VII. INVESTMENT CLIMATE

Openness to Foreign Investment

1. General:  The Dutch Government maintains liberal policies
toward foreign direct investment, and adheres to the OECD
investment codes, with exceptions for its export credit and
investment guarantee programs.  Otherwise, with the exception of
public and private monopolies (military production, aviation,
shipping, distribution of electricity, gas and water, railways
and  radio and tv broadcasting ), foreign firms are able to
invest in any sector and entitled under the law to equal
treatment with domestic firms.  The Dutch government says it will
allow foreign participation in the telecommunication sector, but
notes that the infrastructure for the planned second national
network will remain Dutch-owned.  Provision of government
incentives, rules of incorporation, access to the capital market,
etc., are all non-discriminatory, the Dutch actively recruit
foreign investment through the Netherlands Foreign Investment
Agency (NFIA).

The Government and EU gives certain regional preferences, in the
form of grants for investment in economically depressed regions
of the country.  These incentives are available to foreign
investors on the same terms as to Dutch investors.  The areas
currently designated for preference are in the provinces of
Friesland, Groningen and Drenthe and to some extend Overijssel
and Limburg.  There are no regional restrictions to EU subsidies.
There are no apparent foreign investment screening mechanisms,
and 100 percent foreign ownership is permitted in those sectors
open to foreign private investment.  The rules on acquisition,
mergers, takeovers, and reinvestments are nondiscriminatory. All
firms must conform to certain rules of conduct on mergers and
takeovers.  These are administered by the Socio-Economic Council
(SER), an official advisory body composed of representatives of
business, labor, and government.  The rules are intended to
protect the interests of shareholders and employees.  They
include requirements for timely announcement of merger and
takeover plans and for discussions with trade unions. Despite the
de jure open policy, elaborate protective measures against
hostile takeovers by Dutch companies may de facto block
acquisitions or takeovers by Dutch and foreign investors.

The Netherlands maintains no preferential or discriminatory
export or import policies with the exception of those which
result from its membership in the European Union.  The Dutch also
abide by all internationally agreed strategic trade controls.

2. Conversation and Transfer Policies:  There are no rules on the
conversion or repatriation of capital and earnings, including
profits, interest, royalties, and technical know-how fees, with
the exception of the nominal exchange license requirement for
non-resident firms.

3. Exportation and Compensation:  The Embassy is unaware of any
recent cases involving expropriation of foreign-owned property.
Such expropriation would only take place for public purposes and
we have no reason to believe it would be undertaken in a
discriminatory manner or not in accordance with established
principles of international law.

4. Dispute Settlement:  We are not aware of any investment
dispute involving the Dutch government and U.S. or other foreign
companies.  The Netherlands is a signatory to the International
Convention On Investment Disputes and a member of the
International Center for the Settlement of Investment Disputes
(ICSID).  Although the central government has no rules regarding
withdrawals of investment, occasionally trade unions go to court
over company closures. This has occurred in the case of both
domestic and foreign-owned firms.

5. Performance Requirements and Incentives:  There are no trade
related investment performance requirements in the Netherlands.
General requirements to qualify for investment subsidy schemes
apply equally to domestic and foreign investors.

There are no requirements for employment of local capital or
managerial personnel.  However, in practice almost all chief
executives of major U.S. subsidiaries in the Netherlands are
Dutch.  In the case of staff personnel, moreover, Dutch nationals
must be employed unless firms can demonstrate that the job in
question cannot be performed by a Dutch national.   This burden
is eased by an existing provision that prior employment with the
firm of at least two and a half years amounts to a presumption of
unique qualifications for the job.

The Government and EU give certain regional preferences, in the
form of grants for investment in economically depressed regions
of the country.  These incentives are available to foreign
investors on the same terms as to Dutch investors.  The areas
currently designated for preference are in the provinces of
Friesland, Groningen and Drenthe and to some extent Overijssel
and Limburg.

