CLUB INVERSIONISTA HISPANO ®      An Investment club

TOP 15 HOLDINGS UPDATE (9/12/03)                  FACT SHEET AS OF AUGUST 31, 2003

Club Inversionista Hispano, hereafter "the Club" is actively engaged in the business

of securities. We are an Investment Club, not a mutual fund, not a limited partnership

or any other type of corporation. We adhere to the SEC laws addressing Investment

Clubs. We reserve the right to alter the contents of all our documents.

Materials provided are for informational purposes only. No mention of a particular

security in any of the Club's material constitutes a recommendation to buy, sell, or

hold that or any other security, or that any particular security, portfolio of

securities, transaction or investment strategy is suitable for any specific person.

The opinions expressed herein belong to the Club. The Club does not guarantee

or warrant the adequacy, accuracy, completeness or current state of any information,

the suitability or profitability of any particular investment, or the potential

value of any investment or informational source. Investments in securities,

commodities or futures have inherent risk, and a person takes such risks

knowingly and bears full responsibility for his/her own investment research and

decisions.

The Club will not be liable for any loss or injury resulting directly or indirectly

from use of our material, whether or not caused in whole or in part by the Club's

negligence or by contingencies beyond the Club's control. The Club will not be

responsible or liable directly or indirectly, for any loss or damage caused by

use of or reliance on or inability to use or access our materials. Our materials

are provided "as is" and "as available" and the Club makes no warranty of any

kind, express or implied, including, without limitation, any warranties mentioned

and not mentioned herein.

Investing in the Markets is by definition a risky activity. The risks associated

impact the value of each and every investment we participate in. Its very

possible that the account of any members at the time of departure may be

worth less than the amounts contributed by that member. The Securities

and Exchange Commission (SEC) has not approved or disapproved the

accuracy or completeness of the materials or any other matter of the Club.

We by making this and any information available are not engaging in advertisement

nor seeking new members by making our material available on any medium.

Club Members in proportion to their ownership stake are responsible for paying 

any tax apportioned to him/her individual account within the Club.