Approximately 120 participants from North America and Europe will attend the discussions. The
     meeting is private in order to encourage frank and open discussion.

     Bilderberg takes its name from the Hotel where the first meeting took place in May 1954. That
     meeting grew out of the concern on both sides of the Atlantic that the industrialized democracies
     in Europe and North America were not working together as closely as they should on matters of
     critical importance. It was felt that regular, off-the-record discussions would contribute to a better
     understanding of the complex forces and major trends affecting Western nations.

     What is unique about Bilderberg as a forum is (1) the broad cross -section of leading citizens, in
     and out of government, that are assembled for nearly three days of purely informal discussion
     about topics of current concern especially in the fields of foreign affairs and the international
     economy, (2) the strong feeling among participants that in view of the differing attitudes and
     experiences of their nations, there is a continuous, clear need to develop an understanding in
     which these concerns can be accommodated, and (3) the privacy of the meetings, which have no
     purpose other than to allow participants to speak their minds openly and freely.

     At the meetings, no resolutions are proposed, no votes taken, and no policy statements issued.
     In short, Bilderberg is a flexible and informal international leadership-forum in which different
     viewpoints can be expressed and mutual understanding enhanced.

     To ensure full discussion, individuals representing a wide range of political and economic points of
     view are invited. Two-thirds of the participants come from Europe and the remainder from the
     United States and Canada. Within this framework, on average about one-third are from the
     government sector and the remaining two-thirds from a variety of fields including finance, industry,
     labour, education and the media.

     Participants are solely invited for their knowledge, experience and standing and with reference to
     the topics on the agenda.

     All participants attend Bilderberg in a private and not in an official capacity.

     Participants have agreed not to give interviews to the press during the meeting. In contacts with
     the news media after the conference it is an established rule that no attribution should be made
     to individual participants of what was discussed during the meeting.

     There will be no press conference. A list of participants is appended.

               BILDERBERG MEETINGS
               PineIsle Resort near Atlanta, U.S.A.

June 12-15, 1997

                                CURRENT LIST OF PARTICIPANTS

STATUS 12 June 1997

  GB    Chairman                                 Former Chairman of the Board, Christies International plc;
            Carrington, Peter                    Former Secretary General, NATO
 

  NL    Honorary Secretary General    Professor of Public Economics, Leiden University
            Halberstadt, Victor

  I        Agnelli, Giovanni                        Honorary Chairman, Fiat S.p.A.

  I        Agnelli, Umberto                        Chairman, IFIL S.p.A.

  USA    Allaire, Paul A.                        Chairman, Xerox Corporation

  DK    Andersen, Bodil Nyboe                Governor, Central Bank of Denmark

  USA    Armacost, Michael H.                President, The Brookings Institution

  P        Balsemao, Francisco Pinto        Professor of Communication Science, University, Lisbon;
                                                             Chairman, IMPRESA, S.G.P.S.; Former Prime Minister

  S        Barnevik Percy                        Chairman, ABB Asea Brown Boveri Ltd.

  USA    Bartley, Robert L.                    Editor, Wall Street Journal

  CDN    Bassett, Isabel                        Parliamentary Assistant to the {dept?} of Finance,
                                                             Government of Ontario

  USA    Bentsen, Lloyd M.                Former Secretary of the Treasury;
                                                         Partner, Verner Liipfert Bernhard
                                                         McPherson and Hand, Chartered

  USA    Berger, Samuel R.                Assistant to the President for Security Affairs

  NL    Bergh, Maarten A. van den    Group Managing Director, Royal Dutch/Shell Group of
                                                         Companies

  USA    Bergsten, C. Fred                Director, Institute for International Economics

  USA    Bernstein Richard                Book Critic, New York Times

  NL    Beugel, Ernst H. van der        Emeritus Professor of International Relations, Leiden
                                                         University;
                                                         Former Honorary Secretary General of Meetings for Europe
                                                         and Canada

  TR    Beyazit, Selahattin                Director of Companies

  INT    Bildt, Carl                            The High Representative

  TR    Bilgin, Dinc                            Chairman of the Board, Sabah A.S.

  CDN    Black, Conrad M.            Chairman, The Telegraph plc

  H    Bokros, Lajos                        Senior Adviser, The World Bank

  P    Borges, Antonio                    Dean, INSEAD

  GB    Browne, E. John P.            Group Chief Executive, The British Petroleum Company p.l.c.