Investment incentives are a well-publicized tool of Dutch
economic policy and are used to facilitate economic restructuring
and to promote R&D,  energy conservation, regional development,
environmental protection, and other national socio-economic
goals.  Subsidies and incentives are available to foreign and
domestic firms alike and are spelled out in detailed regulations.
Subsidies are in the form of tax credits which are usually
disbursed through corporate tax rebates, or direct cash payments
in the event of no tax liability.

The Investment Premium Regulation (IPR), the only major
investment incentive still available specifically to stimulate
investment, seeks to encourage investments in parts of the
country with a high unemployment rate by giving an investment
subsidy for new investments (industrial buildings and fixed
assets).  The IPR subsidy applies to investments, of which at
least 25 percent is investment of the investor's own capital.
The growing number of tax incentives offered to investors in
other EU countries has prompted the Government to look into the
possibilities to expand existing tax instruments to help improve
the Dutch tax climate.

6. Right to Private Ownership and Establishment:  There are full
rights of private ownership and establishment of business
enterprises in The Netherlands, except in the monopoly sectors as
noted in the introduction.  Licenses are granted on the basis of
competitive equality.

7. Protection of Property Rights:  The Dutch legal system
provides adequate protection, and facilitates acquisition and
disposition of all property rights including intellectual
property. Intellectual property legislation has been amended to
reflect the EU software directive.  The Netherlands belongs to
the World Intellectual Property Organization (WIPO), it is a
signatory of the Paris Convention for the Protection of
Industrial Property, and conforms to accepted international
practices for protection of technology and trademarks.  Patents
for foreign inventions are granted retroactively to the date of
original filing in the home country, provided the application is
made through a Dutch patent lawyer within one year of the
original filing date.  Patents are valid for 20 years.

Legal procedures exist for compulsory licensing if the patent is
determined to be inadequately used after a period  of three
years, but these procedures have rarely been invoked.  Since the
Netherlands and the U.S. are both parties to the Patent
Cooperation Treaty (PCT) of 1970, patent rights to the
Netherlands may be obtained at the time of filing in the U.S. if
the PCT application is used.

8. Regulatory System - Laws and Procedures:  Laws and regulations
which affect investment, such as environmental rules, health and
safety regulations, etc., are non-discriminatory and apply
equally to foreign and domestic firms. Dutch tax law does affect
the feasibility of attracting non-Dutch personnel to live and
work in The Netherlands.  Currently the expatriate temporarily
working here can make use of the 35 percent ruling, which
provides that 35 percent of his/her gross employment income in
the Netherlands is not taxable under Dutch personal income tax
laws.  This treatment is granted for 4 years, with another 4
years possible upon application.  Furthermore, the expatriate is
considered a non- resident, meaning that only income from Dutch
sources is taxed in the Netherlands.

The Dutch corporate tax rate (40 percent on taxable profits up to
100,000 guilders ($53,000) and 35 percent on profits in excess)
is among the lowest in the EC, second only to the UK.  Dutch
corporate taxation generally allows for the exemption of
dividends and capital gains derived from a foreign subsidiary
(participation exemption).

The Netherlands maintains an extensive network of tax treaties
with a large number of countries. The US and The Netherlands
signed a new tax treaty in December 1992 after some ten years of
negotiations.  The treaty and an associated protocol were
ratified by the US Senate and the Dutch Parliament in December
1993, and entered into force on 1 January 1994.

Because of favorable withholding rates under the previous treaty,
many foreigners placed their US investments in Netherlands
holding companies.  The new treaty curtails this practice by
limiting treaty benefits to bona fide Netherlands persons.  The
detailed Limitation of Benefits Article (Article 26) may well
become the model for future treaty negotiations with other
countries.

Another abuse the new treaty seeks to prevent is the so-called
"triangular case".  This arises when a Dutch beneficiary of the
treaty routes its earnings on interest or royalties through a tax
haven.  The earnings are exempt from US withholding tax and
subject to little or no tax in the tax haven host country, and
under either Dutch law or bilateral arrangement with the host
country, branch profits are exempt from Dutch tax.  Article 24 of
the new treaty provided that either the Dutch Parliament would
change Dutch law to prevent "triangular" abuse or The Netherlands
would negotiate a protocol to the treaty to prevent it.  In the
end, a protocol was negotiated in September 1993.  The protocol
provides for US withholding of 15 percent on interest and royalty
payments where the overall effective tax rate in the host country
and The Netherlands does not reach this threshold level.

