The VALUE IS clause defines the values associated with
  condition-names, the initial value of Working-Storage Section data
  items, the value of Report Section printable items, the compile-time
  initialization of variables to the address of data, and to external
  constants.

  Format 2 -

   { VALUE IS   } { { EXTERNAL external-name }
   { VALUES ARE } { { REFERENCE data-name    }
                  { { low-val                }

                       [ { THRU    } { EXTERNAL external-name } ] }
                       [ { THROUGH } { REFERENCE data-name    } ] } ...
                                     { high-val               } ] }