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71
FOREIGN DIRECT INVESTMENT IN THE UNITED STATES 1981 Transactions U.S. DEPARTMENT OF COMMERCE International Trade Administration December 1982 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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FOREIGN DIRECT INVESTMENT IN THE

UNITED STATES

1981 Transactions

U.S. DEPARTMENT OF COMMERCE International Trade Administration

December 1982

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PrefaceThis report lists and provides summary data on individual

foreign direct investment transactions in the United States in 1981. It updates transactions information contained in the monthly report series "Foreign Direct Investment Activity in the United States," and fulfills in part responsibilities assigned to the Secretary of Commerce by Executive Order No. 11858 of May 7, 1975.

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.

The scope and availability of official U.S. Government data on foreign investment available for publication is limited because some Federal agencies operate under strict confidentiality requirements which prohibit disclosure of individual company or transaction data and permit presentation only on an aggregate basis. Accordingly, a significant portion of the data and information contained in this report was derived from a number of public secondary sources such as newspapers, magazines and business and trade journals, as well as from the public files of the Federal regulatory agencies.

The primary Federal agency sources were 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.

The statistics in this report are thus not comparable to other statistical series published by the Federal Government, especially those published by the Department of Commerce's Bureau of Economic Analysis (BEA). The value data herein which show publicly reported amounts of individual transactions, without regard to sourcing or timing of funds, are inconsistent with BEA compilations, and should be viewed primarily as indicators of trends, rather than quantifications of the international capital flows or foreign control of U.S. assets resulting from the transactions described in the report.

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 the information presented in this report.

Copies of this report are available from the Office of Trade and Investment Analysis, International Trade Administration, U.S. Department of Commerce, Washington, D.C. 20230.

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Table of Contents

Page

Overview of Foreign Direct Investmentin the United States, 1981................................... 3

Investment by Source Country................................. 3

Investment by Mode............................................ 6

Location of Investment........................................ 7

Investment by Industry........................................ 9

List of Summary Tables........................................19

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Overviev of Foreign Direct Investment in the United States 1981The Office of Trade and Investment Analysis (OTIA) identified 1203 completed foreign investment transactions for the full year 1981. Values were reported for 570 of these individual transactions, for a total of $27.2 billion.The 1981 total for completed transactions represents a very small increase over the 1199 identified in 1980, and about a 16 percent increase over the 1035 identified in 1979. In value terms, however, the 1981 total reflected an 84 percent increase over the totals for both 1979 and 1980. As in the two earlier years, a few very large transactions accounted for a substantial part of the total value.In 1981, just nine transactions of more than $500 million each had a combined value of $11.6 billion, 43 percent of the total reported value. In 1980, five such transactions accounted for $3.3 billion, 22 percent of the total, and in 1979, just two transactions were valued at $4.3 billion, 29 percent of the total.Investment by Source CountryIn 1981, the major industrialized countries continued to be the primary source of foreign direct investment activity in the United States. Seven of these countries — Canada, France, Germany, Japan, the Netherlands, Switzerland, and the United Kingdom — accounted for 851 transactions, or 71 percent of the total, slightly less than the 73 percent for 1980. The aggregate value of these transactions ($21.2 billion), while markedly higher than the 1980 aggregate ($12.7 billion), represented 80 percent of total value, a decline from the 86 percent of total value the previous year.The principal source country for foreign investment was our northern neighbor, Canada, both in terms of numbers of investments and overall value. Twenty four percent of all transactions (291) originated in Canada, and, with 138 identified values totalling $10 billion, nearly 37 percent of the overall value. By comparsion, Canadian investors accounted for 23 percent of the number and 31 percent of the value for all transactions in 1980. Of the total $10 billion in 1981, 29 transactions, each over $100 million, accounted for $8.4 billion, with manufacturing (seven investments — $3.9 billion) and real property (19 investments — $3.6 billion) leading the way.The United Kingdom and Japan were the next most active sources in 1981, with completed transactions attributable to their investors totalling 182 and 129, respectively. West German investors accounted for 91 transactions, followed by the French (64) and the Dutch (58).

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NUMBER OF 1981 FOREIGN DIRECT INVESTMENTS IN THE UNITED STATES*BY SOURCE COUNTRY DISTRIBUTION

Fronce 5.32% 64Germany, FR 7.56% 91

Ja p a n 10.72%129

Netherlands 4.82% 58Switzerland 2.99% 36

U. K . 182

15.13%

OPEC 2.33% 28

Canada 24.27% 292

All Others 28.85% 323

Number* ore completed Uyveetment*.

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VALUE OF 1981 FOREIGN DIRECT INVESTMENTS IN THE UNITED STATES*BY SOURCE COUNTRY DISTRIBUTION

Fronce 12.13% $3306

Germony/ FR 4.08% $1 112

Japan 4.63% $1262Netherlands 2.94% $882Switzerland 9.92% $251

U. K. $4357

Canada 37.23% $18145

All Othere I $3492

15.99% OPEC 9.25% $2528

Voluee are ml 11 tone of U. S. dollar*.

.82%

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On the basis of identified values, the United Kingdom ranked second with $4.4 billion, followed by France with $3.3 billion. Kuwait, a non-industrial country which has not been among the traditionally large investing sources, ranked fourth with just over $2.5 billion, almost all of which was accounted for by the acquisition of Santa Fe International. Japan ranked fifth by value with $1.3 billion followed by West Germany with $1.1 billion.The following table shows the continuing dominant activity of the major industrialized countries as sources of foreign direct investment here.

Source Country Number of Completed Transactions1977 1978 1979 1980 1981

Canada 92 122 180 253 291France 34 43 51 52 64Germany, F.R. 53 104 166 171 91Japan 55 58 96 101 129Netherlands 21 32 64 63 58Switzerland 16 42 50 48 36United Kingdom 51 107 147 185 182All others 106 169 281 326 352TOTAL 428 677 1035 1199 1203Mode of Investment TransactionDuring 1981, as in the preceding year, acquisitions/mergers and real property transactions were the leading forms of investment activity in terms of the numbers of completed transactions, the numbers of cases with values identified, and aggregate values. While real property led by numbers (510) and by values identified (294) over acquisitions/mergers (291 and 159 respectively), the position was reversed with respect to aggregate value, with acquisitions/mergers valued at $16.1 billion to $7.8 billion for real property.Together, these two transaction modes accounted for 68 percent of all identified transactions, and 88 percent of the aggregate identified value.

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Location of InvestmentForeign investments were made in virtually every State in the country during 1981, with four states accounting for nearly 59 percent of the investment transactions. Florida was the leading state with 271 transactions identified there, followed by New York with 166, California with 146, and Texas with 122. From this level there was a substantial drop in the number of identified cases, with Illinois ranking fifth with 44, followed by Colorado with 43, New Jersey, 37, Pennsylvania, 33, and Ohio, 30.In terms of value, six states accounted for nearly 65 percent of the total, with more than a billion dollars invested in each.California was the leader with $4.2 billion, followed by Connecticut with $3.5 billion, and Texas with $3.2 billion. New York and Delaware ranked fourth and fifth with $2.9 billion and $2.6 billion respectively, and were followed by Florida with $1.3 billion. At the next level, $830 million was invested in Colorado, $645 million in West Virginia, $630 million in Wyoming, and $611 million in Michigan, with these four states accounting for a further ten percent of total identified value. The data for the other states are shown at Table VI in the Appendix.

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Distribution Bu StaleCompleted Cases from

Jan 1981 through Dec 1981 Where Value ce Known

LEGEND CIl Lees Than 1M HID Between 1 and 1G0M DID Between 100M and 2BIL Sill Moro than 2BIL

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Investment by IndustryUntil 1981, the largest number of new transactions completed each year was in the manufacturing sector, with the rapidly increasing number of transactions in the real property sector generally placing second. In 1981, however, the positions in these two sectors were resoundingly reversed, with 465 transactions identified in the real estate sector and 278 in the manufacturing sector — a substantial drop from the 1980 total of 410 transactions identified in the manufacturing sector.Of the 465 transactions in real property, values were identified for 283 totalling $7.4 billion, and of the 278 in manufacturing, 129 values totalled $7.1 billion. Together the two sectors accounted for 743 transactions (62 percent of the total for the year), and for $14.5 billion (53 percent of total value).In the mining sector (SIC’s 10 through 14), the number of transactions identified rose from 54 in 1980 to 65 in 1981, a 20 percent increase. However, in terms of value, this sector led all others, with 49 values identified out of the 65 transactions, totalling $9.2 billion.When adding this sector to the two already mentioned, the three specified sectors accounted for 808 transactions (67 percent of the total), for $23.7 billion (87 percent of the total value).The following chart highlights the increase in completed cases over the period 1977 - 80.Industry Number of Completed TransactonsSICs Description 1977 1978 1979 1980 198110-14 Mining 17 21 31 54 6520-39 Manuf actur ing 160 270 368 401 27850-51 Wholesale trade 42 70 126 77 11152-59 Retail trade 26 26 45 53 4460-67 Finance, insurance

and real estate 87 79 92 118 10501-09and15-17 11 37 80 105 10540-49 Other industries 6 25 24 41 30

Real property 79 149 269 350 465TOTAL 428 677 1035 1199 1203

Although the total number of identified transactions varied negligibly from 1980, some major developments occurred in certain subsectors. The following discussion focuses on these subsectors, and on other areas that have traditionally had high levels of foreign direct investment activity.

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Foreign direct investment activity during 1981 in the mining sector increased noticeably over 1980, particularly in the dollar value of completed transactions recorded. In 1981, 65 mining transactions were identified, a 20 percent increase over 1980. The recorded value of these cases rose to $9.2 billion (49 known values) in 1981 from $1.5 billion (22 known values) in 1980, an increase of 500 percent., The number of completed mining transactions among completed transactions valued at $50 million or more— 13— was second only to the number of real estate transactions listed. Foreign investment activity in the mining sector is described below.Metal Mining (SIC 10) - The dollar value of 1981 transactions in the metal mining subsector rose more than 900 percent over the 1980 figure, despite a reduction in the number of transactions completed. Five transactions were identified in this subsector; five of them were completed and their total value was almost $4 billion.Among the more than 90 metals and non-metals this industry produces, about 20 of them account for most of the total production value, a fact not lost on many foreign investors. Copper, iron ore, and molybdenum are among the metals having the highest values in this subsector, and in 1981, three of the five completed transactions involved a major U.S. copper company.In March, Mitsubishi Corp., Japan's largest trading company, concluded a $201 million joint venture with Kennecott Corp. to become a partner in the Chino Copper Mine and its processing facilities near Silver City, New Mexico. In June, Standard Oil Co. (Ohio), 53 percent owned by British Petroleum Co. Ltd., acquired Kennecott Corp. in a transaction valued at $938.1 million. A third Kennecott transaction involved the $2.8 million expansion of the company's Solon, Ohio facilities.In recent years oil company interest in, and ownership of, U.S. metal and minerals producers has increased. Evidence of this was the $2.5 billion acquisition of 63.1 percent of Texasgulf Inc., a mining, oil exploration and chemicals company, by Societe Nationale Elf Aquitaine S.A. of Paris, which is controlled by the French Government. Elf Aquitaine also agreed to purchase the remaining 36.9 percent of Texasgulf from the Canada Development Corp., primarily a natural resources holding company, controlled by the Canadian government. Thus, at the end of 1981 Texasgulf was unique in the OTIA data population — A U.S. company owned by two foreign firms controlled by two foreign governments.Another large investment completed in this industry was the acquisition of 22.4 p’ercent of Newmont Mining Co. for $309 million by Consolidated Gold Fields Ltd. of the United Kingdom.Consolidated Gold Fields is 29 percent owned by Anglo-American Corp. of South Africa Ltd., whose beneficial owner is Harry F.Oppenheimer.

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Bituminous Coal and Lignite Mining (SIC 12) - OTIA recorded a total of 12 completed transactions in the bituminous coal and lignite mining subsector, up 71 percent from 1980. (No completed cases were identified in the anthracite coal mining (SIC 11) subsector.) Seven of these investments reported a total value of $970.1 million.Investors in the coal mining industry came from nine countries. United Kingdom and West German investors had the highest number of transactions, three each. The primary mode of investment was by acquisition which accounted for two thirds of the transactions in this industry, while joint ventures accounted for half of the remaining four transactions.As in the case of metal mining firms, there were several large transactions involving U.S. coal producers in 1981. The largest transaction was a joint venture between Occidental Petroleum Co. and Ente Nazionale Idrocarbure (ENI), Italy’s state-owned coal company. These two firms formed a jointly owned company, Enoxy, with headquarters in Lexington, Kentucky, to mine U.S. coal. ENI's share of the venture was valued at $375 million.Other noteworthy transactions were made by firms from the United Kingdom, West Germany and South Africa. The Government-controlled British Petroleum Co. Ltd, through its 53 percent-owned U.S. affiliate, Standard Oil Co. (Ohio), acquired the Crystal Block mine in West Virginia and other coal reserves in West Virginia, Utah, and Illinois, for $318 million. From West Germany, Saarbergwerke AG, a coal and energy company 98 percent-controlled by the West German Federal Government and the West German State of Saarland, purchased 25 percent of Kentucky-based Ashland Oil Co. for $102 million. Finally, the Anglo-American Corp. of South Africa Ltd. acquired the Sovereign Coal Group of,West Virginia for $125 million.Oil and Gas Extraction (SIC 13)— The oil and gas extraction subsector had the highest number of completed transactions — 45 — and the largest total dollar value — $4.2 billion (33 values) in the mining sector in 1981. This was almost a 29 percent increase in the number of transactions over the 1980 figure and almost a 500 percent increase in dollar value over 1980. This phenomenon follows a pattern noted throughout the mining industry in 1981, as foreign investors became increasingly attracted to U.S. natural resources companies and mining or oil and gas exploration ventures.Acquisitions accounted for 29 transactions in this sector, of which 13 involved partial or total acquisition of oil and gas leases or properties. Joint venture exploration projects, which accounted for eight transactions, were the second most frequent type of investment.Investors in the oil and gas exploration subsector came from 11 countries. Canadian investors had for the highest number of transactions, 19, followed by investors from the United Kingdom with ten.

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The largest transaction in this industry was the $2.5 billion acquisition of Santa Fe International Corp., a California-based oil and gas drilling services firm, by the state-owned Kuwait Petroleum Corp. The second largest transaction was the acquisition of oil properties from Davis Oil Co. of Colorado by Hiram Walker-Consumers Home Ltd., the Canadian distiller and natural resources company.The properties were acquired for $630 million. CSR Ltd., an Australian holding company with interests in sugar, natural resources and shipping, had the third largest investment in this industry with its $591.2 million acquisition of Delhi International Oil Corp. of Texas.Non-Metallie and Chemical Minerals Mining (SIC 14) — The non-metallie and chemical minerals subsector had the smallest number of completed transactions — three — in 1981. This subsector includes non-metallic minerals such as stone, sand and gravel, and clays, as well as chemical minerals such as phosphate rock, potash and sulphur. These three transactions had values totalling $22.6 million. Investors in this industry were from Canada, France and the United Kingdom.Paper and Allied Products (SIC 26) — The paper and allied products industry, which includes firms producing woodpulp and other pulps, paper and paperboard, converted paper and paperboard products, and building paper and board, had some noteworthy foreign investments in 1981. Fourteen transactions were identified, six of them as completed investments. Five of these completed investments reported values totalling $627.1 million. Investors from Canada and the United Kingdom accounted for most of the completed transactions and 98 percent of the total value.The United States is the world's largest producer of paper and board, accounting for about 35 percent of the world's total output. Foreign investors interested in moving ahead in this industry did so primarily through equity increases in well known U.S. companies (three), plant expansions (two), or by outright acquisition (one).Three transactions in this industry are worth noting. MacMillan Bloedel Inc.'s $274 million expansion of its Pine Hill, Alabama manufacturing complex was the largest transaction recorded in this industry. The company began construction on a new mill to produce corrugated paper, and also announced plans to increase its linerboard production capacity at the same facility. The second transaction was a $233 million equity increase by Canadian investors in Philadelphia-based Scott Paper Company. Brascan Ltd., a Toronto holding company with interests in natural resources, consumer products and financial services, increased its equity in Scott Paper from less than one percent to 20.5 percent by acquiring common stock on the open market and purchasing newly issued common shares from the company. Brascan Ltd. is controlled by Edgar and Peter Bronfman of Toronto through their holding company, Edper Equities Ltd.

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James Goldsmith, a British financier, is another investor who increased his equity in a major U.S. forest products company. He raised his holdings in Diamond International Corp. from 25.9 percent to 40.7 percent, through Cavenham Holdings Inc., a U.S. affiliate of Generale Occidentale S.A., a French holding company controlled by Goldsmith. The transaction was worth about $75 million. Late in 1981, Goldsmith offered to purchase the remaining 59.3 percent of the company for $44.50 per share. The transaction, worth about $400 million, was still pending at year's end.Chemicals and Allied Products (SIC 28) - The number of identified foreign direct investments in this sector totalled 51 in 1981, down from 55 in the previous year. The number of completed transactions with known values also decreased, from 36 in 1980 to 21 in 1981.The aggregate value of the known investments has, however, increased dramatically principally due to the investment by Joseph E. Seagrams Ltd. of Canada in E.J. duPont, de Nemours & Co., which had a value of $2.58 billion’ and accounted for 88 percent of the total $2.9 billion.Six source countries accounted for 39 or more than three-quarters of the 51 transactions. Nine of these investments came from Japan, eight from France, six each from Canada and West Germany, and five each from Switzerland and the United Kingdom.The duPont case, a transaction that originated when Seagrams lost a bidding war to duPont in an attempt to purchase Conoco Oil Co., was clearly the largest investment. The twenty investments with known values other than the duPont case had a total investment figure of $360.4 million, compared to a 1980 total of $442.7 million for 36 cases.Other transactions with values larger than $25 million were Sandoz Ltd.'s purchase of Ex-Lax Pharmaceutical Co. Inc. for $94.0 million, Hudson Bay Ltd.'s purchase of Terra Chemicals International Inc. for $50.5 million, a new plant by Mobay Chemical Co., a subsidiary of Bayer AG, for $50.0 million, and Societe Lyonaise Des Eaux et de L'E's purchase of Aqua-Chem Inc. for $29.0 million.Primary Metals (SIC 33) — The number of completed transactions in the primary metals industry (which includes establishments engaged in the smelting and refining of ferrous and nonferrous metals and the manufacture of basic products from these metals) fell by about 42 percent between 1980 and 1981, but the value rose by more than 300 percent.Twelve cases were completed in 1981, and nine known values totalled $896 million. Investors in this industry came from the major industrialized nations, and several are leading producers of metal products in their own countries. Canada was the major source country accounting for the most transactions — four, while France, Norway and the United Kingdom had two transactions each.

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Canadian investors also had the largest share of the transaction value — 44 percent. Two large transactions by one investor accounted for most of that total. Noranda Mines Ltd. of Toronto began a $240 plant expansion at its Noranda Aluminum Inc.,subsidiary in New Madrid, Missouri, and later in the year also acquired Carol Cable Co. a Pawtucket, Rhode Island producer of insulated wire and cable for $140 million in cash and notes. The acquisition was by Noranda1s wholly owned subsidiary, Canada Wire and Cable Co. Ltd. Noranda Mines is controlled by Zinor Holdings Ltd., a Toronto holding company which owns 21 percent of its stock.The primary mode of investment in this subsector was through acquisitions. More than half of the transactions (seven) were foreign companies acquiring U.S. firms. The establishment of new plants or expansion of existing plants accounted for a total of four transactions.The largest transaction in this industry was the sale of Union Carbide’s ferroalloy plants in the United States and Norway for $260 million to a Norwegian Group headed by Elkem Spigerverket A/S, Norway's third largest industrial concern and a major ferroalloys producer based in Oslo. This acquisition made Elkem the world's largest ferroalloys producer.Electric And Electronic Equipment (SIC-36) — In the electric and electronic equipment sector, 39 completed transactions were identified for 1981, compared to 63 completed transactions for 1980. This represents a 38 percent decrease in the total number of completed foreign direct investment transactions from 1980 to 1981. In terms of aggregate value, there was also a decrease of almost 15 percent from $503 million in 1980 to $429 million in 1981. The number of 1981 cases with identified values was 22 compared to 28 for 1980.Investors in the electrical industry came from 10 countries: Japan, the largest investor with 13 transactions, accounted for one third of the transactions; the United Kingdom was second with eight cases, followed by the Netherlands with six, Canada, France, West Germany, Sweden, and Switzerland with two each, and one each from Italy and South Korea.The primary 1981 mode of investment in this industry was acquisition (19 cases), followed by nine new outlets, five new plants, four plant expansions, and two joint ventures.More than half of the foreign direct investment transactions took place in three states - California with ten, followed by New York with six, and Ohio with four. The remainder were scattered throughout the eastern section of the United States.

