Percent

2003 range² Year-end change from

Country and Index High Low close 12/31/2002

Argentina, Merval 1078 521 1072 104

Australia, Sydney All Ordinaries 3311 2673 3306 11

Belgium, Brussels BEL20 2244 1427 2244 11

Brazil, Bovespa 22,236 9995 22,236 97

Canada, Toronto Composite 8261 6220 8221 24

China, Shanghai Composite 1631 1317 1497 10

Denmark, KFX 263 169 244 23

Finland, HEX General 6421 4703 6032 4

France, Paris CAC 40 3558 2403 3558 16

Germany, Frankfurt Xetra DAX 3965 2203 3965 37

Hong Kong, Hang Seng 12,594 8409 12,576 35

Hungary, Bux 9914 7031 9380 20

Iceland, ICEX-MAIN 2077 1404 2075 44

India, Sensex (BSE-30) 5839 2924 5839 73

Ireland, ISEQ Overall 4921 3733 4921 23

Italy, Milan Banca Comm. Ital. 1287 959 1257 15

Japan, Nikkei Average 11,162 7608 10,677 24

Mexico, IPC 8795 5746 8795 44

Netherlands, The, CBS All Share 487 330 486 5

Pakistan, KSE-100 4604 2356 4472 66

Philippines, Manila Composite 1451 999 1442 42

Poland, Wig 22,034 13,503 20,820 45

Russia, RTS 643 336 567 58

Singapore, SES All-Singapore 490 327 476 36

South Africa, Johannesburg All Share 10,387 7361 10,387 12

South Korea, Composite Index 822 515 811 29

Spain, Madrid Stock Exchange 810 577 808 27

Switzerland, SPI General 3962 2603 3962 22

Taiwan, Weighted Price 6142 4140 5891 32

Thailand, Bangkok SET 772 351 772 117

United Kingdom, FTSE 100 4477 3287 4477 14

United States, Dow Jones Industrials 10,454 7524 10,454 25

United States, Nasdaq Composite 2010 1271 2003 50

United States, NYSE Composite³ 6464 4487 6464 29

United States, Russell 2000 565 346 557 45

United States, S&P 500 1112 801 1112 26

World, MS Capital International 1035 705 1035 32

²Based on daily closing price.

³Index recalculated in January 2003 to a base value of 5000.

Sources: Financial Times, The Wall Street Journal, www.hkex.com.hk.