0 9 2 S U G IY O USA2 0 9 5 H I L L & H I L L IN C2 0 9 6 A M E R I C A N I T A L I A N P A S T A CO J U 9 8 S H I M O K O & S O N S

P O R T L A N D C H A R L O T T E N A S H V IL L E O R A N G E CO P L E A S A N T O N

H O N O L U L UL O S A N G E L E SL IN C O L NC H A R L O T T ED A N 8 U R YH O N O L U L UT U R L O C K

H IN E S B U R GH O N O L U L UNEW YO R KU N I O NE U G E N EF R E S N OW OOOBURYS AN F R A N C IS C OC H IC A G OR O C H E S T E RO X N A R DM IN N E A P O L ISB O S T O NC H A R L O T T EW A R R E N T O NA T L A N T AF O R T W AYNEO M AHAK A T O N A HM C L E A NC A R YN I X AC H IC A G OL O S A N G E L E SL A C R O S S EL A T R O B ES AN J O S EF A R M IN G T O NN A PAD U N D E ES T . H E L E N ANEW YORKB E R K E L E YS . P O R T L A N DZ E P H Y R H IL L SNEvw vORKF A R M I N G T O NF I F E4 N A C 0 R T E S H O N O L U L U E X C E L S IO R SPG H O N O L U L U

T S F O R E IG N IN V E S T O R T Y V A L U E N A T N A L T Y

ME M A K R O tA L O O V J V F IN C C . H .8 E A Z E R H O L D IN G S AM U KT N C .H .B E A Z E R H O L D IN G S AM . UKCA A R IA D N E L T D J V A SCA S H I M I Z U C O N S T R U C T IO N CO L T D AM J AMA E G E R T O N T R U S T AM 2 9 . 3 UKH A Q U IN T E X L T D AM 5 8 . 0 A SCA J O H N H O L L A N D H O L D IN G S L T D AM A SN E G E R M A N IN V E S T O R S AM # GENC A L F R E D M C A L P IN E P L C AM UKC T S P I E B A G N A T O L L E S SA AM 2 0 . 5 FRHA K I N K I O E N K I K K K AM J ACA B E S N IE R SA N P 1 . 0 S ZCA S O U R C E P E R R IE R AM FRV T T I 'S N S E S O IK E R I N T L B V AM N LH A H O U S E FO O D IN D U S T R IA L C O L T D AM 1 5 . 5 J AN Y J O H N L A R A T T L T D AM # CAN J J O H N L A B A T T L T O AM # CAO R- J O H N L A B A T T L T D O T CACA W IL D CO N P G EG A . B O R N & , P H I L I P & CO L T D AM A SCA M IM G R O U P L T D E T A L AM m UKI L L N S T D E D E V E L O P IN D U S T R IE S A G R IC O L E S AM m F RN V J O H N L A B A T T L T O AM CACA G R E E N FO O D S C O R P N P 1 1 . 0 J AMN B R EG M A N F A M IL Y E T A L AM 2 4 . 9 CAMA IT A L G R A N 1 S P A E l I TN C R H E O N A U T O M A T IC M C H V CO N P J AO R M I T S U I A CO L T D AM 5 . 3 J AG A G R A N D M E T R O P O L IT A N P L C AM 2 5 . 0 UKI N F E R R U Z Z l G R O U P AM 3 6 0 . 0 I THB B R O N FM A N F A M IL Y J V CAN V V I L 6 R A I N F A M IL Y AM FRV A V IL G R A I N F A M IL Y E l FRNC B A H L S ^ N F A M IL Y N P 3 0 . 0 G EM a U N I D E N T I F I E D J A P A N E S E IN V E S T O R AM . J AI L C O L IM A H O L D IN G A G AM 7 3 0 . 0 S ZC A A S A H I B R E W E R IE S L T D O T 0 . 9 JAWX B O N D , A L A N AM 1 2 0 0 . 0 A SPA J O H N L A B A T T L T D AM 3 5 . 0 CACA G R A N D M E T R O P O L IT A N P L C AM 1 2 8 . 0 UKC T G R A N D M E T R O P O L IT A N P L C AM 1 2 0 0 . 0 UKCA S A N R A K U IN C AM 8 . 0 JAOR C L Y D E IN D U S T R IE S L T D O T # ASCA S A P P O R O B R E W E R IE S L T O AM 3 . 4 JANV G U IN N E S S P L C AM 4 8 0 . 0 UKCA T A K A R A S H U Z O CO L T D P E . JAME K I R I N B R EW ER Y CO L T D AM . J AF L S O U R C E P E R R IE R AM . FRN Y U N IL E V E R N V AM . N LC T G R A N D M E T R O P O L IT A N P L C OT 8 . 0 UKWA N I C H I R E I CO R P NP 8 . 5 JAWA S U G IY O CO L T O E T A L J V . JAHA M IS U Z U C O F F E E CO E T A L AM 1 . 0 JAMO S P IG A D O R O -P E T R IN I F A M IL Y J V 2 6 . 0 I THA IT O E N CO L T D AM 7 . 0 JA

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:>I C US F I R M NAME

2 u « 9 C O R N / P O K K A-> 0 9 9 D U R K E E F R E N C H FOOOS2 0 9 9 I N D I A N SUMMER I N C2 1 3 1 A D V A N C E D T O B A C C O P R O D u f .~ IN C- V I I B U R L I N G T O N S D E N I M P l A N t- V l t F O R S T M A N N & CO. V M I K E D A I N T E R I O R S Y S T E M : . INC2 2 1 1 T . S . T R I M I N D U S T R I E S I V .- V I I T E C H N O T R I M I N C? ? : • ) ADO CORPL V 2 1 G I V I D I G L A S S F A B R I C S U i v I ^ l U N2 2 2 1 M A R T I N P R O C E S S I N G I N C2 2 2 1 T O R A V I N D U S T R I E S I N C2 2 4 1 J . P . S T E V E N S ' W I D E E L A S T I C F A B R I C BUS2 2 5 3 K U N J A I N D U S T R I A L CO2 2 7 1 A M T E X I N C2 2 7 1 C O R O N E T I N D U S T R I E S I N I7 2 7 1 S T E V E N S / S O M M E R- ' 2 / 2 C U M B E R L A N D M I L L S I N C?2 H 1 B E A U L I E U OF A M E R I C A_ v a i T N S M I L L S I N C? 2 B 1 T N S M I L L S I N C2 2 8 1 T N S M I L L S I N C2 2 < i 2 T O R A V I N D U S T R I E SJ J d 4 S T A N D A R D - C O O S A T H A T C H E R CO2 2 d 7 T N S M I L L SJ i J j W I L L I S & G E I G E R2 3 4 2 NCC I N D U S T R I E S I N CJ . i 9 6 B E C K E R S L A V - T E C H2 3 9 9 M - T E K I N C2 3 9 9 T R I M M A S T E R S I N C2 4 1 1 P A C I F I C V E N E E R L T D2 4 2 1 S A N S H I N M 0 K U 2 A I KOGVO CO2 4 2 1 W E S T C O A S T F O R E S T P R O D U C T S I N C2 4 2 6 O L I V E R A M E R I C A N H I G H P O I N T W O O D W O R K IN G CO2 4 2 9 T E A L C E D A R2 4 3 5 I K E I N T E R N A T I O N A L C OR P2 4 3 5 L E T R O N2 4 9 9 D E E F O R E S T P R O D U C T S I N C2 5 1 2 B E N C H C R A F T I N C2 5 2 1 S T E N D I G / V I T R A J O I N T V E N T U R E2 5 3 1 G E N E R A L S E A T I N G O F A M E R I C A I N C2 5 3 1 I N T E R K A L I N C2 5 3 1 S E T E X I N C2 5 3 1 T A K A T A - G E R I C O C OR P2 5 3 1 T R I - C O N I N D U S T R I E S L T D2 6 2 1 B L A N D I N P A P E R CO2 6 2 1 MOHAWK P A P E R M I L L S I N C2 b 2 1 P E N T A I R I N C ' S M I L L2 b : n C A S C A D E S N I A G A R A F A L L S I N CJfo.11 E F T E N I N C2 i . 1 1 G E O R G I A C R A F T C O ' S M I L L. . . 4 1 L A N G G U T H„ .» 4 1 R E X H A M C OR PJ t> 4 5 AM B E R F I L E CO2 *> 4 5 U N I V E R S A L P A P E R G O OD S CO I N C

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POKKA CORP v* V JAR E C K I T T & COLMAN PLC OT UKN A K A N O V I N E G A R L T D AM 2 . 1 JAP H A R M A C I A AB AM 3 . 0 s*D O M I N I O N T E X T I L E I N C AM 2 0 5 . 0 CAK U A N G - P I U , CHAO AM HKI K E D A B U S S A N CO L T D OT JATO K Y O S E A T CO L T D NP 2 0 . 0 JAT A C H I - S CO L T D JV 3 . 0 JAW U L F , H U B E R T PE 3 . 0 GEG I V I D I S . A . P . A . & T E X ~ I M P I A N T I SPA AM I TC O U R T A U L D S P L C AM 1 0 0 . 0 UKTO R A V I N D U S T R I E S I N C NP JAC O U R T A U L D S P LC AM UKK U N J A I N D U S T R I A L CO L T D NP KSH A Y A S H I T E L E M P U CO L T D OT 1 2 . 5 JAC O R O N E T C A R P E T S I N C AM 8 . 0 CASOMMER A L L I B E R T SA JV FRS O R E L T E X I N T L AM • CAB E A U L I E U T U F T I N G NV NP 2 0 . 0 BET S U Z U K I S P I N N I N G CO L T D NP 6 5 . 0 JAT S U Z U K I S P I N N I N G CO L T D PE JAT S U Z U K I S P I N N I N G CO L T D PE J AT O R A Y I N D U S T R I E S I N C NP 2 1 3 . 0 JAT O O T A L G R O U P P L C AM UKT S U Z U K I S P I N N I N G CO L T D NP 2 5 . 0 JA 1A S H L E Y F A M I L Y AM UK „S P I E S S H O F E R . G U E N T H E R E l 0 . 1 g e r r onB E I J E R I N V E S T M E N T AB NP 1 5 . 0 swN I S S A N MOTOR CO L T D NP 9 . 6 JA |T O Y O T A M OTOR C O R P J V • JAB A N K O F T O K Y O J V 1 . 4 JAS A N S H I N M O K U Z A I KOGYO CO L T D NP 1 . 8 JAS E K I S U I H O U S E L T D AM JAF U J I S T E E L CO L T D PE 1 . 4 J AT E A L C E D A R P R O D U C T S 1 9 7 7 L T D NP 0 . 1 CAI K E I N T E R N A T I O N A L C OR P NP JAL E T R O N GMBH NP 2 8 . 0 GEH A Y L O C K , OWEN F E T A L J V • NZZ U N G , R O N A L D B E I F A N & Y V O N N E E l 3 . 2 SNV I T R A AG J V S ZN H K S P R I N G CO L T D J V 3 . 3 JAK O T O B U K I S E A T I N G CO L T D AM . JAT A C H I - S CO L T D J V 3 . 0 J AT A K A T A C O R P J V J AT O K Y O S E A T CO L T D NP 4 . 0 J AB R O N F M A N , EDW ARD & P E T E R PE 3 5 0 . 0 CAS T O R A K O P P A R B E R G S B E R G S L A G S AB J V 1 4 . 4 SWW E S T O N , G E O R G E AM CAC A S C A D E S I N C PE 1 5 . 0 CAH O N S H U P A P E R CO L T D J V * J AP R A T T H O L D I N G S P T Y L T D AM 2 1 2 . 0 ASL A N G G U T H GM BH & CO OT GEBO W A T ER I N D U S T R I E S P L C AM 2 2 6 . 0 UKE S S E L T E AB OT SWE S S E L T E AB AM • SW

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2 6 4 8 S H E A F F E R E A T O N D I V I S I O N2 6 4 9 L . E . C A P E N T E R ' S A S S E T S 2 6 5 5 K L O C K N E R C O N T R A C T P A C K A G I N G 2 7 1 1 M O N R O E E N Q U I R E R J O U R N A L E T A L 2 7 1 1 W O R T H IN G T O N D A I L Y G L O B E2 7 2 1 C A L I F O R N I A2 7 2 1 D O N O G H U E ' S M O N E Y F U N D R E P O R T E T A L2 7 2 1 H A Y D E N P U B L I S H I N G CO2 7 2 1 M O D E R N B R I D E2 7 2 1 MS M A G A Z I N E2 7 2 1 P R E M I E R E2 7 2 1 S A S S Y2 7 2 1 V A R I E T Y I N C2 7 3 1 H A R P E R & ROW P U B L I S H E R S . 1 NC2 7 3 1 I D E A L S P U B L I S H I N G C O R P2 7 4 1 M C C A L L P A T T E R N CO2 7 5 1 M E R E D I T H / B U R D A C O R P2 7 5 2 H O L L A D A Y - T Y L E R P R I N T I N G C O R P2 7 5 3 W E S T E R N L I T H O P L A T E & S U P P L Y CO2 7 5 4 A L C O G R A V U R E I N C2 7 5 4 D I V E R S I F I E D P R I N T I N G C O R P2 7 5 4 T O P P A N I N T E R A M E R I C A I N C2 7 5 4 T O P P A N P R I N T I N G CO ( A M E R I C A ) I N C2 7 6 2 K A M B A R A U S A2 8 1 3 A I R C O / 1 N D U S T R I A L G A S E S2 b 1 6 C I 8 A - G E 1 G Y COR P2 8 1 6 SCM C H E M I C A L S I N C2 8 1 9 A D V A N C E D C O M P O S I T E M A T E R I A L S CORP2 8 1 9 B A R N E B E Y - C H E N E Y CO2 8 1 9 D E G U S S A CORP2 8 1 9 DU P O N T D E N E M O U R S & CO E l2 8 1 9 D Y N A M I T N O B E L C H E M I C A L S2 8 1 9 E L K E M - A M E R I C A N C A R B I D E CO2 8 1 9 E M S - T O G O C O R P .2 8 1 9 H A R S H A W / F I L T R O L P A R T N E R S H I P2 8 1 9 H I CHEM D I A G 0 N 1 S T I C S I N C2 8 1 9 I N T E R L O X A M E R I C A2 8 1 9 I O C H E M COR P2 8 1 9 N I A C H L O R2 8 1 9 Q U A R T Z P R O D U C T S C OR P2 8 1 9 R E I C H H O L D C H E M I C A L I N C2 8 1 9 V I N I N G S I N D U S T R I E S I N C2 8 2 1 A T C I N C2 8 2 1 C O L O R T E C H I N C2 8 2 1 D E N K A C H E M I C A L CORP2 8 2 1 F U R A N E P R O D U C T S C O .2 8 2 1 H I M O N T I N C2 8 2 1 I C I ' S C A R O D E L S P E C I A L T Y R E S I N S2 8 2 1 I D E M I T S U C H E M I C A L S USA2 8 2 1 K A N E G A F U C H I C H E M I C A L I N D S CO2 8 2 1 K L E E R D E X CO2 8 2 1 M A L L I N C K R O D T S ' FLOWCO P R O D U C T S D I V2 8 2 1 MOBAY CORP2 8 2 1 N I P P O N P I G M E N T USA I N C2 8 2 1 R E P U B L I C P L A S T I C S2 8 2 1 S H I N T E C H I N C

P I T T S F I E L D D A Y T O N R I C H M O N D M ON R OE W O R T H IN G T O N L O S A N G E L E S H O L L I S T O N H A S B R O U C K H T S NEW YOR K NEW YOR K NEW VORK NEW YORK NEW YORK NEW Y OR K M IL W A U K E E NEW YORK G R E E N S B O R O G L E N N D A L E S T L O U I S R O C H E L L E P AR K NEW YORK M CD O N OU GH S A N T A M O N I C A T U A L A T I N C L A Y T O N NEW PO R T A S H T A B U L A G R E E R C O LU M B U S T H E O D O R E LA P O R T E M O B I L E W I L M I N G T O N T A Y L O R C L E V E L A N D B R EAL O N G V I E WV I C IN I A G A R A F A L L SR I V E R P O R TW H I T E P L A I N SA T L A N T AN A S H V I L L EM O R R IS T O W NH O U S T O NLOS A N G E L E SW I L M I N G T O NF A Y E T T E V I L L ED E T R O I TSO M O N TR O S EB R I S T O LM A R I E T T AH E B R O NH O U S T O NL A N S I N GF R E E P O R T

T S F O R E I G N I N V E S T O R T Y V A L U E N A T N A L T Y

MA G E F I N O R SA AM 1 3 5 . 2 S ZOH F O R B O AG AM 3 7 . 0 S ZVA K L O E C K N E R - W E R K E AG NP 1 0 . 4 GENC T H O M S O N , K E N N E T H R & F A M I L Y AM 2 0 0 . 0 CAMN T H O M S O N , K E N N E T H R & F A M I L Y AM CACA P A C K E R , K E R R Y AM ASMA I N T ' L B U S I N E S S C O M M U N I C A T I O N S H O L O . P L C AM 1 .& UKN J V N U B V AM . NLNY R E E D I N T E R N A T I O N A L P L C AM 6 3 . 7 UKN Y F A I R F A X f W A R W IC K & F A M I L Y AM 1 5 . 0 ASNY F I L I P A C C H I „ D A N I E L J V FRNY F A I R F A X , W A R W IC K & F A M I L Y OT ASNY R E E D I N T E R N A T I O N A L P L C AM 5 0 ! o UKNY W I L L I A M C O L L I N S P L C AM 2 2 . 8 UKW I G U T E N B E R G H U S B L A D E N E A / S AM . DANY J O H N C R O W T H E R G R O U P P L C AM 6 3 . 0 UKNC B U R D A GMBH NP 3 . 0 GEMD J . S . A T K I N S O N E S T A T E AM CAMO M I T S U B I S H I C H E M I C A L I N D U S T R I E S L T D AM JAN J M A X W E L L , R O B E R T AM 7 7 . 5 UKNY M A X W E L L , R O B E R T AM 3 5 0 . 0 UKGA T O P P A N P R I N T I N G CO L T D NP 1 5 . 0 JACA T O P P A N P R I N T I N G CO L T D NP J AOR KA M B A R A F A M I L Y NP 1 . 4 JADE BOC I N T E R N A T I O N A L P L C NP 5 0 . 0 UKDE C I B A - G E I G Y C OR P NP SZOH H A N S O N I N D U S T R I E S P L C NP 1 8 . 0 UKSC T A T E H O C H E M I C A L I N D S . CO L T D AM 2 5 . 0 JAOH S U T C L I F F E S P E A K M A N AM 3 . 0 UKA L D E G U S S A AG PE GET X B R O N F M A N F A M I L Y PE CAA L F E D M U H L E , N O B L E AG PE 1 2 . 0 GEDE E L K E M A / S J V NOM I E M S - T O G O AG NP 1 . 5 S ZOH C L O R E , A L A N AM UKCA E L A N CORP P L C AM 5 ! 2 E lT X L A P O R T E I N D S / S O L V A Y C I E N P UKOK IO C H E M C OR P NP 7 . * 5 JANY B R O N FM A N F A M I L Y NP 1 6 . 6 CAKY F R A N C E , G O V T OF NP FRNY D A I N I P P O N I N K & C H E M I C A L S I N C AM 6 0 0 . 0 JAGA L A P O R T E I N D S H O L D I N G S P L C AM 3 3 . 0 UKT N U B E I N D U S T R I E S L T D E T A L NP JATN C O L O R T E C H I N C NP 2 . 2 CAT X B A Y E R AG AM GECA C I B A , G E I G Y C O R P . AM SZDE F E R R U Z Z I G R O UP E l 1 4 9 0 ! 0 I TNC I M P E R I A L C H E M I C A L I N D S P LC PE UKM I I D E M I T S U K OSAN CO L T D NP JAPA K A N E G A F U C H I C H E M I C A L I N D S CO L T D J V JAPA T S U T S U N A K A P L A S T I C I N D S . CO J V 1 . 0 JAOH H E N K E L KGAA AM GEOH B A Y E R AG PE GET X N I P P O N P I G M E N T CO L T D NP 5 ! 0 JAM I F E R R U Z Z I GRO UP AM I TT X S H 1 N - E T S U C H E M I C A L CO L T D PE . JA

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2 8 2 2 E L A S T O M E R T E C H N O L O G Y I N C 2 8 2 4 B A S F ( C H E M I C A L D I V )2 8 2 4 M Y T E C P O L Y M E R S I N C 2 8 2 4 T E I J I N B I O - S C I E N C E L A B S 2 6 3 1 I N T E R L E U K I N - 2 I N C 2 8 3 1 I R V I N E S C I E N T I F I C S A L E S CO 2 8 3 4 F U J I S A W A S M I T H K L l N E CORP 2 8 3 4 M O L E C U L O N I N C2 8 3 4 T A K E D A C H E M I C A L P R D T S . USA I N C2 8 4 1 E C O L A B ' S W O R L D W ID E C O N S U M E R P R D T S D I V2 8 4 1 PMP F E R M E N T A T I O N P R O T S IN C2 8 4 2 C L O R O X CO2 8 4 3 YUMA I N D U S T R I E S I N C2 8 4 4 C H E S E B R O U G H - P O N D - S I N C 2 8 4 4 D U C A I R B I O E S S E N C E I N C .2 8 4 4 J A C Q U E L I N C O CM RAN2 8 4 4 M A C K A Y S P E C I A L T I E S A M E P I C A2 8 4 4 M I N N E T O N K A ' S C H E C K - U P T G O TH P R D T S2 8 4 4 T A N N I E S CORP2 8 5 1 D E C R A T R E N D P A I N T S2 3 5 1 P O R T E R P A I N T CO2 8 5 * S T O I N D U S T R I E S I N C2 6 6 5 H I G H P O I N T C H E M I C A L CORP2 8 6 5 H O L L A N D C O L O U R S I N C2 8 6 5 MC R E P R O T E C M S M I T S U B I S H I C H E M I C A L S 2 6 6 9 C E L A N E S E COR P 2 3 6 9 C Y R O I N D U S T R I E S . ’8 6 9 F I R M E N I C H I N C2 8 6 9 P R O C E S S C H E M . D I V . OF D I A M O N D S HAM ROCK 2 8 6 9 ROHM & H A A S H Y D R A N A U T I C S SUB 2 a 6 9 U N I G E N I N C2d 7 B I O T E C H N I C A A G R I C U L T U R A u I N C .2 5 7 3 M I T S U B I S H I C H E M I C A L CO2 9 7 9 A B S O R P T I V E T E C H N O L O G Y I N C2 3 7 9 G U L F S T A T E P A P E R ' S C O M P O S I T E M A T L D I V2 8 9 1 M O R T O N Y OK OH A M A I N C2 0 9 1 O C C I D E N T I A L ' S P R O C E S S C H E M I C A L D I V2 8 9 1 P O L Y C L A D L A M I N A T E S I N C2 3 9 1 T H R E E BON D CO2 8 9 3 ACME I N K & P R I N T I N G2 8 9 3 M I D W E S T C O A T I N G S2 8 9 9 D Y R O T E C H N I C S P E C I A L T I E S I N C2 8 9 9 K I L G O R E C O R P2 8 9 9 KV C H E M I C A L S I N C2 8 9 9 M U N T E R S C O R P2 8 9 9 P A R K E R C H E M I C A L CO2 8 9 9 S O L - A I R E S A L T & C H E M I C A L CO2 8 9 9 T A K A S C O R P U S A2 9 1 1 C A R I B B E A N G U L F R E F I N I N G COR P2 9 1 1 C H A M P L I N R E F I N I N G CO2 9 1 1 M O B I L O I L C O R P ' S P L A N T & P R O P E R T I E S2 9 1 1 S T A N O A R O O I L CO2 9 1 1 T E X A S O I L & C H E M I C A L CO I N C2 9 1 1 T O T A L P E T R O L E U M ( N O R T H A M E R I C A ) L T D2 9 5 1 K I N G R O A D M A T E R I A L S I N C2 9 5 1 R I F F E P E T R O L E U M CO

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CO Y AM AM OTO KOGAKU CO L T D AM j AM I B A S F AG NP 7 . 0 GET X M I T S U B I S H I P E T R O C H E M I C A L CO L T D J V J ACA T E I J I N L T D E l JAVA M A N D A R I N C A P I T A L CORP AM 6. 6 CACA N I P P O N M I N I N G CO AM 3 . 6 JAPA F U J I S A W A P H A R M A C E U T I C A L CO L T D E l JAMA F A U L O I N G , F H & CO L T D AM 3 1 . 0 ASNC T A K E D A C H E M I C A L I N D U S T R I E S L T D NP JAMN J O H A B E N C K I S E R GMBH AM 2 4 2 . 5 GEW I F U J I S A W A P H A R M A C E U T I C A L CO L T D N P JACA H E N K E L . K G A A E l GEI N Y U S H I R O C H E M I C A L I N D U S T R I E S J V i J ACT U N I L E V E R NV AM 3 1 0 0 . 0 N LN J TS U M U R A J U N T E N D O I N C . AM 1 2 . 5 JANY F R A N C E , G O V T OF AM FRGA M AC K A Y S P E C I A L T I E S CANAOA NP 3 . 0 CAMN L I O N CROP AM J AI N Y A M A N O U C H I P H A R M A C E U T I C A L L T D AM 1 . 0 JACA F R A N C E , G O V T OF AM 2 . 0 FRKY C O U R T A U L D S P L C AM 1 4 0 . 0 UKGA S T O T M E I S T E R GMBH NP . GENC KAO C OR P AM JAVA H O L L A N O C O L O U R S A P P E L D O O R M NP , N LN J M I T S U B I S H I C H E M I C A L I N D U S T R I E S L T D PE JANY H O E C H S T AG AM 2 8 5 0 . 0 GEAK ROHM GMBH C H E M I S C H E F A B R I K J V GEN J U N I D E N T I F I E D S W I S S I N V E S T O R S NP 2 5 . 0 SZN J H E N K E L KGAA AG AM GEPA N I T T O E L E C T R I C I N D U S T R I A L CO AM J AM I F E R R U Z Z I GR O UP AM I TKS B R O N F M A N F A M I L Y O T . CAA L M I T S U B I S H I C H E M I C A L I N D S L T D PE 2 . 0 J AOR A B S O R P T I V E T E C H N O L O G Y PE 2 . 0 CAA L B L Y D E N S T E I N - W I L L I N K N V AM N LI L Y O K O H A M A R U B B E R CO L T D J V J AN J H E N K E L GMBH AM . GENH C O O K S O N P L C AM 7 4 . 0 UKI L T H R E E B O N D C O / C E M E D I N E CO N P J AI L S A K A T A S H O K A I L T D AM . J AKS U K , G O V T O F AM 4 . 5 UKOH I M P E R I A L C H E M I C A L I N D U S T R I E S P L C AM UKT N A S T R A G R O U P P L C AM . UKA L K U R E H A C H E M I C A L I N D / H O E C H S T AG NP 1 3 . 0 J AMO I N C E N T I V E AB N P . SWM I H E N K E L KGAA AM . GEU T B R I E R L E Y , RON E T A L AM . NZN J T A K A S A G O C O R P NP JAPR Z E E V I , GA D AM 1 0 0 . 0 I ST X V E N E Z U E L A , G O V ' T OF AM 9 0 . 0 VEM I B R O N F M A N F A M I L Y AM CAOH U N I T E D K I N G D O M , G O V ' T OF E l 7 9 9 2 . 0 UKT X I B N A B D U L L A H I B N A B D U L , K H A L E D AM 1 . 9 SACO F R A N C E . G O V ' T OF E l 3 . 4 FRNY C E M E N T - R O A D S T O N E H O L D I N G S L T D AM . E lT X F R A N C E , G O V ' T OF AM 4 2 . 0 FR

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2 9 5 2 B I R D I N C / S U L Z E R E S C H E R W YSS V E N T U R E W ESTW OO D MA2 9 9 2 B L A S E R S W I S S L U B E I N C G O S H E N NY3 0 1 1 G E N C O R P ' S G E N E R A L T I R E & R U B B E R CO A K R O N OH3 0 2 1 S U A V E S H O E C O R P M I A M I L A K E S F L3 0 4 1 G 0 0 0 A L L R U B B E R CO T R E N T O N N J3 0 4 1 G O O D A L L R U B B E R CO S T O C K T O N CA3 0 4 1 M I T S U B O S H I B E L T I N G L T D O T T A W A I L3 0 6 9 A I R C R U I S E R S CO B E L M A R N J3 0 6 9 C U R T I S M A R U Y A S U A M E R I C A I N C L E B A N O N KY3 0 6 9 D A Y I N T L C O R P D A Y T O N OH3 0 6 9 M O L T E N BRC I N C C H U R U B U S C O I N3 0 6 9 T A S U S CO G R E E N F I E L D I N3 0 6 9 Y U S A C O R P F A Y E T T E OH3 0 7 9 A F C I N C C H A T F I E L D MN3 0 7 9 A L L I A N C E P L A S T I C S I N C E R I E PA3 0 7 9 B P P E R F O R M A N C E P O L Y M E R S I N C . H A C K E T T S T O W N N J3 0 7 9 B I S C H O F & K L E I N U S A I N C C A R T E R S V I L L E GA3 0 7 9 C A L M A R I N C C T Y O F I N D U S CA3 0 7 9 C A L U M E T M F G CO E . O R A N G E N J3 0 7 9 D J K C O R P O F A M E R I C A I N C L O U I S V I L L E KY3 0 7 9 GE C O M C O R P G R E E N S B U R G I N3 0 7 9 H I F L O I N C N O R TH W O O D OH3 0 7 9 I K K A T E C H N O L O G Y I N C A T L A N T A GA3 0 7 9 I M P A C T P L A S T I C S G A S T O N I A NC3 0 7 9 L I N E A R F I L M S I N C T U L S A OK3 0 7 9 M A D I C O I N C WOBURN MA3 0 7 9 R I C H A R D S O N P O L Y M E R C O R P M A D I S O N C T3 0 7 9 S H I N K O K E S A I R EN O NV3 0 7 9 T S I N D U S T R I E S I N C S a n t a f e s p g CA3 1 4 2 W O L V E R I N E W O R L D W I D E I N C R O C K F O R D M I3 1 4 3 J O H N A . F R Y E C O . M A R L B O R O U G H MA3 1 4 9 A V I A G R O U P I N T L I N C . P O R T L A N D OR3 1 5 1 E L M E R L I T T L E & S O N S I N C NEW Y OR K NY3 1 6 1 S A N T A ROSA S E W I N G S H O P S ' A S S E T S S A N T A ROSA CA3 2 1 1 O P T O N I N C H A M P T O N VA3 2 1 1 V U T E Q C O R P G E O R G E TO W N KY3 2 2 1 B A L L - 1 N C 0 N G L A S S P A C K A G I N G C O R P . M U N C I E I N3 2 2 1 H E Y E A M E R I C A I N3 2 3 1 I C H I K O H M A N U F A C T U R I N G S H E L B Y V I L L E KY3 2 4 1 K A I S E R C E M E N T C O R P O A K L A N D CA3 2 4 1 N O R T H W E S T E R N S T A T E P O R T L A N D C E M E N T M ASON C I T Y I A3 2 5 1 G E N E R A L S H A L E P R O D U C T S C OR P M O O R E S V I L L E I N3 2 5 1 NC P R O D U C T S CO R A L E I G H NC3 2 6 4 A L L E N - B R A D L E Y T D K M A G N E T I C S C O R P . S HA W NEE OK3 2 7 1 A D A M S P R O D U C T S C O . M O R R I S V I L L E NC3 2 7 1 C O N C R E T E B L D G S . C O N C E P T S O X F O R D NC3 2 7 2 H A M I L T O N C O N C R E T E P R O D U C T S C H A T T A N O O G A T N3 2 7 2 L O N E S T A R M O N I E R C O N C R E T E T I T L E CO D E N V E R CO3 2 7 3 B R Y C O I N C B R YA N T X3 2 7 5 J A M E S H A R D I E B LO G P R D T S I N C R I V E R S I D E CA3 2 8 1 M O R E T T I - H A R R A H M A R B L E S C A L C I U M P R D T S D I V S Y L A C A U G A AL3 2 9 1 M E T A L C A R B I D E C O R P YOUNGSTOW N OH3 2 9 2 H I SAN I N C ARC H I B O LD OH3 2 9 3 H O U D A I L L E I N D U S T R I E S I N C F T L A U D E R D A L E F L3 2 9 5 B I G R I V E R I N D S I N C E R W I N V I L L E LA3 2 9 5 T T A M E R I C A I N C P O R T L A N D OR

F O R E I G N I N V E S T O R T Y V A L U E N A T N A L T Y

G E B R U D E R S U L Z E R AG J V S ZB L A S E R S W I S S L U B E NP . SZC O N T I N E N T A L G U M M I W E R K E AG AM 6 2 5 . 0 GEC H A S E U S I N V E S T M E N T S NV AM 1 . 0 NAT R E L L E B O R G G U M M I N F A B R I K S AB E l 3 . 5 SWT R E L L E B O R G G U M M I N F A B R I K S AB OT SWM I T S U B O S H I B E L T I N G L T D NP 2 0 . 3 J AZ O D I A C I S S Y L E S M O U L I N E A U X AM FRM A R U Y A S U I N D U S T R I E S CO L T D J V 1 . 0 J AB R O N F M A N , P E T E R & EDWARD E T A L AM 1 3 3 . 6 CAM O L T E N C OR P J V , JAT S U C H I Y A CO L T D J V 1 . 5 JAY A M A S H I T A R U B B E R CO L T D J V 1 2 . 7 JAS H E L L T R A N S P O R T & T R A D I N G CO P L C AM UKB U N Z L P L C AM UKU N I T E D K I N G D O M , G O V T OF PE 2 0 . 0 UKB I S C H O F U N D K L E I N GMBH & CO NP . GEI N V E S T M E N T B E I J E R AB E l SWM E T A L B O X P L C NP UKD J K OT . JAM I T S U I M I N I N G & S M E L T I N G CO L T D NP 1 B . 0 J AT O R A Y I N D U S T R I E S I N C NP 3 . 0 JAN I P P O N L I G H T M E T A L CO L T D E T A L OT 1 4 . 0 JAR O E C H L I N G H A R E N KG AM . GES C O T T I S H A M I C A B L E L I F E A S S U R . SOC AM UKF S K C O R P AM 1 4 . 0 JAC A N A D A , G O V T OF AM 1 0 . 0 CAS H I N K O K E S A I NP # J AFO R C O N V AM SZM A L C O I N D U S T R I E S L T D AM 8 . 0 ASR O B E R T S T E P H E N S H O L D I N G S P L C AM . UKR O B E R T S T E P H E N S H O L D I N G S P LC AM 5 7 . 9 UKSWANY C O R P AM JAV U I T T O N , L O U I S AM FRT A T S U G H U C H I KOGYO G L A S S CO L T D NP JACHU BA I N D U S T R I E S CO L T D NP 2 . 0 JAT H Y S S E N - B O R N E M I S Z A GR O UP NV J V NAH E R M A N H E Y E J V GEI C H I K O H I N D U S T R I E S I N C NP 8 . 0 JAH A N S O N T R U S T P L C AM 2 5 0 . 0 UKB R I E R L E Y , RON E T AL E l NZM A R L E Y P L C N P 1 1 . 0 UKC E M E N T - R O A D S T O N E H O L D I N G S PLC AM E lT D K C O R P . J V JAC E M E N T - R O A D S T O N E H O L D I N G S PLC AM E lD E D A N S K S U K K E R F A B R I K K E R A / S - NP 3 ! 3 DAM A R S H A L L S H A L L I F A X P LC AM UKM O N I E R L T D J V . ASL A F A R G E C O P P E E GRO UP AM FRJ A M E S H A R D I E I N D U S T R I E S L T D NP 2 5 . 0 ASE N G L I S H C H I N A C L A Y PLC AM 2 5 . 0 UKH A R M E T A L L AG AM SZSANO H I N D U S T R I A L CO L T D J V JAT I GR O UP P LC AM 5 0 0 . 0 UKC E M E N T R O A D S T O N E H O L D I N G S P LC AM 2 2 . 0 E lTO Y O T A N S O CO L T D NP 6 . 0 JA

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S I C US F I R M NAME L O C A T I O N T S

3 2 9 6 K N A U F F I B E R G L A S S3 2 9 7 C OR H A R T R E F R A C T O R I E S CORP 3 2 9 9 P A R E X I N C3 2 9 9 W I N S O R & NEWTON 3 3 1 2 H U ME S ARC I N C 3 3 1 2 I / N T E K3 3 1 2 K A I S E R S T E E L T U B I N G I N C 3 3 1 2 N A T I O N A L P I P E AND T U B E CO 3 3 1 2 NUCOR C O R P / V A M A T O KOGYO CO V E N T U R E 3 3 1 2 S T E E L OF W E S T V I R G I N I A I N C3 3 1 5 B A B CO C K I N D U S T R I E S I N C ' S P L A N T3 3 1 6 W H I T T A R S T E E L S T R I P D I V I S I O N V < 1 7 B AK E R S M I T H E R M A L S Y S T E M S . 1 . 5 )7 C E N T U R Y T U B E CORP3 3 1 7 T O F L E A M E R I C A I N C3 3 1 7 W E L D E D T U B E CO OF A M E R I C A 3 3 2 1 A M C A S T I N D U S T R I A L CORP 3 3 3 1 COX C R E E K R E F I N I N G CO 3 3 3 9 S P E C I A L T Y M E T A L F A B R I C A T O R 3 3 4 1 S P E C I A L M E T A L S CORP > . 351 KOBE C O P PE R P R O D U C T S I N C 3 3 5 3 K A I S E R A L U M I N U M & C H E M I C A L CORP < 3 5 6 A M E R I C A N P A C I F I C M I N T I N C , T H E

J 3 5 7 C A B L E C CORP3 3 6 3 M A D I S O N P R E C I S I O N P R O D U C T S I N C 3 3 6 9 M A S T E R C A S T CO3 4 1 1 R H E E M MFG C O ' S C O N T A I N E R D I V I S I O N 3 4 2 1 G E R B E R L E G E N D A R Y B L A D E S I N C 3 4 2 9 W H I T N O N M A C H I N E S P I N D L E3 4 4 2 L . B , F O S T E R C O ' S A R C H . HARDWARD GROU P3 4 4 2 NEWMAN T E C H N O L O G Y I N C3 4 4 4 H . H . R O B E R T S O N CO3 4 5 2 E L C O I N D U S T R I E S I N C3 4 5 2 E X T R U S I O N E Q U I P M E N T CORP3 4 6 2 NORWOOD D I V OF L . B . F O S T E R CO3 4 6 5 B U D D CO3 4 6 5 HOMER DONALDSON / K I T S U D A E N G . V E N T U R E 3 4 6 5 L E N AW E E S T A M P I N G CORP 3 4 6 5 T O M A S C O M U L C I B E R I N C3 4 6 5 YAMAKAWA M A N U F A C T U R I N G CORP OF AME RIC A3 4 6 9 P O R C E L A I N I N D U S T R I E S INC3 4 7 9 A ME RON I N C3 4 7 9 T A C H I K A W A CORP3 4 0 4 S M I T H & WE SS ON CORP3 4 0 4 U . S . R E P E A T I N G ARMS CO3 4 9 2 S I N T E R I N G T E C H N O L O G I E S INC3 4 9 5 K A TO S P R I N G WORKS CO3 4 9 6 B R A U N H O R T I C U L T U R E3 4 9 8 B E S T F L E X I N C3 4 9 9 L E F E B U R E CORP 3 4 9 9 V ON G A H L E N CO3 5 1 1 HOWMET T U R B I N E P R O D U C T 3 5 1 9 T R W ' S MOTOR D I V • * 5 2 3 H E S S T O N CORP 3 5 2 3 OWA T ON N A MFG CO I N C

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L A Y N E T T ALL O U I S V I L L E KYA T L A N T A GANEWARK NJCA N T ON GAS O U T H B EN D I NLOS A N G E L E S CAL I B E R T Y T XB L V T H E V I L L E ARH U N T I N G T O N WVS O U T H B E N D I ND E T R O I T M ILOS A N G E L E S CAP I N E B L U F F ARW CON S H O H O ' KN PAP H I L A D E L P H I A PAK E T T E R I N G OHC U R T I S BAY MD

NEW H A R T F O R D NYG R E E N S B OR O NCO A K L A N D CACANOGA P AR K CANEW YORK NYM A D I S O N TNH O W E L L M II N D I A N A P O L I S I NP O R T L A N D ORF A R M I N G T O N CTP I T T S B U R G H PAM A N S F I E L D OHP I T T S B U R G H PAR O C K F O R D I LM C P H E R S O N KSC I N C I N N A T I OHS H E L B Y V I L L E KYH U D S O N M IT E C U M S E H M IC OL U MB U S OHP O R T L A N D TNN A S H V I L L E T NM O N T E R E Y P ARK CANEW YORK NYS P R I N G F I E L D MANEW H A V E N CTG R E E N S B U R G I NN OR C R OS S GAN I A G A R A F A L L S NYP I T T S B U R G H PAC E D A R R A P I D S I AM A R Y V I L L E TNM O R R I S T O W N T ND O T H A N ALH E S S T O N KSOWATONNA MND E S M O I N E S I A

F O R E I G N I N V E S T O R TY V A L U E N A T N A L T V

K N A U F F I B E R G L A S S NP 5 0 . 0 GEF R A N C E , G O VT OF AM FRL A F A R G E C O P P E E SA NP 1 2 . 0 FRR E C K I T T & COLMAN P L C NP UKHU M E S L T D NP 5 . 0 ASN I P P O N S T E E L CORP J V 3 1 0 . 0 JAM I T S U I & CO L T D AM 2 . 5 JAC A S T E L L V I , JOH N AM 9 . 0 VEYAM ATO KOGYO CO L T D JV 0 5 . 8 JAR O T H S C H I L O , JA C O B AM 4 0 . 0 UKKOKOKU S T E E L W I R E L T D AM 3 . 2 JAD O F A S C O I N C AM 3 3 . 0 CAS U M IT O M O M E T A L I N D U S T R I E S L T D J V JAD A IW A S T E E L T U B E I N D U S T R I E S CO L T D PE 0 ^ 0 JAT O F L E CO I N C NP JAP A L M E R T U B E M I L L S L T D AM 3 0 . 3 ASC H A S E CORP L T D E l 2 . 2 NZM I T S U B I S H I M E T A L CORP AM 3 . 0 JAD E R L A N I N D U S T R I E S L T D AM • CAA U B E R T & D U V A L AM 1 2 . 5 FRKOBE S T E E L L T D J V 4 . 0 J AC L O R E . A L A N E l 1 5 1 . 0 UKFORUM R E I N S U R A N C E CO L T D AM BDB I C C P L C E l UKT E I S A N D I E C A S T I N G I N D U S T R I A L CO L T D J V 3 . 5 J AK OK U SA N K I N Z O K U KOGYO L T D AM JAH O L M E S A C O U R T , R O B E R T AM ASF I S K A R S OY AB AM F IGMN GEORG M U L L E R N U R E M B E R G AG AM • GEB EA C O N C A P I T A L CORP AM * CAH ONDA M OTOR CO L T D J V JAB E L Z B U R G F A M I L Y E l 1 . 5 CAO K A B E , A K I R A AM 0 . 4 J AF R I E D T H E Y S O H N M A S C H I N E N B A U GMBH NP GEC O G I F E R SA AM FRT H Y S S E N AG NP 1 0 0 . 0 GEK I T S U D A E N G I N E E R I N G CO L T D J V 1 . 0 JAM AZ D A MOTOR C O R P E T A L NP 6 5 . 6 J AM A S U D A M A N U F A C T U R I N G CO L T D NP 1 3 . 0 J AYAMAKAWA I N D U S T R I E S NP 2 0 . 0 JAD E R L A N I N D U S T R I E S L T D AM CAB R I E R L E Y , R O N A L D A . E T AL E l 1 2 . 7 NZT A C H I K A W A B L I N D M A N U F A C T U R I N G CO L T D OT J AH U T C H I N G S , G R E G O R Y AM 1 1 2 . 5 UKF A B R I Q U E N A T I O N A L E H E R S T A L SA AM 2 . 0 B EH I T A C H I L T D J V 7 . 5 JAK A T O S P R I N G WORKS CO L T D PE 6 . 4 J AB R A U N N U R S E R Y L T D NP 0 . 1 CAT O F L E I N C J V JAI N T E R I N N O V A T I O N AB AM 6 9 . 0 SWVON G A H L E N OT NLF R A N C E , G O V T OF NP 5 . 0 FRP R E C I S I O N M E C A N I Q U E L A B I N A L SA AM FRA G N E L L I F A M I L Y E l I TV E R S A T I L E CORP AM C ANOMA I N D U S T R I E S L T D AM * C A

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S I C U S F I R M NAME L O C A T I O N T S

3 5 2 4 I N E R T I A D Y N A M I C S C OR P C H A N D L E R A Z3 5 3 1 B O N D E D M A C H I N E C O ' S P L A N T R E Y N O L D S B U R G OH3 5 3 1 K O M A T S U A M E R M FG C O R P C H A T T A N O O G A TN3 5 3 1 K O M A T S U A M E R I C A C O R P A T L A N T A GA3 5 3 1 T S U B A K I M O T O E N G I N E E R I N G OF AMER I N C P O R T L A N D T N3 5 3 2 A L L I S C H A L M E R S ' S O L I D P R O C . E Q U I P D I V A P P L E T O N W I3 5 3 2 B A N N E R I N D U S T R I E S I N C C L E V E L A N D OH3 5 3 2 J O Y ' S O Z O N E I N D U S T R I E S O Z O N E P A R K NY3 5 3 2 V A L M O N D I N D U S T R I E S I N C V A L L E Y NE3 5 3 3 C A M C O I N C H O U S T O N T X3 5 3 3 G A L V E S T O N - H O U S T O N CO I N C H O U S T O N T X3 5 3 3 S M I T H I N T L I N C N E W P O R T B E A C H CA3 5 3 3 S W A C O / G E O L O G R A P H P I O N E E R D A L L A S T X3 5 3 5 M A T S U I A M E R I C A I N C E L K G R O VE I L3 5 3 5 P S I C O N V E Y I N G G R O U P S I N C L A K E OSWEGO OR3 5 3 7 K O M A T S U F O R K L I F T M FG CO U SA L A P A L M A CA3 5 4 1 G R I N D E R S FO R I N D U S T R Y I N C W IX O M M I3 5 4 1 L E B L O N D M A K I N O M A C H I N E T O O L CO C I N C I N N A T I OH3 5 4 1 M I Y A N O M A C H I N E R Y U S A WOOD D A L E I L3 5 4 1 OKUMA M A C H I N E T O O L S I N C C H A R L O T T E NC3 5 4 1 S C H A R M A N N M A C H I N E T O O L COR P C A R O L STR M I L3 5 4 1 W A D E L L E Q U I P ' S A I R C R A F T D I V E D I S O N N J3 5 4 4 M I D W E S T M O L D & T E X T U R E CORP B A T A V I A OH3 5 4 4 Q U I C K T O O L & M F G CO I N C L E X I N G T O N KY3 5 4 5 C H I C A G O P N E U M A T I C S T O O L & E Q U I P D I V NEW YORK NV3 5 4 5 E X - C E L L - 0 P A C K A G I N G S Y S T E M S D I V W A L L E D L A K E M I3 5 4 5 G B I I N T L I N D U S T R I E S I N C B A B Y L O N N V3 S 4 5 M O R S E T O O L C U T T I N G NEW B E D F O R D MA^ 4 5 P E R M A T T A C H D I A M O N D T O O L C OR P M I L F O R D NH

J 5 4 6 M A K I T A C O R P OF A M E R I C A B U F O R D GA4 5 4 6 R E G I T A R POWER T O O L S M O N TG O M E R Y A L3 5 4 6 R Y O B I E L E C T R I C T O O L M FG I N C C H A N D L E R A Z3 5 4 9 S T E R L I N G E X T R U D E R C OR P S . P L A I N S F I E L D N J3 5 5 1 ACMA U S A I N C DU R HA M NC3 5 5 1 B E L O I T C O R P B E L O I T W I3 5 5 1 N A F M E N G I N E E R I N G C OR P C H A R L O T T E NC3 5 5 2 I N T E C H C H A R L O T T E NC3 5 5 2 S H I M A S E I K I M FG CO C R A N F O R D N J3 5 5 2 T E X M A C I N C C H A R L O T T E NC3 5 5 4 B A U M F O L D E R C OR P S I D N E Y OH3 5 5 5 D E LA R U E G I O R I OF AMER I N C W A S H I N G T O N DC3 5 5 5 L I N O T Y P E CO H A U P P A U G E NY3 5 5 9 E M H A R T C O R P ' S SHOE MCHY O P E R . F A R M I N G T O N CT3 5 5 9 F O C K E & CO G R E E N S B O R O NC' * 5 5 9 GCA C OR P A N D O V E R MA3 5 5 9 N A T I O N A L R O L L CO C O A T E S V I L L E PA4 5 5 9 S I N T O K O G I O / R O B E R T S L A N S I N G M IJ 5 6 2 N A K A N I S H I M FG CORP A T H E N S GAJ 5 6 2 N K S - A K S P R E C I S I O N B A L L CO C L A R I N D A I A3 5 6 2 N T N B E A R I N G C O R P . OF A M E R I C A E L G I N I L3 5 6 2 N T N - B O W E R C OR P H A M I L T O N AL3 5 6 3 M A N E U R O P I N C T U C K E R GA:i r>64 A I R V E N T I N C P E O R I A H T S I L' , 5 6 b S U M I T O M O C H E S A P E A K E VA< 5 6 6 W E S T E R N GE A R COR P S . M I L W A U K E E W I4 5 6 7 V A C U U M I N D U S T R I E S I N C S O M E R v l L L E MA

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R Y O B I L T O D A I F U K U CO L T O K O M A T S U L T D K O M A T S U L T D T S U B A K I M O T O C H A I N CO B O L I D E N AB S T E I N E R . J E F F R E Y J BBA G R O U P P L C F I D E L I T Y I N T L L T D P E A R S O N P L C S I O A W I , R A J A B R I E R L E Y , R O N A L D E T A L J O H N WOOD G R O U P P L C M A T S U I M FG CO L T DG R O U P E L A P E R R I E R E & V E R R E A U L T I N C K O M A T S U L T DT O Y O D A M A C H I N E WORKS L T D M A K I N G M I L L I N G M A C H I N E CO L T D M I Y A N O F A M I L Y OKUMA M A C H I N E WORKS L T D J . M . V O I T H GMBH A U X I L E C SAT A T E M A T S U MOLDW O RKS CO L T D E T A LM AG NA I N T L I N CA T L A S C O P C O A BE L O P A K A SL A P S K E R . I T Z C H A KI N T L T W I S T D R I L L H L D G S L T DA S A H I D I A M O N D I N D U S T R I A L CO L T DM A K I T A E L E C T R I C WORKS L T DM O B I L E T R O N E L E C T R O N I C SR Y O B I L T DB A K ER P E R K I N S P L CG . D . S PAM I T S U B I S H I H E A V Y I N D . L T DN I P P O N A U T O M A T I C F I N E M CHY CO L T DT A K A T O R I M CHY M FG CO L T DS H I M A S E I K I S E I S A K U S H O CO L T DC . I T O H & CO L T D OD E T O S T A S I A T I S K E K O M P A G H I ASG I O R I , G U A L T I E R OC OM M E R ZB A N K AGA B L E K I N D L T DF O C K E & CO GMBHF R A N C E , G O V T OFAB I N T E R F I N A N SS I N T O K O G I O L T ON A K A N I S H I , K A Z U O F A M I L YN I P P O N S E I K O KK E T A LN T N T O Y O B E A R I N G CO L T DN T N T O Y O B E A R I N G CO L T OG E N E R A L E D E F O N D E R I E SAF R A N C E . G O V T OFS U M IT O M O H E A V Y I N D U S T R I E S L T DL U C A S I N D U S T R I E S P LCT H E R M A L S C I E N T I F I C P L C

T Y V A L U E N A T N A L T Y

AM 1 3 . 3 JAAM 3 . 0 J APE JAOT J ANP 2 . 0 JAAM 9 7 . 9 SWAM 0 . 6 AUAM UKE l BDE l 7 2 . 0 UKAM AUE l 8 . 7 N ZJ V UKNP J AAM CAN P 3 . 0 JAAM JAE l J AOT 9 ! 2 J ANP J ANP

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GEAM FRNP JAAM 1 I 0 CAAM B 5 . 5 SWAM NO 1AM I SAM OD o UKAM J APE J A iN P TWO T JAAM UKAM I TAM 6 0 . 0 JAOT J AAM JANP JAN P JAAM DAOT S ZAM GEAM 1 1 5 . 0 UKN P GEAM FRAM 3 ! 0 SWJ V JANP 1 0 . 0 J ANP JAPE J AE l JAO T FRAM FRNP J AAM 1 1 0 . 0 UKAM UK

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1987 FOREIGN DIRECT INVESTMENT TRANSACTIONS, COMPLETE, BY SIC

S I C U S F I R M NAME

3 5 6 8 M ATHEW S C O N V E Y E R CO3 5 6 8 S U N D S T R A N D - S A U E R3 5 6 9 F E C I N C3 5 6 9 S A T O A M E R I C A I N C3 5 6 9 S L A C K & PARR H Y D R A U L I C CORP3 5 7 1 F U J I T S U - T E N C OR P3 5 7 3 A L P S E L E C T R I C CO3 5 7 3 A M D A H L CORP3 5 7 3 C A L A Y S Y S T E M S I N C3 5 7 3 C A S I O I N C3 5 7 3 C O M P U T E R I D E N T I C S CORP3 5 7 3 C O M P U T E R T E R M I N A L S Y S T E M S I N C3 5 7 3 C O R P O R A T E D A TA S C I E N C E S I N C3 5 7 3 DAN A C O M P U T E R I N C3 5 7 3 D A T A P R O T E K I N C3 5 7 3 D E C I S I O N I N D U S T R I E S CORP3 5 7 3 E P S O N - P O R T L A N D I N C3 5 7 3 F O C U S S E M I C O N D U C T O R CORP3 5 7 3 G T X C OR P3 5 7 3 G E ' S H V D C U N I T3 5 7 3 I N T E L L I G E N T S T O R A G E I N C3 5 7 3 KCR T E C H N O L O G Y I N C3 5 7 3 L A P I N E T E C H N O L O G Y CORP3 5 7 3 M A T R I X COR P3 5 7 3 M I P S C O M P U T E R S Y S T E M S3 5 7 3 O K I S E M I C O N D U C T O R P R D T S3 5 7 3 O P T I M E L E C T R O N I C S CORP3 5 7 3 P E R I M E T E R T E C H N O L O G Y I N C3 5 7 3 R E N A I S S A N C E GRX I N C3 5 7 3 T E L E X C O R P3 5 7 3 V E N D E X P A C I F I C I N C3 5 7 3 W E S T E R N G R A P H T E I N C3 5 7 7 C A L C O M P ' S S Y S T E M S D I V3 5 7 9 A B D I C K3 5 7 9 AMANO A M E R I C A M FG I N C3 5 7 9 G R A D C O S Y S T E M S I N C3 5 7 9 M I T A3 5 8 5 M I T S U B I S H I ' S A U T O M O T I V E A I R3 5 8 5 N I H O N R A D I A T O R3 5 8 5 W H I R L P O O L ' S H E I L - Q U A K E R HOME S Y S T E M S3 5 8 6 G I L B A R C O I N C3 5 8 9 S H E R M A N S U P E R S O N I C I N D U S T R I E S C OR P3 5 9 2 A E I N C3 5 9 9 CWS COR P3 6 1 2 M I T S U B I S H I E L E C T R O N I C S A M E R . I N C3 6 1 2 T O S H I B A A M E R I C A I N C3 6 2 1 B R I N K L E Y MOTOR P R O D U C T S CO3 6 2 2 C I P H E R D A T A P R D T S I N C ' S P L A N T 3 6 2 2 MCC POW ERS D I V3 6 2 2 OMRON T A T E I S I E L E C T R O N I C S CO3 6 2 2 R O B O T R O N D I V3 6 2 3 S C I A K Y B R O T H E R S I N C3 6 2 4 T O K A I C A R BO N 3 6 2 4 W I N D E C K E R I N C3 6 2 9 E N G I N E E R E D M A G N E T I C S I N C3 6 3 1 M A T S U S H I T A E D U C A T I O N C E N T E R

L O C A T I O N T S

D A N V I L L E KYR O C K FO R D I LM A D I S O N H T S - M IP A L O A L T O CAROCK H I L L SCCA R SON CAGA R D EN GROVE CAS U N N Y V A L E CAI R V I N E CAD OVER NJC A N TO N MACOMMACK NYM A N H A T T A N BEA CAS U N N Y V A L E CABOCA R A TO N F LH ORSHAM PAH I L L S B O R O ORS U N N Y V A L E CAP H O E N I X A ZM A L V E R N PALON G M O N T COE . H A R T F O R D C TM I L P I T A S CAO R A N G E B U R G NYS U N N Y V A L E CAR O L L I N G MEDWS I LGERMANTOWN MDNORWALK CTB E L L E V U E WAT U L S A OKNEW YORK NYI R V I N E CAA N A H E I M CAN I L E S I LA N A H E I M CAI R V I N E CAD A L L A S T XLO S A N G E L E S CAS H E L B Y V I L L E TNN A S H V I L L E T NG R E E N S B O R O NCT O NAW ANDA NYS O U T H B E N D I NP O R T L A N D ORP L A N O T XI R V I N E CAB R I N K L E Y ARG A R D E N G R O V E CAS K O K I E I LST C H A R L E S I LS O U T H F I E L D M IC H I C A G O I L