9.   Dutch Cartels/Competition Policy:  Traditionally, the Dutch
have been the odd Europeans out when it comes to competition
policy.  The Netherlands has often been described as having a
two-track economy, with those sectors which depend on
international trade open and competitive, while those focussing
on domestic activity, eg, construction, retailing, are not.  The
latter sectors have been protected since the 1950s by a network
of legal, Government-registered cartels covering a wide range of
activities.  If the Minister for Economic Affairs accepted a
cartel for registration, it became legal.

This never squared with European competition policy or that in
other member states.  The Dutch Economic Competition Act of 1956
allowed cartels except those deemed contrary to the public
interest.  The 1958 Treaty of Rome banned cartels in principle,
permitting only rare exceptions.  In recent years, Brussels has
pushed Holland to dismantle its cartel system.  In 1993, the
Dutch Government banned horizontal price agreements.  In June
1994, market sharing and bid rigging were disallowed.  More
important, the Government has now drafted a bill to dismantle the
legal basis for the entire cartel system and bring Dutch
competition law into conformity with European law.  The Ministry
of Economic Affairs says that the bill is based on European Union
legal principles, specifically Articles 85 and 86 of the Treaty
of Rome.

The new act will change existing legislation in three important
ways:

First, it bans all restrictive agreements except those justified
by "pressing circumstances".  This term is not tightly defined,
but allows the Minister discretion.  We understand such
exceptions will include companies seeking to launch new
technologies, franchise chains, and purchasing combines.  The
bill reverses the presumption of the present law that cartels are
permitted unless they are shown to be against the public
interest.  The burden would now be upon companies to show that a
proposed restrictive practice is justified.

Second, the new bill beefs up the Economic Control Service (the
Government's business investigative arm) and establishes an
independent Competition Bureau, similar to the German
Bundeskartellamt with supervisory powers and the ability to
examine company records.  The independent bureau will be outside
the Ministry of Economic affairs.

Third, new, tougher civil penalties would replace the current
criminal ones, with fines up to one million guilders (about
$500,000) or 10 percent of turnover, whichever is greater, for
anti-trust violations.  Companies which refuse to co-operate with
the Competition Bureau can be fined 10,000 guilders (about
$5,000)

10.  Privatization:   Since 1985, the Dutch Government has been
selling its stakes in state companies.  In 1993, the Government
sold its stake in aircraft builder Fokker to DASA, and in 1994
sold the first tranche (one-third) of Royal Dutch Post and
Telecom (2/3s of which is to be sold).  They are seriously
considering privatizing rail services, and have begun to
restructure Netherlands Rail and reduce its subsidies to ready
the company for privatization.  Over the past decade, a general
political consensus in favor of privatization has developed, to
include the nominally-socialist  Labour Party.

On the other hand, the Government has shown it intends to keep
its 38 percent share of Royal Dutch Airlines, even if this means
injecting additional capital as it did this spring.  Skeptics
note that the state will retain significant shares in major
sectors, eg,  telecommunications.  The Government often retains
"golden" or other special shares which allow it to block hostile
takeovers in firms in key sectors it has privatized (eg,
Hoogovens, KLM, PTT).  Nonetheless, it rarely interferes in the
management of companies in which it maintains a stake.

All firms must conform to certain rules of conduct on mergers and
takeovers. These are administered by the Socio-Economic Council
(SER), an official advisory body composed of representatives of
business, labor, and government.  The rules are intended to
protect the interests of shareholders and employees.  They
include requirements for timely announcement of merger and
takeover plans and for discussions with trade unions. Despite the
de jure open policy, elaborate protective measures against
hostile takeovers by Dutch companies may de facto block hostile
acquisitions or takeovers by Dutch and foreign investors.
Company law and corporate structure in The Netherlands give
relatively little power to shareholders.