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The two largest transactions in this industry were General Electric Co. Ltd.'s (United Kingdom) $160 million acquisition of Picker Corp., a Cleveland-based medical equipment company; and Philips Gloeilampenfabrieken NV's (Netherlands) $128 million purchase of GTE's Consumer Electronics Business, manufacturer of Sylvania and Philco televisions and radios.Also identified were 17 pending transactions for 1981 in the electric and electronic industry subsector. Values recorded for 10 of these transactions totaled $331.4 million. Of these pending transactions, three reported values of $75 million or more, including the proposed establishment of a $100 million integrated circuits plant in California by Nippon Electric Co. Ltd. of Japan; the construction of a metal oxide-silicon integrated circuits plant in New Mexico for $100 million by Signetics Corp., a U.S. subsidiary of Philips NV; and the pending $75 million equity increase from 50 percent to 85 percent in Siemens-Allis Inc. (maker of electric motors) of Georgia by Siemens AG. The total values ($268 million) identified for these transactions account for more than 80 percent of the pending totals for this industry.Transportation Equipment (SIC-37) — Identified foreign direct investment in this manufacturing sector took a significant jump (more than doubled in value) over 1980. Of the thirteen completed transactions, values were identified for 11 totalling more than $1 billion. This compares to $0.5 billion during 1980. However, the number of completed transactions dropped from 22 to 13, down 41 percent from 1980. The increase in value can be attributed to three transactions that accounted for more than 98 percent of the total value for this industry. Nissan Motor Company Ltd. (Japan) started construction on a $500 million light-truck manufacturing facility in Tennessee; West Germany.'s Volkswagenwerke started a $300 million renovation on an old U.S. army missile plant in Sterling Heights, Michigan for production of cars and light trucks; and Daimler-Benz, West Germany, acquired Consolidated Freightways' Freightliner Corporation, Oregon, a manufacturer and marketer of heavy-duty trucks, for $280 million. (Due to the present condition of the U.S. automobile market, Volkswagen's scheduled opening in late 1982 of its Sterling Heights plant has been postponed indefinitely).As in 1980, West Germany and Japan were the principal sources, accounting for eight of the 13 transactions completed. Other source countries were Canada, France, Hong Kong, Sweden and the United Kingdom with one each. New facilities accounted for seven transactions; acquisitions of existing facilities accounted for five; and an expansion of an existing facility represented the final mode. Geographically, these investments were scattered throughout the United States with no central concentration.Banking (SIC 60) — During calendar 1981, 71 completed banking transactions were recorded. Only four had reported values, which totalled $843.7 million. Banking subsector figures are less than five percent above those for 1980, reflecting a slowdown of both acquisitions of existing U.S. banks, as well as in direct establishments by foreign parent banks.

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Most of the completed 1981 banking investments by foreign firms were made in New York, Florida, and California, with these states accounting for over 60 percent of the total. The large number of foreign bank establishments in New York is partly related to the tendency of foreign parent banks to choose New York as a "home state." The choice of a "home state" is required under provisions of the International Banking Act of 1978. The remainder of the completed cases were fairly evenly distributed throughout the United States.During 1981, Canada and the United Kingdom were the only larger investors responsible for significant numbers of banking investments here. They accounted for eight and seven transactions respectively.Sixty-four percent of all completed banking transactions during this period were produced by investors from countries other than the traditional major source countries. Investors from Venezuela completed seven banking transactions here; investors from Brazil were responsible for five; and Australians for four. Banking activity on the part of investors from these countries suggests a desire to establish a firm financial presence in the United States under provisions of relatively liberal enabling legislation. In prior years, foreign parent banks, principally from the industrial countries of Europe and Japan, had acquired existing U.S. banks or established U.S. bank agencies.The overwhelming majority of the completed foreign banking investments involved new establishments in the form of agencies, branches, subsidiaries, and Edge Act companies. These cases did not involve the reporting of transaction values.By the close of the period, two major transactions involving existing U.S. banks were recorded. The first was Midland Bank, Ltd.'s (United Kingdom) acquisition of Crocker National Corp. (San Francisco), which produced the largest foreign takeover of a U.S. bank ever recorded, with the total value reported at $820 million. The other investment is Sheikh Adha and other Middle Eastern investors'controversial purchase of Financial General Bankshares, Inc., a $2.5 billion, Washington, D.C. - based, multi-tier, multi-state bank holding company. The Financial General transaction was not fully consummated until early in 1982.Insurance (SIC 63) — During calendar 1981, five completed insurance transactions were recorded, and three had reported values, totalling $284.5 million. Insurance subsector figures are over 60 percent below those for the 1980 period, reflecting a decline in acquisition of U.S. establishments as well as a slowdown in direct establishment by foreign parent companies. Although there were not enough completed insurance transactions to discern a valid trend, an examination of the completed and pending investments shows a concentration of insurance investments in the northeast United States.

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During this period, two completed insurance transactions were accounted for by investors from the Netherlands while investors from the United Kingdom, Italy, and Argentina accounted for one investment each. A good deal of the foreign investment activity here in recent years has been in the area of "reinsurance," or insurance of primary insurers, where the market has been fertile.During 1981, there were two significant insurance transactions made by foreign investors. The first was Ennia NV's (the Netherlands)100 percent acquisition of National Old Line Insurance Co. in Arkansas for $144.3 million. The second was Legal and General Group, Ltd.'s (the United Kingdom) 93.4 percent acquisition of Geico's Government Employees Life Insurance Co. in Maryland for $140 million.Real Estate — During 1981, 465 commercial real estate investments were identified, which involved foreign investors in the purchase or development of U.S. real property; 283 of the identified investments had known values. Together they had a combined value of $7.4 billion. Sixty ,-eight property investments had values known to exceed $20 million. These large investments had an aggregate value of $6.1 billion, almost 82 percent of the total real estate figure for 1981. (Purchases of agricultural land or individual residences are excluded).Identified real estate transactions comprised 27.5 percent of the 1981 annual total value for all investments, $27.3 billion. Real estate's portion of total foreign direct investment has fluctuated annually, but in absolute dollar terms increasingly larger values are annually associated with real estate investment. In 1979, $3.2 billion of U.S. commercial real estate was bought or developed by foreign investors, rising in 1980 to $5.4 billion.There have been significant changes in the pattern of foreign investment in U.S. real estate. Data from 1981 indicate the increasing dominance of repeat investors from Canada. In 1981, Canadian firms were identified with over $5.2 billion of property investment. This single country value for property investment approached the 1980 real estate value of $5.3 billion from all source countries. Canada's annual share of the total property figure has increased from 45 percent in 1979, to almost 59 percent in 1980 and to 70 percent in 1981.

17

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Canadian prominence in U.S. real estate is broadly dispersed among several cities, and includes both property^acquisition and project development. In New York City, Cadillac-Fairview paid $105 million for an office site. At $1900 per square foot, this is the most expensive site acquisition in the city's history, in lower Manhattan, Olympia & York, LTD. paid $175 million for 59 Maiden Lane. The purchase was part of a larger deal whereby the former owner and prime tenant of the property moved into one of the office towers Olympia & York is building at World Financial Center, in New York. In Minneapolis, the Oxford Development Group paid $200 million for IDS Center. Oxford is the largest office landlord in the Twin Cities, as Olympia & York is in New York. In Washington, D.C., Daon Development Corp. and Cadillac-Fairview are each joint venturing with American insurance companies in major office devlopments. Multi-use projects have been announced for Texas by Cadillac-Fairview, Ltd., the Campeau Corp., of Ottawa, and Alsten Holdings, Ltd., of Alberta. Each of these Texas projects has an announced value in excess of $300 million.During this period of increased Canadian investment, there has been a decline in the traditionally strong contributions of the United Kingdom and the Netherlands to direct investment in property. Other source countries, however, more than offset this decline.The 1981 data indicate increased investment from East Asia.Japanese property investment jumped because of a newly liberalized foreign exchange regime there. Japanese insurance companies may now invest in foreign real estate development projects. Previously this was barred. Dai Ichi Mutual Life Insurance Company joined with Kajima Construction Co., and a local partner in a $79 million Minneapolis redevelopment project. Kajima is also working with Nichimen Co. of Japan on a $50 million Florida condominium project.Uncertainty about Hong Kong's status after 1997, when its unique ground lease must be renegotiated with China, has increased the flow of Chinese money into U.S. property. Development of the $240 million Transpacific Center in Oakland was the most visible indicator of an otherwise discreet flow of Hong Kong investment capital.The Sunbelt states, plus New York, continued to attract sizeable sums of foreign realty investment. Texas was the largest recipient of real estate investments exceeding $20 million in value. Its 13 investments had an aggregate value of $1.8 billion. New York was the second largest state for offshore realty investors — more than $890 million was identified in 1981.The remainder of real property investment by foreign interests, however, was broadly dispersed throughout the country. Colorado attracted more than $663 million, while Oregon and Washington together attracted over $400 million in commercial property investment.

18

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List of Summary Tables

Table

Table

Table

Table

Table

Table

I Source Countries - Completed Cases - 1981

II Source Countries - Pending Cases - 1981

III Direct Investment Distribution by Industry Subsector - Completed Cases - 1981

IV Direct Investment Distribution by Industry Group of U.S. Affiliate and Country of Foreign Parent - Completed Transactions - 1981

V Mode of Investment by Source Country - Completed Investments - 1981

VI State Locations of Foreign Investments - List of 1981 Investments by Nationality

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List of Standard Industrial Classification

SIC01020708 09

1011121314

1516 17

2021222324252627282930313233343536373839

40414243444546474849

5051

525354555657 53 59

60616263646566 6770727375767879 30 81823334 86 88 39

91-97

99

Description

Agriculture Agricultural Production - Crops Agricultural Production - Livestock Agricultural Services ForestryFishing, Hunting S Trapping

Mining Metal Mining Anthracite Mining Bituminous Coal & Lignite Minina Oil S Gas Extraction Non-Metallic Minerals/ exc Fuel

Construction General BuildingContractors Heavy Construction Contractors Special Trade Contractors

Manufacturing Food 6 Kindred Products Tobacco Manufactures Textile Mill Products Apparel 4 Other Textile Products Lumber i Wood Products Furniture & Fixtures Paper & Allied Products Printing & Publishing chemicals « Allied Products Petroleum 4 Coal Products Rubber 6 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

Transportation & Public UtilitiesRailroad TransportationLocal & Interurban Passenger TransitTrucking & WarehouseU.S. Postal ServiceWater TransportationTransportation by AirPipe Lines, exc. Natural GasTransportation ServicesCommunicationElectric, Gas 6 Sanitary Services

Wholesale Trade Wholesale Traae Curable Goods Wholesale Trade - Nondurable Goods

Retail Trade Building Materials 6 Garden Supplies General Merchandise Stores Food StoresAutomotive Oealers & Service Stations Apparel t Accessory stores Furniture & Home Furnishings Stores Sating & Drinking Places Miscellaneous RetailFinance, Insurance & 3aal Estate BankingCredit Agencies Other Than 3anks Security, Commodity Brokers Insurance Carriers Insurance Agents, Brokers Real EscateCombined Real Estate/Insurance Holding & Other Investment Offices

Services Hotels & Other Lodging Personal Services Business Services Auto Repair Services, etc.Misc. Repair Services notion PicturesAmusement & Recreation Services Health Services Legal ServicesEducational Services Social ServicesMuseums, 3otcnical Gardens, etc. Membership Organizations Private Households Miscellaneous Services

Public Administration AdministrationMon-Classifiable Establishments Son-Classifiable Establishments

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List of Investment Type

AM - Acquisition/MergerJV - Joint VentureRE - Real EstateNP - New PlantPE - Plant ExpansionOT - OtherEl - Equity Increase

21

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REPORT PERIOD I 01/61 - 12/41TABLE I . SOURCE COUNTRIES - COMPLETED CASFS - 1981

NUMBER NUMBER C A SES/ VALUEOF CASES VALUE KNOWN ($ M ILLIO N )

TOTAL 1 ,2 0 3 571 27*24 7 .?

P R IN C IP A L SOURCE COUNTRIES 852 388 2 1 * 2 3 5 .2

CANADA 292 139 1 0 * 1 4 5 .3FRANCE 64 23 3 * 3 3 6 .3GERMANY* FEDERAL REP 91 44 1 * 1 1 2 .1JAPAN 129 46 1 * 2 6 1 .7NETHERLANDS 58 31 8 0 1 .7SW ITZERLAND 36 14 25 D .8UNITED KINGDO* 182 91 4 * 3 5 7 .3

OTHER EUROPE 99 36 1 * 1 4 2 .5

O AUSTRIA 1 1 2 .8BELGIUM 11 5 1 6 .5CZECHOSLOVAKIA 1 0 9 .0DENMARK 7 3 1 7 .3FINLAND 7 13 0 .0GREECE 2 0 0 .0HUNGARY 1 u 0 . JIRELAND 6 3 2 4 .7IT A L Y 20 10 4 5 6 .7L IE C H T E N S T E IN 1 1 8 .6LUXEMBOURG 2 1 1 .0NORWAY 3 1 26 0 .0SO V IET UNION 1 1 1 6 0 .0SPAIN 5 1 9 .0SWEDEN 26 8 1 5 1 .9U N S P E C IF IE D 4 1 4 2 .0YUGOSLAVIA 1 0 0 .0

OPEC COUNTRIES 28 9 2 * 5 1 9 .7

A LG ERIA 1 1 0 .5KUWAIT 6 2 2 * 5 0 9 .8L IB Y A 1 0 0 .0

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REPORT PERI 3D : 01/81 - 12/81TABLE I. SOURCE COUNTRIES - COMPLETED CASES - 1981

NUMBER NUMBER C A SES/ VALUEOF CASES VALUE KNOttN t% M ILLIO N )

SAUDI ARABIA 9 3 4 ,9UNITED ARAB EMIRATES 2 0 0 .0VENEZUELA 9 3 4 .5

OTHER MIDDLE EAST 6 1 3 2 .0

BAHRAIN 2 1 3 2 .0EGYPT 1 0 0 .0IS R E A L 3 0 0 .0

OTHER A S IA AND P A C IF IC 48 18 1 * 2 0 4 .8

AU STRALIA 12 4 8 1 0 .0CHIM AtTAIW tM ) 2 0 0 .0HONS KONG 13 7 2 9 2 .9IN D IA 1 0 0 .0KOREA* R EPU B LIC OF 5 1 5 .0LAOS 1 0 0 .0M ALAYSIA 4 2 8 9 .2PA KISTA N 1 1 0 .8P H IL IP P IN E S 1 1 1 .9SINGAPORE 6 2 5 .0THAILAND 2 0 0 .0

OTHER yESTERM H E 1 IS M £ * I 153 110 4 5 3 .0

ARGENTINA 4 2 2 .2BAHAMAS* THE 2 1 5 .0BARSAD3S 1 1 1 .5BER1U3A 1 1 1 .5B R A Z IL 5 0 0 .0B R IT IS H V IR G IN ISLA N 2 0 0 .0CAYMAN ISLA N D S 2 1 3 .0C H IL E 1 1 2 .5COLUMBIA 1 0 0 .0MEXICO 3 0 0 .0NETHERLANDS A N T ILLE S 110 91 3 6 5 .5PANAMA 17 13 2 6 .0U N S P E C IF IE D 3 2 4 5 .8

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REPORT PER I DO : 01/81 - 12/81

TABLE I* SOURCE COUNTRIES

NUMBER OF CASES

URUGUAY !

ALL OTHER COUNTRIES

L IB E R IA *NETHERLANDS 1PAKISTAN 1SOUTH A FRICA 9U N SP E C IF IED 2

l\>

- COMPLETED CASES - 1981

NUMBER C A SES/ VALUEVALUE KNOWN ($ M ILL IO N )

0 0.0

9 6 5 9 .8

3 5 .20 0.0& 0.05 6 5 3 .71 0 .9

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REPORT PERI00 5 01/81 - 12/81TABLE II. SOURCE COUNTRIES - PENDING CASES 1981

NUMBER NUMBER C A SES/ VALUEOF CASES VALUE KNOWN (S M ILLIO N )

TOTAL 228 101 4*580*6

P R IN C IP A L SOURCE COUNTRIES 180 82 3 * 6 9 8 .6

CANADA 40 21 2 * 2 3 0 .9FRANCE 12 5 3 2 0 .1GERMANYf FEDERAL REP 30 15 2 5 8 .8JAPAN 57 22 2 4 8 .6NETHERLANDS 9 3 1 4 9 .2SW ITZERLAND 2 0 0*0UNITED KINGDOM 30 16 4 9 1 .0

OTHER EUROPE 20 9 512*0

f>JBELGIUM 1 1 1 2 0 .0DENMARK 1 0 0 .0FIN LAN D 1 1 8 0 .0IRELAN D 1 1 1 3 0 .0IT A L Y 6 2 1 5 3 .0LUXEMBOURG 1 0 0 .0SPA IN 1 0 0 .0SWEDEN 8 4 2 9 .0

OPEC COUNTRIES 6 5 2 7 3 .1

KUWAIT 2 2 2 3 5 .0SAUDI ARABIA 2 1 1 4 .6VENEZUELA 2 2 2 3 .5

OTHER MIDDLE EAST 2 0 0 .0

IS R E A L 2 0 0 . 0

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REPORT PERIOO I 01/81 - 12/81TABLE II. SOURCE COUNTRIES - PENDIMS CASES 1981

NUMBER NUMBER C A SES/ VALUEOF CASES VALUE KNOWN CS M ILLIO N )

o t h e r a s i a and p a c i f i c 9 1 1 9 .0

AUSTRALIA 1 0 0 .0CHINA 1 0 0 .0CHIN A(TAIW AN ) 1 0 0 .0HONG KONG 4 1 1 9 .0KOREA* R EPU B LIC OF 2 0 0 .0

OTHER WESTERN H E I I S ’ i H E 5 0 0 .0

B R A Z IL 1 0 0 .0CANAOA 1 0 0 .3CAYMAN ISLA N D S 1 0 0 .0COLUMBIA 1 0 0 .0

ts>E L SALVADOR 1 0 0 .0

o>

ALL OTHER COUNTRIES 6 4 7 7 .9

NAMIBIA 1 0 0 .0SOUTH A FR IC A 5 4 7 7 .9

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121314

2a222324252627282930313233343536373839

: 01/81 - 12/81TABLE I I I

D IR EC T INVESTMENT D IS T R IB U T IO N U . S . A F F IL IA T E - COMPLETEO

3Y IMDUSTRY SUBSECTOR TRANSACTIONS - 1981

OF

SHORT T IT L ENUM3ER OF CASES

NUMBER C A SES/ VALUE KNOWN

A6RICULTURE* FORESTRY* AND F IS H IN G 6 1

A5RICULTURAL PRODUCTION - LIV ESTO C K

MINING

6

65

1

49

METAL LIN IN G 5 5B IT U 1 M D JS COAL AMD LIG M ITE M ININS 12 7O IL AMD GAS EXTRACTION *5 34NDMMETALLIC MIMERALS* EXCEPT FU ELS 3 3

MANUFACTURING 278 129

FOOD AMD KINDRED PRODUCTS 19 7T E X T IL E M ILL PRODUCTS 2 0APPAREL AND OTHER T E X T IL E PRODUCTS 4 1LUMBER AND WOOD PRODUCTS 1 0FURNITURE AND F IX T U R E S 1 1PAPER AND A L L IE D PRODUCTS 6 5PR IN TIN G AND PU BLISH IN G 21 5CHEM ICALS AND A L L IE D PRODUCTS 51 21PETRD.EUM AND COAL PRODUCTS 6 3R J33ER AMD M ISC . R U S T IC S PRODUCTS 5 2LEATHER AND LEATHER PRODUCTS 4 3STONE* CLAY* AND GLASS PRODUCTS 15 8PRIMARY METAL IN D U STR IE S 12 9FA BRICATED METAL PRDDUCTS 11 7MACHINERY* EXCEPT ELE C T R IC A L 4S 17E L E C T R IC AND ELECTRO N IC EQUIPMENT 39 22TRANSPORTATION EQUIPMENT 13 11IMSTRUMEMTS AMD RELATED PRODUCTS 14 3M ISCEUAM EOUS MAMUFACTURIM3 IN D U STR IE S 3 4

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REPORT PERIOD S 01/81 - 12/81TABLE III

DIRECT INVESTMENT DISTRIBUTION 3Y IMDJST*Y SUBSECTOR OFU.S. AFFILIATE - COHPLETEO T FAtyS ACTIONS - 1981

S IC NUMBER NUMBER C A SES/MJMBER SHORT T IT L E D? C IS E S VALUE KNOIIN (S M ILLIO N )

TRANSPORTATION* COMMUNICATIONS* U T IL# 24 8 3 2 7 .8

40 R A I L U I 3 T R A N SP U T AT ION 1 1 3 5 .142 TRUCKING AND 4A REH 0JSIN G 7 2 1 1 0 .044 WATER TRANSPORTATION 8 2 2 8 .647 TRANSPORTATION S E R V IC E S 5 2 2 .148 COMMUNICATION 2 1 1 5 2 .049 E L E C R IC * GAS* 4MD SAN ITARY S E R V IC E S 1 0 0 .0

w h o l e s a l e t r a d e 111 28 2 7 2 .8

50 WHOLESALE TRA0E - DURABLE GOODS 93 25 2 4 5 .051 WHOLESALE TRADE - NONDURABLE 600DS 18 3 2 7 .8

R E T 4 I L T U D E 44 2*7 6 5 9 .3

52 B U ILD IN G M ATERIALS & GARDEN S U P P L IE S 1 1 8 .453 6ENERAL MERCHANDISE STORES 6 6 7 7 .254 FOOD STORES 3 5 2 2 3 .755 AUTOMOTIVE DEALERS & S E R V IC E STA TIO N S 2 2 7 0 .356 A ?P A * E . AND ACCESSORY STORES 6 1 1 0 5 .057 F J R N H J R E AND HOME -U RN ISH IN G S STORES 3 1 1 .458 EATIN G AND D RIN KIN G PLACES S 5 5 0 .459 M ISCELLANEOUS R E T A IL 10 6 1 2 2 .9

F IN M C E * INSURANCE* AND REAL ESTA TE 105 11 1 * 2 0 1 .4

60 BANKING 71 4 8 4 3 .761 C R ED IT AGENCIES OTHER THAN BANKS 2 0 0 .062 SEC U R ITY* COMMODITY BROKERS & S E R V IC E S 5 0 0 .063 INSURANCE CA R R IER S 5 3 2 8 4 .567 HOLDING AND OTHER INVESTMENT O F F IC E S 22 4 7 3 .2

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REPORT PERIOD S 01/81 • 12/81TABLE III

OIRECT INVESTMENT DISTRIBUTION BY INDUSTRY SUBSECTOR OFU*S* AFFILIATE - COMPLETED TRANSACTIONS - 1981

S ICNUMBER SHORT T IT L E

NJ*3E*OF CASES

NUMBER C A SES/ VALUE KNOilN I S M ILLIO N )

S E R V IC E S 105 34 I t 073*7

roNO

70 HOTELS AND OTHER LODGING PLA CES 55 17 659*373 BU SINESS S E R V IC E S 27 9 298*575 AJTO PA IR § S E R V IC E S * AND GARAGES 3 1 1 .076 M ISCE.LANEOUS R E®A I* S E R V IC E S 1 0 0*078 MOTION PIC TU RES 2 1 5*879 AMUSEMENT & RECREATION S E R V IC E S 4 3 58*680 HEALTH S E R V IC E S 1 0 0*0 86 M£MB£RSHIP OR3ANIZATIONS 1 0 0*0 89 MISCELLANEOUS S E R V IC E S 11 3 50*5

SUBTOTAL 738 287 19t793*4

REA L PROPERTY* 465 283 7 t446* 3

1 ' 203 571 2 7 ,2 4 7 .0

* 1 M CLJDIS PROPERTY PURCKASESt DEVELOPMENT AND CONSTRUCTION. DOES NOT INCLUDE REALTY COMPANIES WHICH ARE S IC GROUP 65*

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REPORT PER 100 : 01/81 - 12/81TABLE IV

DIRECT INVESTMENT DISTRIBUTION BY INDUSTRY GROUP OF U. S«COMPLETED TRANSACTION •

TOTAL CANADA FRANCE

AGRICULTURE* FORESTRY* AMD FISH IM S

AGRICULTURAL PRODUCTION - LIV ESTO C K TOTAL NUMBER OF CASES NUMBER CASES — VALUE KNOWN VALUE I S M ILLIO N )

614 .5

000 . 0

000.0TOTAL NUM3ER OF CASES NUMBER CASES — VALUE KNOWN VALUE ($ M ILL IO N S )

614 .5

000.0000.0

MINING

04O METAL MININGTOTAL NUMBER OF CASES NUMBER CASES — VALUE KNOWN VALUE IS M ILL IO N )

55

3 9 5 0 .9

000.011

2 5 0 0 .0

BITUMINOUS COAL AMD . IS M IT E MIMING TOTAL NUMBER OF CASES NUMBER CASES — VALUE KNOWN VALUE CS M ILLIO N )

127

9 7 0 .1

100.0O IL AND GAS EXTRACTI3M

TOTAL NUMBER OF CASES NUMBER CASES - - VALUE KNOWN VALUE I S M ILL IO N )

4534

4 2 0 6 .6

1913

7 8 3 .2 3 6 .

