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CME Number 3235-0145
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
Elephant & Castle Group Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
266199-10-4
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(CUSIP Number)
Michael M. Pastore, GE Investment Management Incorporated,
3003 Summer Street, Stamford, CT 06904
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(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
June 23, 1998
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box. / /
Note: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
*The remainder of this cover page shall be filled out for a person's initial
filing on this form with respect to the subject class of securities, and for any
subsequent amendment containing information which would alter disclosures
provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMR control number.
Page 1 of 16
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<TABLE>
<S> <C>
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1. Names of Reporting Persons GE Investment Private Placement Partners II, Limited Partnership
I.R.S. Identification Nos. of above persons (entities only) 06-1429671
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
Not applicable
(a)
--------------------------------------------------------------------------------------------------
(b)
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3. SEC Use Only
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4. Source of Funds (See Instructions)
00
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5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)
Not applicable
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6. Citizenship or Place of Organization
State of Delaware
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7. Sole Voting Power
Number of None
Shares Bene-
ficially by 8. Shared Voting Power
Owned by 2,406,221
Each
Reporting 9. Sole Dispositive Power
Persons With None
10. Shared Dispositive Power
2,406,221
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11. Aggregate Amount Benefically Owned by Each Reporting Person
2,406,221
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12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
Not applicable
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13. Percent of Class Represented by Amount in Row (11)
43.33%
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14. Type of Reporting Person (See Instructions)
PN
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</TABLE>
Page 2 of 16
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<TABLE>
<S> <C>
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1. Names of Reporting Persons GE Investment Management Incorporated, as General Partner of GE
Investment Private Placement Partners II, Limited Partnership
I.R.S. Identification Nos. of above persons (entities only) 06-1238874
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
Not applicable
(a)
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(b)
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3. SEC Use Only
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4. Source of Funds (See Instructions)
Not applicable
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5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)
Not applicable
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6. Citizenship or Place of Organization
State of Delaware
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7. Sole Voting Power
Number of None
Shares Bene-
ficially by 8. Shared Voting Power
Owned by 2,406,221
Each
Reporting 9. Sole Dispositive Power
Persons With None
10. Shared Dispositive Power
2,406,221
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11. Aggregate Amount Benefically Owned by Each Reporting Person
2,406,221
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12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
Not applicable
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13. Percent of Class Represented by Amount in Row (11)
43.33%
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14. Type of Reporting Person (See Instructions)
CO
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</TABLE>
Page 3 of 16
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<TABLE>
<S> <C>
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1. Names of Reporting Persons General Electric Company
I.R.S. Identification Nos. of above persons (entities only) 14-0689340
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
Not applicable
(a)
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(b)
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3. SEC Use Only
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4. Source of Funds (See Instructions)
Not applicable
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5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) /X/
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6. Citizenship or Place of Organization
State of New York
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7. Sole Voting Power
Number of Disclaimed (See 11 below)
Shares Bene-
ficially by 8. Shared Voting Power
Owned by None
Each
Reporting 9. Sole Dispositive Power
Persons With Disclaimed (See 11 below)
10. Shared Dispositive Power
None
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11. Aggregate Amount Benefically Owned by Each Reporting Person
Beneficial ownership of all shares disclaimed by General Electric Company
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12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
Not applicable
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13. Percent of Class Represented by Amount in Row (11)
Not applicable
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14. Type of Reporting Person (See Instructions)
CO
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</TABLE>
Page 4 of 16
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Item 1. Security and Issuer.
Item I of the Schedule 13D (as defined below) is hereby
deleted in its entirety and the following is inserted in lieu thereof:
"This Amendment No. 3 amends and supplements the Statement on
Schedule 13D filed by GE Investment Private Placement Partners II, a Delaware
limited partnership (the "Partnership"), GE Investment Management Incorporated,
a Delaware corporation and a wholly-owned subsidiary of General Electric Company
("GEIM") and General Electric Company, a New York corporation ("GE")
(collectively, the "Reporting Persons") with the Securities and Exchange
Commission on November 30, 1995, as amended pursuant to Amendment No. 1 thereto
filed on March 14, 1997 and Amendment No. 2 thereto filed on November 6, 1997
(as amended, the "Schedule 13D"), relating to common stock, no par value per
share (the "Common Stock") of Elephant & Castle Group Inc. (the "Issuer"),
having its principal offices at 856 Homer Street, Vancouver, British Columbia
V6B 2W5 Canada. Capitalized terms used herein shall have the meanings given to
them in the Schedule 13D and the Note, Stock Purchase and Warrant Agreement
dated November 30, 1995, as amended on May 31, 1996, March 14, 1997 and
October 17, 1997 (the "Agreement").
