TRACK RECORD OF HK HSI MARKET ALERTS For Year 2003 updated Jan 31, 2004 Buy Index Sell Index Points % Gain Points % Gain Cumulat. Cumulative Date Value Date Value Gained for Gained for Gain % Investment Gain for Buying for Selling Buying Selling Investment sum = US$10,000 10,000 Dec 30, 9243 Jan 7, 03 9650 407 4.40 -33 4.40 10,440 4.403 -0.34 4.06 10,405 -0.34 Jan 8 9683 Jan 8 9760 77 0.80 127 4.86 10,487 0.795 1.30 6.16 10,624 1.301 Jan 9 9633 Jan 15 9887 254 2.64 372 8.79 10,904 2.637 3.76 12.56 11,314 3.763 Jan 20 9515 Jan 24 9550 35 0.37 334 12.92 11,356 0.368 3.50 16.42 11,753 3.497 Jan 30 9216 Feb 5 9200 -16 -0.17 113 16.25 11,733 -0.17 1.23 17.48 11,877 1.228 Feb 7 9087 Feb 11 9185 98 1.08 17 18.56 12,005 1.078 0.19 18.74 12,027 0.185 Feb 12 9168 Feb 13 9258 90 0.98 87 19.72 12,145 0.982 0.94 20.66 12,259 0.94 Feb 14 9171 Feb 14 9189 18 0.20 -160 20.86 12,283 0.196 -1.74 19.12 12,069 -1.74 Feb 17 9349 Feb 19 9387 38 0.41 -53 19.52 12,118 0.406 -0.56 18.96 12,050 -0.56 Feb 19 9440 Feb 20 9426 -14 -0.15 311 18.81 12,032 -0.15 3.30 22.11 12,429 3.299 Feb 25 9115 Feb 26 9107 -8 -0.09 91 22.02 12,418 -0.09 1.00 23.02 12,542 0.999 Feb 27 9016 Mar 3 9195 179 1.99 456 25.01 12,791 1.985 4.96 29.97 13,426 4.959 Mar 11 8739 Mar 13 8743 4 0.05 85 30.01 13,432 0.046 0.97 30.98 13,562 0.972 Mar 13 8658 Mar 14 8850 192 2.22 -38 33.20 13,863 2.218 -0.43 32.77 13,804 -0.43 Mar 18 8888 Mar 18 8885 -3 -0.03 -163 32.74 13,799 -0.03 -1.83 30.90 13,546 -1.83 Mar 19 9048 Mar 20 9214 166 1.83 662 32.74 13,794 1.835 4.61 37.35 14,431 4.613 Mar 28 8789 Mar 31 8670 -119 -1.35 80 36.00 14,235 -1.35 1.36 37.36 14,429 1.361 Apr 1 8552 Apr 3 8622 70 0.82 32 38.18 14,547 0.819 0.37 38.55 14,601 0.371 Apr 4 8590 Apr 8 8830 240 2.79 240 41.34 15,009 2.794 2.72 44.06 15,417 2.718 Apr 10 8590 Apr 14 8499 -91 -1.06 2 43.00 15,254 -1.06 0.02 43.02 15,257 0.024 Apr 14 8497 Apr 24 8390 -107 -1.26 -160 41.76 15,065 -1.26 -1.91 39.86 14,778 -1.91 Apr 29 8550 Apr 30 8655 105 1.23 -94 41.09 14,959 1.228 -1.09 40.00 14,797 -1.09 May 2 8749 May 6 8870 121 1.38 -114 41.38 15,001 1.383 -1.29 40.10 14,809 -1.29 May 9 8984 May 12 9157 173 1.93 120 42.02 15,094 1.926 1.31 43.33 15,292 1.31 May 19 9037 May 21 9028 -9 -0.10 -22 43.23 15,276 -0.1 -0.24 42.99 15,239 -0.24 May 22 9050 May 27 9486 436 4.82 -81 47.81 15,973 4.818 -0.85 46.95 15,837 -0.85 May 28 9567 June 5 9775 208 2.17 