BACKGROUND

The New York Association for International Investment (NYAII) is a voluntary association of investment professionals which exists to provide a forum where information of foreign securities and economics can be discussed by members and their guests. Recognized as an independent industry specialty group by the New York Society of Security Analysts and the Financial Analyst Federation, the NYAII is the oldest and largest such forum in the United States. The Association holds regular monthly luncheon meetings as well as well as periodic special meetings, where members and their guests hear a presentation from a guest speaker representing a foreign government, company, bank, investment house, etc. and engage in informal discussion and questions.

MEMBERSHIP

In step with the rapidly growing interest in foreign securities on the part of United States investors, the membership of NYAII now exceeds 80. Qualifications for membership include "being actively engaged in the analysis of foreign securities as a substantial part of one's work assignment, or otherwise qualifying through professional time, experience or status in the field." In addition, membership in an analysts' society which is an affiliate of the Financial Analysts Federation, or an overseas counterpart, is a qualification for membership, although this can in special circumstances be waived.

While there are no guidelines as to mix of members representing investing institutions ("buy side") and brokerage firms ("sell side"), in recent years the membership mix has been approximately 60% buy and 40% sell. By function, above half of the membership is primarily engaged in research about 40% in portfolio management and the balance in marketing. Membership is mostly based in New York but includes people from across the United States.

NYAII is entirely supported by its membership fees, which are currently $300 per annum. This includes the price of lunch at the monthly meetings. Membership is on an individual, rather than institutional, basis. Prospective members are invited to contact the Secretary of the NYAII for further information.

REGULAR LUNCHEON MEETINGS

Once a month, we ask the management of an international company to come and speak before our organization. Typically, it would be a time after your interim or full year results or when your company management team is in the New York area. It is helpful for senior members of your staff to be present to speak as well as a Financial Officer/Treasurer.

Our meetings are usually over the luncheon hours and follow this schedule:

Noon - 12:30 pm	Cocktails/informal gathering
12:30 - 1:00 pm	Lunch is served
1:00 - 1:25 pm	The Chairman/CEO gives an overview of the company's operations together with some remarks about the outlook. He then introduces the Finance Director.
1:25 - 1:45 pm	Review of financials and stock performance
1:45 - 2:00 pm	Questions and answers
2:00 pm	Meeting adjourned

In the past year, we have had presentations from these companies.

TOMRA
WOLFORD
ALLIED IRISH BANKS
BHI CORP.
SPAR
REED ELSEVIER
CRH
RELIANCE INDUSTRIES
PETERSBURG LONG DISTANCE
RENTOKIL PLC
ALARKO HOLDING
PEPTIDE TECHNOLOGY LIMITED
BANCO SANTANDER

This is an excellent opportunity to gain exposure to an elite group of sophisticated international investment professionals in New York City at no cost to your company. Invitation is to members only and attendance is usually between 40-60 people.

OTHER ACTIVITIES

The NYAII, on its own initiative or in cooperation with other professional investment organizations, participates in field trips, special presentations relating to foreign investment, seminars and other activities judged to be of interest and value to the membership. It corresponds regularly with other professional associates with an interest in foreign securities and keeps is membership advised of outside events deemed to be of interest.