NYR EN O NVH A W TH O R N E CAS E C A U C U S N J

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F O R E I G N I N V E S T O R

B A B CO C K I N T L P LC S AU E R G E T R I E B E AG D A I - I C H I D E N T S U CO L T D S A T O CORP S L A C K & PARR L T D F U J I E L E C T R I C CO L T D A L P S E L E C T R I C CO L T D F U J I E L E C T R I C CO L T D A G I VC A S I O C O M PU TE R CO L T D B E K A E R T N V SA S E D I O NVT E L F O S H L D G S P LCK UBOTA L T DE R I N T E C CORPECONOCOM I N T L NVS E I K O - E P S O N CORPM I P E Q U I T YN I P P O N S T E E L CORPC l E G E N E R A L E D ' E L E C T R I C I T EF U J I E L E C T R I C CO L T DMOORE C O R P L T DK YO C E R A CORPB A Y E R AGK U B O TA L T DO K I E L E C T R I C I N D CO L T D B O W TH O R PE H L D G S P L C N E X T P L CK A N E M A T S U -G O S H O L T D M EM O R E X I N T L NV V E N D E X I N T L NV G R A P H T E C CORP I S I “ CADG E N E R A L E L E C T R I C CO P L C AMANO C OR PC I T O H & CO L T D E T A L M I T A I N D U S T R I A L CO L T D M I T S U B I S H I H E A V Y I N D U S T R I E S L T D N I H O N R A D I A T O R CO L T D I N T E R - C I T Y G A S COR P G E N E R A L E L E C T R I C CO P L C S H E R M A N S U P E R S O N I C I N D U S T R I E S C OR P A E P L CG E B R . S U L Z E R AGM I T S U B I S H I E L E C T R I C COR PT O S H I B A C O R PE L E C T R O H O M E L T DA L P S E L E C T R I C CO L T DL A N D I S & GYR H L D G AGOMRON T A T E I S I E L E C T R O N I C S COM A R U B E N I C OR PF E R R A N T I P L CT O K A I C A R B O N CO L T DN I P P O N S T E E L CORP E T A LF L E E T A E R O S P A C E CORPM A T S U S H I T A E L E C T R I C I N D . C O L T O

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AM 36.6 UKJ V , GENP 1 .9 JAOT JAOT UKNP , JANP . JAE l JAAM GEOT , JAE l BEAM 0. 1 SZAM . UKAM 20,0 JAOT CAAM . FRPE JAAM s \ o N LAM 8 .0 JAAM . FRAM # J AE l 1 . 2 CAAM 2. 1 JAAM 22 . 1 GEAM 25.0 JAOT JAAM UKOT UKAM 0 .3 J AAM 9 11 .0 N LOT . N LPE . J AAM GEPE 3 0 . 0 UKP E 1 4 . 3 JAAM J ANP 5! 8 J APE JANP JAAM 1 7 6 . 0 CAAM 250 .0 UKNP . CANP 6 .0 UKAM SZN P 8 0 . 0 J AO T 3 5 . 0 JAAM . CAAM 10.0 JAAM 132.5 SZNP 7 . 0 J AAM 4 . 0 JAAM UKOT JAJ V JAAM 7 . 5 CAOT JA

VON)

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I987 POftffJGN OIR6CT I N V E S T M E N T TRANSACTIONS, COMPLETE, BY SIC

S I C U S F I R M N A M E L O C A T I O N TS

3 6 3 2 S A N Y O L A S E R P R O D U C T S I N C R IC H M O N D I N3 6 3 4 A L L E G H E N Y ' S A P P L I A N C E G R O UP P I T T S B U R G H PA3 6 3 6 R E E C E C O R P W A L T H A M MA3 6 3 6 U N I O N S P E C I A L C O R P C H I C A G O I L3 6 4 1 C A N R A O I N C NEW ARK NJ3 6 4 3 A T L A N T I C S C I E N T I F I C C O R P M E L B O U R N E F L3 6 4 3 C O N N E C T R O N I N C L A W R E N C E N J3 6 4 3 P A U L D I N G E L E C T R I C A L P R D T S S UB F O R E S T C I T Y NC3 6 4 5 U S H I O I N C E U G E N E OR3 6 4 5 U S I L I G H T I N G SAN L E A N D R O CA3 6 4 7 I I S T A N L E Y CO I N C B A T T L E C R E E K M I3 6 4 7 N O R T H A M E R I C A N L I G H T I N G I N C S A L E M I L3 6 5 1 A L P I N E E L E C T R O N I C S M FG OF A M E R . I N C G R E EN W O O D I N3 6 5 1 B I B A U D I O V I D E O P R D T S U SA L I T T L E T O N CO3 6 5 1 D E N O N D I G I T A L I N D U S T R I E S L T D M A D I S O N GA3 6 5 1 F O S T E R E L E C T R I C CO S C H A U M B U R G I L3 6 5 1 G E ' S C O N S U M E R E L E C T R O N I C S D I V I N D I A N A P O L I S I N3 6 5 1 O R I O N E L E C T R I C A M E R I C A I N C P R I N C E T O N I N3 6 5 2 C B S R E C O R D S G R O U P NEW YORK N Y3 6 5 2 E L E C T R O S O U N D G R O U P I N C H A U P P A U G E NY3 6 5 2 L A S E R V I D E O I N C H U N T S V I L L E A L3 6 6 1 A T 8. E C O R P S AN F R A N C I S C O CA3 6 6 1 C I T I Z E N S Y S T E M S I N C S A N T A M O N I C A CA3 6 6 1 E R I C S S O N R I C H A R D S O N T X3 6 6 1 F U J I T S U A M E R I C A I N C R A L E I G H NC3 6 6 1 H I T A C H I T E L E C O M N O R C R O S S GA3 6 6 1 K T I C O R P D A L L A S T X3 6 6 1 S O U T H W E S T E R N E N G I N E E R I N G CO LO S A N G E L E S CA3 6 6 1 S U M I T O M O E L E C R E S C H T R I DU R HA M NC3 6 6 1 U N I D E N C O R P OF A M E R I C A D A L L A S - F T W. T X3 6 6 2 A E R O S P A C E A V I O N I C S I N C RONKONKOM A NY3 6 6 2 D A T A C A R D C O R P M I N N E A P O L I S MN3 6 6 2 D A T A T E L I N C C H E R R Y H I L L N J3 6 6 2 D I V E R S I C O M N A T I O N W I D E P A G I N G O R A N C E CO CA3 6 6 2 G E ' S A D V A N C E D L A S E R T E C H N O L O G Y B I N G H A M T O N NY3 6 6 2 I N T L S I G N A L & C O N T R O L G R O U P I N C L A N C A S T E R PA3 6 6 2 L E A R S I E G L E R I N S T R U A V I O N I C S Y S T E M S CORP G R A N D R A P I D S M I3 6 6 2 P I C T E L CORP P E A B O D Y MA3 6 6 2 R E F L E C T O N E I N C T A M P A F L3 6 6 2 R E P C O I N C O R L A N D O F L3 6 6 2 R P C I N D U S T R I E S I N C H A YW ARD CA3 6 6 2 S E C U R I T Y T A G S Y S T E M S I N C ST P E T E R S B U R G F L3 6 6 2 V I C O N I N D U S T R I E S I N C M E L V I L L E NY3 6 6 3 C U E P A G I N G C O S T A M ESA CA3 6 7 2 E S P R I T S Y S T E M S I N C M E L V I L L E NY3 6 7 4 F U J I T S U G T E B U S I N E S S S Y S T E M S I N C T E M P E AZ3 6 7 4 F U J I T S U M I C R O E L E C T R O N I C S I N C GR E SH A M OR3 6 7 4 G T I C O R P SAN D I E G O CA3 6 7 43 6 7 4

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F O R E I G N I N V E S T O R T Y V A L U E N A T N A L T Y

S A N Y O E L E C T R I C CO L T D NP 5 . 0 JAR E I L C O R P AM , ASC A M E L L I A I N V E S T M E N T L T D E l 6 . 7 UKB R I E R L E Y , RON E T A L AM 8 . 2 N ZA R C I N T L AM 2 0 . 5 CAB O W T H O R P E H L D G S P L C AM UKH AW KER S I D D E L E Y G R O U P P LC AM UKHAMM OND M FG CO L T D O T CAU S H I O I N C NP 3 ! o JAH A N S O N T R U S T P L C AM UKS T A N L E Y E L E C T R I C CO E T A L OT . JAK O I T O M FG CO L T D N P 16 . 5 JAA L P S E L E C T R I C CO L T D PE JAK E L S E Y I N D U S T R I E S P LC OT . UKH I T A C H I L T D NP 4 0 . 0 J AF O S T E R E L E C T R I C CO L T D OT JAF R A N C E , G O V T OF AM 8 0 0 . 0 FRO R I O N E L E C T R I C CO L T D O T JAS O N Y C OR P AM 2 0 0 0 . 0 JAC I N R A M L T D AM 0 . 2 CAQ U A T R O L T D AM 5 5 . 5 ASH A T T O R I S E I K O CO L T D E T A L AM 1 9 . 0 JAC I T I Z E N W A TC H CO L T D O T 1 . 0 JALM E R I C S S O N T E L F O N AB O T SWF U J I E L E C T R I C CO L T D O T JAH I T A C H I L T D OT JAA M E R I C A N T E L E C O M M U N I C A T I O N S CORP AM 2 , . 2 CAS E N I O R E N G I N E E R I N G GR O UP P L C AM UKS U M I T O M O E L E C I N D L T D PE 2 5 . . 0 JAU N I D E N CORP NP J AHAWKER S I D D E L E Y GRO UP P L C AM 2 8 ! 0 UKQ U A N D T , H E R B E R T F A M I L Y AM 1 7 4 , 0 GEDOWTY GR O UP P L C AM 4 0 . 0 UKN O K I A OY AB AM F IF E R R A N T I P LC AM UKF E R R A N T I P LC AM UKS M I T H S I N D U S T R I E S P LC AM UKK YO C E R A CORP AM JAU N I T E D K I N G D O M , G O V T . O F AM 2 8 . 0 UKK O S T A N T I N I D I S , ANDREW AM SAM A R U B E N I CORP E T AL AM S . 0 JAA U T O M A T E D S E C U R I T Y ( H L D G S ) PLC E l 4 . 0 UKC H U G A I B O Y E K I CO L T D AM 3 . 6 JAN O K I A CORP AM . F IA D V A N C E D D A TU M I N F O R M A T I O N CORP E l CHF U J I E L E C T R I C CO L T D J V . JAF U J I E L E C T R I C CO L T D NP 1 3 0 . 0 JAV E N T E R , W I L L I A M AM 6 . 0 SOI T A L Y , G O V T OF OT I TM ORGAN C R U C I B L E CO PLC AM 2 0 . 5 UKM I T S U B I S H I E L E C T R I C CORP PE 3 6 . 0 JAK A W A S A K I S T E E L CORP PE JAN I P P O N KOKAN KK NP 6 0 . 0 JAO K I E L E C T R I C I N D U S T R Y CO L T D PE JAR I C O H CO L T D AM 1 . 1 JAN I P P O N T E L E G . & T E L E P U B L I C CORP ET AL J V 1 .9 JA

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l t > B 7 F O R E I G N D I R E C T I N V E S T M E N ' T R A N S A C T I O N S . C O M P L E T E , B Y S I C

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J o 7 6 O H M T E K I N C* 6 7 8 C L A R O S T A T M FG CO I N C. < 6 7 9 A D T I N CH 6 7 9 A K A S H I C M E M O R I E S COR PJ 6 7 9 A M E R I C A N Y A Z A K I COR P USA3 6 7 9 B U R T O N I N D U S T R I E S I N C^ 6 7 9 C I R C O N CORPJ 6 7 9 C O M P U T E R P R O D U C T S3 6 7 9 H I - T E C H R O B O T I C S L T D3 6 7 9 J V C MAGNE P R D T S OF A M fc & IC A3 b 7 9 M I C R O P A C I N D U S T R I E S IN C3 6 7 9 S H E L D A H L I N C3 6 7 9 S I E M E N S3 6 7 9 S T E W A R T - W A R N E R CORP3 6 7 9 T D K OK LA H O M A C OR P3 6 7 9 T E C H N I C A L C O M P O N E N T S I N C3 6 7 9 T R I A N G L E M IC R O W A V E I N C3 6 7 9 T R W ' S C I N C H C O N N E C T O R S3 6 9 3 C O R D I S C O R P S P A C E M A K E R u I N E3 6 9 3 I M A T R O N I N C3 6 9 3 N I H O N - K O H D E N COR P3 6 9 3 N O R T H A M E R I C A N P H I L I P S CORP3 6 9 3 X - R A Y T E C H N O L O G I E S I N C3 6 9 4 A M E R I C A N I N D U S T R I A L M F G . S V C S . 3 6 9 4 ASM O M FG I N C3 6 9 4 M I T S U B I S H I E L E C T R I C A M E R I C A I N C3 6 9 4 NGK S P A R K P L U G S U SA I N C3 6 9 9 A E R O S P A T I A L E3 6 9 9 G C A ' S L A S E R T E C H N O L O G Y D I V3 6 9 9 I N T E R S I M ( G M I )3 6 9 9 K O N N E X C OR P3 6 9 9 M A S T E R I M A G E S I N C3 7 1 1 I S U Z U M O T O R S CO3 7 1 1 N I S S A N MOTOR C O R P3 7 1 t S U B A R U - I S U Z U A U T O M O T I V E I N C3 7 1 1 V O L V O - G M H E A V Y T R U C K C O R P3 7 1 3 C A R L - B U I L T I N C3 7 1 3 L A M B E R E T U SA3 7 1 4 A A P S T M A R Y S C O R P 3 7 1 4 A R V I N SANG O C O .3 7 1 4 A U T O M O T I V E S I N D S . . I N C .3 7 1 4 B A N D O M F G . OF A M E R I C A3 7 1 4 B E N D I X J I D O S H A K I K I3 7 1 4 C A L S O N I C M F G . C O R P .3 7 1 4 CME C OR P3 7 1 4 D I E S E L K I K I U SA3 7 1 4 E A G L E W I N G S I N D U S T R I E S3 7 1 4 E L S A C OR P3 7 1 4 E N E K I A M E R I C A I N C3 7 1 4 GK N A U T O M O T I V E C O M P O N E N T S3 7 1 4 H O N D A OF A M E R I C A M FG CO3 7 1 4 J I D E C O OF B R A D S T O W N3 7 1 4 M A T H E R M E T A L S I N C

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N IP P O N S T E E L CORP ROHM CO L T DS H IZ U K I E L E C T R IC CO L T D S F E R N IC E SAHAW KER S tO D E L E Y G R O UP P LC H A W LE Y G RO UP P LC K U B O TA L T D Y A Z A K I CORPC O N T R O L T E C H N IQ U E S P LC BOC G R O UP P L C U N IT E C H P L CT R I - C A N D E V E L O P M E N T S L T D M A T S U S H IT A E L E C IN O CO L T D H E M P E L , F . W .S U M IT O M O B A K E L IT E CO L T DS IE M E N S AGB TR P L CTD K C O R PF R A N C E , G O V T OFA R IA D N E A U S T R A L IA L T DP R E C IS IO N M E C A N IQ U E L A B IN A L SAN U C L E U S L T DM I T S U I & CO L T DN IH O N -K O H D E N C O R PP H I L I P S N VU E I P L CT O Y O T A M OTOR CO L T D T O Y O T A M OTOR C O R P M I T S U B I S H I E L E C T R IC C O R P NGK S P A R K P L U G CO L T D F R A N C E , G O V T O F KOBE S T E E L L T D B E T P L C

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OT 2 . 0 JAAM 1 . 5 JAAM JAAM FRAM 3 0 . 8 UKAM 7 1 5 . 0 UKAM 1 5 . 0 JAOT . J AAM . UKAM 9 . 0 UKAM . UKAM 0 . 1 CAPE 2 3 . 1 JAAM GEAM 4 . 9 J AOT 9 . 0 GEAM 2 0 0 . 0 UKOT J AAM . FRAM « A SAM . FRAM 3 0 . 0 ASAM 2 . 0 JAOT 1 . 5 JAE l 6 8 0 . 0 N LAM . UKN P , JAN P J ANP 2 5 . 0 J AP E . J APE 7 0 . 0 FRAM . J AAM UKO T . S ZAM CANP 7 . 0 J APE J AN P 4 0 5 . 0 JANP 2 3 . 5 SWAM . A SNP . FRNP 2 0 . 0 J AJ V 7 . 6 J ANP 1 5 . 0 CAN P 1 4 . 5 JAJ V 4 . 1 J APE 1 0 . 0 J AJ V . JANP 5 0 . 0 JANP 3 7 . 5 J ANP 1 0 . 0 J APE 9 . 0 J ANP 1 0 . 0 UKPE 4 5 0 . 0 J APE J ANP 1 1 . s JA

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3 7 1 4 NAKAG AW A S A N G Y O M E R R I L L V I L L E3 7 1 4 N E A T O N A U T O P R D T S M FG I N C E A T O N3 7 1 4 NEW S A B I N A I N D U S T R I E S I N C S A B I N A3 7 1 4 R O C K W E L L C L U T H CO T R O Y3 7 1 4 S H E L L E R - R Y O B I C O R P S H E L B Y V I L L E3 7 1 4 S U N B U R V C O M P O N E N T S I N D U S T R I E S S U N B U R Y3 7 1 4 T E I K O K U C O R P S P R I N G F I E L D3 7 1 4 T E K S I D A L U M I N U M F O U N D R Y I N C D I C K S O N3 7 1 4 T E N N E X I N D U S T R I E S I N C M U R F R E E S B O R O4 7 1 4 T G ( U S A ) C O R P P E R R Y V I L L E3 7 1 4 T O K I C O M FG C O R P B E R E A3 7 1 4 T O P Y C O R P F R A N K F O R T3 7 1 4 U N I T E D G L O B E N I P P O N I N C C H I C A G O3 7 1 4 Y U H S H I N O R S C H E N S O U T H F I E L D3 7 2 1 A L S T H O M I N C . U N I O N C I T Y3 7 2 8 B O E I N G C O ' S H Y D R A U L I C U N I T S I N C D U A R T E3 7 2 B L A N G L E Y C OR P S AN D I E G O3 7 2 8 L E A R S I E G L E R A S T R O N I C LO R P S A N T A M O N I C A3 7 2 8 L E A R S I E G L E R A V I O N I C S S Y S T E M S CORP F L O R H A M P A R K3 7 3 2 B E N E T E A U M A R I O N3 7 3 2 Y A M A H A MOTOR M FG CORP OF A M R . N E N A N3 7 4 3 N EM K O I N C NEW Y O R K3 7 5 1 K I M P E X U S A L T D P L A T T S B U R G3 7 6 4 O W E N S - C O R N I N G F I B E R G L A S S N I T C O D I V N EW PO R T BEA C h3 8 11 FO R M A S C I E N T I F I C D I V . M A R I E T T A3 6 1 1 H I T A C H I I N S T R U M E N T S I N C SAN J O S E*8 1 1 S P E C T R A - P H Y S I C S I N C S AN J O S E3 b 11 T O P C O N I N S T R U M E N T COR P OF A M R . P A R A M U S3 8 2 2 B A R B E R - C O L M A N CO R O C K F O R D3 B 2 2 H A N N A I N S T R U M E N T S OF A M E R I C A W O O N S O C K E T3 8 2 2 R A N C O I N C D U B L I N3 6 2 2 R E V E R E C OR P W A L L I N G F O R D3 8 2 3 C A R L E T O N G R O UP E A S T A U RORA3 8 2 3 F U T R E X I N C G A I T H E R S B U R G3 8 2 4 A L L I E D S I G N A L S N E P T U N E I N T L U N I T N E P T U N E3 8 2 4 I N D I K O N C O R P C A M B R I D G E3 8 2 4 V D O - Y A Z A K I C OR P W I N C H E S T E R3 8 2 5 R H O O E & S CH W AR Z I N C LA N H A M3 8 2 9 D A T A M E T R I C S O P E R A T I O N S W I L M I N G T O N3 8 2 9 I R D M E C H A N A L Y S I S I N C C O LU M B U S3 8 3 2 B A U S C H & L O M B S ' O P T I C A u D I V R O C H E S T E R3 8 3 2 P O L Y - O P T I C A L P R O D U C T S I N C S A N T A M O N I C A3 8 3 2 S P E X G R O U P I N C E D I S O N3 8 4 1 L U T H E R M E D I C A L P R O D U C T b I N C S A N T A ANA3 8 4 1 O R G AN O N T E K N I K A C OR P R E S C H T R . PK3 8 4 1 T E R M A S C A N I N C NEW YORK3 8 4 1 T E R U M O C O R P E L K T O N3 8 4 1 W I L S O N - C O O K M E D I C A L I N C G R E E N S B O R O3 8 4 2 O E L M E D I N C F R E E H O L D3 8 4 2 D E R M A - L O C K M E D I C A L C OR P ENG LEW OO D3 8 4 2 D O N J O Y I N C C A R L S B A D3 8 4 2 E V E R E S T & J E N N I N G S I N C . LOS A N G E L E S3 8 4 3 W I L L I A M ' S CO D E N T A L D I V B U F F A L OJ 8 5 1 B A U S C H & L O M B S ' O P H T H A L M I C D I V R O C H E S T E R3 8 5 1 R E V L O N I N C ' S V I S I O N CARE D I V NEW YORKJ 8 5 1 S E I K O - E P S O N C OR P E l PAS O

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I N N A KAG AW A S A N G Y O NP 1 . 0 J AOH N I H O N P L A S T L T D P E J AOH H O N D A M O TO R CO L T O NP J AM I I S U Z U M O T O R S L T D J V J AI N R V O B I L T D N P 1 2 ! 5 J AOH SHOWA M A N U F A C T U R I N G CO NP 2 5 . 0 J AOH T E I K O K U C H R O M E CO L T D NP J AT N A G N E L L I F A M I L Y J V 1 3 . 0 I TT N N I S S A N M OTOR CO L T D NP 8 . 0 J AMO T O Y O T A M O TO R C O , E T A L PE J AKY T O K I C O M F G CO L T D N P 2 0 ! 0 J AKY N I P P O N S T E E L C O R P P E 1 5 . 0 J AI L N I H O N T O K U S H U / H I R O T O N I / F U J I Y O S H I J V J AM I M A Z D A M O TO R CO L T D J V J ACA F R A N C E , G O V T . O F NP FRCA D O W TY G R O U P AM 4 2 . 5 UKCA F L E E T A E R O S P A C E CO AM 2 . 7 CACA G E N E R A L E L E C T R I C CO P L C AM UKN J S M I T H S I N D U S T R I E S P L C AM UKSC B E N E T E A U F A M I L Y NP 3 1 5 FRGA N I P P O N G A K K I CO L T D N P J ANY M I T S U I & CO L T D PE J ANY S O U C Y , G I L L E S N P CACA U K , G O V T OF AM 2 4 0 . 0 UKOH P H I C O M P L C AM 5 6 . 0 UKCA H I T A C H I L T D OT J ACA C I B A G E I G Y C OR P E l 3 1 0 * 0 S ZN J T O Y O O P T I C A L CO L T O PE 7 . 0 J AI L S I E B E P L C AM 2 2 7 . 0 UKR I H A N N A I N S T R U M E N T S N P 0 . 7 I TOH S I E B E P L C AM 1 5 0 . 0 UKC T D O B S O N P A R K I N D S P L C AM 1 2 . 8 UKNY FR G R O U P P L C AM 2 6 . 1 UKMD K E T T E L E C T R I C LA B J V J AN J S C H L U M B E R G E R L T D AM UKMA M E T R A V I B I N S T R U M E N T S I N C AM FRVA Y A Z A K I SOGYO E T A L N P 1 3 . 0 J AMD R H O D E & S C H W AR Z GMBH & CO KG NP GEDE BOC P L C AM UKOH D O B S O N P A R K I N D U S T R I E S AM 2 4 ! 2 UKNY C A M B R I D G E I N S T R U M E N T S CO P L C AM UKCA M I T S U B I S H I R A Y O N CO L T D AM 1 . 0 JANY O V E R S E A S P R I V A T E E Q U I T I E S NV AM NACA D A V I E S , F R E D S AM 1 . 1 CANC A K Z O N V P E N LNY D E T L E V , B A U R S - K R E Y AM 0 . 6 GEMO TE R U M O CORP PE 7 5 . 0 J ANC W I L S O N - C O O K M E D I C A L I N C NP . CAN J F R E S E N 1 U S AG AM GECO Z W I R N , EDGAR AM . BECA S M I T H & N EP H EW A S S O C S CO P L C AM UKCA B R I E R L E Y , RON E T A L E l . N ZNY I V O C L A R AG AM . LSNY C A M B R I D G E I N S T R U M E N T S CO P L C AM UKNY P I L K I N G T O N B R O T H E R S P L C AM 5 7 4 ! 0 UKT X S E I K O - E P S O N C OR P AM JA

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3 8 6 1 K O N I C A MFG U SA I N C3 8 6 1 M I N O L T A A D V A N C E T E C H N O L O G Y I N C3 8 6 1 P A N A V I S I O N I N C3 8 6 1 P H O T O L A B E L S USA3 8 6 1 P O L Y T R I BO I N C3 8 6 1 POWERS CHEM CO I N C3 8 6 1 R I C O H E L E C T R O N I C S I N C3 8 6 1 V I S U A L C O M M U N I C A T I O N S ( B E L L 8. H O W E L L )3 9 1 1 T I F F A N Y & CO3 9 1 4 H O U S E C R A F T I N D U S T R I E S3 9 3 1 L Y O N & H E A L Y H A R P S I N C3 9 4 4 P E R E G O P R O D U C T S3 9 4 4 P L A Y M A T E T O Y S3 9 4 9 K D I C O R P3 9 4 9 T R I A N G L E M A N U F A C T U R I N G CORP3 9 5 1 F R A W L E Y C O R P3 9 5 5 P I L O T M A N U F A C T U R I N G C OR P3 9 5 5 P O L Y C H R O M E C OR P3 9 5 5 S T I M A G I N G T E C H N O L O G Y3 9 6 3 U N I V E R S A L F A S T E N E R S I N C3 9 9 7 H E A T H S I G N CO3 9 9 9 KA M E YA M A C A N D L E CO3 9 9 9 T I M E - O U T F A M I L Y A M U S E M E N T C T .4 0 1 1 G E R M A N R A I L4 0 1 2 P A C I F I C L I N K E X P R E S S CO 4 1 1 1 G R A N D T R U N K W E S T E R N RR CO 4 1 5 1 B E R R Y T R A N S P O R T A T I O N CO I N C 4 1 5 1 J . M E R E D I T H B U S CO4 1 5 1 S C H O O L B U S CO4 1 5 1 S C H O O L B U S CO4 1 5 1 S C H O O L B U S CO4 1 5 1 S C H O O L B U S COS ( 4 )4 1 5 1 T R A V E L T I M E B U S L I N E S I N C4 2 1 2 M E R C H A N T S HOME D E L I V E R Y S E R V I C E I N C4 2 1 3 H O L M E S T R A N S P O R T A T I O N I N C4 2 1 3 R E D S T A R E X P R E S S L I N E S OF A U B U R N I N C4 2 1 3 R O B I N T R A N S P O R T I N C4 2 1 3 R Y A N G R O U P4 2 1 3 W E S T E R N I N D U S T R I A L M O V E R S I N C4 2 2 6 A U T O W A R E H O U S I N G CO4 4 1 1 A U S T R A L I A - N E W Z E A L A N D C O N T A I N E R L I N E4 4 1 1 A U S T R A L I A - N E W Z E A L A N D D I R E C T L I N E4 4 1 1 C H E S A P E A K E S H I P P I N G I N C4 4 1 1 S S A N G Y O N G S H I P P I N G ( U S A ) I N C4 4 1 1 T R A N S P O R T M A R I T I M E D ' A M E R I Q U E SA4 4 1 1 W E S T I N D I E S S H I P P I N G C O R P4 4 1 1 W I N D S T A R S A I L C R U I S E S L T D4 4 1 1 Z I M A M E R I C A N - I S R A E L S H I P P I N G CO4 4 3 1 O G L E B A Y N O R T O N CO I N C4 4 5 9 T H R E E B U O Y S H O U S E B O A T V A C A T I O N S4 4 5 9 W . J . S E R V I C E S4 4 6 3 CAR S T E A M S H I P I N C4 4 6 3 M A E R S K L I N E4 4 6 3 T R A N S P A C I F I C C O N T A I N E R S E R V I C E C OR P4 4 6 3 T R A N S L O A D I N G T E R M I N A L P A R T N E R S H I P4 5 1 1 A I R F R A N C E

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G R E E N S B O R O NCG O SH E N NYT A R Z A N A CAC A R O L S TR E A M I LB R I S T O L PAG L E N C OVE NYI R V I N E CAE V A N S T O N I LNEW YORK NYS T A L B A N Y V TC H I C A G O I LF T WAYNE I NLA MAR I D A CAC I N C I N N A T I OHM O R R I S V I L L E NCL O S A N G E L E S CAB E A C O N F A L L S C TY O N K E R S NYR EN O NVL A W R E N C E B U R G KYY A K I M A WAO N T A R I O CAF A I R F A X VAA T L A N T A GANEW Y OR K NYD E T R O I T M I

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S I C U S F I R M N A ME L O C A T I O N

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A Z T N T L T D AM 3 1 6 ASNY KLM R O Y A L D U T C H A I R L I N E S BV J V N LVA F E D E R A L R E P OF G E R M A N Y , G O V ' T OF OT GEN Y A L L N I P P O N A I R W A Y S CO L T D O T J ANY T N T L T D O T ASCA T N T L T D OT ASMA T N T L T D OT ASN J A T T A R t D I B O E l I TWA T N T L T D E l 1 6 8 ASCA N A T I O N A L F R E I G H T C O N S O R T I U M P L C AM UKCA H I T A C H I L T D O T J ANC IS E W A N T E R M I N A L S E R V I C E CO L T D OT J AWA R O W L A N D , R O L A N D W. OT UKNY N A I G A I N I T T O CO L T D OT JACA D A I N I C H I T S U U N CO L T D J V JACA S U M I T O M O W A R E H O U S E CO L T D , T H E O T JACA T O K Y U C OR P O T J AOH W A G O N - L I T S SA AM BENY L E P G R O U P P L C AM 13 2 UKN Y I R I S H M A I N P O R T H O L D I N G S O T E lN J B U R E A U V E R I T A S OT FRGU K O K U S A I D E N S H I N DENWA CO L T D J V 1 2 6 0 JANY N I P P O N T E L E G R A P H & T E L E P H O N E CORP OT JAN Y I T A L Y , G O V ' T OF O T 7 5 I TCA C L A R I O N CO L T D AM J AF L M O F F A T C O M M U N I C A T I O N S L T D AM 2 0 CAME S O C I E T E G E N E R A L E DE B E L G I Q U E SA J V BER I N O V E R C O I N C J V CALA B A S F AG AM 8 0 0 GEOH M A N N , G E O R G E S . OT CAME F R A N C E , G O V ' T OF AM 1 6 0 FRPA N E W A R T H I L L P L C AM UKGA F I C H T N E R B E R A T E N D E I N G E N . GMBH & CO KG J V 0 2 GEF L A T T W O O D S P L C AM 1 6 UKF L A TTW O O D S P L C AM 1 0 0 UKF L A T T W O O D S P L C AM 2 0 UKM I D E G R O O T E , M I C H A E L G . AM CAT X D E G R O O T E , M I C H A E L G . AM CAT N D E G R O O T E , M I C H A E L G . AM CAOH D E G R O O T E , M I C H A E L G . AM CAMD I S U Z U M O TO R S L T D . PE 9 3 J AGA B A Y E R I S C H E M O TO R E N WERKE AG OT 4 5 GECA T O Y O T A M OTOR C O . L T D . OT JACA H O N D A MOTOR CO L T D OT JAGA H Y U N D A I CO L T D OT KSCA M A Z D A MOTOR CORP L T D OT 3 7 5 JAF L C I T O H & CO PE 3 8 JAW I F R A N C E , G O V T OF PE FRCA U K , G O V T OF O T UKNC F U J I H E A V Y I N D U S T R I E S L T D NP JAMD T O Y O T A MOTOR CO L T D PE JAOH L E W O , J . E l CAM I N I P P O N C A B L E S Y S T E M S I N C . PE J ACA B R I E R L E Y , RON E T AL AM NZCA N I S S A N MOTOR CO L T D PE 3 JAF L B R I E R L E Y , RON E T A L AM N Z

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1 0 6 7 F O R E I G N D I R E C T I N V E S T M E N T T R A N S A C T I O N S . C O M P L E T E , B Y S I C

SIC US F I R M NAME L O C A T I O N

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S P A R T A N B U R GB O S T O NW. W I C H I T ASAN J O S EP A L O A L T OD A L L A SE V A N S V I L L EH A C K E N S A C KC H A R L O T T EL A K E Z U R I C HM E R I D E NC H I C A G OH U N T I N G T O N BE

TS F O R E I G N I N V E S T O R TV V A L U E N A T N A L T Y

GA V O L V O AB NP 4 5 SwT X JO H N CROWTHER GR O UP PLC AM 5 7 0 UKWA S E K I S U I H O U S E L T D OT JACA Y O S H I D A KOGVO KK OT JATN 1 S 6 7 C O N F E D E R A T I O N OF LOG HOM ES OT CAMS R E D P A T H I N D U S T R I E S L T D AM 2 4 0 CACA ONODA C E M E N T CO L T D OT JACA L E H M A N N P A T E N T W E R K E EP OT 1 0 GENY M A X W E L L E L E C T R O N I C S L T D E l HKCA YOKOYAMA E L E C T R I C W O R K S /C I T O H CO NP JAMA C O N T R A V A S M E D I C A L I N S T R U M E N T S OT SZCA K A W A S A K I S T E E L CORP E l 1 7 JATN M I T S U I & CO L T D J V 2 0 JACA NGK I N S U L A T O R S L T D OT JAOH C . I T O H & CO L T D J V JAM I M A R U B E N I CORP J V 1 7 0 JATN S U M IT O M O CORP L T D OT 4 0 JACA P A R T E K AB OY OT F IMA F R A N C E , G O V T OF NP FRCO H A K U T O CO L T D OT JANJ NEC COR P OT JAA Z N I H O N K A I H E I K I I N D U S T R I E S CO L T D E l JACA K O N I N K L I J K E N E D L L O Y D G R O E P , NV O T NLOR K O N I N K L I J K E N E D L L O Y D G R O E P NV OT NLVA F R A N C E , G O V T OF OT JAN J M A T S U S H I T A E L E C T R I C I N D CO L T D OT 4 0 JAN J M I T S U B I S H I E L E C T R I C OT JAWA M I T S U B I S H I E L E C T R I C C OR P OT 3 2 JAF L F R A N C E , G O V T OF OT FRCA U N I T E D K I N G D O M , G O V T OF OT UKOR D A I T O S H O J I CO L T D OT JAR I G E B R . E 1 C K H 0 F F M A S C H . OT GESC E R W I N H A H L GMBH OT GENC H I T A C H I L T D OT JATX M E R C U R Y I N T L G R O U P P L C AM 1 4 UKCO F E R R A N T I P L C AM UKNY N I S S E I E L E C T R I C CO L T D OT JACA N I S S E I E L E C T R I C CO L T D OT JAF L P L E S S E Y CO P L C OT UKUN S U N K Y O N G C H E M I C A L CO L T D OT KSGA T E L I AB OT SWCA W O L S E L E Y P L C AM 99 2 UKN J T O K Y O B O E K I L T D O T JASC M O H N , R E I N H A R D OT 1 4 0 GEMA B R U N C O R P I N C E l CAKS S E I K O - E P S O N CORP AM 1 0 JACA N E C C O R P O T JACA S O N Y C OR P OT JAT X E R S K I N E H O U S E G R O U P P L C AM UKI N K Y O K U T O B O E K I K A I S H A L T D OT JAN J K O M A T S U L T D OT JANC B LA C K W O O D H O D G E P L C AM UKI L K I O R I T Z C O R P PE JACT A B S P U M P E N GMBH PE GEI L AMADA CO L T D OT 3 9 JACA E R S K I N E H O U S E P L C AM 7 5 UKDigitized for FRASER

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F O R E I G N D I R E C T I N V E S T M E N T TRANSACTIONS, C O M P L E T E . BY S I C

M C US F I R M NAME L O C A T I O N T S F O R E I G N I N V E S T O R T V V A L U E N A T N A L T Y6 U B 4 BGM D I A M O N D T O O L S I N C G R E E N S B O R O NC Z . B A V E L L O N I S PA OT X TS U 8 4 B O R G W A R N E R ' S B Y R O N J A C K S O N PUM P D I V C H A R L O T T E NC OKUMA M A C H I N E R Y WORKS L T D AM 1 2 . 8 JAB O T T C H E R & G E S S N E R H I C K O R Y NC S T E I N B E I S & C O N S O R T E N GM BH E T A L OT GEf > 0 8 4 B O T T E R O U S A C O R P C H A R L O T T E NC B O T T E R O S P A OT XT5 u 8 4 O E L L E V E D O V E U S A I N C C H A R L O T T E NC V E D O V E F A M I L Y OT 0 . 3 I T5 0 8 4 E . T . H O R N CO LA M I R A D A CA P H S V A N O M M ER E N N V AM NL5 0 8 4 K U R I S H I G H T E C H S Y S T E M S L T D N O R C R O S S GA K U R I S H I G H T E C H S Y S T E M S GMBH OT 0 . 5 GE5 0 8 4 N I S S H O I W A I A M E R I C A C OR P C A M B R I D G E MA N I S S H O I W A I C OR P OT JA1 * 0 8 4 N I S S H O I W A I FA CO C H I C A G O I L N I S S H O I W A I C O R P OT J A5 0 8 4 R A Y M O N D A U T O M A T I O N CO NOR W A LK C T S W I S S I N D U S T R I A L CO AM S Z5 0 8 4 S O M E T I N C S P A R T A N B U R G SC S O M E T O T 1 . 1 I T5 0 8 4 Y A M A Z A K I M A Z A K F L O R E N C E KV Y A M A Z A K I M A Z A K C O R P OT JA5 0 8 4 V A M A Z A K I M A Z A K C H I C A G O I L Y A M A Z A K I M A Z A K C O R P O T J A5 0 8 4 Y A M A Z A K I M A Z A K L O S A N G E L E S CA Y A M A Z A K I M A Z A K C OR P OT J A5 0 8 4 Y I P K O N C O R P F A I R F I E L D N J S H L S Y S T E M H O U S E AM 5 . 5 CA

5 0 8 4 Z E V A T E C H R E S C H . T R I . P K NC B A C H O F E M AG O T S Z5 0 8 5 G O O D A L L R U B B E R CO S T O C K T O N CA T R E L L E B O R G G U M M I N F A B R I K S AB AM SW5 0 8 6 M O R I T E X CO SAN D I E G O CA M O R I T E X CO L T D OT J A5 0 8 6 R O K A U S T I N T X R I K A D E N K I K OG YO CO L T D E T A L OT J A5 0 8 6 T E C A N U S A L T O H I L L S B O R O NC T E C A N A G N P S Z5 0 8 B A U G U S T A A V I A T I O N C O R P . P H I L A D E L P H I A PA E F I M NP 3.7 I T5 0 8 8 F O K K E R A I R C R A F T U SA A T L A N T A GA N E T H E R L A N D S , G O V T OF PE N L5 0 8 8 H E R M E T I C A I R C R A F T I N T L C OR P L O N G I S L A N D NY W E S T L A N D P L C AM 4 . 2 UKsnaa L E A R S I E G L E R I N T E R N A T I O N A L C OR P S T A M F O R D CT S M I T H S I N D U S T R I E S P L C AM UK5 0 8 8 S I S U U S A K I L G O R E T X S I S U A U T O AB OT F I5 0 9 1 S H I M A N O A M E R I C A N C O R P O C E A N S I D E CA S H I M A N O I N D U S T R I E S CO L T D O T J A5 0 9 3 L E V I N M E T A L S C O R P S AN J O S E CA P E K O - W A L L S E N D L T D AM AS5 0 9 4 I N T E R N A T I O N A L T I M E C OR P M I D D L E B U R G C T SMH S W I S S C O R P FOR E L E C T R O N I C S AM S Z5 0 9 9 Y A M A H A C O R P O F A M E R I C A B U E N A P AR K CA N I P P O N G A K K I CO L T D O T JA5 1 11 H O B A R T / M C I N T O S H C H I C A G O I L A M E R G R O U P L T O AM F I5 1 1 2 S U M M I T O F F I C E S U P P L Y I N C NEW YORK NY B U H R M A N N - T E T T E R O D E NV AM , N L5 1 1 3 H A V E R P R I D E F A R M S E T A L B I R M I N G H A M A L N O R T H E R N FO O D S P L C AM UK5 1 2 2 K E T C H U M & CO I N C N OR W A LK C T O F C C O M M E R C I A L P H A R M A C E U T I C A L SA AM 4 . 3 FR5 1 2 2 P A R L U X F R A G R A N C E S I N C NEW YOR K NV Z A F R I , E R V I N E T A L AM AU5 1 2 2 S A R S T E D T I N C N EW TON NC S A R S T E D T I N C OT 5 ! 0 GE5 1 2 2 T E C H N O G E N E T I C S I N C NEW YORK NV R E C O R O A T Z S P A AM 5 . 8 I T5 1 4 1 C O S T C O W H O L E S A L E C OR P S E A T T L E WA C A R R E F O U R N E O E R L A N D BV E l 3 8 . 9 N L5 1 4 2 C O L L I N S F O O D S E R V I C E I N C L O S A N G E L E S CA B U N Z L P L C AM 4 0 . 0 UK5 1 4 6 FO O TW O R K C O R P SAN F R A N C I S C O CA FOO TW O RK C OR P OT JA5 1 4 8 L E E R A Y - T A R A N T I N O CO S AN F R A N C I S C O CA A L B E R T F I S H E R GR O UP AM 2 5 . 0 UK5 1 4 8 M O V S O V I T Z & S O N S OF F l A . I N C J A C K S O N V I L L E F L A L B E R T F I S H E R G R O U P ( T H E ) AM 1 7 . 5 JA5 1 4 9 A R R O W H E A D D R I N K I N G W ATER CO M O N T E R E Y P AR K CA S O U R C E P E R R I E R SA AM 2 5 0 . 0 FR5 1 4 9 D A U P H I N D I S T R I B U T I N G S E R V I C E S CAMP H I L L PA N A T I O N A L F R E I G H T C O N S O R T I U M P LC AM UK5 1 4 9 S U N S H I N E W A TE R CO TA M PA F L S O U R C E P E R R I E R SA AM . FR5 1 5 3 L I N C O L N G R A I N L I N C O L N NE E L D E R S I X L L T D AM AS5 1 5 9 E M E R A L D S T O R A G E C O R D E L E I N C C O R D E L E GA Q U E A L L Y F A M I L Y OT 6 . 0 UK5 1 6 1 C l S P E C I A L C H E M I C A L S I N C . NEW YORK NV C . I T O H & C O . L T D OT 1 . 0 JA5 1 6 1 H O E C H S T C E L A N E S E COR P S O M M E R V I L L E N J H O E C H S T A G OT GE5 1 6 1 H U L S A M E R I C A I N C P I S C A T A W A Y N J V E S A AG OT GE5 1 6 1 1 C I PHARM A W I L M I N G T O N DE I C I C H E M I C A L I N D U S T R I E S P LC NP . UK5 1 6 1 M E T E R M A S T E R LOS A N G E L E S CA H AWKER S I O D E L E Y P L C AM 9 . 8 UK5 1 6 1 M E T R O O I L & C H E M I C A L CORP R I D G E F I E L D N J S I M O N E N G I N E E R I N G P LC AM UKr> 1 6 1 N ETW O R K P O L V M E R S NEW H A V E N CT M A R U B E N I C OR P AM t . 0 JAe > i 6 i P H A R M A C I A V E N T U R E S I N C LOS A N G E L E S CA P H A R M A C I A D E V E L O P M E N T CO NP . SWf# 1 6 1 R H O N E - P O U L E N C DURHAM NC F R A N C E , G O V T OF OT FRr> \ 6 1 R O U S S E L U C L A F F H O L D I N G S E NG LEW OO D C L F N J H O E C H S T AG NP GE

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5 1 6 1 T O K Y O P R I N T I N G I N K USA5 1 6 1 T O S O - H A A S5 1 6 1 V A L S P A R M E 0 O N5 1 6 1 WVROUGH & L A S E R I N C5 1 7 1 S T E U A R T P E T R O L E U M CO5 1 7 2 GAS G A T H E R I N G S Y S T E M S I N C5 1 7 2 M I E C O I N C6 1 7 2 P E N N T R A D I N G I N T E R N A T I O N A L L T D5 1 7 2 S T A T O I L5 1 9 1 G A R S T S E E D CO5 1 9 9 B R A D L E Y ' S V I E W FA N5 1 9 9 K I N G F I S H E R P R I N T S5 2 11 C Y C L O P S C O R P .5 2 11 LO N D O N K I T C H E N S 5 3 1 1 6 . A L T M A N 8, CO 5 3 1 1 B O N W I T T E L L E R 5 3 1 1 H O L M E S * DH CO5 3 1 1 H O O K E R , L J R E T A I L CORP5 3 1 1 R E A D D . M . CO5 3 11 Y A O H A N D E P T . S T O R E5 4 11 A & P F U T U R E S T O R E S 5 4 1 1 FOO D L I O N I N C5 4 11 H A N N A F O R D B R O T H E R S CO5 4 11 S A F E W A Y D I V . E L P A S O5 4 11 SHAW S U P E R M A R K E T I N C5 4 11 W A LD B A U M I N C5 4 9 9 S T E R L I N G I N C5 5 1 1 M E T R O T O Y O T A5 5 1 1 S CH A U M B U R G H Y U N D A I5 5 3 1 T I R E S Y S T E M S / B I L L Y B O Y S I N C5 5 9 9 A V I A T I O N S E R V I C E O R G A N I Z A T I O N5 5 9 9 P O R T L A N D F R E I G H T L I N E R I N C5 6 1 1 ( I X I ; Z )5 6 1 1 A L F R E D D U N H I L L OF LO N D O N I N C5 6 1 1 A R M A N I , G I O R G I O5 6 1 1 FA R WEST G O R E - T E X S P E C I A L T Y SHO P5 6 1 1 FA R W E S T G O R E - T E X S P E C I A L T Y SHO P5 6 1 1 R O D I E R P A R I S5 6 2 1 A L E X O N5 6 2 1 B A S I L E B O U T I Q U E5 6 2 1 B R I T I S H K H A K I5 6 2 1 F O R T U N E C O O K I E S5 6 2 1 G I A D A5 6 2 1 I S S E Y M I Y A K E U SA5 6 2 1 M I L A N D ' O R5 6 2 1 R O D I E R P A R I S5 6 2 1 S A I N T L A U R E N T - R I V E G A U C H E5 6 2 1 SOCK S H O P5 6 2 1 T A R L A Z Z I S T O R E5 6 2 1 T H I M B L E S5 6 2 1 W I L K E S B A S H F O R D FO R WOMEN5 6 3 1 M I C H A E L C R O M ER L T D ( M C M )5 6 3 2 B E R K5 6 3 2 DAWSON I N T E R N A T I O N A L USA5 6 5 1 S A K O W I T Z I N C5 6 6 1 A S A H I C O .

LOS A N G E L E SP H I L A D E L P H I AM I N N E A P O L I ST R E N T O NW A S H IN G T O NM I D L A N DH O U S TO N

NEW YORK H O N O L U L U 3 R A D . V I E W C H A R L O T T E P I T T S B U R G C O LU M B U S NEW YORK B E V E R L Y H I L L NEW O R L E A N S NEW YORK T R U M B U L L LOS A N G E L E S W E S T C H E S T E R S A L I S B U R Y SCA R B O R O U G H E L PAS O B R I D G E W A T E R C E N T R A L I S L ARKON C L E V E L A N D C H I C A G O S A C R A M E N T O B E D F O R D P O R T L A N D B E V E R L Y H I L L S NEW YORK B E V E R L Y H I L L S P O R T L A N D B E L L V U E NEW YORK NEW Y OR K NEW YORK C O S T A M ESA NEW Y OR K NEW Y OR K NEW YORK NEW Y OR K NEW Y OR K NEW Y OR K NEW Y OR K NEW YOR K C H I C A G O S AN F R A N C I S C O A T L A N T A NEW YORK NEW YOR K H O U S T O N A T L A N T A

T S F O R E I G N I N V E S T O R

CA TO K Y O P R I N T I N G I N K MFG COPA T O Y O SODA MFG COMN U K , G O VT OFN J B A Y E R AGDC I T A L Y , G O V ' T OFT X O P P E N H E I M E R . H A R R Y F . & F A M I L YT X M A R U B E N I CORPPA M A R U B E N I CORPNY N O R W A Y , G O V ' T OFHA I M P E R I A L C H E M I C A L I N D U S T R I E S PLCI L P E O P L E S ' R E P U B L I C OF C H I N A , G O V ' T OFNC K I N G F I S H E R P R I N T S L T DPA D I X O N S GR O UP P L COH M A G N ET & S O U T H E R N P LCNY H E R S C U , GE OR GECA H E R S C U . GE O R G ELA B R I E R L E Y , RON E T A LNY H E R S C U , GEORGECT C A M P E A U , R O B E R TCA Y AO H AN D E P T S T O R E CO E T A LNY T E N G E L M A N N F A M I L YF L D E L H A I Z E L E L I O N GROUPME S O B E Y F A M I L YNM A S K O D E U T S C H E K A U F H A U S AGMA S A I N S B U R G J . P L CNY T E N G E L M A N N F A M I L YOH R A T N E R GR O UP P L COH T O Y O T A M O TO R S CO L T DI L H Y U N D A I MOTOR CO L T DCA M I C H E L I N T Y R E P LCMA J E T A V I A T I O NOR D A I M L E R - B E N Z AGCA D 'U R B A NNY R O T H M A N S I N T L P L CCA A R M A N I , G I O R G I OOR FA R W E S T I N D U S T R I E SWA FA R W E ST I N D U S T R I E SNY P R O U V O S T SANY A L E X O N G R O U P P L CNY B A S I L E H O U S ECA L I G H T O N , R .NY T A K I H Y O CO L T DNY G I A D ANY W A C OA L I N T L CORPNY M I L A N D ' O RN J P R O U V O S T SANY D E B E N E D E T T I , C A R LONY SOCK S HO P I N T L P L CNY A N G E L O T A R L A Z Z I SAI L B A T I N D U S T R I E S P L CCA T A K A - Q CO L T DGA M I C H A E L CROM ER L T DNY B E R K , H A R V E Y F A M I L YNY DAWSON I N T E R N A T I O N A L P L CT X H E R S C U , G E O R G EGA N I P P O N R U B B E R C O . L T D .

