TRACK  RECORD  OF  HONG  KONG  HSI  MARKET  ALERTS
 
                                  1st & 2nd Quarters   2001         updated June 30, 2001
 
                 We track the HSI Index Futures Index which more accurately reflects market performance
 
   Buy     Index    Sell     Index     Points     % Gain     Points        % Gain   Cumulat.    Cumulative
   Date    Value    Date     Value     Gained     for        Gained        for        Gain % Investment Gain
                                       for        Buying     for           Selling
                                       Buying                Selling                          Investment sum
                                                                                              = US$10,000
                 Bf last quarter :         0        0.00                                0.00
 
 
  Dec 28   14830   Jan 2    15019        189        1.27        379                                10,127                                     1.274
                                                                            2.52        3.80       10,383                                     2.523
  Jan 3    14640   Jan 5    15502        862        5.89        101                     9.69       10,994                                     5.888
                                                                            0.65       10.34       11,066                                     0.652
  Jan 8    15401   Jan 9    15535        134        0.87        320                    11.21       11,162                                      0.87
                                                                            2.06       13.27       11,392                                      2.06
  Jan 16   15215   Jan 17   15243         28        0.18        -27                    13.45       11,413                                     0.184
                                                                           -0.18       13.27       11,393                                     -0.18
  Jan 17   15270   Jan 22   16050        780        5.11       -110                    18.38       11,975                                     5.108
                                                                           -0.69       17.70       11,893                                     -0.69
  Feb 1    16160   Feb  2   16190         30        0.19         47                    17.88       11,915                                     0.186
                                                                            0.29       18.17       11,950                                      0.29
  Feb 2    16143   Feb 2    16171         28        0.17        258                    18.35       11,970                                     0.173
                                                                            1.60       19.94       12,161                                     1.595
  Feb 9    15913   Feb 15   15890        -23       -0.14        389                    19.80       12,144                                     -0.14
                                                                            2.45       22.25       12,441                                     2.448
  Feb 20   15501   Feb 21   15390       -111       -0.72        290                    21.53       12,352                                     -0.72
                                                                            1.88       23.41       12,585                                     1.884
  Feb 23   15100   Feb 27   14899       -201       -1.33        949                    22.08       12,417                                     -1.33
                                                                            6.37       28.45       13,208                                      6.37
  Mar 5    13950   Mar 7    14285        335        2.40        265                    30.85       13,525                                     2.401
                                                                            1.86       32.71       13,776                                     1.855
  Mar 8    14020   Mar 9    14163        143        1.02        849                    33.73       13,917                                      1.02
                                                                            5.99       39.72       14,751                                     5.994
  Mar 12   13314   Mar 14   13377         63        0.47        127                    40.20       14,821                                     0.473
                                                                            0.95       41.15       14,961                                     0.949
  Mar 15   13250   Mar 20   13410        160        1.21        750                    42.35       15,142                                     1.208
                                                                            5.59       47.95       15,989                                     5.593
  Mar 23   12660   Mar 27   12890        230        1.82        225                    49.76       16,279                                     1.817
                                                                            1.75       51.51       16,563                                     1.746
  Mar 29   12665   Apr 2    12750         85        0.67        660                    52.18       16,675                                     0.671
                                                                            5.18       57.36       17,538                                     5.176
  Apr 4    12090   Apr 6    12592        502        4.15        392                    61.51       18,266                                     4.152
                                                                            3.11       64.62       18,835                                     3.113
  Apr 10   12200   Apr 17   12803        603        4.94       -132                    69.56       19,766                                     4.943
                                                                           -1.03       68.53       19,562                                     -1.03
  Apr 18   12935   Apr 20   13495        560        4.33        245                    72.86       20,409                                     4.329
                                                                            1.82       74.68       20,779                                     1.815
  Apr 24   13250   Apr 26   13250          0        0.00         55                    74.68       20,779                                         0
                                                                            0.42       75.09       20,865                                     0.415
  Apr 27   13195   May 2    13730        535        4.05        278                    79.15       21,711                                     4.055
                                                                            2.02       81.17       22,151                                     2.025
  May 7    13452   May 9    13555        103        0.77        255                    81.94       22,321                                     0.766
                                                                            1.88       83.82       22,741                                     1.881
  May 15   13300   May 17   13645        345        2.59         45                    86.41       23,330                                     2.594
                                                                            0.33       86.74       23,407                                      0.33
  May 21   13600   May 22   13891        291        2.14        168                    88.88       23,908                                      2.14
                                                                            1.21       90.09       24,197                                     1.209
  May 24   13723   May 25   13858        135        0.98        594                    91.08       24,435                                     0.984
                                                                            4.29       95.36       25,483                                     4.286
  June 5   13264   June 6   13612        348        2.62        -74                    97.99       26,151                                     2.624
                                                                           -0.54       97.44       26,009                                     -0.54
  June 7   13686   June 8   13920        234        1.71        932                    99.15       26,454                                      1.71
                                                                            6.70      105.85       28,225                                     6.695
  June 15  12988   June 18  12980         -8       -0.06        -60                   105.79       28,208                                     -0.06
                                                                           -0.46      105.32       28,077                                     -0.46
  June 19  13040   June 20  13042          2        0.02         -7                   105.34       28,082                                     0.015
                                                                           -0.05      105.28       28,067                                     -0.05
  June 21  13049   June 22  13224        175        1.34        254                   106.63       28,443                                     1.341
                                                                            1.92      108.55       28,989                                     1.921
  June 27  12970   June 29  13045         75        0.58                              109.13       29,157                                     0.578
 
 
 
 
 
                          Totals        6632       49.25       8417        59.87      109.13
 
 
                 Total Index Points Gained This Quarter :     15049 Points
                 Total % Gained This Quarter :                  109 %
 
                 Cumulative Index Points Gained This Year     15049 Points
                 Total % Gained This Year :                     109 %
 
                 Performance of last transaction when marked to market:
 
                 Total Index Points Gained :                      4 Points
                 Total % Gained :                               0.0 %                              29,166                                     0.031