NONMETALLIC MIMERALS* EXCEPT F J E L STOTAL NUMBER OF CASES 3 1 INUMBER CASES - - V A .JE KNOWM 3 1 1VALUE I S M ILL IO N ) 2 2 .6 1 .5 6 .3

TOTAL NUMBER OF CASES 65 21 6NUMBER CASES — VALUE KNOWN 49 15 4VALUE I S M ILLIO N S ) 9 1 5 0 .2 789 .7 2 5 4 2 .9

tO CM

0)

A F F IL IA T E AND COUNTRY Q.F FOREIGN PARENT 1331

NETHER­ SW ITZER­ UNITED A LLRMANY JAPAN LANDS LAND KINGDOM OTHER

0 5 0 0 0 10 0 0 0 0 1

0 .0 0 .0 0 .0 0 .0 0 .0 4 .5

0 5 0 0 0 10 0 0 0 0 1

0 .0 0 .0 0 .0 0 .0 0 .0 4 .5

0 1 0 0 2 10 1 0 0 2 1

0 .0 2 0 1 .0 0 .0 0 .0 9 4 0 .9 3 0 9 .0

3 1 1 0 2 32 0 0 0 2 2

110.1 0 .0 0 .0 0 .0 3 2 8 .0 5 2 7 .0

1 1 4 0 10 71 1 4 0 8 5

4 .5 0 .1 1 1 5 .7 0 .0 3 1 .2 3 2 3 5 .3

0 0 0 0 1 00 0 0 0 1 0

0 .0 0 .0 0 .0 0 .0 1 4 .8 0 .0

4 3 5 0 15 113 2 4 0 13 8

1 14.6 2 0 1 .1 1 1 5 .7 0 .0 1 3 1 4 .9 4 0 7 1 .3

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REPORT PERIOD I 01/81 - 12/81TABLE IV

d i r e c t in v e s t m e n t d i s t r i b u t i o n b y i n d u s t r y g r o u p o f u . s . f i l i a t e and c o u n t r y of f o r e i g n p a r e n tCOMPLETED TRANSACTION — 15B1

N ETHER- SW ITZE R - UNITED TOTAL CANADA FRANCE GERMANY JAPAN LANDS LAND KIN600N

MANUFACTURING

FOOD AND KINDRED PRODUCTS TOTAL NUMBER OF CASES NUMBER CASES - - V*^UE KNOWN VALUE (S M ILLIO N )

197

61*5

212*3

200.0 l.C

73

48*5

000.0000.0

317.2

T E X T IL E M ILL PROOUCTS TOTAL NUMBER OF C tS E S NUMBER CASES — VALUE KNOWN VALUE (S M ILL IO N )

200.0000.0

00

0 . 0

00

0 .0 0 . 0

000 . 0

000 .0

100 .0

APPAREL AND OTHER T E X T IL E PRODUCTS TOTAL NUMBER OF CASES NUMBER CASES — V*lUE KNOWN VALUE (S M ILLIO N )

411 2 .5

000 . 0

111 2 .5

100.000

0 .0

000.0

LUMBER AND WOOD PRODUCTS TOTAL NUMBER OF CASES NUMBER CASES — VALUE KNOWN VALUE (S M ILLIO N )

100.0

100.0

000.0 00.0

000.0

000.0 00.0

FURNITURE AND F IX T U R E S TOTAL NUMBER OF CASES NUMBER CASES — V t.U E KNOWN VALUE €$ M ILL IO N )

11

5 .000.0

000.0

00

3 .0

000.0

000.0

PAPER AND A L L IE D PROOUCTS TOTAL NUMBER OF CASES NUMBER CASES — VALUE KNOWN VALUE it M ILL IO N )

65

6 2 7 .1 507

000.0 00.0

000.0

000.0

000.0

221 07.3

P R IN TIN G AND PU BLISH IN G TOTAL NUMBER OF CASES NUMBER CA SES — VALUE KNOWN VALUE IS M ILL IO N )

215

1 5 2 .6 61

000.0 30

000.0

000.0

826 0 .6

CHEM ICALS AND A L L IE D PRODUCTS TOTAL NUMBER DF C IS E S NUMBER CA SES — V4LUE KNOWN VALUE ($ M ILL IO N )

51212 9 4 0 .4

622 5 8 2 .5 56

63

61.593

2 0 . 8

00

0.051

94.054

5 6 .2

ALLOTHER

31

2 .5

000.0100.0000.011

5 .0

11

12.2

111.012

46 9 .3

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REPORT PER I DO : 01/31 - 12/81TABLE IV

DIRECT INVESTMENT DISTRIBUTION BY INDUSTRY GROUP OF U.S. AFFILIATE AND COUNTRY OF FOREIGN PARENTCOMPLETED TRANSACTION — 1931

NETHER- SW ITZE R - UNITED TOTAL CANADA FRANCE GERMANY JAPAN LANDS LANO KINGDOM

04ISJ

PETROLEUM AND COAL > U 3 U C TS TOTAL NUMBER OF CASES NUMBER CASES — VALUE KNOWN VALUE CS M ILL IO N )

RUBBER AND M ISC . P L A S T IC S PRODUCTS TOTAL NUMBER OF CASES NUMBER CASES — *A_JE KNOWN VALUE <$ M ILL IO N )

LEATHER AND LEATHER ®ROOUCTS TOTAL NUMBER OF CASES NUMBER CASES - - VALUE KNOWN VALUE C$ M ILL IO N )

STONE* C LA Y« AND GLASS PRODUCTS TOTAL NUMBER OF CASES NUMBER CASES — V A .JE KNOWN VALUE ($ M ILL IO N )

PRIMARY METAL IN 3 U S T U E S TOTAL NUMBER OF CASES NUMBER CASES — VALUE KNOWN VALUE 1$ M ILLIO N )

FABRICATED METAL PRODJCTS TOTAL NUMBER OF CASES NUMBER CASES — VALUE KNOWN VALUE ($ M ILL IO N )

MACHINERY* EXCEPT E LE C T R IC A L TOTAL NUMBER OF CASES NUMBER CASES — VALUE KNOWN VALUE ($ *1 I L L I ON)

63

1 2 .7

527 .0

43

1 1 4 .8

1534 0 3 .0

129

8 9 6 .0

117

1 1 8 .2

4617

122.0

000.0

000.0

00 . 0

000.0

44

3 9 5 .0

221 4 .5

226 .3

190 . 0

00

0 . 0

000 . 0

44

3 1 3 .9

211 4 .5

00

0 . 0

60

0 . 0

00

0 . 0

31

3 .0

100 . 0

000 .0

10

0 . 0

133

3 5 .1

00

0.0

00

0 . 0

00

0.0

10

0.0

21io.a

41

2 6 .0

000.000

0.0

000.000

0 . 0

0 • 0 0 . 0

00

0.0

00

0 . 0

00

0 .0

00

0 . 0

10

00

0 . 0

00

0. 0

525 .4

11

8 .3

00

0 .0

11

112.1

21

2 .0

224 0 .5

53

8 9 .2

43

7 .2

E LE C T R IC AND ELECTRO N IC EQUIPMENT TOTAL NUMBER OF CASES NUMBER CASES — VALUE KNOWN VALUE ($ M ILLIO N )

TRANSPORTATION E iU IP tE M T TOTAL NUMBER OF CASES NUMBER CASES — VALUE KNOWN VALUE CS M ILL IO N )

3922

429*0

13111 1 8 0 .0

21

2 .5

10

0 . 0

222 5 .0

111.8

21

1 . 0

44

591.2

139

3 7 .1

43

5 0 3 .2

621 3 0 .5

000.0

20

0 .0

00

0 . 0

74

6 4 .3

11

7*8

ALLOTHER

424 .4

21

4 .0

21

2 . 6

73

8 7 .1

324 4 6 .0

114 .5

115

3 1 .5

53

1 6 8 .6

22

76.0

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Page 34: Foreign Direct Investment in the United States. Transactions...international capital flows or foreign control of U.S. assets ... and Ohio, 30. In terms of value, six states accounted

REPORT PERIOO : 01/81 - 12/81TABLE IV

D I5 EC T INVESTMENT D ISTR IB U TIO N BY INDUSTRY GROUP OF U* S* A F F IL IA T E AND COUNTRY OF FOREIGN PARENTCOMPLETED TRANSACTION — 1981

NETHER­ SW ITZER­ UNITED A LLTOTAL CANADA FRANCE 5ESMANY JAPAN LANDS LAND KINGDOM OTHER

INSTRUMENTS AND RELATED PRODUCTSTOTAL NUMBER OF CASES 14 2 1 2 2 2 1 1 3NUMBER CASES — VALUE KNOWN 3 1 0 0 2 0 0 0 0VALUE (S M ILL IO N ) 11*5 1*0 0*0 0*0 10*5 0*0 0*0 0*0 0*0

M ISCELLANEOUS MANUFACTURING IN D U STR IESTOTAL NUMBER OF CASES 8 0 1 0 1 0 0 3 3NUMBER CASES — VALUE KNOWN 4 0 1 0 0 0 0 2 1VALUE ($ M IL L IO N ) 1 0 .4 0*0 2*9 0*0 0*0 0*0 0*0 6*0 1*5

TOTAL NUMBER OF CASE5 278 32 29 39 47 10 13 46 62NUMBER CASES — VALUE KNOWN 129 16 13 15 23 3 3 27 29VALUE <S M IL L IO N S ) 7103*7 3572*7 414*2 722 *9 668*6 140*5 9 9 .4 569*2 916*2

U N SPO RTATIO N t COMMUNI: A TIO N St U T IL*

RAILROAD TRANSPORTATIONTOTAL NUMBER OF CASES 1 0 0 0 0 0 0 1 0NUMBER CASES — VALUE KNOWN 1 0 0 0 0 0 0 1 0VALUE C$ M ILL IO N ) 35*1 0*0 0*0 0*0 0*0 0*0 0*0 35*1 0*0

TRUCKING AND WAREHOUSINGTOTAL NUMBER OF CASES 7 1 0 1 2 1 0 1 1NUMBER CA SES - - VALUE KNOWN 2 0 0 0 1 0 0 0 1VALUE ($ M IL L IO N ) 110*0 0*0 0*0 0*0 90*0 0*0 0*0 0*0 20*0

WATER TRANSPORTATIONTOTAL NUMBER OF CASES 8 0 0 0 1 1 1 1 4NUMBER CASES - • *A LJE KNOWN 2 0 0 0 0 0 0 0 2VALUE (S M ILL IO N )

\0•00CM 0*0 0 .0 0 .0 0*0 0*0 0*0 0*0

vO•GOCM

TRANSPORTATION S E R V IC E STOTAL NUMBER OF CASES 5 1 0 0 2 0 0 0 2NUMBER CASES — VALUE KNOWN 2 1 0 0 1 0 0 0 0VALUE C$ M ILL IO N ) 2*1 2*0 0*0 0*0 0*1 0*0 0*0 0*0 0*0

COMMUNICATIONTOTAL NUMBER OF CASES 2 2 0 0 0 0 0 0 0NUMBER CASES — VALUE KNOWN 1 1 0 0 0 0 0 0 0VALUE (S M ILL IO N ) 152*0 152*0 0*0 0*0 0*0 0*0 0*0 0*0 0*0

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Page 35: Foreign Direct Investment in the United States. Transactions...international capital flows or foreign control of U.S. assets ... and Ohio, 30. In terms of value, six states accounted

REPORT PERIOD I 01/81 - 12/81TABLE IV

DIRECT INVESTMENT DISTRIBUTION BY INDUSTRY GROUP OF U.COMPLETED TRANSACTION

TOTAL CANADA FRANCE

E LE C T R IC * GAS* AMD SANITARY S E R V IC E STOTAL NUM3ER OF CASES 1 0 0NUMBER CASES — VALUE KNOWN 0 0 0VALUE ($ M ILL IO N ) 0*0 0*0 0 .0

TOTAL NUM3ER OF CASES 24 4 0NUMBER CA SES — VALUE KNOWN 8 2 0VALUE C$ M ILL IO N S ) 3 2 7 .8 1 5 4 .0 0 .0

WHOLESALE TRADE

WHOLESALE TRADE - DURA3LE GOODSTOTAL NUMBER OF CASES 93 11 6NUMBER CASES — VALUE KNOWN 25 2 0VALUE 1$ M ILL IO N ) 2 4 5 .0 2 .8 0 .004

•£* WHOLESALE TRADE - NONDURABLE 5D0DSTOTAL NUMBER OF CASES 18 0 0NUMBER CASES — VALUE KNOWN 3 0 0VALUE ($ M ILL IO N ) 2 7 .3 0 .0 0 .0

TOTAL NUMBER OF CASES 111 11 6NUMBER CASES — VALUE KNOWN 28 2 0VALUE ( S M IL L IO N S ) 2 7 2 .8 2 .8 0 .0

R E T A IL TRADE

BU ILD IN G M ATERIALS & 5ARDEN S U P P L IE STOTAL NUMBER OF CASES 1 0 0NUMBER CASES — VALUE KNOWN 1 0 0VALUE (S M ILL IO N ) 8 .4 0 .0 0 .0

GENERAL MERCHANDISE STORESTOTAL NUMBER OF CASES 6 0 0NUMBER CASES — VALUE KNOWN 6 0 0VALUE IS M ILL IO N ) 7 7 .2 0 .0 0 .0

FOOD STORESTOTAL MUM3ER OF CASES 8 3 0NUMBER CASES — VALUE KNOWN 5 2 0VALUE (S M IL L IO N ) 2 2 3 .7 1 2 8 .7 0 .0

A F F IL IA T E AND COUNTRY OF FOREIGN PARENT - 1931

NETHER­ SW ITZER­ UNITED A LLRMANY JAPAN LANDS LAND KINGDOM OTHER

0 0 1 0 0 00 3 0 0 0 00.0 0 .0 0 .0 0 .0 0 .0 0 .0

1 5 3 1 3 70 2 0 0 1 3

0 .0 9 0 .1 0 .0 0 .0 3 5 .1 4 8 .6

11 32 26 10 1

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

2 7 20 1 00 .0 5 .0 0 .0

13 39 46 1 1 1

3 0 .7 1 3 1 .0 3 5 .0

2 10 190 5 1

0 .0 3 5 .8 1 4 .7

0 3 4O i l 0 .0 7 .8 1 5 .0

2 13 230 6 2

0*0 4 3 .6 2 9 .7

000.0

000.0

000 .0

118 .4

112 0 . 0

22

4 4 .00

0 .0

000 . 0

33

1 3 .2

2150.0

22

45.000

0 .0

100.0

000.0

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Page 36: Foreign Direct Investment in the United States. Transactions...international capital flows or foreign control of U.S. assets ... and Ohio, 30. In terms of value, six states accounted

REPORT PERIOO i 01/81 - 12/81TABLE IV

DIRECT INVESTMENT DISTRIBUTION BY INDUSTRY GROUP OF U* S. AFFILIATE AND COUNTRY OF FOREIGN PARENTCOMPLETED TRANSACTION — 1981

TOTAL CANADA FRANCE GE**ANY JAPANN ETH ER- S W IT Z E R -

LANDS LANDUNITED

KINGDOMA LL

OTHER

OslVI

AUTOMOTIVE D EALERS & S E R V IC E STATIO N S TOTAL NUMBER OF CASES NUMBER CASES — VALUE KNOWM VALUE CS M ILL IO N )

APPAREL AND ACCESSORY STORES TOTAL NUMBER OF CASES NUMBER CA SES — VALUE KNOWN VALUE ($ M ILL IO N )

FURNITURE AND HOME FURNISHINGS STORES TOTAL NUMBER OF CASES NUMBER CASES — V IL J E KNOWM VALUE CS M ILL IO N )

EATING AND D RIN KIN G PLACES TOTAL NUMBER OF CASES NUMBER CASES — iM .U i KNOW VALUE CS M ILLIO N )

M ISCELLANEOUS R E T A ILTOTAL NUMBER OF CASES NUMBER CASES — VALUE KNOWN VALUE ($ M ILL IO N )

TOTAL NUMBER OF CASESNUMBER CASES — V A LJE <¥0¥NVALUE <$ M ILL IO N S )

22

70*3

61105*0

311*485

50*4

106

122*9

4427

659*3

000*0

111*4

000*0

1153*8

54

183*9

0*0

000*0

000*0

00

0*000

0*0

03*0

00*0

000*0

000*011

52*0

43

1 2 2 . 0

11

2*7

00

0*0

10

0*0

21

0*8

52

3*5

00

0 * 0

00

0*0

00

0*0

00

0.0

44

89*0

20

0*0

00

0*0

21

1*062

7*0

00*0

41

105*0

32

38*2

11

10*0

115

161*6

1167*6

000*0

22

6*2

315*3

97

92*3

FIN A N C E, INSURANCE* AND REAL ESTATE

BANKINGTOTAL NUMBER OF CASES 71 8 3 3 2 3 1 7 44 NUMBER CASES — VALUE KNOWN 4 0 0 0 0 0 0 1 3

.................. “ ‘ ~ 23*7VALUE CS M ILL IO N ) 843*7 0*0 0*0 0*0 0*0 0*0 0*0 820*0

C R E D IT AGENCIES OTHER THAN BANKSTOTAL NUMBER OF CASES 2 0 0 0 0 0 0 2 0NUMBER CASES — VALUE KNOWN 0 0 0 0 0 3 0 0 0VALUE CS M ILL IO N ) 0 . 0 0*0 0 .0 0*0 0*0 0*0 0*0 0*0 0*0

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Page 37: Foreign Direct Investment in the United States. Transactions...international capital flows or foreign control of U.S. assets ... and Ohio, 30. In terms of value, six states accounted

REPORT PERIOD : 01/81 - 12/81TABLE IV

DIRECT INVESTMENT DISTRIBUTION BY INDUSTRY GROUP OF U.S. AFFILIATE AND COUNTRY OF FOREIGN PARENTCOMPLETED TRANSACTION -- 1991

TOTAL CANADA FRANCE GERMANY JAPANN ETH ER- SW ITZE R - UNITED

LANDS LANO KINGDOMA LL

OTHER

SEC U R ITY* COMMODITY 3*0<ERS & SER V ICE STOTAL NUM3ER OF CASES 5 0NUMBER CA SES — VALUE KNOWN 0 0VALUE CS M IL L IO N ) 0 .0 0 .0

000.000

0.000

0.0

000 . 0

300.0

200.0

INSURANCE C A R R IE R STOTAL NUMBER OF CASES NUMBER CASES - - VALUE KNOWN VALUE (S M ILL IO N )

53

2 8 4 .5

000.0

000 . 0

000.0

000.0

211 4 4 .3

00

8.0

11

1 4 0 .0

HOLDING AND OTHE* IW ESTM ENT O F F IC E S TOTAL M'JMEE* OF CASES NUMBER CASES — VALUE KNOWN VALUE ($ M ILL IO N )

224

7 3 .2

400.0

10

0 . 0

00

0.0

11

3 .0

11

6 4 .0

000 . 0

513 .2

1013 .0

TOTAL NUM3ER OF CASES NUMBER CASES — V A LJE <NOWM VALUE ($ M ILL IO N S )

