HPD Investment Group LP                    01/09/00
                           Valuation Statement as of January  7, 2000

                              FIRST BUY    SHARES     COST             PRICE PER    TOTAL  PERCENT  TOTAL  COMPOUND 
                              OR VALUATN   OWNED      PER        TOTAL   SHARE      VALUE     OF    RETURN  ANN. RET.
           SECURITY    TS DRP    DATE    THIS DATE   SHARE       COST  THIS DATE  THIS DATE  TOTAL  SINCE 12/31/97
      ============================================================================================================= 
      AES Corporation     AES  06/24/98    75.000   40.0743    3005.57   72.3125    5423.44   9.8% 114.26%   64.09%
      Alza Corporation    AZA  12/31/97    41.000   30.4390    1248.00   34.2500    1404.25   2.5%   7.67%    3.73%
      Apache Corp         APA  12/31/97    22.000   35.1932     774.25   36.6250     805.75   1.5%   5.28%    2.58%
      Cisco Systems In   CSCO  12/31/97   164.000   15.1755    2488.79  105.8750   17363.50  31.3% 469.53%  136.82%
      Crescendo Pharma   CNDO  12/31/97     2.000   10.0000      20.00   18.1875      36.38   0.1%  57.33%   25.18%
      Dell Computer      DELL  11/14/99    24.000   41.8958    1005.50   46.1875    1108.50   2.0%  10.24%   93.41%
      Dollar General C     DG  12/14/98    97.000   20.5861    1996.85   22.5000    2182.50   3.9%   9.21%    8.63%
      Home Depot Inc       HD  12/31/97   108.000   12.7778    1380.00   63.5000    6858.00  12.3% 226.13%   79.65%
      Lucent Technolog     LU  10/18/99    26.000   57.6827    1499.75   54.0000    1404.00   2.5%  -6.35%  -25.61%
      McKesson HBOC       MCK  01/13/99    16.000   74.0569    1184.91   23.5000     376.00   0.7% -71.18%  -71.80%
      Oracle Corporati   ORCL  12/31/97    34.000   26.3968     897.49  103.3750    3514.75   6.3% 599.50%  162.22%
      Papa Johns Inter   PZZA  12/31/97    73.000   26.6233    1943.50   25.6875    1875.19   3.4% -23.89%  -12.65%
      Robert Half Inte    RHI  12/31/97    25.000   41.3824    1034.56   26.4375     660.94   1.2% -33.91%  -18.55%
      Service Corporat    SRV  12/31/97   112.000   23.0793    2584.88    6.5625     735.00   1.3% -83.41%  -58.95%
      Smithfield Foods   SFDS  03/12/99    76.000   26.4803    2012.50   21.1875    1610.25   2.9% -19.99%  -23.71%
      Staples, Inc.      SPLS  06/09/99    69.000   29.1784    2013.31   25.3125    1746.56   3.1% -13.25%  -21.72%
      Thermo Instrumen    THI  12/31/97    46.000   31.4030    1444.54   11.0000     506.00   0.9% -68.06%  -43.20%
      Vodafone Group P    VOD  07/01/99    65.000   21.3935    1390.58   46.0000    2990.00   5.4%  14.07%   28.80%
      Wackenhut Correc    WHC  12/31/97   105.000   16.5536    1738.13   10.4375    1095.94   2.0% -54.98%  -32.67%
                                                            ----------           ---------- ------
      Total Securities this Date                              29663.11             51696.95  93.1% ------   ------
      Returns for Securities Shown from First Buy or Valuation Date                                 93.36%   38.65%
      Security Returns from Start or Switchover to this Date                                        73.01%   31.21%
                                                                                                                       
      Cash on Hand - Bank                                      2682.20              2682.20   4.8%
      Cash on Hand - Broker                                    1151.34              1151.34   2.1%
      Cash on Hand - Suspense                                     0.00                 0.00   0.0%
                                                            ----------           ---------- ------
      Total Cash Accounts this Date                            3833.54              3833.54   6.9%
                                                            ----------           ---------- ------
      Total Securities and Cash Accounts This Date            33496.65             55530.49 100.0%
                                                                                                                       
      Total number of Valuation Units to Date               2733.157767
      Value of Each Unit This Date                       $    20.317
      Number of Units Each $10.00 will Purchase                0.492