TY V A L U E n a t n a l t y

OT JAJV JAJV UKAM GEAM I TE l 4 6 SOOT JAOT 0 JAOT 7 NOOT UKJV CHOT UKAM 3 8 4 UKOT UKAM ASOT ASE l 1 NZOT ASAM CAOT JAOT GEOT BEE l CAAM GEE l 2 6 1 UKAM 1 4 9 2 GEAM 2 1 0 0 UKOT JAOT KSAM FRNP S ZOT GEOT JAPE UKOT I TOT CAOT CAOT FROT UKOT I TOT UKOT JAOT J AOT JAOT J AOT FROT I TOT UKOT FROT UKAM 5 JAO T GEOT UKOT UKAM 1 0 ASOT JA

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5 6 6 1 B A L L Y I N C . NEW R O C H E L L E NY5 6 6 1 H E S S S H O E S B A L T I M O R E MD5 6 6 1 R A N G O N I O F F R A N C E C H A R L E S T O W N SC5 6 9 9 I N T E R N A T I O N A L H A I R G O O D S I N C M I N N E A P O L I S MN5 6 9 9 N A F - N A F NEW Y O R K NY5 7 1 2 H E R O U S A I N C M A R I E T T A GA5 7 1 3 RB I N D U S T R I E S I N C I R V I N E CA5 7 1 3 S H Y A M A H U J A NEW Y O R K NY5 7 1 9 F R E T T E U S A NEW Y O R K NV5 7 2 2 T I P T O N C E N T E R S I N C S T L O U I S MO5 7 3 2 I N T E R T A N I N C F T WO R TH T X

1 2 A S S O C I A T E D H O S T S I N C . B E V H I L L S CAb f l 1 2 B I C E R E S T A U R A N T NEW YORK NV5 8 1 2 B R E A D B R O T H E R S I N C . HA5 8 1 2 B R U M B Y S ' S A L T L A K E C T Y U T5 8 1 2 C H U B U T R A D I N G L E X I N G T O N KY5 8 1 2 FO O T W O R K H A W A I I C O R P H O N O L U L U HA5 8 1 2 H A N A N O K I CO S E A T T L E WA5 8 1 2 H A R D E E ' S W A S H I N G T O N DC5 8 1 2 H A R D E E ' S W A S H I N G T O N DC5 8 1 2 J U R A K U R E S T A U R A N T P H I L A D E L P H I A PA5 8 1 2 J U R A K U R E S T A U R A N T M A R L T O N N J5 8 1 2 K I K I N OR M A L KY5 8 1 2 M E T R O R E S T A U R A N T H O N O L U L U HA5 8 1 2 NEW M E 1 J I G R O U P COS G A R D E N G R O V E CA5 8 1 2 N I S S H O I W A I B L O O M I N G T O N I N5 8 1 2 P A S T A V O N I R E S T A U R A N T B O S T O N MA5 8 1 2 R A N C H H O U S E R E S T A U R A N T A I N A H A N N A HA5 8 1 2 R I S I N G S UN CO NEW Y OR K NY5 8 1 2 R O T H C H I L D R E S T A U R A N T H O N O L U L U HA5 8 1 2 S U S H I R E S T A U R A N T S D E T R O I T M I5 8 1 2 S U S H I - I W A U S A I N C D EA R B O R N M I5 8 1 2 T A C O V I L L A R E S T A U R A N T S D A L L A S T X5 8 1 2 T K E N T E R P R I S E CO L O S A N G E L E S CA5 8 1 2 U N I G A T E R E S T A U R A N T S D A L L A S T X5 8 1 3 S E A F O O D B R O I L E R R E S T A U R A N T LAKEW OOD CA5 9 2 1 L I Q U O R B A R N C H A I N S A N - L E N D R O CA5 9 4 2 B . D A L T O N B O O K S E L L E R C O . M I N N E A P O L I S MN5 9 4 4 C I R O I N C . NEW YORK NY5 9 4 4 E L E C T R O N I C S P E C I A L T Y P R O D U C T S I N C L A S V E G A S NV5 9 4 4 K A Y J E W E L E R S I N C A L E X A N D R I A VA5 9 4 4 M E R K S A M E R J E W E L E R S SAN F R A N C I S C O CA5 9 4 5 T H E I N T E L L I G E N T T O Y S TO R E M A R I E T T A GA5 9 4 8 H E R M E S NEW YORK NY5 9 4 8 LOEW E NEW YORK NY5 9 4 8 LOEWE B E V E R L Y H I L L S CA5 9 4 8 M A R T E L L . J & F D I F F U S I O N USA NEW YORK NY5 9 6 2 A D V A N C E A U T O M A T I C V E N D I N G I N C P O R T L A N O OR5 9 9 9 F A S T F R A M E C A L I F O R N I A I N C LOS A N G E L E S CA5 9 9 9 K I N D Y C H I L D R E N F U R N I T U R E P A R A M U S N J5 9 9 9 M I R E X C O R P H O U S T O N T X5 9 9 9 N ET W O R K S E C U R I T Y CORP D A L L A S T X5 9 9 9 S P E C T R O N I N C N A T I C K MA6 0 B A N K OF H O N O L U L U H O N O L U L U HA6 0 B A N K OF P A L M S P R I N G S P AL M S P R I N G S CA6 0 C H I C A G O “ T O K Y O BAN K D E T R O I T M I

F O R E I G N I N V E S T O R T Y V A L U E N A T N A L T Y

O E R K I L O N - B U H R L E H O L D I N G S PE S ZG O R T Z F A M I L Y OT GER A N G O N I OT I TA D E R A N S CO L T D AM 1 0 . 0 J AI N F L U E N C E - P O K N A F - N A F OT FRH E R O P VB A O T BEY E A R P L E D G E L T D E T A L AM ASS H Y A M A H U J A L T D OT 2 . 5 I NM O S C A . V I T T O R I O F A M I L Y OT I TD I X O N S P L C AM 3 0 . 4 UKU N I C O R P COR P AM CAB R I E R L E Y , RON E T A L AM 1 . 9 N ZB I C E R E S T A U R A N T OT I TR O Y A L C O . L T D . AM 0 . 1 J AA C A D I A B A K I N G CO O T ASC H U B U I N D S . C O . L T D OT 1 . 5 JAF OO TW O R K C O R P . O T J AH A N A N O K I CO L T D OT JAB A T I N D U S T R I E S P L C O T UKB A T I N D U S T R I E S P L C O T UKK A T O . CH U NG O O T JAK A T O , C H U NG O OT JAN I S S H O I W A I COR P E T A L O T J AN l S H I M U R A F A M I L Y OT o ! s J ACH U O B U S S A N CORP AM JAN I S S H O I W A I CORP E T A L OT JAP A S T A V O N I O T I TN l S H I M U R A F A M I L Y O T 1 . 0 JAT E M P O R A R Y C E N T E R CORP OT JAN l S H I M U R A F A M I L Y PE 1 . 0 JAS U M I T O M O C O R P J V J AS U M IT O M O C OR P E T AL OT JAU N I G A T E P LC AM UKT K E N T E R P R I S E CO L T D OT JAU N I G A T E P L C OT UKACCOR SA PE FRM A J E S T I C W I N E W A R E H O U SE L T D AM 1 0 0 . 0 UKV E N D E X I N T L N V AM N LG O L D , A B R A H A M E T . A L E l CAW A L T E R J A C O B & CO L T D AM UKB U C H E R E R , J O E R G G . AM S ZH E R S C U , GE OR GE PE ASJ O H N M E N Z I E S P L C NP UKJ E A N - L O U I S D U M A S -H E R M E S F A M I L Y PE FRV U I T T O N , L O U I S OT FRV U I T T O N , L O U I S OT FRM A R T E L L F A M I L Y OT FRF U J I V E N D I N G L T D AM 0 . 6 JAF A S T F R A M E F R A N C H I S E S L T D OT UKB A B Y L A N D I A M O V I S I N F A N T O J U V E N I S OT BRE R S K I N E H O U S E P LC AM UKI N S P E C T O R A T E I N T E R N A T I O N A L SA AM 1 0 5 ! 0 SZM I T A N I CORP AM 1 5 . 0 JAS U K A M T O . SUK A R M AN AM 6 . 6 I DM I T S U B I S H I BAN K L T D AM 1 5 . 0 JAB AN K OF T O K Y O OT JA

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1 9 8 7 F O R E I G N D I R E C T I N V E S T M E N T T R A N S A C T I O N S , C O M P L E T E , BY S I C

S I C US F I R M NAME L O C A T I O N T S

6 0 E L C A M I N O B A N K OR A N GE CO CA6 0 F I R S T J E R S E Y N A T I O N A L N J6 0 M A R I N E M I D L A N D B A N K S I N C B U F F A L O NY6 0 M I T S U B I S H I B A N K COLU M B U S OH6 0 M I T S U I B A N K S O U T H F I E L D M I6 0 N A T I O N A L B A N K OF G E O R G I A A T L A N T A GA6 0 S U M I T O M O T R U S T & B A N K I N G CO ( U S A ) NEW YORK NY6 0 V A L L E Y N A T I O N A L B A N K G L E N D A L E CA6 0 2 C E N T R U S T S A V I N G S BANK M I A M I FL6 0 3 H YO G O SOGO BANK NEW YORK NV6 1 I N G E R S O L L - R A N D F I N A N C I A L C OR P W O O D C L I F F LA K NJ6 1 5 T A K E D A F I N A N C I A L U S A I N C D OV ER DE6 1 5 9 S U B A R U / M A R I N E M I D L A N D J V NEW YORK NY6 2 G I R O Z E N T R A L E NEW YORK NY6 2 S H E A R S O N LE H M A N B R O T H E R S H O L D I N G S I N C NEW YOR K NY6 2 1 B A N Q U E B R U X E L L E S L A M B E R T NEW YORK NY6 2 1 O E S T E R R E I C H I S C H E B A N K NEW YORK NY6 2 1 1 B A R C L A Y S B A N K S U B S I D I A R Y NEW YORK NY6 2 1 1 E Q U I T A B L E E N S K I L D A J V N A S H V I L L E TN6 2 1 1 F I R S T A F F I L I A T E D S E C U R I T I E S SAN D I E G O CA6 2 1 1 P A I N E W E B B E R G R O U P I N C NEW YORK NY6 2 8 A M E R I C A N P A C I F I C C O R P SAN F R A N C I S C O CA6 2 8 N I K K O C A P I T A L S E R V I C E S I N C NEW YORK NY6 3 B A Y L Y , M A R T I N & F A Y * F O R T WORTH TX6 3 B E R K L E Y N O B E L R I S K R E T . G P D A L L A S T X6 3 1 1 S K A N D I A L I F E A M E R I C A CORP CT6 4 1 1 B & R I N T ' L I N C A T L A N T A GA6 5 3 1 A U S G R O U P J V D A L L A S T X6 5 3 1 B E S T A M E R I C A N R E A L T Y GP P H O E N I X A Z6 5 3 1 I N T ' L F A R M C O R P OF A M E R I C A C H I C A G O I L6 5 3 1 R U B L O F F I N C C H I C A G O I L6 5 5 2 E N T E R P R I S E D E V CO SAN A N T O N I O T X6 5 5 2 I R T R E A L T Y S E R V I C E S I N C A T L A N T A GA6 7 1 1 B E N E Q U I T Y H O L D I N G S LO S A N G E L E S CA6 7 1 1 G L O B A L S U N S H I N E I N C H O N O L U L U HA6 7 1 1 P E T R O S U R A N C E C O L U M B U S OH6 7 1 1 T O H O M U T U A L L . I . C . NEW YORK NY6 7 1 1 W E S T F I E L O I N T ' L I N C L O S A N G E L E S CA6 7 1 1 W H I T E H A L L F I N A N C I A L G R O UP NEW YORK NY6 7 1 1 W R A T H E R C O R P B E V E R L Y H I L L S CA6 7 2 W E I S S , P E C K & G R E E N NEW YOR K NY6 7 9 9 MMP R E A L E S T A T E T R U S T S P R I N G F I E L D MA7 0 1 1 A L G O N Q U I N H O T E L NEW YO R K NY7 0 1 1 B E V E R L Y H I L L S H O T E L B E V E R L Y H I L L S CA7 0 1 1 B E V E R L Y W I L S H I R E H O T E L B E V E R L Y H I L L S CA7 0 1 1 B I L T M O R E H O T E L S A N T A B A R B A R A CA7 0 1 1 C O L U M B U S H O T E L M I A M I F L7 0 1 1 D O V E R H O T E L NEW YOR K NY7 0 1 1 D U N E S H O T E L A N D C A S I N O L A S V E G A S NV7 0 1 1 H I L O C O U N R T Y C L U B & H O T E L H I L O HA7 0 1 1 H O L I D A Y I N N S ( 7 ) M I A M I F L7 0 1 1 H O T E L SAN B E R N A R D I N CA7 0 1 1 H Y A T T R E G E N C Y H O T E L S C O T T S D A L E A Z7 0 1 1 H Y A T T R E G E N C Y H O T E L M I A M I F L7 0 1 1 LA C O S T A H O T E L & S PA C A R L S B A D CA7 0 1 1 M C A L L I S T E R H O T E L M I A M I F L

F O R E I G N I N V E S T O R TV V A L U E NATh

P R A T T GR O UP AM ASN A T I O N A L W E S T M I N S T E R BANK GROUP AM 8 2 0 . 0 UKHONGKONG S H A N G H A I B A N K I N G CORP E l 7 5 6 . 0 HKM I T S U B I S H I B A N K L T D OT JAM I T S U I BANK OT JAC R E D I T & C O M M E R C IA L A M E R I C A N H O L D I N G S AM NAS U M IT O M O T R U S T & B A N K I N G CO L T D OT JAI N S T I T U T O B A N C A R I O SAN P A O LO AM 4 6 . 7 I TP H A R A O N , G H A I T H H AM 1 6 . 6 SAHYO GO SOGO BANK OT JAHONGKO NG S H A N G H A I B A N K I N G CORP AM HKT A K E D A C H E M I C A L I N D U S T R I E S I N C OT 3 0 . 0 JAF U J I H E A V Y I N D U S T R I E S E T A L J V JAG I R O Z E N T R A L E V I E N N A OT AUN I P P O N L . I . C . AM 5 0 8 . 3 JAB A N Q U E B R U X E L L E S L A M B E R T OT BEO E S T E R R E I C H I S C H E L A E N D E R B A N K AG OT AUB A R C L A Y S BAN K P L C OT UKS K A N D I N A V I S K A E N S K I L D A B A N KE N J V SWB E K H O R , J O N A T H A N E . S . AM UKY A S U D A M U T U A L L . I . C . AM 3 0 0 . 0 JAA M S T E R D A M -R O T T E R D A M BANK AM N LN I K K O S E C U R I T I E S OT . JAN I K O L S GR O UP AM I TB E R K L E Y COR P J V BDS K A N D I A I N T ' L H O L D I N G S AG OT 3 0 . 0 SWS A L E T I L N E Y P LC AM 5 . 7 UKE L D E R S F I N A N C E GR O UP T A I Y O R E A L E S T A T E CO L T D OT

* ASJ A

H I G A S H I N I P P O N H O U S E OT • JAO R I E N T L E A S I N G CO L T D AM JAH A Y S O N G R O UP AM ASP A D U L L I . LU C A AM 1 . 3 UKR E N O U F C O R P AM 1 7 8 . 1 NZS H I N K E N T E K N I K A CO L T D OT JAFOR U M R E I N S U R A N C E CO L T D AM 8 . 3 BDTO H O M U T U A L L . I . C . OT JAW E S T F I E L D H O L D I N G S L T D OT ASD E G U N Z B U R G F A M I L Y AM 1 5 . 0 CAB E I E R L E V , RON E T A L AM 7 6 . 0 N ZL L O Y D S B A N K P L C AM 6 7 . 5 UKP I E R S O N , H E L D R I N G & P I E R S O N J V N LA O K I CORP AM 2 9 . 0 JAB R U N E I , S U L T A N OF AM 2 0 0 . 0 BXR E G E N T H O T E L S AM 1 2 9 . 0 HKFOUR S E A S O N S H O T E L S L T D AM 2 9 . 9 CAD A H L A W I F A M I L Y AM SAJ A P A N E S E RE D E V COS AM 1 8 . 5 JAN A N G A K U , M AS A O AM 1 5 7 . 7 J AN A K A N O C OR P AM JAB A S S P L C AM 1 7 5 . 0 UKM I T S U B I S H I H E A V Y I N D U S T R I E S AM 1 1 . 0 JAO R I E N T L E A S I N G CO E T A L AM 5 0 . 0 JAD A H L A W I F A M I L Y AM 1 5 . 0 SAS P O R T S S H I N K O CO AM 2 5 0 . 0 JAD A H L A W I F A M I L Y AM 1 6 . 5 SA

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S I C U S F I R M NAME L O C A T I O N T S

7 0 1 1 N A N I L O A H O T E L H I L O HA7 0 1 1 N I A G A R A H I L T O N N I A G A R A F A L L S NY7 0 1 1 P E R S H I N G H O T E L M I A M I F L7 0 1 1 S H E F F I E L D E N T E R P R I S E S I N C A N C H O R A G E AK7 0 1 1 S H E L B U R N E H O T E L M I A M I B E A C H F L7 0 1 1 W A I K I K I B E A C H C O M B E R H O T E L OA H U HA7 0 1 1 W E L L I N G T O N H O T E L A L B A N Y NY7 0 11 W E S T I N H O T E L I N D I A N A P O L I S I N7 0 1 1 W E S T I N H O T E L S & R E S O R T S S E A T T L E WA7 2 9 9 O N E N I G H T S T A N D I N C NEW YO R K NY7 3 1 1 AC & R / D H B & B E S S NEW Y OR K N Y7 3 1 1 A M M 1 R A T I & P UR I S I N C . NEW Y O R K NY7 3 1 1 B R O C K G R E E N A S S O C S . A T L A N T A GA7 3 1 1 C L I F F F R E E M A N & P A R T N E R S F A R M I N G T O N H S M I7 3 1 1 G R E Y A D V E R T I S I N G ' S C H I C A G O O FC C H I C A G O I L7 3 1 1 H A K U H O D O A D V E R T I S I N G A M E R I C A I N C NEW YORK NY7 3 1 1 H D M W O R L D W ID E NEW Y OR K NY7 3 1 1 JW T G R O U P ( J W A L T E R T H O M P S O N ) NEW Y OR K NY7 3 1 1 L A U R E N C E , C H A R L E S , F R E E & LAW SON NEW YORK NY7 3 1 1 M E D I A R E C O R D S NEW Y OR K NY7 3 1 1 M O J O MDA NEW YO R K NY7 3 1 1 P U B L I C I S NEW YORK NV7 3 1 1 S A A T C H I & S A A T C H I D S F NEW YOR K NV7 3 1 ) S A A T C H I & S A A T C H I G R O U P ONE NEW Y OR K NY7 3 1 1 T O K Y U A G E N C Y LO S A N G E L E S CA7 3 5 1 A P - D O W J O N E S / T E L E R A T E CO NEW Y OR K NY7 3 5 1 R E U T E R S I N F O R M A T I O N S E R V I C E S NEW YO R K NY7 3 6 1 B O R M A N , G R A Y I N T L I N C A T L A N T A GA7 3 6 1 T E A M S E R V I C E S I N C A T L A N T A GA7 3 6 1 WARD M A N A G E M E N T CORP W O R C E S T E R MA7 3 6 2 A D I A S E R V I C E S M E N L O P AR K CA7 3 6 2 A U D H A R T S D A L E NY7 3 6 2 B L U E ARROW NEW Y OR K NY7 3 6 2 F I R S T T E M P O R A R I E S I N C W O R C E S T E R MA7 3 6 2 M AN POW ER I N C M IL W A U K E E W I7 3 6 2 O T I S E R V I C E S I N C NEW Y OR K NY7 3 6 2 T A L E N T T R E E T E M P O R A R I E S I N C H O U S T O N T X7 3 7 1 U N I S O F T GR O UP E M E R Y V I L L E CA7 3 7 2 BOOK ONE B E R K E L E Y CA7 3 7 2 C O M P U T E R A S S O C S I N T L I N C G A R D E N C I T Y NY7 3 7 2 H I T A C H I ' S M A R K E T I N G S Y S T E M S D I V . SN C L A R A CA7 3 7 2 H O N E Y W E L L I N F O R M A T I O N S Y S T E M S M I N N E A P O L I S MN7 3 7 2 H O N E Y W E L L I N F O R M A T I O N S Y S T E M S C H I C A G O I L7 3 7 2 I C O N S Y S T E M S & S O F T W A R E OREM WA7 3 7 2 M I T R O L I N C WOBURN MA7 3 7 2 M O L E C U L A R D E S I G N L T D SAN L E A N D R O CA7 3 7 2 O R B I T S E A R C H S E R V I C E S M C L E A N VA7 3 7 2 S P E C T R U M H O L O B Y T H E B O U L D E R CO7 3 7 2 T O T A L A S S E T S P R O T E C T I O N I N C A R L I N G T O N T X7 3 7 2 W A T E R L O O M I C R O S Y S T E M S I N C N O R C R O S S GA7 3 7 3 S E C O A M E R I C A I N C LO S A N G E L E S CA7 3 7 4 D A T A C U M B E R L A N D S E R V I C E S M O N T I C E L L O KY7 3 7 4 D I S C L O S U R E I N C B E T H E S D A MD7 3 7 4 N I H O N K E I Z A I S H I M B U N I N C NEW YORK NY7 3 7 5 I S I D E N T S U OF A M E R I C A I N C R OC K W E LL MA7 3 7 9 B E D F O R D A S S O C I A T E S I N C NORWALK CT

*

F O R E I G N I N V E S T O R

N A K A N O C OR PM A T O V I C , R A D O M IRZ E L M I A I N V E S T M E N T S NVH O L L A N D A M E R I C A L I N E SE M E R A L D I N T ' L I N V E S T M E N T S I N CA Z A B U B L O G CO L T DS E E B A , S A M U E LK U M A G A I G U M IA O K I C O R PD O N I G E R , J O A N N AS A A T C H I B R O T H E R SB O A S E M A S S I M P O L L I T T P L CS A A T C H I B O T H E R SS A A T C H I B R O T H E R SGKK H O L D I N G S AGS S C & B ; L I N T A S W O R L D W ID EEURO CO M S A / D E N T S U COWPP G R O U P P L CLOWE H O W A R D - S P I N K & B E L L P L C V N U NV M O JO MDAP U B L I C I S G R O U P , T H ES A A T C H I B R O T H E R SS A A T C H I B R O T H E R ST O K Y U A D V E R T I S I N G A G E N C Y I N CU N I T E D K I N G D O M , G O V T OFR E U T E R S H O L D I N G S P LCB L U E ARROW P L CH E S T A I R P L CH E S T A I R P L CP E S T Z L O Z Z I , M . 0 .H E S T A I R P L CB L U E ARROW P L CH E S T A I R P L CB L U E ARROW P L CECC O SAH E S T A I R P L CP R O V I N C I A L G R O UP P LCP A R A L A X S O F T W A R E P U B L I S H E R SH A E F N E R , W A L T E RH I T A C H I L T DF R A N C E , G O V T OFF R A N C E , G O V T OFS A N Y O E L E C T R I C CO L T DA N D E R S W I L H E L M S E NM A X W E L L . R O B E R TM A X W E L L , R O B E R TM A X W E L L , R O B E R TI N C O M E GRO UP L T DCROWNX I N CS ECOM CO L T DA P P A L A C H I A N C O M PU TE R S VC S I N C . V E R E R N I D E N E R D E R L A N O S E N I H O N K E I Z A I S H IM B U M I N C D E N T S U L T D U K , G O V T OF

T Y V A L U E N A T N A L T Y

AM 1 1 . 0 J AAM 8 . 0 CAAM 1 . 5 NAAM NLAM 6 . 4 CAAM 8 6 . 7 JAAM 2 . 0 UKRE 2 9 . 8 JAAM 7 5 0 . 0 J AOT UKO T UKAM 3 1 . 8 UKAM UKOT UKAM SZJ V UKJ V FRAM 5 6 6 . 6 UKAM 2 4 . 8 UKAM NLOT ASOT FROT UKOT UKO T JA iE l UKOT UK —AM 1 0 . 4 UK °AM 1 9 . 8 UK ^AM UK ,E l 9 . 3 S ZAM UKOT UKAM UKAM 1 3 5 0 . 0 UKAM FRAM UKAM UKOT NLAM S ZPE JAOT 5 2 7 . 0 FROT FRE l JAE l NOAM 5 9 . 0 UKAM UKAM UKAM 6 . 0 ASOT CAOT JAOT 1 . 2 UKAM NLOT JAJ V JAAM UK

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7 3 7 9 C O R N E L L C O M P U TE R CORP P L A I N V I EW NY7 3 7 9 I N E T CO OF A M E R I C A C H A N T I L L Y VA7 3 7 9 O C E - B U S I N E S S S Y S T E M INC STAMFORD CT7 3 7 9 SA E I N C LONGMONT CO7 3 9 1 A I M S B I O T E C H CORP C H I C A G O I L7 3 9 1 A N A T E C H I N C ' S E N V I R O N M E N T A L OIV ANDERSEN I N7 3 9 1 ARCO R & D I N S T I T U T E DUBLIN CA7 3 9 1 C E L G E N E C OR P WARREN TWSHP NJ

7 3 9 1 E N E R G Y C O N V E R S I O N D E V I C E S TROV M I7 3 9 1 F U J I S A W A P H A R M A C E U T I C A L CO B E T H E S D A MD7 3 9 1 H E N K E L R E S E A R C H CORP SANTA ROSA CA7 3 9 1 H I T A C H I F A R M I N G T O N H I L L T E C H N I C A L CTR FARMINGTON H M I7 3 9 1 I 8 F “ B I O T E C H N I C S U SA UN7 3 9 1 I D E T E K I N C SAN BRUNO CA7 3 9 1 K A B I V I T R U M CLAYTON NC7 3 9 1 L E A R S I E G L E R D E V E L O P M E N T S C I E N C E S CORP O N T A R I O CA7 3 9 1 M A Z D A N O R T H A M E R I C A INC ANN ARBOR M I7 3 9 1 M I K U N I CORP R I CHMOND CA7 3 9 1 M I Z U H O M E D I CO SAN DIEGO CA7 3 9 1 N I S S A N R E S E A R C H & D E V CORP CASA GRANDE AZ7 3 9 1 O N C O M E M B R A N C E I N S T I T U T E S E A T T L E WA7 3 9 1 P H A R M E T R I X CORP MENLO PARK CA7 3 9 1 P L A N T C E L L R E S E A R C H I N TL DUBLIN CA7 3 9 1 S H I N - E T S U - T E C H N I C A L S R V . C E N T E R TO R R A N C E CA7 3 9 1 T E X A S E A S TE RN CORP/HALCON SC DES IGN DIV L I T T L E FERRY NY7 3 9 1 V I T A L I A N CORP R O C K V I L L E MD7 3 9 1 W E L G R E N M F G . I N C . WEST GREENWIC R I7 3 9 2 A L E X A N D E R P R O U D F O O T CO PALM BEACH F L7 3 9 2 A M E R I C A N T O K Y O K A S E I KOGYO P O R T L A N D OR7 3 9 2 A S S O C . M F G . & I N D U S T . C O N S T R . S VC S RICHMOND VA7 3 9 2 B P A G R O UP S*' . NC I SC O CA7 3 9 2 C . I T O H & C O . A M E R I C A L A F A V E T T E I N7 3 9 2 C A S E Y C O M M U N I C A T I O N S MG MT . S O U T H F I E L D M I7 3 9 2 C H A S E E C O N O M E T R I C S I N C B A L A CYNW YD PA7 3 9 2 C L E V E L A N D C O N S U L T I N G A S S O C I A T E S C L E V E L A N D OH7 3 9 2 C O M A R T A S S O C I A T E S I N C . NEW YORK NY7 3 9 2 C O N T E L B U S I N E S S S Y S T E M S NEW YORK NY7 3 9 2 D I A L I N F O I N C . SAN F R A N C I S C CA7 3 9 2 F I N C H , D O I & B E R L I N E R I N C D A L L A S T X7 3 9 2 F U T U R E S GR O UP I N C . G L A S T O N B E R G C T7 3 9 2 GR O DY T E L L E N C O M M U N I C A T I O N S LO S A N G E L E S CA7 3 9 2 L I T I G A T I O N S C I E N C E S I N C P L S V D P N S L A C A7 3 9 2 M ER G E R & A C Q U I S I T I O N T E A M (M&A) NEW Y OR K NY7 3 9 2 M I C C O N S U L T I N G NEW YORK NY7 3 9 2 N I P P O N D E N S O T E C H N I C A L C E N T E R S O U T H F I E L D M I7 3 9 2 P E T E R S O N & CO CHICAGO I L7 3 9 2 P O T O C K I . J O S E P H & A S S O C S I N C NEWPORT BCH CA7 3 9 2 P R O F E S S I O N A L S E R V I C E I N D S I N C OAK BROOK I L7 3 9 2 R E E S E C O M M U N I C A T I O N S COS I N C A R L I N G T O N VA7 3 9 2 R O G E R S & COWAN I N C LO S A N G E L E S CA7 3 9 2 S I M O N M CG A R Y P U B L I C R E L A T I O N S L O S A N G E L E S CA7 3 9 2 S TO C K M A N & A S S O C S I N C G R E E N W IC H C T

7 3 9 2 T A K E D A B U S I N E S S S E R V I C E USA NEW Y OR K NY

7 3 9 2 T A R G E T I N G S Y S T E M S I N C A R L I N G T O N V A

7 3 9 2 T U C K E N G I N E E R I N G I N C C A R M E L I N

7 3 9 2 V A N D Y K A S S O C S . I N C WASHINGTON DC

F O R E I G N I N V E S T O R T V V A L U E n a t n a l t v

C O M P U TE R POWER CORP AM 1 0 . 0 ASB E L L C A N AD A E N T E R P R I S E S I N C J V 4 2 . 5 CAo c e - v a n DER g r i n t e n OT NLM A T S U S H I T A E L E C T R I C I N D U S T R I A L CO AM 1 0 . 0 JAA I M S B I O T E C H CORP OT CAOC EA N T R A N S P O R T & T R A D I N G PLC AM UKF E R R U Z Z I GRO UP AM 1 2 . 0 I TH O E C H S T AG NP GECANON I N C AM JAF U J I S A W A P H A R M A C E U T I C A L CO L T D OT JAH E N K E L KFAA OT GEH I T A C H I L T D NP JAF R A N C E , G O V T OF NP FRNOVO I N D U S T R I A / S AM DAS V E N S K A S T A T E N PE 7 . 0 SWG E N E R A L E L E C T R I C CO PLC AM UKM AZDA MOTOR CO L T O OT 5 . 7 JAM I K U N I CORP NP JAM I Z U H O M E D I CO L T D NP JAN I S S A N MOTOR CO L T D OT 2 5 . 0 JAO T S U K A P H A R M A C E U T I C A L CO L T D NP JAR E C O R D A T I SPA J V I TF E R R U Z Z I GRO UP AM I TS H I N - E T S U C H E M I C A L CO L T D NP JAD E N K I KAGAKU KOGYO KK AM JAF E R R U Z Z I GR O UP J V I TW E LLC O M E F O U N D A T I O N P LC J V 2 0 . 0 UKB R I T A N N I A H O L D I N G S P L C AM 2 0 0 . 0 UKT O K Y O K A S E I KOGYO CO L T D NP J AN I S S H O IW A CORP J V J AU K , G O V T OF OT UKC . I T O H & C O . L T D . OT J AS H A N D W IC K P L C AM UKWEF A S S O C I A T E S AM S ZS A A T C H I B R O T H E R S AM 2 . 0 UKR O T H M A N S I N T L P L C AM 1 9 . 8 UKH A W L E Y G R O U P P LC AM UKU N I T E D K I N G D O M , G O V T . OF AM UKT R A N S - M E D I A R E S O U R C E S I N C J V J AS A A T C H I B R O T H E R S AM UKS A A T C H I B R O T H E R S AM UKS A A T C H I B R O T H E R S AM UKM I T S U B I S H I CORP OT J AM I T S U B I S H I CORP OT J AT O Y O T A MOTOR CO L T D OT J AS A A T C H I B R O T H E R S AM 4 2 . 0 UKC L A R K E H O O P E R I N C AM 1 5 . 0 UKI N S P E C T O R A T E I N T E R N A T I O N A L SA AM S ZWPP G R O U P P L C AM UKS H A N D W I C K P L C AM 1 5 . 0 UKS H A N D W I C K P L C AM UKS A A T C H I B R O T H E R S AM UKT A K E D A C H E M I C A L I N D S L T D OT J AWPP G R O U P P L C AM UKR I C A R D O C O N S U L T I N G 8. E N G I N E E R I N G P LC AM UKS A A T C H I B R O T H E R S AM UK

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1987 FOREIGN DIRECT INVESTMENT TRANSACTIONS, COMPLETE, BY SIC

S I C U S F I R M NAME L O C A T I O N T S

7 3 9 2 Y A N A S E & A S S O C S . C H I C A G O I L7 3 9 3 C R I M E C O N T R O L I N C I N D I A N A P O L I S I N7 3 9 4 A F T E C H L E A S I N G I N C D A L L A S T X7 3 9 4 R E N T - A - C E N T E R S W I C H I T A KS7 3 9 4 V I D E O S T A T I O N I N C , T H E W O OD LA N D H I L L CA7 3 9 5 BROWN P H O T O CO M I N N E A P O L I S MN7 3 9 5 C O LO R S Y S T E M S T E C H N O L O G Y I N C . M A R I N A R A Y CA7 3 9 9 F U N D S N E T I N C ENG LEW OO D N J7 3 9 9 1 C I A D V A N C E D M A T E R I A L S T E M P E A Z7 3 9 9 I D C S E R V I C E S I N C C H I C A G O I L7 5 4 9 V O L V O - G M H E A V Y T R U C K C O R P G R E E N S B O R O NC7 8 1 2 C S T C O M M U N I C A T I O N S I N C H O LLY W O O D CA7 8 1 2 H O L Y R O O O L T D L O S A N G E L E S CA7 8 1 3 C I N E P L E X - O D E O N U N I V . C I T Y CA7 6 1 4 H A L R O A C H S T U D I O S I N C H O LLY W O O D CA7 8 1 9 N O R T H F O L K P R O D U C T I O N S I N C L O S A N G E L E S CA7 8 2 3 W E S T E R N W O R LD S A M U E L C O M M U N I C A T I O N S LO S A N G E L E S CA7 8 3 2 C A P I T A L D I S T R I C T T H E A T E R S E . G R N B U S H NY7 8 3 2 C I N E P L E X R A L E I G H NC7 8 3 2 C I N E P L E X - O D E N C OR P R A L E I G H NC7 8 3 2 C I R C L E T H E A T R E S W A S H IN G T O N DC7 8 3 2 SBC T H E A T R E C OR P S O M M E R V I L L E MA7 9 9 2 E L R A N C H O V E R D E C O U N T R Y C L U B R A I L T O CA7 9 9 2 S N A P F I N G E R WOODS G O L F & C T Y C L U B D E C A T U R GA7 9 9 7 M E S Q U I T E C O U N T R Y C LU B P ALM S P R I N G S CA7 9 9 9 C I N E P L E X - O O E O N O R L A N D O F L8 0 5 1 F L O R I D A L I F E C A R E M I A M I F L8 0 5 1 OAK MANOR I N C C O LU M B U S GA8 0 5 1 P I N E MANOR I N C C O LU M B U S OH8 0 7 1 K I M B E R L Y S E R V I C E S I N C S HAW NEE MS KS8 0 7 1 NMR C E N T E R S I N C NEW PO R T B E A C H CA8 0 8 1 C O M P R E H E N S I V E A M E R I C A N C A R E C O R A L G A B L E S FL8 0 8 1 H E A L T H I M A G E S I N C AT LANTA GA8 1 1 1 N A T I O N A L L E G A L S E R V I C E S h a r t s d a l e NY8 2 2 1 G A K K V U S H A U S A C O . NEW YORK NY8 2 9 9 MUGA KANKAKEE I L8 9 1 1 H E E R Y I N T L I N C . ATLANTA GA8 9 1 1 I & S A S S O C I A T E S VA9 6 1 1 C H I N A - U S L I A I S O N O F F / I N T ‘ L E N T E R P R I S E S T U L S A OK9 6 1 1 N E T H E R L A N D S F O R E I G N INVESTM ENT AGENCY LOS A N GELES CA

*

F O R E I G N I N V E S T O R

V A N A S E & A S S O C SH A W L E Y G R O UPZ Y T E C C O M P U T E R L T DT H O R N - E M I P L CC A R O L C O I N V E S T M E N T S B VS C O T T ' S H O S P I T A L I T Y I N CR A M S D E N , T E R E N C EN A T I O N A L B U S I N E S S S Y S T E M S I N C .I M P E R I A L C H E M I C A L I N D S P LCB R I T A N N I A ARROW H O L D I N G S P L CV O L V O ABC I T O H / S U N T O R Y L T D / T O K Y O BROADWAYS C O T T I S H T E L E V I S I O ND R A B I N S K Y , G A R T H , E T A LQ U I N T E X L T DD R A B I N S K Y , G A R T H E T A LJ . C . W I L L I A M S O N F I L M MGMTH O Y T S C O R P . P T Y . L T D .D R A B I N S K Y , G A R T H E T A L D R A B I N S K Y , G A R T H E T AL D R A B I N S K Y , G A R T H E T AL H O Y S T S COR P H O L D I N G S P T Y L T D N I T T O KOGYO CO L T D N I T T O KOGYO CO L T D M ORRY COD R A B I N S K Y , G A R T H E T A L C A R E N A P R O P E R T I E S I N C O M N I H E A L T H C ARE O M N I H E A L T H C A R E GR A N D M E T R O P O L I T A N I N C L Y N B U R G NV R A M S E Y , P A U L L E W I S , R . J .G E S S A C O R P L T DKUMON I N S T I T U T E OR E O U C A T I O NMUGAB I C C P L C T O B I S H I M A CORPP E O P L E S R E P U B L I C OF C H I N A , G O V ' T OF T H E N E T H E R L A N D S , G O V ' T OF

TY V A L U E N A T N A L T Y

OT J AAM 4 0 ! 8 UKAM CAAM 5 9 4 ! 0 UKAM 2 . 0 N LAM . CAAM 2 . 3 UKAM . CANP 2 0 . 0 UKAM . UKPE . SWJ V . J AOT 2 . 4 UKOT 6 . 0 CAAM 3 3 . 6 ASOT . CAAM 1 . 3 ASOT ASOT . CAOT . CAAM 2 6 . 0 CAAM ASAM 5 . 0 JAAM 4 . 0 JAAM 8 . 0 JAOT . CA *AM CAAM 6 . 5 c a : rAM 4 . 5 CA °AM UKAM 0 . 5 UK |AM 3 0 . 0 ASAM UKAM 1 . 8 SZOT JAOT JAAM 5 . 5 UKAM . JAOT CMOT . NL

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APPENDIX B

LIST OF INVESTMENT TRANSACTIONS

BY

SOURCE COUNTRY

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1987 FOREIGN DIRECT I N V E S T M E N T S , C O M P LET E D , BV COUNTRY

NA US F I R M NAME TS S I C

A S A ~ M H O M E S CA 1 5 2 1A S A I R B O R N E F R E I G H T CORP WA 4 7 1 2A S A L L E G H E N Y ' S A P P L I A N C E GR O UP PA 3 6 3 4A S A M E R I C A W E S T A I R L I N E S I N C A Z 4 5 1 1A S A U S G R O U P J V T X 6 5 3 1A S A U T O W A R E H O U S I N G CO WA 4 2 2 6A S B . A L T M A N & CO NY 5 3 1 1A S B O N W I T T E L L E R CA 5 3 1 1A S B R U M B Y S ' U T 5 8 1 2A S C A L I F O R N I A CA 2 7 2 1A S C A P I T A L D I S T R I C T T H E A T E R S NY 7 8 3 2A S C A R L - B U I L T I N C OK 3 7 1 3A S C O M P R E H E N S I V E A M E R I C A N C A R E F L 8 0 8 1A S C O R D I S C O R P ' S P A C E M A K E R L I N E F L 3 6 9 3A S C O R N E L L C O M P U T E R COR P NY 7 3 7 9A S E L C A M I N O B A N K CA 6 0A S E N T E R P R I S E D E V CO T X 6 5 5 2A S G . H E I L E M A N B R E W I N G CO W I 2 0 8 2A S G E O R G I A C R A F T C O ' S M I L L GA 2 6 3 1A S H A L R O A C H S T U D I O S I N C CA 7 8 1 4A S H O O K E R , L J R E T A I L CORP NY 5 3 1 1A S H U M E S ARC I N C GA 3 3 1 2A S J A M E S H A R D I E B L D G P R D T S I N C CA 3 2 7 5A S K D I C OR P OH 3 9 4 9AS L A S E R V I D E O I N C A L 3 6 5 2A S L E V I N M E T A L S CORP CA 5 0 9 3AS L I N C O L N G R A I N NE 5 1 5 3A S L O N E S T A R M O N I E R C O N C R E T E T I T L E CO CO 3 2 7 2A S M ER K S A M E R J E W E L E R S CA 5 9 4 4A S M O J O MDA NV 7 3 1 1AS M O L E C U L O N I N C MA 2 8 3 4A S M O N TA N A R E S O U R C E S M I N E S ( 9 ) MT 1 0 2 1AS MS M A G A Z I N E NV 2 7 2 1A S N A B I S C O ' S D R O M ED A R Y OPER GA 2 0 3 3AS P E T A L U M A L T D OR 2 0 8 4A S P R I N C E V I L L E D E V E L O P M E N T CO HA 1 5 4 2A S RB I N D U S T R I E S I N C CA 5 7 1 3A S R E D S T A R E X P R E S S L I N E S OF AUBURN INC NJ 4 2 1 3AS R H E E M M FG C O ' S C O N T A I N E R D I V I S I O N IN 3 4 1 1A S R O B I N T R A N S P O R T I N C M I 4 2 1 3A S S A K O W I T Z I N C TX 5 6 5 1AS S A S S Y NV 2 7 2 1A S SBC T H E A T R E CORP MA 7 8 3 2A S S O L T E I N C CA 1 5 4 2A S S T JO E G O LD CORP MO 1 0 4 1AS T A U R U S P E T R O L E U M I N C CO 1 3 1 1AS T N T E X P R E S S A I R NV 4 5 1 1AS T N T M A I L F A S T CA 4 5 1 1A S T N T S K Y P A C K MA 4 5 1 1AS T O T A L A S S E T S P ROTEC TION INC TX 7 3 7 2AS T R I A N G L E M IC R O W A V E I N C NJ 3 6 7 9AS T R I T O N E N E R G Y CORP TX 1 3 1 1AS W E L D E D T U B E CO OF A M E R IC A PA 3 3 1 7A S W E S T E R N WORLD SAMUEL COMMUNICATIONS CA 7 8 2 3A S W E S T F I E L D I N T ' L IN C CA 6 7 1 1AS W E S T R E N O H OM ES JV CA 1 5 2 1

F O R E I G N I N V E S T O R V A L U E TV

J E N N I N G S I N T ' L L T D 3 0 . 0 AMT N T L T D 1 6 . 8 E lR E I L C OR P AMT N T L T D 3 1 . 8 AME L D E R S F I N A N C E G R O UP T N T L T D AMH E R S C U , GE OR GE AMH E R S C U , G E O R G E OTA C A D I A B A K I N G CO O TP A C K E R , K E R R Y AMH O Y T S C O R P . P T Y . L T D . OTN A T H A N S L T D AMR A M S E Y , P A U L 3 0 . 0 AMN U C L E U S L T D 3 0 . 0 AMC O M P U T E R POWER CORP 1 0 . 0 AMP R A T T GRO UP AMH A Y S O N GR O UP AMB O N D , A L A N 1 2 0 0 . 0 AMP R A T T H O L D I N G S P T Y L T D 2 1 2 . 0 AMQ U I N T E X L T D 3 3 . 6 AMH E R S C U , G E O R G E OTH U M E S L T O 5 . 0 NPJ A M E S H A R D I E I N D U S T R I E S L T D 2 5 . 0 NPA R I A D N E A U S T R A L I A L T D 3 , 3 E lQ U A T R O L T D 5 5 , 5 AMP E K O - W A L L S E N D L T D AME L D E R S I X L L T D AMM O N I E R L T D J VH E R S C U , GEOR GE PEMOJO MDA OTF A U L D I N G , F H & CO L T D 3 1 . 0 AMU N I D E N T I F I E D A U S T R A L I A N I N V E S T O R S 0 . 2 AMF A I R F A X , W A R W IC K & F A M I L Y 1 5 . 0 AMB U R N S , P H I L I P & CO L T D AMC L Y D E I N D U S T R I E S L T D OTQ U I N T E X L T D 5 8 . 0 AMY E A R P L E D G E L T D ET AL AMT N T L T D AMH O L M E S A C O U R T . R O B E R T AMT N T L T D 1 2 . 0 AMH E R S C U , GEORGE 1 0 . 0 AMF A I R F A X , W A R W IC K & F A M I L Y OTH O Y S T S C O R P H O L D I N G S P T Y L T D AMJ O H N H O L L A N D H O L D I N G S L T D AMB O N D , A L A N 5 5 1 . 0 AMC O R N I S H , B R I A N E . E T AL 0 . 4 AMT N T L T D OTT N T L T D OTT N T L T D OTIN C O M E GROUP L T D 6 . 0 AMA R I A D N E A U S T R A L I A L T D AMV U N G H A N N S . P E T E R N . i . 2 E lPALM E R T U B E M I L L S L T D 3 0 . 3 AMJ . C . W I L L I A M S O N F I L M MGMT 1 . 3 AMW E S T F I E L O H O L O I N G S L T D OTA R I A D N E L T D J V

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NA US F I R M NAME

AS W O L V E R I N E W O R LD W ID E IN CAS W O O D B IN E P E T R O L E U M I N CAU BANNER I N D U S T R I E S IN CAU E NE R G V V E N T U R E S I N CAU G A L V E S T O N - H O U S T O N CO I N CAU G I R O Z E N T R A L EAU O E S T E R R E I C H I S C H E BANKAU P A R L U X F R A G R A N C E S I N CBO A M E R I C A N P A C I F I C M I N T I N C , TH EBO B E R K L E Y N O B E L R I S K R E T . G PBO P E T R O S U R A N C EBD V A L M O N D I N D U S T R I E S I N CB E 0 A N Q U E B R U X E L L E S LA M B E R TBE B E A U L I E U OF A M E R I C ABE C O M P U T E R I O E N T I C S CORPBE D E R M A - L O C K M E D I C A L CORPBE DOWN E A S T P E A T P R O J E C TBE E X P L O R A T I O N OF L O U I S I A N A I N C ' S PRO PSB E FOOD L I O N I N CBE H ER O USA I N CBE T V T R A V E L I N CB E U . S . R E P E A T I N G ARMS COBE V A L E X P E T R O L E U M I N CBF OXOCO I N CBR H U O S O N R I V E R C E N T E RBR K I N D Y C H I L D R E N F U R N I T U R EBR T E X A C O / P E T R O B R A S O I L V E N T U R EBX B E V E R L Y H I L L S H O T E LCA A B S O R P T I V E T E C H N O L O G Y I N CCA A C T O N C O R P ' S T V S Y S T E M SCA A F T E C H L E A S I N G I N CCA A I M S B I O T E C H CORPCA A P O L L O I N D U S T R I E S I N C .CA A U T O M O T I V E S I N D S . I N C .CA B E R R Y T R A N S P O R T A T I O N CO I N CCA B I L T M O R E H O T E LCA B I O T E C H N I C A A G R I C U L T U R A L I N C .CA B L A N D I N P A P E R COCA B R A UN H O R T I C U L T U R ECA B R I N K L E Y M OTOR P R O D U C T S COCA BROWN P H O TO COCA B U R L I N G T O N ' S D E N I M P L A N TCA C A N RA O I N CCA C A S C A D E S N IA G A R A F A L L S I N CCA C H A M P L A I N P I P E L I N E P R O J E C TCA C H A N C E L L O R CORPCA C I N E P L E XCA C I N E P L E X - O D E N CORPCA C I N E P L E X - O D E O NCA C I N E P L E X - O D E O NCA C I R C L E T H E A T R E SCA C I R O I N C .CA C O L O R T E C H I N CCA C O M M E R C I A L P O I N T S H O P P I N G C E N T E RCA C O R O N E T I N D U S T R I E S I N CCA C U M B E R L A N D M I L L S I N C

TS S I C

M I 3 1 4 2T X 1 3 1 1OH 3 5 3 2T X 1 3 8 2TX 3 5 3 3NY 6 2NY 6 2 1NY 5 1 2 2CA 3 3 5 6T X 6 3OH 6 7 1 1NE 3 5 3 2NY 6 2 1AL 2 2 8 1MA 3 5 7 3CO 3 8 4 2ME 4 9 1 1LA 131 1FL 5 4 1 1GA 5 7 1 2OH 4 7 2 4CT 3 4 8 4CO 1 3 1 1TX 1 3 1 1NY * * * *N J 5 9 9 9LA 1 3 1 1CA 7 0 1 1OR 2 8 7 9FL 4 8 9 9T X 7 3 9 4I L 7 3 9 1OH 5 0 1 3I N 3 7 1 4NH 4 1 5 1CA 7 0 1 1KS 2 8 7MN 2 6 2 1NV 3 4 9 6AR 3 6 2 1MN 7 3 9 5NC 2 2 1 1N J 3 6 4 1NY 2 6 3 1R I 4 9 2 2MA 5 0 8 1NC 7 8 3 2NC 7 8 3 2CA 7 , 8 1 3F L 7 9 9 9DC 7 8 3 2NY 5 9 4 4TN 2 8 2 1F L ♦ * * *GA 2 2 7 1GA 2 2 7 2

F O R E I G N I N V E S T O R

MALCO I N D U S T R I E S L T DMOAGE L T DS T E I N E R , J E F F R E Y JS I D A W I , R A JAS I D A W I ( RA JAG I R O Z E N T R A L E V I E N N AO E S T E R R E I C H I S C H E LA E N D E R B A N K AGZ A F R I , E R V I N E T ALFORUM R E IN S U R A N C E CO L TOB E R K L E Y CORPFORUM R E I N S U R A N C E CO L T D F I D E L I T Y I N T L L T D BA N Q U E B R U X E L L E S L A M BE R T B E A U L I E U T U F T I N G NV B E K A E R T NV SA Z W I R N * EDGARS O C I E T E G E N E R A L E DE B E L G I Q U E SAP E T R O F I N A SAD E L H A I Z E L E L I O N GROUPHER O PVBAW A G O N - L I T S SAF A B R I Q U E N A T I O N A L S H E R S T A L SA PAR G ES AP H O E N I X V E N T U R E S SAGOMES D E A L M E I D A , F E R N A N O E S E T A LB A B Y L A N D I A M O V I S I N F A N T O J U V E N I SB R A Z I L . G O V ' T OFB R U N E I , S U L T A N OFA B S O R P T I V E T E C H N O L O G YM O F F A T C O M M U N I C A T I O N S L T DZ Y T E C C O M PU TE R L T DA I M S B I O T E C H CORPL E W O . J .T A T E & L Y L E P LC S C O T T S H O S P I T A L I T Y CO FOUR S E A S O N S H O T E L S L T D B R ON FM A N F A M I L Y B R O N F M A N . EDWARD & P E T E R B R A UN N U R S E R Y L T D E L E C T R O H O M E L T D S C O T T ' S H O S P I T A L I T Y I N C D O M I N I O N T E X T I L E I N C ARC I N T L C A S C A D E S I N C NO V ER C O I N C B R U N C O R P I N C D R A B I N S K Y , G A R T H E T A L D R A B I N S K Y , G A R T H E T A L D R A B I N S K Y , G A R T H , E T A L D R A B I N S K Y » G A R T H E T AL D R A B I N S K Y » G A R T H E T A L G O L D , ABR AH A M E T . AL C O L O R T E C H I N C M A R R E S S E f M I C H A E L C O R O N E T C A R P E T S I N C S O R E L T E X I N T L

VALUE TY

6 . 0 AME l

0 . 6 AM0 . 9 AM

AMOTOTAMAMJV

8 . 3 AME lOT

2 0 , 0 NP. E l. AM. JV

6 4 . 8 AMOT

. OTAM

2 . 0 AME l

2 . 8 AM. RE. OT

1 0 . 0 JV2 0 0 . 0 AM

2 . 0 PE2 . 0 AM

AMOTE l

1 5 . 0 NPAM

2 9 . 9 AMOT

3 5 0 . 0 PE0 . 1 NP

AMAM

2 0 5 . 0 AM2 0 . 5 AM1 5 . 0 PE

JVE lOTOT

6 . 0 OTOT

2 6 . 0 AME l

2 . 2 NP3 . 9 RE8 . 0 AM

AM

OOO

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1987 FOREIGN DIRECT INVESTMENTS. COMPLETED, BV COUNTRY

NA U S F IR M N A M E

CA O A T A P R O T E K IN CCA D A Y I N T L C O R PCA DU P O N T D E N E M O U R S & CO E lCA D U C O NCA E L E C T R O S O U N D G R O U P IN CCA E N G IN E E R E D M A G N E T IC S IN CCA F A R W E S T G O R E -T E X S P E C IA L T Y S H O PCA F A R W E S T G O R E -T E X S P E C IA L T Y S H O PC A F L O R ID A L I F E C A R EC A F U N D S N E T IN CCA G O L D S T A N D A R D IN CCA G R A N D T R U N K W E S T E R N RR COCA H & W B L D G . P R O D U C T S IN CC A H . H . R O B E R T S O N COC A H A N N A F O R D B R O T H E R S COC A H E A T H S IG N COC A H I - T E C H R O B O T IC S L T DCA H IL L T O P G O L D P R O P E R T YC A H O L L A D A Y -T Y L E R P R I N T I N G C ORPC A H O L M E S T R A N S P O R T A T IO N IN CCA H O U S E C R A F T IN D U S T R IE SC A I N E T CO O F A M E R IC ACA I N T E R L E U K I N - 2 IN CC A IN T E R T A N IN CCA I N T L M U L T I FO O D S C O R PC A J . M E R E D IT H B U S COCA J O H N L A B A T T FO O D SC A KCR T E C H N O L O G Y IN CCA K E N S IN G T O N G O L D P R O P E R T YCA K E T T L E R IV E R P R O J E C TCA K IM P E X U S A L T DC A K T I C O R PCA L . B . F O S T E R C O 'S A R C H . H A R DW A RD GRO UPCA LA C A N A G O L D IN CCA L A N G L E Y C O R PC A L A T R O B E B R E W IN G COCA L U T H E R M E D IC A L P R O D U C T S IN CCA M . A . H A N N A COCA M A C K A Y S P E C IA L T IE S A M E R IC ACA M A N H A T T A N TOW ERCA M A S T E R IM A G E S IN CCA M O B IL O I L C O R P 'S P L A N T & P R O P E R T IE SCA M O N R O E E N Q U IR E R JO U R N A L E T A LCA N IA C H L O RCA N IA G A R A H IL T O NCA N O R T H F O L K P R O D U C T IO N S IN CCA OAK MANOR IN CCA OW ATONNA M FG CO IN CCA P A U L D IN G E L E C T R IC A L P R D T S SUBCA P E N T A IR I N C 'S M I L LCA P IN E M ANOR IN CCA P LU M C R E E KCA P O R C E L A IN I N D U S T R I E S I N CCA P S I C O N V E Y IN G G R O U P S I N CCA Q U A K E R TOW ERCA Q U E E N S FA R M S D A I R Y

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F O R E IG N IN V E S T O R V A L U E T V

E R IN T E C C O R P O TB R O N F M A N , P E T E R & EDW ARD E T A L 1 3 3 .* 6 AMB R O N FM A N F A M IL Y . PEB R O N FM A N F A M IL Y J VC IN R A M L T O 0 . 2 AMF L E E T A E R O S P A C E C O R P 7 . 5 AMF A R W E S T IN D U S T R IE S . OTFA R W E S T IN D U S T R IE S . OTC A R E N A P R O P E R T IE S IN C . AMN A T IO N A L B U S IN E S S S Y S T E M S I N C . . AMS A A D IE N t R A Y 1 . 8 AMC A N A D IA N N A T IO N A L R A IL W A Y S . O TR E D P A T H IN D U S T R IE S L T D 2 4 . 0 AMB E L Z B U R G F A M IL Y 1 . 5 E lS O B E Y F A M IL Y . E lP A T T IS O N , J I M AMT R I - C A N D E V E L O P M E N T S L T D 0 .’ 1 AMB R O N F M A N , P E T E R & EDW ARD 1 . 3 J VJ . S . A T K IN S O N E S T A T E . AMF IN G O L D , D A V ID & P A U L E T AL . AMH O U S E C R A F T IN D U S T R IE S N PB E L L C A N AD A E N T E R P R IS E S IN C 4 2 . 5 J VM A N D A R IN C A P IT A L CO R P 6 . 6 AMU N IC O R P C O R P . AMBREG M A N F A M IL Y E T A L 2 4 . 9 AMS C O T T S H O S P IT A L IT Y CO . AMJO H N L A B A T T L T D . O TMOORE C O R P L T D 1 . 2 E lECH O B A Y M IN E S L T D 1 0 . 0 J VECH O B A Y M IN E S L T D 2 . 5 OTS O U C Y , G IL L E S NPA M E R IC A N T E L E C O M M U N IC A T IO N S CORP 2 . 2 AMB EA C O N C A P IT A L C O R P . AMIN T E R N A T IO N A L CORONA R E S O U R C E S L T D E lF L E E T A E R O S P A C E CO 2.7 AMJO H N L A B A T T L T D 3 5 . 0 AMD A V IE S , FR E O S 1 . 1 AMB R O N F M A N , EDW ARO & P E T E R 2 2 . 1 E lM AC K A Y S P E C IA L T IE S CANADA 3 . 0 NPC E N T R A L W E S T E R N H O L D IN G S L T D 1 0 . 0 REB R O NFM AN F A M IL Y T R U S T S . AMB R O N FM A N F A M IL Y . AMT H O M S O N , K E N N E T H R & F A M IL Y 2 0 0 . 0 AMB R O N FM A N F A M IL Y 1 6 . 6 NPM A T O V IC , R A D O M IR 8 . 0 AMD R A B IN S K Y , G A R TH E T A L OTO M N I H E A L T H CARE 6 . 5 AMV E R S A T IL E CORP AMHAMMOND MFG CO L T D OTW E S T O N . GEORGE AMO M N I H E A L T H CA R E 4 ! 5 AMB ANK O F NOVA S C O T IA 1 8 . 5 RED E R L A N IN D U S T R IE S L T D AMG R O UPE L A P E R R 1 E R E & V E R R E A U L T IN C . AMBCOE D E V E L O P M E N T S CORP REJO H N L A B A T T L T D . AM

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1 9 8 7 F O R E I G N D I R E C T I N V E S T M E N T S . C O M P L E T E D . BV C O U N T R Y

NA US F I R M NAME TS S I C

CA Q U I C K T O O L & MFG CO I N C KY 3 5 4 4CA R E A D D . M . CO CT 5 3 1 1CA R ED DOG M I N E AK 1 0 3 1CA R I C H A R D S O N P OLYMER CORP CT 3 0 7 9CA R O S E T T O FOO DS NV 2 0 3 8CA ROUND M O U N T A I N GOLD M I N E NV 1 0 4 1CA R YAN GROUP M I 4 2 1 3CA SCH O OL BUS CO PA 4 1 5 1CA S CHOOL BUS CO MA 4 1 5 1CA S CH O OL B U S CO NJ 4 1 5 1CA SCH O OL BUS COS ( 4 ) DE 4 151CA S H E L B U R N E H O T E L F L 7 0 1 1CA S HERMAN S U P E R S O N I C I N D U S T R I E S CORP NY 3 5 8 9CA S H O P P I N G C E N T E R S ( 5 ) UN • * * *CA S I L V E R H I L L M I N E NC 1 0 4 4CA S P E C I A L T Y M E T A L F A B R I C A T O R 3 3 3 9CA S U N N Y S I D E P L A Z A OR * * * *CA T E A L CEDAR WA 2 4 2 9CA T H R E E B U O Y S H O U S E B O A T V A C A T I O N S OK 4 4 5 9CA T R A V E L T I M E B U S L I N E S I N C MA 4 1 5 1CA T R I A N G L E M A N U F A C T U R I N G CORP NC 3 9 4 9CA T U S C A N D A I R Y FARMS I N C N J 2 0 2 6CA U N I C O R P E N E R G Y I N C OH 4 9 2 4CA W A S TE R E M O V A L CO M I 4 9 5 3CA W A S TE R E M O V A L COMPANY T X 4 9 5 3CA W A S T E R E M O V A L COMPANY TN 4 9 5 3CA W A S TE R E M O V A L COS ( 2 ) OH 4 9 5 3CA W A T E R L O O M I C R O S Y S T E M S I N C GA 7 3 7 2CA W E S T E R N I N T L I N C I A 3 5 2 3CA W H I R L P O O L ' S H E I L - Q U A K E R HOME S Y S T E M S TN 3 5 8 5CA W H I T E H A L L F I N A N C I A L GROUP NY 6 7 1 1CA W H I T T A R S T E E L S T R I P D I V I S I O N M I 3 3 1 6CA W I L S O N - C O O K M E D I C A L I N C NC 3 8 4 1CA W O R T H IN G T O N D A I L Y GLO B E MN 2 7 1 1CA Y I P K O N CORP N J 5 0 8 4CA Z A C A P R O P E R T Y NV 1 0 4 1CA 1 8 6 7 C O N F E D E R A T I O N OF LOG HOMES TN 5 0 3 1CH B R A D L E Y ' S V I E W FAN I L 5 1 9 9CH C H I N A - U S L I A I S O N O F F / I N T ' L E N T E R P R I S E S OK 9 6 1 1CH E S P R I T S Y S T E M S I N C NY 3 6 7 2DA B A U M F O L D E R CORP OH 3 5 5 4DA C O N C R E T E B L D G S . C O N C E P T S NC 3 2 7 1DA I D E A L S P U B L I S H I N G CORP WI 2 7 3 1DA I D E T E K I N C CA 7 3 9 1DA M A E R S K L I N E CA 4 4 6 3E l ADAMS P R O D U C T S C O . NC 3 2 7 1E l B I G R I V E R I N D S I N C LA 3 2 9 5E l B O O R H E I M - F I E L D S I N C T X 1 4 4 2E l H I CHEM D I A G O N I S T I C S I N C CA 2 8 1 9E l K I N G ROAD M A T E R I A L S I N C NY 2 9 5 1E l M A S S T O C K I N T L GA 0 2 4 1E l NC P R O D U C T S CO NC 3 2 5 1E l T R A N S L I N K USA I N C NY 4 7 8 2F I C U E P A G I N G CA 3 6 6 3F I D I V E R S I C O M N A T I O N W I D E P A G I N G CA 3 6 6 2F I G E R B E R L E G E N D A R Y B L A D E S I N C OR 3 4 2 1

