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January 23, 2004


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Average 72.6% Gain Since January 2003

By Ian L. Cooper

As of late, Chris and I have been receiving questions regarding our open and closed positions. Here's a quick rundown of what we've bought, sold half of, and completely sold since the year first began. Please note these are only the positions recommended by Chris DeHaemer and me.

ABMD

24-Jan-03

4-Jun-03

$4.35

$7.56

74%

sold

LEXR

27-May-03

$6.65

$22.90

244%

LEXR

27-May-03

30-Jul-03

$6.65

$13.32

100%

sold half

NETE

15-Jan-03

$3.21

$12.27

282%

NETE

15-Jan-03

29-Aug-03

$3.21

$9.76

204%

sold half

PD

8-Sep-03

$46.50

$64.06

38%

IFN

27-Oct-03

$17.60

$19.45

11%

MF

27-Oct-03

$5.10

$5.92

16%

MO

3-Jan-03

17-Sep-03

$39.52

$45.03

14%

sold

JPM

3-Jan-03

17-Sep-03

$25.20

$34.82

38%

sold

EK

3-Jan-03

17-Sep-03

$36.58

$29.81

-19%

sold

SBC

3-Jan-03

17-Sep-03

$28.51

$23.31

-18%

sold

HON

3-Jan-03

17-Sep-03

$24.50

$30.01

22%

sold

ICGE

10-Jul-03

$0.47

$0.52

11%

As for the rest of 2003 Taipan open positions, Erin Beale is working to update that for you now. Look for the complete open position portfolio by next week. Congratulations once again on all of your gains.

Should you have an opportunity, please email Chris and me at icooper@agora-inc.com and let us know how these positions treated you. Thanks.

MMM

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