S.A. Advisory E-Mail Update

July 10, 1997

On or about Sept 24, 1996 we recommended Templeton- Russian Fund (trf) @ $21.50 ---as of this AFTERNOON we are placing SELL recommendation on our total posi- tion @$61.69 for short term gain of 187%..Our SELL recommendattion was based upon two things: 1 40% premium over asset value and 2. the Russian Market has gone up too fast--that is 150% during the past 52-weeks.. We intend to continue to monitor this situation for possible re-entry..

S. A. Advisory newsletter was released and mailed today.

It will be on-line within days,E-mail subscribers will be notified. If you are a new subscriber, please return to saadvisory.com and retrieve past E-mails..

A few featured stocks: DEC, OCTL, INTI, IEHC(nasdaq BB), EPLTF,

Yours truly, William Velmer