F O R E I G N IN V E S T O R

MAGNA I N T L IN C C A M P E A U , R O B E R T C A N A D IA N P A C I F I C LT D C A N A D A , GOVT OF JOHN L A B A T T L T D ECHO BAY M I N E S L T D CANADA T R A N S P O R T GROUP D E G R O O T E , M I C H A E L G .D E G R O O T E . M I C H A E L G .D E G R O O T E , M I C H A E L G .D E G R O O T E , M I C H A E L G .EM E R A L D I N T ' L I N V E S T M E N T S I N CSHERMAN S U P E R S O N I C I N D U S T R I E S CORPC AMPEAU CORPN IA G A R A C A P I T A L CORPD E R L A N I N D U S T R I E S L T DGREYMOR D E V E L O P M E N TT E A L CEDAR P R O D U C TS 1 9 7 7 L T DT H R E E B U O Y S H O U S E B O A T V A C A T I O N SL A I D L A W T R A N S P O R T A T I O N L T DST LAW RENCE MFG CANADA I N CJ O H N L A B A T T L T DM A N N , GEORGE S .D E G R O O T E , M I C H A E L G .D E G R O O T E , M I C H A E L G .D E G R O O T E , M I C H A E L G .D E G R O O T E . M I C H A E L G .CROWNX I N C NOMA I N D U S T R I E S L T D I N T E R - C I T Y GAS CORP D E G U N Z B U R G F A M I L Y D O FA S C O I N CW I L S O N - C O O K M E D I C A L I N C T H O M S O N , K E N N E T H R & F A M I L Y S H L S Y S T E M H O U S E C A L I F O R N I A GO LD M I N E S L T D 1 8 6 7 C O N F E D E R A T I O N OF LOG HOMES P E O P L E S ' R E P U B L I C OF C H I N A , G O V ' T OF P E O P L E S R E P U B L I C OF C H I N A , G O V ' T OF A D V A N C E D DA TU M I N F O R M A T I O N CORP D E T 0 S T A S I A T I S K E K O M P A G H I AS D E D A N S K S U K K E R F A B R I K K E R A / S G U T E N B E R G H U S B L A D E N E A / S NOVO I N D U S T R I A / S A . P . M O E L L E R GROUP C E M E N T - R O A D S T O N E H O L D I N G S PLC C E M E N T R O A D S T O N E H O L D I N G S P LC C E M E N T - R O A D S T O N E H O L D I N G S L T D E LA N CORP PLCC E M E N T - R O A D S T O N E H O L D I N G S L T D M A S S T O C K I N T LC E M E N T - R O A D S T O N E H O L D I N G S P LC I R I S H M A I N P O R T H O L D I N G S N O K I A CORP N O K I A OY AB F I S K A R S OY AB

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N A US F I R M NAME T S S I C

F I H O B A R T / M C I N T O S H I L 5 1 1 1F I P A R T E K C O R P CA 5 0 5 3F I P A S S A M A Q U O D D V H O M ES J V ME 1 5 2 1F I S I S U USA T X 5 0 8 8F I U N I O N T E X A S P E T R O L E U M / N E S T E OV V E N T U R E ND 1 3 1 1FR A E R O S P A T I A L E F L 3 6 9 9FR A I R C R U I S E R S CO NJ 3 0 6 9FR A I R F R A N C E PA 4 5 1 1FR A I R V E N T I N C I L 3 5 6 4FR A L C A T E L F L 5 0 6 5FR A L S T H O M I N C . LA 3 7 2 1FR A R R O W H E A D D R I N K I N G W A TE R CO CA 5 1 4 9F R B E N E T E A U SC 3 7 3 2FR B R Y C O I N C T X 3 2 7 3FR B U R E A U V E R I T A S C O N T A I N E R S E R V I C E CORP NJ 4 7 8 9FR C I L A S A L C A T E L MA 5 0 6 3F R C O M S T O C K GR O UP I N C CT 1 7 3 1FR C O N S U M E R S W A TE R CO ME 4 9 4 1FR C O R H A R T R E F R A C T O R I E S CORP KY 3 2 9 7FR C O U N T R Y E P I C U R E I N C NY 2 0 5 1FR D A I S Y F R E S H CORP CA 2 0 2 2FR D E C I S I O N I N D U S T R I E S CORP PA 3 5 7 3FR D E C R A T R E N D P A I N T S CA 2 8 5 1FR D R E S S E L ' S B A K E R I E S I L 2 0 3 8FR F O R E S T O I L C O R P ' S W E L L S T XFR GCA CORP MA 3 5 5 9FR G E ' S C O N S U M E R E L E C T R O N I C S D I V I N 3 6 5 1FR G E ' S H V D C U N I T PA 3 5 7 3FR HDM W O R L D W ID E NY 7 3 1 1FR H E R M E S NY 5 9 4 8FR H O N E Y W E L L I N F O R M A T I O N S Y S T E M S MN 7 3 7 2FR H O N E Y W E L L I N F O R M A T I O N S Y S T E M S I L 7 3 7 2FR HOWMET T U R B I N E P R O D U C T TN 3 5 1 \FR I B F - B I O T E C H N I C S USA UN 7 3 9 1FR I N D I K O N CORP MA 3 8 2 4FR J A C Q U E L I N COCHRAN NV 2 6 4 4FR K E T C H U M & CO I N C CT 5 1 2 2FR L A M B E R E T U SA CO 3 7 1 3FR L A N D CT * * * *FR L A N D ( 6 9 A V R E S O NV * * * *FR LOEWE NV 5 9 4 8FR LOEWE CA 5 9 4 8FR M A N E U R O P I N C GA 3 5 6 3FR M A R T E L L . J & F D I F F U S I O N USA NY 5 9 4 8FR M I L W A U K E E MACK S A L E S I N C WI 5 0 1 2FR N A F - N A F NY 5 6 9 9FR NORWOOD D I V OF L . B . F O S T E R CO OH 3 4 6 2FR O H M TE K I N C NY 3 6 7 6FR O T I S E R V I C E S I N C NV 7 3 6 2FR P A R E X I N C GA 3 2 9 9FR P R E M I E R E NV 2 7 2 1FR P U B L I C I S NV 7 3 1 1FR Q U A R T Z P R O D U C T S CORP KV 2 8 19FR R H O N E - P O U L E N C NC 5 1 6 1FR R I F F E P E T R O L E U M CO TX 2 9 5 1FR R O D I E R P A R I S NV 5 6 1 1

F O R E I G N I N V E S T O R V A L U E T Y

AMER G R O U P L T D AMP A R T E K AB OY OTM A K R O T A L O OY J VS I S U A U T O AB OTF I N L A N D , G O V ' T OF J VF R A N C E , G O V T OF 7 0 . 0 PEZ O D I A C I S S Y L E S M O U L I N E A U X AMF R A N C E , G O V ' T OF OTF R A N C E , G O V T OF AMF R A N C E , G O V T OF OTF R A N C E , G O V T . OF NPS O U R C E P E R R I E R SA 2 5 0 . 0 AMB E N E T E A U F A M I L Y 3 . 5 NPL A F A R G E C O P P E E GROUP AMB U R E A U V E R I T A S OTF R A N C E , G O V T OF NPS P I E B A G N A T O L L E S SA 2 0 . 5 AMF R A N C E , G O V ' T OF 1 6 . 0 AMF R A N C E , G O V T OF AMV I L G R A I N F A M I L Y AMS O U R C E P E R R I E R AMECONOCOM I N T L NV AMF R A N C E , G O VT OF 2 . 0 AMI N S T DE D E V E L O P I N D U S T R I E S A G R I C O L E S AMF R A N C E , G O V ' T OF 1 5 . 3 AMF R A N C E , G O VT OF AMF R A N C E , G O V T OF 8 0 0 . 0 AMC I E G E N E R A L E D ' E L E C T R I C I T E AMEUROCOM S A / D E N T S U CO J VJ E A N - L O U I S D U M A S -H E R M E S F A M I L Y PEF R A N C E , G O V T OF 5 2 7 . 0 OTF R A N C E , G O VT OF OTF R A N C E , GO VT OF s ! o NPF R A N C E , G O V T OF NPM E T R A V I B I N S T R U M E N T S I N C AMF R A N C E , G O VT OF AMOFC C O M M E R C IA L P H A R M A C E U T I C A L SA 4 . 3 AML A M B E R E T F R E R E S E T C I E SA NPF L I C H Y , GUY F . E T A L 2 . 5 REC A R R E FO U R SA 1 8 . 0 REV U I T T O N , L O U I S OTV U I T T O N , L O U I S OTG E N E R A L E DE F O N D E R I E SA OTM A R T E L L F A M I L Y OTF R A N C E , GO VT OF PEI N F L U E N C E - P O K N A F - N A F OTC O G IF E R SA AMS F E R N I C E SA AM

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NA US F I R M NAME

FR R O D I E R P A R I SFR SAN TA ROSA S E W IN G S H O P S ' A S S E T SFR S EA FO O D B R O I L E R R E S T A U R A N TFR S P E C I A L M E T A L S CORPFR S T E V E N S / S O M M E RFR S U N N V M E A D RANCHFR S U N S H I N E WATER COFR T A R L A 2 Z I S TOR EFR T E C H N I C A L C O M P O N E N T S I N CFR T E X A S I N T E R N A T I O N A L C O ' S O I L / G A S A S S E T SFR T I R E S Y S T E M S / B I L L Y BOVS IN CFR T O T A L P E T R O L E U M ( N O R T H A M E R I C A ) LT DFR T R W ' S C I N C H C O N N E C T O R SFR T R W ' S MOTOR D I VFR V I E DE F R A N C E CORPFR W . J . S E R V I C E SFR W A D E L L E Q U I P ' S A I R C R A F T D I V FR ZEPHY*R H I L L SGE A & P F U T U R E S T O R E SGE A B S P UM PS I N CGE ADO CORPGE A M M E R S E E ON T H E C H A T T A H O O C H I EGE B A H L S E N OF A M E R I C A I N CGE B A S F ( C H E M I C A L D I V )GE B I S C H O F & K L E I N USA I N CGE BMGGE BMW OF N . A M E R I C AGE B O T T C H E R & G E S S N E RGE BUDO COGE C A L A V S Y S T E M S I N CGE C A L C O M P ' S S Y S T E M S D I VGE C A P R I SUNGE C E L A N E S E CORPGE C E L G E N E CORPGE C LO R O X COGE CYRO I N D U S T R I E SGE D A TA CARD CORPGE O E G U S S A CORPGE D E L M E O I N CGE D EN K A C H E M I C A L CORPGE D Y N A M I T N O B E L C H E M I C A L SGE E C O L A B ' S W O R L D W ID E C O NSUM ER P R D T S D I VGE E I C H H O F FG E E R N S T P A U L LE H M A N NGE E X T R U S I O N E Q U I P M E N T CORPGE F I C H T N E R - W A N TE C HGE F O C K E & COGE G E N C O R P ' S G E N E R A L T I R E & R U B B E R COGE G E R M A N R A I LGE H A H L F I L A M E N T S I N CG E H E N D R I X T R A C T SG E H E N K E L R E S E A R C H CORPG E H E S S S H O E SGE H E V E A M E R I C AGE H I L L C R ^ T C E N T R EGE H O E C H S T C E L A N E S E CORP

TS S I C

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F O R E I G N IN V E S T O R V A L U E T V

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NA U S F I R M NAME TS S I C

GE H U L S A M E R I C A I N C N J 5 1 6 1GE I M P A C T P L A S T I C S NC 3 0 7 9GE K L O C K N E R C O N T R A C T P A C K A G I N G VA 2 6 5 5GE K N A U F F I B E R G L A S S A L 3 2 9 6GE K U R I S H I G H T E C H S Y S T E M S L T D GA 5 0 8 4GE L A K E P A D R E D E V E L O P M E N T T X * * * *GE L A N G G U T H N J 2 6 4 1GE L E T R O N SC 2 4 3 5GE L I N O T Y P E CO NY 3 5 5 5GE L U F T H A N S A VA 4 5 1 1GE LYNWOOD P L A Z A VA * * * *GE M A L L I N C K R O O T S ' FLOWCO P R O D U C T S D I V OH 2 8 2 1GE M A T R I X CORP NY 3 5 7 3GE M E R E O I T H / B U R D A C O R P NC 2 7 5 1GE M I C H A E L CROM ER L T D (M C M ) GA 5 6 3 1GE M I C R O P A C I N D U S T R I E S I N C T X 3 6 7 9GE M I D - L O U I S I A N A G A S CO LA 4 9 2 2GE MOBAY C OR P OH 2 8 2 1GE NCC I N D U S T R I E S I N C NY 2 3 4 2GE O C C I D E N T I A L ' S P R O C E S S C H E M I C A L D I V N J 2 8 9 1GE P A R K E R C H E M I C A L CO M I 2 8 9 9GE P O R T L A N D F R E I G H T L I N E R I N C OR 5 5 9 9GE P R O C E S S C H E M . D I V . OF D I A M O N D SHAMROCK N J 2 0 6 9GE R H OD E & SCHW ARZ I N C MD 3 8 2 5GE ROHM & H A A S ' S E E D B U S . PA 0 1 9 1GE R O U S S E L U C L A F F H O L D I N G S N J 5 1 6 1GE SA F E W A Y D I V . E L PASO NM 5 4 1 1GE S A R S T E D T I N C NC 5 1 2 2GE S CH A R M AN N M A C H I N E TO O L CORP I L 3 5 4 1GE S I E M E N S NJ 3 6 7 9GE S TO I N D U S T R I E S I N C GA 2 8 5 1GE S U N D S T R A N D - S A U E R I L 3 5 6 8GE T E C H - H A U S I N C NE 1 5 4 2GE T E R M A S C A N I N C NY 3 8 4 1GE U N I O N S T A T I O N A P T S GA * * * *GE WALDBAUM I N C NY 5 4 1 1GE W E S T M O R E L A N D COAL CO PA 1 2 1 1GE W H I T N O N M A C H I N E S P I N D L E CT 3 4 2 9GE WYROUGH & L A S E R I N C NJ 5 1 6 1HA T R A N S P O R T M A R I T I M E D ' A M E R I Q U E SA NY 4 4 1 1HK A 1 C P H O TO I N C NY 5 0 4 3HK APA.RTM ENT B LD G CA • * * *HK B E V E R L Y W I L S H I R E H O T E L CA 7 0 1 1HK F O R S T M A N N & CO GA 2 2 1 1HK I N G E R S O L L - R A N D F I N A N C I A L CORP NJ 61HK M A R I N E M I D L A N D BA N KS I N C NY 6 0HK MULHOLLAND E S T A T E S DEV CA • * * #HK M U L T I - U S E P R O J E C T CA * # * *HK P L A Y M A T E TO Y S CA 3 9 4 4HK R E T A I L C E N T E R TXHK 6 1 1 MONTGO MERY ST CA * * * *

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*

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V E B A AG OTR O E C H L I N G H A R E N KG AMK L O E C K N E R -W E R K E AG 1 0 . 4 NPK N A U F F I B E R G L A S S 5 0 . 0 NPK U R I S H I G H T E C H S Y S T E M S GMBH 0 . 5 OTU N I D E N T I F I E D I N V E S T O R S 2 . 0 REL A N G G U T H GMBH & CO OTL E T R O N GMBH 2 8 . 0 NPC O M M E R ZB A N K AG AMF E D E R A L R E P OF G E R M A N Y t G O V ' T OF OTS I E M A N S AG 9 . 5 REH E N K E L KGAA . AMB A Y E R AG 2 2 . 1 AMBUR DA GMBH 3 . 0 NPM I C H A E L CROMER L T D OTH E M P E L , F . W. AMB A S F AG 8 0 . 0 AMB A Y E R AG . PES P I E S S H O F E R , G U E N T H E R 0 . 1 E lH E N K E L GMBH AMH E N K E L KGAA AMD A I M L E R - B E N Z AG . OTH E N K E L KGAA AG AMR HODE & SCHW ARZ GMBH & CO KG NPKWS K L E IN W A N Z E B E N E R S A A T Z U C H T AG AMH O E C H S T AG . NPA SK O D E U T S C H E K A U FH A U S AG . AMS A R S T E D T I N C 5 . 0 OTJ . M . V O I T H GMBH 1 0 . 0 NPS I E M E N S AG 9 . 0 OTS T O T M E I S T E R GMBH NPS A U E R G E T R I E B E AG J VGERMAN I N V E S T O R S AMO E T L E V , B A U R S - K R E Y 0 . 6 AMGERMAN I N V E S T O R S 8 . 9 RET E N G E L M A N N F A M I L Y 1 4 9 . 2 AMV EB A AG 2 8 . 1 E lGMN GEORG M U L L E R NUREM BERG AG AMB A Y E R AG AMT R A N S P O R T M A R I T I M E D ' A M E R IQ U E SA OTM A X W E LL E L E C T R O N I C S L T D E lH O P E W E L L H O L D I N G S 1 5 . 0 RER E G E N T H O T E L S 1 2 9 . 0 AMK U A N G - P I U * CHAO AMHONGKONG S H A N G H A I B A N K I N G CORP AMHONGKONG S H A N G H A I B A N K I N G CORP 7 5 6 . 0 E lU N I D E N T I F I E D IN V E S T O R S RECHAN t LA W R EN CE ET AL 2 0 0 . 0 REP L A Y M A T E T O Y S NPU N I D E N T I F I E D I N V E S T O R S 0 . 9 REU N I D E N T I F I E D I N V E S T O R 7 5 . 0 RES U K A M T O . SUKARMAN 6 . 6 AMS HYAM A H U J A L T O 2 . 5 OTZ E E V I , GAD 1 0 0 . 0 AML A P S K E R , I T Z C H A K AMI S R A E L , G O V ' T OF OT

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987 FOREIGN DIRECT INVESTMENTS. COMPLETED, BV COUNTRY

I T ACMA USA I N C NCI T A ERO S E R V I C E S I N T E R N A T I O N A L I N C NJI T A M E R I C A N I T A L I A N P A S T A CO MOI T ARCO R & D I N S T I T U T E CAI T A R M A N I , G I O R G I O CAI T A U G U S T A A V I A T I O N C O R P . PAI T B A S I L E B O U T I Q U E NYI T B A Y L Y , M A R T I N & FAV TXI T BGM D IA M O N D TO O LS IN C NCI T B I C E R E S T A U R A N T NVI T B O T T E R O USA CORP NCI T C E N T R A L SOYA CORP I NI T D E L L E V E D O V E USA IN C NCI T F R E T T E USA NYI T G I V I D I G L A S S F A B R I C S D I V I S I O N MAI T H A N NA I N S T R U M E N T S OF A M E R IC A R II T H E S S T O N CORP KSI T H I M O N T I N C DEI T I N N O V A T I V E S I L I C O N T E C H N O L O G Y CAI T NEW E N G L A N D M I L L I N G CO MAI T P A S T A V O N I R E S T A U R A N T MAI T PER E G O P R O D U C T S I NI T P H A R M E T R I X CORP CAI T P L A N T C E L L R E S E A R C H I N T L CAI T R A I CORP NYI T R A N G O N I OF F R A N C E SCI T R E P U B L I C P L A S T I C S M II T S A I N T L A U R E N T - R I V E GAUCHE NYI T S O M ET I N C SCI T S T E U A R T P E T R O L E U M CO DCI T T E C H N O G E N E T I C S I N C NYI T T E K S I D A L U M I N U M FO U N D R Y I N C TNI T U N I G E N I N C M II T V A L L E Y N A T I O N A L BANK CAI T V I T A L I A N CORP MDI T W E S T W IN D B U S I N E S S PARK CAJ A ( I X I : Z ) CAJ A A T & E CORP CAJ A A A P S T M A R Y S CORP OHJ A ACME I N K & P R I N T I N G I LJ A A D V A N C E A U T O M A T I C V E N D I N G I N C ORJA A D V A N C E D C O M P O S I T E M A T E R I A L S CORP SCJ A A K A S H I C M E M O R I E S CORP CAJA A L G O N Q U I N H O T E L NYJA A L L E N - B R A D L E Y TD K M A G N E T I C S C O R P . OKJ A A L P I N E E L E C T R O N I C S MFG OF A M E R . I N C I NJA A L P S E L E C T R I C CO CAJ A A MADA E N G I N E E R I N G & S E R V I C E CO I LJ A AMANO A M E R I C A MFG I N C CAJ A A M D A H L CORP CAJ A A M E R I C A N I N D U S T R I A L M F G . S V C S . CAJ A A M E R I C A N I S U Z U M OTORS I N C . MDJ A A M E R I C A N T O K Y O K A S E I KOGYO ORJ A A M E R I C A N Y A Z A K I CORP USA TNJ A A M E R I C A S TOW ERS NYJ A A M O C O / J A P E X O I L E X P L O R A T I O N V E N T U R E LA

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3 5 5 1 4 5 8 2 2 0 9 8 7 3 9 1 5 6 1 1 5 0 8 8 5 6 2 1 6 35 0 8 4 5 8 12 5 0 8 4 2 0 4 8 5 0 8 4 5 7 1 9 2221 3 8 2 2 3 5 2 3 2 8 2 1 3 6 7 4 2 0 4 1 5 8 1 2 3 9 4 4 7 3 9 1 7 3 9 1 4 8 3 3 5 6 6 1 2 8 2 1 5 6 2 1 5 0 8 4 5 1 7 1 5 1 2 2 3 7 1 4 2 8 6 9 6 07 3 9 1 * * * * 5 6 1 1 3 6 6 1 3 7 1 4 2 8 9 3 5 9 6 2 2 8 1 9 3 6 7 9 7 0 1 1 3 2 6 4 3 6 5 1 3 5 7 3 5 0 8 4 3 5 7 9 3 5 7 3 3 6 9 4 5 0 1 27 3 9 2 3 6 7 9 * * * * 1 3 1 1

G . D . SPA AMA T T A R , D I B O E lS P I G A D O R O - P E T R I N I F A M I L Y 2 6 . 0 JVF E R R U Z Z I GROUP 1 2 . 0 AMA R M A N I , G I O R G I O OTE F I M 3 . 7 NPB A S I L E H OU S E OTN I K O L S GROUP AMZ . B A V E L L O N I SPA OTB I C E R E S T A U R A N T OTB O T T E R O SPA OTF E R R U Z Z I GROUP 3 6 0 . 0 AMV E D O V E F A M I L Y 0 . 3 OTM O S C A , V I T T O R I O F A M I L Y OTG I V I D I S . A . P . A . & T E X - I M P I A N T I SPA AMHANNA I N S T R U M E N T S 0 . 7 NPA G N E L L I F A M I L Y . E lF E R R U Z Z I GROUP 1 4 9 0 . 0 E lI T A L Y , G O VT OF • 0 TI T A L G R A N I SPA E I

FOREIGN INVESTOR VALUE TY

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NA U S F IR M NAME T S S IC

JA A M T E X IN C OH 2 2 7 1J A A P A R T M E N T B LD G HAJ A A R V IN SANG O C O . I N 3 7 1 4J A A S A H I B R E W E R IE S U S A IN C CA 2 0 8 2J A A S A H I C O . GA 5 6 6 1J A ASM O M FG IN C M I 3 6 9 4JA A S S O C . M F G . & IN D U S T . C O N S T R . S V C S VA 7 3 9 2J A A T & T /K D D V E N T U R E GU 4 8 1 1JA A T C IN C T N 2 8 2 1J A A V E N T IN E CA * * » *J A A V O N D A L E C E N T E R I L * * * *J A B A B C O C K IN D U S T R IE S I N C 'S P L A N T IN 3 3 1 5J A B A K E R S M I T H E R M A L S Y S T E M S CA 3 3 1 7J A B A N D O M F G . OF A M E R IC A KY 3 7 1 4J A B A N K OF P A L M S P R IN G S CA 6 0J A B A N Y A N G O L F C LU B HA * * * *J A B E L O IT CORP W I 3 5 5 1J A B E N D IX J ID O S H A K I K I TN 3 7 1 4J A B E R N A R D E P P S & CO CA 5 0 5 1J A B E S T A M E R IC A N R E A L T Y GP A Z 6 5 3 1J A B E S T F L E X IN C PA 3 4 9 8J A B IO P R O D U C T S IN C OR 2 0 4 7J A B O N O E D M A C H IN E C O 'S P L A N T OH 3 5 3 1JA BORG W A R N E R ' S B YR O N JA C K S O N PUM P D I V NC 5 0 8 4J A B R E A D B R O T H E R S I N C . HA 5 8 1 2J A C . IT O H & C O . A M E R IC A IN 7 3 9 2JA C A L IF O R N IA BANK B LD G CA • * * *J A C A L S O N IC M F G . C O R P . TN 3 7 1 4J A C A L U S A C O U N TR Y C LU B F L * + * *JA C A M E LB A C K E S P L A N A D E A Z * * * ♦JA CAR S T E A M S H IP IN C NY 4 4 6 3JA C A S IO IN C N J 3 5 7 3JA C B S R E C O R D S GROUP NV 3 6 5 2J A C E N T U R Y T U B E CORP AR 3 3 1 7JA C H E V R O N U SA IN C /N IP P O N O I L CO V E N T U R E CA 1 3 1 1JA C H IC A G O -T O K Y O BANK M I 6 0JA C H U BU T R A D IN G KY 5 8 1 2JA C l S P E C IA L C H E M IC A L S I N C . NY 5 1 6 1J A C l YO KOYAM A IN C CA 5 0 4 3JA C IP H E R D A TA P R O T S I N C 'S P L A N T CA 3 6 2 2JA C IT IC O R P B LD G NV * » • *JA C I T I Z E N S Y S T E M S IN C CA 3 6 6 1JA CME CORP M l 3 7 1 4JA C O C A -C O L A B O T T L IN G OF N . NEW E N G LA N D IN C ME 2 0 8 6JA C O C O N U T IS L A N D HAJA C O N D O M IN IU M B LD G HA * * * *JA C O N D O M IN IU M O EV HA * * * ♦JA C O R N /P O K K A CA 2 0 9 9JA COX C R E E K R E F IN IN G CO MD 3 3 3 1JA C S T C O M M U N IC A T IO N S IN C CA 7 8 1 2JA C U R T IS M A R U V A SU A M E R IC A IN C KY 3 0 6 9J A D A IH A T S U A M E R IC A CA 5 0 1 2JA D A IT O S H O J I CO OR 5 0 6 5JA D A L L A S M A R K E T C E N T E R T X * * • *JA DANA C O M PU TE R IN C CA 3 5 7 3JA D EN O N D I G I T A L IN D U S T R IE S L T D GA 3 6 5 1

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H A Y A S H I T E L E M P U CO L T D T O K A I U N IV E R S IT Y SANG O C O . L T D .A S A H I B R E W E R IE S L T D N IP P O N R U B B E R C O . L T D .T O Y O T A M OTOR CORPN IS S H O 1WA CORPK O K U S A I D E N S H IN DENW A CO L T DU B E IN D U S T R IE S L T D E T A LS H IM IZ U C O N S T R U C T IO N CO L T D E T A LU N I D E N T I F I E D IN V E S T O RKOKOKU S T E E L W IR E L T DS U M IT O M O M E T A L IN D U S T R IE S L T DBA N DO C H E M IC A L IN D S . L T DM I T S U B I S H I BANK L T DN A K AN O C O R PM I T S U B I S H I H E A V Y I N D . L T D J ID O S H A K I K I CO L T D K A W A S A K I S T E E L CORP T A IY O R E A L E S T A T E CO L T D T O F L E IN C M I T S U I & CO L T D D A IF U K U CO L T D OKUMA M A C H IN E R Y WORKS L T D R O Y A L C O . L T D .C . IT O H & C O . L T D .T O S H IU CORPN IS S A N MOTOR C O . L T D .N IC H O N KOWA CO S H IM IZ U LA N D CORP K A W A S A K I K IS E N K A IS H A L T D C A S IO C O M PU TER CO L T D SONY CORPD A IW A S T E E L T U B E IN D U S T R IE S CO L T DN IP P O N O I L CO L T DB ANK O F TO K Y OC H U BU IN O S . C O . L T DC . IT O H & C O . L T DYOKOYAMA E L E C T R IC W O R K S /C IT O H COA L P S E L E C T R IC CO L T DD A I - I C H I M U T U A L L . I . COC I T I Z E N W ATCH CO L T DM IT S U B A E L E C T R IC MFG COK I R I N BREW ERY CO L T DK A W A G U C H I. K A T S U H IR ON A G A S A K I LU C K Y S H O J I CO L T DO H B A Y A S H I CORPPOKKA CORPM IT S U B IS H I M E T A L CORP C IT O H /S U N T O R Y L T D /T O K Y O BROADWAY M AR U VA SU IN D U S T R IE S CO LTO TO Y O TA MOTOR C O . L T D .D A IT O S H O J I CO L T D D A I - I C H I M U TU A L L . I . C .KUBOTA L T O H IT A C H I L T O

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1987 FOREIGN DIRECT INVESTMENTS. COMPLETED, BV COUNTRV

NA US F I R M NAME

JA D I E S E L K I K I USAJA D I L L I N G H A M C O N S T R U C T I O N CORPJA D J K CORP OF A M E R I C A IN CJA D O R I C / M I T S U I J VJ A DOVER H O T E LJA D U C A I R B I O E S S E N C E I N C .JA D U N E S H O T E L AND C A S I N OJ A E A G L E W IN G S I N D U S T R I E SJA E A T O N SQUARE S H O P P I N G C E N T E RJA ECHO I N CJA E F T E N I N CJA EL R ANCHO V E R D E C Q U N TR V CLUBJA E L A S T O M E R T E C H N O L O G Y I N CJ A E L C O I N D U S T R I E S I N CJ A ELM ER L I T T L E & SONS I N CJ A E L S A CORPJA E N E K I A M E R I C A I N CJA E N E R G Y C O N V E R S I O N D E V I C E SJA E P S O N - P O R T L A N D I N CJ A FE C I N CJA F I N C H , D O I & B E R L I N E R I N CJ A FOOTWORK CORPJ A FOOTWORK H A W A I I CORPJ A FO R E M O S T D A I R I E SJ A F O R T U N E C O O K I E SJA F O S T E R E L E C T R I C COJA F U J I S A W A P H A R M A C E U T I C A L COJ A F U J I S A W A S M I T H K L I N E CORPJA F U J I T S U A M E R I C A I N CJ A F U J I T S U GTE B U S I N E S S S Y S T E M S I N CJ A F U J I T S U M I C R O E L E C T R O N I C S I N CJ A F U J I T S U - T E N CORPJA F U T R E X I N CJA G T X CORPJ A G A K K Y U S H A USA CO.JA G C A ' S L A S E R T E C H N O L O G Y D I VJA GECOM CORPJA G E N E R A L S E A T I N G OF A M E R I C A I N CJ A G I A D AJ A G L O B A L S U N S H I N E I N CJA GRADCO S Y S T E M S I N CJ A G R E EN FOO D S CORPJA G R E N E L E A F R E S O R T & C O N F E R E N C E CTRJA G R I N D E R S FOR I N D U S T R Y I N CJA H A K U T O COJA H A L L A M ' S P E A N U T B U T T E R P L A N TJ A H A N A N O K I COJA H ARBO R BAY C O M M U N IT YJA H I L E X C O R P .J A H I F L O I N CJ A H I G H P O I N T C H E M I C A L CORPJ A H I L L 8. H I L L I N CJ A H I L O C O U N R T Y C LU B & H O T E LJA H I S A N I N CJA H I T A C H I A M E R I C A L T DJ A H I T A C H I B U T S U R Y U CO

TS S I C

I L 3 7 1 4CA 1 5 4 1KY 3 0 7 9CA 1 5 2 1NV 7 0 1 1NJ 2 8 4 4NV 7 0 1 1I L 3 7 1 4HA * * * *I L 5 0 8 3I N 2 6 3 1CA 7 9 9 2CO 2 8 2 2I L 3 4 5 2NY 3 1 5 1I N 3 7 1 4OH 3 7 1 4M I 7 3 9 1OR 3 5 7 3M I 3 5 6 9TX 7 3 9 2CA 5 1 4 6HA 5 8 1 2HA 2 0 2 6NV 5 6 2 1I L 3 6 5 1MD 7 3 9 tPA 2 8 3 4NC 3 6 6 1A Z 3 6 7 4OR 3 6 7 4CA 3 5 7 1MD 3 8 2 3AZ 3 5 7 3NY 8 2 2 1MA 3 6 9 9I N 3 0 7 9I N 2 5 3 1NY 5 6 2 1HA 6 7 1 1CA 3 5 7 9CA 2 0 4 1FL * * * *M I 3 5 4 1CO 5 0 6 3MO 2 0 5 2WA 5 8 1 2CA * * * *M I 5 0 1 3OH 3 0 7 9NC 2 8 6 5HA 2 0 9 5HA 7 0 1 1OH 3 2 9 2NC 5 0 6 5CA 4 7 1 2

D I E S E L K I K I CO L T DS H I M I Z U C O N S T R U C T IO N CO L T DD JKM I T S U I & CO L TD J A P A N E S E RE DEV COS TS UMURA J U N T E N D O I N C .N A N G A K U , MASAOM I Z U S H I M A MACH & M E T A L I N D CO. K A W A G U C H I , K A T S U H I R O K I O R I T Z CORP HONSHU PAPER CO L T D N I T T O KOGYO CO LT D YAMAMOTO KOGAKU CO L T D O K A B E , A K I R A SWANY CORPSAKAMOTO I N D S CO L T D E N K E I G R / M I T S U B I S H I CORP CANON I N C S E I K O - E P S O N CORP DA I - I C H I D E N T S U CO L T D T R A N S - M E D I A R E S O U R C E S I N C FOOTWORK CORP FOOTWORK C O R P .H OU SE FOOD I N D U S T R I A L CO L TD T A K I H Y O CO L T D F O S T E R E L E C T R I C CO L T D F U J I S A W A P H A R M A C E U T IC A L CO L T D F U J I S A W A P H A R M A C E U T I C A L CO L TD F U J I E L E C T R I C CO L T D

E L E C T R I C CO L T D E L E C T R I C CO L T D E L E C T R I C CO L T D

LABN I P P O N S T E E L CORPKUMON I N S T I T U T E OR E D U C A T I O NKOBE S T E E L L T DM I T S U I M I N I N G & S M E L T I N G CO L T DNHK S P R I N G CO L T DG I A D AS H I N K E N T E K N I K A CO L T D C I T O H & CO L T D ET A L G R E E N FOO D S CORP S P O R T S S H I N K O CO TOY OD A M A C H I N E WORKS L T D H A K U T O CO L T DU N I D E N T I F I E D J A P A N E S E I N V E S T O R H A N A N O K I CO L T D M I T S U I & CON I P P O N C A B L E S Y S T E M S I N C .TO R A Y I N D U S T R I E S I N C KAO CORPM I S U Z U C O F F E E CO ET AL NAKANO CORPSANOH I N D U S T R I A L CO L T D H I T A C H I L T D H I T A C H I L T D

FOREIGN INVESTOR

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I987 F O R E I G N D I R E C T I N V E S T M E N T S , COMPLETED. BY COUNTRY

NA U S F IR M NAME T S S IC

JA H I T A C H I F A R M IN G T O N H I L L T E C H N IC A L C TR M I 7 3 9 1JA H I T A C H I IN S T R U M E N T S IN C CA 3 8 1 1JA H I T A C H I T E L E C O M GA 3 6 6 1JA H I T A C H I ' S M A R K E T IN G S Y S T E M S D I V . CA 7 3 7 2JA H OM ER D O N A L D S O N /K IT S U D A E N G . V E N T U R E M I 3 4 6 5JA H O N D A N O R T H A M E R IC A IN C CA 5 0 1 2JA H O N D A OF A M E R IC A M FG CO OH 3 7 1 4JA H O T E L CA 7 0 1 1JA H Y A T T R E G E N C Y H O T E L A Z 7 0 1 1JA H YO G O SOGO B A N K NY 6 0 3JA I & S A S S O C IA T E S VA 8 9 1 1JA I I S T A N L E Y CO IN C M I 3 6 4 7JA I / N T E K I N 3 3 1 2JA IC H IK O H M A N U F A C T U R IN G KY 3 2 3 1JA IC O N S Y S T E M S & S O FTW A R E WA 7 3 7 2JA IO E M IT S U C H E M IC A L S USA M I 2 8 2 1JA ID M /K O W A B U S S A N J V CA 1 5 2 1J A IK E IN T E R N A T IO N A L C O R P W I 2 4 3 5JA IK E D A IN T E R IO R S Y S T E M S IN C T N 2 2 1 1J A IK K A T E C H N O L O G Y IN C GA 3 0 7 9J A 1 M A T R O N IN C CA 3 6 9 3JA I N D I A N SUM M ER IN C NY 2 0 9 9J A IN E R T I A D Y N A M IC S CORP A Z 3 5 2 4JA I N T ' L FA R M C O R P O F A M E R IC A I L 6 5 3 1J A IN T E C H NC 3 5 5 2J A IN T E L L E C T S Y S T E M S KS 5 0 8 1JA IN T E L L IG E N T S TO R A G E IN C CO 3 5 7 3J A IN T E R K A L IN C M I 2 5 3 1J A IN T E R N A T IO N A L H A IR G O O D S IN C MN 5 6 9 9JA IO C H E M C O R P OK 2 8 1 9J A I R V I N E C O M M E R C IA L C E N T E R CAJ A I R V I N E S C I E N T I F I C S A L E S CO CA 2 8 3 1J A IS E W A N U SA IN C NC 4 7 1 2J A I S I D E N T S U O F A M E R IC A IN C MA 7 3 7 5J A IS S E Y M IY A K E U SA NY 5 6 2 1JA IS U Z U M O TO R S CO CA 3 7 1 1J A J . M A G N IN B LD G CA ♦ * * *J A J ID E C O O F B R A DSTO W N KY 3 7 1 4J A J U D IC IA R Y C E N T E R DC * * ♦ *JA J U R A K U R E S T A U R A N T PA 5 8 1 2J A J U R A K U R E S T A U R A N T N J 5 8 1 2J A J V C M AG NE P R D T S O F A M E R IC A AL 3 6 7 9JA J V C P R O F E S S IO N A L P R O D U C T S CO N J 5 0 6 4JA K A IS E R S T E E L T U B IN G IN C CA 3 3 1 2J A K A LU A K O R E S O R T HAJA K AMBARA U SA OR 2 7 8 2J A K AM EYAM A C A N D L E CO CA 3 9 9 9JA K A N E G A F U C H 1 C H E M IC A L IN D S CO PA 2 8 2 1JA K A TO S P R IN G WORKS CO GA 3 4 9 5J A KBK IN 5 0 8 2JA K I K I KY 5 8 1 2JA K IN G S P L A C E C O N D O M IN IU M B LD G HA * * ♦ *JA K L E E R D E X CO PA 2 8 2 1J A KOBE C O P P E R P R O D U C T S IN C NC 3 3 5 1JA K O M A TSU AMER MFG CORP TN 3 5 3 1JA K O M A TSU A M E R IC A CORP GA 3 5 3 1

F O R E IG N IN V E S T O R V A L U E T Y

H IT A C H I L T D N PH IT A C H I L T D O TH I T A C H I L T D O TH I T A C H I L T D PEK IT S U D A E N G IN E E R IN G CO L T D 1 ! o J VH O N D A M OTOR CO L T D O TH O N D A M OTOR CO L T D 4 5 0 .0 PEM I T S U B I S H I H E A V Y IN D U S T R IE S 1 1 . 0 AMO R IE N T L E A S IN G CO E T A L 5 0 . 0 AMH YO G O SOGO B A N K . O TT O B IS H IM A CORP AMS T A N L E Y E L E C T R IC CO E T A L O TN IP P O N S T E E L C O R P 3 1 0 ! 0 J VIC H IK O H IN D U S T R IE S IN C 8 . 0 NPS A N Y O E L E C T R IC CO L T D E IID E M IT S U KO SA N CO L T D N PKOWA B U S S A N E T A L J VIK E IN T E R N A T IO N A L C O R P N PIK E D A B U S S A N CO L T D O TN IP P O N L IG H T M E T A L CO L T D E T A L 14 ! 0 OTM I T S U I & CO L T D 2 . 0 AMN A K AN O V IN E G A R L T D 2 . 1 AMR V 0 B 1 L T D 1 3 . 3 AMH IG A S H I N IP P O N H O U S E OTT A K A T O R I M CHY M FG CO L T D AMS E IK O -E P S O N C O R P 1 . 0 AMF U J I E L E C T R IC CO L T D AMK O T O B U K I S E A T IN G CO L T D AMA D E R A N S CO L T D i o ! o AMIO C H E M C O R P 7 . 5 NPSHUWA CO R P 1 0 . 9 REN IP P O N M IN IN G CO 3 . 6 AMIS E W A N T E R M IN A L S E R V IC E CO L T D O TO E N T S U L T O m J VW ACOAL I N T L CO R P OTIS U Z U M O TO R S L T D 7 . 0 NPU N I D E N T I F I E D IN V E S T O R 7 . 5 R EN IS S A N MOTOR CO L T D # PEKONOO B E S E K I B 6 . 0 REK A T O , CHUNGO . O TK A T O , CHUNGO OTM A T S U S H IT A E L E C IN D CO L T D 2 3 . 1 PEM A T S U S H IT A E L E C T R IC IN D CO L T D 4 . 0 OTM I T S U I & CO L T D 2 . 5 AMTO K Y O KOGYO CO L T D 3 5 . 0 REKAMBARA F A M IL Y 1 . 4 NPKAMEYAMA C A N D L E CO L T D . NPK A N E G A F U C H I C H E M IC A L IN D S CO L T D . J VK A TO S P R IN G WORKS CO L T D 6 . 4 PEK YO K U TO B O E K I K A IS H A LTO . OTN IS S H O IW A 1 CORP E T A L OTM IT S U G I CORP 7 ! 8 RET S U T S U N A K A P L A S T IC IN D S . CO 1 . 0 J VKOBE S T E E L L T D 4 . 0 J VK O M A TSU L T D 1 PEK OM ATSU L T D OT

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NA US FIRM NAMEJA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA JA

1487 FOREIGN DIRECT INVE STMF N f S ,

Tb ilL( HMPl.E t ED . Bv r j uNTR*

KOMATSU AMERICA CUftP N j 5 0 8 2KOM A TSU FQRKLIFT MFG CO USA CA 3 5 3 7KONICA MFG USA INC NC 3 0 6 lKV C H E M I C A L S I N C AL 2 0 9 9LA C O LO N N A D E CA • • « •LA C OSTA H O T E L K SPA CA 7 0 1 1LAND HALA N D DC * * * *LA N D ( 2 9 0 0 A C R E S } HA * * * *L A N D ( 4 9 . 9 A C R E S ) HA • « • •L A N D ( 5 0 0 A C R E S ) HA • m • ♦L A P I N E T E C H N O L O G Y CORP CA 3 5 7 3L E B L O N D M A K I N O MACHINE TOOL CO OH 3 5 4 1LE N AW EE S T A M P I N G CORP MI 3 4 6 5M - T E K I N C TN 2 3 9 9M A D I C O I N C MA 3 0 7 9M A D I S O N PREC ISION PR ODUCTS INC TN 3 3 6 3M A K I T A CORP OF A M t N I CA GA 3 5 4 6MARKHAM W I N E R Y CA 2 0 0 4M A S T E R C A S T CO MI 3 3 6 9M A T H E R M E T A L S INC OH 3 7 14M A T S U I A M E R I C A INC I L 3 5 3 5M A T S U S H I T A EDUCAT ION CENTER NJ 3 6 3 1MAZDA MOTOR CORP CA 5 0 1 2MAZDA M O TO R S OF AMERICA (EAST) FL 5 0 1 2MAZDA N O R T H A M E R I C A I N C M I 7 3 9 1MC R E P R O T E C H S M I T S U B I S H I C H E M I C A L S NJ 2 8 6 5M ER GE R & A C Q U I S I T I O N TEAM ( M & A ) NY 7 3 9 2M E S Q U I T E C O U N T R Y CLU B CA 7 9 9 7M E T R O R E S T A U R A N T HA 5 0 1 2M ETR O T O Y O T A OH 5 5 1 1M I - T E C H S T E E L I N C TN 5 0 5 1M I C C O N S U L T I N G NY 7 3 9 2M I D W E S T M OLD & TEXT URE CORP OH 3 5 4 4M I E C O I N C TX 5 1 7 2M I K U N I CORP CA 7 3 9 1M I L A N D ' OR NY 5 6 2 1M I N N E T O N K A ' S C H E C K - U P T O O T H P R D T S MN 2 0 4 4M I N O L T A A D V A N C E T E C H N O L O G Y I N C „ NV 3 0 6 1M I P S C O M P U T E R S Y S T E M S CA 3 5 7 3M I T A T X 3 5 7 9M I T S U B I S H I BANK OH 6 0M I T S U B I S H I C H E M I C A L CO AL 2 8 7 3M I T S U B I S H I E L E C T R I C A M E R I C A I N C OH 3 6 9 4M I T S U B I S H I E L E C T R I C S A L E S A M E R . I N C N J 5 0 6 4M I T S U B I S H I E L E C T R I C S A L E S A M E R I C A WA 5 0 6 4M I T S U B I S H I E L E C T R O N I C S A M E R . I N C T X 3 6 1 2M I T S U B I S H I S E M IC O N D U C T O R A M E R I C A NC 3 6 7 4M I T S U B I S H I S A U T O M O T I V E A I R CA 3 5 0 5M I T S U B O S H I B E L T I N G L T O IL 3 0 4 1M I T S U I BANK M I 6 0M I Y A N O M A C H I N E R Y USA I L 3 5 4 1M I Z U H O M E D I CO CA 7 3 9 1M O L T E N BRC I N C I N 3 0 6 9M O N I T O R I N C N J 5 0 7 5M 0 R 1 T E X CO CA 5 0 0 6

F O R E I G N I N V E S T O R VALUE TV

KOMATSU L T D OTK OMATSU L T D 3 . 0 NPK O N I S H I R O K U PHOTO I N D CO L T D 1 2 0 . 0 NPKUREHA C H E M I C A L I N O / H O E C H S T AG 1 3 . 0 NPC H I V Q D A T R A D I N G CO 1 6 . 0 RES P O R T S S H I N K O CO 2 5 0 . 0 AMDA I - I C H I R . E . C O 6 6 . 0 REK U M A G A I GUM I 7 . 3 RES ANKYO T S U S H O CO LT D REK U M A G AI G U M I 5 0 . 0 REU N I D E N T I F I E D I N V E S T O R 6 . 0 REKYOCERA CORP 2 . 1 AMM A K I N O M I L L I N G M A C H IN E CO L TD E lM AZDA MOTOR CORP ET AL 6 5 . 6 NPN I S S A N MOTOR CO L T D 9 . 6 NPF S K CORP 1 4 . 0 AMT E I SAN D I E C A S T I N G I N D U S T R I A L CO LT D 3 . 5 JVM A K I T A E L E C T R I C WORKS L T D PESANRAKU I N C 8 . 0 AMK OKUSAN K I N Z O K U KOGYO L T D AMNHK S P R I N G CO L T D 1 1 . 5 NPM A T S U I MFG CO L T D NPM A T S U S H I T A E L E C T R I C I N D . CO L T D OTMAZDA MOTOR CORP L T D 3 7 . 5 OTC I T O H & CO 3 . 0 PEMAZDA MOTOR CO L T D 5 . 7 OTM I T S U B I S H I C H E M I C A L I N D U S T R I E S L T D PEM I T S U B I S H I CORP OTMORRY CO 0 . 0 AMN I S H I M U R A F A M I L Y 0 . 5 OTTO Y O T A M OTOR S CO L T D OTM I T S U I & CO L T D 2 . 0 JVM I T S U B I S H I CORP OTT A T E M A T S U MOLDWORKS CO L T D E T AL NPM A R U B E N I CORP OTM I K U N I CORP . NPM I L A N D ' OR . OTL I O N CROP AMM I N O L T A CAMERA CO L T D 2 . 4 NPKU B OTA L T D 2 5 . 0 AMM I T A I N D U S T R I A L CO L T D 5 . 8 NPM I T S U B I S H I BANK L T D OTM I T S U B I S H I C H E M I C A L I N D S L T D 2 . 0 PEM I T S U B I S H I E L E C T R I C CORP 2 5 . 0 NPM I T S U B I S H I E L E C T R I C OTM I T S U B I S H I E L E C T R I C CORP 3 ! 2 OTM I T S U B I S H I E L E C T R I C CORP 8 0 . 0 NPM I T S U B I S H I E L E C T R I C CORP 3 6 . 0 PEM I T S U B I S H I H E A V Y I N D U S T R I E S L T D . PEM I T S U B O S H I B E L T I N G L T D 2 0 . 3 NPM I T S U I BANK OTM I Y A N O F A M I L Y 9 . 2 OTM I Z U H O M E D I CO L T D NPM O L T E N CORP J VTO K Y O B O E K I L T D OTM O R I T E X CO L T D OT

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1987 FOREIGN DIRECT INVESTMENTS, COMPLETED, BY COUNTRY

NA U S F IR M NAME T S S IC

J A M O R TO N YO KOHAM A IN C I L 2 8 9 1J A M O V S O V IT Z & SO N S O F F L A . I N C F L 5 1 4 8J A MUGA I L 8 2 9 9J A M Y T E C P O L Y M E R S IN C T X 2 8 2 4J A N A FM E N G IN E E R IN G C O R P NC 3 5 5 1J A N A IG A I N IT T O NY 4 7 1 2J A NAKAGAW A S A N G YO I N 3 7 1 4J A N A K A N IS H I M FG C O R P GA 3 5 6 2J A N A N IL O A H O T E L HA 7 0 1 1J A N B K C O R P CA 3 6 7 4J A N E A T O N A U T O P R D T S M FG IN C OH 3 7 1 4J A N E C A M E R IC A N J 5 0 6 3J A N E C HO M E E L E C T R O N IC S U SA IN C CA 5 0 8 1J A N EM K O IN C NY 3 7 4 3J A N ETW O R K P O L Y M E R S CT 5 1 6 1J A NEW M E I J I G R O UP COS CA 5 8 1 2J A NEW S A B IN A IN D U S T R IE S IN C OH 3 7 1 4J A NEW MAN T E C H N O L O G Y IN C OH 3 4 4 2J A N GK M E T A L S C ORP CA 5 0 5 1J A NGK S P A R K P L U G S U SA IN C CA 3 6 9 4J A N I C H I R E I C O R P OF A M E R IC A WA 2 0 9 1J A N IH O N K E I Z A I S H IM B U N IN C NY 7 3 7 4J A N IH O N R A D IA T O R ‘ T N 3 5 8 5J A N IH O N -K O H D E N CORP CA 3 6 9 3J A N IK K O C A P IT A L S E R V IC E S IN C NY 6 2 8J A N IP P O N CARGO A IR L I N E S NY 4 5 1 1JA N IP P O N KOKAN OR 3 6 7 4J A N IP P O N M IN IN G OF N E V A D A L T D NV 1 0 4 1J A N IP P O N P IG M E N T U SA IN C T X 2 8 2 1J A N IP P O N D E N S O T E C H N IC A L C E N T E R M I 7 3 9 2J A N IS S A N M OTOR CORP T N 3 7 1 1J A N IS S A N M OTOR C O R P P A R T S D I V CA 5 0 1 3J A N IS S A N R E S E A R C H & D E V CORP A Z 7 3 9 1J A N I S S E I E L E C T R IC CO NY 5 0 6 5J A N I S S E I E L E C T R IC CO CA 5 0 6 5J A N IS S H O IW A I I N 5 8 1 2J A N IS S H O IW A I A M E R IC A C O R P MA 5 0 8 4J A N IS S H O IW A I FA CO I L 5 0 8 4J A NK K S W IT C H E S O F A M E R . IN C A Z 5 0 6 3JA N K S -A K S P R E C IS IO N B A L L CO IA 3 5 6 2J A N O R TH A M E R IC A N L IG H T IN G IN C I L 3 6 4 7J A NO VA OH 5 0 5 1J A N T N B E A R IN G C O R P . OF A M E R IC A I L 3 5 6 2J A N T N -B O W E R CORP A L 3 5 6 2J A N T T A M E R IC A IN C NY 4 8 1 1J A NUCOR C O R P /Y A M A T O KOGYO CO V E N T U R E AR 3 3 1 2J A O C E A N C O N . C A R R IE R S /D A IN IC H I T S U U N J V CA 4 7 1 2J A O C E A N V IE W C E N T E R HAJ A O F F IC E B LD G CA • » * •JA O F F IC E B LD G T X * * ♦ *J A O F F IC E B LD G CA • * * *J A O F F IC E B LD G VA t • * *JA O F F IC E B LD G CA # * * *

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F O R E IG N IN V E S T O R V A L U E T Y

Y O KOHAM A R U B B E R CO L T D J VA L B E R T F IS H E R G R O UP ( T H E ) 1 7 ^ 5 AMMUGA OTM I T S U B I S H I P E T R O C H E M IC A L CO L T D J VN IP P O N A U T O M A T IC F I N E M CH Y CO L T D OTN A IG A I N IT T O CO L T D OTNAKAGAWA SAN G YO 1 ! o NPN A K A N IS H I , K A ZU O F A M IL Y 1 0 . 0 NPN A K AN O CORP 1 1 . 0 AMK A W A S A K I S T E E L CO R P PEN IH O N P L A S T L T D PEN E C C O R P OTN E C C ORP O TM I T S U I & CO L T D PEM A R U B E N I CQRP 1 ! o AMCHUO B U S S A N CO R P AMHONDA M OTOR CO L T O N PH O NDA M OTOR CO L T D J VNGK IN S U L A T O R S L T D OTNGK S PA R K P LU G CO L T D PEN I C H I R E I CORP 8 . 5 NPN IH O N K E I Z A I S H IM B U M IN C O TN IH O N R A D IA T O R CO L T D NPN IH O N -K O H D E N CORP 1 .5 OTN IK K O S E C U R IT IE S OTA L L N IP P O N A IR W A Y S CO L T D O TN IP P O N KOKAN KK 60 ! o N PN IP P O N M IN IN G L T D O TN IP P O N P IG M E N T CO L T D 5 . 0 N PT O Y O T A M OTOR CO L T D O TN IS S A N MOTOR CO L T D PEN IS S A N MOTOR CO L T D 3 . 0 PEN IS S A N M OTOR CO L T D 2 5 . 0 OTN I S S E I E L E C T R IC CO L T D O TN I S S E I E L E C T R IC CO L T D O TN IS S H O IW A I CORP E T A L O TN IS S H O IW A I CORP O TN IS S H O IW A I CORP OTN IH O N K A I H E I K I IN D U S T R IE S CO L T D E lN IP P O N S E IK O KK E T AL NPK O IT O M FG CO L T D 1 6 . 5 NPC . IT O H & CO L T D J VN TN TO Y O B E A R IN G CO L T D PEN T N TO V O B E A R IN G CO L T D E lN IP P O N T E L E G R A P H & T E L E P H O N E CORP O TYA M A TO KOGYO CO L T D 8 5 . 8 J VD A I N IC H I TS U U N CO L T D J VHASEGAW A KO M U TEN CO L T D J 1 ! o REY O S H ID A KOSAN CO L T D 6 . 0 REM A T S U S H IT A KOSAN CO L T O 1 3 . 3 REM I T S U I FU D O S A N 2 0 0 . 0 REC . IT O H & CO E T A L REM A TSU B A R A C O N S T R U C T IO N CO 8 . 0 RESHUWA CORP 1 0 0 . 0 RES U M IT O M O L . I . C . 2 2 5 . 0 RES A N S E I CO L T D R E

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NA US F I R M NAME TS S I C

JA O F F I C E B LD G S ( 2 ) CA * * * *J A O K I S E M IC O N D U C T O R I N C CA 3 6 7 4JA O K I S E M IC O N D U C T O R P R D T S I L 3 5 7 3JA OKUMA M A C H I N E T O O L S I N C NC 3 5 4 1JA O L I V E R A M E R IC A N H I G H P O I N T WOODWORKING CO NC 2 4 2 6JA OMRON T A T E I S I E L E C T R O N I C S CO I L 3 6 2 2JA ON C OM EMBRANCE I N S T I T U T E WA 7 3 9 1JA ONE W A S H IN G T O N M AL L MA * * * *JA ONODA USA CA 5 0 3 9JA O P TO N I N C VA 3 2 1 1J A O R I O N E L E C T R I C A M E R I C A I N C I N 3 6 5 1JA P A C I F I C L I N K E X P R E S S CO NY 4 0 1 2JA P A C I F I C V E N E E R L T D WA 2 4 1 1JA P A IN E W E B B E R GR O UP I N C NY 6 2 1 1J A P A N A T E C H ' S S E M IC O N D U C T O R D I V CA 3 6 7 4JA P A V I L I O N TOW ERS CO * * * *J A P ENN T R A D I N G I N T E R N A T I O N A L L T D PA 5 1 7 2JA P E R M A T T A C H D I A M O N D T O O L CORP NH 3 5 4 5JA P H A S E S I I & I I I A T C I T I C O R P CA * * * *JA P H O T O N I C I N T E G R A T I O N R E S C H I N C OH 3 6 7 4JA P I C T E L CORP MA 3 6 6 2JA P I L O T M A N U F A C T U R I N G CORP CT 3 9 5 5JA PMP F E R M E N T A T I O N P R D T S I N C W I 2 8 4 1JA P O L Y - O P T I C A L P R O D U C T S I N C CA 3 8 3 2JA P O L Y C H R O M E CORP NY 3 9 5 5JA P O L V T R I BO I N C PA 3 8 6 1J A POWERS CHEMCO I N C NY 3 8 6 1JA P R O C O I L CORP M I 5 0 5 1J A P R O F E S S I O N A L BLDG CA * * * ♦JA P R U D E N T I A L P L A Z A B LD G S I L * * ♦ *JA R A N CH H O U S E R E S T A U R A N T HA 5 8 1 2JA RDK T X 5 0 8 6JA R E I C H H O L D C H E M I C A L I N C NY 2 8 1 9JA R E N A I S S A N C E GRX I N C WA 3 5 7 3JA RHEON NC 2 0 4 5JA R I C O H E L E C T R O N I C S I N C CA 3 8 6 1JA R I S I N G SUN CO NY 5 8 1 2JA R O B E R T D O L L A R B LD G CA * * * *JA RO B O T RO N D I V M I 3 6 2 2JA R O C K W E LL C L U T H CO M I 3 7 1 4JA R OCKY MT E N E R G Y C O / I D E M I T S U KOSAN J V AK 12 1 1JA ROHM & H A A S H Y D R A N A U T I C S SUB PA 2 8 6 9J A R O T H C H I L D R E S T A U R A N T HA 5 8 1 2JA RPC I N D U S T R I E S I N C CA 3 6 6 2JA R U B L O F F I N C I L 6 5 3 1JA R Y O B I E L E C T R I C TO O L MFG I N C A Z 3 5 4 6JA S T I M A G I N G T E C H N O L O G Y NV 3 9 5 5J A S AE I N C CO 7 3 7 9JA S A K A T A S E E D CO CA 0 1 8 1JA S A N S H I N M O K U Z A I KOGYO CO WA 2 4 2 1JA SAN Y O L A S E R P R O D U C T S I N C I N 3 6 3 2JA S A T O A M E R I C A I N C CA 3 5 6 9J A S E C O A M E R I C A I N C CA 7 3 7 3JA S E I K O - E P S O N CORP T X 3 8 5 1JA S E K I S U I H O U S E A M E R I C A WA 5 0 3 1JA S E T E X I N C OH 2 5 3 1