  USA    Bryan, John H.                Chairman and CEO, Sara Lee Corporation

  GB    Buchanan, Robin W.T.        Senior Partner, Bain & Company

  D    Burda, Hubert                        Chairman, Burda Media

  CH    Butler, Hugo                        Editor in Chief, Neue Zurcher Zeitung

  GR    Carras, Costa                     Director of Companies

  D    Cartellieri, Ulrich                    Member of the Supervisory Board, Deutsche Bank AG

  E    Carvajal Urquijo, Jaime            Chairman and General Manager, Iberfomento

  F    Collomb, Bertrand                Chairman and CEO, Lafarge

  USA Corzine, Jon S.                    Chairman and CEO, Goldman Sachs & Co.

  CH    Cotti, Flavio                        Federal Councillor and Minister for Foreign Affairs

  GB    Cranborne, Robert M.J.C.    Leader of the Opposition in the House Lords

  USA    Dam, Kenneth W.            Max Pam Professor of American and Foreign Law, The
                                                      University of Chicago Law School

  GR    David, George A.                Chairman of the Board, Hellenic Company S.A.

  B    Davignon, Etienne                    Executive Chairman, Societe Generale Belgique; Former
                                                         Vice Chairman of the Commission of the European
                                                         Communities

  B    Donnea, Francois X. de            Former Minister of Defense; Mayor of Brussels; Member of
                                                         Parliament

  DK    Ellemann-Jensen, Uffe            Chairman, Liberal Party

  TR    Ercel, Gazi                                Governor, Central Bank of Turkey

  TR    Erguder, Ustun                        Rector, Bosporus University

  CDN    Frum, David                        Political Commentator

  USA    Gadiesh, Orit                        Chairman of the Board, Bain & Company Inc.

  P    Galvao Teles, Jose M.                Lawyer, Member of the Social Party, Member of the Council
                                                         of State

  F    Gergorin, Jean-Louis                Member of the Board of Directors, to the Chairman Strategic
                                                         Matra Hachette

  USA    Gerstner, Jr., Louis V.        Chairman, IBM Corporation

  USA    Hamilton, Lee H.                Congressman (D, Indiana)

  N    Hoegh, Westye                        Chairman of the Board, Leif Hoegh & ASA; Former
                                                         President, Norwegian Shipowners' Association

  USA    Holbrooke, Richard C.        Former Assistant Secretary for Affairs, Vice chairman, CS
                                                         First

  GB    Hutton, Will                            Editor, The Observer

  B    Huyghebaert, Jan                        Chairman, Almanij-Kredietbank Groep

  FIN    Iloniemi, Jaakko                    Managing Director, Centre for Finnish Business and Policy
                                                         Studies; Former Ambassador to the United States of
                                                         America

  D    Issing, H.C. Otmar                    Member of the Board, Deutsche

  GB    Jacobi, Mary Jo                       Head of Group Public Affairs, HSBC Holdings plc; Former
                                                           US Assistant Secretary of Commerce

  INT    Johnston, Donald J.                Secretary-General, OECD

  USA    Jordan, Jr., Vernon E.            Senior Partner, Akin, Gump, Strauss, Hauer & Feld, LLP
                                                             (Attorneys-at-Law)

  USA    Kissinger, Henry A.                Former Secretary of State; Chairman, Kissinger Associates,
                                                            Inc.

  NL    Korteweg, Pieter                        President and CEO, Robeco Group

  A    Kothbauer, Max                        Director of Companies

  GR    Kiranidiotis, Yannos                Deputy Minister for Foreign Affairs

  F    Levy-Lang, Andre                    Chairman of the Board of Management, Banque Paribas

  USA    Lewis, William W.                Director of McKinsey Global Institute, McKinsey & Company

  GB    Mabro, Robert E.                    Director, Oxford Institute for Energy Studies

  USA    McDonough, William J.        President, Federal Reserve Bank of New York

  A    Mitterbauer, Peter                    Chairman, Miba AG

  F    Montbrial, Thierry de                Director, French Institute of International Relations;
                                                         Professor of Economics, Ecole Polytechnique

  CDN    Munroe- Blum, Heather    Vice-President, Research and International Relations,
                                                         University of Toronto