11. Efficient Capital Markets and Portfolio Investment:  Dutch
financial markets facilitate the free flow of financial
resources, are fully developed and operate at market rates.

Bilateral Investment Agreements

The Netherlands has signed bilateral investment agreements
with a number of countries as follows:  Albania, Argentina,
Bolivia, Bulgaria, Cameroon, Cape Verde Islands, China, Czech
Republic, Slovak Republic, Egypt, Estonia, Ghana, Hong Kong,
Hungary, Indonesia, Ivory Coast, Jamaica, Kenya, Korea, Letland,
Lithuania, Malaysia, Malta, Morocco, Nigeria, Oman, Pakistan,
Paraguay, Philippines, Poland, Romania, Senegal, Singapore, Sri
Lanka, Sudan, Tanzania, Thailand, Tunisia, Turkey, Uganda,
Uruguay, USSR,  Venezuela, Vietnam, Yemen Arab Republics, and
former Yugoslavia.

The Netherlands adheres to the OECD investment code with the
exceptions mentioned earlier, and has a treaty of friendship,
commerce and navigation with the US which generally provides for
national treatment and free entry for foreign investors with
certain exceptions.  The Netherlands is also a member of the EU
single market.

OPIC and Other Investment Insurance Programs

The U.S. Overseas Private Investment Corporation (OPIC) does not
operate in the Netherland.  The Netherlands has no investment
insurance agreements like OPIC's.  However, Dutch companies
investing in developing countries through the establishment of
subsidiaries or joint ventures, can insure their investment
against non-commercial risks with the privately-owned Netherlands
Credit Insurance Company (NCM) under the 1969 Investment
Reinsurance Act (WHI).  The NCM reinsures its political risks
with the Ministry of Finance.  This insurance program has not
been heavily utilized by Dutch investors, however, and efforts
are underway to find ways of making the program more effective.

Labor

The Dutch work force is characterized by its high productivity
and high levels of skill and training.  Labor/management
relations in the private sector are generally good and days lost
to strikes are relatively low.  The average unemployment level in
The Netherlands as measured by the OECD statistics was 8.3
percent.  Workers in most occupational categories are readily
available, although there has been some inflexibility because of
reluctance of workers to move or to switch occupations.  This
immobility was aggravated by past government policies which
tended to reduce wage differentials across skill groups and to
reduce the differential between income when not working (e.g. due
to layoff, disability, sickness, etc.) and when working.

The current government has proposed measures to correct this
situation, and incentives encouraging labor market flexibility
are a matter of active political debate. Nevertheless, labor
market rigidities still account for a significant portion of
unemployment, along with structural and cyclical conditions.

Workers may be found through government-operated labor exchanges,
a rapidly growing number of private personnel firms or directly
-- through, for example, newspaper ads.  After an initial period,
firing of non-contract personnel can be extremely difficult and
expensive.  Although wage bargaining in the Netherlands is
increasingly decentralized, there still exists a central
bargaining apparatus where labor contract guidelines are sought.
About 65 percent all Dutch private sector workers are covered by
union contracts which are negotiated on a sectoral basis with
employers associations and, if accepted by the government,
extended by law to the entire sector.  Union contracts, for
instance, have resulted in an average workweek of 38 hours.

In recent years, there has been considerable moderation of wage
increases.  The average contract wage rise agreed in the spring
1993 round was 3.2 percent. This is 1.2 percentage points less
than in 1992 and considerably below wage rises in major
neighboring countries. Trade unions largely accept the need to
adopt new and improved technology. Labor productivity in the
Netherlands (for those actually working) is among the highest in
the EU.

There is substantial labor involvement in corporate
decision-making on matters affecting workers.  Firms of at least
100 employees are required by law to institute Works Councils
with which management must consult on a range of issues including
investment decisions.  Smaller firms are also required to consult
on a range of issues, though on a less formal basis.  Foreign
investors should be aware of the legal requirements for hiring,
firing and the general conduct of labor relations in the
Netherlands, and plan accordingly.

