Text of Letter

HORLEY & HORLEY Public Accountants

5 August 2005

Dr John Price
Conscious Investing USA Inc
508 Nth 2nd St Suite 207
FAIRFIELD IA 52556

Dear Sir,

I have examined the E-Trade (USA) investment record of Dr John Price for the period the 1 January 2000 to 30 June 2005.

Allowing for deposits, withdrawals and transaction costs, a $10,000.00 investment in this portfolio has grown to $31,979.12 over this period.

This represents an average annual return of 23.54 per cent.

Over the same period the S&P 500 Index decreased from 1469.25 to 1191.33 which is equivalent to $10,000.00 decreasing to $8108.42 giving an average annual return of minus 3.74 per cent.

Yours faithfully,
HORLEY & HORLEY

(Signed)

J J ZWARTEVEEN