Theodore A. Andros and Joan B. Andros - Page 64

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                                     APPENDIX D                                       
                   TANDRILL'S 1979 PUT OPTION SPREAD TRANSACTIONS                     
                            THROUGH ARBITRAGE MANAGEMENT                              
         In all of the transactions below, the expiration date for the                
         option was March 26, 1980, and the issuance date of the underlying           
         Treasury bill was June 24, 1980.                                             
         Trade                                                                        
         Date       Type         No.      Trade         Commission      Cash Flow     
         Opening Trade:                                                               
         10/30     Bought     25     97.16         500      $(1,464,975)              
                   Sold       25     97.08         500       1,454,325                
                                                            (   10,650)               
         Closing Trades:                                                              
         11/20     Sold       13     97.16         260       632,736                  
                   Bought     13     97.08         260        (629,148)               
                                                             3,588                    
         11/21     Sold       10     97.16         200       488,370                  
                   Bought     10     97.08         200        (485,270)               
                                                             3,100                    
         11/23     Sold       2      97.16         40        96,602                   
                   Bought     2      97.08         40          (96,122)               
                                                             480                      

                                                                                     
         Opening Trade:                                                               
         10/31     Bought     24     97.16         480      (1,389,744)               
                   Sold       24     97.08         480       1,380,192                
                                                            (    9,552)               
         Closing Trade:                                                               
         11/19     Sold       24     97.16         480      1,191,840                 
                   Bought     24     97.08         480      (1,184,712)               
                                                            7,128                     

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