Foreign Trade Zones/ Free Ports

There are no free trade zones or free ports in the Netherlands in
the sense of territorial enclaves where commodities  can be
processed or reprocessed tax-free.  However, the Netherlands does
have an estimated 500 public and private customs warehouses as
described in the EU directive 69/75 of March 4, 1969 regarding
free zones where goods may be subject to handling needed to
ensure their preservation or to improve packaging or marketing
quality.  Imported goods may also be processed or re-processed
tax-free under the EU inward processing arrangement as described
in the EU directive. Foreign firms are able to take full
advantage of this in-bond transit shipment regime.

Capital Outflow Policy

Government policy is essentially neutral with regard to capital
outflows, and firms and individuals are free to invest abroad.
No license is required to repay share capital.  This is also true
for payments made to foreign countries with regard to liquidation
distributions, interest, royalties, dividends, branch profits,
and management or technical fees.

The Dutch Government seeks to encourage investment in developing
countries through the conclusion of bilateral investment treaties
(described elsewhere), and the provision of reinsurance for
political risks for Dutch investors in developing countries.
Funds are also available to provide loans or operational
assistance to firms investing in developing countries.  These
funds are administered by the Finance Company for Developing
Countries (FMO), a quasi government bank.

Foreign Direct Investment Statistics

Foreign direct investments stock in the Netherlands (by country
of origin and industry sector) and comparable data covering the
stock of Dutch investment abroad are compiled by The Netherlands
Central Bank (NB) on an ad hoc basis (see tables 1 and 2 for end
of 1992 data).  Tables 3 through 5 provide foreign direct
investment flows to and from the Netherlands by country of origin
or destination for the period 1988 through 1992.  Netherlands
Central Bank investment statistics reveal that the total amount
of FDI stock in The Netherlands at the end of 1992 covered
roughly 18 percent of GDP, while FDI flows and the end of 1993
amounted to 2.2 percent of GDP.

Foreign direct investment statistics in the Netherlands are based
on sources of capital inflows and not on actual "by country"
investment outlays.  Official Economic Ministry statistics based
on actual investment outlays by country of origin and by industry
sector are protected for commercial reasons.

During the last decade the number of foreign companies with
establishments in the Netherlands has grown to over 6,300,
employing close to 352,000 workers.  Included are 1,680 U.S.
companies accounting for 123,000 jobs.  In 1993 the number of
foreign investment projects established though the official
foreign investment agency (NFIA) totalled 70 worth 1,135 million
guilders (610 million U.S. dollars) and created 2,376 new jobs.
More than half (38) were U.S. investments worth 649 million
guilders (348 million U.S. dollars).  There is no compulsory
registration of foreign investment projects in the Netherlands.
As a result the total number of investment projects in 1993
(NFIA projects plus non-sponsored projects) is unknown but
estimated to be higher than the official number.

Foreign companies in the Netherlands account for a quarter of
industrial production and about 21 percent of employment in
industry.  Close to one third (29 percent) of foreign
establishments in the Netherlands are of U.S. origin, with 5
percent Japanese, 51 percent from the EU, and 13 percent from
EFTA countries.  The Economics Ministry is confident that
investment from the U.S. will increase in the near future.
Special efforts are being made to attract investments in the
micro-electronics field.

Major Foreign Investments

During the period 1987 through 1993, the Netherlands Foreign
Investment Agency (NFIA) has been instrumental in the
establishment of 187 U.S. investment projects in the Netherlands
with a total investment value of 5.3 billion guilders ($2.8
billion).  The most important U.S. investment projects arranged
by company are as follows: Albany International BV, APM-Holland,
Caddock Europe BV, Davidson/Marley, Distribution Services
International, Dow Chemical, Du Pont de Nemours, Engelhard
Terneuzen BV, Eastman Chemicals, Euramax Castings, General
Electric Plastics, Cargil, Kelsey Hayes, Memorex-Telex, Morton
International, Campbel, Phillip Morris Holland BV, Prime
Computers, SC Johnson Polymer, Spechem BV, SPX Power Team
(O.T.C.), Tandem Computers, Vitalink Europe BV, Packard Bel,
Mobil Chemical Company, Nike, Texas Instruments.