10511

1 2 0 1 .4

1200.0

300.0

31

3 .0

62

2 0 8 .3

10

0.0

183

9 6 3 .2

585

2 6 .9

S E R V IC E S

HOTELS AND OTHER L0D5M 3 PLACESTOTAL NUMBER DF CASES 55 14 £ 2 2 1 0 6 24NUMBER CASES — VALUE KNOWN 17 6 1 1 0 0 0 2 7VALUE ( S M ILLIO N ) 6 5 9 .3 9 4 .1 6 . 8 2 .9 0 .0 0 .0 0 .0 5 3 1 .0 2 4 .6

BU SIN ESS S E R V IC E STOTAL NUMBER OF CASES 27 0 3 2 5 1 2 10 4NUMBER CASES — VALUE KNOWN 9 0 1 2 1 0 1 3 1VALUE IS M ILLIO N ) 2 9 8 .5 0 .0 1 8 9 .0 3 .5 1 .1 0 .0 1 6 .6 8 8 .0 0 .3

AUTO REPA IR* SER V ICE S* AND GARAGESTOTAL NUMBER OF CASES 3 1 1 0 1 0 0 0 0NUMBER CASES — VALUE KNOWN 1 0 1 0 0 0 0 0 0VALUE <$ M ILLIO M ) 1 .0 0 .0 1 .0 0 .0 0 .0 0 .0 0 .0 0 .0 0 .0

MISCELLANEOUS R E P A IR S E R V IC E STOTAL NUM3ER 0? CASES 1 0 0 0 1 0 0 0 0NJMBER CASES — VALJE KNOWN 0 0 0 0 0 0 0 0 0VALUE CS M ILL IO N ) 0 .0 0 .0 0 .0 0 .0 0 .0 0 .0 0 .0 0 .0 0 .0

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Page 38: Foreign Direct Investment in the United States. Transactions...international capital flows or foreign control of U.S. assets ... and Ohio, 30. In terms of value, six states accounted

REPORT PERIOD : OX/81 - 12/81TABLE IV

DIRECT INVESTMENT DISTRIBUTION BY INDUSTRY 6R0UP OF U* S* AFFILIATE AND COUNTRY OF FOREIGN PARENTCOMPLETED TRANSACTION -- 1931

MOTION P IC TU R ESTOTAL NUMBER OF CASES NUMBER CASES — VALUE KNOWN VALUE (S M ILL IO N )

AMUSEMENT & RECR£ ATIOM S E R V IC E S TOTAL NUMBER OF CASES NUMBER CASES — VALUE KNOWN VALUE IS M ILL IO N )

HEALTH S E R V IC E STOTAL NUMBER OF CASES NUMBER CA SES — VALUE KNOWN VALUE CS M ILL IO N )

MEMBERSHIP ORGANIZATIONS TOTAL NUMBER OF CASES NUMBER CASES — VALUE KNOWN VALUE IS M ILL IO N )

M ISCELLANEOUS S E R V IC E S TOTAL NUMBER OF CASES NUMBER CASES — VALUE KNOWN VALUE CS M ILL IO N )

TOTAL NUMBER OF CASESNUMBER CASES — VALU£ <MOWNVALUE IS M ILL IO N S )

NETHER­ SW ITZER­ UNITEOt o t a l CANADA FRANCE GERMANY JAPAN LANDS LAND KINGDOM

2 0 0 0 0 0 Q 01 0 0 0 0 0 0 0

5*8 0*0 0*0 0*0 0*0 0*0 0*0 0*0

4 2 0 0 0 0 0 13 1 0 0 0 0 0 1

58*6 40*0 0*0 0*0 0*0 0*0 0*0 18*1

1 0 0 1 0 0 0 00 0 0 0 0 0 0 0

0*0 0*0 0*0 0*0 0*0 0*0 0*0 0*0

1 0 0 0 0 0 0 00 0 0 0 0 0 0 0

0*0 0*0 0*0 0*0 0*0 0*0 0*0 0*0

11 0 2 1 0 0 0 53 0 0 1 0 0 0 2

50*5 0*0 0*0 26*0 0*0 0*0 0*0 24*5

105 17 12 6 9 2 2 2234 7 3 4 1 0 1 8

1073*7 134*1 196*3 32*3 1*1 0*0 16*6 661*6

ALLOTHER

215*8

000*0

100*0

300.0

351031*2

REAL PROPERTY

TOTAL NUMBER OF £AS£S NUMBER CASES — f A L J i KNOWN VALUE I S M IL L IO N S )

464283

7446*3

18892

5300*8

73

152*4

2113

39*6

134

163*3

2417

213*2

118127*8

5428

608*1

146118

791*1

GRANO TOTAL

TOTAL NUMBER OF C A S iS NUMBER CASES — VALUE KNOWN VALUE I S M IL L IO N S )

1 ,2 0 3 292 64 91 129 58 36 182571 139 23 44 46 31 14 91

2 7 2 4 7 .0 1 0 1 4 5 .3 3306*3 1112*1 1261*7 801*7 250*8 4357*3

351183

6011*8

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Page 39: Foreign Direct Investment in the United States. Transactions...international capital flows or foreign control of U.S. assets ... and Ohio, 30. In terms of value, six states accounted

REPORT PERIOD I Ol/Sl - 12/81TABLE V

MODE OF INVESTMENT BY SOURCE COUNTRYCOMPLETED TRANSACTIONS 1981

TOTAL I L L MODES

A C Q U IS IT IO N S & MERGERS

EQ U ITY INC* EA SES

JO IN TVENTURES

NEWPLANTS

PLANTEXPANSION

REALESTATE

TOTAL A LL COUNTRIES

TOTAL NUMBER OF CASES lt2 Q 3 291 39NUMBER OF C A S E S — VALUE KNOWN 571 159 25VALUE (S M ILLIO N S ) 2 7 ,2 4 7 .0 1 6 * 0 8 9 .8 6 7 0 .6

4712

732*2

94 34

I t 191*7

3522

675*1

510294

7*800*9

CANAOA

TOTAL NUMBER OF CASES 292NUMBER OF C A SES— VALUE KNOWN 139VALUE CS M ILL IO N S ) 1 0 ,1 4 5 .3

5329

4*198*3

33

233*3

54

67*1

212*5

74

522*5

19895

5*102*9

0400

FRANCE

TOTAL NUMBER OF CASES NUMBER OF C A S E S — VALUE KNOWN VALUE CS M ILL!D N S )

GERMANY* FEDERAL REP

6423

3*306*3

2083*077*8

423*0

629*9

52

23*0

44

23*4

134

159*2

TOTAL NUMBER OF CASES NUMBER OF C A S E S — VALUE KNOWN VALUE CS M ILLIO N S )

9144

1 * 112*1

2614

563*0

3120*0

400*0

1910

419*3

32

10*1

221492*4

JAPAN

TOTAL NUMBER OF CASES NUMBER OF CA SES — VALUE KNOWN VALUE CS M ILLIO N S )

12946

1*261*7

2612

126*3

2217*5

103

273*5

299

624*8

527*7

154

163*3

NETHERLANDS

TOTAL NUMBER OF CASES NUMBER OF CASES — fALUE VALUE CS M ILLIO N S)

KNOWN5831

801*7

1410

445*5

22

34*0

100* 0

5124*0

2135*0

2517

213*2

SWITZERLAND

TOTAL NUM3ER OF CASES NUMBER OF C A S E S — VALUE KNOWN VALUE CS M ILLIO N S )

3614

250*8

82

95*032

22*6000*0

614*4

311*0118

127*8

OTHERMOOES

187258 6 . 7

1826*4

1211 0* 0

1437*3

421448*6

900*0

500*0

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Page 40: Foreign Direct Investment in the United States. Transactions...international capital flows or foreign control of U.S. assets ... and Ohio, 30. In terms of value, six states accounted

REPORT PERIOD I 01/81 - 12/81TABLE V

MODE OF INVESTMENT BY SOURCE COUNTRYCOMPLETED TRANSACTIONS 1981

TOTAL A LL MODES

A C Q U IS IT IO N S & MERGERS

EQ U ITYIN C R EA SES

JO IN TVENTURES

NEWPLANTS

PLANTEXPANSION

REALESTA TE

UNITED KINGDOM

TOTAL NUMBER OF CASES 182 71NUMBER OF C A S E S — VALUE KNOWN 91 44VALUE CS M ILL IO N S ) 4 * 3 5 7 .3 2 * 8 8 7 .5

65

2 0 7 .2

713 .1

1067 9 .2

43

3 7 .8

6030

1* 139.1

OTHER SOURCE COUNTRIES

TOTAL NUMBER OF CASES 351 73NUMBER OF C A S E S — VALUE KNOWN i8 3 40VALUE CS M ILL IO N S ) 6 * 0 1 1 .8 4 * 6 9 6 .4

118

7 3 .0

142

3 7 8 .6

184

1 4 .5

75

3 7 .6

1661228 0 3 .0

CMSO

OTHERMODES

2423 .4

6323 .7

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Page 41: Foreign Direct Investment in the United States. Transactions...international capital flows or foreign control of U.S. assets ... and Ohio, 30. In terms of value, six states accounted

REPORT PERIOD : 01/81 - 12/81TABLE VI - STATE LOCATION OF FOREIGN VENTURES

TOTAL

STATES

NUMBER OF CASES

1 ,2 0 3

NUMBER C A SES/ VALUE KNOWN

571

(UNKNOWN) 5 2ALABAMA 6 4

ALASKA 2 1

ARIZONA 10 5

ARKANSAS 4 2

C A LIFO R N IA 146 49

COLORADO 43 27

CONNECTICUT 25 7

DELAWARE 5 2

DIST*-CO LU M BIA 15 6

FLO RIDA 271 156

GEORGIA 22 10

GUAM 0 0

HAWAII 4 1

IDAitO 0 0

I L L IN O IS 44 16

INDIANA 2 1

IOWA 3 3

KANSAS 2 1

KENTUCKY 8 8

VALUE($ MILLION)

2 7 ,2 4 7 .0

8 .7290*5

3*0

258*0

148*8

4 t 197*1

830*2

3*458*9

2*580*1

338*9

1*286*1

242*2

0*0

0*1

0*0437*5

1*0123*5

4*2

528*6

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Page 42: Foreign Direct Investment in the United States. Transactions...international capital flows or foreign control of U.S. assets ... and Ohio, 30. In terms of value, six states accounted

REPORT PERIOD I 01/81 - 12/81TABLE VI - STATE LOCATION OF FDXiISN INVESTMENTS - 1981

NUMBER OF CASES

NUMBER C A S E S / VALUE KNOWN

VALUE(S MILLION)

STA TES

LO U ISIA N A 9 7

m a im e 4 3

MARYLAND 14 6

MASSACHUSETTS 25 11

MICHIGAN 13 9

MINNESOTA 9 6

M IS S IS S IP P I 1 0

M ISSOURI 10 5

MONTANA 2 2

NEBRASKA 0 0

NEVADA 2 1

NEW HAMPSHIRE 1 0

NEU JE R S E Y 37 19

NEW M E<IC0 3 2

NEU YO*K 166 62

NORTH CAROLINA 10 4

NORTH DAKOTA 1 0

OHIO 30 16

OKLAHOMA 7 4

253*0

4*4

184*9

115*3

610*9

339*5

0*0

269*0

17*8

0*0

14*5

0*0

266*3

206*3

2 * 9 0 1 .9

91*3

0*0

578*8

68*3

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Page 43: Foreign Direct Investment in the United States. Transactions...international capital flows or foreign control of U.S. assets ... and Ohio, 30. In terms of value, six states accounted

REPORT PERIOD : 01/81 - 12/81TABLE VI - STATE LOCATION Dr rDUlSM INVESTMENTS - 1981

NUMBER OF CASES

NUMBER C A SES/ VALUE KNOWN

VALUECS MILLION)

s t a t e s

4l\>

OREGON 7 2

PENNSYLVANIA 33 16

P J E U O R IC D 0 0

RHODE ISLA N D 4 1

SOUTH CAROLINA 4 3

SOUTH DAKOTA 0 0

TENNESSEE 10 4

TEXAS 1 22 58

UTAH 0 0

VER10NT 1 0

V IR G IN ISLA N D S 0 0

V IR G IN IA 22 9

WASHINGTON 22 12

WEST V IR G IN IA 6 5

WISCONSIN 8 2

WYOMING 3 1

4 0 5 .0

5 0 4 .5

0 . 0

1 4 0 .0

4 0 .0

0.05 0 7 .1

3 * 2 1 8 .3

0.0

0.0

0.0

1 2 3 .7

3 4 4 .6

6 4 4 .6

2 9 .6

6 3 0 .0

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Page 44: Foreign Direct Investment in the United States. Transactions...international capital flows or foreign control of U.S. assets ... and Ohio, 30. In terms of value, six states accounted

1981 FOREIGN INVESTM ENTS

NATION US FIRM NAME TS S IC

ALGERIA GLENMERE ESTATE NY ****ARGENTINA INSURANCE EXCHANGE OF THE AMERICAS FL 63ARGENTINA LEAMINGTON HOTEL F L 7011ARGENTINA LINCOLN CENTER HOTEL F L 7011ARGENTINA RE DEVELOPMENT PROJECT NY ****AUSTRALIA AOV IN D U STR IE S INC NC 1211AUSTRALIA ASARCO INC NY 3331AUSTRALIA AUSTRALIA & NEW ZEALAND BANKING GRPLF I L 60AU STRALIA B LJE ARMY TX 8611AUSTRALIA COMMERCIAL BANK OF A U STRA LIA * L T D . NY 6 CA U STRALIA COMMERCIAL BANKING CO . OF SYDNEY NY 6 CA U STRA LIA COMMONWEALTH TRADING BANK AGENCY CA 60A U STRALIA DELHI INTERN ATION AL O IL CORP TX 1382AUSTRALIA F S I INVESTORS PA 6733AUSTRALIA F U S T A R T IS T S PRODUCTION CO. LTD CA 7813AUSTRALIA MAJOR EXPLORATION INC TN 1382A USTRALIA MERRY COMPANIES IN C . GA 3251AUSTRALIA STONELIGH T T IT L E CA 3251AUSTRALIA THE S EA TTLE P O S T -IN T E LL IG E N C E R WA 2711AUSTRIA THE HIGHLANDS AZ ****BAHRAIN PARK AVENUE PLAZA NY ****BAHRAIN REPU BLIC IN T * L . BANK OF N . Y . (C A ) CA 60BARBADOS SHOPPING CENTER FL ****BERMUDA DO*AL IN D U S T R IE S INC NJ 3951BELGIUM AMERICAN NATURAL RESO URCES-PETRO FIN A JV KY 1211BELGIUM BEKAERT STEE L WIRE CORP AR 3496BELGIUM CRADDOCK-TERRY SHOE CORP. VA 3143BELGIUM GRAHAM* W .J . CO. CA 3 079BELGIUM KREDIETBANK OF BELGIUM MO 6 0BELGIUM LAND TX ****BELGIUM MACMILLAN R IN G -F R E E O IL CC INC NY 2911BELGIUM MACMILLAN R IM S-FR EE O IL CO INC NY 2911BELGIUM STALEY* A .E . MFG CO. PA 2079BELGIUM STALEY* A .E . MFG. CO. TN 2 C4fcBELGIUM UCB CHEMICALS CORP AL 2873BELGIUM VELOA U . S . PA 2511BAHAMAS* THE CHEMDEX INC FL 2834BAHAMAS' THE THE WHITE HOUSE HOTEL FL 7011B R A ZIL BANCO DE CREDIT 0 NAC TIONAL NY 6 0b r a z i l BAMCO DO ESTADO DO RIO JA N EIR O NY 6 rB R A Z IL BAVCC REAL IN T * L IN C . TX 6 (B R A Z IL BANCO REAL IN T * L • I L 60B R A Z IL BANCO SAFRA SA NY 60B R A Z IL BAMKERS TRUST CO*S BRANCH NY 6 C 2CANADA 1000 SECOND AVENUE BLD5 MA ****CANADA 1C175 C C L L IN S AVENUE FL ****CANADA 13C C NEW YORK AVENUE DC **★*

FOREIGN INVESTOR TY VALUE STATUS

BAHIA MEHMET BINCHAMBI RE 5 COMPLETEBANCO DE LA NACION ARGENTINA OT 2 COMPLETEU N ID EN TIFIED INVESTORS RE 2 0 COMPLETERFNE STEIN BERG RE 0 COMPLETEMACRI GROUP RE 0 COMPLETEH .C . S LE IG H LTO AM 0 COMPLETEMIM HOLDINGS LTD AM 186 0 COMPLETEAUSTRALIA & NEW ZEALAND BANKING GROUP OT O COMPLETEALLAN MANSFIELD OT O COMPLETECOMMERCIAL BANK OF A U STRALIA* LT D . OT O COMPLETECCMMERICAL BANKING CO. OF SYONEY OT O COMPLETECOMMONWEALTH TRADING BAN K/AUSTRALI A OT 0 COMPLETECSR LTD AM 591 2 COMPLETELEND LEA SE CORPORATION AM O COMPLETEc h o l a p t y LTD AM 5 8 COMPLETEGEOMETALS O IL EXPLORATION PTY LTD AM O COMPLETEBORAL L T D . AM 27 0 COMPLETEAC MIL LTD AM 0 COMPLETERUPERT MURDOCH ♦ MUROOCH FAM ILY TRUST AM O PENOINGSEG M3H RE 2 8 COMPLETEGULF INVESTMENT CO. RE 32 0 COMPLETESAFRA* EDMOND J . OT 0 COMPLETEEURO AMERICAN INVESTMENTS LTD RE 1 5 COMPLETELIMROY CO . L T D . AM 1 5 COMPLETEPE TR OFINA SA JV 120 O PENOINGNV BEKAERT SA PE 4 5 COMPLETEVAN AUDENHOVEN FAM ILY E l 2 6 COMPLETENOEL* MARQUET & C IE S . A . AM O COMPLETEKREDIETBANK OF BELGIUM OT 0 COMPLETESPRING CREEK INVESTMENTS RE 0 COMPLETEHUBERT HENDRICKX PE 2 6 COMPLETEHUBERT HENDRICKX E l 1 8 COMPLETEBARON LAMBERT PE 0 COMPLETEBARON LAMBERT PE 0 COMPLETEUNION CHIMIQUE BELGE SA JV 0 COMPLETEVELD A NV NP 5 0 COMPLETEFOLYDEX CHEM ICALS LTO AM 0 COMPLETEINDECO HOLDI * LTC RE 5 0 c o m p l e t eBANCO DE CREDITO OT 0 COMPLETEBANCO DO ESTADO DO BIO OE JANEIRO OT 0 COMPLETEBANCO REAL SA OT 0 COMPLETEBANCO REAL SA OT 0 COMPLETEBANCO SAFRA OT 0 COMPLETESAPRAf EDMOND J . AM 3 PENOINGCA D IL L A C -F A IR VIEW* LTD RE 37 0 COMPLETELUGER* S . AND GREENBERG S . RE 0 c o m p l e t eDACN CORPORATION RE 160 0 COMPLETE

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C A M A D A J5C-CC PRESTO*CAMADA 161b MARKET STRFETCANADA 2025 6R IC K E L L AVECANADA 48* F IF T H 4VE .CANADA 55 PARK AVENUECANADA 5* MAIDEN LANECANADA 7557 RAMBLER RD .CANADA ffc33 C O LLIN S AVENUECANADA A M IN T L IN C •CANADA A B IT IB I- P R IC F INC-THOMSON NEWSPAPERS JVCANADA AIRPORT IM P ER IA L TOWERSCANADA AIRPORT PERIM ETER PARKCANADA ALBERTA F 0R6 E PRODUCTS LTDCANADA ALHAMBRA C IR C LECANADA ALLEGRO PETROLEUM INCCANADA ALMEDA COMMERCE PLAZACANADA AMERICAN CAN CO*S COMMUNICATIONS GROUPCANADA AMERICAN CONVENIENCE PRODUCTS INCCANADA ANKER E LE C T R IC LTDCANADA A3JA GLASS IMCCANADA ARLINGTON TOWERSCANADA BAKERt MICHAEL CORP.CANADA BARBER C IL NORTHERN INCCANADA BARCLAY TOWERSCANADA BAY POINT COLONYCANADA EEN-M IT H YJRO TESTERS INCCANADA B E R K S H IR E -B Y -T H E -S E ACANADA BETZ LABORATORIES IN C .CANADA PIG SPRING MALLCANADA BISHOP COAL COCANADA BLACKEY ELKHORN ET ALCANADA BLANCHARD PLAZACANADA BRADY ENERGY CORP-DENNISOK MINES JVCANADA BROWARD PLAZACANADA CALACHECANADA CALEDON LANGINGCANADA C A LIFO R IN A CENTERCANADA CANADIAN IM PERIA L BANK OF COMMERCECANADA CANADIAN IM PERIA L BANK/COMMERCECANADA CANADIAN IM PERIA L BANK/COMMERCECANADA CANADIAN IM PERIA L BANK/COMMERCECANADA CANARY PALM CLUBCANADA CANTON MARINE CO.CANADA CAROL CABLE COCANADA CASTLE RIDGECANADA CELANESE CORPf S ENGINEERING FA B R IC SCANADA CEN TERSIDE PRO JECTCANADA CENTRAL B U SIN ESS PARKCANADA CENTRAL PARK SQUARECANADA C H IL E S TRACTCANADA C IT-C O N O IL CORPCANADA C ITA TIO N D R IL L IN G INCCANADA CLACKAMAS TOWN CENTERCANADA c l a r e n d o n

