<PAGE>
- --------------------------------------------------------------------------------
- -----------
BERGSTROM
CAPITAL
CORPORATION
- -----------
1998 FIRST QUARTER REPORT
Listed: American Stock Exchange (Ticker symbol: BEM)
Transfer Agent, Registrar and Custodian: State Street Bank and Trust Company,
Boston, Massachusetts
Independent Auditors: Deloitte & Touche LLP, Boston, Massachusetts
Legal Counsel: Howard, Rice, Nemerovski, Canady, Falk & Rabkin PC,
San Francisco, California
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<PAGE>
BERGSTROM CAPITAL CORPORATION
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DISTRIBUTION POLICY
The Company's distribution policy, which was adopted by the Board of
Directors on May 12, 1997, provides for an annual distribution to the
Company's stockholders, during the month of June each year, of a cash dividend
at the rate of a minimum of 6 percent of the Company's net asset value per
share as calculated on the last business day in March of that year. The Board
of Directors may modify or terminate the distribution policy at any time at
its discretion.
Please refer to the President's Letter in this report regarding the annual
distribution for the year 1998 in the amount of $10.75 per share, payable on
June 8, 1998 to stockholders of record on May 21, 1998.
Under the distribution policy, distributions in any year in excess of the
Company's net investment income and net realized capital gains for such year
will constitute a return of stockholders' capital. For federal income tax
purposes, any return of capital will generally be treated as a non-taxable
recovery of basis to the extent of the stockholders' basis in their shares,
and as capital gain to the extent that the return of capital is in excess of
such basis. The Company will be required to liquidate a portion of its
portfolio in order to fund any return of capital. Any return of capital will
also reduce the assets of the Company available for investment and will likely
have the effect of increasing the Company's expense ratio.
In any year in which the total of the Company's net investment income and
net realized capital gains exceeds the amount distributed for that year under
the distribution policy, the Company may, at the discretion of the Board of
Directors, retain a portion of the net realized long-term capital gains for
such year.
<PAGE>
BERGSTROM CAPITAL CORPORATION
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505 Madison Street, Suite 220
Seattle, Washington 98104
May 11, 1998
Dear Fellow Stockholders:
The Board of Directors of Bergstrom Capital Corporation (the "Company") has
declared a dividend of $10.75 per share payable on June 8, 1998 to
stockholders of record on May 21, 1998. The Company estimates that the sources
of this dividend will be $.29 per share from net investment income for the
year ending December 31, 1998, $.46 per share from net short-term capital
gains realized during the year ending December 31, 1998 and $10.00 per share
from net long-term capital gains realized during the year ending December 31,
1998. Please refer to the Distribution Policy in this report.
During the first quarter of 1998 the Company's net assets increased from
$158,894,821 to $180,076,605 which is an increase of $21,181,784. This
increase in net assets is after the repurchase of stock during the first
quarter of 1998 for $1,631,210. The increase in net assets, before deducting
the repurchase of stock, was $22,812,994 which was composed of net investment
income of $86,006, realized gain from the sale of investments of $13,611,929,
and an increase in unrealized appreciation of $9,115,059.
The per share net asset value (based on the number of shares outstanding at
the end of each period) increased from $154.51 on December 31, 1997 to $177.08
on March 31, 1998, an increase of 14.6%. During the same period the Dow Jones
Industrial Average, adjusted for dividends,increased 11.7% and the Standard &
Poor's 500 Stock Average, adjusted for dividends, increased 14.0%. The per share
net asset value on Friday, May 8, 1998 was 178.08.
On February 10, 1997, the Company's Board of Directors authorized the
Company to purchase, on the American Stock Exchange, up to 100,000 shares of
its capital stock at market prices not in excess of the then current net asset
value per share. During the first quarter of 1998 the Company purchased 11,500
shares of its capital stock under this authorization. As of March 31, 1998 the
Company had 16,900 shares remaining under this authorization.
During the first quarter of 1998 the Company had total interest and dividend
income of $408,007 as compared to $464,873 for the same period in 1997 for a
decrease of $56,866. During the first quarter 1998 operating expenses were
$322,001 which is a $16,166 increase from $305,835 for the first quarter of
1997. The resulting net investment income of $86,006 for the first quarter
1998 is a decrease from $159,038 for the first quarter of 1997. This resulted
in a decrease to $.08 per share versus $.14 per share.
