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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1 )*
Concord EFS, Inc.
-----------------
(Name of Issuer)
Common Stock, $0.33-1/3 par value
---------------------------------
(Title of Class of Securities)
206197105
---------
(CUSIP Number)
December 31, 2003
-----------------
(Date of Event which Requires Filing
of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting 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 the
disclosures provided in a prior cover page.
The information required in 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).
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CUSIP NO. 206197105 13G Page 2 of 15 Pages
-------------- ---------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
ISP Investco LLC
-------------- ---------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [x]
-------------- ---------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
-------------- ---------------------------------------------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
------------------------------ ------------ ----------------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES 2,747,775
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
------------ ----------------------------------------------------------------------------------------
6 SHARED VOTING POWER
0
------------ ----------------------------------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
2,747,775
------------ ----------------------------------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
-------------- ---------------------------------------------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,747,775
-------------- ---------------------------------------------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
-------------- ---------------------------------------------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0.59%
-------------- ---------------------------------------------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
OO
-------------- ---------------------------------------------------------------------------------------------------------------------
CUSIP NO. 206197105 13G Page 3 of 15 Pages
-------------- ---------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
International Specialty Holdings Inc.
-------------- ---------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [x]
-------------- ---------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
-------------- ---------------------------------------------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
------------------------------ ------------ ----------------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES 0
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
------------ ----------------------------------------------------------------------------------------
6 SHARED VOTING POWER
2,747,775
------------ ----------------------------------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
0
------------ ----------------------------------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
2,747,775
-------------- ---------------------------------------------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,747,775
-------------- ---------------------------------------------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
-------------- ---------------------------------------------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0.59%
-------------- ---------------------------------------------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
CO
-------------- ---------------------------------------------------------------------------------------------------------------------
CUSIP NO. 206197105 13G Page 4 of 15 Pages
-------------- ---------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
International Specialty Products Inc.
-------------- ---------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [x]
-------------- ---------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
-------------- ---------------------------------------------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
------------------------------ ------------ ----------------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES 0
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
------------ ----------------------------------------------------------------------------------------
6 SHARED VOTING POWER
2,747,775
------------ ----------------------------------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
0
------------ ----------------------------------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
2,747,775
-------------- ---------------------------------------------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,747,775
-------------- ---------------------------------------------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
-------------- ---------------------------------------------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0.59%
-------------- ---------------------------------------------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
CO
-------------- ---------------------------------------------------------------------------------------------------------------------
CUSIP NO. 206197105 13G Page 5 of 15 Pages
-------------- ---------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Samuel J. Heyman
-------------- ---------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [x]
-------------- ---------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
-------------- ---------------------------------------------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
------------------------------ ------------ ----------------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES 0
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
------------ ----------------------------------------------------------------------------------------
6 SHARED VOTING POWER
31,185,775
------------ ----------------------------------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
0
------------ ----------------------------------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
31,185,775
-------------- ---------------------------------------------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
31,185,775
-------------- ---------------------------------------------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
-------------- ---------------------------------------------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.70%
-------------- ---------------------------------------------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
IN
-------------- ---------------------------------------------------------------------------------------------------------------------
CUSIP NO. 206197105 13G Page 6 of 15 Pages
-------------- ---------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Heyman Investment Associates Limited Partnership
-------------- ---------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [x]
-------------- ---------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
-------------- ---------------------------------------------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Connecticut
------------------------------ ------------ ----------------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES 26,538,000
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
------------ ----------------------------------------------------------------------------------------
6 SHARED VOTING POWER
0
------------ ----------------------------------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
26,538,000
------------ ----------------------------------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
-------------- ---------------------------------------------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
26,538,000
-------------- ---------------------------------------------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
-------------- ---------------------------------------------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.70%
-------------- ---------------------------------------------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
PN
-------------- ---------------------------------------------------------------------------------------------------------------------
CUSIP NO. 206197105 13G Page 7 of 15 Pages
-------------- ---------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Heyman Joint Venture
-------------- ---------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [x]
-------------- ---------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
-------------- ---------------------------------------------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Connecticut
------------------------------ ------------ ----------------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES 1,000,000
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
------------ ----------------------------------------------------------------------------------------
6 SHARED VOTING POWER
0
------------ ----------------------------------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
1,000,000
------------ ----------------------------------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
-------------- ---------------------------------------------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,000,000
-------------- ---------------------------------------------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
-------------- ---------------------------------------------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0.21%
-------------- ---------------------------------------------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
PN
-------------- ---------------------------------------------------------------------------------------------------------------------
CUSIP NO. 206197105 13G Page 8 of 15 Pages
-------------- ---------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Annette Heyman Foundation Inc.
