ASP Timing Model Historical Performance Summary

OUTPACED THE S&P500 INDEX 19 STRAIGHT YEARS WITH NO LOSSES!!!

MORE THAN DOUBLE THE ANNUALIZED S&P500 RETURNS WITH ONE THIRD LESS RISK!!!

S&P Buy and Hold 01/01/79-12/31/98

• Total Gain 1,977%
• Compound Annual Return 16.4%
• Maximum Drawdown (33.5%)

ASP Timing Model 01/01/79-12/31/98

• Total Gain 136,748%
• Compound Annual Return 43.5%
• Maximum Drawdown (24.3%)
• Total Closed Trades 37
• Winning Trades 89.1%
• Average Gain Per Trade 22.0%
• Assumes use of S&P Index with 2X beta

1979-1998 Annual Returns

• YEAR*******S&P 500******** ASP MODEL
• 1979*********13.6%************31.1%
• 1989*********31.6%***********110.9%
• 1981********( 4.8%)*************9.6%
• 1982*********20.5%************70.6%
• 1983*********22.3%************47.4%
• 1984********* 6.0%*************10.5%
• 1985*********31.1%************54.2%
• 1986*********18.6%************41.2%
• 1987********* 5.7%*************55.5%
• 1988*********16.4%************17.3%
• 1989*********31.3%************51.7%
• 1990*********( 3.1%)***********42.1%
• 1991*********30.0%************55.8%
• 1992********** 7.5%************18.7%
• 1993*********10.0%************15.1%
• 1994********** 1.3%************ 7.8%
• 1995*********37.1%************71.7%
• 1996*********22.7%************46.0%
• 1997*********33.1%************86.6%
• 1998*********28.3%************77.7%
• *
• past performance does not guarantee future results