I

F O R E I G N IN V E S T O R V A L U E TY

MARUCHAN I N C 8 . 5 REO K I E L E C T R I C I N D U S T R Y CO L T D PEO K I E L E C T R I C I N D CO L T D OTOKUMA M A C H I N E WORKS L T D NPF U J I S T E E L CO L T D t . 4 PEOMRON T A T E I S I E L E C T R O N I C S CO 7 . 0 NPO TS U K A P H A R M A C E U T I C A L CO L T D NPU N I D E N T I F I E D I N V E S T O R 3 6 . 0 REONODA C EM E N T CO L T D . OTT A T S U G H U C H I KOGYO G LA S S CO L T D NPO R I O N E L E C T R I C CO L T D OTY A M A S H I T A - S H I N N I H O N S T E A M S H I P CO L T D . oYBANK OF TO K V O 1 . 4 J VY A S U D A M U T U A L L . I . C . 3 0 0 . 0 AMR I C O H CO L T D 1 . 1 AMC H I E M O R I KOGYO CO L T D 1 2 . 8 REM A R U B E N I CORP 0 . 5 OTA S A H I D IA M O N D I N D U S T R I A L CO L T D AMM I T S U B I S H I R E A L E S T A T E CO L T D . REN I P P O N T E L E G . & T E L E P U B L I C CORP ET AL 1 . 9 JVK YO C ER A CORP AMP I L O T P EN CO L T D OTF U J I S A W A P H A R M A C E U T I C A L CO L T D NPM I T S U B I S H I RAYON CO L T D 1 . 0 AMD A I N I P P O N I N K & C H E M I C A L S 2 0 . 0 DEF U J I K U R A K A S E I CO L T D . JVK O N I S H I R O K U P HO TO I N D CO L T D AMM A R U B E N I CORP 1 7 . 0 J VG I N G I I N V E S T M E N T CO E T A L REN I P P O N L . I . C . REN I S H I M U R A F A M I L Y 1 . 0 OTR I K A D E N K I KOGYO CO L T D E T AL OTD A I N I P P O N I N K & C H E M I C A L S I N C 6 0 0 . 0 AMK A N E M A T S U -G O S H O L T D 0 . 3 AMRHEON A U T O M A T I C MCHY CO NPR I C O H CO L T D NPT E M P O R A R Y C E N T E R CORP OTKUGAYA S H O J I CO L T D 2 1 . 0 REM A R U B E N I CORP 4 . 0 AMI S U Z U M OTORS L T D J VI D E M I T S U KOSAN CO L T D JVN I T T O E L E C T R I C I N D U S T R I A L CO AMN I S H I M U R A F A M I L Y 1 . 0 PEM A R U B E N I CORP ET A L 5 . 0 AMO R I E N T L E A S I N G CO L T D . AMR Y O B I L T D • OTSANG YO CO L T D . S T . NPM A T S U S H I T A E L E C T R I C I N D U S T R I A L CO 1 0 . 0 AMS A K A T A S E E D CO L T D 3 . 5 NPS A N S H I N M O K U Z A I KOGYO CO L T D 1 . 8 NPS A N Y O E L E C T R I C CO L T D 5 . 0 NPSAT O CORP * OTSECOM CO L T D - OTS E I K O - E P S O N CORP AMS E K I S U I H O U S E L T D OTT A C H I - S CO L T D 3 . 0 JV

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NA US F I R M NAME TS S I C

JA S H E A R S O N L E H M A N B R O T H E R S H O L D I N G S I N C NY 6 2J A S H E L D A H L I N C MN 3 6 7 9JA S H E L L E R - R Y O B I CORP I N 3 7 1 4J A S H I M A S E I K I M FG CO N J 3 5 5 2JA S H I M A N O A M E R I C A N CORP CA 5 0 9 1J A S H I M O K O & SONS HA 2 0 9 8J A S H I N - E T S U - T E C H N I C A L S R V . C E N T E R CA 7 3 9 1J A S H I N K O K E S A I NV 3 0 7 9JA S H I N T E C H I N C T X 2 8 2 1J A S H O P P I N G C E N T E R NJ * * * *JA S H O P P I N G C E N T E R CA * * * *J A S H O P P I N G C E N T E R NY * * * *J A S I M T E K I N C CO 3 6 7 4J A S I N T E R I N G T E C H N O L O G I E S I N C I N 3 4 9 2J A S I N T O K O G I O / R O B E R T S M I 3 5 5 9J A S N A P F I N G E R WOODS GO LF 8. C T Y C LU B GA 7 9 9 2JA SONY M I C R O S Y S T E M S CO CA 5 0 8 1J A S P E C T R O N I N C MA 5 9 9 9J A S T . C L E M E N T V I N E Y A R D S CA 2 0 8 4J A S U B A R U OF A M E R I C A I N C NC 5 0 1 2J A S U B A R U - I S U Z U A U T O M O T I V E I N C I N 3 7 1 1JA S U B A R U / M A R I N E M I D L A N D J V NY 6 1 5 9J A S U G I Y O USA WA 2 0 9 2J A S U M IT O M O VA 3 5 6 6J A S U M I T O M O E L E C R E S C H T R I NC 3 6 6 1JA S U M IT O M O T R U S T 8. B A N K I N G CO ( U S A ) NY 6 0J A S U M I T O M O W A R E H O U SE CO CA 4 7 1 2JA S U N B U R Y C O M P O N E N T S I N D U S T R I E S OH 3 7 14JA S U S H I R E S T A U R A N T S M I 5 8 1 2JA S U S H I - I W A USA I N C M I 5 8 1 2JA T . S . T R I M I N D U S T R I E S I N C OH 2 2 1 1J A T A C H I K A W A CORP NY 3 4 7 9J A T A K A R A S A K E USA I N C CA 2 0 8 5J A T A K A S CORP USA NJ 2 8 9 9J A T A K A T A - G E R I C O CORP CO 2 5 3 1JA T A K E D A B U S I N E S S S E R V I C E USA NY 7 3 9 2J A T A K E D A C H E M I C A L P R D T S . USA I N C NC 2 8 3 4J A T A K E D A F I N A N C I A L USA I N C DE 6 1 5JA T A N N I E S CORP I N 2 8 4 4JA T A S U S CO I N 3 0 6 9JA T D K OKLA H OM A CORP OK 3 6 7 9JA T E C H N O T R I M I N C I N 2 2 1 1JA T E I J I N B I O - S C I E N C E L A B S CA 2 8 2 4JA T E I K O K U CORP OH 3 7 14JA T E L M O S ' P R O D U C T I O N F A C I L I T Y CA 3 6 7 4JA T E L S T A R CORP CA 4 8 3 3J A T E N N E S S E E M E T A L CORP TN 5 0 5 1JA T E N N E X I N D U S T R I E S I N C TN 3 7 1 4JA TE R U M O CORP MD 3 8 4 1JA T E X A C O / N I P P O N O I L CO V E N T U R E LA 1 3 1 1JA T E X A S E A S T E R N C O R P / H A L C O N SC D E S I G N D I V NY 7 3 9 1JA TE X M A C I N C NC 3 5 5 2JA TG ( U S A ) CORP MO 3 7 1 4JA T H E C R O S S I N G S AZ * * * *JA T H E E N C L A V E CA * * * *JA T H O M S O N - C S F ' S S Y S T E M S & WEAPONS GROUP VA 5 0 6 3

F O R E I G N I N V E S T O R V A L U E TY

N I P P O N L . I . C . 5 0 8 . 3 AMS U M IT O M O B A K E L I T E CO L T D 4 . 9 AMR Y O B I L T D 1 2 . 5 NPS H I M A S E I K I S E I S A K U S H O CO L T D NPS H I M A N O I N D U S T R I E S CO L T D OTI T O E N CO L T D 7 . 0 AMS H I N - E T S U C H E M I C A L CO L T D NPS H I N K O K E S A I NPS H I N - E T S U C H E M I C A L CO L T D PEY AO H AN 1 0 . 0 REK A TA O K A & CO L T D 1 5 . 0 RED A I - I C H I FU D O S A N CO L T D REN I P P O N S T E E L CORP 2 . 0 OTH I T A C H I L T D 7 . 5 J VS I N T O K O G I O L T D J VN I T T O KOGYO CO L T D A . 0 AMSONY CORP OTM I T A N I CORP 1 5 . 0 AMS A P P O R O B R E W E R I E S L T D 3 . 4 AMF U J I H E A V Y I N D U S T R I E S LT D NPF U J I H E A V Y I N O S / I S U Z U MOTOR 4 0 5 . 0 NPF U J I H E A V Y I N D U S T R I E S ET AL J VS U G I Y O CO L T D E T AL J VS U M IT O M O H E A V Y I N D U S T R I E S L T D NPS U M IT O M O E L E C I N D L T D 2 5 . 0 PES U M IT O M O T R U S T & B A N K I N G CO L T D . OTS U M IT O M O W A R EHO U SE CO L T D , TH E OTSHOWA M A N U F A C T U R I N G CO 2 5 . 0 NPS U M IT O M O CORP J VS U M IT O M O CORP E T AL OTT O K Y O S E A T CO L T D 2 0 . 0 NPT A C H IK A W A B L I N D M A N U F A C T U R IN G CO L T D OTTA K A R A S H U ZO CO L T D PETA K A S A G O CORP NPT A K A T A CORP J VTA K E D A C H E M I C A L I N D S LTO OTT A K E D A C H E M I C A L I N D U S T R I E S L T D NPTA K E D A C H E M I C A L I N D U S T R I E S I N C 3 0 . 0 OTY A M A N G U C H I P H A R M A C E U T I C A L L T D 1 . 0 AMT S U C H I Y A CO L T D 1 . 5 J VT D K CORP OTT A C H I - S CO L T D 3 . 0 J VT E I J I N L T D E lT E I K O K U CHROME CO L T D NPROHM CO L T D 1 . 5 AMC L A R I O N CO L T D AMS U M IT O M O CORP L T D 4 . 0 OTN I S S A N MOTOR CO L T D 8 . 0 NPTERUM O CORP 7 5 . 0 PEN I P P O N O I L CO L TD 1 0 0 . 0 JVD E N K I KAGAKU KOGYO KK AM

C . I T O H & CO L T D O NPT O Y O T A MOTOR C O . ET AL PET A I Y O R . E . C O . L T D . 3 0 0 . 0 REC H I TAKA I N T ' L FOODS CO F R A N C E , GOVT OF

7 . 5 REOT

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NA US F I R M NAME

JA T H R E E BOND COJA T I M E - O U T F A M I L Y A M U S E M E N T C T .J A TK E N T E R P R I S E COJA T N S M I L L SJ A TN S M I L L S I N CJA T N S M I L L S I N CJA T N S M I L L S I N CJA T O F L E A M E R I C A I N CJA TOHO M U T UA L L . I . C .J A T O K A I CARBONJ A T O K I C O MFG CORPJ A TOK Y O P R I N T I N G I N K U S AJ A T O K Y U AGE NCYJA T OK Y U WORLD T R A N S P O R T ( U S A I N C )J A T OMA S CO M U L C I B E R I N CJA T OP C ON I N S T R U M E N T CORP OF AMR.JA T O P P A N I N T E R A M E R I C A I N CJ A T O P P A N P R I N T I N G C O ( A M E R I C A ) I N CJA T OP Y CORPJA TOR A Y I N D U S T R I E SJ A T O R A Y I N D U S T R I E S I N CJ A T O S E I O F F I C E B L D GJ A T O S H I B A A M E R I C A I N CJA T O S O - H A A SJ A T O Y O T A MOTOR S A L E S I N CJA T R A N S P A C I F I C C O N T A I N E R S E R V I C E CORPJA T R A N S L O A D I N G T E R M I N A L P A R T N E R S H I PJ A T R I - C O N I N D U S T R I E S L T DJA T R I M M A S T E R S I N CJA T R W ' S C A P A C I T O R D I VJA T S U B A K I M O T O E N G I N E E R I N G O F A M E R I N CJA T T A M E R I C A I N CJA TWO P R U D E N T I A L T O W E RJA U . S . N E W S & WORLD R E P O R T BLDGJA U N I D E N CORP OF A M E R I C AJA U N I D E N T I F I E D A L M O N D O R C H A R DJA U N I T E D GLOB E N I P P O N I N CJ A U N I V E R S A L F A S T E N E R S I N CJ A U S H I O I N CJ A V D Q - Y A Z A K I CORPJ A V I C O N I N D U S T R I E S I N CJA V I S U A L C O M M U N I C A T I O N S ( B E L L & H O W E L L )JA V U T E Q CORPJA W A I K I K I B E A C H C OM B E R H O T E LJ A WASA E L E C T R I C A L S E R V I C E SJ A WEST C OA S T F O R E S T P R O D U C TS I N CJ A W E S T C O U R T I N T H E B U T T E SJ A W E S T E R L Y P L A C EJA W E S T E R N G R A P H T E I N CJ A WE ST E R N L I T H O P L A T E & S U P P L Y COJ A W E S T I N H O T E LJ A W E S T I N H O T E L S & R ES O R T SJ A W I L K E S B A S H F O R D FOR WOMENJA W 1 N D E C K E R I N CJ A Y AMAHA CORP OF A M E R I C AJA YAMAHA MOTOR MFG C O R P O F A M R .

TS S I C

I L 2 8 9 1VA 3 9 9 9CA 5 8 1 2AL 2 2 8 7SC 2 2 8 1SC 2 2 8 1SC 2 2 8 1PA 3 3 1 7NV 6 7 1 1NY 3 6 2 4KY 3 7 1 4CA 5 1 6 1CA 7 3 1 1CA 4 7 1 2OH 3 4 6 5NJ 3 8 1 1GA 2 7 5 4CA 2 7 5 4KY 3 7 1 4R I 2 2 8 2OH 2 2 2 1HA * * * *CA 3 6 1 2PA 5 1 6 1MD 5 0 1 2CA 4 4 6 3CA 4 4 6 3TN 2 5 3 1KY 2 3 9 9NE 3 6 7 5TN 3 5 3 1OR 3 2 9 5 .I L * * * *DC * * * *TX 3 6 6 1CA 0 1 7 3I L 3 7 1 4KY 3 9 6 3OR 3 6 4 5VA 3 8 2 4NY 3 6 6 2I L 3 8 6 1KY 3 2 1 1HA 7 0 1 1HA 1 7 3 1WA 2 4 2 1AZ * * * *CA * * * *CA 3 5 7 3MO 2 7 5 3I N 7 0 1 1WA 7 0 1 1CA 5 6 2 1NV 3 6 2 4CA 5 0 9 9GA 3 7 3 2

i

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NA US F I R M NAME T S S I C

J A Y AMAKAWA M A N U F A C T U R I N G C O R P OF A M E R I C A TN 3 4 6 5J A Y A M A Z A K I M A Z A K KY 5 0 8 4J A Y A M A Z A K I M A Z A K I L 5 0 8 4J A Y A M A Z A K I M A Z A K CA 5 0 8 4J A Y A N A S E & A S S O C S . I L 7 3 9 2J A Y A O H A N D E P T . S T O R E CA 5 3 1 1J A Y O S H I D A KOGYO CA 5 0 3 1J A Y U H S H I N O R S C H E N M I 3 7 1 4J A Y UM A I N D U S T R I E S I N C I N 2 8 4 3J A Y U S A CORP OH 3 0 6 9J A 1 0 0 W I L S H I R E B L V D CA * * * *J A 1 0 0 0 W I L S H I R E B L V D CA * * * *J A 1 0 1 C A L I F O R N I A S T CA * * * *J A 1 0 1 N . W A C K E R DR I L * * * *J A 1 8 2 1 D Y E R ROA D CA * * * *J A 2 0 2 5 M S T NW DC * * ♦ *J A 2 2 5 W. WACKER D R I V E I L * * * ♦J A 2 6 5 F R A N K L I N ST MA * * * *J A 2 7 0 0 Y G N A C I O RD CA * * * *J A 3 H U T T O N C E N T E R DR CA * * * *J A 4 6 1 F I F T H A V E N U E NY * * * *J A 6 6 6 F I F T H A V E N U E NY * « * *KS H Y U N D A I MOTOR A M E R I C A GA 5 0 1 2K S K U N J A I N D U S T R I A L CO SC 2 2 5 3KS S C H A U M B U R G H Y U N D A I I L 5 5 1 1KS SKC UN 5 0 6 5KS S S A N G Y O N G S H I P P I N G ( U S A ) I N C N J 4 4 1 1KU C H E S A P E A K E S H I P P I N G I N C DE 4 4 1 1KU O F F I C E P A R K MA * * * *L S W I L L I A M ' S CO D E N T A L D I V NY 3 8 4 3NA B A L L - I N C O N G L A S S P A C K A G I N G C O R P . I N 3 2 2 1NA N A T I O N A L B A N K OF G E O R G I A GA 6 0NA P E R S H I N G H O T E L F L 7 0 1 1NA S P E X G R O U P I N C NY 3 8 3 2NA S U A V E SHO E CORP F L 3 0 2 1N L A M E R I C A N P A C I F I C CORP CA 6 2 8N L B . D A L T O N B O O K S E L L E R C O . MN 5 9 4 2N L BOOK ONE CA 7 3 7 2N L B O R D E N ' S W Y LE R P O W D . S O F T D R I N K ^BUS. N Y 2 0 8 7N L C H E S E B R O U G H - P O N D ' S I N C CT 2 8 4 4N L C O S T C O W H O L E S A L E CORP WA 5 1 4 1N L D I S C L O S U R E I N C MD 7 3 7 4N L E . T . HORN CO CA 5 0 8 4N L F I V E H I N D R E D B O Y L S T O N MA * ♦ * *N L F O C U S S E M IC O N D U C T O R CORP CA 3 5 7 3N L F O K K E R A I R C R A F T USA GA 5 .0 8 8N L G U L F S T A T E P A P E R ' S C O M P O S I T E M A T L D I V AL 2 8 7 9N L H A Y D E N P U B L I S H I N G CO N J 2 7 2 1N L H O L L A N D C O LO U R S I N C VA 2 8 6 5N L I N T L C H E E S E CO I N C V T 2 0 2 2N L K L M / I N T E R E X NY 4 5 1 1N L M E D I A R EC O R D S NY 7 3 1 )N L MMP R E A L E S T A T E T R U S T MA 6 7 9 9N L N E T H E R L A N D S F O R E I G N I N V E S T M E N T A GENCY CA 9 6 1 1N L NEW PAR A H O C O R P ' S P R O P E R T Y CO 1 3 1 1N L N O R T H A M E R I C A N P H I L I P S CORP NY 3 6 9 3

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YAMAKAWA I N D U S T R I E S Y A M A Z A K I M A Z A K CORP Y A M A Z A K I M A Z A K CORP Y A M A Z A K I M A Z A K C OR P V A N A S E & A S S O C S Y A O H A N D E P T S T O R E CO E T A L Y O S H I D A KOGYO KK M A Z D A MOTOR CO L T D Y U S H I R O C H E M I C A L I N D U S T R I E S Y A M A S H I T A R U B B E R CO L T D A S A H I U R B A N D E V CORP S U M I T O M O L . I . C .N I P P O N L I F E I N S CO D A I - I C H I M U T U A L L . I . C . HA SEGA W A K OM U TEN D A I —I C H I M U T U A L L . I . C . T A I S E I CORP SHUWA T R U S T CO M I T S U I F U D O S A N N A N S A Y CORP M I T S U I RE D E V CO L T DS U M IT O M O R E A L T Y & D E V E L O P M E N T CO 5 0 0 0 REH Y U N D A I CO L T D OTK U N J A I N D U S T R I A L CO L T D NPH Y U N D A I MOTOR CO L T D OTS U N K Y O N G C H E M I C A L CO L T D ' O TS SA N G YONG C OR P OTK U W A I T , G O V ' T OF 5 . 0 OTU N I D E N T I F I E D I N V E S T O R S 5 0 . 0 REI V O C L A R AG AMT H Y S S E N - B O R N E M I S Z A GROUP NV j VC R E D I T & C O M M E R C IA L A M E R I C A N H O L D I N G S AMZ E L M I A I N V E S T M E N T S N V 1 . 5 AMO V E R S E A S P R I V A T E E Q U I T I E S NV . AMC H A S E US I N V E S T M E N T S NV 1 . 0 AMA M S T E R D A M -R O T T E R D A M BANK AMV E N D E X I N T L N V AMP A R A L A X S O FTW AR E P U B L I S H E R S OTU N I L E V E R N V AMU N I L E V E R NV 3 1 0 0 . 0 AMC A R R E F O U R N E D E R L A N D B V 3 8 . 9 E IV E R E R N I D E N E R D E R L A N D S E AMP H S V A N OMMEREN NV AMPGGM P E N S I O N F U N D S 1 7 0 . 0 REM I P E Q U I T Y 5 . 0 AMN E T H E R L A N D S , G O V T OF PEB L Y D E N S T E I N - W I L L I N K N V AMV N U B V AMH O L L A N D C O LO U RS A PP E LOOO R M NPT I E N S E S U I K E R I N T L B V AMKLM R O Y A L D U T C H A I R L I N E S BV J VVNU NV AMP I E R S O N , H E L D R I N G & P IE R S O N J VT H E N E T H E R L A N D S , G O V ' T OF OTR O Y A L D U T C H S H E L L GROUP 3 7 . 0 AMP H I L I P S N V 6 8 0 . 0 E I

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NA US F I R M NAME TS S I C

NL O C E - B U S I N E S S S Y S T E M I N C CT 7 3 7 9NL O I L L E A S E S ( 8 4 ) LA 1 3 1 1NL ORGANON T E K N I K A CORP NC 3 8 4 1NL P A L I S A D E S GA * * * *NL R A D I O - H O L L A N D CA 5 0 6 3NL R A D I O - H O L L A N D OR 5 0 6 3NL S H E F F I E L D E N T E R P R I S E S I N C AK 7 0 1 1NL S U M M I T O F F I C E S U P P L Y I N C NY 5 1 1 2NL T E L E X CORP OK 3 5 7 3NL U N I O N T E X A S P E T R O L E U M H O L D . I N C ' S P R O P S . T X 1 3 1 1NL V E N D E X P A C I F I C I N C NY 3 5 7 3NL V I D E O S T A T I O N I N C , THE CA 7 3 9 4NL VON G A H L E N CO TN 3 4 9 9NL W E S T E R N I N D U S T R I A L MOV ERS I N C CA 4 2 1 3N L W I N D S T A R S A I L C R U I S E S L T D F l 4 4 1 1NO E L K E M - A M E R I CAN C A R B I D E CO DE 2 8 19NO E X - C E L L - 0 P A C K A G I N G S Y S T E M S D I V M I 3 5 4 5NO M I T R O L I N C MA 7 3 7 2NO S T A T O I L NY 5 1 7 2NZ A MC A S T I N D U S T R I A L CORP OH 3 3 2 1NZ AMERON I N C CA 3 4 7 9NZ A S S O C I A T E D H O S T S I N C . CA 5 8 1 2NZ A U S T R A L I A - N E W Z E A L A N D C O N T A I N E R L I N E CA 4 4 1 1NZ A U S T R A L I A - N E W Z E A L A N D D I R E C T L I N E CA 4 4 1 1NZ B E N E Q U I T Y H O L D I N G S CA 6 7 1 1NZ B O I S E C A S C A D E BLDG OR * * * *N Z C A L M A T CO CA 1 4 4 2NZ D EE F O R E S T P R O D U C T S I N C OR 2 4 9 9NZ E V E R E S T & J E N N I N G S I N C . CA 3 8 4 2N Z E XC H A N G E B LD G OR * * * *NZ F R A WL E Y CORP CA 3 9 5 1NZ H O L M E S , DH CO LA 5 3 1 1NZ I N T E R M A R K I N C CA 5 0 1 3NZ N O R T H W E S T E R N S T A T E P O R T L A N D C EME NT I A 3 2 4 1NZ O G L E B A Y N OR T O N CO I N C OH 4 4 3 1NZ R E S E R V E O I L & M I N E R A L S CORP NM 1 0 9 4N Z S M I T H I N T L I N C CA 3 5 3 3NZ S O L - A I R E S A L T & C H E M I C A L CO UT 2 8 9 9NZ S T E E G O CORP FL 5 0 1 3NZ T R I T O N E NE R G Y CORP T X 1 3 1 1NZ U N I O N S P E C I A L CORP I L 3 6 3 6NZ W I L C O X B L D G OR * * * *NZ WRA TH E R CORP CA 6 7 1 1N Z 6 2 1 S . W . A D L E R B L D G OR ★ * * *SA A R A B I A N S H I E L D D E V E L O P M E N T CO TX 1 0 1 1SA C E N T R U S T S A V I N G S BANK F L 6 0 2SA C OL U M B U S H O T E L FL 7 0 1 1SA F R E ED OM TOWER F L * * * *SA H A R K E N O I L & GAS I N C T X 1 3 1 1SA H Y A T T R E G E N C Y H O T E L F L 7 0 1 1SA M C A L L I S T E R H O T E L F L 7 0 1 1SA P H I L L I P S E S T A T E DC * * * *SA R E P C O I N C F L 3 6 6 2SA T E X A S O I L & C H E M I C A L CO I N C T X 2 9 1 1SN B E N C H C R A F T I N C MS 2 5 1 2SO A M E R I C A N A G G R E G A T E S CORP OH 1 4 4 2

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O C E - V A N DER G R I N T E N OTROY A L D U T C H S H E L L GROUP 5 6 . 0 AMAKZO NV PEPGGM P E N S I O N FUNDS 2 5 . 0 REK O N I N K L I J K E N ED L L O Y D G R O E P . NV OTK O N I N K L I J K E N E D L L O Y D GROEP NV OTH OL L A N D A M E R I C A L I N E S AMB U H R M A N N - T E T T E R O D E NV AMMEMOREX I N T L NV 9 1 1 . 0 AMR OY AL D U T C H S H E L L GROUP 8 3 . 0 AMV E N D E X I N T L NV OTCAROLCO I N V E S T M E N T S BV 2 . 0 AMVON G A H L E N OTR OY AL N E D L L O Y D GROUP NV AMH O L L A N D A M E R I C A L I N E T R U S T NV AME L K E M A / S JVE L O P AK AS AMA N D E R S W I L H E L M S E N E lNORWAY, G O V ' T OF 7 . 6 OTC HASE CORP L T D 2 . 2 E lB R I E R L E Y , RON A LD A . ET AL 1 2 . 7 E lB R I E R L E Y , RON ET AL 1 . 9 AMNEW Z E A L A N D » G O V ' T OF OTNEW Z E A L A N D , G O V ' T OF OTREN O UF CORP 1 7 8 . 1 AMC O M M E R C I A L S E C U R I T I E S L T D REB R I E R L E Y , RON A LD A . ET AL 1 1 0 . 4 AMH A Y L O C K , OWEN F ET AL J VB R I E R L E Y , RON ET AL E lC O M M E R C I A L S E C U R I T I E S L T D REB R I E R L E Y , RON ET AL AMB R I E R L E Y , RON ET AL 1 . 0 E lB R I E R L E Y , RON ET AL AMB R I E R L E Y , RON ET AL E lB R I E R L E Y , R ON A L D A . ET AL 1 7 . 9 AMB R I E R L E Y , RON A LD ET AL E lB R I E R L E Y , R ON A L D ET AL 8 . 7 E lB R I E R L E Y , RON ET AL AMB R I E R L E Y , RON ET AL AMB R I E R L E Y , R ON A L D ET AL 5 . 6 E lB R I E R L E Y , RON E T AL 8 . 2 AMC O M M E R C I A L S E C U R I T I E S L T D REB E I E R L E Y , RON ET AL 7 6 . 0 AMC O M M E R C I A L S E C U R I T I E S L T D 3 . 3 REA L Z U H A I R , HARB S AL E H 2 . 0 E lP H A R A ON , G H A I T H H 1 6 . 6 AMD A H L A W I F A M I L Y AMD A H L A W I F A M I L Y 7 . 5 RET R A C O I N T E R N A T I O N A L NV 1 7 . 5 E lD A H L A W I F A M I L Y 1 5 . 0 AMD A H L A W I F A M I L Y 1 6 . 5 AMH A R I R I , R A F I K 1 3 . 0 REK O S T A N T I N I D I S , ANDREW AMI B N A B D U L L A H I B N A B D U L , K HA L E D 1 . 9 AMZ U N G , R ON A L D B E I FAN & Y VON N E 3 . 2 E lO P P E N H E I M E R , HA R RY F . & F A M I L Y 2 4 2 . 0 AM

1 2

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N A U S F I R M NAME

SO E A S T E R N GAS & F U E L A SS O C COA L P R O P E R T I E SSO E N G E L H A R D COR PSO G T I C OR PSO GAS G A T H E R I N G S Y S T E M S I N CSO NEW MONT M I N I N G CORPSO W E S T E R N G O L D E X P L O R A T I O N & M I N I N G COSW A D V A N C E D T O B A C C O P R O D U C T S I N CSW A L L I S C H A L M E R S ' S O L I D P R O C . E Q U I P D I VSW AMBER F I L E COSW B E C K E R S L A Y - T E C HSW C A LM A R I N CSW C H I C A G O P N E U M A T I C S T O O L 8. E Q U I P D I VSW E Q U I T A B L E E N S K I L D A J VSW E R I C S S O NSW G O O D A L L R U B B E R COSW G O O D A L L R U B B E R COSW G O O D A L L R U B B E R COSW K A B I V I T R U MSW L E F E B U R E C OR PSW MOHAWK P A P E R M I L L S I N CSW M U N T E R S CORPSW N A T I O N A L R O L L COSW P H A R M A C I A V E N T U R E S I N CSW S K A N D I A L I F E A M E R I C A CORPSW T E L I USASW U N I V E R S A L P A P E R GOODS CO I N CSW V O L V O N O R T H A M E R I C ASW V O L V O - G M H E A V Y T R U C K CORPSW V O L V O - G M H E A V Y T R U C K CORP SY 1 4 5 5 E . B U R N S I D E KDS Z A D I A S E R V I C E SS Z A V I A T I O N S E R V I C E O R G A N I Z A T I O NS Z B A L L Y I N C .S Z B E S N I E R A M E R I C A N I N CS Z B I R D I N C / S U L Z E R E S C H E R WYSS V E N T U R ES Z B L A S E R S W I S S L U B E I N CS Z C H A S E E C O N O M E T R I C S I N C S Z C I B A - G E I G Y CORP S Z C O M P U T E R A S S O C S I N T L I N C S Z C O M P U T E R T E R M I N A L S Y S T E M S I N C S Z C O N T R A V A S M E D I C A L I N S T R U M E N T S S Z CWS CORPS Z DE LA RUE G I O R I OF AMER I N CS Z E . J . B R A C H CORPS Z E M S -T O G O C O R P .S Z F I R M E N I C H I N CS Z F U R A N E P R O D U C T S C O .S Z G O LD K I N G C O N S O L I D A T E D I N CS Z G R EY A D V E R T I S I N G ' S C H IC A G O OFCS Z I N T E R N A T I O N A L T I M E CORPS Z KAY J E W E L E R S I N CS Z K O N N EX CORPS Z L . E . C A P E N T E R ' S A S S E T SS Z LA N D ( 7 7 A C R E S )S Z LY ON & H E A L Y H A R P S IN CSZ MCC POWERS D I V

TS S I C

WV 1 2 1 1GA 1 4 5 5CA 3 6 7 4T X 5 1 7 2NY 1 0 2 1CO 1 0 4 1T X 2 1 3 1W I 3 5 3 2I L 2 6 4 5TN 2 3 9 6CA 3 0 7 9NY 3 5 4 5TN 6 2 1 1T X 3 6 6 1N J 3 0 4 1CA 3 0 4 1CA 5 0 8 5NC 7 3 9 1I A 3 4 9 9NY 2 6 2 1MO 2 8 9 9PA 3 5 5 9CA 5 1 6 1C T 6 3 1 1GA 5 0 6 5CA 2 6 4 5GA 5 0 1 3OH 3 7 1 1NC 7 5 4 9OR * * * *CA 7 3 6 2MA 5 5 9 9NY 5 6 6 1CA 2 0 2 2MA 2 9 5 2NY 2 9 9 2PA 7 3 9 2DE 2 6 1 6NV 7 3 7 2NY 3 5 7 3MA 5 0 4 7OR 3 5 9 9DC 3 5 5 5I L 2 0 6 5M I 2 8 1 9NJ 2 8 6 9CA 2 8 2 1CO 1 3 8 2I L 7 3 1 1CT 5 0 9 4VA 5 9 4 4I L 3 6 9 9OH 2 6 4 9GA « * ♦ *I L 3 9 3 1I L 3 6 2 2

F O R E I G N I N V E S T O R V A L U E T Y

O P P E N H E I M E R , H A R R Y F . & F A M I L Y AMO P P E N H E I M E R H A R R Y F . 8. F A M I L Y 2 4 . 0 PEV E N T E R , W I L L I A M 6 . 0 AMO P P E N H E I M E R , H A R R Y F . & F A M I L Y 4 6 . 0 E IO P P E N H E I M E R , H A R R Y F . & F A M I L Y 1 5 5 1 . 0 E IO P P E N H E J M E R , H A R R Y F . & F A M I L Y 8 0 . 0 OTP H A R M A C I A AB 3 . 0 AMB O L I D E N AB 9 7 . 9 AME S S E L T E AB . O TB E I J E R I N V E S T M E N T AB 1 5 . 0 NPI N V E S T M E N T B E I J E R AB , E IA T L A S COPC O AB 8 5 . 5 AMS K A N D I N A V I S K A E N S K I L D A B A N K E N J VLM E R I C S S O N T E L F O N AB . OTT R E L L E B O R G G U M M I N F A B R I K S AB 3 . 5 E IT R E L L E B O R G G U M M I N F A B R I K S AB OTT R E L L E B O R G G U M M I N F A B R I K S AB AMS V E N S K A S T A T E N 7 ^ 0 PEI N T E R I N N O V A T I O N AB 6 9 . 0 AMS TO R A K O P P A R B E R G S B E R G S L A G S AB 1 4 . 4 J VI N C E N T I V E AB . NPAB I N T E R F I N A N S 3 . 0 AMP H A R M A C I A D E V E L O P M E N T CO . NPS K A N D I A I N T ' L H O L D I N G S AG 3 0 . 0 O TT E L I AB OTE S S E L T E AB . AMV O L V O AB 4 . 5 NPV O L V O AB 2 3 . 5 NPV O L V O AB PEJ A L L A D , , MAMOOR 0 ! 5 REP E S T Z L O Z Z I , M . O * 9 . 3 E IJ E T A V I A T I O N NPO E R K I L O N - B U H R L E H O L O I N G S PEB E S N I E R SA 1 . 0 NPG E B R U D E R S U L Z E R AG . J VB L A S E R S W I S S L U B E NPWEF A S S O C I A T E S AMC I B A - G E I G Y CORP . NPH A E F N E R , W A LTE R AMS E D I O N V 0 . 1 AMC O N T R A V A S M E D I C A L I N S T R U M E N T S OTG E B R . S U L Z E R AG . AM

G I O R I , G U A L T I E R O OTC O L I M A H O L D I N G AG 7 3 0 ! 0 AM

E M S -T O G O AG 1 . 5 NPU N I D E N T I F I E D S W I S S I N V E S T O R S 2 5 . 0 NPC I B A . G E I G Y C O R P . AMW O H N L I C H . M A R T I N J . AM

GKK H O L D I N G S AG AM

SMH S W I S S CORP FOR E L E C T R O N I C S AM

B U C H E R E R . J O E R G G . AM

K ONNEX OTFORBO AG 3 7 . C AM

C I B A - G E I G Y CORP 6 . 0 REL E S A R T M E C A N IQ U E SA AML A N O I S & GVR H LD G AG • 3 2 . 5 AM

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987 FOREIGN DIRECT INVESTMENTS, COMPLETED, BY COUNTRY

NA US F I R M NAME TS S I C

SZ M E T A L C A R B I D E CORP OH 3 2 9 1SZ N A T I O N A L L E G A L S E R V I C E S NY 8 1 1 1SZ NETWORK S E C U R I T Y CORP TX 5 9 9 9S Z P R O F E S S I O N A L S E R V I C E I N D S I N C I L 7 3 9 2SZ RAYMOND A U T O M A T I O N CO CT 5 0 8 4SZ S H E A F F E R EA T O N D I V I S I O N MA 2 6 4 8S Z S P E C T R A - P H Y S I C S I N C CA 3 8 1 1SZ S T E N D I G / V I T R A J O I N T V E N T U R E NJ 2 5 2 1SZ T S I N D U S T R I E S I N C CA 3 0 7 9SZ T E C A N USA L T D NC 5 0 8 6S Z Z E V A T E C H NC 5 0 8 4TD W EST I N D I E S S H I P P I N G CORP FL 4 4 1 1TW R E G I T A R POWER TO O L S AL 3 5 4 6UK A B D I C K I L 3 5 7 9UK A E I N C I N 3 5 9 2UK A F C I N C MN 3 0 7 9UK AC & R / D H B & B E S S NY 7 3 1 1UK A D T I N C NY 3 6 7 9UK A E R O S P A C E A V I O N I C S I N C NY 3 6 6 2UK A I R C O / I N D U S T R I A L G A S ES DE 2 8 1 3UK A LC O G R A V U R E I N C NJ 2 7 5 4UK A L E X A N D E R P R O U D F O O T CO FL 7 3 9 2UK A L E X O N NY 5 6 2 1UK A L F R E D D U N H I L L OF LONDON I N C NY 5 6 1 1UK A L L I A N C E P L A S T I C S I N C PA 3 0 7 9UK A L L I E D S I G N A L S N E P T U N E I N T L U N I T NJ 3 8 2 4UK A LM A D E N V IN E Y A R D S I N C CA 2 0 8 4UK A M E R I T E C H C O M M U N I C A T I O N S I N C CA 5 0 8 4UK A M M I R A T I & P U R I S I N C . NY 7 3 1 1UK A N A T E C H I N C ' S E N V I R O N M E N T A L D I V I N 7 3 9 1UK A P - D O W J O N E S / T E L E R A T E CO NY 7 3 5 1UK A T L A N T I C S C I E N T I F I C CORP F L 3 6 4 3UK AUD NY 7 3 6 2UK A V I A GROUP I N T L I N C . OR 3 1 4 9UK B & R I N T ' L I N C GA 6 4 1 1UK B P P E R F O R M A N C E P O L Y M E R S I N C . NJ 3 0 7 9UK B A R B E R -C O L M A N CO I L 3 8 2 2UK B A R C L A Y S BANK S U B S I D I A R Y NY 6 2 1 1UK B A R N E B E Y - C H E N E Y CO OH 2 8 1 9UK B A U S C H & L O M B S ' O P H T H A L M I C D I V NY 3 8 5 1UK B A U S C H & L O M B S ' O P T I C A L D I V NY 3 8 3 2UK B E D F O R D A S S O C I A T E S I N C CT 7 3 7 9UK BER K NY 5 6 3 2UK B I B A U D I O V I D E O P R D T S USA CO 3 6 5 1UK B L U E ARROW NY 7 3 6 2UK B L Y T H E I N D U S T R I E S I N C NC 16 1 1UK B O E I N G C O ' S H Y D R A U L I C U N I T S I N C CA 3 7 2 8UK B O R M A N , GRAY I N T L I N C GA 7 3 6 1UK BP M I N E R A L S A M E R I C A UT 1 0 2 1UK BPA GRO UP CA 7 3 9 2UK B R I T I S H K H A K I CA 5 6 2 1UK B R I T I S H T E L E C O M I N T L CA 5 0 6 5UK BROCK G R E E N A S S O C S . GA 7 3 1 1UK B U R TO N I N D U S T R I E S I N C R I 3 6 7 9UK C A B L E C CORP NY 3 3 5 7UK C A L U M E T MFG CO NJ 3 0 7 9

F O R E I G N IN V E S T O R V A L U E TY

H A R M E T A L L AG AMG E S S A CORP L T D 1 . 8 AMI N S P E C T O R A T E I N T E R N A T I O N A L SA 1 0 5 . 0 AMI N S P E C T O R A T E I N T E R N A T I O N A L SA AMS W I S S I N D U S T R I A L CO AMG E F I N O R SA 1 3 5 . 2 AMC I B A G E I G Y CORP 3 1 0 . 0 E lV I T R A AG J VFORCO NV AMT E C A N AG NPB A C HO FEM AG OTWEST I N D I E S S H I P P I N G CORP OTM O B I L E T R O N E L E C T R O N I C S NPG E N E R A L E L E C T R I C CO PLC 3 0 . 0 PEA E PLC 6 . 0 NPS H E L L T R A N S P O R T & T R A D I N G CO PLC AMS A A T C H I B R O TH E R S OTH A W LEY GROUP PLC 7 1 5 . 0 AMHAWKER S I D D E L E Y GROUP PLC 2 8 . 0 AMBOC I N T E R N A T I O N A L PLC 5 0 . 0 NPM A X W E L L , R O B E R T 7 7 . 5 AMB R I T A N N I A H O L D I N G S PLC 2 0 0 . 0 AMA L E X O N GROUP PLC OTR OTHM ANS I N T L PLC PEB U N Z L P LC AMS C H LU M B ER G ER L T D AMGRAND M E T R O P O L I T A N PLC 1 2 8 . 0 AME R S K I N E H OU SE PLC 7 . 5 AMB OA SE M A S S I M P O L L I T T PLC 3 1 . 8 AMO CEAN T R A N S P O R T & T R A D I N G PLC AMU N I T E D K IN G D O M , GO VT OF E lB OW THORPE H L D G S P LC AMH E S T A I R P L C AMR O B E R T S T E P H E N S H O L D I N G S PLC 5 7 . 9 AMS A L E T I L N E Y PLC 5 . 7 AMU N I T E D K I N G D O M , G O VT OF 2 0 . 0 PES I E B E P LC 2 2 7 . 0 AMB A R C L A Y S BANK PLC OTS U T C L I F F E SPE A KM A N 3 . 0 AMC A M B R ID G E I N S T R U M E N T S CO PLC AMC A M B R ID G E I N S T R U M E N T S CO P LC AMU K , G O VT OF AMB E R K , H A R V E Y F A M I L Y OTK E L S E Y I N D U S T R I E S P LC OTB L U E ARROW PLC OTA L F R E D M C A L P I N E PLC AMDOWTY GROUP 4 2 . 5 AMB L U E ARROW PLC 1 0 . 4 AMU N I T E D K I N G D O M , G O V ' T OF OTU K , G O V T OF OTL I G H T O N , R . OTU N I T E D K IN G D O M , GO VT OF OTS A A T C H I B O T H E R S AMC O N T R O L T E C H N I Q U E S PLC AMB I C C P LC E lM E T A L BOX PLC NP

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1907 FOREIGN DIRECT INVESTMENTS, COMPLETED, BY COUNTRY

NA US F IR M NAM E

UK CAMCO IN CUK C A M P C R E E K B U S IN E S S C TRUK C A R L E T O N G R O U PUK C A S E Y C O M M U N IC A T IO N S M G M T .UK C H E M C L E A R IN CUK C IR C O N C O R PU K C L A R O S T A T M FG CO IN CUK C L E V E L A N D C O N S U L T IN G A S S O C IA T E SU K C L I F F F R E E M A N & P A R T N E R SUK C O L L IN S F O O D S E R V IC E IN CUK C O LO R S Y S T E M S T E C H N O L O G Y I N C .U K C O M A R T A S S O C IA T E S I N C .UK C O M M O N W E A LTH B LD GU K C O M P U T E R P R O D U C T SU K C O N N E C T R O N IN CU K C O N T E L B U S IN E S S S Y S T E M SUK C O R P O R A T E D A T A S C IE N C E S IN CUK C R IM E C O N T R O L IN CU K C Y C L O P S C O R P .UK D A T A C U M B E R L A N D S E R V IC E SU K D A T A M E T R IC S O P E R A T IO N SUK D A T A T E L IN CUK D A U P H IN D I S T R I B U T I N G S E R V IC E SU K DAW SON IN T E R N A T IO N A L USAUK D1 G IO R G IO C O R PUK D I A L IN F O I N C .UK D I V E R S I F I E D P R IN T IN G CORPUK D O N JO Y IN CUK O O N O G H U E 'S M O N EY FU N D R E P O R T E T A LUK Q R X . I ( * CUK D U R K E E F R E N C H FO O D SUK D Y R O T E C H N IC S P E C IA L T IE S IN CUK E L E C T R O N IC S P E C IA L T Y P R O D U C T S IN CUK E M E R A L IN CUK E M E R A L D S T O R A G E C O R D E L E IN C UK EM H A R T C O R P 'S SHO E M CHY O P E R .UK F A M IL IA N C O R PUK F A S T F R A M E C A L IF O R N IA IN CUK F IR S T A F F I L I A T E D S E C U R IT IE SUK F I R S T J E R S E Y N A T IO N A LUK F IR S T T E M P O R A R IE S IN CUK FORM A S C I E N T I F I C D I V .UK FO U R W IN D S E N T E R P R IS E S IN CUK F U T U R E S G RO UP I N C .UK G A R S T S E E D COUK G E ' S A D V A N C E D L A S E R TE C H N O L O G YUK G E N E R A L S H A L E P R O D U C T S CORPUK G IL B A R C O IN CUK GKN A U T O M O T IV E C O M PO N EN TSUK G R E E N S C R E E K M IN EUK GRO DY T E L L E N C O M M U N IC A T IO N SUK H A K U H O D O A D V E R T IS IN G A M E R IC A IN CUK H A M IL T O N C O N C R E TE P R O D U C TSUK H A R D E E 'SUK H A R D E E ' SUK H A R P E R & ROW P U B L IS H E R S IN C

T S S IC

T X 3 5 3 3GA * * * *NY 3 0 2 3M I 7 3 9 2PA 4 9 5 3CA 3 6 7 9NH 3 6 7 BOH 7 3 9 2M I 7 3 11CA 5 1 4 2CA 7 3 9 5NY 7 3 9 2VA * * ♦ *F L 3 6 7 9N J 3 6 4 3NY 7 3 9 2CA 3 5 7 3IN 7 3 9 3PA 5 2 1 1KY 7 3 7 4DE 3 6 2 9N J 3 6 6 2PA 5 1 4 9NY 5 6 3 2CA 2 0 3 7CA 7 3 9 2NY 2 7 5 4CA 3 6 4 2MA 2 7 2 1CO 1 3 1 1N J 2 0 9 9OH 2 8 9 9NV 5 9 4 4MA 1 5 4 2GA 5 1 5 9C T 3 5 5 9CA 5 0 7 4CA 5 9 9 9CA 6 2 1 1N J 6 0MA 7 3 6 2OH 3 8 1 1CA 4 7 1 2CT 7 3 9 2HA 5 1 9 1NY 3 6 6 2IN 3 2 5 1NC 3 5 8 6M I 3 7 1 4AK 1 0 4 4CA 7 3 9 2NY 7 3 1 1TN 3272DC 5 8 1 2DC 5 8 1 2NY 2 7 3 1

F O R E IG N IN V E S T O R V A L U E TY

P E A R S O N P LC 7 2 . 0 E lL A IN G P R O P E R T IE S 7 5 . 0 REFR G R O UP P L C 2 6 . 1 AMS H A N D W IC K P L C AMN E W A R T H IL L P LC AMBOC G R O UP P L C 9 . 0 AMHAW KER S ID D E L E Y G R O UP P LC 3 0 . 8 AMS A A T C H I B R O T H E R S 2 . 0 AMS A A T C H I B R O T H E R S O TB U N Z L P L C 4 0 . 0 AMR A M S O E N , T E R E N C E 2 . 3 AMR O TH M A N S I N T L P L C 1 9 . 8 AML A D B R O K E S . REU N IT E C H P LC . A'MHAW KER S ID D E L E Y G RO UP P LC AMH A W LE Y G R O UP P L C . AMT E L F O S H L D G S P LC . AMH A W LE Y GRO UP 4 0 . 6 AMD IX O N S G R O UP P LC 3 6 4 . 0 AMA P P A L A C H IA N C O M PU TE R S V C S I N C . 1 . 2 OTBOC P LC . AMDOW TY G R O UP P LC 4 0 . 0 AMN A T IO N A L F R E IG H T C O N S O R T IU M P LC AMDAWSON IN T E R N A T IO N A L P LC O TM IM GR O UP L T D E T AL AMU N IT E D K IN G D O M , G O V T . OF . AMM A X W E L L . R O B E R T 3 5 0 . 0 AMS M IT H & N EPH EW A S S O C S CO PLC AMI N T * L B U S IN E S S C O M M U N IC A T IO N S H O L D . P LC 1 . 8 AMU N IT E D G U A R A N T E E P LC 0 . 5 AMR E C K IT T & COLM AN PLC O TIM P E R IA L C H E M IC A L IN D U S T R IE S PLC AMW A LTE R JA C O B & CO L T D . AME G E R TO N T R U S T 2 9 . 3 AM

Q U E A L L Y F A M IL Y 6 . 0 OTA B L E K IN D L T D 1 1 5 . 0 AMW O L S E L E Y P LC 9 9 . 2 AMF A S T F R A M E F R A N C H IS E S L T D OTB E K H O R , J O N A T H A N E . S . A MN A T IO N A L W E S T M IN S T E R BANK GROUP 8 2 0 . 0 AM

H E S T A IR P LC . AM

P H IC O M P LC 5 6 . 0 AM

N A T IO N A L F R E IG H T C O N S O R T IU M PLC AMS A A T C H I B R O TH E R S AMIM P E R IA L C H E M IC A L IN D U S T R IE S PLC OTF E R R A N T I P LC AMM A R L E Y P LC 1 1 .0 NPG E N E R A L E L E C T R IC CO P LC 2 5 0 . 0 AMG U E S T , K E E N . N E T T L E F O L D 1 0 . 0 NPU N IT E D K IN G O O M . G O V 'T OF JV

S A A T C H I B R O TH E R S AMS SC & B : L IN T A S W O R LD W IO E JV

M A R S H A LLS H A L L IF A X PLC AM

B A T IN D U S T R IE S P LC OTB A T IN D U S T R IE S PLC OTW IL L IA M C O L L IN S P LC 2 2 . 8 AM

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1987 FOREIGN DIRECT INVESTMENT , . COMPLETED. B / COUNTRY

NA US F I R M NAME TS S I C

UK H A R S H A W / F I L T R O L P A R T N E R S H I P OH 2 8 1 9UK H A V E R P R I O E FARMS ET AL AL 5 1 1 3UK H E A L T H IM A G E S IN C GA 8 0 8 lUK H E E R V I N T L I N C . G A 8 9 1 1UK H E R M E T I C A I R C R A F T I N T L CORP NY 5 0 8 8UK H E U B L E I N I N C CT 2 0 8 4UK H E U B L E I N ' S R&D C E N T E R CT 2 0 8 7UK H O L I D A Y I N N S ( 7 ) FL 7 0 1 1UK H O L Y R O O D L T D CA 7 8 1 2UK H O U O A I L L E I N D U S T R I E S IN C F l 3 2 9 3UK I C I A D V A N C E D M A T E R I A L S AZ 7 3 9 9UK I C I PHARMA DE 5 161UK I C I ' S C A R O D EL S P E C I A L T Y R E S I N S NC 2 8 2 1UK I D C S E R V I C E S I N C I L 7 3 9 9UK I N T E R L O X A M E R IC A TX 2 8 19UK I N T E R S I M { G M IJ OK 3 6 9 9UK I N T L S I G N A L & C O N TR O L GROUP IN C PA 3 6 6 2UK I R D M E C H A N A L Y S I S IN C OH 3 8 2 9UK I R T R E A L T Y S E R V I C E S IN C GA 6 5 5 2UK J . L . S H I E L Y CO MN 1 4 4 2UK J . P . S T E V E N S ' W I D E E L A S T I C F A B R I C BUS VA 2 2 4 1UK J I M D A N D Y CO I N C GA 2 0 4 7UK J O H N A . F R Y E C O . MA 3 1 4 3UK J O Y ' S O ZO N E I N D U S T R I E S NV 3 5 3 2UK JWT GR O UP ( J W A LTE R TH OM PSON J NY 7 3 1 1UK K A I S E R A L U M I N U M & C H E M I C A L CORP CA 3 3 5 3UK K A I S E R C E M E N T CA 3 2 4 1UK K E N C O P E E N E R G Y COS T X 1 3 8 9UK K E N T E L E C T R O N I C S CORP TX 5 0 6 5UK K I L G O R E CORP TN 2 8 9 9UK K I M B E R L Y S E R V I C E S I N C KS 8 0 7 ]UK K I N G F I S H E R P R I N T S NC 5 1 9 9UK K IN G S B R O O K C O U N TR Y E S T A T E S NJ * * * *UK K U EH N E & N A G E L WA 4 7 1 2UK L . D . B R I N K M A N ' S C A R P E T & FLO OR U N I T TX 5 0 2 3UK L A N D NC * * * *UK L A N D ( 2 0 . 5 A C R E S ) CA * * * *UK L A U R E N C E , C H A R L E S , FR E E & LAWSON NV 7 3 1 1UK LE A R S I E G L E R A S T R O N I C CORP CA 3 7 2 8UK LE A R S I E G L E R A V I O N I C S S Y S T E M S CORP NJ 3 7 2 8UK L E A R S I E G L E R D E V E L O P M E N T S C I E N C E S CORP CA 7 3 9 1UK LE A R S I E G L E R I N S T R U A V I O N I C S Y S T E M S ' CORP M I 3 6 6 2UK L E A R S I E G L E R I N T E R N A T I O N A L CORP CT 5 0 8 8UK L E E R A Y - T A R A N T I N O CO CA 5 1 4 8UK L I N E A R F I L M S I N C OK 3 0 7 9UK L I Q U O R BARN C H A I N CA 5 9 2 1UK L I T I G A T I O N S C I E N C E S I N C CA 7 3 9 2UK LON D O N K I T C H E N S OH 5 2 1 1UK M / A COM L A S E R D I O D E I N C MA 3 6 7 4UK M ANPOWER I N C WI 7 3 6 2UK M A R T I N P R O C E S S I N G I N C VA 2 2 2 1UK MATHEW S C O N V E Y E R CO KY 3 5 6 8UK M C C A L L P A T T E R N CO NV 2 7 4 1UK M E R C H A N T S HOME D E L I V E R Y S E R V I C E I N C CA 4 2 1 2UK M E T E R M A S T E R CA 5 1 6 1UK M E TR O O I L & C H E M I C A L CORP NJ 5 1 6 1

F O R E I G N IN V E S T O R v A l u E T v

C L O R E , A LA N AMN O R TH E R N FOODS PLC AML E W I S , R . J . . a mB I C C PLC 5 . 5 AMW E S T L A N D PLC 4 . 2 AMGRAND M E T R O P O L I T A N PLC 1 2 0 0 . Q AMGRANO M E T R O P O L I T A N PLC 8 . 0 OTBASS PLC 1 7 5 . 0 AMS C O T T I S H T E L E V I S I O N 2 . 4 OTT I GROUP PLC 5 0 0 . 0 AMI M P E R I A L C H E M I C A L I N D S PLC 2 0 . 0 NPI C I C H E M I C A L I N D U S T R I E S PLC NPI M P E R I A L C H E M I C A L I N D S PLC PEB R I T A N N I A ARROW H O L D I N G S PLC AML A P O R T E I N D S / S O L V A V C I E NPB ET PLC AMF E R R A N T I P LC AMDOBSON PARK I N D U S T R I E S 2 4 . 2 AMP A D U L L I t LUCA 1 . 3 AME N G L I S H C H I N A C L A Y S PLC 7 3 . 0 AMC O U R T A U L D S P LC AMGRAND M E T R O P O L I T A N P LC 2 5 . 0 AMR O B E R T S T E P H E N S H O L O I N G S P LC AMBBA GROUP PLC AMWPP GROUP P LC 5 6 6 . 6 AMC L O R E , A L A N 1 5 1 . 8 E l *H A N SON T R U S T P LC 2 5 0 . 0 AMNEW LONDON O I L P LC 5 . 6 AMM E R C U R Y I N T L GROUP PLC 1 . 4 AMA S T R A GR O UP P LC AMGR A N D M E T R O P O L I T A N I N C AM iK I N G F I S H E R P R I N T S L T D . OTT R A F A L G A R H O U S E GROUP . REROWLAND t R O LA N D W. OTJ O H N CROWTHER GR O UP P L C 5 7 . 0 AMU . K . I N V E S T O R S 0 - 4 REC O S T A I N GROUP J VLOWE H O W A R D - S P I N K & B E L L P LC 2 4 . 8 AMG E N E R A L E L E C T R I C CO P LC . AMS M I T H S I N D U S T R I E S P L C AMG E N E R A L E L E C T R I C CO P L C AMS M I T H S I N D U S T R I E S P LC . AMS M I T H S I N D U S T R I E S P L C . AMA L B E R T F I S H E R GROUP 2 5 . 0 AMS C O T T I S H A M I C A B L E L I F E A S S U R . SOC . AMM A J E S T I C W I N E W A R E HO U SE L T D 1 0 0 . 0 AMS A A T C H I B R O T H E R S • AMM A G N E T & S O U T H E R N P LC . OTMORGAN C R U C I B L E CO P LC 2 0 . 5 AMB L U E ARROW P L C 1 3 5 0 . 0 AMC O U R T A U L D S P LC 1 0 0 . 0 AMB A B CO C K I N T L PLC 3 6 . 6 AMJ O H N CROWTHER GROUP PLC 6 3 . 0 AMN A T I O N A L F R E I G H T C O N S O R T I U M P LC AMHAWKER S I D D E L E Y P LC 9 . 8 AMS IM O N E N G I N E E R I N G P LC . AM

