Investment Research Associates - Page 13

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          F.   Diagram: Summary of Payments From the Five 1977 Through 1989           
               The following diagram shows the money paid by the Five to              
          IRA, Zeus, KWJ Corp. and Holding Co. from 1977 through 1989:                

















               Most of the payments made by the Five were attributable to             
          Ballard's and Lisle's influence in awarding contracts with                  
          Prudential (the Prudential transactions), some were attributable            
          to Lisle's influence in awarding contracts with Travelers (the              
          Travelers transactions), and some were attributable to Kanter's             
          influence in transactions that did not necessarily involve                  
          Prudential or Travelers (the Kanter transactions).                          

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