Directors roster.

• Position: New outside director additions to corporate boards - Directory

Cambridge Holdings Ltd. 191 University Boulevard, Suite 302 Denver, CO 80206

Bio Notes: Has been engaged in venture capital and other corporate activities for the past 20 years. Age 41.

CWI operates PC Performance Centers |TM~ and other subsidiaries offering branded electronic products. Revenues in 1993 were $25 million. Cambridge Holdings is involved in real estate activities.

DANA CORP. Welcome to the Directors Roster, a joint research report by Spencer-Stuart and DIRECTORS & BOARDS. The Directors Roster is as complete and detailed a listing of new outside director additions to corporate boards as is published any where, and will be a regular feature of this publication in the issues to come.

The Directors Roster is an enhancement of the "Welcome to the Board" feature that has been published in DIRECTORS & BOARDS. SpencerStuart, a leader in director and executive search, has joined with DIRECTORS & BOARDS in a strategic partnership to expand our coverage of the governance field. The Directors Roster is an immediate outcome of this partnership. We will offer an unparalleled survey of the executives who are being invited onto the boards of American corporations. Following the Roster is a report on the creation of the Wharton/Spencer-Stuart Director's Institute, an innovative development in directorship. And there will be other enhancements to the editorial scope and quality of DIRECTORS & BOARDS, now in its 18th year, to come from the fruits of our partnership.

This inaugural edition of the Roster begins with directors added to boards during January and February 1994. In our succeeding quarterly issues, the Roster will cover a three-month span of director elections.

New Directors January/February 1994 We tracked 143 companies adding board members during this period, and there were 180 board additions made. The chart below offers a breakdown of the new directors in these major, broad categories. Category Number Chairmen/CEOs 44 Senior Officers 29 Finance 24 Consultants 23 Retired 21 Academia 17 Legal 11 Not-for-Profit(*) 8 Miscellaneous 3 Total 180 Women 28 * Includes foundations and other types of eleemosynary organizations. Source: SpencerStuart/DIRECTORS & BOARDS The Roster is organized alphabetically by the company that is adding the new director(s). A company index leads off the Roster, for ease of scanning the universe of companies included in the listing. At the back of the Roster, on page 78, is a director index, which lists all the new directors alphabetically along with the name of the company whose board they joined.

Added-value details that we have included in each individual listing are addresses of the companies adding the new directors, addresses of the directors at their primary affiliations (when available and for public disclosure), a brief biographical note on each director, and a brief description of the businesses of both the company adding the director and the director's company or other affiliation. We think that this is useful information that helps illuminate the director selection process.

The table on this page will also be an integral part of the Roster. It offers a snapshot summary of the Roster, in terms of number of companies adding new directors, the number of new directors for the period, and a broad "profile" of the Roster -- i.e., a grouping of the directors into certain major categories and fields of recruitment.

We trust that you will find the Directors Roster of great interest and value.

Company Index

Advanced Environmental Recycling Technologies Inc.

Air Methods Corp.

Aluminum Co. of America

Apple Computer Inc.

Argus Pharmaceuticals Inc.

Arvin Industries Inc.

Aseco Corp.

Avon Products Inc.

Bank of San Francisco Co.

Bearings Inc.

BellSouth Corp.

Binks Manufacturing Co.

Biomechanics Corp. of America

BioSafety Systems Inc.

Borland International Inc.

Bradlees Inc.

Brock Exploration Corp.

Brothers Gourmet Coffees Inc.

California Micro Devices Corp.

Campo Electronics, Appliances and Computers Inc.

Capital Holding Corp.

Capstead Mortgage Corp.

Cedar Fair Management Co.

Champion Enterprises Inc.

Charter Golf Inc.

Chase Corp.

Chemed Corp.

Choice Drug Systems Inc.

Chrysler Corp.

City National Corp.

Cleveland-Cliffs Inc.

CMS Energy Corp.