12

8

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1987 F O R E I G N D I R E C T I N V E S T M E N T S , C O M P L E T E D , BY COUNTRY

NA U S F I R M NAME T S S I C

UK M E T R O W A S T E S E R V I C E I N C F L 4 9 5 3UK M I D W E S T C O A T I N G S KS 2 8 9 3UK M I R E X C O R P T X 5 9 9 9UK M I T C H E L L D I S T R I B U T I N G CO NC 5 0 8 2UK M O D E R N B R I D E NY 2 7 2 1UK M O L E C U L A R D E S I G N L T D CA 7 3 7 2U K M O R E T T I - H A R R A H M A R B L E S C A L C I U M P R D T S D I V A L 3 2 8 1UK M O R S E T O O L C U T T I N G MA 3 5 4 5UK M O U N T A I N O P T E C H CO 5 0 6 5UK M U L T I - U S E P R O J E C T GAUK NMR C E N T E R S I N C CA B 0 7 1UK O N E N I G H T S T A N D I N C NY 7 2 9 9UK O N E W ESTW OO D CA * * * ♦UK O P T I M E L E C T R O N I C S C O R P MD 3 5 7 3UK O R B I T S E A R C H S E R V I C E S VA 7 3 7 2UK O W E N S - C O R N I N G F I B E R G L A S S H I T C O D I V CA 3 7 6 4UK P A N A D O L ' S C I T R U S G R O VE CA 0 1 7 4UK P A N A V I S I O N I N C CA 3 8 6 1U K P E A T A S S O C I A T E S OF A M E R I C A MN 1 4 9 9UK P E N G O W I R E L I N E T X 1 3 8 9UK P E R I M E T E R T E C H N O L O G Y I N C CT 3 5 7 3U K P E T E R S O N & CO I L 7 3 9 2U K P E T E R S O N GROUP. F L 4 9 5 3UK P H O T O L A B E L S U SA I L 3 8 6 1U K P L A Z A W E ST VA * * * *U K P L E S S E Y F L 5 0 6 5UK P O L Y C L A D L A M I N A T E S I N C NH 2 8 9 1U K P O R T E R P A I N T CO KY 2 8 5 1UK P O T O C K I t J O S E P H & A S S O C S I N C CA 7 3 9 2UK P R O F I T S Y S T E M S I N C NY 4 7 3 1UK R A L P H S Q U I R E S H OM ES NC 1 5 2 1U K R A N C O I N C OH 3 8 2 2U K R A N O A L L P H I L L I P S B U I L D E R S I N C TN 1 5 2 1UK R A N G E R R O V E R OF N O . A M E R I C A CA 5 0 1 2UK R E E C E C OR P MA 3 6 3 6UK R E E S E C O M M U N I C A T I O N S COS I N C VA 7 3 9 2UK R E F L E C T O N E I N C F L 3 6 6 2UK R E N T - A - C E N T E R S KS 7 3 9 4UK R E U T E R S I N F O R M A T I O N S E R V I C E S NY 7 3 5 1UK R E V E R E CORP CT 3 8 2 2UK R E V L O N I N C ' S V I S I O N C ARE D I V NY 3 8 5 1UK R E X H A M CORP NC 2 6 4 1UK R O G E R S & COWAN I N C CA 7 3 9 2UK S A A T C H I & S A A T C H I D S F NY 7 3 1 1UK S A A T C H I & S A A T C H I GR OUP ONE NV 7 3 1 1UK S C H E N L E Y I N D U S T R I E S I N C NY 2 0 8 5UK S C I A K Y B R O T H E R S I N C I L 3 6 2 3UK SCM C H E M I C A L S I N C OH 2 8 1 6UK S E C U R I T Y T A G S Y S T E M S I N C F L 3 6 6 2UK SHAW S U P E R M A R K E T I N C MA 5 4 1 1UK S I M O N M CGARY P U B L I C R E L A T I O N S CA 7 3 9 2UK S L A C K & PARR H Y D R A U L I C CORP SC 3 5 6 9UK S M I T H & W ESSON CORP MA 3 4 8 4UK SOCK SHO P NV 5 6 2 1UK S O M E R S E T C O U R T MAUK S O U T H W E S T E R N E N G I N E E R I N G CO CA 3 6 6 1

*

F O R E I G N I N V E S T O R V A L U E T Y

A TT W O O D S P L C 1 . 6 AMU K , G O V T OF 4 . 5 AME R S K I N E H O U S E P L C AMB LA C K W OO D H O D G E P L C AMR E E D I N T E R N A T I O N A L P LC 6 3 . 7 AMM A X W E L L , R O B E R T 5 9 . 0 AME N G L I S H C H I N A C L A Y P LC 2 5 . 0 AMI N T L T W I S T D R I L L H L D G S L T D 8 . 0 AMF E R R A N T I P LC AMLON D O N & L E E O S E T A L REL Y N B U R G N V 0 . 5 AMD O N I G E R . J O A N N A OTB U R N E T T & H A L L A M S H I R E GR O UP 5 0 . 0 REB O W TH O R PE H L D G S P LC AMM A X W E L L , R O B E R T AMU K , G O V T OF 2 4 0 . 0 AMU N I D E N T I F I E D UK I N V E S T O R S AML E E , B E N N Y 1 5 0 . 0 AMF I T Z G E R A L D , R E G I N A L D E T A L OTJ O H N WOOD GR O UP P L C AMN E X T P L C OTS A A T C H I B R O T H E R S 4 2 . 0 AMA TTW O O D S P LC 1 0 . 0 AMS & M P R O C E S S I N G L T D NPL A D B R O K E S 6 7 . 0 REP L E S S E Y CO P LC . OTCOOKSON P L C 7 4 . 0 AMC O U R T A U L D S P LC 1 4 0 . 0 AMC L A R K E H O O PE R I N C 1 5 . 0 AML E P GROUP P L C 1 3 . 2 AMC . H . B E A Z E R H O L D I N G S AMS I E B E P L C 1 5 0 . 0 AMC . H . B E A Z E R H O L D I N G S AMU K . G O VT OF OTC A M E L L I A I N V E S T M E N T L T D 6 . 7 E IWPP GR O UP P LC AMU N I T E D K I N G D O M . G O V T . O F 2 8 . 0 AMTH O R N - E M I P LC 5 9 4 . 0 AMR E U T E R S H O L D I N G S P LC OTOOBSON PA R K I N D S PLC 1 2 . 8 AMP I L K I N G T O N B R O T H E R S PLC 5 7 4 . 0 AMBOWATER I N D U S T R I E S P LC 2 2 6 . 0 AMS H A N D W IC K P LC 1 5 . 0 AMS A A T C H I B R O T H E R S OTS A A T C H I B R O T H E R S OTG U I N N E S S PLC 4 B 0 . 0 AMF E R R A N T I PLC AMH A N SON I N D U S T R I E S PLC 1 8 . 0 NPA U T O M A T E D S E C U R I T Y ( H L D G S ) PLC 4 . 0 E IS A I N S B U R G J . PLC 2 6 1 . 5 E IS H A N D W IC K PLC AMS LA C K & PARR L T D OTH U T C H I N G S . GREGORY 1 1 2 . 5 AMSOCK SHOP I N T L PLC OTLONDON & E D IN B U R G H RE D EV CO S E N I O R E N G I N E E R I N G GROUP PLC

2 . 5 REAM

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1987 FOREIGN DIRECT INVESTMENTS. COMPLETED, BV COUNTRY

NA US F I R M NAME TS S I C

UK S P E C T R U M H O L O B Y T H E CO 7 3 7 2UK S T A N D A R D O I L CO OH 2 9 1 1UK S T A N D A R D -C O O S A T H A T C H E R CO TN 2 2 0 4UK S T E E L OF WEST V I R G I N I A I N C WV 3 3 1 2UK S T E R L I N G E X T R U D E R CORP NJ 3 5 4 9UK S T E R L I N G I N C OH 5 4 9 9UK S T E W A R T “ WARNER CORP I L 3 6 7 9UK STOC K MA N & A S S O C S I N C CT 7 3 9 2UK S U M M IT A T S O U T H L A K E GA *UK S W A C O /G E O L O G R A P H P IO N E E R TX 3 5 3 3UK TA C O V I L L A R E S T A U R A N T S T X 5 8 12UK T A L E N T T R E E T E M P O R A R I E S I N C TX 7 3 6 2UK T A R G E T I N G S Y S T E M S I N C VA 7 3 9 2UK TE A M S E R V I C E S I N C GA 7 3 6 1UK TH E I N T E L L I G E N T TOY S TO R E GA 5 9 4 5UK T H I M B L E S I L 5 6 2 1UK T I F F A N Y & CO NY 3 9 1 1UK T I P T O N C E N T E R S I N C MO 5 7 2 2UK T U C K E N G I N E E R I N G IN C I N 7 3 9 2UK U N I G A T E R E S T A U R A N T S TX 5 8 1 2UK U N I S O F T GROUP CA 7 3 7 1UK U S I L I G H T I N G CA 3 6 4 5UK V A C U U M I N D U S T R I E S I N C MA 3 5 6 7UK V A L S P A R MEBON MN 5 1 6 1UK V A N DYK A S S O C S . I N C DC 7 3 9 2UK V A R I E T Y I N C NY 2 7 2 1UK V E S T A T E C H N O L O G Y I N C FL 4 9 5 3UK V I N I N G S I N D U S T R I E S I N C GA 2 8 1 9UK WARD M A N A G EM EN T CORP MA 7 3 6 1UK WE I S S t PECK & GREEN NY 6 7 2UK W E LG R E N M F G . I N C . R I 7 3 9 1UK W E L L I N G T O N H O T E L NY 7 0 1 1UK W E S T E R N GEAR CORP W I 3 5 6 6UK W I L L I S & G E I G E R N V 2 3 3 9UK W IN S O R & NEWTON NJ 3 2 9 9UK X - R A Y T E C H N O L O G I E S I N C CA 3 6 9 3UK ZE N O O F F I C E S Y S T E M S TX 5 0 0 1VE C H A M P L I N R E F I N I N G CO TX 2 9 1 1VE N A T I O N A L P I P E AND TU B E CO T X 3 3 1 2VE T H E B A B Y L O N F L * * * *

F O R E I G N IN V E S T O R V A L U E TY

M A X W E L L , R OB ERT AMU N I T E D K IN G D O M , G O V ' T OF 7 9 9 2 . 0 E lT O O T A L GROUP PLC AMR O T H S C H I L D , JACOB 4 0 . 0 AMBAKER P E R K I N S PLC AMR A TN ER GROUP PLC 2 1 0 . 0 AMBTR PLC 2 0 0 . 0 AMS A A T C H I B R O TH E R S AMC . H . B E A Z E R H O L D I N G S 4 5 . 0 REJOH N WOOD GROUP PLC J VU N I G A T E PLC . AMH E S T A I R PLC AMWPP GROUP PLC AMH E S T A I R PLC 1 9 . 8 AMJ O H N M E N Z I E S PLC NPBAT I N D U S T R I E S PLC OTM E R C H A NT N A VY O F C . P E N S IO N 1 8 . 6 AMD I X O N S PLC 3 0 . 4 AMR I C A R D O C O N S U L T I N G & E N G I N E E R I N G PLC AMU N I G A T E PLC OTP R O V I N C I A L GROUP PLC AMHANSON T R U S T PLC AMT H E R M A L S C I E N T I F I C PLC AMU K , G O VT OF . J VS A A T C H I B R O T H E R S AMR E E D I N T E R N A T I O N A L PLC 5 0 . 0 AMA TTWOODS P LC 2 . 0 AML A P O R T E I N D S H O L D I N G S P LC 3 3 . 0 AMH E S T A I R PLC AML L O Y D S BANK PLC 6 7 . 5 AMW ELLC OM E F O U N D A T I O N PLC 2 0 . 0 J VS E E B A , S AM UEL 2 . 0 AML U C A S I N D U S T R I E S PLC 1 1 0 . 0 AMA S H L E Y F A M I L Y AMR E C K I T T & COLMAN P LC NPU E I P LC AME R S K I N E H O U S E GROUP PLC AMV E N E Z U E L A , G O V ' T OF 9 0 . 0 AMC A S T E L L V I . JOHN 9 . 0 AMV E N E Z U E L A N R . E . C O RE

O

I

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APPENDIX C

LIST OF INVESTMENT TRANSACTIONS

BY

STATE LOCATION

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1 -> d 7 F O R E I G N D I R E C T I N V E S T M E N T S T R A N S A C T I O N h . C O M P L E T E r . -i V S T / . 7

TS US FIRM NAME SIC

S P E C I A L T Y METAL FABRICATOR 3 3 3 9AK CVRO IN DU S TR IE S 2 8 6 9AK GREENS CREEK MINE 1 0 4 4AK KENSINGTON GOLD PROPERTY 1 04 1AK RED DOG MINE 1 03 1AK ROCKY MT ENERGY C Q/ I DE M IT SU KOSAN j v1 12 11AK S H E F F I E L D E N T E R P R I S E S INC 70 1 1AL B E A U L I E U OF AMERICA 228 1AL DEGUSSA CORP 28 19AL DYNAMIT NOBEL C HEMIC ALS 28 19AL GULF S TA TE P A P E R ' S COMPOSITE MAT l DIV 2 8 7 9AL HAVER PR IDE FARMS ET AL 5 1 1 3AL JVC MAGNE PRDTS OF AMERICA 3 6 7 9AL KNAUF F I B E R G L A S S 3 2 9 6AL KV C H E MI C AL S INC 2 8 9 9AL L AS ER VIDE O INC 3 6 5 2AL M I T S U B I S H I C HEMIC AL CO 2 8 7 3AL MO R ET T I - H A R R A H MARBLES CALCIUM PRDTS DIV 3 2 8 1AL NTN-BOWER CORP 3 5 6 2AL RE GI TA R POWER TOOLS 3 5 4 6AL TNS M I L L S 2 2 8 7AL TR W' S MOTOR DIV 3 5 1 9AR B R I N K L E Y MOTOR PRODUCTS CO 3 6 2 1AR CENTURY TUBE CORP 33 1 7AR NUCOR CORP/YAMATO KOGYO CO VENTURE 33 1 2AR TRW' S CINCH CONNECTORS 3 6 7 9

AZ AMERICA WEST A I R L I N E S INC 4 5 1 1

AZ B E S T AMERICAN R EA LTY GP 6 53 1

AZ CAMELBACK ESP LAN ADE * * * *

AZ F U J I T S U GTE B US I N E S S SVSTEMS INC 3 6 7 4

AZ G T X CORP 3 5 7 3

AZ HYA TT REGENCY HOTEL 70 1 1

AZ IC I ADVANCED M A T E R I A L S 7 3 9 9

AZ I N E R T I A DYNAMICS CORP 3 5 2 4

AZ NISSA N R ESEA RC H & DEV CORP 7 3 9 1

AZ NKK SWITCHES OF A M E R . INC 5 0 6 3

AZ PLUM CREEK * * * *

AZ RYOBI E L E C T R I C TOOL MFG INC 3 5 4 6

AZ THE C ROS SI NGS * * * *

AZ WESTCOURT IN THE B U TT ES # * * *

CA ( I X I : Z ) 561 1

CA A T & E CORP 3 6 6 1

CA A- M HOMES 152 1

CA ADIA S E R V I C E S 7 3 6 2

CA A K A S HI C MEMORIES CORP 3 6 7 9

CA ALMADEN V IN EY A RD S INC 2 0 8 4

CA A L PS E L E C T R I C CO 3 5 7 3

CA ALSTHOM I NC . 3 7 2 1

CA AMANO AMERICA MFG INC 3 5 7 9

CA AMDAHL CORP 3 5 7 3

CA AMERICAN I N D U S T R I A L MFG. SVC S. 3 6 9 4

CA AMERICAN P A C I F I C CORP 6 2 8

CA AMERICAN P A C I F I C MINT I NC , THE 3 3 5 6

CA A M E R I T E C H COMMUNICATIONS INC 5 0 8 4

CA AMERON INC 3 4 7 9

CA APARTMENT BLDG * * * *

FOREIGN INVESTOR NA TY VALUE

DERLAN I N DU STR IES LTD CA AMROHM GMBH CHEMISCHE FABRIK GE JVUNITED KINGOOM, G O V ' T OF UK JVECHO BAY MINES LTD CA JV 10. 0CANADIAN P A C I F I C LTD CA JVIDEMITSU KOSAN CO LTD JA J VHOLLAND AMERICA L I N ES NL AMB E AU L IE U T U F T I NG NV BE NP 20 . 0DEGUSSA AG GE PEFEDMUHLE, NOBLE AG GE PE 12. 0B L Y D E N S T E I N “ WILLIN K NV NL AMNORTHERN FOODS PLC UK AMMATSUSHITA ELEC IND CO LTD JA PE 23. 1KNAUF F I B E R G L A S S GE NP 5 0 . 0KUREHA CHEMICAL IND/HOECHST AG JA NP 13. 0QUATRO LTD AS AM 5 5 . 5MI T S U B I S HI CHEMICAL INDS LTD JA PE 2 . 0ENGL ISH CHINA CLAY PLC UK AM 25 . 0NTN TOYO BEARING CO LTD JA E lMOB IL ETRON E L EC T RO N IC S TW NP

TSUZUKI SPINNING CO LTD JA NP 25 . 0

P R E C I S I O N MECANIQUE LAB I NA L SA FR AM

ELECTROHOME LTD CA AMDAIWA S T E E L TUBE I N DU STR IES CO LTD JA PE 8 . 0

YAMATO KOGYO CO LTD JA JV 85 . 8

P RE C I S I O N MECANIQUE L A BI NA L SA FR AM

TNT LTD AS AM 3 1 . 8

TAI YO REAL E ST A T E CO LTD JA OT

SHIMIZU LAND CORP JA RE 200 . 0

F U JI E L E C T R I C CO LTD JA JV

NIPPON S T E E L CORP JA AM 8 . 0

ORIENT L E A S IN G CO ET AL JA AM 5 0 . 0

I M P ER IA L C HEMIC AL INDS PLC UK NP 2 0 . 0

RYOBI LTD JA AM 1 3 . 3

NISSAN MOTOR CO LTD JA OT 2 5 . 0

NIHON K A I H E I K I I N D U S T R I E S CO LTD JA E l

BANK OF NOVA SC OTIA CA RE 1 8 . 5

RYOBI LTD JA OT

T A I Y O R . E . C O . L T D . JA RE 300 . 0

SHIMIZU GENE RAL C O N S T R . CO ET AL JA RE 3 5 . 0

D ' URBAN JA OT

HATTORI S EI KO CO LTD ET AL JA AM 1 9 . 0

J E NNI NGS I N T ' L LTD AS AM 30 . 0

P E S T Z L O Z Z I , M . 0 . SZ E l 9 . 3

KUBOTA LTD JA AM 1 5 . 0

GRAND ME TRO POL IT AN PLC UK AM 1 2 8 . 0

A L P S E L E C T R I C CO LTD JA NP

FRANCE t GOVT. OF FR NP

AMANO CORP JA PE 1 4 . 3

F U J I E L E C T R I C CO LTD JA E l

TOYOTA MOTOR CO LTD JA NP

AMSTERDAM- ROTTERDAM BANK NL AM

FORUM R E I N S U R A N C E CO LTD BD AM

E R S KI NE H O U S E PLC UK AM 7 . 5

B R I E R L E Y , RONALD A. ET AL NZ E l 1 2 . 7

HOPEWELL HOLDINGS HK RE 1 5 . 0

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1967 FOREIGN OIRECT INVESTMENTS TRANSACTIONS,COMPLETED,BY

S I C

7 3 9 1 5 6 1 1 5 1 4 9 2 0 8 2 5 8 1 2 4 4 1 1 4 4 1 1

3 3 1 7 6 0 6 7 1 1 5 0 5 1 2022 7 0 1 1 7 0 1 1 7 0 1 1 3 7 2 8 5 3 1 1 7 3 7 27 3 9 2 5 6 2 1 5 0 6 5 3 5 7 3 3 5 7 7 2 7 2 1

3 0 7 9CA C A L M A T CO 1 4 4 2CA C A P R I SUN 2 0 3 3CA C H E V R O N U S A I N C / N I P P O N O I L CO V E N T U R E 1 3 1 1CA C l Y O K O Y A M A I N C 5 0 4 3CA C I N E P L E X - O D E O N 7 8 1 3CA C I P H E R D A T A P R D T S I N C ' S P L A N T 3 6 2 2CA C I R C O N C O R P 3 6 7 9CA C I T I Z E N S Y S T E M S I N C 3 6 6 1CA C L O R O X CO 2 8 4 2CA C O L L I N S F O O D S E R V I C E I N C 5 1 4 2CA C O L O R S Y S T E M S T E C H N O L O G Y I N C . 7 3 9 5CA C O R N / P O K K A 2 0 9 9CA C O R P O R A T E D A T A S C I E N C E S I N C 3 5 7 3CA C S T C O M M U N I C A T I O N S I N C 7 8 1 2CA C U E P A G I N G 3 6 6 3CA D A I H A T S U A M E R I C A 5 0 1 2CA D A I S Y F R E S H CORP 2 0 2 2CA D A N A C O M P U T E R I N C 3 5 7 3CA O E C R A T R E N D P A I N T S 2 8 5 1CA D I G I O R G I O C OR P 2 0 3 7CA D I A L I N F O I N C . 7 3 9 2CA D I L L I N G H A M C O N S T R U C T I O N CORP 1 5 4 1CA D I V E R S I C O M N A T I O N W I D E P A G I N G 3 6 6 2CA D O N J O Y I N C 3 ? 4 2CA D O R I C / M I T S U I J V 1 5 2 1CA E . T . HORN CO 5 0 8 4CA E L C A M I N O BANK 6 0CA E L R A N CH O V E R D E C O U N T R Y C LU B 7 9 9 2CA E N G I N E E R E D M A G N E T I C S I N C 3 6 2 9

T S U S F I R M N A ME

CA A R C O R & D I N S T I T U T ECA A R M A N I , G I O R G I OCA A R R O W H E A D D R I N K I N G W A TE R COCA A S A H I B R E W E R I E S U S A I N CCA A S S O C I A T E D H O S T S I N C .CA A U S T R A L I A - N E W Z E A L A N D C O N T A I N E R L I N ECA A U S T R A L I A - N E W Z E A L A N D D I R E C T L I N ECA A V E N T I N ECA B A K E R S M I T H E R M A L S Y S T E M SCA B A N K O F P A L M S P R I N G SCA B E N E Q U I T Y H O L O I N G SCA B E R N A R D E P P S & COCA B E S N I E R A M E R I C A N I N CCA B E V E R L Y H I L L S H O T E LCA B E V E R L Y W I L S H I R E H O T E LCA B I L T M O R E H O T E LCA B O E I N G C O ' S H Y D R A U L I C U N I T S I N CCA B O N W I T T E L L E RCA BOOK O N ECA B P A G R O U PCA B R I T I S H K H A K ICA B R I T I S H T E L E C O M I N T LCA C A L A Y S Y S T E M S I N CCA C A L C O M P ' S S Y S T E M S D I VCA C A L I F O R N I ACA C A L I F O R N I A B A N K B LO GCA C A L M A R I N C

F O R E I G N I N V E S T O R NA T Y V A L U E

F E R R U Z Z I GR O UP I T AM 1 2 . 0A R M A N I , G I O R G I O I T O TS O U R C E P E R R I E R SA FR AM 2 5 0 ! oA S A H I B R E W E R I E S L T D JA OT 0 . 9B R I E R L E Y , RON E T A L N Z AM 1 . 9NEW Z E A L A N D , G O V ' T OF N Z OTNEW Z E A L A N D , G O V ' T OF N Z OTS H I M I Z U C O N S T R U C T I O N CO L T D E T A L JA RE 1 5 5 . 0S U M I T O M O M E T A L I N D U S T R I E S L T D JA J VM I T S U B I S H I B A N K L T D JA AM 1 5 . 0R E N O U F COR P N Z AM 1 7 8 . 1K A W A S A K I S T E E L C OR P JA E I 1 . 7B E S N I E R SA S Z NP 1 . 0B R U N E I , S U L T A N OF BX AM 2 0 0 . 0R E G E N T H O T E L S HK AM 1 2 9 . 0FO U R S E A S O N S H O T E L S L T D CA AM 2 9 . 9DOWTY GR O UP UK AM 4 2 . 5H E R S C U , GE O R G E AS O TP A R A L A X S O F T W A R E P U B L I S H E R S N L OTU K , G O V T O F UK O TL I G H T O N , R . UK O T .U N I T E D K I N G D O M , G O V T OF UK OTA G I V GE AMI S I - C A D GE AMP A C K E R , K E R R Y AS AMT O S H I U C OR P JA RE 1 1 . 3I N V E S T M E N T B E I J E R AB SW E IB R I E R L E Y , R O N A L D A . E T A L NZ AM 1 1 0 . 4W I L D CO GE NPN I P P O N O I L CO L T D JA J V 1 0 0 . 0YOK OYA MA E L E C T R I C W O R K S /C I T O H CO JA NP .D R A B I N S K Y , G A R T H . E T A L CA O T 6 . 0A L P S E L E C T R I C CO L T D JA AM 1 0 . 0BOC G R O UP P L C UK AM 9 . 0C I T I Z E N W ATCH CO L T D JA O T 1 . 0H E N K E L KGAA GE E IB U N Z L P L C UK AM 4 0 ! oR A M S D E N , T E R E N C E UK AM 2 . 3P OKKA CORP JA J V .T E L F O S H L D G S P LC UK AMC I T O H / S U N T O R Y L T D / T O K Y O BROAOWAY JA J VN O K I A CORP F I AMT O Y O T A MOTOR C O . L T D . JA OTSOU R CE P E R R I E R FR AMK U B O TA L T D JA AM 2 0 . 0F R A N C E , G O V T OF FR AM 2 . 0M I M GR O UP L T D E T A L UK AMU N I T E D K IN G D O M , G O V T . OF UK AMS H I M I Z U C O N S T R U C T I O N CO L T D JA AMN O K I A OY AB F I AMS M I T H & NEP H EW A SS O C S CO P LC UK AMM I T S U I & CO L TO JA J VP HS VAN OMMEREN NV NL AM .P R A T T GROUP AS AMN I T T O KOGYO CO L T D JA AM 5 . 0F L E E T A E R O S P A C E CORP CA AM 7 . 5

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T S US F I R M NAME S I C

CA E R N S T P A U L LE H M A N N 5 0 4 2CA E V E R E S T & J E N N I N G S I N C . 3 B 4 2CA F A M I L I A N CORP 5 0 7 4CA F A S T F R A M E C A L I F O R N I A I N C 5 9 9 9CA F I R S T A F F I L I A T E D S E C U R I T I E S 6 2 1 1CA FO C U S S E M IC O N D U C T O R CORP 3 5 7 3CA FOOTWORK CORP 5 1 4 6CA FOUR W I N D S E N T E R P R I S E S IN C 4 7 1 2CA FR A W LE Y CORP 3 9 5 1CA F U J I T S U - T E N CORP 3 5 7 1CA F U R A N E P R O D U C T S C O . 2 8 2 1CA G T I CORP 3 6 7 4CA G O O D A LL RUBBER CO 5 0 8 5CA G O O D A LL RU B BE R CO 3 0 4 1CA GRADCO S Y S T E M S I N C 3 5 7 9CA G R E E N FOODS CORP 2 0 4 1CA GROOY T E L L E N C O M M U N I C A T I O N S 7 3 9 2CA H A L ROACH S T U D I O S I N C 7 8 1 4CA HARBOR BAY C O M M U N IT Y * * * *CA H E N K E L R E S E A R C H CORP 7 3 9 1CA H I CHEM D I A G O N I S T I C S IN C 2 8 1 9CA H I L L C R E S T C E N T R E * * * *CA H I T A C H I B U T S U R Y U CO 4 7 1 2CA H I T A C H I I N S T R U M E N T S I N C 3 8 1 1CA H I T A C H I ' S M A R K E T I N G S Y S T E M S D I V . 7 3 7 2CA H O LY R O O D L T D 7 8 1 2CA HONDA N O R TH A M E R I C A I N C 5 0 1 2CA H O T E L 7 0 1 1CA I D E T E K I N C 7 3 9 1CA I D M /K O W A B U S S A N J V 1 5 2 1CA I M A T R O N I N C 3 6 9 3CA I N N O V A T I V E S I L I C O N T E C H N O L O G Y 3 6 7 4CA I N T E R M A R K I N C 5 0 1 3CA I R V I N E C O M M E R C IA L C E N T E R * * * *CA I R V I N E S C I E N T I F I C S A L E S CO 2 8 3 1CA I S U Z U M OTOR S CO 3 7 1 tCA J . M A G N I N B LD G * * * *CA J A M E S H A R D I E B LD G P R D T S I N C 3 2 7 5CA K A I S E R A L U M IN U M & C H E M I C A L CORP 3 3 5 3CA K A I S E R C E M E N T CORP 3 2 4 1CA K A I S E R S T E E L T U B I N G I N C 3 3 1 2CA KAMEYAMA C A N D L E CO 3 9 9 9CA K O M A TSU F O R K L I F T MFG CO USA 3 5 3 7CA LA C O L O N N A D E + * * *CA LA C O S TA H O T E L & SPA 7 0 1 1CA L A N D ( 2 0 . 5 A C R E S ) * * * *CA L A N G L E Y CORP 3 7 2 8CA L A P I N E T E C H N O L O G Y CORP 3 5 7 3CA L E A R S I E G L E R A S T R O N I C CORP 3 7 2 8CA LE A R S I E G L E R D E V E L O P M E N T S C I E N C E S CORP 7 3 9 1CA L E E R A Y - T A R A N T I N O CO 5 1 4 8CA L E V I N M E T A L S CORP 5 0 9 3CA L I Q U O R BARN C H A I N 5 9 2 1CA L I T I G A T I O N S C I E N C E S I N C 7 3 9 2CA LOEWE 5 9 4 8CA L U T H E R M E D I C A L P R O D U C T S I N C 3 8 4 1

F O R E I G N I N V E S T O R

LEHMANN P A T E N T W E R K E EP B R I E R L E Y , RON E T AL W O L S E L E Y PLCF A S T F R A M E F R A N C H I S E S L T D B E K H O R , J O N A T H A N E . S .M I P E Q U I T Y FOOTWORK CORPN A T I O N A L F R E I G H T C O N S O R T IU M PLC B R I E R L E Y , RON E T AL F U J I E L E C T R I C CO L T D C I B A , G E I G Y C O R P .V E N T E R , W I L L I A MT R E L L E B O R G G U M M I N F A B R I K S ABT R E L L E B O R G G U M M I N F A B R I K S ABC I T O H & CO L T D E T A LG R E EN FOO DS CORPS A A T C H I B R O T H E R SQ U I N T E X L T DM I T S U I & COH E N K E L KFAAE LA N CORP PLCP U L T U S K I E R . J O S E P HH I T A C H I L T DH I T A C H I L T DH I T A C H I L T DS C O T T I S H T E L E V I S I O NHONDA MOTOR CO L T DM I T S U B I S H I H E A V Y I N D U S T R I E SNOVO I N D U S T R I A / SKOWA B U S S A N E T ALM I T S U I & CO L T DI T A L Y , G O V T OFB R I E R L E Y , RON E T A LSHUWA CORPN I P P O N M I N I N G COI S U Z U M OTOR S L T DU N I D E N T I F I E D I N V E S T O RJ A M E S H A R D I E I N D U S T R I E S L T DC L O R E , A L A NH A N SO N T R U S T PLCM I T S U I & CO L T DKAMEYAMA C A N D L E CO L T DK OM ATSU L T DC H I Y O D A T R A D I N G COS P O R T S S H I N K O COC O S T A I N GROUPF L E E T A E R O S P A C E COK YO CERA CORPG E N E R A L E L E C T R I C CO PLCG E N E R A L E L E C T R I C CO PLCA L B E R T F I S H E R GRO UPP E K O - W A L L S E N D L T DM A J E S T I C W I N E W A R EHO U SE L T DS A A T C H I B R O T H E R SV U I T T O N . L O U I SD A V I E S , FR E D S

NA TY V A L U E

GE OT 1 . 0NZ E lUK AM 9 9 . 2UK OTUK AMNL AM s ! oJA OTUK AMNZ AMJA NPSZ AMSO AM 6 ! 0SW AMSW OT .JA AMJA NP 1 1 . 0UK AMAS AM 3 3 . 6JA RE 3 . 0GE OTE l AM 5 . 2GE RE 5 . 0JA OTJA OTJA PEUK OT 2 . 4JA OT .JA AM 1 1 . 0DA AMJA J VJA AM 2 . 0I T OTNZ AMJA RE 1 0 . 9JA AM 3 . 6JA NP 7 . 0JA RE 7 . 5AS NP 2 5 . 0UK E l 1 5 1 . 8UK AM 2 5 0 . 0JA AM 2 . 5JA NPJA NP 3 . 0JA RE 1 6 . 0JA AM 2 5 0 . 0UK J VCA AM 2 . 7JA AM 2 . 1UK AMUK AM .UK AM 2 5 . 0AS AMUK AM 1 0 0 . 0UK AMFR OTCA AM 1 . 1

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T S US F I R M NAME S I C F O R E I G N I N V E S T O R NA T Y V A L U E

CA M A E R S K L I N E 4 4 6 3 A . P . M O E L L E R GR O UP DA OTCA M A R K H A M W I N E R Y 2 0 8 4 SA N R A K U I N C JA AM e ! oCA M A S T E R I M A G E S I N C 3 6 9 9 B R O N FM A N F A M I L Y T R U S T S CA AMCA M A Z D A M O TO R C O R P 5 0 1 2 M A Z D A MOTOR C O R P L T D JA OT 3 7 ! 5CA M E R C H A N T S HOM E D E L I V E R Y S E R V I C E I N C 4 2 1 2 N A T I O N A L F R E I G H T C O N S O R T I U M P LC UK AMCA M E R K S A M E R J E W E L E R S 5 9 4 4 H E R S C U , G E O R G E AS PECA M E S Q U I T E C O U N T R Y C L U B 7 9 9 7 MORRY CO JA AM e ! oCA M E T E R M A S T E R 5 1 6 1 HAWKER S I D D E L E Y P L C UK AM 9 . 8CA M I K U N I C O R P 7 3 9 1 M I K U N I CORP JA NPCA M I P S C O M P U T E R S Y S T E M S 3 5 7 3 K U B O TA L T D J A AM 2 5 . 0CA M I T S U B I S H I ' S A U T O M O T I V E A I R 3 5 8 5 M I T S U B I S H I H E A V Y I N D U S T R I E S L T D JA PECA M 1 Z U H O M E D I CO 7 3 9 1 M I Z U H O M E D I CO L T D J A NPCA M O L E C U L A R D E S I G N L T D 7 3 7 2 M A X W E L L , R O B E R T UK AM 5 9 . 0CA M O R I T E X CO 5 0 8 6 M O R I T E X CO L T D JA O TCA M U L H O L L A N D E S T A T E S D EV * * * * U N I D E N T I F I E D I N V E S T O R S HK RECA M U L T I - U S E P R O J E C T ¥ * * * C H A N . LA W R E N CE E T A L HK RE 2 0 0 . 0CA N BK C O R P 3 6 7 4 K A W A S A K I S T E E L C OR P JA PECA N E C HOME E L E C T R O N I C S USA I N C 5 0 8 1 N EC CORP JA OTCA N E T H E R L A N D S F O R E I G N I N V E S T M E N T A G E N C Y 9 6 1 1 T H E N E T H E R L A N D S , G O V ' T OF NL O TCA NEW M E I J I G R O U P COS 5 8 1 2 CHUO B U S S A N CORP JA AMCA NGK M E T A L S COR P 5 0 5 1 NGK I N S U L A T O R S L T D JA OTCA NGK S P A R K P L U G S U SA I N C 3 6 9 4 NGK S P A R K P L U G CO L T D JA PECA N I H O N - K O H D E N C O R P 3 6 9 3 N I H O N - K O H D E N CORP JA OT 1 ! sCA N I S S A N M O TO R C O R P P A R T S D I V 5 0 1 3 N I S S A N MOTOR CO L T D JA PE 3 . 0CA N I S S E I E L E C T R I C CO 5 0 6 5 N I S S E I E L E C T R I C CO L T D JA OTCA NMR C E N T E R S I N C 8 0 7 1 L Y N B U R G NV UK AM 0 . 5CA N O R T H F O L K P R O D U C T I O N S I N C 7 8 1 9 D R A B I N S K Y , G A R T H E T A L CA O TCA O C E A N C O N . C A R R I E R S / D A I N I C H I T S U U N J V 4 7 1 2 D A I N l C H I T S U U N CO L T D JA J VCA O F F I C E B L D G * * * * Y O S H I D A K OSAN CO L T D J A RE 6 . 0CA O F F I C E B L D G * * * * M I T S U I F U D O S A N J A RE 2 0 0 . 0CA O F F I C E B L D G * * * * M A T S U B A R A C O N S T R U C T I O N CO J A RE 8 . 0CA O F F I C E B L D G S * * * * SHUWA CORP JA RE 1 0 0 . 0CA O F F I C E B L D G S ( 2 ) * * ♦ * M AR U C H A N I N C JA RE 8 . 5CA O K I S E M I C O N D U C T O R I N C 3 6 7 4 O K I E L E C T R I C I N D U S T R Y CO L T D JA PE .CA O N E WESTWOOD * * * * B U R N E T T & H A L L A M S H I R E GROUP UK RE 5 0 . 0CA ONO DA U SA 5 0 3 9 ONOOA C E M E N T CO L T D JA OT .CA O W E N S - C O R N I N G F I B E R G L A S S H I T C O D I V 3 7 6 4 U K , G O VT OF UK AM 2 4 0 . 0CA P A N A D O L ' S C I T R U S G R O VE 0 1 7 4 U N I D E N T I F I E D UK I N V E S T O R S UK AM .CA P A N A T E C H ' S S E M IC O N D U C T O R D I V 3 6 7 4 R I C O H CO L T D JA AM 1 . 1CA P A N A V I S I O N I N C 3 8 6 1 L E E , B E N N Y UK AM 1 5 0 . 0CA P A R T E K C OR P 5 0 5 3 P A R T E K AB OY F I OT .CA P H A R M A C I A V E N T U R E S I N C 5 1 6 1 P H A R M A C IA D E V E L O P M E N T CO SW NPCA P H A R M E T R I X CORP 7 3 9 1 R E C O R D A T I SPA I T J VCA P H A S E S I I & H I AT C I T I C O R P * * * * M I T S U B I S H I R E A L E S T A T E CO L T D JA RECA P L A N T C E L L R E S E A R C H I N T L 7 3 9 1 F E R R U Z Z I GR O UP I T AM .CA P L A Y M A T E T O Y S 3 9 4 4 P L A Y M A T E T O Y S HK NP .CA P O L Y - O P T I C A L P R O D U C T S I N C 3 8 3 2 M I T S U B I S H I RAYON CO L T D JA AM 1 . 0CA P O T O C K I * J O S E P H & A S S O C S I N C 7 3 9 2 C L A R K E H OO PER I N C UK AM 1 5 . 0CA P R O F E S S I O N A L B LD G G I N G I I N V E S T M E N T CO E T AL JA RE .CA R A D I O - H O L L A N D 5 0 6 3 K O N I N K L I J K E N E D L L O Y D G R O E P . NV NL OT .CA R A N G ER R O V ER OF N O . A M E R I C A 5 0 1 2 U K , G O V T OF UK OTCA RB I N D U S T R I E S I N C 5 7 1 3 Y E A R P L E D G E L T D E T A L AS AM .CA R I C O H E L E C T R O N I C S I N C 3 8 6 1 R I C O H CO L T D JA NPCA R O B E R T D O L L A R B LD G * + * * KUGAYA S H O J I CO L T D JA RE 2 1 . 0CA R O G E R S & COWAN I N C 7 3 9 2 S H A N D W IC K P LC UK AM 1 5 . 0CA R PC I N D U S T R I E S I N C 3 6 6 2 M A R U B E N I CORP E T A L JA AM 5 . 0

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TS US F I R M NAME S IC

CA S A K A TA S E E D CO 0 1 6 1CA S A N T A ROSA S E W IN G S H O P S ' A S S E T S 3 1 6 1CA SATO A M E R I C A I N C 3 5 6 9CA S E A F O O D B R O I L E R R E S T A U R A N T 5 6 1 3CA S E C O A M E R IC A I N C 7 3 7 3CA S H I M A N O A M E R I C A N CORP 5 0 9 1CA S H I N - E T S U - T E C H N I C A L S R V . C E N T E R 7 3 9 1CA S H O P P I N G C E N T E R • * • *CA S IM O N MCGARV P U B L I C R E L A T I O N S 7 3 9 2CA S M I T H I N T L I N C 3 5 3 3CA S O L T E I N C 1 5 4 2CA SONY M IC R O S Y S T E M S CG SOB 1CA S O U T H W E S T E R N E N G I N E E R I N G CO 3 6 6 1CA s p e c t r a - p h y s i c s i n c 3 8 1 lCA S T . C L E M E N T V I N E Y A R D S 2 0 8 4CA S U M IT O M O W A R E HO U SE CG 4 7 12CA S U N N V M E A D R ANCH * * « *CA T S I N D U S T R I E S I N C 3 0 7 9CA T A K A R A SAKE USA IN C 2 0 8 5CA T E I J I N B I O - S C I E N C E LA B S 2 8 2 4CA T E L M O S ' P R O D U C T I O N F A C I L I T Y 3 6 7 4CA T E L S T A R CORP 4 8 3 3CA TH E E N C L A V E * * * *CA T I R E S V S T E M S / B I L L V BOVS I N C 5 5 3 1CA TK E N T E R P R I S E CO 5 8 1 2CA T N T M A I L F A S T 4 5 1 1CA T O K Y O P R I N T I N G I N K USA 5 1 6 1CA T O K V U A G E N C Y 7 3 1 1CA TO K Y U WORLD T R A N S P O R T ( USA I N C ) 4 7 1 2CA T O P P A N P R I N T I N G CO ( A M E R I C A ) I N C 2 7 5 4CA T O S H I B A A M E R I C A IN C 3 6 1 2CA T R A N S P A C I F I C C O N T A I N E R S E R V I C E CORP 4 4 6 3CA T R A N S L O A D I N G T E R M I N A L P A R T N E R S H I P 4 4 6 3CA U N I D E N T I F I E D ALMOND ORCHARD 01 7 3CA U N I S O F T GR O UP 7 3 7 1CA U N I V E R S A L P A P E R GOODS CO I N C 2 6 4 5CA U S I L I G H T I N G 3 6 4 5CA V A L L E Y N A T I O N A L BANK 6 0CA V I D E O S T A T I O N I N C , THE 7 3 9 4CA W E S T E R L Y P L A C E * * * *CA W E S T E R N G R A P H T E I N C 3 5 7 3CA W E S T E R N I N D U S T R I A L M O V ER S I N C 4 2 1 3CA W E S T E R N WORLD S A M U E L C O M M U N I C A T I O N S 7 8 2 3CA W E S T F I E L D I N T ' L I N C 6 7 1 1CA W E S T R E N D H OM ES J V 1 5 2 1CA W E S T W IN D B U S I N E S S PARK * * * *CA W I L K E S B A S H F O R D FOR WOMEN 5 6 2 1CA W R A TH E R CORP 6 7 1 1CA X - R A Y T E C H N O L O G I E S I N C 3 6 9 3CA Y AM AHA COR P OF A M E R I C A 5 0 9 9CA Y A M A Z A K I M AZ A K 5 0 8 4CA Y AO H AN D E P T . S T O R E 5 3 1 1CA Y O S H I D A KOGYO 5 0 3 1CA 1 0 0 W I L S H I R E B L V D * * * *

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SAK A TA S EE D CO L T D V U I T T O N , L O U I S SATO CORP ACCOR SA SECOM CO L T DSh IM A NO I N D U S T R I E S CO L T D S H I N - E T S U C H E M I C A L CO LT D K ATAOKA & CO L T D S H A N D W IC K PLC B R I E R L E Y , RON A LD ET AL JOHN H O L L A N D H O L D I N G S LT D SONY CORPS E N I O R E N G I N E E R I N G GROUP PLC C I B A G E I GY CORP SAPPORO B R E W E R IE S L TD S U M IT O M O WAREHOUSE CO L T D , TH E L E S N O U V EA U X C O N S T R U C T E U R S SA FORCO NVTA KARA S HU ZO CO L T D T E I J I N L T D ROHM CO L T D C L A R I O N CO LTO C H I T A K A I N T ' L FOODS CO M I C H E L I N T Y R E PLC TK E N T E R P R I S E CO L T D T N T L T DTOKYO P R I N T I N G I N K MFG CO T O K Y U A D V E R T I S I N G AGE N CY I N C TOK VU CORPT O P P A N P R I N T I N G CO LTO T O S H I B A CORP M I T S U I OSK L I N E S L T D M I T S U I & CO L T DH O K U R I K U COCA COLA B O T T L I N G COP R O V I N C I A L GR O UP PLCE S S E L T E ABHANSON T R U S T P LCI N S T I T U T O B A N C A R I O SAN PAOLOCAR OLC O I N V E S T M E N T S BVSHUWA CORPG R A P H T E C CORPR O Y A L N E D L L O Y D GROUP NVJ . C . W I L L I A M S O N F I L M MGMTW E S T F I E L D H O L D I N G S L T DA R I A D N E L T DB O N D I t G E O R G IOT A K A - Q CO L T DB E I E R L E Y , RON E T A LU E I PLCN I P P O N G A K K I CO L T D Y A M A Z A K I M AZAK CORP VAO H AN D E P T S T O R E CO ET AL Y O S H I D A KOGYO KK A S A H I URB AN D E V CORP S U M IT O M O L . I . C .N I P P O N L I F E I N S CO

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T S U S F I R M NAME S I C F O R E I G N I N V E S T O R NA T Y V A L U E

CA 1 8 2 1 D Y E R R O A D * * * ♦ H A SEGA W A K O M U TE N J A RE 1 1 . 0CA 2 7 0 0 Y G N A C I O RD * * * * M I T S U I F U D O S A N J A RE 1 6 . 3CA 3 H U T T O N C E N T E R DR ♦ * * * N A N S A Y C O R P JA RE 4 2 . 5CA 6 1 1 M O N T G O M E R Y ST * * * ♦ U N I D E N T I F I E D I N V E S T O R HK RE 7 5 . 0CO B I B A U D I O V I D E O P R D T S USA 3 6 5 1 K E L S E Y I N D U S T R I E S P LC UK O TCO D E R M A - L O C K M E D I C A L CORP 3 8 4 2 Z W I R N , EDGAR BE AMCO D R X I N C 1 3 1 1 U N I T E D G U A R A N T E E P LC UK AM

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CO E L A S T O M E R T E C H N O L O G Y I N C 2 8 2 2 YAM A M OTO KOGAKU CO L T D JA AMCO G O L D K I N G C O N S O L I D A T E D I N C 1 3 8 2 W O H N L I C H , M A R T I N J . S Z AMCO H A K U T O CO 5 0 6 3 H A K U T O CO L T D JA O TCO I N T E L L I G E N T S T O R A G E I N C 3 5 7 3 F U J I E L E C T R I C CO L T D JA AMCO L A M B E R E T U S A 3 7 1 3 L A M B E R E T F R E R E S E T C I E SA FR NPCO L O N E S T A R M O N I E R C O N C R E T E T I T L E CO 3 2 7 2 M O N I E R L T D AS J VCO M O U N T A I N O P T E C H 5 0 6 5 F E R R A N T I P LC UK AMCO NEW PAP AHO C O R P ' S P R O P E R T Y 1 3 1 1 R O Y A L D U T C H S H E L L GRO UP N L AM 3 7 . 0CO P A V I L I O N TO W ER S * * * * C H I E M O R I KOGYO CO L T D JA RE 1 2 . 8CO SAE I N C 7 3 7 9 M A T S U S H I T A E L E C T R I C I N D U S T R I A L CO JA AM 1 0 . 0CO S I M T E K I N C 3 6 7 4 N I P P O N S T E E L C OR P JA OT 2 . 0CO S P E C T R U M H O L O B Y T H E 7 3 7 2 M A X W E L L , R O B E R T UK AMCO T A K A T A - G E R I C O C OR P 2 5 3 1 T A K A T A CORP JA J VCO T A U R U S P E T R O L E U M I N C . 1 3 1 1 C O R N I S H , B R I A N E . E T A L AS AM 0 . 4CO T O T A L P E T R O L E U M ( N O R T H A M E R I C A ) L T D 2 9 1 1 F R A N C E , G O V ' T OF FR E l 3 . 4CO V A L E X P E T R O L E U M I N C 1 3 1 1 P A R G ES A BE E lCO W E S T E R N G O LD E X P L O R A T I O N & M I N I N G CO 1 0 4 1 O P P E N H E I M E R t H A R R Y F . & F A M I L Y SO OT 8 0 . 0CT A B S P U M P S I N C 5 0 8 4 A B S P U M P E N GMBH GE PEC T B E D F O R D A S S O C I A T E S I N C 7 3 7 9 U K . G O V T OF UK AMC T C H E S E B R O U G H - P O N D ' S I N C 2 8 4 4 U N I L E V E R NV NL AM 3 1 0 0 . 0C T C O M S T O C K G R O UP I N C 1 7 3 1 S P I E B A G N A T O L L E S SA FR AM 2 0 . 5C T E M H A R T C O R P ' S S HO E MCHY O P E R . 3 5 5 9 A B L E K I N D L T D UK AM 1 1 5 . 0C T F U T U R E S G R O UP I N C . 7 3 9 2 S A A T C H I B R O T H E R S UK AMC T H E U B L E I N I N C 2 0 8 4 GRA N D M E T R O P O L I T A N P LC UK AM 1 2 0 0 . 0CT H E U B L E I N ' S R8.D C E N T E R 2 0 8 7 GRAND M E T R O P O L I T A N P LC UK OT 8 . 0C T I N T E R N A T I O N A L T I M E CORP 5 0 9 4 SMH S W I S S C OR P FOR E L E C T R O N I C S S Z AMC T KCR T E C H N O L O G Y I N C 3 5 7 3 MOORE C OR P L T D CA E l 1 . 2C T K E T C H U M & CO I N C 5 1 2 2 OFC C O M M E R C IA L P H A R M A C E U T I C A L SA FR AM 4 . 3C T L A N D * * * * F L I C H Y . G U Y F . E T A L FR RE 2 . 5C T L E A R S I E G L E R I N T E R N A T I O N A L CORP 5 0 8 8 S M I T H S I N D U S T R I E S P LC UK AMC T N ETW O R K P O L Y M E R S 5 1 6 1 M A R U B E N I CORP JA AM 1 . 0C T O C E - B U S I N E S S S Y S T E M I N C 7 3 7 9 O C E - V A N DER G R I N T E N NL OT .C T P E R I M E T E R T E C H N O L O G Y I N C 3 5 7 3 N E X T P LC UK OTC T P I L O T M A N U F A C T U R I N G CORP 3 9 5 5 P I L O T P EN CO L T D JA OTC T R AYM ONO A U T O M A T I O N CO 5 0 8 4 S W I S S I N D U S T R I A L CO SZ AMC T R E A D D . M . CO 5 3 1 1 C A M P E A U , R O B E R T CA AMC T R E V E R E COR P 3 8 2 2 DOBSON PARK I N D S PLC UK AM 1 2 . 8C T R I C H A R D S O N P O LY M E R CORP 3 0 7 9 C A N A D A , GO VT OF CA AM 1 0 . 0C T S K A N D I A L I F E A M E R I C A CORP 6 3 1 1 S K A N D I A I N T ' L H O L D I N G S AG SW OT 3 0 . 0C T S TO C K M A N & A S S O C S I N C 7 3 9 2 S A A T C H I B R O T H E R S UK AM .C T U . S . R E P E A T I N G ARMS CO 3 4 8 4 F A B R I Q U E N A T I O N A L E H E R S T A L SA BE AM 2 . 0C T W H I T N O N M A C H I N E S P I N D L E 3 4 2 9 GMN GEORG M U L L E R N U R EM B ER G AG GE AMDC C I R C L E T H E A T R E S 7 8 3 2 D R A B I N S K Y , G A R T H E T A L CA AM 2 6 . 0DC D E LA R U E G I O R I OF AMER I N C 3 5 5 5 G I O R I , G U A L T I E R O SZ OTDC H A R O E E ' S 5 8 1 2 BAT I N D U S T R I E S PLC UK OTDC H A R D E E 4 S 5 8 1 2 B A T I N D U S T R I E S P LC UK OTDC J U D I C I A R Y C E N T E R * * * * KONDO B E S E K I JA RE 8 6 ! 0DC L A N D * * * * K U M A G A I G U M I JA RE 7 . 3DC O F F I C E B L D G S S U M IT O M O L . I . C . JA RE 2 2 5 . 0

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1 9 8 7 F O R E I G N D I R E C T I N V E S T M E N T S T R A N S A C T I O N S , C O M P L E T E D * BY S T A T E

TS US F I R M NAME

DC P H I L L I P S E S T A T EDC S T E U A R T P E T R O L E U M CODC U . S . N E W S & WORLD R E P O R T B l DGDC V AN DYK A S S O C S . I N CDC 2 0 2 5 M ST NWDE A I R C O / I N D U S T R I AL GA S ESDE C H E S A P E A K E S H I P P I N G IN CDE C I B A - G E I GY CORPDE D A T A M E T R I C S OPERA TIONSDE E L K E M - A M E R I C A N C A R B I D E CODE H I M O N T I N CDE I C I PHARMADE S CHOOL BUS COS ( 4 )DE TA K E D A F I N A N C I A L USA IN CF L A C TO N C O R P ' S TV S Y S T E M SFL A E R O S P A T I A L EF L A L C A T E LFL A L E X A N D E R P R O U D F O O T COFL A T L A N T I C S C I E N T I F I C CORPFL C A L U S A C O U N T R Y C LU BF L C E N T R U S T S A V I N G S BANKF L C I N E P L E X - O D E O NF L C O LU M B U S H O T E LF L C O M M E R C IA L P O I N T S H O P P I N G C E N T E RF L C O M P R E H E N S I V E A M E R I C A N CAREFL C O M P U T E R P R O D U C T SFL C O R D I S C O R P ' S P AC E M A K E R L I N EF L D A T A P R O T E K I N CF L F L O R I D A L I F E CAREF L FOOD L I O N I N CF L F R E E D O M TOWERF L G R E N E L E A F R E S O R T & C O N F E R E N C E CTRF L H O L I D A Y I N N S ( 7 )F L H O U D A I L L E I N D U S T R I E S I N CF L H V A T T R E G E N C Y H O T E LF L M A N H A T T A N TOWERF L M AZDA M OTORS OF A M E R I C A ( E A S T )F L M C A L L I S T E R H O T E LF L M ETR O W A S TE S E R V I C E I N CF L M O V S O V I T Z 8. SONS OF F L A . I N CF L O F F I C E B L D G S ( 2 )F L P E R S H I N G H O T E LF L P E T E R S O N GROUPF L P L E S S E YF L R E F L E C T O N E I N CF L R E P C O I N CF L S E C U R I T Y TA G S Y S T E M S I N CF L S H E L B U R N E H O T E LF L S T E E G O CORPF L S U A V E SHOE CORPF L S U N S H I N E WATER COF L T H E B A B Y L O NF L V E S T A T E C H N O L O G Y I N CF L W EST I N D I E S S H I P P I N G CORPF L W I N D S T A R S A I L C R U I S E S LTOF L Z E P H Y R H I L L S

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4 15 1 6 1 5 4 8 9 9 3 6 9 9 5 0 6 5 7 3 9 2 3 6 4 3 * * * * 6 0 2 7 9 9 9 7 0 1 1 * * * * 8 0 8 1 3 6 7 9 3 6 9 3 3 5 7 3 8 0 5 1 5 4 1 1 * * * * * * * * 7 0 1 1 3 2 9 3 7 0 1 1 * * * *5 0 1 2 7 0 1 1 4 9 5 3 5 1 4 8 * * * * 7 0 1 1 4 9 5 3 5 0 6 5 3 6 6 2 3 6 6 2 3 6 6 2 7 0 1 15 0 1 3 3 0 2 15 1 4 9 * * * * 4 9 5 3 4 4 1 1 4 4 1 1 2 0 8 6