-------------- ---------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [x]
-------------- ---------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
-------------- ---------------------------------------------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Connecticut
------------------------------ ------------ ----------------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES 100,000
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
------------ ----------------------------------------------------------------------------------------
6 SHARED VOTING POWER
0
------------ ----------------------------------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
100,000
------------ ----------------------------------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
-------------- ---------------------------------------------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
100,000
-------------- ---------------------------------------------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
-------------- ---------------------------------------------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0.02%
-------------- ---------------------------------------------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
OO
-------------- ---------------------------------------------------------------------------------------------------------------------
CUSIP NO. 206197105 13G Page 9 of 15 Pages
-------------- ---------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Westport Holdings, LLC
-------------- ---------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [x]
-------------- ---------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
-------------- ---------------------------------------------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Connecticut
------------------------------ ------------ ----------------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES 400,000
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
------------ ----------------------------------------------------------------------------------------
6 SHARED VOTING POWER
0
------------ ----------------------------------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
400,000
------------ ----------------------------------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
-------------- ---------------------------------------------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
400,000
-------------- ---------------------------------------------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
-------------- ---------------------------------------------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0.08%
-------------- ---------------------------------------------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
OO
-------------- ---------------------------------------------------------------------------------------------------------------------
CUSIP NO. 206197105 13G Page 10 of 15 Pages
-------------- ---------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Ronnie F. Heyman
-------------- ---------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [x]
-------------- ---------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
-------------- ---------------------------------------------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
------------------------------ ------------ ----------------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES 400,000
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
------------ ----------------------------------------------------------------------------------------
6 SHARED VOTING POWER
0
------------ ----------------------------------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
400,000
------------ ----------------------------------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
-------------- ---------------------------------------------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
400,000
-------------- ---------------------------------------------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
-------------- ---------------------------------------------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0.08%
-------------- ---------------------------------------------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
IN
-------------- ---------------------------------------------------------------------------------------------------------------------
ITEM 1. NAME OF ISSUER AND ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
(a) Name of Issuer:
Concord EFS, Inc.
(b) Address of Issuer's Principal Executive Offices:
2525 Horizon Lake Drive, Suite 120
Memphis, TN 38133
ITEM 2.
(a) Name of Person Filing:
(i) ISP Investco LLC
(ii) International Specialty Holdings Inc.
(iii) International Specialty Products Inc.
(iv) Samuel J. Heyman
(v) Heyman Investment Associates Limited Partnership
(vi) Heyman Joint Venture
(vii) The Annette Heyman Foundation Inc.
(viii) Westport Holdings, LLC
(ix) Ronnie F. Heyman
(b) Address of Principal Business Office or, if None, Residence:
The principal business office of each of the filing persons
listed in Item 2(a) is as follows:
The principal business office of ISP Investco LLC, International
Specialty Holdings Inc. and International Specialty Products Inc. is 300
Delaware Avenue, Suite 303, Wilmington, Delaware 19801.
The principal business office of Samuel J. Heyman is 1361 Alps
Road, Wayne, New Jersey 07470.
The principal business office of Heyman Investment Associates
Limited Partnership, Heyman Joint Venture, The Annette Heyman Foundation Inc.,
Westport Holdings, LLC and Ronnie F. Heyman is 333 Post Road West, Westport,
Connecticut 06881.
(c) Citizenship:
The responses of the Reporting Persons to Row (4) of the cover
pages of this Schedule 13G are incorporated herein by reference.
(d) Title and Class of Securities:
Common Stock $0.33-1/3 par value.
