Investment Research Associates - Page 91

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         c.   Ballard: Disposition of Funds out of TMT                                
              During the years 1982 through 1989, the following                       
         individuals were listed as the "officers" and "directors" of TMT:            
         Title                   1982            1983            1984                 
         Directors           Kanter         Freeman         Freeman                   
                             Joshua Kanter Meyers           Meyers                    
                             Meyers                                                   
         President           Kanter         Meyers          Meyers                    
         Vice president      Meyers                                                   
         Secretary           Meyers         Gallenberger    Gallenberger              
         Treasurer           Joshua Kanter Meyers           Meyers                    
         Assistants          Joshua Kanter                                            
         Title                   1985            1986            1987                 
         Directors           Meyers         Gallenberger    Gallenberger              
         President           Meyers         Gallenberger    Gallenberger              
         Vice president                                                               
         Secretary           Gallenberger   Gallenberger    Gallenberger              
         Treasurer           Meyers         Gallenberger    Gallenberger              
         Assistants                                                                   
         Title               1988                1989                                 
         Directors           Gallenberger   Gallenberger                              
         President           Gallenberger   Gallenberger                              
         Vice president                                                               
         Secretary           Gallenberger   Gallenberger                              
         Treasurer                                                                    
         Assistants                                                                   
              The records for TMT were maintained at Ballard's home.                  
         TMT's business address was the same as Ballard's residence in                
         Seabright, New Jersey.  Mail for TMT was received at Ballard's               
         home.  Correspondence from TMT was sent from Ballard's home                  
         address.                                                                     
         i.   TMT Accounts                                                            
              During 1984, IRA transferred over $1 million to TMT.  The               
         money generally was deposited into TMT's account with the                    

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