<PAGE>
- --------------------------------------------------------------------------------
- ----------------
BERGSTROM
CAPITAL
CORPORATION
- ----------------
1999 THIRD 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
- --------------------------------------------------------------------------------
<PAGE>
BERGSTROM CAPITAL CORPORATION
- -------------------------------------------------------------------------------
STOCKHOLDER MEETING RESULTS
The Annual Meeting of Stockholders of Bergstrom Capital Corporation (the
"Company") was held on Monday, November 8, 1999 in the North Cascade Room, The
Harbor Club Seattle, Norton Building, 17th Floor, 801 Second Avenue, Seattle,
Washington. The two matters voted upon by stockholders and the resulting votes
for each matter are presented below.
1. To elect two directors to hold office until the Annual Meeting of
Stockholders in 2002 and until their successors shall be elected and
shall qualify.
<TABLE>
<CAPTION>
Elected Director For Withheld Broker Non-Votes*
<S> <C> <C> <C>
William L. McQueen 903,264 6,126 0
Norman R. Nielsen 904,100 5,290 0
<CAPTION>
Other Continuing Directors Present Term Expires
<S> <C> <C> <C>
Erik E. Bergstrom 2000
George Cole Scott 2000
William H. Sperber 2001
</TABLE>
2. To ratify or reject the selection by the Company's Board of Directors of
Deloitte & Touche LLP as the independent auditors of the Company for the
year ending December 31, 1999.
<TABLE>
<CAPTION>
For Against Abstain Broker Non-Votes*
<S> <C> <C> <C>
902,238 4,112 3,040 0
</TABLE>
* Broker non-votes are proxies received by the Company from brokers or
nominees when the broker or nominee neither has received instructions from
the beneficial owner or other persons entitled to vote nor has discretionary
power to vote on a particular matter.
<PAGE>
BERGSTROM CAPITAL CORPORATION
- -------------------------------------------------------------------------------
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.
On June 7, 1999, the Company paid a cash dividend of $13.50 per share to
stockholders of record on May 20, 1999. This dividend was the annual
distribution for the year 1999 under the Company's distribution policy.
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. The Board of Directors has elected to retain any undistributed net
long-term capital gains realized during the year 1999.
<PAGE>
BERGSTROM CAPITAL CORPORATION
- -------------------------------------------------------------------------------
NOTICE OF IMPORTANT FEDERAL INCOME TAX INFORMATION
It is the presently declared policy of the Board of Directors, which is
subject to review by the Board of Directors from time to time, that in any
year in which the Company is taxed as a regulated investment company all or a
portion of the net long-term capital gains of the Company for such year may be
retained by the Company, and if such gains are retained taxes thereon would be
paid by the Company and appropriate credit therefore allowed to the
stockholders of the Company, all as provided in Section 852(b)(3)(D) of the
Internal Revenue Code. Stockholders of record on December 31 of such year
would be required to include in their income tax returns their share of the
Company's net long-term capital gains retained and take credit for the tax
paid on their behalf by the Company. Stockholders of record on December 31 of
such year should increase the tax basis of their stock by the excess of their
share of the net long-term capital gains retained over the tax paid on their
behalf. The Internal Revenue Code provides that, within 60 days following the
end of such year, the Company would send Form 2439, Notice to Shareholders of
Undistributed Capital Gains, to stockholders of record on December 31 of such
year. The Internal Revenue Code also provides that, if a stockholder owned
shares registered in the name of a broker or nominee on December 31 of such
year, the broker or nominee would send Form 2439 to such stockholder within 90
days following the end of such year. For the years 1980 through 1984, 1986,
1987, 1989, and 1991 through 1998, the Company retained all or a portion of
the net long-term capital gains realized. For the years 1985, 1988 and 1990
all of the net long-term capital gains realized were distributed.
The Board of Directors has elected to distribute a portion of the net long-
term capital gains realized during the year ending December 31, 1999 as a part
of the $13.50 per share cash dividend paid on June 7, 1999, and to retain the
remainder of the net long-term capital gains realized during the year ending
December 31, 1999.
A Form 1099 will be mailed by January 31, 2000 to all stockholders of record
on the dividend record date in 1999 setting forth the specific amounts to be
included in their 1999 tax returns.
