Exhibit 1

Calculation of semi-deviation of monthly returns on Tsingtao's H-shares

BIASED
Tsingtao H
total return
index
Date
HK$
8/31/93
152.8
9/30/93
162.5
10/29/93
165.3
11/30/93
198.6
12/31/93
270.8
1/31/94
219.4
2/28/94
229.2
3/31/94
190.3
4/29/94
208.3
5/31/94
208.8
6/30/94
165.3
7/29/94
175.5
8/31/94
189.3
9/30/94
174.0
10/31/94
168.2
11/30/94
162.4
12/30/94
123.3
1/31/95
101.5
2/28/95
108.8
3/31/95
120.4
4/28/95
79.8
5/31/95
95.3
6/30/95
90.1
7/31/95
96.8
8/31/95
75.2
Average
Standard deviation
Downside variance
Semi-deviation

Simple
Downside
monthly
deviation of
return
return squared
6.35%
0.00000
1.72%
0.00000
20.15%
0.00000
36.35%
0.00000
-18.98%
0.03035
4.47%
0.00000
-16.97%
0.02376
9.46%
0.00000
0.24%
0.00000
-20.83%
0.03715
6.17%
0.00000
7.86%
0.00000
-8.08%
0.00426
-3.33%
0.00031
-3.45%
0.00036
-24.08%
0.05070
-17.68%
0.02599
7.19%
0.00000
10.66%
0.00000
-33.72%
0.10344
19.42%
0.00000
-5.46%
0.00152
7.44%
0.00000
-22.31%
0.04308
-1.56%
16.48%

PREFERRED
Continuously
compounded
Downside
monthly return
deviation of
(log return)
return squared
6.15%
0.00000
1.71%
0.00000
18.35%
0.00000
31.01%
0.00000
-21.05%
0.04430
4.37%
0.00000
-18.60%
0.03459
9.04%
0.00000
0.24%
0.00000
-23.36%
0.05458
5.99%
0.00000
7.57%
0.00000
-8.43%
0.00710
-3.39%
0.00115
-3.51%
0.00123
-27.54%
0.07587
-19.46%
0.03785
6.95%
0.00000
10.13%
0.00000
-41.13%
0.16916
17.75%
0.00000
-5.61%
0.00315
7.17%
0.00000
-25.25%
0.06375
-2.95%
17.15%

0.01337
11.56%

0.02053
14.33%