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  Gclcman, Sacns & Cc.

Z r talent H JfGdd Street

  New York, NY 1 CCCd-24

IfVES 2flt Ob3e: Va's 211.2-K-2-1 coo



Title o/ A==unt i •.c :unt Numcer



To: Gcidr.:an, Sachs & Cc.



.~C~!lttcn:





  I



3.



C.':rt ^areL :a ycur l_:Oicr ran stns r c es nrauvesJ



While ind!vidual transactcns may varj, my ;nvestment ctjec_ive5

with respec::c securities transactions, in crcer of preference, are

as follows (please indicate the objectives apoiicaoie to .,cur

account. -_•^g "I" to indicate your highest preference threuc^ "5"

to inticaate your lowest):



  growth (I am more interested in having the market value of

my portfollo crow aver the Icing term than I am in current

income from my portfofic. I art prepared to accept additional

risk to pnncipal to achieve this growth.)

  Income (1 am more interested in obtaining a steady stream of

i

  current income from my portfolio than 1 am in growth of my

portfolio) -

/ safety of principal (I am interested primarily In preserving

  the value of my assets, and I am willing to forego more

growth or higher Income.)

J 0 trading prattts (I want to take advantage of short-term

trading opportunities, which may involve establishing and

then liquidating positions quickly.)

  speculation (I am interested In taking aoove-average risks to

phnc:pai In an attempt to achieve above-average returns.)



The aoove information regarding my investment objectives

recresent: my current creferenc° arc _upe __ces any indications

of sucn preferences that I may previously have provided :o

Gclcman Sachs with respect to securities transaction: ,her than

information specifically supplies with respec::o actions

transactions. If margin trans:ctions are ccntempiatec, I

ac1ncwiec_e that 1 nave nag an ccccnunij tc c•-cuss with you

:rte rsico asacciatec with the use of margin anc that the use ci

rear;tn ;e consistent .^,'y ;nvest ,c CIBC::'ld Inc:udlnC, ii

acplicacie. the designation cr safety of ;rnc:oat as -.,,.v orimary

irwts-, len: ccie_Jve.



it my investment OCiecaves C-anca.:: ,e rr8 Cf SuCn :hange i

'will crally advise the Gc!dmar Sac^.s ~_enta:tvas canttfied

aoove and. at the same time, will senc to Gclcman Sac`s another

"Statement of ;nvestment Ctlecives" prcvicing written nctics of

'.he _na ge in investment cclecoves.



Signature



Pleas a Print Name

Kenneth L. Lay

Date

  II IIaG



Sigralt ure



Please Print Name

Linda P. Lay

Date -



For Gatarnan, Sacfa & cc. use only



A=unt Aapmant=ve Receiving Account



Manager t ewevung Armunt



Date Date



Oslo 3/87



LAY-G20 0911



LBF001-00605



GOVERNMENT

EXHIBIT

  76

  Crim. No. H-04-25 (S-2)