<PAGE>
BERGSTROM CAPITAL CORPORATION
- -------------------------------------------------------------------------------
221 First Avenue West, Suite 320
Seattle, Washington 98119-4224
November 8, 1999
Dear Fellow Stockholders:
During the first nine months of 1999 the Company's net assets increased from
$200,332,879 to $217,257,983 which is an increase of $16,925,104. This
increase in net assets is after payment by the Company of $13,500,000 in
dividends ($13.50 per share on June 7, 1999). The increase in net assets,
before deducting the payment of dividends, was composed of net investment
income of $64,629, realized gain on investments of $45,855,367, and a decrease
in unrealized appreciation of $15,494,892.
The per share net asset value increased from $200.33 on December 31, 1998 to
$217.26 on September 30, 1999. After adjustment for the dividends, the per
share net asset value increased 15.2%. During the same period the Dow Jones
Industrial Average, adjusted for dividends, increased 13.97% and the Standard
& Poor's 500 Stock Average, adjusted for dividends, increased 5.37%. The per
share net asset value on Friday, November 5, 1999 was $235.68.
During the first nine months of 1999 the Company had total interest and
dividend income of $911,029 as compared to $1,146,219 for the same period in
1998 for a decrease of $235,190. During the first nine months of 1999
operating expenses were $846,400 which is a $109,139 decrease from $955,539
for the first nine months of 1998. The resulting net investment income of
$64,629 for the first nine months of 1999 is a decrease of $126,051 from
$190,680 for the first nine months of 1998. This resulted in a decrease to
$.07 per share versus $.19 per share.
The following are the major ($500,000 or more) purchases and sales made in
the Company's portfolio of securities during the third quarter of 1999:
<PAGE>
BERGSTROM CAPITAL CORPORATION
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES
------------------------------------
HELD
SEPTEMBER 30,
SECURITY NAME ADDITIONS REDUCTIONS 1999
- ------------------------------------------ --------- ---------- -------------
<S> <C> <C> <C>
Alcoa, Inc................................ 14,000 29,000
Alza Corp................................. 70,000 0
America Online, Inc. ..................... 31,200 0
Amgen, Inc. .............................. 10,000 335,000
Baxter International, Inc. ............... 10,000 75,000
Clear Channel Communications, Inc. ....... 19,141 74,000
Dresdner RCM International Growth Equity
Fund..................................... 114,458 279,712
E M C Corp. Mass.......................... 14,000 66,000
Enron Corp................................ 67,000(1) 98,000
Forest Laboratories, Inc. ................ 25,900 0
Gillette Co. ............................. 54,000 0
GTE Corp. ................................ 26,400 54,000
Hewlett Packard Co. ...................... 15,000 29,000
JDS Uniphase Corp. ....................... 25,000(2) 25,000
Lucent Technologies, Inc. ................ 47,550 35,000
Marriott International, Inc. ............. 40,000 0
Pharmacia & Upjohn, Inc. ................. 38,000 38,000
Raytheon Co. ............................. 21,000 21,000 0
Safeway, Inc. ............................ 22,000 0
Time Warner, Inc. ........................ 20,000 43,000
Tyco International Ltd. New............... 12,000 100,000
Veritas Software Co. ..................... 18,500 18,500
Vodafone Airtouch PLC Sponsored ADR....... 5,500 5,500
Yahoo, Inc. .............................. 12,400 21,000
</TABLE>
- --------
(1) Purchased 18,000 shares and then received 49,000 shares as a stock split.
(2) Purchased 6,000 shares and then received 6,000 shares as a stock split and
then purchased 13,000 shares.
<PAGE>
BERGSTROM CAPITAL CORPORATION
- -------------------------------------------------------------------------------
On June 7, 1999, the Company paid a cash dividend of $13.50 per share to
stockholders of record on May 20, 1999. The Company currently estimates that
the sources of this dividend will be $.09 per share from net investment income
for the year ending December 31, 1999, $1.90 per share from net short-term
capital gains realized during the year ending December 31, 1999 and $11.51 per
share from net long-term capital gains realized during the year ending
December 31, 1999. This dividend was the annual distribution for the year 1999
under the Company's distribution policy. Please refer to the Distribution
Policy in this report.
The value of the Company's investment in the securities of Amgen, Inc.
amounted to 12.6% of the Company's total assets at September 30, 1999. The
investment of a substantial percentage of the Company's assets in the
securities of a single issuer or industry exposes the Company to a greater
risk of loss resulting from unfavorable price movements or market conditions
relating to such issuer or industry.
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.
YEAR 2000 READINESS DISCLOSURE -- 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 is
continuing its review, both internally and as regards the Company's service
providers, 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." This
information is also available on the Internet on a daily basis through a
variety of sources. The Company is not responsible for inaccuracies or
omissions in the dissemination of this information.