TX C A D ILLA C -FA IR V IEW * LTD RE 0 c o m p l e t ePA **** DA ON CORP. LTD RE 50 5 COMPLETEFL **** LUSER* S . ANO GREENBERG* S . RE 0 COMPLETENY ★ * ** BR AZALEA * LTD RE 0 PENDINGGA **** MARATHON REALTY * LTD RE 0 COMPLETENY * ** * REICHMAN FAM ILY RE 175 0 COMPLETETX * + ** GREAT WEST L I F E ASSURANCE RE 28 0 COMPLETEFL * * ** N . R E IS E R ET A L . RE 0 COMPLETEIL 3 5 7^ HCI HOLDINGS L T D . AM 3 3 COMPLETEGA 2621 RE ICHMANN FAM ILY PE 290 C PENOINGCA **** MARATHON REALTY LTD RE 0 COMPLETEGA * *** MARATHON REALTY* LTD RE 0 COMPLETETX 5051 ALBERTA FORGE PRODLCTS LTD OT 0 COMPLETEFL **** GLOBE REALTY* LTD RE 0 COMPLETETX 1 211 NORTHSTAR RESOURCES LTD AM 7 0 COMPLETETX **** FACTORY CARPET OUTLET RE 1 4 COMPLETECT 2721 MACLEAN HUNTER HOLDINGS LTD AM 0 COMPLETEUI 2 654 BRONFMAN FAM ILY (EDWARD & P E T E R ) AM 0 COMPLETENY 5063 ANKER E LE C T R IC LTD NP 0 COMPLETETN 3261 DAVID L . CHANDLER AM 0 PENDINGVA **** OLYMPIA & YORK LTD RE 0 COMPLETEPA 8911 PETER CUNOILL & ASSO CIA TES L T D . E l 5 COMPLETETX 1282 DOME PETROLEUM LTD AM 0 COMPLETECO **** V IL .A C E N T R E S PR O PERTIES* LTD RE 17 0 COMPLETEFL **** KIN GS POINT DEVELOPMENT GROUP RE 0 COMPLETEOH 3317 JANNOCK LTD AM 3 0 COMPLETEFL **** BERKSHIRE ASSO CIA TES RE 2 2 COMPLETECA 2899 BETZ LABO RATORIES NP 2 5 COMPLETETX **** BRAMALEA LTD RE 0 COMPLETEPA 1 211 BRONFMAN FAM ILY AM 0 PENDINGKY 1 2 1 1 JAMESTOWN RESOURCES INC* AM 5 0 COMPLETEWA **** OLYMPIA & YORK* LTD RE 0 COMPLETETN 1311 STEPHEN B . ROMAN JV 0 COMPLETEFL **** MPI CORP. N .V . RE 13 7 COMPLETEFL **** CASETTA LTD RE 0 PENDINGFL **** PAGEBROOK GROUP LTD RE 0 COMPLETECA **** CARMA DEVELOPERS LTD RE 20 0 COMPLETECO 60 CANADIAN IM PERIA L BANK OF COMMERCE OT 0 COMPLETEPA 60 CA KADI AN IM PERIA L BANK/COMMERCE OT 0 COMPLETEIL 60 CANADIAN IM PERIA L BANK/COMMERCE OT 0 COMPLETENY 60 CANADIAN IM P LER IA L BANK/COMMERCE OT 0 COMPLETEFL ** ** MACDONALD HOMES RE 0 COMPLETEMD 4226 THE SEAGRAM CO LTD AM 0 COMPLETER I 3215 ZINOR HOLDINGS LTD AM 140 0 COMPLETEMN **** OWEN* DAVIO RE 18 0 COMPLETENY 2 2 1 1 DOMINION T E X T IL E IN C . AM 0 PENDINGCA * *** GREAT WEST L IF E * BOWLEN HOLDING RE 28 0 COMPLETECA ★ * ** DAON DEVELOPMENT CORP RE 1 8 COMPLETEAZ **** MARWEST GROUP LTD RE 80 0 COMPLETEVA **** C A D ILLA C -FA IR V IEW LTD RE 0 PENDINGLA 2992 BRONFMAN FAM ILY AM 0 PENDINGTX 1311 UNITED CANSO O IL & GAS LTD JV 1 8 COMPLETEOR **** TR IZEC CORP. RE 125 0 COMPLETEFL ** ** YORK-HANOVER DEVELOPMENTS* LTD RE 10 5 COMPLETE

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CANAOA CLUB ROYALECANADA COLONIAL POINT APARTMENTSCANADA COLORADO PRESS BLDGCANADA COLUMBIA CENTERCANADA COMIMCO'S E LE C T R IC A L M ATERIALS D IV .CANADA COMMERCIAL IN D U STR IA L COMPLEXCANADA CONDO DEVELOPMENTCANADA CONDO DEVELOPMENT I ICANADA CONDOMINIUMCANADA CQMDOMINUMCANADA CORAL PETROLEUM INC-GOLD LAKE R E S . JVCANADA CORPORATE PARKCANADA C RA IS MOTOR SER V IC E CO.CANADA CRESCENT BEACH CLUB CONDOMINIUMCANADA DAVIS O IL PR O PERTIESCANADA DENVER BRONCOSCANADA DENVER PRESS BLDGCANADA DENVER REAL ESTATE INVESTMENT A SSO C.CANADA DOMINION PLAZACANADA DUPONT COf S PLANTCANADA DU?DNT PLAZACANADA DUPONT PLAZACANADA E . I . DUPONT NEMOURSCANADA EBCAP SUPPLY CO*S A SSETSCANADA EDEN ROC HOTELCANADA EL CORTEZ HOTELCANADA ELDRIDGE BLDG.CANADA FACTORY CARPET OUTLETCANADA FA LSTA FF BREWING CORP.CANADA FAMMO IN D U STR IA L PARKCANADA FLORIDA WIRE & CABLE COCANAOA FLYIN G CLOUD APTSCANADA FORTRESS MAINGATECANADA FORUM 111 BLDGCANADA FOUR SEASONS HOTELCANADA FRANKLIN STREET CENTERCANADA FRIGGSTAD D ISTR IB U TIO N IN C .CANADA FRIGGSTAD MFS L T D .CANADA FUTURE ELECTRO N ICSCANADA G I EXPORT CORPCANADA G .S .C . ELECTRO N ICS CORP.CANADA GARDENS OF SABAL PALMCANADA GATEWAY CENTERCANADA GENERAL MANUFACTURING IN CCANADA GETCHELL GOLD MINECANADA GOODRICH, B . F . CO*S D IV IS IO NCANADA G REIT REALTY TRUSTCANADA HANNAFORD BROTHERS CO.CANAO A HARBOR PLAZACANADA HARBOR TOWERSCANADA HART SCHAFFNER & MAX BLDGCANADA HOMEYQUIP CO.CANADA HOTEL DEVELOPMENTCANADA HOTEL PRO JECT

FL **** MINTO CONSTRUCTION, LTD RE 0 COMPLETEFL * *** A LPER, J . AND R E IT E R , I RE 10 2 COMPLETECO **** NELCO CORP. RE 1 5 COMPLETETX * *** ALSTEN HO LO IN GS,LTD RE 370 0 COMPLETEWA 3629 CANADIAN P A C IF IC LTD PE 2 5 COMPLETECA **** DAON CORP. RE 7 5 COMPLETEFL **** CAMPEAU CORP. RE 125 0 COMPLETETX **** CAMPEAU CORP. RE 0 COMPLETEFL ★ *** LUGER, S.AND GREENBERG, S . RE 0 COMPLETEFL **** CAMPEAU CORP. RE 20 0 COMPLETETX 1311 GOLD LAKE RESOURCES LTD JV 7 0 COMPLETEFL ** ** RE1CHMAN FAM ILY RE 0 COMPLETEUV 5013 MINDY S LT D . AM 0 COMPLETEFL **** C . K . T . , INC RE 3 0 COMPLETEWY 1311 HIRAM WALKER-CONSUMERS HOME LTD AM 630 0 COMPLETECO 7941 EDGAR K A ISE R AM 40 0 COMPLETECO **** NELCO CORP. RE 8 COMPLETECO 6733 BELZBERG FAM ILY E l 0 COMPLETECO **** CARMA DEVELOPERS LTD RE 0 COMPLETEDE 2824 JOSEPH E . SEAGRAMS & SONS LTD PE 0 COMPLETEFL **** REICHMAN FAM ILY RE 7 5 COMPLETEFL **** REICHMAN FAM ILY RE 360 0 COMPLETEDE 2821 BRONFMAN FAM ILY AM 2580 0 COMPLETEGA 5 C 74 WESTBURNE IN A T*L IK O U S T R IE S LTD AM 0 COMPLETEFL 7 C1 1 SOL LUGER, SAM GREENBERG RE 0 COMPLETECA 7511 DACN CORP. LTD RE 0 COMPLETEMA **** AMA3 ROP DEVELOPMENTS, INC RE 8 COMPLETETX 5713 FACTORY CARPET OUTLET OT 1 4 COMPLETECA 2C82 PETER CUNDILL I A SSO C. L T D . AM 2 3 COMPLETEOR **** MARATHON R E A L T Y , LTD RE 0 COMPLETEFL 3315 IVA N IER FAM ILY AM 12 0 COMPLETEFL **** ANDRE BO UTH ILLER RE 4 COMPLETEWA ** ** DACN DEVELOPMENT , INC RE 100 0 PENDINGFL **** REICHMAN FAM ILY RE 18 0 COMPLETETX 7011 FOUR SEASO N S, L T D , C A D ILLA C -F A IRVIEW RE 0 c o m p l e t eFL * * ** REICHMAN FAM ILY RE 0 c o m p l e t eND 5084 FRIGGSTAD MANUFACTURING L T D . OT 0 COMPLETETX 5 08 4 FRIGGSTAD MANUFACTURING L T D . OT 0 COMPLETEFL 5065 FUTURE ELECTRO N ICS OT 0 COMPLETENY 5 C l 3 DAV10 CANDLER AM 2 4 COMPLETENY 3679 C . S . C . ELECTRO N ICS LTD PE 0 COMPLETEFL **** VAN90TS CONSTRUCTION LTD RE 0 COMPLETEMO * * ** U N ID EN TIFIED RE 0 COMPLETEFL 372c HUNTING A SSO CIA TES LTD AM 0 COMPLETENV 1 C 41 6R CNPMAN FAM ILY AM 4 PENDINGTX 2822 CAKADA DEVELOPMENT CORP AM 0 COMPLETEPA 6733 GEORGE S . MANIY AM 0 COMPLETEME 5411 SOBEY FAM ILY E l 3 7 COMPLETEMA * UNIDENT IF IE D RE 27 0 COMPLETEMA **** BELZBERG FAM ILY RE 52 0 COMPLETEIL **** C A D ILLA C -F A IR V IE W , LTD RE 0 COMPLETENY 3551 HCNEY3UIP CO. NP 3 PENDINGTX 7 G1 1 PR AMALEA, LTD RE 0 c o m p l e t eyA 7 C 11 CANLEA LTD? GREAT WEST L I F E , LT D . RE 20 0 COMPLETE

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CANADA HOUSTON EXPORT CRATING CO TX 47*3CANADA HOWARD HOHNSf'N* S MOTOR LOCGE MI 7C11CANADA HUDSONS BAY CENTER CO ****CANADA ID S CENTER MN ****CANADA IM PERIA L SQUARE TX ****CANADA IM D JSTR IA L DEVELOPMENT FL ****CANADA INN ON THE PARK TX 7011CANADA INTERCONTINENTAL CENTER C A * * * *CANADA J E CARTER ENERGY INC TX 1311CANADA JACKES EVANS MFG CO. MO 3433CANADA KEY COLONY CLUB FL ****CANADA K IS S IN G E R PETROLEUM CORP CO 1311CANADA LA C ITA FL ****CANADA LA TOUR TX ****CANADA LAND IL ****CANADA LAND FL ****CANADA LAND FL ****CANADA LAMD FL ****CANADA LAND FL ****CANADA LAND TX ****CANADA LAND UA ****CANADA LAMD FL ****CANADA LAMO TX ★***CANADA LAND FL ****CANADA LAND CO *+**CANADA LAND CA ****CANADA LAND TX ****CANADA LAMD CO ****CANADA LAMD CA ****CANADA LAND CA ****CANADA LAND CO ****CANADA LAND FL ****CANADA LAND TX ****CANADA LAND UA ****CANADA LAND FL ****CANADA la n d NY ****CANADA LAMD UA ****CANADA LAND CA ****CANADA LAND CA ****CANADA LAND CA ****CANAOA LAND CA ****CANADA LAMD CO ****CANADA LAND NY ****CANADA LAND (156 A CRES) F L ****CANADA LAND (2 C .4 A CRES) FL ****CANADA LAND (60 ACRES) FL ****CANADA LAMD 77 ACRES F L ****CANADA LAND FA LL F L ****CANADA LEADER SPORTS PRODUCTS IN C . NY 3949CANADA LINCOLN MALL FL ****CANADA LINCOLN SQUARE DC ++**CANADA LITTO N PU BLISH IN G GROUP CA 2731CANADA M. M. HADES IN C • NH 2 C13CANADA MACMILLAN BLOEDEL INC AL 2611

LIVIN GSTO N IN D U STR IES LTD AM 2 0 COMPLETEGfcEAT WEST L IF E ASSURANCE RE 4 2 COMPLETEWfSTFORM DEVELOPMENT9 LTO/ MARK80ROUGH RE 30 0 COMPLETEOXFORD DEVELOPMENT GROUP RE 200 C COMPLETEIM PERIAL GROUP* LTD RE 6 0 COMPLETEOLYMPIA &* LTD RE 0 COMPLETEFOUR SEASONS HOTELS* LTD RE 0 COMPLETEMARATHON REALTY* LTD RE 0 COMPLETEUNITED CANSO O IL * GAS LTD AM 0 PENOINGGSW LTD AM 8 5 COMPLETEU N ID EN TIFIED RE 0 COMPLETERANGER O IL (CANADA) LTD# AM 45 0 COMPLETEEASLE3ROOK INVESTMENTS RE 0 COMPLETECAMPEAU CORP RE 0 COMPLETEREICHMAN FAM ILY RE 18 0 COMPLETEREICHMAN FAM ILY RE 0 COMPLETEWORKMAN* E* RE 7 COMPLETEU N ID EN TIFIED INVESTOR RE 2 5 COMPLETEED ELSTEIN E . RE 1 5 COMPLETECAMPEAU CORP. RE 0 COMPLETECAMPEAU CORP RE 19 0 COMPLETEREICHMAN FAM ILY RE 1 8 COMPLETECAMPEAU CORPORTION RE 0 COMPLETECOSTAIN* LTD RE 29 0 COMPLETEBRAMALEA* LTD RE 4 7 COMPLETEDAON DEVELOPMENT CCRP RE 110 0 COMPLETECAMPEAU CORP. RE 0 COMPLETEOLYMPIA & YORK* LTD RE 70 0 COMPLETEMARATHON REALTY* LTD RE 6 5 COMPLETEGREAT WEST L IF E ASSURANCE RE 52 8 COMPLETEUEECO DEVELOPMENT CO RE 0 COMPLETEROGER SAGNE RE 2 2 COMPLETEMONT ROYAL ESTA TES* LTD RE 0 COMPLETEROYAL INTERNATIONAL E Q U IT IE S * LTD RE 37 5 COMPLETESAM PAPPO RE 0 COMPLETEC A 01LL AC—FA IR V I El/* LTD RE 54 0 COMPLETEMARATHON REALTY* LTD RE 32 8 COMPLETEDAON CORPORATION RE 0 COMPLETEH IG H FIELD CORP. RE 8 0 COMPLETEMARATHON REALTY LTD RE 6 5 COMPLETEGENSTAR LTD RE 5 5 COMPLETEV IL L A CENTRES PR O PERTIES* LTD RE 4 6 COMPLETEC A D ILLA C -F A IR V IEM LT D . RE 105 0 COMPLETEGENSTAR* LTD RE 2 4 COMPLETEOLYMPIA & YORK* LTC RE 9 COMPLETEB ER K IS INVESTMENTS NV RE 1 1 COMPLETESOUTHWICK GROUP RE I 5 COMPLETEUAGNER* L E S L IE AND A SSO C IA TES RE 11 2 COMPLETEIN TL# FORUMS INC# NP 0 PENOINGJACQUE CORBELL RE 3 4 COMPLETEC A O ILLA C -FA IR VIEW CORP* LTD RE 50 0 PENOINGTHOMSON FAM ILY AM 61 0 COMPLETEBRONFMAN FAM ILY AM 0 COMPLETEfeRIT# COLUMBIA RESOURCES IN V EST# CORP# PE 274 0 COMPLETE

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CANADA MAIN CENTER TX ****CANADA MARATHON FREMONT BU SIN ESS CENTER CA ****CANADA MARATHON HAYWOOD IN D R STR IA L PARK CA ****CANADA MASSACHUSETTS F IN A N C IA L S E R V IC E S CO MA 61CANADA MATHIES COAL CO. PA 1 1 1 1CANADA MAYO HOTEL OK 7011CANADA MED PU BLISH IN G INC NJ 2721CANADA MERCANTILE BANK OF CANADA TX 60CANADA M m iC K BLDG FL ****CANADA METROPOLITAN STADIUM MN ****CANADA MILWAUKEE ROAD CORP I L 4011CANADA MISSIONI H IL L S COUNTRY CLUB CA 7997CANADA M ISSION M ILLS COUNTRY CLUB FL ****CANADA MIT IN D U STR IE S TX 3568CANADA M ITEL IN C . CO 3663CANAOA MONACO HOTEL FL 7C11CANADA MONAGHAN M EDICAL CORP NY 38 42CANADA MULTI USE DEVELOPMENT MI *** +CANAOA MULTI USE DEVELOPMENT FL ****CANADA MULTI USE PRO JECT TXCANADA M JLTI USE PRO JECT FL **★*CANADA MULTI USE PROJECT I L **♦*CANADA MULTI USE PRO JECT CA * * •* *CANADA MULTI USE PRO JECT CA ** **CANADA MULTI USE PROJECT CA ****CANADA MULTI USE PROJECT WA ****CANADA NATIONAL PARKING GARAGE TN ****CANADA NO*ANDA ALUMINUM CO INC MO 3334CANADA NORCAL EX EC U TIV E CENTER CO ♦ ***CANADA NORTH SPOKANE MALL UA ****CANADA n o r t h e r n g l a s s d e s i g n s l t d . NY 5 C63CANADA NORTHERN TELECOM IN C . NC 3679CANADA NORTHWEST B U SIN ESS PARK CO ****CANADA NOVAMETRIX MEDICAL SYSTEM S IN C . CT 3842CANADA O FFICE BLDG TX ****CANADA Or F IC E BLDG CA ****CANADA O FFICE BLOG FL ****CANADA O FFICE BLDG WA ****CANADA O FFICE BLDG CA ****CANADA O FFICE BLOG TX * ***CANADA O FFICE BLDG. CO ****CANADA o f f i c e BLDG* FL * ***CANADA O FFICE BLDG. CO ***«CANADA O FFICE BU ILDIN G I L *** *CANADA O FFICE BUILDIN G WA *** *CANADA O FFIC E BU ILDIN G CO ****CANADA O FFICE BU ILDIN G AZ ★ * **c a n a o a O FFICE BU ILDIN G * OC ** + *CANADA O FFICE COMPLEX TX ****CANADA O FFICE DEVELOPMENT CA *** *CANAOA O FFIC E PARK CA ** * *CANADA O FFIC E PARK COCANADA O FFICE PROJECT CA ****CANAOA O FFICE PROJECT WA ****

BRAMALEA, LTDMARATHON REALTY LTDMARATHDN REALTY LTDSUN L IF E ASSURANCE CO* OF CANADABRONFMAN FAM ILYDAON DEVELOPMENT CORPTHOMSON FAM ILYMERCANTILE BANK OF CANADAGLOBE R E A LT Y , LTODAVID OWENCANADIAN NATIONAL RAILW AYS REICHMAN FAM ILY REICHMAN FAM ILY MIT CONCRETE LTD*M. C .J* COWPLAND & T*H* MATTHEWSJ . GARDNER, E* SAGLIOMONAGHAN MEDICAL EQUIPMENT CORPS .B * MCLAUGHLIN ASSOC* LTDC A O ILLA C -F A IR V IE W , LTDC A D ILLA C -FA IR V IEW ,LTD/RO STLAN D CORP*CLYMPIA & YORK L T D / T R IZ E C CORP.OLYMPIA & YORK LTOOXFORD DEVELOPMENT LTDOXFORD DEVELOPMENT, LTDOXFORD DEVELOPMENTREICHMAN FAM ILYU N ID EN TIFIEDZIN 3R HOLDINGS LTDNELCO CORDRATIONTECHRAM S E C U R IT IE S , IN C/SPRIN G ER CORP NORTHERN GLASS DESIGNS LTD*B ELL CANADA OLYMPIA & YORK L T D f H E L IX INVESTMENTS LTD CAMPEAU CORP.DACM C 3R P .JACQUES C O R B E IL CARMA D EVELO PERS, LTD CAD IL L A C -F A IR V IE W , LTD CAMPEAU CORP.UMCORP F IN A N C IA L CORP.OLYMPIA & YORK LTD LARKEN DEVELOPMENT C A D ILLA C -F A IR V IE W , LTD RCYAL INTERN ATION AL E Q U IT E S , LTD CANADIAN R A IL PENSION FUNDS LAKEVIEW P R O P E R T IE S , LTD DACN CORPORATIONS, LTD CAMPEAU CORP.OXFORD DEVELOPMENTMARATHON R E A L T Y , LTOCANADIAN R A IL , A IR CANADA-PENSIONSDACN CORP. LTDC A D ILLA C -F A IR V IE W ,LT D

RE 400 0 PENDINGRE 0 COMPLETERE 0 COMPLETEAM 0 PENDINGAM 0 PENDINGRE 4 6 COMPLETEAM 0 COMPLETEOT 0 COMPLETERE 6 5 COMPLETERE 10 0 COMPLETEAM 0 PENDINGAM 0 COMPLETERE 0 COMPLETENP 2 PENOINGNP 0 PENDINGRE 3 3 COMPLETEPE 0 COMPLETE