The following are the major ($500,000 or more) purchases and sales made in
the Company's portfolio of securities during the first quarter of 1998:
<PAGE>
BERGSTROM CAPITAL CORPORATION
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<TABLE>
<CAPTION>
SHARES
-------------------------------------
HELD
SECURITY NAME ADDITIONS REDUCTIONS MARCH 31, 1998
- ----------------------------------------- --------- ---------- --------------
<S> <C> <C> <C>
Albertsons, Inc. ........................ 19,000 19,000
American Home Products Corp. ............ 13,000 13,000
Amgen, Inc. ............................. 90,000 200,000
Boole & Babbage, Inc. ................... 200,000(1) 100,000 600,000
Culligan Water Technologies, Inc. ....... 14,000 0
General Motors Hughes Electronics
Class H................................. 27,000 27,000
Golden State Bancorp, Inc. .............. 34,000 0
Grainger WW, Inc. ....................... 9,000 9,000
Guidant Corp. ........................... 47,000 0
I2 Technologies, Inc. ................... 17,000 17,000 0
Manpower, Inc. .......................... 15,000 85,000
McDonalds Corp. ......................... 12,000 54,000
Merrill Lynch Convertible Fund, Inc. .... 300,000 0
Morgan (J.P.) & Co., Inc. ............... 12,500 0
Nordstrom, Inc. ......................... 11,000 11,000
Pepsico, Inc. ........................... 14,000 37,000
Smithkline Beecham PLC ADR............... 9,000 51,000
Sofamor/Danek Group, Inc. ............... 8,000 19,000
Southtrust Corp. ........................ 22,500(2) 22,500
Sundstrand Corp. ........................ 20,000 0
Teleport Communications Group............ 15,000 0
Tyco International Ltd. New.............. 12,000 104,000
Xerox Corp. ............................. 11,000 0
Zeneca Group PLC ADR..................... 4,500 4,500
</TABLE>
- -------
(1) Received as a stock split.
(2) Purchased 15,000 shares and then received 7,500 shares as a stock split.
The Company announced in a press release issued on March 3, 1998 that it
plans to appoint Dresdner RCM Global Investors LLC ("Dresdner RCM") as its
sole investment adviser. Dresdner RCM or its predecessor has been a subadviser
of the Company since 1986. The appointment is subject to the preparation of
definitive documents, formal review by the Board of Directors of the Company,
and approval of a new advisory agreement by the Company's stockholders at the
annual meeting currently scheduled for November 9, 1998. The new advisory
agreement would be effective upon approval by the Company's stockholders.
As of March 31, 1998 63% of the assets of the Company are managed by
Dresdner RCM, 15% by Frank A. Branson, Inc., as the other subadviser, and 22%
by Bergstrom Advisers, Inc., as the adviser. Bergstrom Advisers, Inc. is owned
and operated by Erik E. Bergstrom, the Chairman of the Board of the Company
and the holder, with individuals and entities associated with him, of
approximately 28% of the Company's outstanding shares. Mr. Bergstrom will
continue as Chairman of the Board of the Company, and all of the other
directors of the Company will remain the same. All directors of the Company
are and will continue to be independent of Dresdner RCM.
<PAGE>
BERGSTROM CAPITAL CORPORATION
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The Company does not have a dividend reinvestment program. The Company has
considered this over the years and has determined that the cost of such a
program would not be commensurate with the benefit. The Company's policy of
retaining a portion of the net long-term capital gains in certain years
accomplishes some of the same goals as would a dividend reinvestment program.
Like other investment companies and financial and business organizations
worldwide, the Company could be adversely affected if computer systems on
which the Company and its service providers rely are unable to process
correctly date-related information on and after January 1, 2000. This risk is
commonly called the Year 2000 issue. Failure to address successfully the Year
2000 issue could result in interruptions in and other adverse effects on the
Company's business and operations. The Company has commenced a review, both
internally and as regards the Company's vendors, of the Year 2000 issue as it
may affect the Company. The Company is taking steps it believes are reasonably
designed to address the Year 2000 issue. There can be no assurance that these
steps will be sufficient. In addition, there can be no assurance that the Year
2000 issue will not have an adverse effect on the companies whose securities
are held by the Company or on global markets or economies generally.
