(From 3/8/2002 to 04/23/2004)

The following table compares the UNDERVALUED STOCKS ADVISORY (USA) system performance to each of 3 major indices: the Dow Jones Industrial Average, the Nasdaq/NMS Composite Average, and the S&P 500 Index. The comparison of our system to each of these indices are compared from 3/8/2002 (our official system inception tracking date) to the current date. Additionally, the performance of each is annualized (gains and losses are normalized for a 365 day period), from the tracking inception date.

USA (since inception) 3.19 1.5
Dow Jones Industrial Average (since inception) -1.05 -.49
Nasdaq/NMS Composite Average (since inception) 5.35 2.51
S&P 500 Index (since inception) -2.09 -.98
USA (3/8/02 - 12/31/02) 0.14 -
Dow Jones Industrial Average (3/8/02 - 12/31/02) -21.1 -
Nasdaq/NMS Composite Average (3/8/02 - 12/31/02) -30.79 -
S&P 500 Index (3/8/02 - 12/31/02) -24.43 -

Note that the UNDERVALUED STOCKS ADVISORY (USA) Stock Index is computed by assuming the purchase of an equal dollar amount of each Recommended stock at its Recommended Purchase Price. Hence, the number of simulated shares purchased for each stock is dependent on its Recommended Purchase Price (i.e., more shares will be purchased for cheaper priced stocks; fewer for more expensive priced stocks). Additionally, our Stock Index does not take into account any recognizable dividend gains that occur for stocks within our portfolio. Hence, the Stock Index return may be slightly higher than stated.