Investment Research Associates - Page 68




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          3.   1984 Distributions to Carlco, TMT, and BWK, Inc.                       
               In 1984, IRA began distributing cash and other property to             
          Carlco, TMT, and BWK, Inc.  The distributions were made in a                
          ratio of 45/45/10 to Carlco, TMT, and BWK, Inc.                             
          a.  1984 Distributions of Cash From IRA to Carlco, TMT, and BWK,            
               Inc.                                                                   
               During 1984, IRA transferred $4,156,739 to Carlco, TMT, and            
          BWK, Inc.  The $1,870,532 to each of Carlco and TMT and $415,675            
          to BWK, Inc., was distributed on the dates and in the amounts               
          indicated:                                                                  
          Date                Carlco    TMT         BWK, Inc.        Total            
                                                                                     
          01/04/84          $540,000     $540,000    $120,000    $1,200,000           
          01/10/84          90,000         90,000      20,000       200,000           
          01/13/84            90,000       90,000      20,000       200,000           
          01/17/84           112,500      112,500      25,000       250,000           
          01/24/84           225,000      225,000      50,000       500,000           
          02/01/84            90,000       90,000      20,000       200,000           
          02/06/84           112,500      112,500      25,000       250,000           
          02/07/84            90,000       90,000      20,000       200,000           
          02/10/84            90,000       90,000      20,000       200,000           
          02/15/84            45,000       45,000      10,000       100,000           
          02/22/84            36,900       36,900       8,200        82,000           
          02/29/84            45,000       45,000      10,000       100,000           
          03/20/84           142,086      142,086      31,575       315,747           
          04/12/84            40,500       40,500       9,000        90,000           
          07/17/84            52,200       52,200      11,600       116,000           
          07/31/84            11,700       11,700       2,600        26,000           
          10/10/84            16,456       16,456       3,658        36,570           
          10/16/84         40,690       40,690       9,042       90,422               
          Total            1,870,532    1,870,532     415,675     4,156,739           












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