On September 30, 1999 the Company moved its offices to 221 First Avenue
West, Suite 320, Seattle, Washington 98119-4224. The new telephone number is
(206) 283-0539.
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
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
September 30, 1999 (Unaudited)
<TABLE>
<S> <C>
Assets:
Investments, at value (see accompanying schedule):
Short-term investments (cost $1,145,566) $ 1,145,566
Common stocks (cost $111,576,419) 214,315,628
------------
Total investments (cost $112,721,985) 215,461,194
Cash 5,000
Receivable for securities sold 1,913,464
Interest and dividends receivable 114,849
------------
Total assets 217,494,507
------------
Liabilities:
Advisory fee payable 168,054
Payable for securities purchased 17,500
Other accrued expenses 50,970
------------
Total liabilities 236,524
------------
Net assets applicable to 1,000,000 outstanding shares of
capital stock equivalent to $217.26 per share on September
30, 1999 $217,257,983
============
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
NINE MONTHS
ENDED
SEPTEMBER YEAR ENDED
30, 1999 DECEMBER 31,
(Unaudited) 1998
<S> <C> <C>
Operations:
Net investment income $ 64,629 $ 163,385
Realized gain on investments 45,855,367 16,030,888
Increase (decrease) in unrealized appreciation (15,494,892) 40,313,028
------------ ------------
Net increase in net assets resulting from
operations 30,425,104 56,507,301
------------ ------------
Dividends to stockholders:
From net investment income (64,629) (163,385)
From net realized gain on investments (13,435,371) (10,763,990)
------------ ------------
Total dividends to stockholders ($13.50 per
share--1999; $10.75 per share--1998) (13,500,000) (10,927,375)
------------ ------------
Cost of shares of Bergstrom Capital Corporation
stock repurchased (28,400 shares--1998) -- (4,141,868)
------------ ------------
Total increase in net assets 16,925,104 41,438,058
Net assets, beginning of period 200,332,879 158,894,821
------------ ------------
Net assets, end of period $217,257,983 $200,332,879
============ ============
</TABLE>
See also Notes to Financial Statements in the Company's 1999 Semi-Annual Report
to Stockholders.
<PAGE>
BERGSTROM CAPITAL CORPORATION
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 (Unaudited)
<TABLE>
<S> <C> <C>
Investment Income:
Interest $ 25,058
Dividends 885,971
-----------
Total income 911,029
-----------
Expenses:
Advisory fees 510,557
Directors' fees and expenses 67,408
Officer's salary and related expenses 63,475
Accounting expenses 45,891
Auditing fees 45,600
Legal fees 35,876
Transfer agent fees and expenses 20,189
Other expenses 18,176
Custodian fees 16,390
Stockholders' meeting and reports 11,452
State and other taxes 6,136
Fee for shares listed on American Stock Exchange 5,250
-----------
Total expenses 846,400
-----------
Net investment income ($.07 per share) 64,629
-----------
Realized and unrealized gain on investments:
Realized gain on investments (excluding short-term
investments):
Proceeds from sale of securities $89,059,541
Cost of securities sold 43,204,174
-----------
Realized gain on investments sold 45,855,367
Unrealized appreciation of investments:
Beginning of period 118,234,101
End of period 102,739,209
-----------
Decrease in unrealized appreciation (15,494,892)
-----------
Net gain on investments ($30.36 per share) 30,360,475
-----------
Net increase in net assets resulting from operations $30,425,104
===========
</TABLE>
See also Notes to Financial Statements in the Company's 1999 Semi-Annual Report
to Stockholders.