100 0 COMPLETERE 30 0 COMPLETERE 300 0 COMPLETERE 100 0 COMPLETERE 150 0 COMPLETERE 500 0 PENDINGRE 0 COMPLETERE 0 COMPLETERE 12 5 COMPLETERE 7 COMPLETEPE 240 0 COMPLETERE 10 0 COMPLETERE 100 0 COMPLETEOT 0 COMPLETEPE 5 4 PENDINGRE 0 COMPLETEAM 1 0 COMPLETERE 300 0 COMPLETERE 0 COMPLETERE 5 0 COMPLETERE 70 0 COMPLETERE 0 COMPLETERE 0 COMPLETE

32 0 COMPLETERE 0 COMPLETERE 0 c o m p l e t eRE 75 0 COMPLETERE 0 COMPLETERE 0 COMPLETERE 50 0 COMPLETE

160 0 COMPLETERE 0 PENOINGRE 500 0 PENOINGRE 0 COMPLETERE 0 COMPLETERE 0 COMPLETERE . 0 COMPLETE

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GERMANY * FE0ER A L RCFSTGP & SHOP CCS NJ STORES GERMANYt FEDERAL R E F T E LE F LE X IN C .GERMANY* FEDERAL REPTHE PLAZA GERMANY * FEDERAL R E P T IT £ X TOOLS IN C .GERMANY* FEDERAL REPTU A^O N APTS GERMANY* FEDERAL R E FTR U ITT BROTHERS IN C .GERMANY* FEDERAL REPUNICN CA RB ID E*S JO IN T VENTURE GERMANY* FEDERAL REHUNIVERS IT Y STATIO N BLDG GERMANY* FEDERAL REPVEBE INTERNATIONAL INC GERMANY* FEDERAL REPVOLKSWAGEN OF AMERICA INC GERMANY* FEDERAL REPVOLKSWAGEN OF AMERICA IN C .GERMANY* FEDERAL REPW. R . GRACE & CO.GERMANY* FEDERAL REPW .*.GRACE & CO.GERMANY* FEDERAL REPWAAGENFABRIK GERMANY* FEDERAL RE PWARSTEINE R BEER GERMANY* FEDERAL REPWAYNE CAN DIES IN C .GERMANY* FEDERAL REFWESTERN GEAR*S M ILLER PR IN TIN G E G U IP . GERMANY* FEDERAL REPfeESTIN 6H0 USE E L E C T R IC PLANTS GERMANY* FEDERAL REPW ISCONSIN GASKET & MFG. CO.GREECE ATLAN TIC BANK OF N .Y .* S EDGE ACT CO.GREECE H ELLEN IC L IN E S LTDHONG KONG ASHFORD LABS LTDHONG KONG COMMERCIAL BANK OF SAN FRAN CISCOHONG KONG DAVID JAMISON CA RLYLE CO RP.HONG KONG D E -A nZA MEOICAL CENTERHONG KONG EAST-W EST TOUERHONG KONG EXECU TIVE IN D U STR IE S INCHONG KONG HANNA-BARBERA*S MAR INELANDHONG KONG HONS KONG METRO BANK* L T D .HONG KONG IN D JS T R IA L V A LLEY BANK & TRUST CO.HONG KONG KAMP GROUNDS OF AMERICA INCHONG KONG LANDHONG KONG O FFICE BUILDIN GHONG KONG PR U D E N TIA L'S BA CHE GROUP INSURANCE L IHONG KONG SEAPAC CONTAINER SE R V IC E IN C .HONG KONG TRANS P A C IF IC CENTERHONG KONG U .S . REALTY INVESTMENTSHONG KONG WARICK HOTELHUNGARY KURT ORBAN CO*S J . V .IN D IA STATE BANK OF IN D IA (BROADWAY)IS R E A L E LS C IN T LTDIS R E A L ISR A EL DISCOUNT BANK* L T D .IS R E A L P F IZ E R MEOICAL SYSTEMSIS R E A L TRAFALGAR IN D U STR IES IN C .IS R E A L UNITED M IZRAHI BANK* LT D .IT LY 425 EAST 61ST STREETIT LY AEGEN I NT*L IN C .IT LY AMERICAN EXPORT IN T*L IN CIT LY BALCONIIT LY BANCA NAZIONALE DELL* AGRICOLTURAIT LY BOMETTI S T E E L IN C .IT LY CDMPUSCAN IN C .IT LY CUGHER IN C .I T LY DATA TERMINAL SYSTEMS

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IT A L Y DOCUTEL CORP.IT A L Y ENOXYIT A L Y f a m o l a r e s h o e c o .IT A L Y FARE SPAIT A L Y F IR S T LOS ANGELES BANKIT A L Y FOWLES GRAIN CO *S ELEVATORIT A LY I L P*OGRESSOIT A LY i t a l g r a n i g r a i n ELEVATORSIT A LY IT A LIA N AEROSPACE IN D U STR IE SIT A L Y LAZZARONI*S 3AKE*YIT A L Y LITC O BANCORPIT A L Y HARAZZI CERAM ICSIT A L Y HARAZZI CERAM ICSIT A L Y MIAMI PARKIT A L Y OSD MECCANICA USAIT A L Y SAVIN O L IV E T T I CORP.IT A L Y SOLAREX CORP.JAPAN ICO BROADWAYJAPAN 1500*1520 W ILSH IR EJAPAN AIWA AMERICA IN C .JAPAN ALEPH IN T L IN C .JAPAN a l p h B IO CHEM ICALS CORP.JAPAN ALPHA BIOCHEM ICAL CO.JAPAN AMANO IN T f L ENZYME CO INCJAPAN AMERICAN HONDA MOTOR CO.JAPAN AMERICAN RETORT CORP.JAPAN AMSMACK IN C .JAPAN ANDO CORP.JAPAN ARAYA IN D U STR IA L CO.JAPAN ASAHI TSUSHIN A D VER TISIN GJAPAN BELLEMAR PARTS IN D U STR IESJAPAN CAL-M AINE FOODS IN C .JAPAN CALSONIC IN C .j a p a n CENTRAL AID AMERICA IN C .JAPAN CHICKSHA COTTON O IL CO.JAPAN CHINO COPPER MINESJAPAN CHOU-YUKA USA CORP.JAPAN COAL MINEJAPAN COAST TRAOING COJAPAN COLES EGG FARM iNiC.JAPAN CONCISE CASTING CORPj a p a n COMDOMINIUMJAPAN CONDOMINIUMJAPAN COOL WATER COAL G A S IF IC A T IO N PROJECTJAPAN COSINA AMERICA INCJAPAN CROTON EGG FARMJAPAN CTY INCj a p a n D A I- IC H I KAN&YO SANKJAPAN C A H A TSU D IE S E L JS AJAPAN DA IWA C C .JAPAN DIAMOND SHAMROCK* S 3 PLANTSJAPAN DIAMOND SHAMROCK*S ANIMAL N UTRITION C IVJAPAN DIAMOND SHAMROCK*S ANIMAL NUTRITION C IVJApAN DIAMOND SHAMROCK*S ANIMAL NUTRITION CIV

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JAPAN D IE S E L K IK I USA CO. LTO . CA 5C64JAPAN EBARA IN T L . CA 5C64JAPAN EHRENREICH PHOTO -OPTICAL IN C . NY 5C43JAPAN E IS A I USA INC CA 2634JAPAN FfcERSER V PRODUCTS IN C -M IT S U B IS H I JV UT 3317JAPAN E R IE TECHNOLOGY PRODUCTS IN C . PA 3679JAPAN EKXDN CO R P'S O PTICAL INFORMATION SYSTEMS NY 3832JAPAN FIRESTO N E WIRE & CABLE CO. KY 3496j a p a n FUJISAWA SM ITH KLIN E CORP PA 5122JAPAN F U JIT E C CO. OH 3534JAPAN F U JIT S U CA 3674JAPAN F U JIT S U MICRO ELECTRO N ICS IN C . CA 3662JAPAN FUTABA AMERICA CA 3931JAPAN GAF CORP’ S X -R A Y OIV NY 3661JAPAN HALEKULANI HOTLE HA 7 011JAPAN HAND* T . A. IN C . CA 3674JAPAN HARNISCHFEGER CORP. WI 3531JAPAN H ITA CH I CONSUMER PR D TS. OF AMERICA CA 3651JAPAN H ITA CH I MICRO SYSTEMS IN T L . IN C . CA 3621JAPAN HOKURIKU BANK, LTO . NY 60JAPAN HONDA PARTS OF AMERICA OH 3714JAPAN HOTEL DEVELOPMENT HA 7011JAPAN HOUSE FOOD IN D U STR IA L CO. LTD CA 2 09ftJAPAN ICHIKAWA INC 5133JAPAN ITT CONTINENTAL BAKING CO*S PLANT HA 2051JAPAN JA»*N COAL D EV . DORCHESTER COAL JV CO 1211JAPAN JE R SE Y COAST EGG PRODUCERS IN C . NJ 5144JAPAN JEURO CONTAINER TRANSPORT INC 4411JAPAN JOHN U EA TH ER H ILL IN C . TX 2731JAPAN JOSEPH FULLER & CO IN C I L 5051JAPAN KA5A IN C . CA 5C65JAPAN KAtfAHARA E LE C T R IC A L CORP NY 5719JAPAN K3< IN T L IN C . IL 5084JAPAN K K U S U I IN T L CO R?. CA 3825JAPAN KOITI-W M I 3647JAPAN KUBOTA AMERICA CORP. NY 5084JAPAN KURAKI AMERICA CORP. TX 5084JAPAN LAND TX ****JAPAN LE3LOND IN C . OH 3541JAPAN LDMS BEACH COAL a ROJECT CA 5052JAPAN MANUFACTURERS BANK CA 602JAPAN MARUI C O .L LTD 3714JAPAN MATERIAL PROGRESS CORP. CA 3647JAPAN MAZDA NORTH AMERICA INC CA 5012JAPAN MEMOREX D IC CORP CA 2665j a p a n MEMOREX D IC CORP CA 5161JAPAN MHI CORRUGATING MACHINERY CO. MD 5084JAPAN MIYOLTA CAMERA CO. CA 3861JAPAN MIPRO-MANUFACTURING IMPORT PROMOTION DC 7392JAPAN M ITSU B ISH I CHEMICAL IN D U S T R IE S INC NY 6711JAPAN M ITSU B ISH I CONSUMER ELECTRO N ICS AMERICA CA 3674j a p a n M ITSU B ISH I IN A T L CORP CO 5051JAPAN M ITSU B ISH I MOTOR SA LES OF AMERICA CA 5012JAPAN M ITSUI WAREHOUSE CO* NY 4 225

D IE S E L K I K I CO . L T C . OT 0 COMPLETEEBARA CORP. OT 0 COMPLETENIPPON KOGKU KK E l 16 8 COMPLETEE IS A I CO LTD NP 0 COMPLETEM ITSU BISH I CORP JV 1 3 PENOINGMURATA MANUACTURING CO .LTD PE 6 0 PENOINGM ITSU B ISH I CHEMICAL IN D U S T R IE S AM 7 0 COMPLETETOKYO ROPE CO ET AL AM 10 0 COMPLETEFLJISAW A PHARMACEUTICAL CO. LTD JV 0 COMPLETEF U JIT E C CO. LTD NP 30 0 PENDINGF U JITSU L T D . NP 20 c COMPLETEF U JIT S U LT D . OT 0 COMPLETEFUTABA CORP NP 0 COMPLETEM ITSU B ISH I CHEMICAL IN D U S T R IE S LTO AM 3 5 COMPLETEM ITSUI REAL ESTA TE CORP RE 0 COMPLETESHOWA MUSEN KOGYO CO. LT D . AM 3 COMPLETEKOBE S T E E L L T D . AM 26 0 COMPLETEH ITA CH I LT D . NP 0 PENDINGH ITA CH I L T D . OT 1 COMPLETEHOKURIKU BANK, L T D . OT 0 COMPLETEHONDA MOTORS CO. LTD NP 0 COMPLETEHASEGAWA KOMUTEN COt LTD RE 0 COMPLETEHOUSE FOOD IN D U STR IA L CO. L T D . OT 0 PENDINGICHIKAWA WOOLEN T E X T IL E CO NP 0 PENOINGD A IIC H IY A BAKING CORP. AM 4 6 PENOINGJAPAN COAL DEVELOPMENT CO JV 1 0 PENOINGM ITSUI & CO. L T D . AM 0 COMPLETEJEURO CONTAINER TRANSPORT INC NP 0 COMPLETETANKOSHA AM 0 COMPLETEM SSH O - I W A I CO. LTD AM 0 PENDINGKASA TSUSHIN KOGYO CO. LT D . OT 0 COMPLETENISSHO IU A I CO . LTD OT 0 COMPLETETHE BANK OF TOKYO LT D . OT 1 0 COMPLETEK IK U SU I ELEC TRO N IC S CORP. PE 0 PENDINGK C IT I MFG. CO. L T D . NP 0 PENDINGk u b d t a l t d . OT 0 COMPLETEKU RASH IK I MACHINERY CO . L T D . OT 0 c o m p l e t eU N ID EN TIF IED RE 0 COMPLETETSUNEZO MAKINO AM 0 COMPLETEC . ITOH & CO. LTD JV 67 5 COMPLETEM ITSUI BANK, LT D . AM 0 COMPLETEMARUI CO. LT D . NP 0 PENOINGSHOWA DENKO KK AM 4 3 COMPLETETOYO KOGYO CO. LT O . NP 0 COMPLETEDA INIPPON INK AND CHEMICALS INC AM 0 COMPLETEDA INIPPON INK & CHEMICAL INC JV 5 0 COMPLETEM ITSU B ISH I HVY IN DUS. & M ITSU I & CO. LTD OT 1 0 COMPLETEMINOLTA CAMERA CO. L T D . NP 0 PENDINGJAPAN, GOVT. OF OT 0 COMPLETEM ITSU B ISH I CHEMICAL IN D U STR IE S LTD NP 3 0 COMPLETEM ITSU B ISH I E LE C T R IC CORP. NP 0 PENDINGM ITSU B ISH I CORP OT 0 COMPLETEM ITSU B ISH I HEAVY IN D U STR IE S OT 14 0 COMPLETEM ITSUI WAREHOUSE CO. LTD NP 0 PENOING

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JAPAN MIYAGAWA USA CORP CA 5 043JAPAN MORI S E I K I CO. TX 5084JAPAN M ULTI-USE PRO JECT MN ★***JAPAN MUNSINGUEAR INC MN 2341JAPAN MUSASHI P R E C IS IO N INDUSTRY CO. MI 3714JAPAN HUTSUKI CORP CT 3079JAPAN MYCOM CORP. CA 3562JAPAN NEC ELEC TRO N IC S USA CA 3674JAPAN NHK SPRING CO-HOESCH JV 3493JAPAN NICHIMO NORTHWEST INC WA 2298JAPAN NICHIRO KOGYO CO. 5084JAPAN NIKKO UO LVELIN E IN C MI 3356JAPAN NIKON IN C . NY 5 C 43JAPAN NIPPON GAKKI STUDIO CA 7399JAPAN NIPPONDENSO IN C . CA 5013JAPAN NISSAN DESIGN IN T L IN C . CA 7549JAPAN NISSAN MOTOR MANUF. CORP USA TN 3711j a p a n NISSAN USA OH 5 012JAPAN NKK SW ITCHES OF AMERICA IN C . AZ 3613JAPAN NOMURA COMPUTER SYSTEM S CO. NY 72JAPAN NORTH AMERICAN BRINE RESOURCES OK 2819JAPAN NORTHWESTERN IN D U STR IES INC WA 3211JAPAN O FFIC E B U ILDIN G HA ****JAPAN O FFICE PROJECT OR ****JAPAN 0<JMA MACHINERY CO. NY 3541JAPAN OSAKA TITANIUM CO. L T D . CA 5065JAPAN OSAWA & CO. USA INC NY 5C42JAPAN PACE PRODUCTS IN C TX 3494JAPAN P A C IF IC C IT Y BANK CA 6 C 2JAPAN PANI OCEAN BU ILD IN G NY ****JAPAN PANAFAX CORP. NY 7279JAPAN PHONE MATE IN C . CA 3661JAPAN PR I*0 L T d . TX 3661j a p a n PJLSA R TIME IN C . NJ 5094JAPAN RE DEVELOPMENT PROJECT MN ****JAPAN R E S ID E N T IA L DEVELOPMENT MD ****JAPAN R E T A IL SYSTEMS D IV . IL 5081JAPAN RICOH OF AMERICA IN C . NJ 3574JAPAN R K E N AMERICA CORP CA 5014JAPAN RYOBI AMERICA INC* I L 5084JAPAN S . C . B A R T LE T T f S ELEVATOR IL 5153JAPAN SANRIO IN C . CA 5945JAPAN SASHEO CORP AMERICA NM 5812JAPAN SATORE E LE C T R IC OF AMERICA CA 5 065JAPAN SEABOARD FOODS IN C . MS G 259JAPAN s e a b c a r o - h i l l e n d a l e IN C . FL 0252JAPAN SEA ylN O S FL ****JAPAN SH KO KU CHEMICAL CORP CA 5161JAPAN SHIMADZU S C IE N T IF IC INSTRUMENTS MD 3823JAPAN SHINTECH INC TX 2821JAPAN 5.HISEIDC COSMETICS (AM ERICA) IN C . NJ 2844JAPAN S H IS E I DC COSM ETICS USA CA 5999JAPAN SMC PENUMATICS IN C . IN 5922j a p a n SONY CONSUMER ELECTRO N ICS LAB (S O C E L ) NJ 3662

MIYASAkA DENGU LTO MORI S E I K I C O .L T D .D A I- IC H I M U TU A L-LIFE / KAJIM A CORP. TOYOBO CO.MUSASHI PR E C IS IO N INDUSTRY LTDHUTSUKI CORPMAEKAWA MFG. CO . L T O .NIPPON E LE C T R IC C O .LT O .NHK SPRING CO LTD NICHIMO CO LTD NICHIRO KOGYO CO.NIPPON MINING CO LTO ET AL NIPPON KOGAKU KK N IP ’ OM GAKKI CO . LTO NIPPONDENSO CO . L T O .NISSAN MOTOR CO . L T D .NISSAN MOTOR CO. LTD NISSAN MOTOR CO. LT O .NIHON K A IH E IK I IN D L S T R IA L CO LTD 36M ITSUI & CO. LTD CENTRAL GLASS CO. LTD SUMITOMO CORP.M ITSU B ISH I ESTATE* L T D ; M E IJ I L IF E TAKiO OKUMAOSAKA TITANIUM CO. L T D .J OSAUA & CO. LTD F U J I KOKI MFG CO. LTO SUMITOMO TRUST AND BANKING CO. L T D . N IP ’ OM L IF E INSURANCE CO* LTD MATSUSHITA E L E C T R IC IN D U STR IA L CO. ASAHI CORP.PR IMG LTD .S F H O -K HATTORI & CO. LTD D A I- IC H I MUTUAL L IF E / K A JIM A CORP A OKI CONSTRUCTION* LTD GMRON T A T E IS I ELECTRO N ICS CO .RICOH CO. LT D .OKAiOTD R IKEN GOMU CO RY 03 I L T D .TOYO MENKA KA ISH A LTD HFIBONSHA L T S .JAPAN ST E E L TOWER CO. LTO SA TORI E LE C T R IC CORP.H IYO K O -N O -ISE CO.MITSUI & CO. LT D .KAJIMA CORP/NICHIMEN CORP.SHI<0<1) CHEMICAL CORP SHIMADZU SEISAKUSHO LTD SH IN -ETSU CHEMICAL CO LTO .S H IS f lD O CO S H IS E l DC CO. LTD SHOKETSU KINZOKU KOGYO CO .LTD SGNY CORP.