U.S. companies investing in The Netherlands have been expanding
strongly particularly in the micro-electronics field, value added
logistics and the establishment of European headquarters. A
striking new trend is that various computer manufacturers are
looking to the continent of Northern Europe to establish an
assembly, maintenance and distribution center.  According to the
NFIA, Packard Bell established such a center in Nijmegen in the
east creating 500 new jobs.  Other large U.S. electronics firms
with establishments in the Netherlands are AT&T, Rank Xerox, IBM
and Honeywell.

During the period 1987 through 1991 the NFIA also attracted 237
non-U.S. investment projects valued at 3,3 billion guilders (1.8
billion U.S. dollars) including:
British Oxygen Company, British Steel, Ericsson, European Patent
Office, Fuji Photo, Hoechst Holland, Marley Foam, M&T Chemical,
Mead, Metallverken, Mita Europe, Mitsubishi, Mitsubishi Motors,
Mitutoyo, Nissin Food, Nissan, Omron, Outokumpu, Plalloy, Rexham
UK, Roth Frere, and Supertron.

Top U.S. Investors

The top fifteen U.S. investors in the Netherlands- based on the
number of employees are listed below in rank order:

1. Sara Lee/Douwe Egberts N.V.
   P.O.Box 2
   3500 CA Utrecht
   Tel: 030-927311
   Fax: 030-937646
   Manufacturing, sales and marketing of coffee and groceries, and
   household and personal care products.

2. IBM Nederland N.V.
   P.O.Box 9999
   1006 CE  Amsterdam
   Tel: 020-5133111
   Fax: 020-5133634
   Develoment, production, maintenance and sales of word processing,
   data processing and telecommunications equipment and services.

3. Moret Ernst & Young
   G.H. Betzweg 1
   3068 AZ  Rotterdam
   Tel: 010-4074444
   Fax: 010-4556440
   Accountants and auditors, tax advisers, and management
   consultants.

4. Coopers & Lybrand Dijker van Dien
   P.O.Box 94200
   1097 GE  Amsterdam
   Tel: 020-5686666
   Fax: 020-5686888
   Accounting and auditing services, tax and management consultancy.

5. AT&T Network Systems International B.V.
   P.O.Box 1168
   1200 BD  Hilversum
   Tel: 035-873111
   Fax: 035-871748
   Telecommunications equipment and systems.

6. Browning-Ferris Industries Europe Inc.
   P.O.Box 2449
   3500 GK Utrecht
   Tel: 030-814111
   Fax: 030-871292
   Solid and liquid waste collection, treatment and disposal to
   public, private and municipal customers.

7. Deloitte & Touche
   P.O.Box 90721
   2509 LS The Hague
   Tel: 070-3264701
   Fax: 070-3244482
   Public accountants, tax advisors and related services.

8. Dow Benelux N.V.
   P.O.Box 48
   4530 AA  Terneuzen
   Tel: 01150-71234
   Fax: 01150-72423
   Production of chemicals and plastics.

9. Rank Xerox Manufacturing (Nederland) B.V.
   P.O.Box 43
   5800 MA Venray
   Tel: 04780-25000
   Fax: 04780-88159
   Manufacturing of copying equipment and supplies.

10. General Electric Plastics Europe B.V.
    P.O.Box 117
    4600 AC  Bergen op Zoom
    Tel: 01640-32911
    Fax: 01640-32940
    Manufacturing, sales and marketing of thermoplastic resins.

11. Philip Morris Holland B.V.
    P.O.Box 205
    4600 AE Bergen op Zoom
    Tel: 01640-79911
    Fax: 01640-79335
    Manufacturing, sales and marketing of cigarettes and tobaccos.

12. Honeywell B.V.
    P.O.Box 12683
    1100 AR Amsterdam
    Tel: 020-5656911
    Fax: 020-5656600
    Manufacturing and sales of low pressure regulators for gas
    burners, microswitch precision components, control apparatus for
    heating, ventilating, airconditioning controls, instrumemnts and
    systems for process automation, safety controls for steam
    boilers, hot water boilers and special liquid level application
    and flow switches.

