Investment Research Associates - Page 17

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          1978                                                                        












               In January 1978, IRA purchased the Schnitzer PMS stock.  In            
          1978, Cedilla Co. changed its name to Investment Research                   
          Associates, Ltd. (IRA).  In April 1978, IRA acquired 1,000 shares           
          (100 percent) of the voting stock of Arba Investments, Inc., and            
          changed Arba's name to Cedilla Co.                                          
               IRA's consolidated return for 1978 reported consolidated net           
          losses of $18,673 and a net loss for Cedilla Investment Co. of              
          $605,992 and reflects the following income and end-of-year                  
          balance sheets with respect to IRA and Cedilla Co.                          
          (unconsolidated):                                                           

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