WINNING INVESTMENTS with EXCHANGE-TRADED FUNDS
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Table 1

Hypothetical Trades under Prescribed Conditions *
2.5 Years from April 19, 2002 to October 15, 2004


Price

$

%

cumul

duration

Entry

Exit

Entry

Exit

Gain

Gain

%Gain

weeks

10/18/2002

12/20/2002

98.52

101.59

3.07

3.1

1.6

9

1/10/2003

1/17/2003

101.59

97.22

-4.36

-4.3

-2.8

1

2/28/2003

7/11/2003

97.22

144.00

46.78

48.1

44.0

19

8/22/2003

11/14/2003

144.00

160.95

16.96

11.8

61.0

12

12/5/2003

3/12/2004

160.95

168.60

7.64

4.7

68.6

14

6/18/2004

7/9/2004

168.60

166.92

-1.68

-1.0

66.9

3

8/27/2004

10/15/2004

166.92

188.83

21.91

13.1

88.8

7



Start April 19, 2002 value 100.00

End October 15, 2004 value 188.83


* See Alternative Applications Row 9 and PrescribedConditions


Period 130 weeks; time invested 65 weeks
(50% of period covered), 2 to 3 trades per year
with 2 to 3 rank changes per trade
dividends, interest, transaction costs exluded

Uses Friday's closing prices; Monday's
openings may produce different results
70% of trades profitable
average gain four times average loss

The last trade was still open as of December 22, 2004



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