The Reporting Persons have entered into a Joint Filing
Agreement, dated June 23, 1998 attached hereto as Schedule I."
Item 3. Source and Amount of Funds and Other Consideration.
Paragraph 2 of Item 3 of the Schedule 13D is hereby amended
(a) by deleting the date "June 30, 1998" in clause (iv) thereof and inserting in
lieu thereof "June 23, 1998" and (b) by adding the following text thereto:
"Pursuant to the Agreement, on the Fourth Closing Date the
Partnership purchased convertible subordinated Notes in the principal amount of
$2,000,000. Due to the fact that the Fourth Closing occurred prior to June 30,
1998, the conversion rates for each of the convertible subordinated Notes issued
and delivered to the Partnership on the First Closing Date, the Second Closing
Date and the Third Closing Date have been adjusted, pursuant to Section 9A of
the Agreement, to equal the conversion rate of the subordinated Notes delivered
to the Partnership at the Fourth Closing. As a result, all of the Notes are now
convertible into shares of Common Stock at a conversion price of the lesser of
(x) $6.00 per share and (y) the greater of (A) $5.00 per share and (B) 85% of
the Market Price on the Fourth Closing Date. The funds used by the Partnership
to pay for the Notes were obtained from capital contributions made by its
partners pursuant to pre-existing capital commitments."
Item 4. Purpose of Transaction.
Paragraph 5 of Item 4 of the Schedule 13D is hereby amended to
read as follows:
"On the Fourth Closing Date, the Partnership purchased from
the Issuer additional convertible subordinated Notes in the aggregate principal
amount of $2,000,000 convertible into shares of Common Stock at a conversion
price of the lesser of (x) $6.00 per share and (y) the greater of (A) $5.00 per
share and (B) 85% of the Market Price on the Fourth Closing Date."
Item 5. Interest In Securities of the Issuer.
Item 5(a) of the Schedule 13D is hereby deleted in its
entirety and the following is inserted in lieu thereof:
Page 5 of 16
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"The Partnership and GEIM beneficially own 2,406,221 shares of
Common Stock, representing 43.33% of the shares of such class that would be
outstanding upon (i) the exercise of all the outstanding Warrants exercisable
for 300,000 shares of Common Stock, (ii) the conversion of all the outstanding
Notes, which are convertible into 1,800,000 shares of Common Stock (calculated
using the Fourth Closing Date as the relevant date for purposes of determining
the conversion ratios), (iii) the issuance of 28,000 Additional Shares of Common
Stock which have not yet been issued, but which the Partnership previously
became entitled to receive, as set forth in paragraph 3 of Item 3, because Notes
were outstanding on certain dates set forth therein, and (iv) the receipt of
26,000 shares of Common Stock that the Partnership became entitled to, or will
within the next 60 days become entited to receive, due to the occurrence and
continuance of Defaults in each of the three month periods ending on September
30, 1997, December 31, 1997, March 31, 1998 and June 30, 1998. Due to the fact
that the Fourth Closing has occurred prior to June 30, 1998, the conversion
rates for each of the convertible subordinated Notes issued and delivered to the
Partnership on the First Closing Date, the Second Closing Date and the Third
Closing Date have been adjusted, pursuant to Section 9A of the Agreement, to
equal the conversion rate of the subordinated Notes delivered to the Partnership
at the Fourth Closing. As a result, all of the Notes are now convertible into
the shares of Common Stock at a conversion price of the lesser of (x) $6.00 per
share and (y) the greater of (A) $5.00 per share and (B) 85% of the Market Price
on the Fourth Closing Date."
Item 5(c) of the Schedule 13D is hereby amended and restated
to read as follows:
"Except as set forth in Items 4 and 5 hereof, no Reporting
Person nor to the best knowledge of each Reporting Person, any person identified
in Schedules II or III, beneficially owns any shares of Common Stock or has
effected any transaction in shares of Common Stock during the preceding 60
days."
Item 7. Material to Be Filed as Exhibits.
Item 7 of the Schedule 13D is hereby amended by deleting
paragraph 1 and by inserting the following paragraph at the end thereof:
"Amendment No. 3 dated October 17, 1997, to the Note, Stock
Purchase & Warrant Agreement, dated November 30, 1995 (as amended) was attached
as Exhibit I to the Amendment No. 2 dated November 4, 1997, to Schedule 13D
filed by the Reporting Persons on November 6, 1997 and is incorporated herein by
reference."