The Company's shares of capital stock are traded on the American Stock
Exchange and are identified by the stock ticker symbol BEM. The net asset
value per share as of Friday's close of business is published each Saturday in
Barrons, each Sunday in the New York Times, and each Monday in the Wall Street
Journal and certain other publications under "Closed-End Funds."
Your Company welcomes questions or comments from stockholders. If you wish
to communicate with the Company's transfer agent, State Street Bank and Trust
Company, the address is P.O. Box 8200, Boston, Massachusetts 02266-8200 and
the telephone number is 1-800-426-5523.
Yours very truly,
/s/ WILLIAM L. MCQUEEN
William L. McQueen
President
<PAGE>
BERGSTROM CAPITAL CORPORATION
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STATEMENT OF ASSETS AND LIABILITIES
March 31, 1998 (Unaudited)
<TABLE>
<S> <C>
ASSETS:
Investments, at value (see accompanying schedule):
Short-term investments (cost $13,529,960) $ 13,529,960
Common stocks (cost $77,329,185) 164,365,317
------------
TOTAL INVESTMENTS (COST $90,859,145) 177,895,277
Cash 5,705
Receivable for securities sold 2,403,157
Interest and dividends receivable 119,651
Other assets 10,501
------------
TOTAL ASSETS 180,434,291
------------
LIABILITIES:
Advisory fee payable 72,297
Payable for securities purchased 254,317
Other accrued expenses 31,072
------------
TOTAL LIABILITIES 357,686
------------
NET ASSETS applicable to 1,016,900 outstanding shares of
capital stock equivalent to $177.08 per share on March 31,
1998 $180,076,605
============
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
THREE MONTHS
ENDED YEAR ENDED
MARCH 31, 1998 DECEMBER 31,
(UNAUDITED) 1997
<S> <C> <C>
OPERATIONS:
Net investment income $ 86,006 $ 689,455
Realized gain on investments 13,611,929 26,273,386
Increase in unrealized appreciation 9,115,059 1,135,956
------------ ------------
Net increase in net assets resulting from
operations 22,812,994 28,098,797
------------ ------------
DIVIDENDS TO STOCKHOLDERS:
From net investment income (689,455)
From net realized gain on investments (8,607,845)
------------ ------------
Total dividends to stockholders ($8.50 per
share--1997) (9,297,300)
------------ ------------
COST OF SHARES OF BERGSTROM CAPITAL
CORPORATION STOCK PURCHASED (11,500 SHARES--
1998; 83,800 SHARES--1997) (1,631,210) (11,333,753)
------------ ------------
TOTAL INCREASE IN NET ASSETS 21,181,784 7,467,744
NET ASSETS, BEGINNING OF PERIOD 158,894,821 151,427,077
------------ ------------
NET ASSETS, END OF PERIOD $180,076,605 $158,894,821
============ ============
</TABLE>
See also Notes to Financial Statements in the Company's 1997 Annual Report to
Stockholders.
<PAGE>
BERGSTROM CAPITAL CORPORATION
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STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1998 (Unaudited)
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
Interest $ 171,724
Dividends 236,283
-----------
TOTAL INCOME 408,007
-----------
EXPENSES:
Advisory fees 238,473
Legal fees 14,358
Auditing fees 25,473
Stockholders' meeting and reports 4,987
Transfer agent fees and expenses 6,024
Custodian fees 6,515
Directors' fees and expenses 9,750
Fee for shares listed on American Stock Exchange 1,750
State and other taxes 10,247
Other 4,424
-----------
TOTAL EXPENSES 322,001
-----------
NET INVESTMENT INCOME ($.08 PER SHARE) 86,006
-----------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Realized gain on investments (excluding short-term
investments):
Proceeds from sale of securities $25,901,782
Cost of securities sold 12,289,853
-----------
Realized gain on investments sold 13,611,929
Unrealized appreciation of investments:
Beginning of period 77,921,073
End of period 87,036,132
-----------
Increase in unrealized appreciation 9,115,059
-----------
NET GAIN ON INVESTMENTS ($22.32 PER SHARE) 22,726,988
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $22,812,994
===========
</TABLE>
See also Notes to Financial Statements in the Company's 1997 Annual Report to
Stockholders.
