Investment Research Associates - Page 575




                                       - 68 -                                         
                    With the recording of the Certificate of Limited                  
               Partnership, The Holding Company should:                               
                    a.  make its cash capital contribution of                         
                    $29,913.80 to the Partnership;                                    
                    b.  pay FWID, Ltd. ("FWID"), $86,789.57 for                       
                    contributing cash equivalents to the Partnership                  
                    on its behalf;                                                    
                    c.  issue a $88,387.46 secured note to FWID for                   
                    contributing other assets to the capital of the                   
                    Partnership on its behalf; and                                    
                    d.  confirm its agreement to remit to FWID its                    
                    share of Partnership distributions resulting from                 
                    the Partnership's realization of the fees and                     
                    profits shown on Part II of Appendix A.                           
                    The parties contributed a total of $170,936 in                    
               cash to the capital of the Partnership.  See item 8 of                 
               Part 1 of Appendix A.  Of this amount, The Holding                     
               Company is responsible for 17-1/2 percent or, as shown                 
               above, $29,913.80.                                                     
                    The parties contributed a total of $495,940.31 in                 
               cash equivalents to the Partnership.  The Holding                      
               Company's share of this amount is, as noted above, 17-                 
               1/2 percent or $86,789.54.  The cash equivalents                       
               consist of the items shown as numbers 6, 7, and 9 on                   
               Part I of Appendix A.  The items are:                                  
                    6.  October 31, 1983, Agreement with                              
               Lazard Freres & Co.                   $273,547.00                      
                    7.  April 14, 1983, Real Estate Sale                              
                    Agreement as amended with Norman                                  
                    Rudenberg and Edna Davidson            211,082.00                 
                    9.  Furniture, fixtures, and                                      
                    equipment                             11,311.31                   
                                             Total        $495,940.31                 
                    As shown in the enclosed chart, The Holding                       
               Company's remaining obligation for capital                             
               contributions to the Partnership was $145,798.66.  Of                  
               this amount, The Holding Company satisfied $57,409.20                  





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