Compaq Computer Corp.

Comprehensive Care Corp.

COMSAT Corp.

Consolidated Freightways Inc.

Continental Materials Corp.

COR Therapeutics Inc.

Corvas International Inc.

CTG Inc.

CWE Inc.

Dana Corp.

Deere & Co.

Detroit Diesel Corp.

R.R. Donnelly & Sons Co.

Eastern Enterprises

ECC International Corp.

Energy Conversion Devices Inc.

Evergreen Information Technologies Inc.

Federal-Mogul Corp.

First Bank System Inc.

First Brands Corp.

Florida West Airlines Inc.

FMC Corp.

Foster Wheeler Corp.

Frederick's of Hollywood Inc.

Fruehauf Trailer Corp.

Arthur J. Gallagher & Co.

General Instrument Corp.

Genetics Institute Inc.

GFC Financial Corp.

Graco Inc.

GranCare Inc.

GRC International Inc.

Great Bear Technology

GTI Corp.

Haggar Corp.

Harken Energy

Hauser Chemical Research Inc.

Health Management Associates Inc.

H.J. Heinz Co.

Hilton Hotels Corp.

Hogan Systems Inc.

Holophane Corp.

Home Holdings Inc.

Illinois Central Corp.

Inland Steel Industries Inc.

International Totalizator Systems Inc.

International Yogurt Co.

Johnson Worldwide Associates Inc.

Kimball International Inc.

Liposome Co. Inc.

Lotus Development Corp.

Louis Dreyfus Natural Gas Cot

Magainin Pharmaceuticals Inc.

Magma Power Co.

McDonnell Douglas Corp.

McGraw-Hill Inc.

Medarex Inc.

Media General Inc.

Mellon Bank Corp.

Metricom Inc.

Morgan Group Inc.

Morrison Knudsen Corp.

NeoRx Corp.

Network Computing Devices Inc.

New Image Industries Inc.

New Jersey Resources Corp.

Noble Affiliates Inc.

Norfolk Southern Corp.

Norwest Corp.

Nu-kote Holding Inc.

Pancho's Mexican Buffet Inc.

Paul Revere Corp.

Penn-America Group Inc.

PerSeptive Biosystems Inc.

Playtex Products Inc.

Precision Castparts Corp.

Prudential Insurance Co. of America

Quaker Oats Co.

Rexon Inc.

RJR Nabisco Holdings Corp.

Roadmaster Industries Inc.

Rockwell International Corp.

Rodman & Renshaw Capital Group Inc.

Santa Fe Energy Resources

Software Toolworks Inc.

Southwest Securities Group Inc.

St. Paul Companies Inc.

Standard Management Corp.

Stone & Webster Inc.

SunAmerica Inc.

Tanger Factory Outlet Centers Inc.

Temple-Inland Inc.

Tenneco Inc.

Tesoro Petroleum Corp.

TIG Holdings Inc.

Timken Co.

TJX Companies Inc.

Tosco Corp.

Transnational Re Corp.

TRW Inc.

U.S. Bioscience Inc.

Uniphase Corp.

Unique Mobility Inc.

United Technologies Corp.

USG Corp.

Vertex Pharmaceuticals Inc.

VF Corp.

Vigoro Corp.

Watts Industries Inc.

Woolworth Corp.

Zycad Corp.

ADVANCED ENVIRONMENTAL RECYCLING TECHNOLOGIES INC. 2001 W. Shady Grove Road Springdale, AR 72764

added to its board:

Sal Miwa President Optro-Mechanics Corp. 1 Blue Hill Plaza, Suite 815 Pearl River, NY 10965

Bio Notes: Also serves as managing director of Miwa Hermanos Co. Ltd. of Nagoya, Japan. Age 37.

Advanced Environmental Recycling Technologies is a maker of composite building materials from recycled plastic and wood fibers. Its annual revenues are approximately $647,000. Optro-Mechanics is an...