CGF Industries, Inc. and Subsidiaries - Page 20




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          Partnership Investments                                                     
               The CGF and Lincoln Partnerships invested the partners'                
          capital contributions, directly and through investment part-                
          nerships, in U.S. Government bonds, short-term fixed income                 
          obligations, and marketable securities, and in various                      
          businesses, including precious metals, real estate, natural gas,            
          and hotel management.  During CGF's taxable years in issue, the             
          CGF Partnerships, when examined collectively, invested most of              
          their assets in the following four investment partnerships:  Net            
          Venture, Gopher Fund, Lake Union Hotel Associates Ltd. Partner-             
          ship (Lake Union), and GAR Ninety.  The specific dollar amounts,            
          with corresponding percentage figures in parentheses, that each             
          CGF Partnership invested in the above–mentioned investment                  
          partnerships are set forth in appendix C.                                   
               During Lincoln's taxable years in issue, the Lincoln Part-             
          nerships, when taken as a whole, invested most of their assets in           
          Net Venture, Gopher Fund, Gill Industries, L.P., and Falcon Fund.           
          Appendix D is a table showing the dollar amounts, with corre-               
          sponding percentage figures in parentheses, that each Lincoln               
          Partnership invested in the investment partnerships just listed.            
               Net Venture was a general partnership formed on November 29,           
          1985, between a corporation named Garvey, Inc., with Robert A.              
          Page as president, and four trusts; i.e., Olive W. Garvey                   
          Revocable Trust, Ruth G. Fink Revocable Trust, Olivia G. Lincoln            
          Revocable Trust, and George A. Lincoln Revocable Trust.                     
          According to its partnership agreement, its business purpose was            

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