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Offerings Under Regulation S

2 Registration of Foreign Offerings by Domestic Issuers, Securities Act Release No. 4708, 29 FR 9828 (1964). 3 From 1980 to 1990, the value of foreign trading in U.S. stocks grew 456%, from $75 billion annually to $417 billion annually. Foreign purchases of U.S. debt securities increased 3073%, from $122.9 billion to $3.9 trillion.

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