<PAGE>
BERGSTROM CAPITAL CORPORATION
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
September 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
Shares Cost Value
<C> <S> <C> <C>
Short-Term Investments (0.5%):
1,145,566 SSgA Money Market Fund $ 1,145,566 $ 1,145,566
--------- ----------- -----------
1,145,566 Total--Short-Term Investments 1,145,566 1,145,566
========= ----------- -----------
Common Stocks (99.5%):
Aerospace (1.3%):
30,000 General Dynamics Corp. 1,860,461 1,873,125
15,000 United Technologies Corp. 931,836 889,687
----------- -----------
2,792,297 2,762,812
----------- -----------
Banks (2.7%):
52,000 Bank New York, Inc. 1,065,418 1,738,750
52,500 Citigroup, Inc. 1,433,940 2,310,000
69,000 Firstar Corp. 1,584,346 1,768,125
----------- -----------
4,083,704 5,816,875
----------- -----------
Beverages (2.1%):
60,000 Coca Cola Enterprises, Inc. 810,797 1,353,750
67,500 Coca-Cola Co. 90,276 3,244,219
----------- -----------
901,073 4,597,969
----------- -----------
Biotechnology (12.7%):
335,000 Amgen, Inc. (A) 875,103 27,302,500
----------- -----------
Broadcasting (2.7%):
74,000 Clear Channel Communications, Inc. 4,134,953 5,910,750
----------- -----------
Communication Systems (8.1%):
18,000 Bell Atlantic Corp. 1,029,039 1,211,625
30,000 Global TeleSystems Group, Inc. 915,940 591,562
54,000 GTE Corp. 3,660,857 4,151,250
91,000 MCI WorldCom, Inc. 2,114,237 6,540,625
36,000 Nextel Communications, Inc. 539,000 2,441,250
23,000 SBC Communications, Inc. 1,075,954 1,174,437
5,500 Vodafone Airtouch PLC Sponsored ADR 1,031,924 1,307,625
----------- -----------
10,366,951 17,418,374
----------- -----------
Computers and Information (2.9%):
29,000 Hewlett-Packard Co. 2,656,760 2,668,000
29,100 International Business Machines 3,159,922 3,532,012
----------- -----------
5,816,682 6,200,012
----------- -----------
</TABLE>
<PAGE>
BERGSTROM CAPITAL CORPORATION
- --------------------------------------------------------------------------------
SHARES
<TABLE>
<CAPTION>
Common Stocks (Unaudited)--Continued
Cost Value
<C> <S> <C> <C>
Diversified Technology (1.9%):
45,000 Nokia Corp. Sponsored ADR $ 403,923 $ 4,041,562
----------- -----------
Drugs and Health Supplies (2.8%):
20,000 Johnson & Johnson 1,336,220 1,837,500
63,000 Pfizer, Inc. 823,740 2,264,062
38,000 Pharmacia & Upjohn, Inc. 2,102,769 1,885,750
----------- -----------
4,262,729 5,987,312
----------- -----------
Electrical Components (2.1%):
38,000 General Electric Co. 2,112,833 4,505,375
----------- -----------
Electronics/New Technology (12.2%):
81,000 Cisco Systems, Inc. 1,322,839 5,553,562
66,000 EMC Corp. Mass 2,717,882 4,714,875
30,000 Intel Corp. 1,359,819 2,229,375
25,000 JDS Uniphase Corp. 2,121,910 2,845,313
35,000 Lucent Technologies, Inc. 1,134,863 2,270,625
20,000 Motorola, Inc. 1,464,544 1,760,000
28,000 Qualcomm, Inc. 2,182,438 5,297,250
20,000 Texas Instruments, Inc. 1,047,200 1,645,000
----------- -----------
13,351,495 26,316,000
----------- -----------
Financial Services, Diversified (0.7%):
15,000 Federal Home Loan Mortgage Corp. 799,226 780,000
13,000 Federal National Mortgage Association 316,586 814,938
----------- -----------
1,115,812 1,594,938
----------- -----------
Health Care Services (0.6%):
22,500 Cardinal Health, Inc. 1,182,982 1,226,250
----------- -----------
Household Products (Non-Durable) (0.4%):
10,000 Proctor & Gamble Co. 238,425 937,500
----------- -----------
Industrial Machinery (4.8%):
100,000 Tyco International Ltd. New 2,573,591 10,325,000
----------- -----------
Insurance (2.2%):
43,750 American International Group, Inc. 753,200 3,803,516
14,300 Marsh & McLennan Companies, Inc. 1,016,776 979,550
----------- -----------
1,769,976 4,783,066
----------- -----------
</TABLE>
<PAGE>
BERGSTROM CAPITAL CORPORATION
- --------------------------------------------------------------------------------
SHARES
<TABLE>
<CAPTION>
Common Stocks (Unaudited)--Continued
