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Table 1a

Hypothetical Trades under Prescribed Conditions *
Buying & Selling Short

2.5 Years from April 12, 2002 to October 15, 2004


Value

$

%

cumul

duration

Action

Entry

Exit

Entry

Exit

Gain

Gain

%Gain

weeks

short

4/12/2002

10/18/2002

100.00

150.92

50.92

50.9

50.9

27

long

10/18/2002

12/20/2002

150.92

153.55

2.63

1.7

53.6

9

short

12/20/2002

1/10/2003

153.55

145.70

-7.85

-5.1

45.7

3

long

1/10/2003

1/17/2003

145.70

145.30

-0.41

-0.3

45.3

1

short

1/17/2003

2/28/2003

145.30

136.68

-8.61

-5.9

36.7

6

long

2/28/2003

7/11/2003

136.68

206.12

69.44

50.8

106.1

19

short

7/11/2003

8/22/2003

206.12

198.94

-7.19

-3.5

98.9

6

long

8/22/2003

11/14/2003

198.94

231.22

32.29

16.2

131.2

12

short

11/14/2003

12/5/2003

231.22

213.36

-17.86

-7.7

113.4

3

long

12/5/2003

3/12/2004

213.36

223.35

9.99

4.7

123.3

14

short

3/12/2004

6/18/2004

223.35

234.50

11.15

5.0

134.5

14

long

6/18/2004

7/9/2004

234.50

247.68

13.18

5.6

147.7

3

short

7/9/2004

10/15/2004

247.68

293.90

46.22

18.8

193.9

7


Start April 19, 2002 value 100.00

End October 15, 2004 value 293.90


* See Alternative Applications Row 10 and PrescribedConditions


* as of December 22, 2004

dividends, interest, transaction costs excluded
trades about five times per year

uses Friday's closing prices; Monday's
openings may produce different results
62% of trades profitable
average gain 20% average loss 5% worst loss 8%



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