10 49.13 16,181 2.174 0.10 49.23 16,198 0.102 June 6 9765 June 10 9656 -109 -1.12 -44 48.11 16,017 -1.12 -0.46 47.66 15,944 -0.46 June 10 9700 June 11 9695 -5 -0.05 -62 47.61 15,936 -0.05 -0.64 46.97 15,834 -0.64 June 12 9757 June 18 10037 280 2.87 16 49.84 16,288 2.87 0.16 50.00 16,314 0.159 June 19 10021 50.00 16,314 June 24 9623 50.00 16,314 June 26 9539 June 30 9545 -183 -1.88 -101 48.12 16,314 -1.06 47.06 16,314 July 2 9646 July 3 9637 -9 -0.09 -7 46.97 16,314 -0.07 46.89 16,314 July 4 9644 July 8 10030 386 4.00 -39 50.90 16,967 4.002 -0.39 50.51 16,901 -0.39 July 9 10069 July 15 10119 50 0.50 52 51.01 16,985 0.497 0.51 51.51 17,072 0.509 July 1610067.5 July 29 10159 91.5 0.91 28 52.42 17,227 0.909 0.28 52.70 17,274 0.276 July 30 10131 Aug 4 10145 14 0.14 274 52.84 17,298 0.138 2.70 55.54 17,765 2.701 Aug 11 9871 Aug 20 10496 625 6.33 -24 61.87 18,890 6.332 -0.23 61.64 18,847 -0.23 Aug 21 10520 Aug 25 10755 235 2.23 -10 63.87 19,268 2.234 -0.09 63.78 19,250 -0.09 Aug 28 10765 Sept 1 10974 209 1.94 -32 65.72 19,624 1.941 -0.29 65.43 19,567 -0.29 Sept 3 11006 Sept 5 11155 149 1.35 347 66.79 19,831 1.354 3.11 69.90 20,448 3.111 Sept 11 10808 Sept 17 11135 327 3.03 155 72.92 21,067 3.026 1.39 74.31 21,360 1.392 Sep 22 10980 Sep 22 10959 -21 -0.19 84 74.12 21,319 -0.19 0.77 74.89 21,483 0.766 Sep 23 10875 Sep 26 11270 395 3.63 0 78.52 22,263 3.632 0.00 78.52 22,263 0 Sep 26 11270 Oct 8 11773 503 4.46 -153 82.98 23,257 4.463 -1.30 81.68 22,955 -1.3 Oct 10 11926 Oct 23 11989 63 0.53 -256 82.21 23,076 0.528 -2.14 80.08 22,583 -2.14 Nov 4 12423 80.08 22,583 Nov 13 12067 80.08 22,583 Nov 17 11882 -363 -2.96 -18 77.11 21,914 -2.96 -0.15 76.96 21,880 -0.15 Nov 20 11900 Nov 21 11700 -200 -1.68 -95 75.28 21,513 -1.68 -0.81 74.47 21,338 -0.81 Nov 24 11795 Dec 2 12477 682 5.78 137 80.25 22,572 5.782 1.10 81.35 22,820 1.098 Dec 9 12340 Dec 23 12496 156 1.26 -74 82.61 23,108 1.264 -0.59 82.02 22,971 -0.59 Dec 30 12570 Jan 13, 04 13412 842 6.70 136 88.72 24,510 6.698 1.01 89.73 24,759 1.014 Jan 29 13276 89.73 24,759 0 0 0 Totals 6662 65.57 2535 24.16 89.73 Total Index Points Gained This Quarter : 9196 Points Total % Gained This Quarter : 89.7 % Cumulative Index Points Gained This Yr : 9196 Points Total % Gained This Year : 90 % Performance of last transaction when marked to market: Total Index Points Gained : -7 Points Total % Gained : -0.1 % 24,745 -0.05