Investment Research Associates - Page 208




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          C.   Ballard                                                                
               Ballard was an employee in the real estate department of The           
          Prudential Insurance Co. of America (Prudential) from 1948 until            
          his retirement in 1982.  During the course of his career at                 
          Prudential, Ballard was assigned to several regional offices of             
          Prudential, including Houston and Dallas, Texas, and beginning in           
          1966 in the corporate headquarters of Prudential at Newark, New             
          Jersey, and then again, for a short time, at the Houston regional           
          office.  In 1973, he was reassigned to Prudential's Newark                  
          corporate headquarters, where he remained until his retirement in           
          early 1982.  At the time he left Prudential, Ballard was a senior           
          vice president in charge of equities and worked under Donald Knab           
          (Knab), who was in charge of all of Prudential's real estate                
          operations.                                                                 
               Ballard's work with Prudential in its real estate equity               
          operations involved the purchase, development, management, and              
          sale of property.  Ballard supervised the staff of this                     
          department at Prudential's headquarters, as well as the real                
          estate department staff at Prudential's regional and field                  
          offices throughout the United States.   Ballard could influence             
          the choice of builders and contractors for Prudential projects              
          and could influence or prevent a project from going forward.                
               Shortly after leaving Prudential, Ballard became a general             
          partner with Goldman Sachs, an investment firm in New York City.            






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