Text of Letter

HORLEY & HORLEY Public Accountants

18 June 2007

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 over the period the 1 January 2000 to 31 December 2006.

Allowing for deposits, withdrawals and transaction costs, a $10,000.00 investment in this portfolio has grown to $31,874.23.

This represents an average annual return of 18.01 per cent.

Over the same period the S&P 500 Index decreased from 1469.25 to 1,418.30.

This is equivalent to $10,000.00 decreasing to $9,653.22 giving an average annual return of negative 0.50 per cent.

Yours faithfully,

(Signed)

J J ZWARTEVEEN
Senior Accountant