Alumax Inc. and Consolidated Subsidiaries - Page 10

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          engineering, and construction fields.  On February 27, 1980,                
          Mitsui Japan sold 175 of the 225 shares of the class B common               
          stock that it held to its wholly owned subsidiary Mitsui & Co.              
          (U.S.A.), Inc. (Mitsui USA), a New York corporation that con-               
          ducted Mitsui Japan's principal trading activities in the United            
          States.  (We shall sometimes refer collectively to Mitsui Japan             
          and Mitsui USA as the Mitsui group or as the Mitsui group stock-            
          holders.)                                                                   
          The 1984 Restructuring of Alumax                                            
               On March 9, 1984, Alumax filed with the Delaware Secretary             
          of State a restated certificate of incorporation (1984 restated             
          certificate of incorporation) that was effective as of January 1,           
          1984 (1984 restructuring).  Also on March 9, 1984, Alumax and its           
          stockholders executed a stockholders agreement that also was                
          effective as of January 1, 1984 (1984 stockholders agreement) and           
          that contained certain of the provisions that were contained in             
          the 1984 restated certificate of incorporation.  Unless otherwise           
          indicated, the 1984 restated certificate of incorporation ef-               
          fected, inter alia, the following.                                          
               Alumax was authorized to issue (1) 250 shares of class A               
          common stock (Alumax class A common stock) that had a par value             
          of $100 a share, (2) 250 shares of class B common stock (Alumax             
          class B common stock) that had a par value of $100 a share, and             
          (3) 250 shares of class C common stock (Alumax class C common               
          stock) that had a par value of $100 a share.  However, no share             




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