Pennsylvania Avenue Funds (-)

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• Purchase • Sale • Planned purchase • Planned sale Net purchase Net sale Activity signal Earnings

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HOLLY RICHARD

1 purchase — total 4,700 USD

Buy 23 Feb 2004

Value US$2,846,205.39 | Price 51.06 | Shares 92,973

HOLLY RICHARD

1 purchase — total 100 USD

Buy 5 Mar 0004

Value US$4,001,227.19 | Price 328.10 | Shares 9,482

Abbreviations B: Buy, S: Sell, PP: Planned purchase, PlS: Planned sale, PrS: Proposed sale, O: Option / Other

Notification date	Transaction date	B/S Transaction type	Insider and/or position	Nb. shares Price Value	Number of shares	Price	Value	Details
2004-03-04	2004-02-23	B Purchase	HOLLY RICHARD Non-Executive Director	92,973 -2.1% 51.06 US$2,846,205	92,973 -2.1%	51.06	US$2,846,205
2004-03-09	0004-03-05	B Purchase	HOLLY RICHARD Non-Executive Director	9,482 -45.3% 328.10 US$4,001,227	9,482 -45.3%	328.10	US$4,001,227

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