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NETHERLANDS a n t i l l e s f e n i m o r e a p t . h o t e l FL 7011NETHERLANDS A N T ILLE SGORHAM HOTEL NY 7011NETHERLANDS a n t i l l e s g r a n t C IT Y FL * ***NETHERLANDS ANTILLESHAM^TON1 BLDG FL ****NETHERLANDS A N T ILLE S H IG B E E CO. OH 5311NETHERLANDS A N T ILLE S JE F F E R S O N CHEMICAL BLDG TX *«**NETHERLANDS A N T IL LE S K E Y PLAZA SHOPPING CENTER FL ****NETHERLANDS A N TILLESKIM G DAVID HOTEL FL 7011NETHERLANDS A N T ILLE SLAND FL ****NETHERLANDS a n t i l l e s l a n d FL ****NETHERLANDS AN TILLESLA N D FL *** *NETHERLANDS A N TILLESLA N D F L ****NETHERLANDS AN TILLESLA N D FL ****NETHERLANDS A N TILLESLA N D FL * * **NETHERLANDS A N TILLESLA N D FL ****NETHERLANDS AN TILLESLA N D FL ★ ***NETHERLANDS A N TILLESLA N D FL ****NETHERLANDS A N TILLESLA N D FL ****NETHERLANDS AN TILLESLA N D FL ****NETHERLANDS A N TILLESLA N D FL * * * *NETHERLANDS A N TILLESLA N D TX ****NETHERLANDS A N TILLESLA N D TX ****NETHERLANDS a n t i l l e s l a n d FL ***★NETHERLANDS a n t i l l e s l a n d FL *** *NETHERLANDS A N TILLESLA N D FL ****NETHERLANDS A N TILLESLA N D FL ****NETHERLANDS A N TILLESLA N D FL ****NETHERLANDS a n t i l l e s l a n d FL ****NETHERLANDS A N TILLESLA N D TX *★**NETHERLANDS A N TILLESLA N D FL ****NETHERLANDS A N TILLESLA N D FL ****NETHERLANDS AN TILLESLA N D FL ** **NETHERLANDS A N TILLESLA N D FL ****NETHERLANDS AN TILLESLA N D FL * * * .NETHERLANDS A N TILLESLA N D f l ****NETHERLANDS A N TILLESLA N D FL * ***NETHERLANDS a n t i l l e s l a n d FL ★ ***NETHERLANDS A N TILLESLA N D FL * + * +NETHERLANDS A N TILLESLA N D FL ****NETHERLANDS AN TILLESLA N D FL ****NETHERLANDS A N TILLESLA N D FL ****NETHERLANDS A N TILLESLA N D TX ****NETHERLANDS A N TILLESLA N D FL ****NETHERLANDS A N T IL LE SLAND FL * * **NETHERLANDS A N TILLESLA N D FL * * **NETHERLANDS AN TILLESLA N D FL ****NETHERLANDS A N TILLESLA N D 628 ACRES FL ** ★*NETHERLANDS a n t i l l e s l a u d e r d a l e b y t h e s e a FL * * * *NETHERLANDS a n t i l l e s l a u d e r d a l e b y THE SEA FL 7011NETHERLANDS ANT IL LE S ftlA M I NATIONAL BANK BLDG . FL ****NETHERLANDS A N T ILLE SNORTh T R A IL GOLF CLUB INC FL 7597NETHERLANDS A N T IL L E S C F F IC E BLD6 NY ****NETHERLANDS A N T ILLE SO FFIC E CONDOMINIUM FL * ** *NETHERLANDS A N TILLESFA R K AVENUE PLAZA FL * * **

LUCRE* N .V .MORA HOTEL CORP FRENE CORF# N .V .STALMAR CORP* N .V .AMERICAN VALUES NV DA ISETTA CORP N .V .MARKET PLACE* N .V .S K IP PR O PERTIES N .V .SAIDA INVESTMENTS N .V .DERA* N .V .PARANGON INVESTMENTS N .V .OCT AVI A P R O P E R T IE S f N .V .CAMLEN PRO PERTIES* N .V .TANNERTON* N .V .CATALONIA CONSTRUCTION CORP* N .V . C A LI INVESTMENT C O . N .V .CABELLA DEVELOPMENT CORP N .V . NARANJO INVESTMENTS* N .V .VAN AN CO.O A SIS INVESTMENTS & .V .CHILLIW ACK INVESTMENT CORP.POINT SREY INVESTMENT CORP N .V . HERKOZ INVESTMENTS MARODf N .V .PRADES CORP N*V.LADOGA PR O PERTIES N .V .UIOLA INVESTMENTS* N .V .BAYTON RIDGE INVESTMENTS* N .V . DANDAHCALGARY INVESTMENTS* LTD*RAFRAN DEVELOPMENT CORP. N .V . HASMAVEST N .V .MARINVEST* N .V .CARIN VEST N .V .ANINVEST N .V .GLACEHURST CORP N .V .COBRA INTERNATIONAL N .V .SOUTH KEY N .V . ET AL AZOLA NV MILON NV STORTFORD N .V .TA MARILLO ANINVEST * N .V .GROVE GATE* N .V .CLAXDALE N .V .KILON CORP. N .V .HORSETOWN USA INC* N .V .CAFINOTEX IN VESTERIN G EN N .V .GALT OCEAN INVESTMENTS M ELSTINE CORP. N .V .AMARETTO CORP. NV L IN T E L CORPORATION T R IP LE STA R . N .V .HILLBROW PRO PERTIES N*V.

RE 3 COMPLETERE 0 COMPLETERE 4 5 COMPLETERE 6 COMPLETEAM a 7 COMPLETERE 7 1 COMPLETERE 6 9 COMPLETERE 0 COMPLETERE 2 5 COMPLETERE 1 8 COMPLETERE 1 3 COMPLETERE 1 4 COMPLETERE 1 2 COMPLETERE 1 4 COMPLETERE I 2 COMPLETERE 2 3 COMPLETERE 2 8 COMPLETERE 2 6 COMPLETERE 8 COMPLETERE 5 COMPLETERE 9 6 COMPLETERE 4 COMPLETERE 9 COMPLETERE 8 3 COMPLETERE 1 1 COMPLETERE 0 COMPLETERE 0 COMPLETERE 2 6 COMPLETERE 4 COMPLETERE 3 5 COMPLETERE 6 COMPLETERE 3 COMPLETERE 8 COMPLETERE 7 COMPLETERE 0 COMPLETERE 3 COMPLETERE 3 8 COMPLETERE 1 0 COMPLETERE 3 COMPLETERE 2 0 COMPLETERE 3 COMPLETERE 20 0 COMPLETERE 2 6 COMPLETERE 2 0 COMPLETERE 0 COMPLETERE 0 COMPLETERE 6 0 COMPLETERE 1 1 COMPLETERE 0 COMPLETERE 4 0 COMPLETEAM 5 COMPLETERE 0 COMPLETERE 6 4 COMPLETERE 1 2 COMPLETE

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NETHERLANDS A N T ILLE S P LA ZA TEN BLDG NETHERLANDS A N TILLESP LA ZA WEST NETHERLANDS A N TILLESF^A ET O R IA N BLDG NETHERLANDS A n T IL L E S R E S I DENT IA L PROPERTY NETHERLANDS A N T IL L E S P E S ID E n T IA L SU B D IV IS IO N NETHERLANDS A N T IL L E S P E T A IL BLDG NETHERLANDS AN TILLES!* ICHMOND BLDG NETHERLANDS A N T ILLE S S E A IS L E HOTEL/SEA IS L E WEST NETHERLANDS A N T ILLE S S B O ? P IN 6 CENTER NETHERLANDS A N T IL L E S T A H IT I GARDENS NETHERLANDS A N T IL LE S !H E GABLES CENTER BLDG NETHERLANDS A N T ILLE S T H E SAVOY NETHERLANDS ANT ILLESTDrfSD N PLAZA NETHERLANDS A N TILLtSTW C WESTHEIMER PLACE NETHERLANDS A N TILLESU N ITED REALTY IN VESTO RS NETHERLANDS A N T ILL E S V IC T O R IA STATIO N INC NETHERLANDS A N TILLESV I< IM G MOTEL NETHERLANDS ANTILLESWAREHOUSE NETHERLANDS A N TILLESW IN DY H IL L PLAZA NETHERLANDS ANTILLESWODD S ID E NETHERLANDS AN TILLESYO U TH CENTER BLDG NETHERLANDS 770 MADISON AVENUENETHERLANDS ALASKA PETROCHEMICAL PRO JECTNETHERLANDS ALGEMENE BANK NEDERLANDNETHERLANDS ALGEMENE BANK NEDERLAND NVNETHERLANDS AMSTERDAM-ROTTERDAM BANKNETHERLANDS BAR3ER-GREENE CO .NETHERLANDS BUCKSKIN MINENETHERLANDS COAL WASHING F A C IL IT YNETHERLANDS COLE NATIONAL CORP.NETHERLANDS OELTA C A LIFO R N IA IN D U STR IESNETHERLANDS D ILLA RD D EPT. STORES INCNETHERLANDS OOCK EXPRESS SH IP P IN G B V .NETHERLANDS EASTCHESTER MALLNETHERLANDS fLMONT IN T L INCNETHERLANDS E S P INETHERLANDS F U S T OF GEORGIA INSURANCE GROUPNETHERLANDS GIANT FOOO STORES INCNETHERLANDS GTEt S CONSUMER ELEC TRO N IC S BU SIN ESSNETHERLANDS H . J . WILSON CO. INCNETHERLANDS HUNTER DOUGLAS METALS INCNETHERLANDS INNS OF COURTNETHERLANDS LANDNETHERLANDS LAMDNETHERLANDS LANDNETHERLANDS LANDNETHERLANDS LANDNETHERLANDS LAMDNETHERLANDS L I - E IN VESTORS* IN C .NETHERLANDS LUDWIG IN D U STR IE S IN C .NETHERLANDS MACOM IN C .NETHERLANDS MAKRO WHOLESALE CORPNETHERLANDS MAK*0 WHOLESALE CORP.NETHERLANDS MASSEY, A .T . COAL CO

GA * * ** T R IG R IL LD * N .V . RE 1 2 COMPLETEGA **** C . F . I . N .V . RE 2 3 COMPLETETX **** SU LLY CORP. N .V . RE 7 2 COMPLETEFL **** GRAN AMAZQNA* N .V . RE 1 5 COMPLETEFL **** TREASURY P 0 IN T * N .V . RE 0 COMPLETEFL ** * * RETINA PRO PERTIES N .V . RE 2 7 COMPLETETX **** DA ISETTA CORP. N .V . RE 2 4 COMPLETEFL 7011 LARTER* N .V . RE 6 8 COMPLETEFL **** IN VERMUNDO* N .V . RE 1 5 COMPLETEFL **** GAMBINO CORP. RE 3 5 COMPLETEFL **** M ELSTINE CORP* N.V RE 4 0 COMPLETEFL * *** CORPAN CO RP. N .V . RE 4 5 COMPLETEMD **** KRON S REALTY RE 9 2 COMPLETETX **** ALMEX CORP* N V . RE 14 0 COMPLETECA 6733 HOUGHTON CO* N .V . E T .A L . AM 0 COMPLETECA 5812 AMERICAN VALUES NV AM 5 2 COMPLETEFL 7011 TEDLEY CORP* N .V . RE 0 COMPLETEFL **** TEXXAS* N .V . RE 5 COMPLETEGA **** GRAND EXPANSE REAL PROPERTY N .V . RE 3 0 COMPLETEFL * * * * C H H ID * N .V . RE 0 COMPLETEFL **** CELLAZET CORP. N .V . RE 1 5 COMPLETENY **** U N ID EN TIFIED INVESTOR RE 1 5 COMPLETEAK 2821 ROYAL DUTCH S H E LL GROUP NP 0 PENOINGFL 60 ALGEMENE BANK NEDERLAND NV OT 0 PENOINGFL 63 ALGEMENE BANK NEDERLAND OT 0 COMPLETENY 6 C AMSTERDAM-ROTTERDAM BANK NV OT 0 COMPLETEI L 3531 OCEANIC FINANCE CO. BV COFC) AM 10 0 COMPLETEWY 1 2 1 1 ROYAL DUTCH S H E LL GROUP OT 0 COMPLETEMO 1 2 1 1 SHV HOLDING NV NP 0 PENDINGOH 5462 VROOM % DREESMANN BV AN 10 0 COMPLETECA 4213 WEDGE IN T * L HOLOINGS B .V . AM 0 COMPLETETX 5311 VROOM & DREESMANN BV NP 24 0 COMPLETETX 4411 DOCK EX P R ESS SH IP P IN G BV. NP 0 COMPLETENY ♦ *** SUTOM CORP.* N .V . RE 3 7 COMPLETEAZ 3825 A H DEL PRADO AM 0 COMPLETENJ 2394 HA YD ON SYSTEMS NP 0 COMPLETEGA 63 NATIONALE NEDERLANDEN N .V . AM 0 COMPLETEPA 5411 AHCLO NV AM 35 0 COMPLETENY 3671 P H IL IP S GLOEILAM PENFABRIEKEN NV AM 128 0 COMPLETELA 5399 VROOM EN DREESMANN BV E l 20 0 COMPLETEI L 5C51 MJNTER DOUGLAS NV OT 0 COMPLETEOC 7011 KALIAN* N .V . RE 0 COMPLETEDC **** AMFAS VAST GOED B .V . RE 3 2 COMPLETEDC **** U N ID EN TIFIED RE 0 COMPLETEFL **** WILMA IN TERNATIONAL RE 0 COMPLETECA **** SCHERBIER FAM ILY RE 2 6 COMPLETEFL **** U N ID EN TIFIED RE 4 0 COMPLETEDC **** U N ID EN TIF IED RE 3 8 COMPLETEIA 6711 AGO HOLDING NV E l 64 0 COMPLETEIL 3931 P H IL IP S G LO EILA M PEN FABRIEKIN NV AM 0 PENOINGMA 3832 P H IL IP S * GLOEILAM PENFABRIEKEN NV AM 0 COMPLETEGA 5149 FLNTENER VAN V L IS S IN G E R FAM ILY OT 0 COMPLETEPA 5149 FENTEMER VAN V L IS S IN G E R FAM ILY OT 0 COMPLETEVA 5052 ROYAL DUTCH S H E LL GROUP PE 35 0 COMPLETE

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NETHERLANDS MASSEY* A .T . COAL CONETHERLANDS MCNTE CARLO COUNTRY CLUBNETHERLANDS KONY BLDGNETHERLANDS NAP COMMERCIAL ELECTRO N ICS CORP.NETHERLANDS NA? CONSUMER ELECTRO N ICS CORP.NETHERLANDS NATIONAL OLD L IN E INSURANCE CO.NETHERLANDS O FFICE BLDGNETHERLANDS O FFICE BLDGNETHERLANDS O FFICE BLOG.NETHERLANDS O IL G A S/LEA SLS-C O N TIN EN TA L S H E LF * C 15)NETHERLANDS O IL LEASENETHERLANDS O IL/G A S LEA SES - CONTINENTAL SHELF C£NETHERLANDS C IL/G A S LE A S E S CONTINENTAL SH ELF (5 )NETHERLANDS P .V . AMERICANETHERLANDS PEMDER IN D U STR IA L PARKNETHERLANDS P H IL IP S ECS IN C .NETHERLANDS P H IL IP S INFORMANTION SYSTEMSNETHERLANDS RABOBANK NEDERLANDNETHERLANDS R E S ID E N T IA L DEVELOPMENTNETHERLANDS R E S ID E N T IA L DEVELOPMENTNETHERLANDS R E S ID E N T IA L PR O PERTIESNETHERLANDS r e t a i l p r o p e r t yNETHERLANDS RIVEREDGENETHERLANDS SHELL CHEMICAL CONETHERLANDS SHELL/MOTOROLANETHERLANDS S IG N E T IC S CORP.NETHERLANDS SOLITRON D EV ICES IN C .NETHERLANDS STANDARD SA LES CO. OF FLO RID ANETHERLANDS THE STRANDNETHERLANDS THREE F IR S T NATIONAL PLAZANETHERLANDS TRANS POTOMAC PLAZANETHERLANDS VALTEC CORP.NETHERLANDS VOYAGER GROUPNETHERLANDS WINTER PARK V IL L A SNETHERLANDS WINTER PARK V IL L A SNORWAY ELKEM METALS CONORWAY SKA-TRON IN C .NORWAY UNION CARBIDE CORPUS METALS OPERATIONPA KISTA N PARK HOTELPAKISTAN SHOREWINDSPANAMA 8900 WEST TAFT STREETPANAHA BANCO DE IBEROAMERICA SAPANAMA CMT INVESTMENT TRUSTPANAMA F IR S T NEWPORT REALTY INVESTORSPANAMA HAMILTON PROPERTY TRUSTPANAMA la n dPANAMA LANDPANAMA L AMDpan am a LANDPANAMA LANDPANAMA LANDPANAMA L AMDpan am a L AMDPANAMA NORTH AMERICAN B IO LO G IC A LS IN C .

SC 5 052 ROYAL DUTCH SH E LL GROUP PE 0 COMPLE TEFL **** EURDLAND USA CORP. RE 4 5 COMPLETETX ★ * * * U N ID EN TIFIED RE 2 0 COMPLETEVA 3675 P H IL IP S G L O E IL . NV OT 0 COMPLETETN 3651 P H IL IP S G L O E IL . NV OT 0 COMPLETEAR 63 ENNIA MV AM 144 3 COMPLETENC * * ★ ★ PG6M PENSION FUND RE 40 0 c o m p l e t eFL **** UN ID E N T IF IE D RE 15 0 COMPLETENY **** U N ID EN TIFIED RE 2 3 COMPLETENJ 1311 RCYAL DUTCH SH ELL GROUP AM 76 9 COMPLETECA 1311 ROYAL DUTCH S H E LL GROUP AM 5 7 COMPLETENJ 1311 ROYAL DUTCH SH ELL GROUP AM 20 7 COMPLETENJ 1311 ROYAL DUTCH SH ELL GROUP AM 12 4 COMPLETEGA 4952 P IE LKEN R O U D -V IN ITEX NP 0 COMPLETEVA **** ROYAL DUTCH SH E LL GROUP RE 12 0 COMPLETENY 3679 P H IL IP S G L O E IL . NV OT 0 COMPLETETX 7374 P H IL IP S GLOEILAM PENFABRIEKEN NV NP 0 COMPLETENY 6 C RABOBANK NEDERLAND OT 0 COMPLETETX ★ * ** U N ID EN TIFIED INVESTORS RE 0 COMPLETENY **** BREDERO GROUP RE 0 COMPLETENY It* it it UN IDEM TIFIED RE 42 0 COMPLETEFL **** ARME CO RE 0 COMPLETEGA **** WILMA INTERNATIONAL RE 16 0 COMPLETENJ 5 084 ROYAL DUTCH SH E LL GROUP PE 0 PENOINGIL 3674 ROYAL DUTCH/SHELL GROUP JV 0 COMPLETEMM 3674 P H IL IP S G O E IL . NV NP 100 0 PENDINGFL 3674 NV P H IL IP S GLOEILAMPEN FA BRIEKEN AM 2 5 COMPLETEFL 5399 VROOM & DREESMANN BV AM 4 2 PENOINGFL * * ** J . J . SCHANS ETA L RE 0 COMPLETEI L **** SH ELL PENSION FUND RE 0 COMPLETEVA **** SAVAGE-FOGARTY RE 50 0 COMPLETEMA 3357 P H IL IP S GLOEILAM PENFABRICKEN AM 0 PENOINGFL 6711 THYSSEN-BORNEM ISZA AM 45 0 PENOINGFL **** WINTER PARK# C .V . RE 5 3 COMPLETEFL **** WINTER PARK C . V . ETAL RE 5 3 COMPLETEPA 3312 ELKEM SPIG ERVERKET AS OT 0 COMPLETEVA 5065 SKATRON OT 0 COMPLETEOH 3312 ELKEM -SPIG ERVERKET AS AM 260 0 COMPLETEFL 7011 DA PATEL CORP. RE 0 COMPLETEF L 7C11 S U R JIT SINGH V IG RE 8 COMPLETEFL **** PIN E PLAZA CORP SA RE 1 2 COMPLETEFL 60 BANCO DE IBEROAMERICA OT 0 COMPLETECA 6733 DELTEC PANAMERICA# S . A . AM 0 COMPLETECA 6733 DELTEC PANAMERICA E l 0 COMPLETENJ 6733 DELTEC PANAMERICA S . A . AM 0 COMPLETEFL **** SIR K IN FINANCING INC RE 6 5 COMPLETEFL ♦ «** LEGAS INVESTMENTS S . A . RE 4 COMPLETEFL ♦ *** PARIMMOB INVESTMENTS# INC RE 7 7 COMPLETEFL **** INVERSIONAS DE AMERICA# S . A . RE 1 0 COMPLETEFL **** GIRONDE INVESTMENTS PE 5 COMPLETEFL **** DANNIFRA SA RE 1 9 COMPLETEFL **** INVERSONES B R IN D IS I SA RE 0 COMPLETEFL it-kit it TONGA B U SIN ESS CORP. RE 2 5 COMPLETEFL 2871 V IR E CHEMICALS INC GROUP AM 0 COMPLETE

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PANAMA O FFIC E BLDGPANAMA PROPERTY INVESTORS OF COLORADOPANAMA WESTPORT COMPANYP H IL IP P IN E S LANDSAUDI ARABIA A CLI IN T f L* IN C •SAUDI ARABIA ARA3IAN S H IELD DEVELOPMENT COSAUDI ARABIA DONALDSON* LU FK IN * AND JEN R ETTESAUDI ARABIA FASHION TWO TWENTY INCSAUDI ARABIA FIN A N C IA L GENERAL BANKSHARESSAUDI ARABIA GEREN ASSOCATESSAUDI ARABIA HOTEL PRO JECTSAUDI ARABIA HYATT INTERNATIONALSAUOI ARABIA MERCANTILE TEXAS CORP#SAUDI ARABIA NEW GIBSON INC#SAUDI ARABIA PLAZA OF THE AMERICASSAUDI ARABIA S ILV E R DOLLAR MINING CO ET ALSINGAPORE ARCO DOCKSSINGAPORE IN T * L . BANK OF SINGAPORE* L T D .SINGAPORE LAMAR TERRACE PROPERTYSINGAPORE OVERSEAS UNION BANK L T D . AGENCYSINGAPORE O VERSEA S-CH IN ESE BANKING CORP. L T D .SINGAPORE URBAN LANDSOUTH A FRICA ADOBE O IL & GAS CORPSOUTH A FRICA C IT IE S S E R V IC E CO*S METALS OPERATIONSSOUTH A FRICA CONCRETE M ATERIALS CORP.SOUTH A FRICA DUTCH GLEN AND GLENDALE A P T S .SOUTH A FRICA KWVSOUTH A FRICA NEWMONT MINING CORPSOUTH A FRICA NEJMDNT MINING CORPSOUTH A FRICA O LIX IN D U STR IE S INC#SOUTH A FRICA PHI3RO CORP.SOUTH A FRIC A SOVEREIGN COAL GROUPSOUTH A FRICA SPEND R A IL S E R V IC E SSOUTH A FR IC A TERRA CHEM ICALS IN T *L INCSPA IN ATLAN TIC RESOURCE DEVELOPMENT CORP.SPAIN BANCO CENTRAL SA AGENCYSPAIN COAL M INE-PORT COMPLEXSPA IN LANOSPA IN THE H A RRIS CO.SPAIN VOYAGERSWEOEN AERO SYSTEMS EN GIN EERIN G IN C .SWEDEN AMERICAN FOTOKEMI IN C .SWEDEN AMERICAN FOTOKEMI INC#SWEDEN ASEA INC#SWEDEN ASEA IN D U STR IA L SYSTEMS INCSWEDEN ASTRA PHARMACEUTICALSSWEDEN BAY PLAZASWEDEN CANAL IN D U STR IE S - STORA KOPPARBERG JVSWEDEN CEMENTA INC#SWEDEN c o n t i n e n t a l a i r l i n e s c a t e r in g d i v #SWEDEN E NVIROTECHf S 3AHNS0N CO# IN C .SWEDEN ERICSSO N TELECOMMUNICATIONS INCSWEDEN FORSHEDA RUBBER CORPSWEDEN GAFf S V IN YL FLOORING DIV