Cost Value
<C> <S> <C> <C>
Medical Supplies (2.9%):
37,000 American Home Products Corp. $ 1,755,990 $ 1,535,500
75,000 Baxter International, Inc. 558,049 4,518,750
----------- -----------
2,314,039 6,054,250
----------- -----------
Metal Mining (0.8%):
29,000 Alcoa, Inc. 1,833,602 1,799,813
----------- -----------
Petroleum Services (1.9%):
16,500 Chevron Corp. 1,515,609 1,464,375
42,500 Conoco, Inc. 1,145,573 1,179,375
25,000 Schlumberger Ltd. 1,484,671 1,557,813
----------- -----------
4,145,853 4,201,563
----------- -----------
Pharmaceuticals (5.3%):
32,000 Bristol-Myers Squibb Co. 215,411 2,160,000
54,000 Lilly Eli & Co. 1,545,624 3,456,000
56,000 Schering-Plough Corp. 487,840 2,443,000
8,000 Sepracor, Inc. 497,400 604,000
40,000 Warner Lambert Co. 665,208 2,655,000
----------- -----------
3,411,483 11,318,000
----------- -----------
Publishing (1.2%):
43,000 Time Warner, Inc. 2,791,697 2,612,250
----------- -----------
Recreational Activities (0.8%):
39,500 Carnival Corp. 2,002,201 1,718,250
----------- -----------
Regulated Investment Companies (6.4%):
815,000 Dresdner RCM Growth Equity Fund, Inc. (B) 4,311,350 5,403,450
279,712 Dresdner RCM International Growth Equity
Fund (B) 4,055,956 4,721,538
450,000 Dresdner RCM Small Cap Fund (B) 4,085,154 3,730,500
----------- -----------
12,452,460 13,855,488
----------- -----------
Restaurants (2.0%):
100,000 McDonalds Corp. 1,962,886 4,300,000
----------- -----------
</TABLE>
<PAGE>
BERGSTROM CAPITAL CORPORATION
- -------------------------------------------------------------------------------
SHARES
<TABLE>
<CAPTION>
Common Stocks (Unaudited)--
Continued
Cost Value
<C> <S> <C> <C>
Retail Trade (8.5%):
67,500 Bed Bath & Beyond, Inc. $ 1,048,624 $ 2,358,281
30,800 Circuit City Stores 1,170,649 1,299,375
58,000 Colgate Palmolive Co. 2,255,864 2,653,500
34,000 Costco Companies, Inc. 2,115,016 2,448,000
23,000 Dayton Hudson Corp. 1,177,430 1,381,438
30,000 Home Depot, Inc. 943,546 2,058,750
20,000 Kohls Corp. 949,282 1,322,500
25,000 Nike, Inc. Class B 1,507,174 1,421,875
60,000 Walgreen Co. 1,542,744 1,522,500
40,000 Wal-Mart Stores, Inc. 1,183,376 1,902,500
------------ ------------
13,893,705 18,368,719
------------ ------------
Software and Processing (7.6%):
39,300 BMC Software, Inc. (A) 9,201 2,812,406
92,000 Microsoft Corp. (A) 2,935,537 8,331,750
18,500 Veritas Software Co. 1,017,500 1,404,844
21,000 Yahoo, Inc. 3,306,092 3,769,500
------------ ------------
7,268,330 16,318,500
------------ ------------
Utilities (1.9%):
98,000 Enron Corp. 3,517,634 4,042,500
------------ ------------
Totals--Common Stocks 111,576,419 214,315,628
------------ ------------
Totals--Investments $112,721,985 $215,461,194
============ ============
</TABLE>
(A) Non-income producing securities.
(B) Regulated investment company advised by Dresdner RCM Global Investors LLC,
the Corporation's investment adviser.
See also Notes to Financial Statements in the Company's 1999 Semi-Annual
Report to Stockholders.
<PAGE>
- --------------------------------------------------------------------------------
BOARD OF DIRECTORS
ERIK E. BERGSTROM GEORGE COLE SCOTT
Chairman Registered Representative
Anderson & Strudwick Incorporated
WILLIAM L. McQUEEN President
President and Treasurer Closed-End Fund Advisors, Inc.
NORMAN R. NIELSEN WILLIAM H. SPERBER
Manager and Senior Member Chairman, President and
of Research Staff Chief Executive Officer
SRI Consulting The Trust Company of Washington
Director and President
Manzanita Capital, Inc.
OFFICERS
WILLIAM L. McQUEEN PAMELA A. FIORINI
President and Treasurer Secretary
ELIZABETH C. HEDLUND
Assistant Secretary
-----------------------------------------------------------------------------
BERGSTROM CAPITAL CORPORATION
221 First Avenue West, Suite 320
Seattle, Washington 98119-4224
(206) 283-0539
- --------------------------------------------------------------------------------
[RECYCLE LOGO]
