Monthly Returns From 31-Jan-92 to 30-Sep-96

Months Charles Schwab Quick & Reilly Waterhouse InvestorNYSE Mrk Weight
### 5.1% -0.90% -3.64% -0.17%
### 4.3% 4.29% 23.11% 1.33%
### 4.1% 0.44% 16.67% -2.37%
### -17.5% -24.89% -18.72% 1.39%
### 1.3% 0.37% 5.45% 0.65%
### -18.6% -2.33% -21.26% -1.92%
31-Jul-92 5.0% -4.17% 2.92% 3.99%
### -8.6% -2.09% -20.85% -2.08%
### -20.0% 2.55% 4.55% 1.24%
### 12.8% 4.35% 8.70% 1.09%
### 22.8% 21.21% 32.80% 4.02%
### 5.0% -2.46% -1.20% 1.75%
### 16.0% 9.09% 23.17% 1.23%
### 7.0% -2.89% -3.47% 0.55%
### 12.7% 4.33% 5.13% 2.50%
### -10.1% -7.37% -9.76% -2.55%
### 7.6% 4.38% 47.30% 2.94%
### 21.3% 16.05% 22.94% 0.51%
30-Jul-93 1.9% 6.49% -1.49% -0.08%
### 13.4% 14.15% 29.92% 3.93%
### 4.9% 3.57% 17.60% 0.06%
### 0.5% -1.03% -5.74% 1.80%
### -7.9% -4.25% -18.25% -1.74%
### 1.6% 9.60% -17.48% 1.95%
### -8.7% -1.05% 0.00% 3.13%
### -6.8% -19.02% -3.53% -2.41%
### -2.3% -9.69% -14.02% -4.57%
### 5.8% 2.93% -9.22% 0.98%
### 6.6% 2.35% -4.69% 0.95%
### -18.2% -5.58% -12.30% -2.74%
29-Jul-94 8.4% -2.46% -2.80% 3.04%
### 15.0% 18.67% 32.31% 4.28%
### -3.7% -11.54% -16.91% -1.87%
### 19.6% -0.48% 14.16% 1.49%
### -9.9% -3.42% -11.63% -3.71%
### 9.4% 14.65% -14.04% 1.28%
### 15.0% 8.81% 18.37% 2.06%
### 10.9% 14.30% 19.83% 3.96%
### 9.0% 1.43% -7.19% 2.70%
### 6.4% 14.44% -3.10% 2.49%
### 2.2% 15.69% 12.00% 3.42%
### 25.4% 39.39% 31.43% 3.08%
31-Jul-95 5.3% 5.12% 20.11% 4.07%
### 1.1% -2.66% 4.52% 0.93%
### 24.4% 22.74% 11.35% 3.64%
### -21.0% -22.34% -22.55% -1.12%
### 6.0% 7.14% 0.00% 4.30%
### -17.0% -19.21% 25.32% 1.54%
### 25.0% 13.41% -4.55% 2.81%
### 1.5% 13.25% 4.23% 1.61%
### 1.5% 12.38% 35.53% 1.12%
### -5.2% 3.39% 8.61% 2.51%
### -1.0% 11.30% 1.03% 2.67%
### 1.0% -4.06% 1.37% -0.77%
31-Jul-96 -1.3% -12.69% 1.35% -5.34%
### 3.6% 3.37% -0.08% 3.22%
### -8.0% -9.40% 1.34% 5.30%
### 9% -0.94% 1.39%
### 21% 8.40% 6.57%
### 6% 5.29% -1.14%
Stocks Equity Beta
Charles Schwab 2.2970
Quick & Reilly 2.3200
Waterhouse Investor Services 3.1899

Stocks Asset Beta if Debt beta is 0

Charles Schwab 2.1132
Quick & Reilly 2.3200
Waterhouse Investor Services 1.9777

Stocks Asset Beta if Debt beta is 0.25

Charles Schwab 2.1332
Quick & Reilly 2.3200
Waterhouse Investor Services 2.0727
 Avg Debt to Value ratio between 1992-1996
Charles Schwab Corp (Discount Brokerage)0.08
Quick & Reilly Group (Discount Brokerage)0.00
Waterhouse Investor Srvcs (Discount Brokerage)
0.38