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