The foregoing information concerning the Insurer's GIA's is a summary of
information provided to the Company by the Insurer, and such summary is
qualified in its entirety by reference to such information which may be
obtained from the Company by any Participant upon written or oral
request directed to the Company's Corporate Controller, Quaker Chemical
Corporation, Elm and Lee Streets, Conshohocken, Pennsylvania 19428
(610-832-4000).
III. U.S. STOCK ACCOUNT
This investment option is an account the assets of which are invested
in the U.S. Stock Account (Separate Account A), a pooled investment account
invested in U.S. securities, primarily common stocks ("Separate Account A").
Separate Account A is managed by Invista Capital Management, Inc., a
registered investment adviser ("Invista"). Invista is the wholly-owned
subsidiary of Principal Mutual Life Insurance Company, which owns the assets
of Separate Account A.
According to information provided to the Company by the Insurer, the
objective of Separate Account A is to earn a long-term rate of return
greater than the average rate of return for stocks in general. However,
Participants should understand that there can be no assurance that the
objective of Separate Account A will be achieved.
The following table sets forth for the respective periods indicated
the ending value of a single $10,000 invested in Separate Account A at
the beginning of the period, compared with the corresponding values for
the Dow Industrials and the Standard & Poors 500 ("S&P 500").
PERIOD ENDED SEPARATE DOW
SEPTEMBER 30, 1995 ACCOUNT A* INDUSTRIALS* S&P 500*
------------------ ---------- ------------ --------
3 months.................... $10,832 $10,578 $10,795
12 months................... 12,081 12,794 12,974
5 years..................... 22,307 22,632 22,142
10 years.................... 37,854 49,680 44,258
- ---------------
* The amounts reflected for the Dow Industrials and S&P 500 do not
have any investment or brokerage expense deducted from them, while the
amounts reflected for Separate Account A are net of the applicable
investment management fee which is not paid by the Company but is
charged against the assets of Separate Account A.
The following table sets forth as of December 31, 1994, 1993 and
1992, respectively, information provided to the Company by the Insurer
concerning the ending values of a single $10,000 invested in Separate
Account A on the respective investment dates indicated:
ENDING VALUE AT
INVESTMENT DATE INVESTMENT PERIOD DECEMBER 31, 1994
--------------- ----------------- -----------------
January 1, 1994.............. One Year $10,026
January 1, 1993.............. Two Years 10,975
January 1, 1992.............. Three Years 12,006
ENDING VALUE AT
INVESTMENT DATE INVESTMENT PERIOD DECEMBER 31, 1993
--------------- ----------------- -----------------
January 1, 1993.............. One Year $10,943
January 1, 1992.............. Two Years 11,970
January 1, 1991.............. Three Years 16,500
ENDING VALUE AT
INVESTMENT DATE INVESTMENT PERIOD DECEMBER 31, 1992
--------------- ----------------- -----------------
January 1, 1992.............. One Year $10,936
January 1, 1991.............. Two Years 15,074
January 1, 1990.............. Three Years 14,018
According to information provided to the Company by the Insurer,
except for small amounts held in money market investments for normal
cash flow purposes, Separate Account A is kept fully invested in stocks
through all
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