13. Alcoa Nederland Holding
    P.O.Box 21
    5150 BA Drunen
    Tel: 04163-86100
    Fax: 04163-86210
    Manufacturing and sales of aluminium rolling and extrusion and
    end products.

14. Du Pont de Nemours (Nederland) B.V.
    P.O.Box 145
    3300 AC Dordrecht
    Tel: 078-218911
    Fax: 078-163737
    Manufacturing and sales of plastics, synthetic fibers and
    industrial organic chemicals.

15. Esso Nederland B.V.
    P.O.Box 1
    4803 AA Breda
    Tel: 076-291000
    Fax: 076-221177
    Refining,marketing and transportation of crude and oetroleum
    products.

Largest Dutch Companies

The top fifteen largest Dutch companies- based on number of
employees- are listed below:

1. Unilever N.V.
   Weena 455
   Rotterdam
   Tel: 010-2174000
   Fax: 010-2174991
   Unilever is an international producer of consumer goods,
   specialized chemicals and is active in the agricultural sector
   (tea and palm oil).

2. Philips Electronics
   Groenewoudseweg 1
   Eindhoven
   Tel: 040-791111
   Fax: 040-757319
   Philips activities include lighting (world's largest producer of
   lamps), consumer electronics, domestic appliances and personal
   care, communication systems, industrial electronics, components,
   semiconductors, plastics, and medical systems.

3. N.V. Koninklijke Nederlandsche Petroleum Mij.
   (Royal Dutch Shell Group)
   Carel van Bylandtlaan 16
   The Hague
   Tel: 070-3779111
   Fax: 070-3773115
   Exploration and production of oil and gas.

4. Koninklijke PTT Nederland (KPN) N.V.
   P.O.Box 30000
   2500 GA  The Hague
   Tel: 070-3323232
   Telecommunications and postal services.

5. Koninklijke Ahold
   Albert Heijnweg 1
   Zaandam
   Tel: 075-599111
   Largest retailer in the Netherlands, selling food and consumer
   items through stores in both the Netherlands and the U.S. (Bi-Lo,
   giant Food Stores, Tops, First National Supermarket).

6. Akzo-Nobel N.V.
   Velperweg 76
   6824 BM  Arnhem
   Tel: 085-664433
   Fax: 085-663250
   Manufacturer of chemicals, paints, and pharmaceuticals. Akzo
   merged with Nobel Industries AB, headquartered in Sweden, in
   1994.

7. ABN Amro Holding N.V.
   Foppingadreef 22
   Amsterdam-Zuidoost
   Tel: 020-6289898
   Fax: 020-6287740
   Banking

8. Vendex International
   De Klencke 6
   1083 HH Amsterdam
   Tel: 020-5490500
   Fax: 020-6460840
   Department Stores

9. Internationale Nederlanden Groep (ING) N.V.
   Strawinskylaan 2631
   Amsterdam
   Tel: 020-5415411
   Fax: 020-5415451
   Banking and insurance

10. Rabobankorganisatie
    P.O.Box 17100
    3500 HG Utrecht
    Tel: 31-30-90 91 11
    Fax: 31-30-90 26 72
    Banking

11. SHV Holdings N.V.
    Rijnkade 1
    3511 LC Utrecht
    Tel: 030-338833
    Fax: 030-338304
    Trading company

12. Koninklijke Luchtvaart Maatschappij N.V. (KLM)
    Amsterdamseweg 55
    Amstelveen
    Tel: 020-6499123
    Fax: 020-6488069
    Airline Company

13. Hoogovens
    P.O.Box 10000
    1970 CA Ijmuiden
    Tel: 02154-99111
    Fax: 02154-70000
    Steel producer

14. Heineken
    Tweede Weteringplantsoen 21
    Amsterdam
    Tel: 020-5239239
    Fax: 020-6263503
    Brewing company

15. Koninklijke Nedlloyd Groep
    Boompjes 40
    Rotterdam
    Tel: 010-4007111
    Fax: 010-4046190
    Shipping and transport