Schedules I, II and III.
Schedules I, II and III of the Schedule 13D are hereby amended
and restated in their entirety as set forth in the revised versions thereof
attached hereto.
Page 6 of 16
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Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
GE INVESTMENT PRIVATE PLACEMENT PARTNERS II,
LIMITED PARTNERSHIP
By: GE Investment Management Incorporated,
Its General Partner
By: /s/ Michael M. Pastore
---------------------------------------
Name: Michael M. Pastore
Title: Vice President
Dated: June 23, 1998
Page 7 of 16
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Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
GE INVESTMENT MANAGEMENT INCORPORATED
By: /s/ Michael M. Pastore
---------------------------------------
Name: Michael M. Pastore
Title: Vice President
Dated: June 23, 1998
Page 8 of 16
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Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
GENERAL ELECTRIC COMPANY
By: /s/ John H. Myers
---------------------------------------
Name: John H. Myers
Title: Vice President
Dated: June 23, 1998
Page 9 of 16
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Schedule I
JOINT FILING AGREEMENT
The undersigned parties hereby agree that the Schedule 13D filed
herewith (and any amendments thereto) relating to the Stock of Elephant & Castle
Group Inc. is being filed jointly with the Securities and Exchange Commission
pursuant to Rule 13d-1(k) on behalf of each such person.
Dated: June 23, 1998
GE INVESTMENT PRIVATE PLACEMENT
PARTNERS II, LIMITED PARTNERSHIP
By: GE Investment Management
Incorporated, Its General
Partner
By: /s/ Michael M. Pastore
---------------------------------
Name: Michael M. Pastore
Title: Vice President
GE INVESTMENT MANAGEMENT INCORPORATED
By: /s/ Michael M. Pastore
---------------------------------
Name: Michael M. Pastore
Title: Vice President
GENERAL ELECTRIC COMPANY
By: /s/ John H. Myers
---------------------------------
Name: John H. Myers
Title: Vice President
Page 10 of 16
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Schedule II
GE INVESTMENT MANAGEMENT INCORPORATED, General Partner
of GE Investment Private Placement Partners II, Limited Partnership
The business address of each of the persons listed below is
3003 Summer Street, P.O. Box 7900, Stamford, Connecticut 06904.
The names and principal occupations of the Officers of GE
Investment Management Incorporated ("GEIM") are as follows:
<TABLE>
<CAPTION>
Officers Position(s)
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<S> <C>
John H. Myers Chairman of the Board and President
Eugene K. Bolton Executive Vice President
Michael J. Cosgrove Executive Vice President
Ralph R. Layman Executive Vice President
Alan M. Lewis Executive Vice President, General Counsel and Secretary
Robert A. MacDougall Executive Vice President
Geoffrey R. Norman Executive Vice President
Thomas J. Szkutak Executive Vice President--Chief
Financial Officer
Donald W. Torey Executive Vice President
Mark A. Dunham Senior Vice President
James A. Mara Senior Vice President--International Private Equities
H. Michael Mears Senior Vice President
Philip A. Riordan Senior Vice President
Brian D. Brooks Vice President
Constance K. Doyle Vice President
Keith G. Smith Vice President
Michael D. Wright Vice President
William R. Wright Vice President
</TABLE>
Page 11 of 16
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<TABLE>
<S> <C>
David W. Wiederecht Vice President--Private Equities
Wolfe H. Bragin Vice President--Private Equities
Andreas T. Hildebrand Vice President--Private Equities
Patrick J. McNella Vice President--Private Equities
Anthony J. Mariani Vice President--Private Equities
B. Bradford Barrett Vice President--Real Estate
Robert P. Gigliotti Vice President--Real Estate
Preston R. Sargent Vice President--Real Estate
Marc R. Bryant Vice President--Assoc. Gen. Counsel and Assistant Secretary
Jeanne M. La Porta Vice President--Assoc. Gen. Counsel and Assistant Secretary
Michael M. Pastore Vice President--Assoc. Gen. Counsel and Assistant Secretary
Scott A. Silberstein Vice President--Assoc. Gen. Counsel and Assistant Secretary
Matthew J. Simpson Vice President--Assoc. Gen. Counsel and Assistant Secretary
Michael J. Strone Vice President--Assoc. Gen. Counsel and Assistant Secretary
Robert Zalucki Vice President--Tax Counsel
</TABLE>
The names and principal occupations of the Directors of GEIM
are as follows:
<TABLE>
<S> <C>
Eugene K. Bolton Executive Vice President of GEIC and GEIM and
Trustee of GEPT
Michael J. Cosgrove Executive Vice President of GEIC and GEIM and
Trustee of GEPT
John H. Myers Vice President of General Electric Company,
Chairman of the Board and President of GEIC
and GEIM and Trustee of GEPT
Ralph R. Layman Executive Vice President of GEIC and GEIM and
Trustee of GEPT
Alan M. Lewis Executive Vice President, General Counsel and
Secretary of GEIC and GEIM and Trustee of
GEPT
Robert A. MacDougall Executive Vice President of GEIC and GEIM and
Trustee of GEPT
Geoffrey R. Norman Executive Vice President of GEIC and GEIM
Thomas J. Szkutak Executive Vice President--Chief Financial
</TABLE>
Page 12 of 16
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<TABLE>
<S> <C>
Officer of GEIC and GEIM and Trustee of GEPT
Donald W. Torey Executive Vice President of GEIC and GEIM and
Trustee of GEPT
</TABLE>
Page 13 of 16
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Schedule III
GENERAL ELECTRIC COMPANY EXECUTIVE OFFICERS
The business address of each of the persons listed below is
3135 Easton Turnpike, Fairfield, Connecticut 06431.
The names and principal occupations of the Officers of General
Electric Company are as follows:
<TABLE>
<CAPTION>
Officers Position(s)
- -------- -----------
<S> <C>
J.F. Welch, Jr. Chairman of the Board and Chief Executive Officer
P. Fresco Vice Chairman of the Board and Executive Officer
P.D. Ameen Vice President and Comptroller
J.R. Bunt Vice President and Treasurer
D.L. Calhoun Senior Vice President--GE Lighting
W.J. Conaty Senior Vice President--Human Resources
D.M. Cote Vice President--GE Appliances
D.D. Dammerman Senior Vice President--Finance
L.S. Edelheit Senior Vice President--Corporate Research and Development
B.W. Heineman, Jr. Senior Vice President--General Counsel and Secretary
J.R. Immelt Senior Vice President--GE Medical Systems
W.J. Lansing Vice President--Corporate Business Development
G. S. Malm Senior Vice President--Asia
W.J. McNerney, Jr. Senior Vice President--GE Aircraft Engines
E.F. Murphy Vice Chairman of the Board and Executive Officer
R.L. Nardelli Senior Vice President--GE Power Systems
R.W. Nelson Vice President--Corporate Financial Planning and Analysis
J.D. Opie Vice Chairman of the Board and Executive Officer
G.M. Reiner Senior Vice President--Chief Information Officer
</TABLE>
Page 14 of 16
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<TABLE>
<S> <C>
J. G. Rice Vice President--GE Transportation Systems
G.L. Rogers Senior Vice President--GE Plastics
J.W. Rogers Vice President--GE Motors
L.G. Trotter Vice President--GE Electrical Distribution and Control
</TABLE>
The names and principal occupations of Directors of General
Electric Company are as follows:
<TABLE>
<S> <C>
D.W. Calloway Chairman of the Board, Chief Executive
Officer and Director, PepsiCo, Inc.
J.I. Cash, Jr. Professor of Business Administration-
Graduate
School of Business Administration, Harvard
University
S.S. Cathcart Retired Chairman, Illinois Tool Works
D.D. Dammerman Senior Vice President--Finance, General
Electric Company
P. Fresco Vice Chairman of the Board and Executive
Officer, General Electric Company
C.X. Gonzalez Chairman of the Board and Chief Executive
Officer, Kimberly-Clark de Mexico, S.A. de
C.V.
G.G. Michelson Former Director, Federated Department
Stores
E.F. Murphy Vice Chairman of the Board and Executive
Officer
S. Nunn Partner, King & Spalding
J.O. Opie Vice Chairman of the Board and Executive
Officer, General Electric Company
R.S. Penske Chairman of the Board and President, Penske
Corporation
F.H.T. Rhodes President Emeritus, Cornell University
A.C. Sigler Retired Chairman of the Board and CEO and
former Director, Champion International
Corporation
D.A. Warner III Chairman of the Board, President, and Chief
Executive Officer, J.P. Morgan & Co.
Incorporated and Morgan Guaranty Trust
Company
J.F. Welch, Jr. Chairman of the Board and Chief Executive
Officer, General Electric Company
</TABLE>
Citizenship
(other than United States)
Page 15 of 16
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C.X. Gonzalez Mexico
P. Fresco Italy
Page 16 of 16
