Year of the Tiger performance review:
1998 Portfolio

1998 Taipan Portfolio
company	symbol	exchange	entry date	avg entry*	Price/Sold 12/31	dividends	call premium	p/l	1998 high	At high
TAIPAN GLOBAL TECHNOLOGY
Elron Technologies	ELRNF	NASDAQ	Jan-98	$14.00	$15.75	$0.26		14.63%	$19.00	38.28%
Elbit Medical Imaging	EMITF	NASDAQ	Jan-98	$5.50	$10.69	$1.00		137.56%	$11.00	144.44%
Orbotech	ORBKF	NASDAQ	Feb-98	$27.00	$46.63	$2.50		81.96%	$46.75	82.41%
Elscint	ELT	NASDAQ	Jan-98	$6.25	$12.13			94.00%	$12.25	96.00%
Aladdin	ALDNF	NASDAQ	Jan-98	$9.00	$9.88			9.72%	$14.25	58.33%
Elbit Ltd.	ELBTF	NASDAQ	Aug-98	$2.75	$3.50			27.27%	$4.00	45.45%
Orckit	ORCTF	NASDAQ	Jan-98	$17.00	$16.00	$3.25		13.24%	$23.50	57.35%
					average:			54.05%		74.61%
TAIPAN EMG. COMMODITY
Suez Cement	SCZD	London	Jan-98	$17.00	$14.25	$1.50		-8.06%	$18.00	16.13%
Surgutneftegaz ADR	SGUZY	OTC	Jan-98	$7.00	$3.25			-53.57%	$8.00	14.29%
Mosenergo	AOMOY	OTC	Jan-98	$11.00	$1.75			-84.09%	$9.00	-18.18%
Hurricane	HHLAF	NASDAQ		$8.00	$1.13			-85.94%	$7.00	-12.50%
Morgan Stanley India Fund	IIF	NYSE	Jan-98	$7.00	$6.69			-4.43%	$9.25	32.14%
Ashanti	ASL	NYSE	Mar-98	$7.50	$9.19	$0.08	$1.50	43.97%	$11.25	71.72%
Sasol	SASOY	NASDAQ	Apr-98	$10.00	$3.88			-61.25%	$10.00	0.00%
Hurricane Warrants	HHL.A	Toronto	May-98	$4.00	$0.35			-91.25%	$4.00	0.00%
MS Russia Fund	RNE	NYSE	May-98	$12.00	$9.44			-21.33%	$11.00	-8.33%
TyumenAviaTrans	TYAVY	OTC	May-98	$3.00	$0.50			-83.33%	$3.00	0.00%
POSCO	PKX	NYSE	Jul-98	$11.50	$17.00			47.83%	n/a	47.83%
Commodity Trust Ltd.	CMT-L	London	Oct-98	$1.28	$1.07			-16.17%	$1.07	-16.17%
Commodity Tr. wrrnts	CMTW-L	London	Sep-98	$0.12	$0.07			-41.67%	$0.11	-8.33%
					average:			-35.33%		9.12%
TAIPAN US SMALL CAP TECH.
Williams Controls	WMCO	NASDAQ	Jan-98	$2.25	$2.44			8.44%	$3.25	44.44%
Exponent	EXPO	NASDAQ	Jan-98	$10.00	$5.63			-43.75%	$12.50	25.00%
Xoma	XOMA	NASDAQ	Jan-98	$5.00	$3.06			-38.80%	$5.00	0.00%
Shaman	SHMN	NASDAQ	Jan-98	$5.00	$1.81			-63.80%	$5.00	0.00%
Avant	AVAN	NASDAQ	May-98	$3.00	$1.72			-42.67%	$4.00	33.33%
Hemispherx Biopharm	HEB	AMEX	Nov-98	$8.13	$5.88			27.69%	n/a	27.69%
					average:			-25.48%		21.74%
TAIPAN EMERGING SERVICES
Unilever	UN	NYSE	Jan-98	$61.00	$71.00			-16.39%	n/a	-16.39%
Aramex	ARMXF	NASDAQ	Jan-98	$10.00	$11.38			13.75%	$14.00	40.00%
Restaurant Brands	RBD	NZ	May-98	$0.47	$0.57	$0.02		27.12%	$0.57	27.12%
					average:			8.16%		16.91%

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