F O R E I G N IN V E S T O R NA TV V A L U E

H A R I R I , R A F I K SA RE 1 3 . 0I T A L Y , G O V ' T OF I T AMSHUWA CORP JA RE 8 0 . 0S A A T C H I B R O TH E R S U * AMDA I - I C H I M UT UA L L . I . C . JA RE 4 6 . 4BOC I N T E R N A T I O N A L PLC UK NP 5 0 . 0K U W A I T , G O V ' T OF KU OT 5 . 0C I B A - G E I G Y CORP SZ NPBOC PLC UK AMELKEM A / S NO JVF E R R U Z Z I GROUP I T E l 1 4 9 0 . 0I C I C H E M I C A L I N D U S T R I E S PLC UK NPD E G R O O T E . M I C H A E L G . CA AMTA K ED A C H E M I C A L I N D U S T R I E S IN C JA OT 3 0 . 0M O F F A T C O M M U N I C A T I O N S L T D CA AM 2 . 0F R A N C E , GO VT OF FR PE 7 0 . 0F R A N C E , GO VT OF FR OTB R I T A N N I A H O L D I N G S PLC UK AM 2 0 0 . 08 0 W T H 0 R P E H L D G S PLC UK AMN I CHON KOWA CO JA RE 5 . 5P H A R A O N , G H A I T H H SA AM 1 6 . 6D R A B I N S K Y , G A R TH E T AL CA OTD A H L A W I F A M I L Y SA AMM A R R E S S E , M I C H A E L CA RE 3 . 9R A M S E Y , P A U L AS AM 3 0 . 0U N I T E C H PLC UK AMN U C L E U S L T D AS AM 3 0 . 0E R I N T E C CORP CA OTCARENA P R O P E R T I E S I N C CA AMD E L H A I Z E L E L I O N GROUP BE OTD A H L A W I F A M I L Y SA RE 7 . 5S P O R T S S H I N K O CO JA REBASS PLC UK AM 1 7 5 . 0T I GROUP P LC UK AM 5 0 0 . 0D A H L A W I F A M I L Y SA AM 1 5 . 0C E N T R A L W E S T E R N H O L D I N G S L T D CA RE 1 0 . 0C I T O H 8c CO JA PE 3 . 8D A H L A W I F A M I L Y SA AM 1 6 . 5ATTW O ODS P LC UK AM 1 . 6A L B E R T F I S H E R GROUP ( T H E ) JA AM 1 7 . 5S A N S E I CO L T D JA REZ E L M I A I N V E S T M E N T S NV NA AM 1 . 5A TTW O O D S PLC UK AM 1 0 . 0P L E S S E Y CO PLC UK OTU N I T E D K I N G D O M , G O V T . OF UK AM 2 8 . 0K O S T A N T I N I D I S t ANDREW SA AMA U T O M A T E D S E C U R I T Y ( H L D G S ) PLC UK E l 4 . 0E M E R A L D I N T ' L I N V E S T M E N T S I NC CA AM 6 . 4B R I E R L E Y , RON E T AL NZ AMC H A SE US I N V E S T M E N T S NV NA AM 1 . 0S O U R CE P E R R I E R SA FR AMV E N E Z U E L A N R . E . CO VE REA TTW O OD S PLC UK AM 2 . 0WEST I N D I E S S H I P P I N G CORP T D OTH O L L A N D A M E R I C A L I N E T R U S T NV NL AMSOU R CE P E R R I E R FR AM

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1987 FOREIGN DIRECT INVESTMENTS TRANSACTIONS,COMPLETED »BY STATE *

T S U S F I R M NAME S I C F O R E I G N I N V E S T O R NA T Y V A L U E

F L 2 I M A M E R I C A N - 1 S R A E L S H I P P I N G CO 4 4 1 1 I S R A E L t G O V ' T OF I S OTGA A M M E R S E E ON T H E C H A T T A H O O C H I E * * * * T H Y S S E N R H E I N S T A H L T E C H N I K E T AL GE REGA A S A H I C O . 5 6 6 1 N I P P O N R U B B E R C O . L T D . JA OTGA B & R I N T ' L I N C 6 4 1 1 S A L E T I L N E Y P LC UK AM 5 [ 7GA B I S C H O F & K L E I N USA I N C 3 0 7 9 B I S C H O F UND K L E I N GMBH & CO GE NPGA BMW OF N . A M E R I C A 5 0 1 2 B A Y E R I S C H E M O TO R E N WERKE AG GE OT 4 . 5GA BORMAN t G R A Y I N T L I N C 7 3 6 1 B L U E ARROW P LC UK AM 1 0 . 4GA B ROC K G R E E N A S S O C S . 7 3 1 1 S A A T C H I B O T H E R S UK AMGA C AMP C R E E K B U S I N E S S C TR * * * * L A I N G P R O P E R T I E S UK RE 7 5 . 0GA C O R O N E T I N D U S T R I E S I N C 2 2 7 1 C O R O N E T C A R P E T S I N C CA AM 8 . 0GA C U M B E R L A N D M I L L S I N C 2 2 7 2 S O R E L T E X I N T L CA AMGA D E N O N D I G I T A L I N D U S T R I E S L T D 3 6 5 1 H I T A C H I L T D JA NP 4 0 . 0GA E M E R A L D S T O R A G E C O R D E L E I N C 5 1 5 9 Q U E A L L Y F A M I L Y UK OT 6 . 0GA E N G E L H A R D C OR P 1 4 5 5 O P P E N H E I M E R H A R R Y F . & F A M I L Y SO PE 2 4 . 0GA F I C H T N E R - W A N T E C H 4 9 5 3 F I C H T N E R B E R A T E N D E I N G E N . GMBH & CO KG GE J V 0 . 2GA F O K K E R A I R C R A F T USA 5 0 8 0 N E T H E R L A N D S , G O VT OF NL PEGA F O R S T M A N N & CO 2 2 1 1 K U A N G - P I U , CHAO HK AMGA G E O R G I A C R A F T C O ' S M I L L 2 6 3 1 P R A T T H O L D I N G S P T Y L T D AS AM 2 1 2 . 0GA G E R M A N R A I L 4 0 1 1 W EST G E R M A N Y , G O V ' T OF GE OTGA H E A L T H I M A G E S I N C 0 0 8 1 L E W I S , R . J . UK AMGA H E E R V I N T L I N C . 8 9 1 1 B I C C P LC UK AM 5 . 5GA H E R O USA I N C 5 7 1 2 HER O PVBA BE OTGA H I T A C H I T E L E C O M 3 6 6 1 H I T A C H I L T D JA OTGA H U M E S ARC I N C 3 3 1 2 HUMES L T D AS NP 5 . 0GA H Y U N D A I MOTOR A M E R I C A 5 0 1 2 H Y U N D A I CO L T D KS OTGA I K K A T E C H N O L O G Y I N C 3 0 7 9 N I P P O N L I G H T M E T A L CO L T D E T A L JA OT 1 4 . 0GA I R T R E A L T Y S E R V I C E S I N C 6 5 5 2 P A D U L L I , LUCA UK AM 1 . 3GA J I M D A N D Y CO I N C 2 0 4 7 GRAND M E T R O P O L I T A N PLC UK AM 2 5 . 0GA KA TO S P R I N G WORKS CO 3 4 9 5 KATO S P R I N G WORKS CO L T D JA PE 6 . 4GA K O M A TSU A M E R I C A CORP 3 5 3 1 KOMATSU L T D JA OTGA K U R I S H I G H T E C H S Y S T E M S L T D 5 0 8 4 K U R I S H I G H T E C H S Y S T E M S GMBH GE OT 0 . 5GA L A N D ( 7 7 A C R E S ) * * * * C I B A - G E I G Y CORP SZ RE 6 . 0GA MAC K A Y S P E C I A L T I E S A M E R I C A 2 8 4 4 M ACKAY S P E C I A L T I E S CANADA CA NP 3 . 0GA M A K I T A CORP OF A M E R I C A 3 5 4 6 M A K I T A E L E C T R I C WORKS L T D JA PEGA M A N E U R O P I N C 3 5 6 3 G E N E R A L E DE F O N D E R I E SA FR OTGA M A S S T O C K I N T L 0 2 4 1 M A S S T O C K I N T L E I OT 6 . 0GA M I C H A E L CROMER L T D (M C M ) 5 6 3 1 M I C H A E L CROMER L T D GE OTGA M U L T I - U S E P R O J E C T * * * * LONDON & L E E D S E T AL UK REGA N A B I S C O ' S D R OM ED A R Y OPER 2 0 3 3 B U R N S , P H I L I P & CO L T D AS AMGA N A K A N I S H I MFG CORP 3 5 6 2 N A K A N I S H I , K A ZU O F A M I L Y JA NP 1 0 . 0GA N A T I O N A L BANK OF G E O R G IA 6 0 C R E D I T & C O M M E R C IA L A M E R IC A N H O L D I N G S NA AMGA OAK MANOR I N C 8 0 5 1 OM N I H E A L T H CARE CA AM 6 . 5GA P A L I S A D E S * * * * PGGM P E N S I O N FU N D S NL RE 2 5 . 0GA P A R E X I N C 3 2 9 9 L A F A R G E C O P P E E SA FR NP 1 2 . 0GA S N A P F I N G E R WOODS G O LF & C TY CLUB 7 9 9 2 N I T T O KOGYO CO L T D JA AM 4 . 0GA S TO I N D U S T R I E S I N C 2 8 5 1 S T O T M E I S T E R GMBH GE NP .GA S U M M I T AT S O U T H L A K E * * * * C . H . B E A Z E R H O L D I N G S UK RE 4 5 . 0GA T E A M S E R V I C E S I N C 7 3 6 1 H E S T A I R PLC UK AM 1 9 . 8GA T E L I USA 5 0 6 5 T E L I AB SW OTGA T H E I N T E L L I G E N T TO Y S TO R E 5 9 4 5 JOHN M E N Z I E S PLC UK NPGA T O P P A N I N T E R A M E R I C A I N C 2 7 5 4 T O P P A N P R I N T I N G CO L T D JA NP 1 5 . 0GA U N I O N S T A T I O N A P T S * * * * GERMAN I N V E S T O R S GE RE 8 . 9GA V I N I N G S I N D U S T R I E S I N C 2 0 19 L A P O R T E I N D S H O L D I N G S PLC UK AM 3 3 . 0GA V O L V O N O R TH A M E R IC A 5 0 1 3 V O LV O AB SW NP 4 . 5GA W A TE R LO O M I C R O S Y S T E M S I N C 7 3 7 2 CROWNX I N C CA OT

GA YAMAHA MOTOR MFG CORP OF A M R . 3 7 3 2 N I P P O N G A K K I CO L T D JA NP

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TS US F I R M NAME S I C

GU A T & T / KDD V E N T U R E 4 8 1 1HA A P A R T M E N T BLDG * * * *HA BANK OF H O N O L U L U 6 0HA BA N YA N G O LF CLU B * * * *HA B R EA D B R O T H E R S I N C . 5 8 12HA COC ON U T I S L A N D * * * *HA C O N D O M I N I U M BLD G * * * *HA C O N D O M I N I U M D EV * * * *HA E A T O N S QUARE S H O P P I N G C E N T E R * * * *HA FOOTWORK H A W A I I CORP 5 8 1 2HA FO R E M O S T D A I R I E S 2 0 2 6HA G A R S T S E E D CO 5 1 9 1HA G L O B A L S U N S H I N E I N C 6 7 1 1HA H I L L & H I L L I N C 2 0 9 5HA H I L O C O U N R TY C LUB & H O T E L 7 0 1 1HA K A L U A K O R E S O R T ♦ * * *HA K I N G S P L A C E C O N D O M I N I U M BLDG * * * *HA LA N D * * * *HA LAND ( 2 9 0 0 A C R E S ) * * * *HA L A N D ( 4 9 . 9 A C R E S ) * * * *HA L A N D ( 5 0 0 A C R E S ) * * * *HA M ETR O R E S T A U R A N T 5 8 1 2HA N A N I L O A H O T E L 7 0 1 1HA OC EA N V I E W C E N T E R * * * *HA PR I N C E V I L L E D E V E L O P M E N T CO 1 5 4 2HA RAN CH H O U S E R E S T A U R A N T 5 8 1 2HA R O T H C H I L D R E S T A U R A N T 5 8 1 2HA S H IM O K O & SONS 2 0 9 8HA T O S E I O F F I C E BLD G * * * *HA W A I K I K I B E A C H C O M B ER H O T E L 7 0 1 1HA WASA E L E C T R I C A L S E R V I C E S 1 7 3 1I A L E F E B U R E CORP 3 4 9 9I A N K S - A K S P R E C I S I O N B A L L CO 3 5 6 2I A N O R T H W E S T E R N S T A T E P O R T L A N D C EM E N T 3 2 4 1I A W E S T E R N I N T L I N C 3 5 2 3I L A B D I C K 3 5 7 9I L ACME I N K & P R I N T I N G 2 8 9 3I L A I M S B I O T E C H CORP 7 3 9 1I L A I R V E N T I N C 3 5 6 4I L AMADA E N G I N E E R I N G & S E R V I C E CO 5 0 8 4I L AMBER F I L E CO 2 6 4 5I L A V O N D A L E C E N T E R * * *■ *I L B A R B E R -C O L M A N CO 3 8 2 2I L B R A D L E Y ' S V I E W FAN 5 1 9 9I L D I E S E L K I K I USA 3 7 1 4I L D R E S S E L ' S B A K E R I E S 2 0 3 8I L E . J . B R A CH CORP 2 0 6 5I L E A G L E W I N G S I N D U S T R I E S 3 7 1 4I L ECHO I N C 5 0 8 3I L E LC O I N D U S T R I E S I N C 3 4 5 2I L F O S T E R E L E C T R I C CO 3 6 5 1I L G R E Y A D V E R T I S I N G ' S C H I C A G O OFC 7 3 1 1I L H O B A R T / M C I N T O S H 5 1 1 1I L H O N E Y W E L L I N F O R M A T I O N S Y S T E M S 7 3 7 2I L I DC S E R V I C E S I N C 7 3 9 9I L I N T ' L FARM CORP OF A M E R I C A 6 5 3 1

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K O N N E X S Z OTL E S A R T M E C A N I Q U E SA SZ AMM A T S U I M F G CO L T D J A NPL A N D I S & G Y R H L D G AG S Z AMM I T S U B O S H I B E L T I N G L T D JA NPM I Y A N O F A M I L Y J A OTY OKOHAMA R U B B E R CO L T D J A J VMUGA J A OTN I S S H O I W A I C OR P J A OTK O I T O M FG CO L T D JA NPN T N T O Y O B E A R I N G CO L T D JA PEO K I E L E C T R I C I N D CO L T D JA O TOMRON T A T E I S I E L E C T R O N I C S CO JA NPS A A T C H I B R O T H E R S UK AMS & M P R O C E S S I N G L T D UK NPI N S P E C T O R A T E I N T E R N A T I O N A L SA S Z AMN I P P O N L . I . C . JA REB C D E D E V E L O P M E N T S COR P CA REO R I E N T L E A S I N G CO L T D JA AMJ . M . V O I T H GMBH GE N PH Y U N D A I M OTOR CO L T D KS O TF E R R A N T I P L C UK AMB T R P L C UK AMS A U E R G E T R I E B E AG GE J VB A T I N D U S T R I E S P L C UK O TT H R E E BOND C O / C E M E D I N E CO JA NPN I P P O N L . I . C . JA REB R I E R L E Y , RON E T A L NZ AMN I H O N T O K U S H U / H I R O T O N I / F U J I Y O S H I JA J VE I K I I N D U S T R I A L C O . , L T D JA NPY A M A Z A K I M AZ A K CORP JA OTY A N A S E & A S S O C S JA OTO A I - I C H I M U T U A L L . I . C ; JA RET A I S E I C OR P JA REA E P L C UK NPA L P S E L E C T R I C CO L T D JA P EO C E A N T R A N S P O R T & T R A D I N G PLC UK AMSANGO C O . L T D . J A J VT A T E & L Y L E P L C CA NPKOKOKU S T E E L W I R E L T D JA AMT H Y S S E N - B O R N E M I S Z A GROUP NV NA J VC . I T O H & C O . L T D . JA OTF E R R U Z Z I GROUP I T AMH A W LEY GRO UP UK AMH ON S HU P A P E R CO L T D JA J VSAKAM OTO I N D S CO L T D JA NPF R A N C E , G O VT OF FR AMM I T S U I M I N I N G & S M E L T I N G CO L T D JA NPNHK S P R I N G CO L T D JA J VM A R L E Y P LC UK NPH ER M A N H E Y E GE J VN I P P O N S T E E L CORP JA J VK Y O K U T O B O E K I K A I S H A L T D JA OTM O L T E N CORP JA J VNAKAGAWA SANG YO JA NPN I S S H O I W A I COR P E T A L JA OT

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I N O R I O N E L E C T R I C A M E R I C A I N C 3 6 5 1I N PER E G O P R O D U C T S 3 9 4 4I N RH EE M MFG C O ' S C O N T A I N E R D I V I S I O N 3 4 1 1I N SANYO L A S E R P R O D U C T S I N C 3 6 3 2I N S H E L L E R - R Y O B I CORP 3 7 1 4I N S I N T E R I N G T E C H N O L O G I E S I N C 3 4 9 2I N S U B A R U - I S U Z U A U T O M O T I V E I N C 3 7 1 1I N T A N N I E S CORP 2 8 4 4I N T A S U S CO 3 0 6 9I N T E C H N O T R I M I N C 2 2 1 1I N TU C K E N G I N E E R I N G I N C 7 3 9 2I N W E S T I N H O T E L 7 0 1 1I N YUMA I N D U S T R I E S I N C 2 8 4 3KS B I O T E C H N I C A A G R I C U L T U R A L I N C . 2 8 7KS E X T R U S I O N E Q U I P M E N T CORP 3 4 5 2KS H E S S T O N CORP 3 5 2 3KS I N T E L L E C T S Y S T E M S 5 0 8 1KS K I M B E R L Y S E R V I C E S I N C 8 0 7 1KS M I D W E S T C O A T I N G S 2 8 9 3KS R E N T - A - C E N T E R S 7 3 9 4KY BANDO M F G . OF A M E R IC A 3 7 14KV BUDD CO 3 4 6 5KY CHUBU T R A D I N G 5 8 1 2KV C O R H A R T R E F R A C T O R I E S CORP 3 2 9 7KV C U R T I S M A R U Y A S U A M E R I C A I N C 3 0 6 9KY D A TA C U M B E R L A N D S E R V I C E S 7 3 7 4KY D J K CORP OF A M E R I C A I N C 3 0 7 9KY H E N D R I X T R A C T S 1 2 1 1KV I C H I K O H M A N U F A C T U R I N G 3 2 3 1KY J I D E C O OF BRADSTOW N 3 7 1 4KY K I K I 5 8 1 2KY M ATHEW S C O N V E Y E R CO 3 5 6 8KY P O R T E R P A I N T CO 2 0 5 1KV Q U A R T Z P R O D U C T S CORP 2 8 1 9KV Q U I C K T O O L & MFG CO I N C 3 5 4 4KY T O K I C O MFG CORP 3 7 1 4KV T O P Y CORP 3 7 1 4KV T R I M M A S T E R S I N C 2 3 9 9KV U N I V E R S A L F A S T E N E R S I N C ' 3 9 6 3KV V U T E Q CORP 3 2 1 1KY Y A M A Z A K I MAZAK 5 0 8 4LA A M O C O / J A P E X O I L E X P L O R A T I O N V E N T U R E 1 3 1 1LA B I G R I V E R I N D S I N C 3 2 9 5LA E X P L O R A T I O N OF L O U I S I A N A I N C ' S PRO PS 13 11LA H O L M E S , DH CO 5 3 1 1LA M I D - L O U I S I A N A GAS CO 4 9 2 2LA O I L L E A S E S ( 8 4 ) 1 3 1 1LA T E X A C O / N I P P O N O I L CO V E N T U R E 1 3 1 1LA T E X A C O / P E T R O B R A S O I L V E N T U R E 1 3 1 1MA A V I A T I O N S E R V I C E O R G A N I Z A T I O N 5 5 9 9MA B I R D I N C / S U L Z E R E S C H E R WYSS V E N T U R E 2 9 5 2MA C H A N C E L L O R CORP 5 0 8 1MA C I L A S A L C A T E L 5 0 6 3MA C O M P U T E R I D E N T I C S CORP 3 5 7 3MA C O N T R A V A S M E D I C A L I N S T R U M E N T S 5 0 4 7MA D O N O G H U E 'S M ON EY FU N D R E P O R T E T AL 2 7 2 1

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O R IO N E L E C T R I C CO L T D JA OTPER E G O P R O D U C TS I T NP 3 . 0H O LM E S A C O U R T , R OB E RT AS AMSANYO E L E C T R I C CO L T D JA NP 5 . 0R Y O B I L T D JA NP 1 2 . 5H I T A C H I L T D JA J V 7 . 5F U J I H E A V Y I N D S / I S U Z U MOTOR JA NP 4 0 5 . 0Y A M A N O U C H I P H A R M A C E U T IC A L L T D JA AM 1 . 0T S U C H I Y A CO L T D JA JV 1 . 5T A C H I - S CO L T D JA JV 3 . 0R I C A R D O C O N S U L T I N G & E N G I N E E R I N G PLC UK AMK U M A G A I G U M I JA RE 2 9 ! 8Y U S H I R O C H E M I C A L I N D U S T R I E S JA J V 1 . 5BRONFMAN F A M I L Y CA OTF R I E D T H E Y S O H N M A S C H IN E N B A U GMBH GE NPA G N E L L I F A M I L Y I T E lS E I K O - E P S O N CORP JA AM 1 . 0GRAND M E T R O P O L I T A N I N C UK AMU K , GO VT OF UK AM 4 . 5THORN - E M I PLC UK AM 5 9 4 . 0BANDO C H E M I C A L I N D S . L T D JA NP 1 4 . 5T H Y S S E N AG GE NP 1 0 0 . 0CHUBU I N D S . C O . L T D JA OT 1 . 5F R A N C E , G O VT OF FR AMM AR U Y A SU I N D U S T R I E S CO L T D JA J V 1 . 0A P P A L A C H I A N C OM PUTER S VC S I N C . UK OT 1 . 2D J K JA OTV EB A AG GE AM 3 . 5I C H I K O H I N D U S T R I E S I N C JA NP 8 . 0N I S S A N MOTOR CO L T D JA PE •

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T S U S F I R M N A ME S I C

MA E M E R A L I N C 1 5 4 2MA F I R S T T E M P O R A R I E S I N C 7 3 6 2MA F I V E H I N O R E 0 B O V L S T O N * * * *MA GCA C O R P 3 5 5 9MA G C A ' S L A S E R T E C H N O L O G Y D I V 3 6 9 9MA G I V I D I G L A S S F A B R I C S D I V I S I O N 2 2 2 1MA H O L M E S T R A N S P O R T A T I O N I N C 4 2 1 3MA I N D I K O N C O R P 3 6 2 4MA I S I D E N T S U OF A M E R I C A I N C 7 3 7 5MA J O H N A . F R Y E C O . 3 1 4 3MA M / A COM L A S E R D I O D E I N C 3 6 7 4MA M A D I C O I N C 3 0 7 9MA M I T R O L I N C 7 3 7 2MA MMP R E A L E S T A T E T R U S T 6 7 9 9MA M O L E C U L O N I N C 2 8 3 4MA M O R SE T O O L C U T T I N G 3 5 4 5MA NEW E N G L A N D M I L L I N G CO 2 0 4 1MA N I S S H O I W A I A M E R I C A COR P 5 0 8 4MA O F F I C E P A R K * * * *MA ON E W A S H I N G T O N M A L L * * * *MA P A S T A V O N I R E S T A U R A N T 5 8 1 2MA P I C T E L C O R P 3 6 6 2MA R E E C E C OR P 3 6 3 6MA SBC T H E A T R E CORP 7 8 3 2MA S C H O O L B U S CO 4 1 5 1MA SHAW S U P E R M A R K E T I N C 5 4 1 1MA S H E A F F E R E A T O N D I V I S I O N 2 6 4 6MA S M I T H & W E SS O N C O R P 3 4 8 4MA S O M E R S E T C O U R T * * * *MA S P E C T R O N I N C 5 9 9 9MA T N T S K Y P A C K 4 5 1 1MA T R A V E L T I M E B U S L I N E S I N C 4 1 5 1MA V A C U U M I N D U S T R I E S I N C 3 5 6 7MA WARD M A N A G E M E N T C O R P 7 3 6 1MA 2 6 5 F R A N K L I N S T * * * *MD A M E R I C A N I S U Z U M OTOR S I N C . 5 0 1 2MD COX C R E E K R E F I N I N G CO 3 3 3 1MD D I S C L O S U R E I N C 7 3 7 4MD F U J I S A W A P H A R M A C E U T I C A L CO 7 3 9 1MD F U T R E X I N C 3 6 2 3MD H E S S S H O E S 5 6 6 1MD H O L L A D A Y - T Y L E R P R I N T I N G C OR P 2 7 5 2MD O P T I M E L E C T R O N I C S CORP 3 5 7 3MD R H O D E & SCHW ARZ I N C 3 8 2 5MD T E R U M O CORP 3 0 4 1MD T O Y O T A MOTOR S A L E S I N C 5 0 1 2MD V I T A l . I A N CORP 7 3 9 1ME C O C A - C O L A B O T T L I N G OF N , NEW E N G L A N D I N C 2 0 0 6ME C O N S U M E R S WATER CO 4 9 4 1ME DOWN E A S T P E A T P R O J E C T 4 9 1 1ME H A N N A F O R D B R O T H E R S CO 5 4 1 1ME P A S S A M A Q U O D D Y HOM ES J V 1 5 2 1M I ASMO MFG I N C 3 6 9 4M I B A S F ( C H E M I C A L O I V ) 2 0 2 4M l C A S E Y C O M M U N I C A T I O N S MGMT . 7 3 9 2M l C H I C A G O - T O K Y O BANK 6 0

F O R E I G N I N V E S T O R NA T Y V A L U E

E G E R T O N T R U S T UK AM 2 9 . 3H E S T A I R P L C UK AMPGGM P E N S I O N F U N D S NL RE 1 7 0 ! 0F R A N C E , G O V T OF FR AMKOBE S T E E L L T D JA AMG I V I D I S . A . P . A . & T E X - I M P I A N T I S PA I T AMF I N G O L D , D A V I D & P A U L E T A L CA AMM E T R A V I B I N S T R U M E N T S I N C FR AMD E N T S U L T D JA J VR O B E R T S T E P H E N S H O L D I N G S P L C UK AMMORGAN C R U C I B L E CO P L C UK AM 2 0 ! 5F S K C OR P J A AM 1 4 . 0A N D E R S W I L H E L M S E N NO E lP I E R S O N , H E L D R I N G & P I E R S O N NL J VF A U L D I N G , F H & CO L T D AS AM 3 1 . 0I N T L T W I S T D R I L L H L D G S L T D UK AM 0 . 0I T A L G R A N I S PA I T E lN I S S H O I W A I COR P J A OTU N I D E N T I F I E D I N V E S T O R S KU RE 5 0 . 0U N I D E N T I F I E D I N V E S T O R JA RE 3 6 . 0P A S T A V O N I I T O TK Y O C E R A C OR P JA AMC A M E L L I A I N V E S T M E N T L T D UK E l 6 . 7H O Y S T S C OR P H O L D I N G S P T Y L T D AS AMD E G R O O T E , M I C H A E L G . CA AMS A I N S B U R G J . P L C UK E l 2 6 1 . 5G E F I N O R SA S Z AM 1 3 5 . 2H U T C H I N G S , GR EGOR Y UK AM 1 1 2 . 5LONDON & E D I N B U R G H R E D E V CO UK RE 2 . 5M I T A N I CORP JA AM 1 5 . 0T N T L T D AS OTL A I D L A W T R A N S P O R T A T I O N L T D CA AMT H E R M A L S C I E N T I F I C P LC UK AMH E S T A I R P L C UK AMSHUWA T R U S T CO J A RE ioo!oI S U Z U M O TO R S L T D . JA PE 9 . 3M I T S U B I S H I M E T A L CORP JA AM 3 . 0V E R E R N I D E N E R D E R L A N D S E N L AMF U J I S A W A P H A R M A C E U T I C A L CO L T D JA OTK E T T E L E C T R I C LA B JA J VG O R T Z F A M I L Y GE OTJ . S . A T K I N S O N E S T A T E CA AMB OW THORPE H L D G S P LC UK AMR H OD E & SCHWARZ GMBH & CO KG GE NPTER UM O CORP JA PE 7 5 ! 0T O Y O T A MOTOR CO L T D JA PEF E R R U Z Z I GROUP I T J VK I R I N BREW ERY CO L T D JA AMF R A N C E , G O V ' T OF FR AM 1 6 . 0S O C I E T E G E N E R A L E DE B E L G I Q U E SA BE J VSO B EY F A M I L Y CA E lM A K R O TA LO OY F I J VT O Y O T A MOTOR CORP JA NPB A S F AG GE NP 7 ^ 0S H A N D W IC K P LC UK AMBANK OF TO K Y O JA OT

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TS US F I R M NAME S I C

M I C L I F F F R E EM A N & P A R T N E R S 7 3 1 1M I CME CORP 3 7 1 4M I E M S -T O G O C O R P . 2 8 1 9M I E N E R G Y C O N V E R S I O N D E V I C E S 7 3 9 1M I E X - C E L L - 0 P A C K A G IN G S Y S T E M S D I V 3 5 4 5M I FEC I N C 3 5 6 9M I GKN A U T O M O T I V E C O M PO N EN TS 3 7 14M I GRAND TR U N K W E S T E R N RR CO 4 1 1 1M I G R I N D E R S FOR I N D U S T R Y IN C 3 5 4 1M I H I L E X C O R P . 5 0 1 3M I H I T A C H I F A R M IN G T O N H I L L T E C H N I C A L CTR 7 3 9 1M I HOMER D O N A L D S O N / K I T S U D A E N G . V E N T U R E 3 4 6 5M I I I S T A N L E Y CO I N C 3 6 4 7M I I D E M I T S U C H E M I C A L S USA 2 8 2 1M I I N T E R K A L I N C 2 5 3 1M I LE A R S I E G L E R I N S T R u A V I O N I C S Y S T E M S CORP 3 6 6 2M I L E N AW EE S T A M P I N G CORP 3 4 6 5M I M A S T E R C A S T CO 3 3 6 9M I MAZDA N O R T H A M E R I C A I N C 7 3 9 1M I M I T S U I BANK 6 0M I M O B I L O I L C O R P ' S P L A N T & P R O P E R T I E S 2 9 1 1M I N I P P O N D E N S O T E C H N I C A L C E N T E R 7 3 9 2M I P AR K E R C H E M I C A L CO 2 8 9 9M I P E N T A I R I N C ' S M I L L 2 6 2 1M I P R O C O I L CORP 5 0 5 1M I R E P U B L I C P L A S T I C S 2 8 2 1M I R O B I N T R A N S P O R T IN C 4 2 1 3M I ROB OTRO N D I V 3 6 2 2M I R O C K W E LL C L U T H CO 3 7 1 4M I R YA N GROUP 4 2 1 3M I S I N T O K O G I O / R O B E R T S 3 5 5 9M I S U S H I R E S T A U R A N T S 5 8 1 2M I S U S H I - IW A USA I N C 5 8 1 2M I U N I G E N I N C 2 8 6 9M I W A S TE R E M O V A L CO 4 9 5 3M I W H I T T A R S T E E L S T R I P D I V I S I O N 3 3 1 6M I W O L V E R I N E W O R L D W ID E I N C 3 1 4 2M I Y U H S H I N O R S C H E N 3 7 14MN A F C I N C 3 0 7 9MN B . D A L T O N B O O K S E L L E R C O . 5 9 4 2MN B L A N D I N P A P E R CO 2 6 2 1MN BROWN P H O TO CO 7 3 9 5MN D A TA CARD CORP 3 6 6 2MN E C O L A B ' S W O R L D W ID E CONSUM ER P R D T S D I V 2 8 4 1MN H O N E Y W E L L I N F O R M A T I O N S Y S T E M S 7 3 7 2MN I N T E R N A T I O N A L H A I R G O O D S I N C 5 6 9 9MN I N T L M U L T I F O O D S CORP 2 0 4 1MN J . L . S H I E L Y CO 1 4 4 2MN M I N N E T O N K A ' S C H E C K - U P T O O T H P R D T S 2 8 4 4MN OWATONNA MFG CO I N C 3 5 2 3MN P E A T A S S O C I A T E S OF A M E R I C A 1 4 9 9MN S H E L D A H L I N C 3 6 7 9MN V A L S P A R MEBON 5 1 6 1MN W O R T H IN G T O N D A I L Y G LO B E 2 7 1 1MO A M E R I C A N I T A L I A N P A S T A CO 2 0 9 8MO H A L L A M ' S P E A N U T B U T T E R P L A N T 2 0 5 2

F O R E I G N I N V E S T O R NA TY V A L U E

S A A T C H I B R O TH E R S UK OTM I T S U B A E L E C T R I C MFG CO JA J VE M S -T O G O AG SZ NP 1 . 5CANON I N C JA AME LO P A K AS NO AMDA I - I C H I O E N T S U CO L T D JA NP 1 . 9G U E S T , KEEN * N E T T L E F O L D UK NP 1 0 . 0C A N A D I A N N A T I O N A L R A IL W A Y S CA OTTOYODA M A C H I N E WORKS LTO JA AMN I P P O N C A B LE S Y S T E M S I N C . JA PEH I T A C H I L T D JA NPK I T S U D A E N G I N E E R I N G CO L T D JA JV 1 . 0S T A N L E Y E L E C T R I C CO E T AL JA OTI D E M I T S U KOSAN CO L T D JA NPK O T O B U K I S E A T I N G CO LTD JA AMS M I T H S I N D U S T R I E S PLC UK AMMAZDA MOTOR CORP ET AL JA NP 6 5 . 6KOKUSAN K I N Z O K U KOGYO LT D JA AMMAZDA MOTOR CO L T D JA OT 5 . 7M I T S U I BANK JA OTBRONFM AN F A M I L Y CA AMTO Y O T A MOTOR CO L T D JA OTH E N K E L KGAA GE AMW E S T O N , GEORGE CA AMM A R U B E N I CORP JA JV 1 7 . 0F E R R U Z Z I GROUP I T AMT N T L TD AS AM 1 2 . 0M A R U B E N I CORP JA AM 4 . 0I S U Z U M OTORS L T D JA JVCANADA T R A N S P O R T GROUP CA AMS I N T O K O G I O L T D JA J VS U M IT O M O CORP JA J VS U M IT O M O CORP E T AL JA OTF E R R U Z Z I GROUP I T AMD E G R O O T E , M I C H A E L G . CA AMD O FA S C O I N C CA AM 3 3 . 0M ALCO I N D U S T R I E S L T D AS AM 8 . 0MAZDA MOTOR CO L T D JA J VS H E L L T R A N S P O R T & T R A D I N G CO PLC UK AMV E N D E X I N T L NV NL AMB R O N F M A N . EDWARD & P E T E R CA PE 3 5 0 . 0S C O T T ' S H O S P I T A L I T Y I N C CA AMQ U A N D T , H E R B E R T F A M I L Y GE AM 1 7 4 . 0J OH A B E N C K I S E R GMBH GE AM 2 4 2 . 5F R A N C E , G O VT OF FR OT 5 2 7 . 0A D E R A N S CO L T D JA AM 1 0 . 0BREGMAN F A M I L Y ET A L CA AM 2 4 . 9E N G L I S H C H I N A C L A Y S PLC UK AM 7 3 . 0L I O N CROP JA AMV E R S A T I L E CORP CA AMF I T Z G E R A L D , R E G I N A L D ET AL UK OTS U M IT O M O B A K E L I T E CO L T D JA AM 4 . 9U K , G O V T OF UK J VT H O M S O N , K E N N E T H R 8. F A M I L Y CA AMS P I G A D O R Q - P E T R I N I F A M I L Y I T J V 2 6 . 0U N I D E N T I F I E D J A P A N E S E I N V E S T O R JA AM

*7 *7

I

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T S U S F I R M NAME S I C F O R E I G N I N V E S T O R NA T Y V A L U EMO M U N T E R S C O R P 2 8 9 9 I N C E N T I V E AB SW NPMO S T J O E G O L D CORP 1 0 4 1 BON D v A L A N AS AM 5 5 1 . 0MO T G ( U S A ) C O R P 3 7 1 4 T O Y O T A M OTOR C O , E T A L JA PEMO T I P T O N C E N T E R S I N C 5 7 2 2 D I X O N S P L C UK AM 3 0 . 4MO W E S T E R N L I T H O P L A T E & S U P P L Y CO 2 7 5 3 M I T S U B I S H I C H E M I C A L I N D U S T R I E S L T D JA AMMS B E N C H C R A F T I N C 2 5 1 2 Z U N G , R O N A L D B E I F A N & Y V O N N E SN E l 3 . 2MS H & W B L D G . P R O D U C T S I N C 5 0 3 9 R E D P A T H I N D U S T R I E S L T D CA AM 2 4 . 0MT M O N T A N A R E S O U R C E S M I N E S ( 9 ) 1 0 2 1 U N I D E N T I F I E D A U S T R A L I A N I N V E S T O R S AS AM 0 . 2NO DU C O N 2 0 4 8 B R O N F M A N F A M I L Y CA J VNC ACMA U SA I N C 3 5 5 1 G . D . S PA I T AMNC A D A M S P R O D U C T S C O . 3 2 7 1 C E M E N T - R O A D S T O N E H O L D I N G S P L C E l AMNC B A H L S E N O F A M E R I C A I N C 2 0 5 2 B A H L S E N F A M I L Y GE NP 3 0 . 0NC BGM D I A M O N D T O O L S I N C 5 0 8 4 Z . B A V E L L O N I S PA I T OTNC B L Y T H E I N D U S T R I E S I N C 1 6 1 1 A L F R E D M C A L P I N E P L C UK AMNC B O R G W A R N E R ' S B YR O N J A C K S O N PUMP D I V 5 0 8 4 OKUMA M A C H I N E R Y WORKS L T D JA AM 1 2 . 8NC B O T T C H E R & G E S S N E R 5 0 8 4 S T E I N B E I S & C O N S O R T E N GMBH E T A L GE O TNC B O T T E R O U SA C OR P 5 0 8 4 B O T T E R O SPA I T O TNC B U R L I N G T O N ' S D E N I M P L A N T 2 2 1 1 D O M I N I O N T E X T I L E I N C CA AM 2 0 5 . 0NC C I N E P L E X 7 8 3 2 D R A B I N S K Y , G A R T H E T A L CA OTNC C I N E P L E X - O D E N CORP 7 8 3 2 D R A B I N S K Y , G A R T H E T A L CA O TNC C O N C R E T E B L D G S . C O N C E P T S 3 2 7 1 D E D A N S K S U K K E R F A B R I K K E R A / S DA NP 3 . 3NC D E L L E V E D O V E U SA I N C 5 0 8 4 V E D O V E F A M I L Y I T OT 0 . 3NC F O C K E & CO 3 5 5 9 FO C K E & CO GMBH GE NPNC F U J I T S U A M E R I C A I N C 3 6 6 1 F U J I E L E C T R I C CO L T D JA O TNC G I L B A R C O I N C 3 5 8 6 G E N E R A L E L E C T R I C CO P L C UK AM 2 5 0 . 0NC H I G H P O I N T C H E M I C A L CORP 2 8 6 5 KAO C OR P JA AMNC H I T A C H I A M E R I C A L T D 5 0 6 5 H I T A C H I L T D JA OTNC I C I ' S C A R O D E L S P E C I A L T Y R E S I N S 2 8 2 1 I M P E R I A L C H E M I C A L I N D S P L C UK PENC I M P A C T P L A S T I C S 3 0 7 9 R O E C H L I N G H A R E N KG GE AMNC I N T E C H 3 5 5 2 T A K A T O R I M CH Y M FG CO L T D JA AMNC IS E W A N U S A I N C 4 7 1 2 IS E W A N T E R M I N A L S E R V I C E CO L T D J A OTNC K A B I V I T R U M 7 3 9 1 S V E N S K A S T A T E N SW PE 7 . 0NC K I N G F I S H E R P R I N T S 5 1 9 9 K I N G F I S H E R P R I N T S L T D UK OTNC KOBE C O P P E R P R O D U C T S I N C 3 3 5 1 KOBE S T E E L L T D JA J V 4 ! 8NC K O N 1 C A M FG USA I N C 3 8 6 1 K O N I S H I R O K U P H O TO I N D CO L T D JA NP 1 2 0 . 0NC L A N D # * * * U . K . I N V E S T O R S UK RE 0 . 4NC M E R E D I T H / B U R D A COR P 2 7 5 1 BURDA GMBH GE NP 3 . 0NC M I T C H E L L D I S T R I B U T I N G CO 5 0 8 2 BLACKWOOD HODGE P LC UK AMNC M I T S U B I S H I S E M IC O N D U C T O R A M E R I C A 3 6 7 4 M I T S U B I S H I E L E C T R I C CORP JA PE 3 6 . 0NC MONROE E N Q U I R E R J O U R N A L E T A L 2 7 1 1 T H O M S O N , K E N N E T H R & F A M I L Y CA AM 2 0 0 . 0NC NA FM E N G I N E E R I N G CORP 3 5 5 1 N I P P O N A U T O M A T I C F I N E MCHY CO L T D JA OT .NC NC P R O D U C T S CO 3 2 5 1 C E M E N T -R O A D S T O N E H O L D I N G S P LC E l AM .NC OKUMA M A C H I N E T O O L S I N C 3 5 4 1 OKUMA M A C H I N E WORKS L T D JA NPNC O L I V E R A M E R I C A N H I G H P O I N T W O O D W O RK IN G CO 2 4 2 6 F U J I S T E E L CO L T D JA PE 1 . 4NC ORGANON T E K N I K A CORP 3 8 4 1 A K ZO N V NL PENC P A U L D I N G E L E C T R I C A L P R D T S SUB 3 6 4 3 HAMMOND M FG CO L T D CA OT .NC R A L P H S Q U I R E S HOM ES 1 5 2 1 C . H . B E A Z E R H O L D I N G S UK AM .NC R E X H A M CORP 2 6 4 1 BOWATER I N D U S T R I E S P LC UK AM 2 2 6 . 0NC R HEO N 2 0 4 5 R HEO N A U T O M A T I C MCHY CO JA NPNC R H O N E - P O U L E N C 5 1 6 1 F R A N C E , G O VT OF FR OT .NC S A R S T E D T I N C 5 1 2 2 S A R S T E D T I N C GE O T 5 . 0NC S I L V E R H I L L M I N E 1 0 4 4 N IA G A R A C A P I T A L CORP CA OT 1 . 3NC SUB A R U O F A M E R I C A I N C 5 0 1 2 F U J I H E A V Y I N D U S T R I E S L T D JA NPNC S U M IT O M O E L E C R E S C H T R I 3 6 6 1 S U M IT O M O E L E C I N D L T D JA PE 2 5 ! 0NC T A K E D A C H E M I C A L P R D T S . U SA I N C 2 8 3 4 T A K E D A C H E M I C A L I N D U S T R I E S L T O JA NPNC T E C A N USA L T D 5 0 8 6 T E C A N AG S Z NP .

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1987 FOREIGN DIRECT INVESTMENTS TRANSACT IONS,COMPLETED,BV

T S US F I R M NAME S I C

NC T E X M A C I N C 3 5 5 2NC T R I A N G L E M A N U F A C T U R I N G CORP 3 9 4 9NC V O L V O -G M H E A V Y TR U C K CORP 7 5 4 9NC W I L S O N - C O O K M E D I C A L IN C 3 8 4 1NC Z E V A T E C H 5 0 8 4ND U N I O N T E X A S P E T R O L E U M / N E S T E OV V E N T U R E 1 3 1 1NE L I N C O L N G R A I N 5 1 5 3NE T E C H - H A U S I N C 1 5 4 2NE T R W 1 S C A P A C I T O R D I V 3 6 7 5NE V A L M O N D I N D U S T R I E S I N C 3 5 3 2NH B E R R Y T R A N S P O R T A T I O N CO I N C 4 1 5 1NH C L A R O S T A T MFG CO I N C 3 6 7 8NH P E R M A T T A C H D I A M O N D TOOL CORP 3 5 4 5NH P O L Y C L A D L A M I N A T E S I N C 2 8 9 1N J A ER O S E R V I C E S I N T E R N A T I O N A L I N C 4 5 8 2N J A I R C R U I S E R S CO 3 0 6 9N J A LC O G R A V U R E I N C 2 7 5 4N J A L L I E D S I G N A L S N E P T U N E I N T L U N I T 3 8 2 4N J B P P E R F O R M A N C E P O L Y M E R S I N C . 3 0 7 9N J B U R E A U V E R I T A S C O N T A I N E R S E R V I C E CORP 4 7 8 9N J C A L U M E T MFG CO 3 0 7 9NJ C A N R A D I N C 3 6 4 1N J C A S I O I N C 3 5 7 3N J C E L G E N E CORP 7 3 9 1N J C O N N E C T R O N I N C 3 6 4 3N J D A T A T E L I N C 3 6 6 2N J D E L M E D I N C 3 8 4 2N J D U C A I R B I O E S S E N C E I N C . 2 8 4 4N J D U R K E E F R E N C H FOO DS 2 0 9 9N J F I R M E N I C H I N C 2 8 6 9N J F I R S T J E R S E Y N A T I O N A L 6 0NJ F U N D S N E T I N C 7 3 9 9N J G O O D A L L R U B B E R CO 3 0 4 1N J H A Y D E N P U B L I S H I N G CO 2 7 2 1N J H O E C H S T C E L A N E S E CORP 5 1 6 1N J H U L S A M E R I C A I N C 5 1 6 1N J I N G E R S O L L - R A N D F I N A N C I A L CORP 61N J J . M E R E D I T H B U S CO 4 1 5 1N J J U R A K U R E S T A U R A N T 5 8 1 2N J J V C P R O F E S S I O N A L P R O D U C T S CO 5 0 6 4N J K I N D Y C H I L D R E N F U R N I T U R E 5 9 9 9N J K IN G S B R O O K C O U N T R Y E S T A T E S * * * *N J K O M A TSU A M E R I C A CORP 5 0 8 2N J L A N G G U T H 2 6 4 1N J LE A R S I E G L E R A V I O N I C S S Y S T E M S CORP 3 7 2 8N J M A T S U S H I T A E D U C A T I O N C E N T E R 3 6 3 1N J MC R E P R O T E C H S M I T S U B I S H I C H E M I C A L S 2 8 6 5N J M E T R O O I L & C H E M I C A L CORP 5 1 6 1N J M I T S U B I S H I E L E C T R I C S A L E S A M E R . I N C 5 0 6 4N J M O N I T O R I N C 5 0 7 5N J NEC A M E R I C A 5 0 6 3N J O C C I D E N T I A L ' S P R O C E S S C H E M I C A L D I V 2 8 9 1N J P R O C E S S C H E M . D I V . OF D IA M O N D SHAMROCK 2 8 6 9N J R ED S T A R E X P R E S S L I N E S OF A U B UR N I N C 4 2 1 3N J R O D I E R P A R I S 5 6 2 1N J R O U S S E L U C L A F F H O L D I N G S 5 1 6 1

F O R E I G N I N V E S T O R NA TY VALUE

C . I T O H & CO L T D O JA NPST LAW RENCE MFG CANADA I N C CA AMV O LV O AB SW PEW IL S O N - C O O K M E D I C A L I N C CA NPB A C HO FEM AG SZ OTF I N L A N D , G O V ' T OF F I JVE L D E R S I X L L T D AS AMGERMAN I N V E S T O R S GE AMS H I Z U K I E L E C T R I C CO LTO JA AMF I D E L I T Y I N T L L T D BD E lS C O T T S H O S P I T A L I T Y CO CA AMHAWKER S I D D E L E Y GROUP PLC UK AM 3 0 . 8A S A H I D IA M O N D I N D U S T R I A L CO L T D JA AMCOOKSON PLC UK AM 7 4 . 0A T T A R , 0 1 BO I T E lZ O D I A C I S S Y L E S M O U L I N E A U X FR AMM A X W E L L , R O B E R T UK AM 7 7 . 5S C H LU M B ER G ER L T D UK AMU N I T E D K I N G D O M , GOVT OF UK PE 2 0 . 0B U R EA U V E R I T A S FR OTM E T A L BOX P LC UK NPARC I N T L CA AM 2 0 . 5C A S I O C OM PU TER CO L T D JA OTH O E C H S T AG GE NPHAWKER S I D D E L E Y GROUP PLC UK AMDOWTY GROUP P LC UK AM 4 0 . 0F R E S E N I U S AG GE AMT S UMURA J U N T E N D O I N C . JA AM 1 2 . 5R E C K I T T & COLMAN PLC UK OTU N I D E N T I F I E D S W I S S I N V E S T O R S SZ NP 2 5 . 0N A T I O N A L W E S T M I N S T E R BANK GROUP UK AM 8 2 0 . 0N A T I O N A L B U S I N E S S S Y S T E M S I N C . CA AMT R E L L E B O R G G U M M I N F A B R I K S AB SW E l 3 . 5VNU BV N L AMH O E C H S T A G GE OTV EB A AG GE OTHONGKONG S H A N G H A I B A N K I N G CORP HK AMS C O T T S H O S P I T A L I T Y CO CA AMK A T O , CHUNGO JA OTM A T S U S H I T A E L E C T R I C I NO CO L T D JA OT 4 . 0B A B Y L A N D I A M O V I S I N F A N T O J U V E N I S BR OTT R A F A L G A R H O U S E GROUP UK REK OM A TSU L T D JA OTL A N G G U T H GMBH 8« CO GE OTS M I T H S I N D U S T R I E S PLC UK AMM A T S U S H I T A E L E C T R I C I N D . CO L T D JA OTM I T S U B I S H I C H E M I C A L I N D U S T R I E S L T D JA PES IM O N E N G I N E E R I N G PLC UK AMM I T S U B I S H I E L E C T R I C JA OTTOK Y O B O E K I L T D JA OTN EC CORP JA OTH E N K E L GMBH GE AMH E N K E L KGAA AG GE AMT N T L T D AS AMP R O U V O S T SA FR OTH O E C H S T AG GE NP

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T S U S F IR M N AM E S IC

N J S C H O O L B U S CO 4 1 5 1N J S H IM A S E I K I M FG CO 3 5 5 2N J S H O P P IN G C E N T E R * * * *N J S IE M E N S 3 6 7 9N J S S A N G Y O N G S H IP P IN G ( U S A ) IN C 4 4 1 1N J S T E N D I G /V I T R A J O IN T V E N T U R E 2 5 2 1N J S T E R L IN G E X T R U D E R C O R P 3 5 4 9N J T A K A S C O R P U S A 2 8 9 9N J T O P C O N IN S T R U M E N T C O R P O F A M R . 3 8 1 1N J T R IA N G L E M IC R O W A V E IN C 3 6 7 9N J T U S C A N D A IR Y FA R M S IN C 2 0 2 6N J W A D E L L E Q U I P 'S A IR C R A F T D I V 3 5 4 1N J W IN S O R & N EW TO N 3 2 9 9N J W VR O U G H & L A S E R IN C 5 1 6 1N J V IP K O N C O R P 5 0 8 4NM R E S E R V E O I L & M IN E R A L S C O R P 1 0 9 4NM S A F E W A Y D I V . E L P A S O 5 4 1 1N V D U N E S H O T E L A N D C A S IN O 7 0 1 1N V E L E C T R O N IC S P E C IA L T Y P R O D U C T S IN C 5 9 4 4N V H IL L T O P G O L D P R O P E R T Y 1 0 4 1N V LA C A N A G O LD IN C 1 0 4 1N V N IP P O N M IN I N G O F N E V A D A L T D 1 0 4 1N V R O U N D M O U N T A IN G O LO M IN E 1 0 4 1N V S T IM A G IN G T E C H N O L O G Y 3 9 5 5N V S H IN K O . K E S A I 3 0 7 9N V W IN D E C K E R IN C 3 6 2 4N V Z A C A P R O P E R T Y 1 0 4 1N Y A & P F U T U R E S T O R E S 5 4 1 1NV AC & R /D H B & B E S S 7 3 1 1NV A O T IN C 3 6 7 9N Y A E R O S P A C E A V IO N IC S IN C 3 6 6 2N V A 1 C P H O TO IN C 5 0 4 3N V A L E X O N 5 6 2 1N Y A L F R E D O U N H IL L O F LO N D O N IN C 5 6 1 1N Y A L G O N Q U IN H O T E L 7 0 1 1N Y A M E R IC A S TO W ER S * * * *N V A M M IR A T I & P U R IS I N C . 7 3 1 1N Y A P -D O W J O N E S /T E L E R A T E CO 7 3 5 1N V A U D 7 3 6 2NV B . A L T M A N & CO 5 3 1 1N V B A L L Y I N C . 5 6 6 1NY B A N Q U E B R U X E L L E S LA M B E R T 6 2 1N V B A R C L A Y S B A N K S U B S ID IA R Y 6 2 1 1N V B A S IL E B O U T IQ U E 5 6 2 1NV B A U S C H & L O M B S ' O P H T H A L M IC D I V 3 8 5 1N V B A U S C H & L O M B S ' O P T IC A L D I V 3 8 3 2N V B E R K 5 6 3 2N V B IC E R E S T A U R A N T 5 8 1 2NV B L A S E R S W IS S L U B E IN C 2 9 9 2N V B L U E ARROW 7 3 6 2N Y B O R D E N ' S W Y LE R PO W D . S O F T D R IN K B U S . 2 0 8 7N V B R A U N H O R T IC U L T U R E 3 4 9 6NV C A B L E C CORP 3 3 5 7NV C A P IT A L D I S T R I C T T H E A T E R S 7 8 3 2N V CA R S T E A M S H IP IN C 4 4 6 3N V C A R L E T O N GRO UP 3 8 2 3

F O R E IG N IN V E S T O R NA T Y

D E G R O O T E , M IC H A E L G . CA AMS H IM A S E I K I S E IS A K U S H O CO L T D JA N PYA O H A N JA RES IE M E N S AG GE OTS S A N G VO N G C O R P KS OTV IT R A AG S Z J VB A K E R P E R K IN S P L C UK AMT A K A S A G O C O R P JA NPTO Y O O P T IC A L CO L T D JA PEA R IA D N E A U S T R A L IA L T D AS AMJO H N L A B A T T L T D CA AMA U X IL E C SA FR AMR E C K IT T & C O LM A N P LC UK NPB A Y E R AG GE AMS H L S V S T E M H O U S E CA AMB R IE R L E Y , R O N A LD E T A L N Z E IA SK O D E U T S C H E K A U F H A U S AG GE AMN A N G A K U , M ASAO JA AMW A LTE R J A C O B & CO L T D UK AMB R O N F M A N , P E T E R & EDW ARD CA J VIN T E R N A T IO N A L CORONA R E S O U R C E S L T D CA E IN IP P O N M IN IN G L T D JA O TECH O B A Y M IN E S L T D CA OTS AN G YO CO L T O , S T JA N PS H IN K O K E S A I JA N PN IP P O N S T E E L CORP E T A L JA J VC A L IF O R N IA GO LO M IN E S L T O CA O TT E N G E L M A N N F A M IL Y GE O TS A A T C H I B R O T H E R S UK O TH A W LE Y GR O UP P L C UK AMHAW KER S ID D E L E Y GRO UP P LC UK AMM A X W E LL E L E C T R O N IC S L T D HK E IA L E X O N G R O UP P L C UK O TR O TH M A N S I N T L P LC UK PEA O K I C O R P JA AMK U M A G A I G U M I JA REB O A S E M A S S IM P O L L IT T P LC UK AMU N IT E D K IN G D O M , G O V T OF UK E IH E S T A IR P L C UK AMH E R S C U . G EO R G E AS AMO E R K IL O N -B U H R L E H O L D IN G S S Z PEBA N Q U E B R U X E L L E S LA M B E R T BE OTB A R C L A Y S B A N K P LC UK O TB A S IL E H O U S E I T OTC A M B R ID G E IN S T R U M E N T S CO P LC UK AMC A M B R ID G E IN S T R U M E N T S CO P L C UK AMB E R K , H A R V E Y F A M IL Y UK OTB IC E R E S T A U R A N T I T OTB L A S E R S W IS S L U B E SZ NPB L U E ARROW P LC UK OTU N IL E V E R N V NL AMBR A UN N U R S E R Y L T D CA NPB IC C P LC UK E IH O V T S C O R P . P T V . L T D . AS OTK A W A S A K I K IS E N K A IS H A L T D JA AMFR GRO UP P LC UK AM

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1 VIB 7 FOREIGN DIRECT INVESTMENTS TR AN S A C T I ON S , COMP L E T ED , 8 V STAT