<PAGE>
BERGSTROM CAPITAL CORPORATION
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SCHEDULE OF INVESTMENTS
March 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
SHARES OR PRINCIPAL AMOUNT COST VALUE
<C> <S> <C> <C>
SHORT-TERM INVESTMENTS (7.6%):
$ 7,564,000 State Street Bank and Trust Company,
5.25%
Euro-Dollar Deposit due 4/01/98 $ 7,564,000 $ 7,564,000
6,000,000 General Motors Acceptance Corp., 5.52%
Note due 5/8/98 5,965,960 5,965,960
----------- ----------- ------------
$13,564,000 TOTAL--SHORT-TERM INVESTMENTS 13,529,960 13,529,960
=========== ----------- ------------
COMMON STOCKS (92.4%):
BANKS (3.0%):
24,000 Bank New York, Inc. 933,258 1,507,500
6,000 Citicorp 746,120 852,000
22,500 Southtrust Corp. 822,345 942,188
16,000 U.S. Bancorp DEL 1,466,681 1,996,000
----------- ------------
3,968,404 5,297,688
----------- ------------
BEVERAGES (5.5%):
60,000 Coca Cola Enterprises, Inc. 810,797 2,201,250
77,500 Coca-Cola Co. 104,001 6,001,406
37,000 Pepsico, Inc. 1,408,417 1,579,438
----------- ------------
2,323,215 9,782,094
----------- ------------
BIOTECHNOLOGY (6.9%):
200,000 Amgen, Inc. (B) 1,044,900 12,175,000
----------- ------------
BUSINESS SERVICES (3.8%):
50,000 Cognizant Corporation 1,641,500 2,868,750
135,000 Huntingdon Life Sciences Group PLC ADR 741,765 489,375
85,000 Manpower, Inc. 1,399,530 3,431,875
----------- ------------
3,782,795 6,790,000
----------- ------------
CHEMICALS (0.3%):
4,500 Zeneca Group PLC ADR 596,411 589,500
----------- ------------
COMMUNICATION SYSTEMS (3.9%):
7,000 ASM Lithography Holding N V 630,364 647,062
12,000 Intermedia Communications FLA, Inc. 569,260 955,500
49,200 Nextel Communications, Inc. 708,782 1,660,500
84,000 Worldcom, Inc. GA 1,730,113 3,617,250
----------- ------------
3,638,519 6,880,312
----------- ------------
</TABLE>
<PAGE>
BERGSTROM CAPITAL CORPORATION
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SHARES OR PRINCIPAL AMOUNT
<TABLE>
<CAPTION>
COMMON STOCKS (UNAUDITED)--CONTINUED
COST VALUE
<C> <S> <C> <C>
COMPUTERS AND INFORMATION (1.5%):
9,000 Dell Computer Corp. $ 468,723 $ 609,750
21,000 Hewlett Packard Co. 957,756 1,330,875
7,000 International Business Machines 701,514 727,125
----------- ------------
2,127,993 2,667,750
----------- ------------
DIVERSIFIED TECHNOLOGY (1.1%):
18,000 Nokia Corp. Sponsored ADR 655,476 1,940,625
----------- ------------
DRUGS AND HEALTH SUPPLIES (6.1%):
18,000 Boston Scientifc Corp. 798,180 1,215,000
9,000 Glaxo Wellcome PLC ADR 290,790 487,125
13,000 Johnson & Johnson 619,376 953,062
25,000 Medtronic, Inc. 914,913 1,296,875
37,000 Pfizer, Inc. 1,791,096 3,688,438
51,000 Smithkline Beecham PLC ADR 1,014,682 3,190,687
----------- ------------
5,429,037 10,831,187
----------- ------------
ELECTRICAL COMPONENTS (1.9%):
28,000 General Electric Co. 1,211,090 2,413,250
9,000 Grainger WW, Inc. 884,195 925,313
69,000 Micro-Metrics, Inc. (A,B) 227,700 25,268
----------- ------------
2,322,985 3,363,831
----------- ------------
ELECTRONICS/NEW TECHNOLOGY (2.6%):
15,000 Altera Corp. 776,329 566,250
27,000 Cisco Systems, Inc. 1,322,839 1,846,125
11,000 Intel Corp. 309,719 858,688
8,000 Lucent Technologies, Inc. 364,959 1,023,000
15,000 Newbridge Networks Corp. 462,767 403,125
----------- ------------
3,236,613 4,697,188
----------- ------------
FINANCIAL SERVICES, DIVERSIFIED (2.5%):
30,000 Amresco, Inc. 794,693 982,500
18,000 Federal National Mortgage Association 440,845 1,138,500