  N    Myklebust, Egil                        Chief Executive, Norsk Hydro

  D    Nass, Matthias                        Managing Editor, Die Zeit

  NL    Netherlands, Her Majesty the Queen of the

  FIN     Niinisto, Sauli V.                    Minister of Finance

  USA     Nunn, Sam                            Former Senator (D, Georgia)

  ICE    Oddsson, David                        Prime Minister

  PL    Olechowski, Andrzej                Chairman, Central Europe Trust, Poland

  FIN    Ollila, Jorma                            President and CEO, Nokia Corporation

  USA    Page, Jr. , John M.                Chief Economist, Middle East and Africa Region, The World
                                                             Bank

  USA    Powell, Colin L.                    Former Chairman, Joint Chiefs of Staff

  CH    Pury, David de                        Chairman, de Pury Pictet Turrettini & Co. Ltd.

  IRL    Quinn, Lochlann                    Chairman, Allied Irish Bank Group

  GB    Robertson, Simon                    Former Chairman, Kleinwort Benson Group plc

  USA    Rockefeller, David                Chairman, Chase Manhattan Bank International Advisory
                                                             Committee

  USA    Rockefeller, Sharon Percy        President and CEO, WETA-TV and FM

  E    Rodriguez Inciarte, Matias            Vice Chairman, Banco de Santander

  GB    Rell, Eric                                Senior Adviser, SBC Warburg

  I    Rossella, Carlo                            Editor, Editrice La Stampa S.p.A.

  F    Roy, Olivier                                University Professor and Researcher, Laboratoire Monde
                                                             Iranien, CNRS

  CDN    Sabia, Maureen                    Corporate Director and President, Maureen Sabia
                                                             International

  P    Salgado, Ricardo Espirito Santo        President and CEO, Banco Espirito

  D    Schrempp, Jurgen E.                Chairman of the Board of Management, Daimler-Benz AG

  INT    Schwab, Klaus                    President, World Economic Forum

  DK    Seidenfaden, Toger                Editor in Chief, Politiken A/S

  USA     Sheinkman, Jack                Chairman of the Board, Amalgamated

  I    Silvestri, Stefano                        Vice President, Istituto Affari Internazionali; former
                                                         Undersecretary Defense

  USA    Stahl, Lesley R.                    National Affairs Correspondent, CBS

  USA    Stephanopoulos, George    Visiting Professor, Columbia Former Senior Advisor to the
                                                         President for Policy and Strategy

  H    Suryanyi, Gyorgy                    President, National Bank of Hungary

  IRL    Sutherland, Peter D.            Chairman and Managing Director, Sachs International;
                                                         Former Director General, GATT and WTO

  S    Svedberg, Bjorn                        President and CEO, Skandinaviska Enskilda Banken

  TR    Tara, Sinan                            Vice President, Enka Construction & Ind. Inc.

  GB    Taylor, J. Martin                        Chief Executive, Barclays PLC

  GB    Villeneuve, Andre-Francois H.    Executive Director, Reuters Group Holdings plc

  USA    Vogel, Ezra F.                        Henry Ford II Professor of Social Sciences, Harvard
                                                             University

  USA    Volcker, Paul A.                    Chairman, BT Wolfensohn A Vranitzky, Franz Former
                                                             Federal Chancellor

  INT    Vries, Gijs M. de                    Chairman, Liberal Group, European Parliament

  S    Wallenberg, Marcus                    Executive Vice President, Investor AB

  USA    Weiss, Stanley A.                    Chairman, Business Executives for National Security, Inc

  USA    Whitehead, John C.                Former Deputy Secretary of State

  INT    Wolfensohn, James D.            President, The World Bank

  D    Wolff von Amerongen, Otto        Chairman and CEO of Otto Wolff GmbH

  USA    Wolfowitz, Paul                    Dean, Nitze School of Advanced International Studies;
                                                         Former Under Secretary of Defense for Policy

  NL    Wijffels, Herman H.F.            Chairman of the Executive Board, Rabobank Nederland

  GB    Yahuda, Michael B.                Professor of International Relations, London School of
                                                         Economics

  USA    Yost, Casimir A.                Director, Institute for the Study of Diplomacy, School of
                                                        Foreign Service, Georgetown University, Washington