TS US F I R M NAME S I C

NY C A S C A D E S N IA G A R A F A L L S IN C 2 6 3 1NY CBS R EC O R D S GROUP 3 6 5 2NY C E L A N E S E CORP 2 8 6 9NY C H I C A G O P N E U M A T I C S TOO L & E Q U I P D I V 3 5 4 5NY C l S P E C I A L C H E M I C A L S I N C . 5 1 6 1NY C I R O I N C . 5 9 4 4NY C I T I C O R P BLDG * * * *NY COMART A S S O C I A T E S I N C . 7 3 9 2NV C O M PU TE R A S S O C S I N T L IN C 7 3 7 2NV C O M P U TE R T E R M I N A L S Y S T E M S IN C 3 5 7 3NY C O N T E L B U S I N E S S S Y S T E M S 7 3 9 2NV C O R N E L L C O M PU TE R CORP 7 3 7 9NY C O U N TR Y E P I C U R E I N C 2 0 5 1NV DAWSON I N T E R N A T I O N A L USA 5 6 3 2NV D I V E R S I F I E D P R I N T I N G CORP 2 7 5 4NY D O V ER H O T E L 7 0 1 1NY E L E C T R O S O U N D GROUP I N C 3 6 5 2NY ELM ER L I T T L E 8. SONS IN C 3 1 5 1NV E S P R I T S Y S T E M S IN C 3 6 7 2NY F O R T U N E C O O K I E S 5 6 2 1NV F R E T T E USA 5 7 1 9NY G A K K Y U S H A USA CO. 8 2 2 1NV G B I I N T L I N D U S T R I E S I N C 3 5 4 5NY G E ' S A D V A N C E D LA S E R TE C H N O LO G Y 3 6 6 2NY G I A D A 5 6 2 1NY G I R O Z E N T R A L E 6 2NY H A K UH O DO A D V E R T I S I N G A M E R I C A I N C 7 3 1 1NY H A R P E R & ROW P U B L I S H E R S IN C 2 7 3 1NV HDM W O R L D W ID E 7 3 1 1NY H E R M E S 5 9 4 8NY H E R M E T I C A I R C R A F T I N T L CORP 5 0 8 8NV H I - T E C H R O B O T I C S L T D 3 6 7 9NY H O O K E R , L J R E T A I L CORP 5 3 1 1NY HU D SO N R I V E R C E N T E R * * * *NY HVOGO SOGO BANK 6 0 3NY I N D I A N SUMMER I N C 2 0 9 9NY I S S E Y M I Y A K E USA 5 6 2 1NY J A C Q U E L I N COCHRAN 2 8 4 4NY J O Y ' S O ZO N E I N D U S T R I E S 3 5 3 2NY JWT GROUP ( J W A LTE R T H O M P S O N ) 7 3 1 1NY K I M P E X USA L T D 3 7 5 1NY K I N G ROAD M A T E R I A L S I N C 2 9 5 1NY K L M / I N T E R E X 4 5 1 1NY L A N D ( 6 9 A V R E S O * * * *NV L A U R E N C E , C H A R L E S , FR E E & LAWSON 7 3 1 1NY L I N O T Y P E CO 3 5 5 5NV LOEWE 5 9 4 8NY M A R I N E M I D L A N D BA N KS I N C 6 0NY M A R T E L L , J & F D I F F U S I O N USA 5 9 4 8NY M A T R I X CORP 3 5 7 3NY M C C A L L P A T T E R N CO 2 7 4 1NY M E D I A R E C O R D S 7 3 1 1NY M ER GER & A C Q U I S I T I O N TE A M ( M & A ) 7 3 9 2NY M I C C O N S U L T I N G 7 3 9 2NY M I L A N D ' OR 5 6 2 1NY M I N O L T A A D V A N C E T E C H N O L O G Y I N C 3 8 6 1

F O R E I G N I N V E S T O R NA TV VALUE

C A S C A D E S I N C CA PE 1 5 . 0SONY CORP JA AM 2 0 0 0 . 0H O E C H S T AG GE AM 2 8 5 0 . 0A T L A S COPCO AB SW AM 8 5 . 5C . I T O H 8. C O . L T D JA OT 1 . 0G O L D , ABRAHAM E T . AL CA E lD A I - I C H I M U T U A L L . I . CO JA RE 6 7 0 . 0R OTHM ANS I N T L PLC UK AM 1 9 . 8H A E F N E R , W A LTE R SZ AMS E D I O NV SZ AM 0 . 1HAWLEY GROUP PLC UK AMCOM PU TER POWER CORP AS AM 1 0 . 0V I L G R A I N F A M I L Y FR AMDAWSON I N T E R N A T I O N A L PLC UK OTM A X W E L L , R O B E R T UK AM 3 5 0 . 0J A P A N E S E RE D EV COS JA AM 1 8 . 5C IN R A M L T D CA AM 0 . 2SWANY CORP JA AMA D V A N C E D DATUM I N F O R M A T I O N CORP CH E lT A K I H Y O CO L T D JA OTM O S C A , V I T T O R I O F A M I L Y I T OTKUMON I N S T I T U T E OR E D U C A T I O N JA OTL A P S K E R , I T Z C H A K I S AMF E R R A N T I PLC UK AMG I A D A JA OTG I R O Z E N T R A L E V I E N N A AU OTSSC 8c B : L I N T A S W O R L D W ID E UK J VW I L L I A M C O L L I N S PLC UK AM 2 2 . 8EUROCOM S A / D E N T S U CO FR J VJ E A N - L O U I S D U M A S -H E R M E S F A M I L Y FR PEW E S T L A N D P LC UK AM 4 . 2T R I - C A N D E V E L O P M E N T S L T D CA AM 0 . 1H E R S C U , GEORGE AS OTGOMES DE A L M E I D A , F E R N A N D E S ET AL BR REHYOGO SOGO BANK JA OTNAKANO V I N E G A R L T D JA AM 2 . 1WACOAL I N T L CORP JA OTF R A N C E , G O VT OF FR AMBBA GROUP P LC UK AMWPP GROUP PLC UK AM 5 6 6 . 6S O U C Y , G I L L E S CA NP .C E M E N T - R O A D S T O N E H O L D I N G S L T D E l AM .KLM R O Y A L D U T C H A I R L I N E S BV NL J VC A R R E FO U R SA FR RE 1 8 . 0LOWE H O W A R D - S P I N K 8. B E L L PLC UK AM 2 4 . 8C OM M E R ZB A N K AG GE AMV U I T T O N , L O U I S FR OTHONGKONG S H A N G H A I B A N K I N G CORP HK E l 7 5 6 . 0M A R T E L L F A M I L Y FR OTB A YE R AG GE AM 2 2 . 1JO H N CROWTHER GROUP P LC UK AM 6 3 . 0V NU NV NL AMM I T S U B I S H I CORP JA OTM I T S U B I S H I CORP JA OTM I L A N D ' O R JA OTM I N O L T A CAMERA CO L T D JA NP 2 , 4

8<7l

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T S US F IR M N AM E S IC

N Y M O D ER N B R ID E 2 7 2 1N Y MOHAWK P A P E R M IL L S IN C 2 6 2 1N Y M O JO MOA 7 3 1 1N Y MS M A G A Z IN E 2 7 2 1N Y N A F -N A F 5 6 9 9N Y N A IG A I N IT T O 4 7 1 2N Y N A T IO N A L L E G A L S E R V IC E S 8 1 1 1N V N CC IN D U S T R IE S IN C 2 3 4 2N Y N EM K O IN C 3 7 4 3N Y NEW M O NT M IN IN G CO R P 1 0 2 1N Y N IA C H L O R 2 8 1 9NY N IA G A R A H IL T O N 7 0 1 1NY N IH O N K E I Z A I S H IM B U N IN C 7 3 7 4N Y N IK K O C A P IT A L S E R V IC E S IN C 6 2 8N Y N IP P O N CARGO A I R L I N E S 4 5 1 1N Y N I S S E I E L E C T R IC CO 5 0 6 5N Y N O R T H A M E R IC A N P H I L I P S CORP 3 6 9 3NV N T T A M E R IC A IN C 4 8 1 1NY O E S T E R R E IC H IS C H E B A N K 6 2 1N Y O H M TE K IN C 3 6 7 6NY O N E N IG H T S T A N D IN C 7 2 9 9N Y O T I S E R V IC E S IN C 7 3 6 2NV P A C I F I C L I N K E X P R E S S CO 4 0 1 2NY P A IN E W E B B E R G R O U P IN C 6 2 1 1NY P A R L U X FR A G R A N C E S IN C 5 1 2 2NY P O LY C H R O M E C O R P 3 9 5 5NY POW ERS C HEM CO IN C 3 8 6 1NY P R E M IE R E 2 7 2 1N Y P R O F IT S Y S T E M S IN C 4 7 3 1NY P U B L I C I S 7 3 1 1NV Q U E E N S FA R M S D A IR Y 2 0 2 6NV R A I CO R P 4 8 3 3NV R E IC H H O L D C H E M IC A L IN C 2 8 1 9N Y R E U T E R S IN F O R M A T IO N S E R V IC E S 7 3 5 1NY R E V L O N I N C ' S V I S I O N C A R E D I V 3 8 5 1N Y R I S I N G SUN CO 5 8 1 2NY R O D IE R P A R IS 5 6 1 1NV R O S E T T O FO O D S 2 0 3 8NV S A A T C H I a S A A T C H I D S F 7 3 1 1NY S A A T C H I & S A A T C H I G RO UP ONE 7 3 1 1N Y S A IN T L A U R E N T -R IV E G A U C H E 5 6 2 1N Y S A S S Y 2 7 2 1N Y S C H E N L E V IN D U S T R IE S IN C 2 0 8 5N Y S H E A R S O N LE H M A N B R O T H E R S H O L D IN G S IN C 6 2NV SHER M A N S U P E R S O N IC IN D U S T R IE S CORP 3 5 8 9NY S H O P P IN G C E N T E R * ♦ * *NY SH Y A M A H U JA 5 7 1 3NY SOCK SHOP 5 6 2 1NY S P E C IA L M E T A L S CORP 3 3 4 1NV S P E X GRO UP IN C 3 8 3 2NV S T A T O IL 5 1 7 2NV S U B A R U /M A R IN E M ID L A N D J V 6 1 5 9NY S U M IT O M O T R U S T & B A N K IN G CO (U S A ) 6 0NY S U M M IT O F F IC E S U P P L Y IN C 51 12NY T A C H IK A W A CORP 3 4 7 9N Y T A K E D A B U S IN E S S S E R V IC E USA 7 3 9 2

F O R E IG N IN V E S T O R NA T Y V A L U E

R E E D IN T E R N A T IO N A L P L C UK AM 6 3 . 7S TO R A K O P P A R B E R G S B E R G S L A G S AB SW J V 1 4 . 4M O JO MDA AS O TF A IR F A X , W A R W IC K & F A M IL Y AS AM 1 5 ! 0IN F L U E N C E -P O K N A F -N A F FR OTN A IG A I N IT T O CO L T D JA OTG E S S A C O R P L T D S Z AM i '.aS P IE S S H O F E R , G U E N T H E R GE E l 0 . 1M I T S U I & CO L T D JA PEO P P E N H E IM E R , H A R R Y F . & F A M IL Y SO E l 1 5 5 1 . 0B R O N FM A N F A M IL Y CA NP 1 6 . 6M A T O V IC , R A D O M IR CA AM 8 . 0N IH O N K E I Z A I S H IM B U M IN C JA OTN IK K O S E C U R IT IE S JA O TA L L N IP P O N A IR W A Y S CO L T D JA OTN I S S E I E L E C T R IC CO L T D JA O TP H I L I P S N V NL E l 6 8 0 . 0N IP P O N T E L E G R A P H & T E L E P H O N E CORP JA OTO E S T E R R E IC H IS C H E L A E N D E R B A N K AG AU OTS F E R N IC E SA FR AMD O N IG E R , JO A N N A UK OTECCO SA FR AMY A M A S H IT A - S H IN N IH O N S T E A M S H IP CO L T D JA O TY A S U D A M U T U A L L . I . C . JA AM 3 0 0 .0Z A F R I , E R V IN E T A L AU AMD A IN IP P O N IN K & C H E M IC A L S JA PE 2 0 . 0K O N IS H IR O K U P H O TO IN D CO L T D JA AMF I L I P A C C H I , D A N IE L FR J VL E P G R O UP P L C UK AM 1 3 . 2P U B L IC IS G R O U P , T H E FR OTJO H N L A B A T T L T D CA AMI T A L Y , G O V 'T O F I T OT 7 . 5D A IN IP P O N IN K & C H E M IC A L S IN C JA AM 6 0 0 . 0R E U T E R S H O L D IN G S P L C UK O TP IL K 1 N G T 0 N B R O T H E R S P LC UK AM 5 7 4 ! 0TE M P O R A R Y C E N T E R CORP JA OTP R O U V O S T SA FR OTJO H N L A B A T T L T D CA AMS A A T C H I B R O TH E R S UK OTS A A T C H I B R O T H E R S UK OTD E B E N E D E T T I , C A R LO I T OTF A IR F A X , W A R W IC K & F A M IL Y AS OTG U IN N E S S P LC UK AM 4 8 0 . 0N IP P O N L . I . C . JA AM 5 0 8 . 3SHER M A N S U P E R S O N IC IN D U S T R IE S CORP CA N PD A I - I C H I FU D O S A N CO L T D JA RESHYA M A H U JA L T D IN OT 2 . 5SOCK SHO P I N T L P LC UK OTA U B E R T & O U V A L FR AM 7 2 . 5O V E R S E A S P R IV A T E E Q U IT IE S NV NA AMN O R W A Y , G O V 'T O F NO OT 7 . 6F U J I H E A V Y IN D U S T R IE S E T A L JA J VS U M IT O M O T R U S T & B A N K IN G CO L T D JA OTB U H R M A N N -T E T T E R O D E N V NL AMT A C H IK A W A B L IN D M A N U F A C T U R IN G CO LTO JA OTTA K ED A C H E M IC A L IN D S L T D JA OT

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T S U S F I R M NAME S I C

NY T A R L A Z Z I S T O R E 5 6 2 1NY T E C H N O G E N E T I C S I N C 5 1 2 2NV T E R M A S C A N I N C 3 8 4 1NY T E X A S E A S T E R N C O R P / H A L C O N SC D E S I G N D I V 7 3 9 1NY T I F F A N Y & CO 3 9 1 1NY T N T E X P R E S S A I R 4 5 1 1NY TOH O M U T U A L L . I , C . 6 7 1 1NY T O K A I CARBON 3 6 2 4NV T R A N S L I N K U SA I N C 4 7 8 2NY T R A N S P O R T M A R I T I M E D ' A M E R I Q U E SA 4 4 1 1NY V A R I E T Y I N C 2 7 2 1NY V E N D E X P A C I F I C I N C 3 5 7 3NY V I C O N I N D U S T R I E S I N C 3 6 6 2NY W . J . S E R V I C E S 4 4 5 9NY W ALDBAUM I N C 5 4 1 1NY W E I S S , PEC K & G R E EN 6 7 2NY W E L L I N G T O N H O T E L 7 0 1 1NY W H I T E H A L L F I N A N C I A L GROUP 6 7 1 1NY W I L L I A M ' S CO D E N T A L D I V 3 8 4 3NY W I L L I S & G E I G E R 2 3 3 9NV 4 6 1 F I F T H A V E N U E * * * *NY 6 6 6 F I F T H A V E N U E * * * *OH A A P S T M AR Y S CORP 3 7 1 4OH A M C A S T I N D U S T R I A L CORP 3 3 2 1OH A M E R I C A N A G G R E G A T E S CORP 1 4 4 2OH A M T E X I N C 2 2 7 1OH A P O L L O I N D U S T R I E S I N C . 5 0 1 3OH BA N NER I N D U S T R I E S I N C 3 5 3 2OH B A R N E B E Y - C H E N E Y CO 2 8 1 9OH B A U M F O L D E R CORP 3 5 5 4OH B O N D ED M A C H I N E C O ' S P L A N T 3 5 3 1OH C L E V E L A N D C O N S U L T I N G A S S O C I A T E S 7 3 9 2OH DA Y I N T L CORP 3 0 6 9OH D Y R O T E C H N I C S P E C I A L T I E S I N C 2 8 9 9OH E N E K I A M E R I C A I N C 3 7 1 4OH FORMA S C I E N T I F I C D I V . 3 8 1 1OH G E N C O R P ' S G E N E R A L T I R E & R U B BE R CO 3 0 1 1OH H A R S H A W / F I L T R O L P A R T N E R S H I P 2 8 19OH H I F L O I N C 3 0 7 9OH H I S A N I N C 3 2 9 2OH H ONDA OF A M E R I C A MFG CO 3 7 1 4OH I R D M E C H A N A L Y S I S I N C 3 8 2 9OH K D I CORP 3 9 4 9OH L . E . C A P E N T E R ' S A S S E T S 2 6 4 9OH L E B L O N D M A K I N G M A C H I N E TOO L CO 3 5 4 1OH LO N D O N K I T C H E N S 5 2 1 1OH M . A . HAN NA CO 1 0 1 1OH M A L L I N C K R O D T S ' FLOWCO P R O D U C T S D I V 2 8 2 1OH M A T H E R M E T A L S I N C 3 7 1 4OH M E T A L C A R B I D E CORP 3 2 9 1OH M E TR O T O Y O T A 5 5 1 1OH M I D W E S T M OLD & T E X T U R E CORP 3 5 4 4OH M I T S U B I S H I BANK 6 0OH M I T S U B I S H I E L E C T R I C A M E R I C A I N C 3 6 9 4OH MOBAY CORP 2 8 2 1OH N E A T O N A U TO P R D T S MFG I N C 3 7 1 4

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A N G E LO T A R L A Z Z I SA FR OTR E C O R D A T I SPA I T AMD E T L E V , B A U R S - K R E Y GE AMD E N K I KAGAKU KOGYO KK JA AMM ER C H A N T N A VY O F C . P E N S IO N UK AMT N T L T D AS OTTOHO M U T U A L L , I . C . JA OTT O K A I CARBON CO L T D JA OTI R I S H M A I N P O R T H O L D I N G S E l OTT R A N S P O R T M A R I T I M E D ' A M E R I Q U E SA HA OTR E E D I N T E R N A T I O N A L PLC UK AMV E N D E X I N T L NV NL OTC H U G A I B O Y E K I CO L T D JA AMWORMS S E R V I C E S M E R I T I M E S FR OTT E N G E L M A N N F A M I L Y GE AML L O Y D S BANK PLC UK AMS E E B A , SAM U EL UK AMD EG U N Z B U R G F A M I L Y CA AMI V O C L A R AG LS AMA S H L E Y F A M I L Y UK AMM I T S U I R E D EV CO L T D JA RES U M IT O M O R E A L T Y & D E V E L O P M E N T CO JA REH I T A C H I M E T A L S CORP JA NPC H A SE CORP L T D NZ E lO P P E N H E I M E R , H A R R Y F . & F A M I L Y SO AMH A Y A S H I T E L E M P U CO L T D JA OTL E W O , J . CA E lS T E I N E R , J E F F R E Y J AU AMS U T C L I F F E S PEAKM AN UK AMD E T O S T A S I A T I S K E K O M P A G H I AS DA AMD A I F U K U CO L T D JA AMS A A T C H I B R O T H E R S UK AMB R O N F M A N . P E T E R & EDWARD ET AL CA AMI M P E R I A L C H E M I C A L I N D U S T R I E S PLC UK AME N K E I G R / M I T S U B I S H I CORP JA PEP H I COM P L C UK AMC O N T I N E N T A L GU M M I WERKE AG GE AMC L O R E , A L A N UK AMTO R A Y I N D U S T R I E S I N C JA NPSANOH I N D U S T R I A L CO L T D JA J VHONDA MOTOR CO L T D JA PEDOBSON PARK I N D U S T R I E S UK AMA R I A D N E A U S T R A L I A LT D AS E lFORBO AG SZ AMM A K I N O M I L L I N G M A C H I N E CO L T D JA E lM AG N ET & S O U T H E R N PLC UK OTB R O N F M A N , EDWARD & P E T E R CA E lH E N K E L KGAA GE AMNHK S P R I N G CO L T D JA NPH A R M E T A L L AG SZ AMT O Y O T A M OTORS CO L T D JA OTT A T E M A T S U MOLOWORKS CO L T D ET A L - JA NPM I T S U B I S H I BANK L T D JA OTM I T S U B I S H I E L E C T R I C CORP JA NPB A YER AG GE PEN I H O N P L A S T LTO JA PE

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T S U S F IR M NAM E S IC

O H NEW S A B IN A IN D U S T R IE S IN C 3 7 1 4O H NEW MAN T E C H N O L O G Y IN C 3 4 4 2OH NORWOOD D I V O F L . B . F O S T E R CO 3 4 6 2O H N O VA 5 0 5 1O H O G L E B A Y N O R TO N CO IN C 4 4 3 1OH P E T R O S U R A N C E 6 7 1 1O H P H O T O N IC IN T E G R A T IO N R E S C H IN C 3 6 7 4O H P IN E MANOR IN C 8 0 5 1O H R A N CO IN C 3 8 2 2O H SCM C H E M IC A L S IN C 2 8 1 6OH S E T E X IN C 2 5 3 1O H S T A N D A R D O I L CO 2 9 1 1O H S T E R L IN G IN C 5 4 9 9OH S U N B U R Y C O M P O N E N T S IN D U S T R IE S 3 7 1 4O H T . S . T R IM IN D U S T R IE S IN C 2 2 1 1OH T E IK O K U C O R P 3 7 1 4OH TO M A S C O M U L C IB E R IN C 3 4 6 5O H T O R A V IN D U S T R IE S IN C 2 2 2 1O H T V T R A V E L IN C 4 7 2 4OH U N IC O R P E N E R G Y IN C 4 9 2 4OH V O L V O -G M H E A V Y T R U C K C O R P 3 7 1 1OH W A S TE R E M O V A L COS ( 2 ) 4 9 5 3OH V U S A C O R P 3 0 6 9OK A L L E N -B R A D L E V T D K M A G N E T IC S C O R P . 3 2 6 4OK C A R L - B U IL T IN C 3 7 1 3OK C H IN A - U S L IA I S O N O F F / I N T ' L E N T E R P R IS E S 9 6 1 1OK 1 N T E R S IM ( G M I ) 3 6 9 9OK IO C H E M C O R P 2 8 1 9OK L IN E A R F IL M S IN C 3 0 7 9OK T D K O KLAHO M A C O R P 3 6 7 9OK T E L E X C O R P 3 5 7 3OK T H R E E B U O Y S H O U S E B O A T V A C A T IO N S 4 4 5 9OR A B S O R P T IV E TE C H N O L O G Y IN C 2 8 7 9OR A D V A N C E A U T O M A T IC V E N D IN G IN C 5 9 6 2OR A M E R IC A N TO K Y O K A S E I KOGVO 7 3 9 2OR A V IA G R O UP I N T L I N C . 3 1 4 9OR B IO P R O D U C T S IN C 2 0 4 7OR B O IS E C A S C A D E B LD G ♦ * * *OR CWS C O R P 3 5 9 9OR D A IT O S H O J I CO 5 0 6 5OR O E E F O R E S T P R O D U C TS IN C 2 4 9 9OR E P S O N -P O R T L A N D IN C 3 5 7 3OR E XC H A N G E B LD G * * * *OR FA R W E ST G O R E -T E X S P E C IA L T Y SHO P 5 6 1 1OR F U J IT S U M IC R O E L E C T R O N IC S IN C 3 6 7 4OR G E R B ER L E G E N D A R Y B L A D E S IN C 3 4 2 1OR JO H N L A B A T T FO O DS 2 0 3 2OR KAMBARA U SA 2 7 8 2OR N IP P O N KOKAN 3 6 7 4OR P E TA LU M A L T D 2 0 8 4OR P O R T L A N D F R E IG H T L IN E R IN C 5 5 9 9OR P S I C O N V E Y IN G GR O UPS IN C 3 5 3 5OR R A D IO -H O L L A N D 5 0 6 3OR S U N N Y S ID E P L A Z A * * * *OR T T A M E R IC A IN C 3 2 9 5OR U S H IO IN C 3 6 4 5

F O R E IG N IN V E S T O R NA T Y V A L U E

HONDA M OTOR CO L T D JA N PHONDA M OTOR CO L T D J A J VC O G IF E R SA FR AMC . IT O H & CO L T D JA J V .B R IE R L E Y , R O N A L D A . E T A L N Z AM 1 7 . 9FORUM R E IN S U R A N C E CO L T O BD AM 8 . 3N IP P O N T E L E G . & T E L E P U B L IC C O R P E T A L JA J V 1 . 9O M N I H E A L T H C A R E CA AM 4 . 5S IE B E P L C UK AM 1 5 0 . 0H A N S O N IN D U S T R IE S P LC UK NP 1 8 . 0T A C H I - S CO L T D JA J V 3 . 0U N IT E D K IN G D O M , G O V 'T OF UK E I 7 9 9 2 . 0R A T N E R G R O UP P L C UK AM 210.0SHOWA M A N U F A C T U R IN G CO JA N P 2 5 . 0TO K Y O S E A T CO L T D JA NP 20.0T E IK O K U CHROM E CO L T D JA NPM ASUDA M A N U F A C T U R IN G CO L T D JA N P 1 3 ^ 0TO R A V IN D U S T R IE S IN C JA NPW A G O N -L IT S SA BE AMM A N N , G EO R G E S . CA O TV O L V O AB SW N P 2 3 . 5D E G R O O T E , M IC H A E L G . CA AM .Y A M A S H IT A R U B B E R CO L T D JA J V 1 2 . 7T D K C O R P . JA J VN A T H A N S L T D AS AMP E O P L E S R E P U B L IC O F C H IN A , G O V 'T OF CH O TB E T P L C UK AMIO C H E M C O R P JA NP 7 . 5S C O T T IS H A M IC A B L E L I F E A S S U R . SOC UK AMTD K CORP JA OTM EM OREX I N T L N V N L AM 9 1 1 . 0

CA O T 7 . 5A B S O R P T IV E TE C H N O LO G Y CA PE 2.0F U J I V E N D IN G L T D JA AM 0.6TO K Y O K A S E I KOGYO CO L T D JA NP .R O B E R T S T E P H E N S H O L D IN G S P LC UK AM 5 7 . 9M I T S U I & CO L T D JA AM 5 . 3C O M M E R C IA L S E C U R IT IE S L T D N Z RE .G E B R . S U L Z E R AG SZ AM .D A IT O S H O J I CO L T D JA O TH A Y L O C K , OWEN F E T A L N Z J VS E IK O -E P S O N CORP JA PE .C O M M E R C IA L S E C U R IT IE S L T D N Z REFAR W E ST IN D U S T R IE S CA O TF U J I E L E C T R IC CO L T D JA NP 1 3 0 . 0F IS K A R S OY AB F I AM .JO H N L A B A T T L T D CA O TKAMBARA F A M IL Y JA NP 1 . 4N IP P O N KOKAN KK JA NP 6 0 . 0C L Y D E IN D U S T R IE S L T O AS O TD A IM L E R -B E N Z AG GE OT .G R O UPE L A P E R R IE R E & V E R R E A U L T IN C CA AMK O N IN K L IJ K E N E D L L O Y D G R O EP N V NL OTGREYMOR D E V E L O P M E N T CA RE

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1987 FOREIGN DIRECT INVESTMENTS TRANSACTI ONS, COMPl ETED, BV STATE * *********************************************************

T S US F I R M NAME S I C F O R E I G N I N V E S T O R NA TV V AL UE

OR W I L C O X BLDG * * * * C O M M E R C IA L S E C U R I T I E S LTD NZ REOR 1 4 5 5 E . B U R N S I D E RD * * * * J A L L A D , MAMOOR SY RE 0 . 5OR 6 2 1 S . W . A D L E R BLDG * * * * C O M M E R C IA L S E C U R I T I E S LT D NZ RE 3 . 3PA A I R F R A N C E 4 5 1 1 F R A N C E , G O V ' T OF FR OTPA A L L E G H E N Y ' S A P P L I A N C E GROUP 3 6 3 4 R E I L CORP AS AMPA A L L I A N C E P L A S T I C S I N C 3 0 7 9 B U N Z L PLC UK AMPA A U G U S T A A V I A T I O N C O R P . 5 0 8 8 E F I M 1 T NP 3 . 7PA B E S T F L E X I N C 3 4 9 8 T O F L E I N C JA JVPA C H A SE E C O N O M E T R I C S IN C 7 3 9 2 WEF A S S O C I A T E S SZ AMPA C H E M C L E A R I N C 4 9 5 3 N E W A R T H I L L PLC UK AMPA C Y C L O P S C O R P . 5 2 1 1 D I X O N S GROUP P LC UK AM 3 8 4 . 0PA D A U P H I N D I S T R I B U T I N G S E R V I C E S 5 1 4 9 N A T I O N A L F R E I G H T C O N S O R T IU M PLC UK AMPA D E C I S I O N I N D U S T R I E S LGR P 3 5 7 3 ECONOCOM I N T L NV FR AMPA F U J I S A W A S M I T H K L I N E CORP 2 8 3 4 F U J I S A W A P H A R M A C E U T IC A L CO L T D JA E lPA G E ' S H VD C U N I T 3 5 7 3 C I E G E N E R A L E D ' E L E C T R I C I T E FR AMPA H . H . R O B E R T S O N CO 3 4 4 4 B E L Z B U R G F A M I L Y CA E l 1 . 5PA I N T L S I G N A L & C O N T R O L GROUP IN C 3 6 6 2 F E R R A N T I P LC UK AMPA J U R A K U R E S T A U R A N T 5 8 1 2 K A T O , CHUNGO JA OTPA K A N E G A F U C H I C H E M I C A L I N D S CO 2 8 2 1 K A N E G A F U C H I C H E M I C A L I N D S CO L T D JA J VPA K L E E R D E X CO 2 8 2 1 T S U T S U N A K A P L A S T I C I N D S . CO JA J V 1 . 0PA L . B . F O S T E R C O ' S A R C H . HARDWARD GROUP 3 4 4 2 BEACON C A P I T A L CORP CA AMPA L A T R O B E B R E W I N G CO 2 0 0 2 JO H N L A B A T T L T O CA AM 3 5 . 0PA N A T I O N A L R O L L CO 3 5 5 9 AB I N T E R F I NANS SW AM 3 . 0PA P EN N T R A D I N G I N T E R N A T I O N A L L T D 5 1 7 2 M A R U B E N I CORP JA OT 0 . 5PA P O L Y T R I B O I N C 3 8 6 1 F U J I K U R A K A S E I CO L T D JA J VPA ROHM & H A A S H V D R A N A U T I C S SUB 2 0 6 9 N I T T O E L E C T R I C I N D U S T R I A L CO JA AMPA ROHM & H A A S ' S E E D B U S . 0 1 9 1 KWS K L E IN W A N Z E B E N E R S A A T Z U C H T AG GE AMPA S CHOOL B U S CO 4 1 5 1 D E G R O O T E , M I C H A E L G . CA AMPA T O F L E A M E R I C A I N C 3 3 1 7 T O F L E CO I N C JA NPPA T O S O - H A A S 5 1 6 1 TOYO SODA MFG CO JA J VPA W E LD E D T U B E CO OF A M E R IC A 3 3 1 7 PALMER T U B E M I L L S L T D AS AM 3 0 . 3PA W E S T M O R E L A N D COA L CO 1 2 1 1 V E B A AG GE E l 2 8 . 1PR C A R IB B E A N G U L F R E F I N I N G CORP 2 9 1 1 Z E E V I , GAD I S AM 1 0 0 . 0R I B U R TO N I N D U S T R I E S I N C 3 6 7 9 C O N TR O L T E C H N I Q U E S P LC UK AMR I C H A M P L A I N P I P E L I N E P R O J E C T 4 9 2 2 N OVER C O I N C CA J VR I E I C H H O F F 5 0 6 5 G E B R . E I C K H O F F M A S C H . GE OTR I HAN NA I N S T R U M E N T S OF A M E R I C A 3 0 2 2 H AN NA I N S T R U M E N T S I T NP 0 . 7R I T E C H N I C A L C O M P O N E N T S I N C 3 6 7 9 F R A N C E , G O V T OF FR AM .R I T O R A Y I N D U S T R I E S 2 2 8 2 T O R A Y I N D U S T R I E S I N C JA NP 2 1 3 . 0R I W E LG R E N M F G . I N C . 7 3 9 1 W ELLC OM E F O U N D A T I O N PLC UK J V 2 0 . 0SC ADO CORP 2 2 2 1 W U L F , H U B E R T GE PE 3 . 0SC A D V A N C E D C O M P O S I T E M A T E R I A L S CORP 2 0 1 9 T A T E H O C H E M I C A L I N D S . CO L T D JA AM 2 5 . 0SC B E N E T E A U 3 7 3 2 B E N E T E A U F A M I L Y FR NP 3 . 5SC BMG 5 0 0 1 M O H N , R E I N H A R D GE OT 14 . 0SC H A H L F I L A M E N T S I N C 5 0 6 5 E R W IN H A H L GMBH GE OTSC K U N J A I N D U S T R I A L CO 2 2 5 3 K U N J A I N D U S T R I A L CO L T D KS NPSC L E T R O N 2 4 3 5 L E T R O N GMBH GE NP 2 8 . 0SC R A N G O N I OF F R A N C E 5 6 6 1 R A N G O N I I T OTSC S L A C K & P ARR H Y D R A U L I C CORP 3 5 6 9 S L A C K & PARR L T D UK OTsc S OM ET I N C 5 0 0 4 SOM ET I T OT 1 . 1sc S T E V E N S / S O M M E R 2 2 7 1 SOMMER A L L I B E R T SA FR J Vsc T N S M I L L S I N C 2 2 0 1 T S U Z U K I S P I N N I N G CO L T D JA NP 6 5 . 0sc T N S M I L L S I N C 2 2 8 1 T S U Z U K I S P I N N I N G CO L T D JA PEsc T N S M I L L S I N C 2 2 0 1 T S U Z U K I S P I N N I N G CO L T D JA PET N A M E R I C A N Y A Z A K I CORP USA 3 6 7 9 Y A Z A K I CORP JA OTT N A TC I N C 2 8 2 1 U BE I N D U S T R I E S L T D E T AL JA NP

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T S US F I R M NAME S I C

T N B E C K E R S L A Y - T E C H 2 3 9 6T N B E N D I X J I D O S H A K I K I 3 7 1 4T N C A L S O N I C M F G . C O R P . 3 7 1 4T N C O L O R T E C H I N C 2 8 2 1T N E Q U I T A B L E E N S K I L D A J V 6 2 1 1T N H A M I L T O N C O N C R E T E P R O D U C T S 3 2 7 2T N HOW MET T U R B I N E P R O D U C T 3 5 1 1T N I K E D A I N T E R I O R S Y S T E M S I N C 2 2 1 1T N K I L G O R E C O R P 2 8 9 9T N K O M A T S U AMER M FG C O R P 3 5 3 1T N M - T E K I N C 2 3 9 9T N M A D I S O N P R E C I S I O N P R O D U C T S I N C 3 3 6 3T N M I - T E C H S T E E L I N C 5 0 5 1T N N I H O N R A D I A T O R 3 5 8 5T N N I S S A N M OTOR C OR P 3 7 1 1T N P O R C E L A I N I N D U S T R I E S I N C 3 4 6 9T N R A N D A L L P H I L L I P S B U I L D E R S I N C 1 5 2 1T N S T A N D A R D - C O O S A T H A T C H E R CO 2 2 8 4T N T E K S I D A L U M I N U M F O U N D R Y I N C 3 7 1 4T N T E N N E S S E E M E T A L C O R P 5 0 5 1T N T E N N E X I N D U S T R I E S I N C 3 7 1 4T N T R I - C O N I N D U S T R I E S L T D 2 5 3 1T N T S U B A K I M O T O E N G I N E E R I N G OF AMER I N C 3 5 3 1T N V ON G A H L E N CO 3 4 9 9T N W A S T E R E M O V A L C OM PA N Y 4 9 5 3T N W H I R L P O O L ' S H E I L - Q U A K E R HOME S Y S T E M S 3 5 8 5T N YAMAKAWA M A N U F A C T U R I N G C OR P OF A M E R I C A 3 4 6 5T N 1 8 6 7 C O N F E D E R A T I O N OF LOG H OM ES 5 0 3 1T X A D V A N C E D TO B A C C O P R O D U C T S I N C 2 1 3 1T X A F T E C H L E A S I N G I N C 7 3 9 4T X A R A B I A N S H I E L D D E V E L O P M E N T CO 1 0 1 1T X A U S G R O U P J V 6 5 3 1T X B A Y L Y , M A R T I N & F A Y 6 3T X B E R K L E Y N O B E L R I S K R E T . G P 6 3T X B O O R H E I M - F I E L D S I N C 1 4 4 2T X B R Y C O I N C 3 2 7 3T X CAMCO I N C 3 5 3 3T X C H A M P L I N R E F I N I N G CO 2 9 1 1T X D A L L A S M A R K E T C E N T E R * * * *T X O E N K A C H E M I C A L CORP 2 8 2 1T X DU P O N T D EN E M O U R S & CO E l 2 8 1 9T X E N E R G Y V E N T U R E S I N C 1 3 8 2T X E N T E R P R I S E D EV CO 6 5 5 2T X E R I C S S O N 3 6 6 1T X F I N C H , D O I & B E R L I N E R I N C 7 3 9 2T X F O R E S T O I L C O R P ' S W E L L S 1 3 1 1T X G A L V E S T O N - H O U S T O N CO I N C 3 5 3 3T X GAS G A T H E R I N G S Y S T E M S I N C 5 1 7 2T X H A R K E N O I L & GAS I N C 1 3 1 1T X I N T E R L O X A M E R I C A 2 8 1 9T X I N T E R T A N I N C 5 7 3 2T X K EN C O P E E N E R G Y COS 1 3 8 9T X K E N T E L E C T R O N I C S CORP 5 0 6 5T X K T I CORP 3 6 6 1T X L . D . B R I N K M A N ' S C A R P E T & FLO OR U N I T 5 0 2 3T X L A K E P A D R E D E V E L O P M E N T * * * *

F O R E I G N I N V E S T O R NA TY V A L U E

B E I J E R I N V E S T M E N T AB SW NP 1 5 . 0J I D O S H A K I K I CO L T D J A J V 4 . 1N I S S A N MOTOR C O * L T D . JA PE 1 0 . 0C O L O R T E C H I N C CA NP 2 . 2S K A N D I N A V I S K A E N S K I L D A B A N K E N SW J VM A R S H A L L S H A L L I F A X P LC UK AMF R A N C E , G O V T OF FR NP 5 . 0I K E D A B U S S A N CO L T D JA OTA S T R A GRO UP P L C UK AMKOM A TSU L T D JA PEN I S S A N MOTOR CO L T D JA NP 9 ! 6T E I S A N D I E C A S T I N G I N D U S T R I A L CO L T D JA J V 3 . 5M I T S U I & CO L T D JA J V 2 . 0N I H O N R A D I A T O R CO L T D JA NPN I S S A N MOTOR CO L T D JA PED E R L A N I N D U S T R I E S L T D CA AMC . H . B E A 2 E R H O L D I N G S UK AMT O O T A L GR O UP P LC UK AMA G N E L L I F A M I L Y I T J V 1 3 . 0S U M IT O M O COR P L T D JA OT 4 . 0N I S S A N M OTOR CO L T D J A NP 8 . 0T O K Y O S E A T CO L T D JA NP 4 . 0T S U B A K I M O T O C H A I N CO JA NP 2 . 0VON G A H L E N N L OTD E G R O O T E , M I C H A E L G . CA AMI N T E R - C I T Y GAS CORP CA AM 1 7 6 . 0YAMAKAWA I N D U S T R I E S JA NP 2 0 . 01 8 6 7 C O N F E D E R A T I O N OF LOG HOMES CA OTP H A R M A C IA AB SW AM 3 . 0Z Y T E C C O M P U TE R L T O CA AMAL Z U H A I R , H A R B S A L E H SA E l 2 . 0E L D E R S F I N A N C E GROUP ASN I K O L S GRO UP I T AMB E R K L E Y CORP BD J V .C E M E N T - R O A D S T O N E H O L D I N G S L T D E l AM .L A F A R G E C O P P E E GROUP FR AMP EA R SO N P LC UK E l 7 2 ! 0V E N E Z U E L A , G O V ' T OF VE AM 9 0 . 0D A I - 1 C H I M U T U A L L . I . C . JA RE 2 0 0 . 0B A YE R AG GE AM .BRONFM AN F A M I L Y CA PES I D A W I , R A J A AU AM 0 . 9H A Y S O N GROUP AS AMLM E R I C S S O N T E L F O N AB SW OT .T R A N S - M E D I A R E S O U R C E S I N C JA J VF R A N C E , G O V ' T OF FR AM 1 5 . 3S I D A W I , R A J A AU AMO P P E N H E I M E R . H A R R Y F . & F A M I L Y SO E l 4 6 . 0T R A C O I N T E R N A T I O N A L NV SA E l 1 7 . 5L A P O R T E I N D S / S O L V A Y C I E UK NPU N I C O R P CORP CA AMNEW LONDON O I L P LC UK AM 5 . 6M ER C U R Y I N T L GROUP P LC UK AM 1 . 4A M E R IC A N T E L E C O M M U N IC A T I O N S CORP CA AM 2 . 2JOH N CROWTHER GROUP PLC UK AM 5 7 . 0U N I D E N T I F I E D I N V E S T O R S GE RE 2 . 0

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T X M IC R O P A C I N D U S T R I E S IN C 3 6 7 9TX M I E C O I N C 5 1 7 2T X M I R E X CORP 5 9 9 9TX M I T A 3 5 7 9T X M I T S U B I S H I E L E C T R O N I C S A M E R . I N C 3 6 1 2T X M Y T E C P O L Y M E R S I N C 2 8 2 4T X N A T I O N A L P I P E AND T U B E CO 3 3 1 2T X NETWORK S E C U R I T Y CORP 5 9 9 9T X N I P P O N P IG M E N T USA I N C 2 8 2 1T X O F F I C E BLDG * * * *T X OXOCO I N C 1 3 1 1T X P EN GO W I R E L I N E 1 3 8 9T X RDK 5 0 8 6T X R E T A I L C E N T E R * * * *T X R I F F E P E T R O L E U M CO 2 9 5 1TX S A K O W I T Z I N C 5 6 5 1T X S E I K O - E P S O N CORP 3 8 5 1T X S H I N T E C H I N C 2 8 2 1T X S I S U USA 5 0 8 8T X S W A C O /G E O L O G R A P H P IO N E E R 3 5 3 3T X TA C O V I L L A R E S T A U R A N T S 5 8 12T X T A L E N T T R E E T E M P O R A R I E S I N C 7 3 6 2TX T E X A S I N T E R N A T I O N A L C O ' S O I L / G A S A S S E T S 1 3 1 1T X T E X A S O I L & C H E M I C A L CO I N C 2 9 1 1TX T O T A L A S S E T S P R O T E C T I O N I N C 7 3 7 2T X T R I T O N ENE R G Y CORP 13 11TX T R I T O N E N E R G Y CORP 1 3 1 1T X U N I DEN CORP OF A M E R IC A 3 6 6 1T X U N I G A T E R E S T A U R A N T S 5 8 1 2TX U N I O N T E X A S P E T R O L E U M H O L D . I N C ' S P R O P S . 1 3 1 1T X WASTE R EM O V A L COMPANY 4 9 5 3T X W O O D B IN E P E T R O L E U M IN C 1 3 1 1T X Z E N O O F F I C E S Y S T E M S 5 0 8 1UN I B F - B I O T E C H N I C S USA 7 3 9 1UN S H O P P I N G C E N T E R S ( 5 ) * * ♦ *UN SKC 5 0 6 5UT B P M I N E R A L S A M E R IC A 1 0 2 1U T B R U M B V S ' 5 8 1 2U T GO LD S T A N D A R D I N C 1 0 4 1UT S O L - A I R E S A L T 8. C H E M I C A L CO 2 8 9 9VA A S S O C . M F G . & I N D U S T . C O N S T R . S VC S 7 3 9 2VA COM MONWEALTH BLDG * * * *VA H O L L A N D C O LO U R S I N C 2 8 6 5VA I & S A S S O C I A T E S 8 9 1 1VA I N E T CO OF A M E R I C A 7 3 7 9VA I N T E R L E U K I N - 2 I N C 2 8 3 1VA J . P . S T E V E N S ' W I D E E L A S T I C F A B R I C BUS 2 2 4 1VA KAY J E W E L E R S I N C 5 9 4 4VA K LO C K N E R C O N T R A C T P A C K A G IN G 2 6 5 5VA L U F T H A N S A 4 5 1 1VA LYNWOOD P L A Z A * * * *VA M A R T I N P R O C E S S I N G I N C 2 2 2 1VA O F F I C E B LD G * * * *

VA O P TO N I N C 3 2 1 1VA O R B I T S E A R C H S E R V I C E S 7 3 7 2VA P L A Z A WEST * * * *

F O R E I G N IN V E S T O R NA TY

H E M P E L , F . W. GE AMM A R U B E N I CORP JA OTE R S K I N E H OU SE PLC UK AMM I T A I N D U S T R I A L CO L T D JA NPM I T S U B I S H I E L E C T R I C CORP JA NPM I T S U B I S H I P E T R O C H E M I C A L CO L T D JA JVC A S T E L L V I , JOHN VE AMI N S P E C T O R A T E I N T E R N A T I O N A L SA SZ AMN I P P O N P IG M E N T CO L T D JA NPM A T S U S H I T A KOSAN CO LT D JA REP H O E N I X V E N T U R E S SA BF AMJOHN WOOD GROUP PLC UK AMR I K A D E N K I KOGYO CO L T D ET AL JA OTU N I D E N T I F I E D I N V E S T O R S HK REF R A N C E . G O V ' T OF FR AMH E R S C U , GEORGE AS AMS E I K O - E P S O N CORP JA AMS H I N - E T S U C H E M I C A L CO L T D JA PES I S U AUTO AB F I OTJOHN WOOD GROUP PLC UK J VU N I G A T E P LC UK AMH E S T A I R P LC UK AMF R A N C E , G O V ' T OF FR AMI B N A B D U L L A H I B N A B D U L , K H A LED SA AMIN C O M E GROUP L T D AS AMY U N G H A N N S , P E T E R N . AS E IB R I E R L E Y , R O N A LD E T AL NZ E IU N I D E N CORP JA NPU N I G A T E PLC UK OTR O Y A L D U T C H S H E L L GROUP NL AMD E G R O O T E , M I C H A E L G . CA AMMOAGE L T D AS E IE R S K I N E H O U S E GROUP PLC UK AMF R A N C E , G O V T OF FR NPCA MPEA U CORP CA RES UN K YON G C H E M I C A L CO L T D KS OTU N I T E D K I N G D O M , G O V ' T OF UK OTA C A D I A B A K IN G CO AS OTS A A D I E N , RAY CA AMB R I E R L E Y , RON E T AL NZ AMN I S S H O IW A CORP JA J VLA D B R O K E S UK REH O L L A N D C O LO U R S A PP E LO O O R M NL NPT O B I S H I M A CORP JA AMB E L L CANADA E N T E R P R I S E S I N C CA J VM A N D A R IN C A P I T A L CORP CA AMC O U R T A U L D S PLC UK AMB U C H E R E R , J O E R G G . SZ AMK L O E C K N E R -W E R K E AG GE NPF E D E R A L R EP OF G E R M A N Y , G O V ' T OF GE OTS IE M A N S AG GE REC O U R T A U L D S P LC UK AMC . I T O H & CO ET AL JA RET A T S U G H U C H I KOGYO G L A S S CO L T D JA NPM A X W E L L , R O B E R T UK AML A D B R O K E S UK RE

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T S U S F I R M NAME S I C

V A R E E S E C O M M U N I C A T I O N S COS I N C 7 3 9 2V A S U M I T O M O 3 5 6 6V A T A R G E T I N G S Y S T E M S I N C 7 3 9 2V A T H O M S O N - C S F ' S S Y S T E M S & W E A PO N S G R O U P 5 0 6 3V A T I M E - O U T F A M I L Y A M U S E M E N T C T . 3 9 9 9V A V D O - V A Z A K I C O R P 3 6 2 4V A V I E DE F R A N C E C OR P 2 0 5 1V T H O U S E C R A F T I N D U S T R I E S 3 9 1 4V T I N T L C H E E S E CO I N C 2 0 2 2WA A I R B O R N E F R E I G H T C O R P 4 7 1 2WA A U T O W A R E H O U S I N G CO 4 2 2 6WA C O S T C O W H O L E S A L E C O R P 5 1 4 1WA FA R W E S T G O R E - T E X S P E C I A L T Y S HO P 5 6 1 1WA H A N A N O K I CO 5 6 1 2WA H E A T H S I G N CO 3 9 9 7WA I C O N S Y S T E M S & S O F T W A R E 7 3 7 2WA K E T T L E R I V E R P R O J E C T 1 0 4 1WA K U E H N E & N A G E L 4 7 1 2WA M I T S U B I S H I E L E C T R I C S A L E S A M E R I C A 5 0 6 4WA N I C H I R E I C O R P OF A M E R I C A 2 0 9 1WA O N C O M E M B R A N C E I N S T I T U T E 7 3 9 1WA P A C I F I C V E N E E R L T D 2 4 11WA R E N A I S S A N C E G R X I N C 3 5 7 3WA S A N S H I N M O K U Z A I KOGYO CO 2 4 2 1WA S E K I S U I H O U S E A M E R I C A 5 0 3 1WA S U G I Y O U SA 2 0 9 2WA T E A L C E D A R 2 4 2 9WA W E S T C O A S T F O R E S T P R O D U C T S I N C 2 4 2 1WA W E S T I N H O T E L S & R E S O R T S 7 0 1 1W I A L L I S C H A L M E R S ' S O L I D P R O C . E Q U I P D I V 3 5 3 2W I B E L O I T CORP 3 5 5 1W I G . H E I L E M A N B R E W I N G CO 2 0 0 2W I I D E A L S P U B L I S H I N G CORP 2 7 3 1W I I K E I N T E R N A T I O N A L CORP 2 4 3 5W I MANPOWER I N C 7 3 6 2W I M IL W A U K E E MACK S A L E S I N C 5 0 1 2W I PMP F E R M E N T A T I O N P R D T S I N C 2 0 4 1W I W E S T E R N GE A R CORP 3 5 6 6WV E A S T E R N G A S & F U E L A SS O C C O A L P R O P E R T I E S 1 2 1 1WV S T E E L OF W E ST V I R G I N I A I N C 3 3 1 2

*

F O R E I G N I N V E S T O R

WPP G R O UP P L CS U M I T O M O H E A V Y I N D U S T R I E S L T DWPP G R O U P P L CF R A N C E , G O V T O FSEG A E N T E R P R I S E S L T DY A Z A K I S OGV O E T A LV I L G R A I N F A M I L YH O U S E C R A F T I N D U S T R I E ST I E N S E S U I K E R I N T L BVT N T L T DT N T L T DC A R R E F O U R N E D E R L A N D B V F A R W E ST I N D U S T R I E S H A N A N O K I CO L T D P A T T I S O N , J I M S A N Y O E L E C T R I C CO L T D ECHO B A Y M I N E S L T D R O W L A N D , R O L A N D W.M I T S U B I S H I E L E C T R I C CORP N I C H I R E I COR PO T S U K A P H A R M A C E U T I C A L CO L T D BANK OF T O K Y Ok a n e m a t s u - g o s h o l t dS A N S H I N M O K U Z A I KOGYO CO L T OS E K I S U I H O U S E L T DS U G I Y O CO L T D E T A LT E A L C E D A R P R O D U C T S 1 9 7 7 L T DS E K I S U I H O U S E L T DA O K I CORPB O L I D E N ABM I T S U B I S H I H E A V Y I N D . L T D B O N D , A L A NG U T E N B E R G H U S B L A D E N E A / S I K E I N T E R N A T I O N A L CORP B L U E ARROW P LC F R A N C E , G O V T OFF U J I S A W A P H A R M A C E U T I C A L CO L T D L U C A S I N D U S T R I E S P LC O P P E N H E I M E R . H A R R Y F . & F A M I L Y R O T H S C H I L D , J A C 0 8

NA T Y V A L U E

UK AMJA NPUK AMJA OT 9JA AM 1 6 . 0J A NP 1 3 . 0FR E lCA N PN L AMAS E l 1 6 . 8AS AMNL E l 3 0 . 9CA OTJA OTCA AMJA E lCA O T 2 . 5UK OTJA OT 3 . 2JA NP 0 . 5JA NPJA J V 1 . 4JA AM 0 . 3JA NP 1 . 0JA OTJA J VCA NP 0 . 1JA AMJA AM 7 5 0 . 0SW AM 9 7 . 9JA AM 6 0 . 0AS AM 1 2 0 0 . 0DA AMJA NPUK AM 1 3 5 0 . 0FR PEJA NPUK AM 1 1 0 . 0SO AMUK AM 4 0 . 0

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APPENDIX D

DESCRIPTION OF KEY TERMS

SOURCE COUNTRY ABBREVIATIONS

STANDARD INDUSTRIAL CLASSIFICATION (SIC)

REFERENCE TABLE

INVESTMENT FORMS REFERENCE TABLE

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1 5 7 -

DESCRIPTION OF KEY TERMS

Acqui si tion -- a transaction in which title to stock or assets of the U.S. target is secured by another person or enterprise. The substantive result is that one party obtains ownership of another.

Agencies — foreign financial intermediaries operating in the United States primarily financing international transactions, but prohibited from accepting domestic deposits.

Branches — foreign financial intermediaries (integral parts of the foreign parent banks) which can accept domestic deposits.

Development — realty investments that involve construction (as opposed to purchase).

Equity Increase — a rise in the percentage of equity securities held, or an equivalent increase in percentage ownership, by a foreign i nvestor.

Foreign Direct Investment — the direct or indirect ownership by a foreign entity of 10 percent or more of the .oting securities of an incorporated business enterprise, or an equivalent interest in an unincorporated business enterprise, and a 10 percent or more interest in real property.

Joint Venture — a transaction in which two or more parties establish a new corporation to which each contributes according to the provisions of the joint-venture agreement.

Merger — a transaction which results in the dissolution of the acquired business enterprise, into either another already existing or into a reorganized (but not always renamed) company.

New Plant — a new operating facility, established either ir conjunction with an existing foreign-owned productive enterprise or as a completely new venture.

Plant Expansion — an addition to the capacity of an existing foreign-owned operating facility.

Purchases — used herein to describe realty transactions, specifically the acquisition of real property.

Standard Industrial Classification (SIC) — categorizes U.S. industries in a numerical classification series, in accordance with the composition and structure of the domestic economy.

Subsidiaries — separate legal entitles either owned or controlled by foreign investors but permitted to do business in the United States under state and/or Federal authority.

Transaction Value — the reported total cost of the investment, or the estimated proportion(of the Investment if a joint venture, regardless of the source or timing of funds.

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SOURCE COUNTRY ABBREVIATIONS

Abbreviation Country

AS AustraliaAU AustriaBD BurmudaBE BelgiumBF BahamasBR BrazilBX BruneiCA CanadaCH ChinaDA DenmarkEl IrelandFI FinlandFR FranceGE Germany. F.R.HA Hai tiHK Hong KongID IndonesiaIN IndiaIS IsraelIT ItalyJA JapanKS Korea, Rep.KU KuwaitLS LiechtensteinNA Netherlands AntillesNL NetherlandsNO NorwayNZ New ZealandSA Saudi ArabiaSN SingaporeSO South AfricaSW SwedenSY SyriaSZ SwitzerlandTO Trinidad & TobagoTW China (Taiwan)UK United KingdomVE Venezuela

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0102070809

1011121314

151617

2021222324252627282930313233343536373839

- 159 -

STANDARD INDUSTRIAL CLASSIFICATION (SIC)

REFERENCE TABLE

Description

Agriculture

Agricultural Production— Crops Agricultural Production— Livestock. Agricultural Services ForestryFishing, Hunting & Trapping

Mini nq

Metal Mining Anthracite Mining Bituminous Coal & Lignite Mining Oi1 & Gas Extraction Nonmetallic Minerals, exc. Fuel

Construction

General Building Contractors Heavy Construction Contractors Special Trade Contractors

Manufacturi ng

Food & Kindred Products Tobacco Manufactures Textile Mill Products Apparel & Other Textile Products Lumber & Wood Products Furniture & Fixture Paper & Allied Products Printing & Publishing Chemicals & Allied Products Petroleum & Coal Products Rubber & Misc. Plastics Products Leather & Leather Products Stone, Clay & Glass Products Primary Metal Industries Fabricated Metal Products Machinery exc. Electrical Electric & Electronic Equipment Transportation Equipment Instruments & Related Products Misc. Manufactures

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40414243444546474849

5051

5253545556575859

6061626364656667

70727375767879

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S.I.C. Reference Table Continued

Description

Railroad TransportationLocal & Interurban Passenger TransitTrucking & WarehouseU.S. Postal ServiceWater TransportationTransportation by AirPipe Lines, exc. Natural GasTransportation ServicesCommunicationElectric, Gas & Sanitary Services

Wholesale Trade —j——.—_ -

Wholesale Trade— Durable Goods Wholesale Trade— Nondurable Goods

Retail Trade

Building Materials & Garden Supplies General Merchandise Stores Food StoresAutomotive Dealers & Service Stations Apparel & Accessory Stores Furniture & Home Furnishings Stores Eating & Drinking Places Miscellaneous Retail

Finance, Insurance & Real Estate

Banki ngCredit Agencies Other Than Banks Security Commodity Brokers Insurance Carriers Insurance Agents, Brokers Real EstateCombined Real Estate/Insurance Holding & Other Investment Offices

Services

Hotel & Other Lodging Personal Services Business Services Auto Repair Services, etc.Misc. Repair Services Motion PicturesAmusement & Recreation Services

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S.I.C. Reference Table Continued

SIC Description

80 Health Services81 Legal Services82 Educational Services83 Social Services84 Museums, Botanical Gardens, etc. 86 Membership Organizations88 Private Households89 Miscellaneous Services

Pub!1c Administration

91-97 Administration

Nonclassifiable Establishments

99 Nonclassifiable Establishments

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INVESTMENT TYPES REFERENCE TABLE

AM - Acquisition/Merger

EI - Equity Increase

JV - Joint Venture

NP - New Plant

OT - Other

PE - Plant Expansion

RE - Real Estate

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