17,000 Travelers Group, Inc. 879,399 1,020,000
19,000 Washington Mutual, Inc. 1,203,416 1,362,656
----------- ------------
3,318,353 4,503,656
----------- ------------
</TABLE>
<PAGE>
BERGSTROM CAPITAL CORPORATION
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SHARES OR PRINCIPAL AMOUNT
<TABLE>
<CAPTION>
COMMON STOCKS (UNAUDITED)--CONTINUED
COST VALUE
<C> <S> <C> <C>
FOOD PROCESSING (0.8%):
14,000 Pioneer Hi-Bred International, Inc. $ 862,848 $ 1,365,875
----------- ------------
HARDWARE AND TOOLS (0.5%):
20,000 Snap-On, Inc. 585,650 912,500
----------- ------------
HEALTH CARE SERVICES (0.8%):
12,000 Bergen Brunswig Corp. 501,379 511,500
11,000 Cardinal Health, Inc. 832,822 970,062
----------- ------------
1,334,201 1,481,562
----------- ------------
HOUSEHOLD PRODUCTS (NON-DURABLE) (1.1%):
24,000 Proctor & Gamble Co. 572,220 2,025,000
----------- ------------
INDUSTRIAL MACHINERY (3.2%):
104,000 Tyco International Ltd. New 2,159,614 5,681,000
----------- ------------
INSURANCE (2.4%):
25,987 American International Group, Inc. 490,850 3,272,738
24,000 Liberty Financial Companies 840,637 949,500
----------- ------------
1,331,487 4,222,238
----------- ------------
LODGING (1.5%):
20,000 Marriott International, Inc. New (C) 249,884 743,750
20,000 Marriott International, Inc. New Cl. A (C) 247,170 716,250
23,000 Promus Hotel Corp. New 905,248 1,098,250
5,000 Sodexho Marriott Services, Inc. (C) 43,057 132,813
----------- ------------
1,445,359 2,691,063
----------- ------------
MEDIA (2.5%):
24,000 CBS Corporation 679,194 814,500
15,000 Disney (Walt) Co. 560,460 1,601,250
21,000 Gartner Group, Inc. New Cl. A 526,200 784,875
27,000 General Motors Hughes Electronics Class H 967,270 1,221,750
----------- ------------
2,733,124 4,422,375
----------- ------------
MEDICAL SUPPLIES (4.9%):
12,900 Abbott Laboratories 452,270 971,531
20,000 Alza Corp. 646,000 896,250
</TABLE>
<PAGE>
BERGSTROM CAPITAL CORPORATION
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SHARES OR PRINCIPAL AMOUNT
<TABLE>
<CAPTION>
COMMON STOCKS (UNAUDITED)--CONTINUED
COST VALUE
<C> <S> <C> <C>
MEDICAL SUPPLIES--CONTINUED
13,000 American Home Products Corp. $ 1,204,311 $ 1,239,875
100,000 Baxter International, Inc. 880,840 5,512,500
----------- ------------
3,183,421 8,620,156
----------- ------------
PETROLEUM SERVICES (0.3%):
9,000 Camco International, Inc. 562,283 544,500
----------- ------------
PHARMACEUTICALS (7.5%):
16,000 Bristol-Myers Squibb Co. 215,411 1,669,000
78,000 Lilly Eli & Co. 1,351,106 4,650,750
28,000 Schering-Plough Corp. 487,839 2,287,250
19,000 Sofamor/Danek Group, Inc. 1,331,097 1,619,750
18,000 Warner Lambert Co. 1,195,839 3,065,625
----------- ------------
4,581,292 13,292,375
----------- ------------
REGULATED INVESTMENT COMPANIES (7.5%):
670,000 Dresdner RCM Growth Equity Fund, Inc. 4,138,453 4,770,400
158,769 Dresdner RCM International Growth
Equity Fund A 2,063,870 2,418,055
360,000 Dresdner RCM Small Cap Fund 4,104,054 4,672,800
50,000 Latin America Smaller Companies Fund,
Inc. (D) 528,218 475,000
70,000 Latin America Investment Fund 1,168,662 1,023,750
----------- ------------
12,003,257 13,360,005
----------- ------------
RESTAURANTS (2.7%):
83,000 Host Marriott Corp. 1,262,300 1,571,812
54,000 McDonalds Corp. 1,831,259 3,240,000
----------- ------------
3,093,559 4,811,812
----------- ------------
RETAIL TRADE (4.5%):
19,000 Albertsons, Inc. 926,324 999,875