(e) CUSIP Number:
206197105
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TOSS.SS. 240. 13D-1(B), OR 240.
13D-2(B) OR (C), CHECK WHETHER THE PERSON FILING IS A:
(a) [ ] Broker or dealer registered under section 15 of the Act
(15 U.S.C. 78o)
(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C.
78c)
Page 11 of 15 Pages
(c) [ ] Insurance company as defined in section 3(a)(19) of the
Act (15 U.S.C. 78c)
(d) [ ] Investment company registered under section 8 of the
Investment Company Act of 1940 (15 U.S.C. 80a-8)
(e) [ ] An investment adviser in accordance with ss.
240.13d-1(b) (1) (ii) (E)
(f) [ ] An employee benefit plan or endowment fund in accordance
with ss. 240.13d-1(b)(1)(ii)(F)
(g) [ ] A parent holding company or control person in accordance
with ss. 240.13d-1(b)(1)(ii)(G)
(h) [ ] A savings association as defined in Section 3 (b) of the
Federal Deposit Insurance Act (12 U.S.C. 1813)
(i) [ ] A church plan that is excluded from the definition of an
investment company under section 3(c) (14) of the
Investment Company Act of 1940 (15 U.S.C. 80a-3)
(j) [ ] Group, in accordance with ss. 240.13d-1(b) (1) (ii) (J).
ITEM 4. OWNERSHIP.
(a)-(b) The responses of the Reporting Persons to Rows (9) and (11)
of the cover pages of this Amendment No. 1 to Schedule 13G are incorporated
herein by reference. As of December 31, 2003, the Reporting Persons beneficially
owned in the aggregate 31,185,775 shares of the Issuer's common stock,
representing approximately 6.70% of the Issuer's common stock outstanding.
(c) The responses of the Reporting Persons to Rows (5) through (8) of
the cover pages of this statement on Schedule 13G are incorporated herein by
reference.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
Not Applicable.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
Not Applicable.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY OR CONTROL PERSON.
See Schedule A attached hereto.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
Not Applicable.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Not Applicable.
ITEM 10. CERTIFICATION.
By signing below, each of the undersigned certifies that, to the best of
his or its knowledge and belief, the securities referred to above were not
acquired and are not held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and were not acquired
and are not held in connection with or as a participant in any transaction
having that purpose or effect.
Page 12 of 15 Pages
SIGNATURE
After reasonable inquiry and to the best of their knowledge and
belief, the undersigned certify that the information set forth in
this statement is true, complete and correct.
Dated: February 13, 2004
ISP Investco LLC
By: International Specialty Holdings Inc., its sole member
By: /s/ Susan B. Yoss
------------------------------------------------
Susan B. Yoss
Executive Vice President-Finance and Treasurer
International Specialty Holdings Inc.
By: /s/ Susan B. Yoss
------------------------------------------------
Susan B. Yoss
Executive Vice President-Finance and Treasurer
International Specialty Products Inc.
By: /s/ Susan B. Yoss
------------------------------------------------
Susan B. Yoss
Executive Vice President-Finance and Treasurer
/s/ Samuel J. Heyman
------------------------------------------------
Samuel J. Heyman
Heyman Investment Associates Limited Partnership
By: /s/ James R. Mazzeo
------------------------------------------------
James R. Mazzeo
Treasurer
Heyman Joint Venture
By: /s/ Samuel J. Heyman
----------------------------------------------------------
Samuel J. Heyman
General Partner
The Annette Heyman Foundation Inc.
By: /s/ James R. Mazzeo
------------------------------------------------
James R. Mazzeo
Treasurer
Page 13 of 15 Pages
Westport Holdings, LLC
By: /s/ Samuel J. Heyman
----------------------------------------------------------
Samuel J. Heyman
Manager
/s/ Ronnie F. Heyman
----------------------------------------------------------
Ronnie F. Heyman
Page 14 of 15 Pages
SCHEDULE A
----------
International Specialty Products Inc. owns 100% of the outstanding common
stock of International Specialty Holdings Inc. which, in turn, is the sole
member of ISP Investco LLC.
Page 15 of 15 Pages