FL **** WEST U N IV E R S IT Y A SSO CIA TES LTD RE 1 3 COMPLETECO 6733 DELTEC PANAMERICA* SA AM 3 0 c o m p l e t eCT 6733 DELTEC PANAMERICA* SA AM 0 COMPLETETX **** ABRAHAM CHUA RE 1 9 COMPLETENY 622 SULIMAN OLAYAN* ET# A L . AM 0 PENDINGTX 1362 PRINCE SALMAN BEN ABDUL A Z IZ ET AL E l 1 6 COMPLETENY 6211 AL-SAUD* KHALED AND OLAYAN* SULIHAN E l 0 COMPLETEOH 2644 ALAMOUDI* HUSSEIN M E l 1 8 COMPLETEDC 6711 SHElKHADHAM* E T . A L . E l 134 5 PENOINGTX 8911 GAITH PHARAON AM 0 COMPLE TEI L 7011 ABOUL JAMEEL RE 0 COMPLETEIL 7 C11 GHAITH R . PHARAON AM 0 COMPLETETX 6711 U N ID EN TIFIED IN VESTORS AM 0 COMPLETETX 5311 GAITH PHARAON AM 1 5 COMPLETETX 7C11 U N ID EN TIFIED RE 0 COMPLETEID 1044 F A ISA L ABU-KHAORA ET AL AM 14 6 PENOINGCA 3533 PROMET BHD AM 0 COMPLE TECA 60 IN T * L . BANK OF SINGAPORE* L T D . OT 0 COMPLETETX ★ * ** U N ID EN TIFIED INVESTOR RE 2 5 COMPLETECA 6 C OVERSEAS UNION BANK* L T D . OT 0 COMPLETENY 60 O VERSEA S-CH IN ESE BANKING CO RP. LT D . OT 0 COMPLETETX **** U N ID EN TIFIED RE 2 5 COMPLETETX 1311 HARRY F . OPPENHEIMER ft FAM ILY AM 140 3 COMPLETEAZ 1 0 2 1 HARRY F . OPPENHEIMER & FAM ILY AM 0 PENDINGFL 3272 HARRY F . OPENHEIMER AM 0 COMPLETEMD **** TRAFALGAR INVESTMENTS RE 1 9 COMPLETEAL 5182 KW V-SU ID -AFRIKA OT 0 COMPLETENY 1 C21 HARRY F • OPPENHEIMER & FAM ILY AM 309 0 COMPLETENV 1 0 2 1 HARRY F . OPPENHEIMER & FAM ILY PE 22 4 PENDINGTX 1382 HARRY F . OPPENHEIMER & FAM ILY AM 10 7 PENDINGNY 621 HARRY F . OPPENHEIMER FAM ILY AM 0 COMPLETEWV 1 2 1 1 HARRY F . OPPENHEIMER & FAM ILY AM 152 0 COMPLETEOH 4789 OPPENHEIMER* HARRY AM 0 COMPLETEIA 2873 OPPENHEIMER* HARRY F E l 50 5 COMPLETER I 7392 ASOC. NACIONAL DE ARMAOORES JV 0 COMPLETECA 60 BANCO CENTRAL SA AGENCY OT 0 COMPLETEKY 1211 SPAIN* GOVT OF JV 0 PENDINGFL **** AGROLIMEN* INC RE 0 COMPLETECA 5311 EL CORTE IN G LES AM 9 0 COMPLETEFL **** HUARTE Y C IA* S . A . RE 0 COMPLETEMN 3662 FV F ORETAGEN AB AM 0 PENDINGIL 2821 SVENSK FOTOKEMI INC NP 0 COMPLETEI L 3861 SVENSK FOTOKEMI NP 0 COMPLETEWI 3670 WALLENBERG FAM ILY NP 7 5 PENOINGWI 36 22 WALLENBERG FAM ILY JV 3 6 COMPLETENJ 26 34 ASTRA AB JV 0 COMPLETEFL * *** SKANDIA FORSAKRINGS AB RE 0 COMPLETENC 2621 STORA KOPPARBERGS BERGSLAGS AB JV 0 PENOING

3264 IN DU STRI AB EUBOC OT 0 COMPLETEI L 5812 SCANDINAVIAN A IR L IN E S SYSTEM AM 1 0 COMPLETENC 358 E SVENSKA AB FLA KTFA BR IKEN AM 0 COMPLETEFL 4899 ERICSSON GROUP NP 0 PENDINGSC 3 069 FCRSHEDA GUMM IFABR IK AB AM 4 0 COMPLETENY 3292 SWEOISH MATCH GROUP AM 56 6 COMPLETE

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UNITED KINGDOM HARRISON WESTERN CORP.UNITED KINGDOM HOMES OVERSEASUNITED KINGDOM HORSELL GRAPHIC IN D U S T R IE S IN C .UNITED KINGDOM HJDSON R IV E R AGGREGATED IN C*S QUARRIESUNITED KINGDOM HYDROTEX IN D U STR IES INCUNITED KINGDOM IN D U STRIA L BLOG.UNITED KINGDOM IN D U STR IA L DEVELOPMENTUNITEO KINGDOM IN D U STR IA L PR O P ER TIESUNITED KINGDOM IN GALLS IN C 'S S T E E L S E R V IC E CENTERSUNITED KINGDOM INTERCONTINENTAL HOTELS CORPUNITED KINGDOM INTERNORTH INIC-HARTEX PARTN ERSH IPUNITED KINGDOM IN T L . REPORTING & INFORMATION SYSTEMSUNITED KINGDOM J . ROTHSCHILD MANAGEMENT CORPUNITED KINGDOM JAEGER IN TLUNITEO KINGDOM JAEGER IN T LUNITED KINGDOM JE R SE Y PAPER CO INCUNITED KINGDOM JOHNSON MATTHEY & COUNITED KINGDOM JOHNSON MATTHEY & COUNITED KINGDOM JO SLYN *S S T A IN LE S S ST E E L D IV 'S ASSETSUNITED KINGDOM KENNECOTT CORPUNITED KINGDOM KENNECOTT CORPUNITED KINGDOM KIMS F IF T H WHEEL CO.UNITED KINGDOM K I*SC H N ER f S MEAT PROCESSING OPERATIONUNITED KINGDOM KOGER & B O XH ILLUNITED KINGDOM LA FA YETTE PLAZAUNITED KINGDOM LANDUNITED KINGDOM LANDUNITED KINGOOM LAMDUNITED KINGDOM LANDUNITED KINGDOM LANDUNITEO KINGDOM LANDUNITED KINGDOM LA SA LLE PLAZAUNITED KINGDOM LAUDERMAN O IL & SAS D R ILL IN G CO»S LANDSUNITED KINGOOM LAZARE KAPLAN IN T L INCUNITED KINGOOM LLOYDS BANK IN T 'L LT D .UNITED KINGDOM MARATHON IN D U STR IES IN C .UNITEO KINGOOM KC DONOUGH CORP.UNITED KINGDOM MIAMI CENTERUNITED KINGDOM M ILLER HYDRO CO .UNITEO KINGDOM M ISC. PR O P ER TIESUNITED KINGDOM MORGAN GRENFELL IN C .UNITED KINGDOM MULTI -U SE PROJECTUNITED KINGDOM NATIONAL N IC K EL ALLOY CORPUNITED KINGDOM NATIONAL PATENT DEVELOPMENT CORPUNITED KINGDOM NCC LAUDERMAN INCUNITEO KINGDOM NEIMAN-REED LUMBER % SUPPLY CO.UNITEO KINGDOM fJEM PLAN REALTY TRUSTUNITEO KINGDOM NORLIN CORP.UNITED KINGDOM NORTH LAKE EXCHANGEUNITED KINGDOM OCALA INTERNAT ONALUNITEO KINGDOM O FFIC E SLOGUNITED KINGDOM CPr IC E BU ILD I MGUNITED KINGOOM Oe r IC E BU ILD IN GUNITED KINGDOM O FFICE COMPLEX

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UNITED KINGDOM C IL 'G A S LEA SESUNITEO KINGDOM CLDFSSO^ COR3 .UNITED KINGDOM PA IMTL IN C .UNITED KINGDOM P E N N -D IX IE S T E E L CORP D IV IS IO NUNITED KINGDOM PET IN C 'S WAREHOUSESUNITED KINGDOM PETROTECH INCUNITED KINGDOM F H ILB R IC K PROPERTYUNITED KINGDOM P H IL L IP S CABLES LTDUNITEO KINGDOM PICKER IN T L .UNITED KINGDOM P IN E LLA S IN D U STR IESUNITED KINGDOM PRF CDRPUNITED KINGDOM F S3 PU BLISH IN G COUNITED KINGDOM R L BURNS C O R P 'S COAL PR O PERTIESUNITED KINGDOM REDAC I NT ER ACT IE GRAPHICSUNITED KINGDOM P05ERRT SIMMONSUNITED KINGDOM ROBERT TOWERSUNITED KINGDOM PO LLIN S WRIGHTSCN CO.UNITED KINGDOM RCYAL EX ECU TIV E PARKUNITED KINGDOM RUTLEDGE BOOKS INCUNITED KINGDOM S A K 'S F IF T H AVE.UNITED KINGDOM SARAH COVENTRY IN C .UNITED KINGDOM SARASOTA TRADE CENTERUNITEO KINGDOM SARASOTA TRADE CENTERUNITEO KINGDOM SCHWEBER ELECTRO N IC S CORP.UNITED KINGDOM SEALECTRO CORP.UNITED KINGDOM S IM P L IC IT Y PATTERN CO.UNITED KINGDOM SOHIO IN D U STR IA L PRODUCTS CO .UNITED KINGDOM SOTHEBY A PPRA ISA L CO.UNITED KINGDOM SOTHEBY PARKE 6 ERNETUNITED KINGDOM SPIN DLETO P E L E C T R IC A L D IS T R IB U T IN G CC«UNITED KINGDOM S T . JAMES TOWERUNITED KINGDOM STANDARD O IL CO . (O HIO )UNITED KINGDOM STANDARD O IL CO . OF OHIOUNITED KINGDOM STANLEY A VIATIO N CORPUNITED KINGDOM STAUFFER f S CHEMICAL SYSTEM S D IV .UNITED KINGDOM STEJA RT T IT L E INSURANCE BLDGUNITED KINGDOM SUGAR LAKESUNITEO KINGDOM SUN CH EM ICA L'S F A C IL E D IV .UNITED KINGDOM SWIMDELL FURNACE GROUPUNITEO KINGDOM TECHNICAL TRANSLATION IN T LUNITED KINGDOM TELECOM EQUIPMENT CORP.UNITED KINGDOM TELERATE SYSTEMS IN C .UNITED KINGDOM TERRACE TOWER ONEUNITED KINGDOM THF F IE L D BLOGUNITED KINGDOM THE IM P ER IA LUNITED KINGDOM THE PLAZA HOTELUNITED KINGDOM TOWMHOUSE COMPLEXUNITEO KINGDOM TRANSCO EXPLORATION CO- BURMAH O IL JVUNITEO KINGDOM TUNGSTONE B A T T E R IE S IN C .UNITED KINGDOM U .S . SUPPLY CO. INCUNITED KINGDOM VAN 3 RODE M ILLIN G CO*S CEREAL D IV .UNITED KINGDOM VECTOR GENERALUNITED KINGDOM WALKER BU ILD IN GUNITED KINGDOM WAREHOUSE

KS 1311 ULTRAMAR LTD AM 4 2 COMPLETEMI 3544 JOHN. 3Royn & c o . l t d . AM 0 PENDINGCT 7392 FA IN TL MANAGEMENT HOLDINGS LTD OT 0 COMPLETENM 3441 TRANSPORT DEVELOPMENT GROUP LTD AM 0 COMPLETECA 4222 C H R IST IA N SALVESTOK LTO AM 0 COMPLETEMI 1282 UK TEMPERANCE & G EN 'L PROVIDENT IN S T IT AM 2 0 COMPLETEFL + *** LONDON & L E E D S . LTO RE 1 7 COMPLETENY 3257 BICC LTD NF 5 5 COMPLETEOH 3693 GERNERAL E LE C T R IC CO . L T D . OT 0 COMPLETEFL 3273 READY MIXED CONCRETE LTD AM 0 COMPLETENC 2392 CHARTERHOUSE GROUP LTD AM 30 £ PENDINGMA 2731 JOHN WRIGHT & SONS LTD AM 0 COMPLETEKY 1211 COSTAIN GROUP LTD AM 72 0 PENDINGMA 7272 RACAL ELECTRO N ICS LT D . AM 8 0 COMPLETENY 7361 MAR3ERY HURST AM 0 COMPLETEVA **** F IR S T STATE HOLDINGS RE 5 5 COMPLETENY 62 STEWART WRIGHTSON HOLDINGS* LTO . JV 0 COMPLETENY * * * * LONDON & LEEOS/LARGO PR O P ER TIES RE 0 COMPLETENY 2731 W.H. SMITH & SON (H O LO IN G S) LTD AM 0 COMPLETECA 5651 BAT IN D U STR IES LTD OT 0 COMPLETENJ 5944 JOHNSON MATTHEY & CO L T D . AM 10 0 COMPLETEFL **** J . T . SROUP/DAVID NASH GROUP* LTD RE 0 COMPLETEFL ★ *** DAVID NASH DEVELOPMENT C O / J .T . GROUP RE 0 COMPLETEKY 5C65 LE X SER V ICE GROUP L T D . AM 48 8 PENOINGNY 3 6 79 B ICC L T D . AM 21 5 COMPLETENY 2741 GRAHAM F . LACEY AM 58 6 COMPLETECH 3291 UK* GOVT. OF OT 0 PENOINGNY 7399 SOTHEBY PARKE BERNET GROUP OT 0 COMPLETENY 7299 SOTHEBY PARKE BERNET GROUP OT 0 COMPLETETX 5062 THOMAS T IL L IN G LT D . AM 2 0 COMPLETENY * *** PETER STEVENS RE 0 COMPLETEOH 291 1 UNITED KINGDOM* GOVT. OF CTHE) PE 106 0 PENOINGOH 4952 UNITED KINGDOM* GOVT. OF CTHE) NP 7 3 PENDINGCO 3728 FLIGH T REFU ELIN G HOLDING LTD AM 7 8 COMPLETECT 2899 BRENT CHEMICALS IN T 'L LTD AM 7 4 COMPLETETX * *** AMERICAN PROPERTY TRUST RE 0 COMPLETETX **** TAYLOR WOODROW* LTD RE 0 COMPLETENJ 28 Thom as t i l l i n g l t d . AM 20 0 COMPLETEPA 5 08 4 DAVY CORP. L T D . AM 0 COMPLETENY 7399 TECHN ICAL TRANSLATION IN TL OT 0 COMPLETENY 5C63 RANK ORGANISATION LT D . AM 14 8 COMPLETENY 7399 GUINNESS PEAT & EXCC S E C U R IT IE S AM 75 0 COMPLETECO **** EUROPEAN F E R R IE S * LTO RE 22 0 COMPLETEIL **** B R IT IS H TEACHERS PENSION FUND RE 0 COMPLETEFL **** MCALPINE GROUP RE 25 0 COMPLETEPA 7011 TRUST HOUSE FORTE* L T D . RE 0 COMPLETEFL ★ *★* BRYAN GUDGEON RE 0 COMPLETETX 1311 CTHE) BURMAH O IL CO. LTD JV 0 COMPLETEMA 5063 HAWKER S ID D E LE Y GROUP JV 0 COMPLETEMO 5C74 THOMAS T IL L IN G LTD AM 0 PENDINGMA 2043 WEETABIX LT D . AM 7 2 COMPLETECA 3674 NATIONAL EN TER P R ISE BD. AM 1 0 COMPLE TEDC **** AMERICAN PROPERTY TRUST RE 10 5 COMPLETEIA **** AMERICAN PROPERTY TRUST RE 9 0 COMPLETE

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UNITED KINGOOMUNITED KINGDOMUNITED KINGDOMUNITED KINGDOMUNITED KINGDOMUNITED KINGDOMUNITED KINGDOMU N S P E C IF IEDU N SP E C IF IEDU N SP E C IF IEDU N SP E C IF IEDU N SP E C IF IEDU N SP E C IF IEDU N SPE C IF IEDU N SPE C IF IEDU N S P E C IF IE DSO V IET UNIONURUGUAYVENEZUELAVENEZUELAVENEZUELAVENEZUELAVENEZUELAVENEZUELAVENEZUELAVENEZUELAVENEZUELAVENEZUELAVENEZUELAB R IT IS H V IR G INB R IT IS H V IR G INYUGOSLAVIA

WASHINGTON LTR ON LA T IN AMERICA WESTERN AMERICAN MORTAGE CO* WESTERN D A IRY PRODUCTS INC* WESTERN UNION BLDG WESTPORT COMPANY WHITING PLAZA YMCA S IT EAM EU CA-SCAN DIN AVIA BANKING CORP.APARTMENT B U ILD IN GAPARTMENT B U ILD IN G SCENTRAL N AT • L* BANK OF NEW YORKCYPRESS HEADEUROPEAN AMERICAN BANK IN T » L .FLORASOTA GARDENSLANDURBAN TRACT P IC K ER CORP*BANCO DE LA REPU BLICA O RIEN TAL ALL AMERICAN NAT f L BANK BANCO CONSOLIDADO BANCO DE VENEZUELA IN T f L *BANCO IN D U STR IA L DE VENEZUELA CA CONSOLIDADO IN T f L*EMERALD LA KES APARTMENTS FLORIDA NATIONAL BANKS OF FLORIDA FLORIDA NATIONAL BANKS OF FLORIDA LAN3PEDDLES BANK OF ST* AUGUSTINE UNION CHELSEA I NT f L BANKING CORP*

ISLA N SH EP LEY HOTELISLA N SU RREY HOTEL* BROAORIPPLE HOTEL

TIGAR AMERICAS

DC 2721 LA TIN AMERICAN NEW SLETTERS LTD JV 0 COMPLETEAZ 61 HERON IN T L . L T D . AM 0 COMPLETECA 2023 GRAND METROPOLITAN L T O . am 0 COMPLETEFL **** COUNTRY & NEW TOWN PR O PERTIES RE 3 9 COMPLETECT 6733 LONDON TRUST CO. LTO AM 0 COMPLETEf l **** JOHN SW IRE & SONS* LTD RE 0 COMPLETENY **** LAD3ROKE GROUP* LTO RE 55 0 COMPLETENY 60 AM ERICA-SCAN OIVAVIA BANKING CORP. OT 0 COMPLETEFL ***** U N ID EN TIF IED IN VESTORS RE 42 0 COMPLETENY **** U N ID EN TIFIED INVESTORS RE 42 0 COMPLETENY 602 U N ID EN TIF IED IN VESTORS AM 0 COMPLETEFL **** U N ID EN TIFIED INVESTORS RE 3 8 COMPLETEFL 60 EUROPEAN AMERICAN BANK OT 0 COMPLETEFL **** U N ID EN TIF IED INVESTORS RE 0 COMPLETEFL **** MACEDO* A . OE SOUSA RE 9 COMPLETEFL **** ARMANDO CORDINA ETAL RE 0 COMPLETEOH 3693 GENERAL E L E C T R IC CO. L T D . AM 160 0 COMPLETENY 60 BANCO DE LA REPU B LIC A O RIEN TAL OT 0 COMPLETEFL 602 U N ID EN TIFIED INVESTORS AM 5 0 PENDINGNY 6 D BANCO CONSOLIDADO OT 0 COMPLETEFL 60 BANCO OE VENEZUELA OT 0 COMPLETEFL 60 BANCO IN D U STR IA L DE VENEZUELA OT 0 COMPLETENY 60 BANCO CONSOLIDAOO OT 0 c o m p l e t eFL ** ** CASTLEBERRY CO . * N .V . RE 2 0 COMPLETEFL 602 CISNFROS RICHARDO AM 0 COMPLETEFL 6C2 CAVENDES CA E l 18 5 PENDINGFL **** ABAUNZA* F . ET AL RE 1 6 COMPLETEFL 6 C2 CAVENDES AM 9 COMPLETEFL 60 UNION CHELSEA IN T L . BANK OT 0 COMPLETEFL 7G11 SAGARE* LTD RE 0 COMPLETEFL 7011 MIAMI BEACH INVESTMENTS* LTO RE 0 COMPLETEFL 5C14 TIGAR RUBBER IN D U S T R IE S JV 0 COMPLETE

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LIST OF KEY TERMS USED IN 1981 REPORT

Acquisition — 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 securities held by a foreign investor.Foreign Direct Investment — the direct or indirect ownership by a foreign entity of 10 percent or more of the voting securities of an incorporated business enterprise, or an equivalent interest in an unincorporated business enterprise.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, either into another already existing or into a reorganized (but not always renamed) company.New Plant — a new operating facility, established either in 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) — defines U.S. industries by numerical classification in accordance with the composition and structure of the domestic economy.Subsidiaries — separate legal entities either owned or controlled by foreign investors but permitted to do business in the United States under state and/or federal authority.

♦U.S. GOVERNMENT PRINTING OFFICE : i982 0-380-997/2387 70Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


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