29,000 Bed Bath & Beyond, Inc. 757,687 1,339,437
24,000 Consolidated Stores Corp. 699,501 1,030,500
25,000 Crown Books Corporation (B) 309,500 170,313
18,000 CVS Corporation 687,129 1,359,000
15,000 Family Dollar Stores, Inc. 419,821 570,000
7,400 Hannaford Bros. Co. 183,820 328,837
11,000 Home Depot, Inc. 659,596 741,813
11,000 Nordstrom, Inc. 669,083 701,938
22,000 Safeway, Inc. 657,405 812,625
----------- ------------
5,969,866 8,054,338
----------- ------------
</TABLE>
<PAGE>
BERGSTROM CAPITAL CORPORATION
- -------------------------------------------------------------------------------
SHARES OR PRINCIPAL AMOUNT
<TABLE>
<CAPTION>
COMMON STOCKS (UNAUDITED)--
CONTINUED
COST VALUE
<C> <S> <C> <C>
SOFTWARE AND PROCESSING (13.1%):
26,000 America Online, Inc. $ 690,082 $ 1,776,125
11,000 Automatic Data Processing, Inc. 241,307 748,687
600,000 Boole & Babbage, Inc. (B) 211,296 14,700,000
13,000 Cendant Corporation 474,049 515,125
14,000 Computer Sciences Corp. 555,460 770,000
30,000 Microsoft Corp. (B) 791,038 2,685,000
20,000 Peoplesoft, Inc. 752,665 1,053,750
24,000 Sterling Commerce, Inc. 750,406 1,113,000
----------- ------------
4,466,303 23,361,687
----------- ------------
TOTALS--COMMON STOCKS 77,329,185 164,365,317
----------- ------------
TOTALS--INVESTMENTS $90,859,145 $177,895,277
=========== ============
</TABLE>
(A) Company "affiliated" with the Corporation as defined in the Investment
Company Act of 1940. There were no purchases or sales of this security
during the first quarter of 1997, nor was any income earned.
(B) Non-income producing securities.
(C) Holders of common stock of Marriott International, Inc. ("Old Marriott")
received, for each share of Old Marriott, a distribution of one share of
"new" Marriott International, Inc. ("New Marriott") common stock and one
share of New Marriott Class A common stock. The name of Old Marriott was
changed to Sodexho Marriott Services, Inc., and the name of New Marriott
was changed to Marriott International, Inc. In addition, immediately
following the distribution of the New Marriott common stock, a reverse
split of Sodexho Marriott Services, Inc. occurred, resulting in
stockholders receiving one share of Sodexho Marriott Services, Inc. for
every four shares of Old Marriott owned. The basis of the Old Marriott
stock was allocated between the New Marriott stock and the Sodexho
Marriott Services, Inc. stock.
(D) Formerly Latin America Growth Fund, Inc.
See also Notes to Financial Statements in the Company's 1997 Annual Report to
Stockholders.
<PAGE>
- --------------------------------------------------------------------------------
BOARD OF DIRECTORS
ERIK E. BERGSTROM GEORGE COLE SCOTT
Chairman Registered Representative
Anderson & Strudwick Incorporated
President
WILLIAM L. McQUEEN Closed-End Fund Advisors, Inc.
President and Treasurer
WILLIAM H. SPERBER
NORMAN R. NIELSEN President, Chief Executive Officer
Manager and Senior Member and Managing Director
of Research Staff The Trust Company of Washington
SRI International
OFFICERS
WILLIAM L. McQUEEN PAMELA A. FIORINI
President and Treasurer Secretary
ELIZABETH C. HEDLUND
Assistant Secretary
- ------------------------------------------------------------------
BERGSTROM CAPITAL CORPORATION
505 Madison Street, Suite 220
Seattle, Washington 98104
(206) 623-7302
- --------------------------------------------------------------------------------
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