PHOTOS OF THE 2005 GLOBAL ETF® AWARDS DINNER & WORKSHOP

Harry Tutwiler, Managing Director,Financial Products, Nasdaq,
James Pacetti, President, ETF INTERNATIONAL
Stuart Strauss, Partner, Clifford Chance US LLP
During the Awards Dinner Deborah Fuhr, Executive Director, Investment Strategies, MORGAN STANLEY
Michael Porter, Senior Research Analyst, LIPPER
John X. Li, Chief International Business Officer, China Asset Management, Co. Jerry Moskowitz, Managing Director, FTSE USA
Avi Nachmany, Executive Vice President & Director of Research, STRATEGIC INSIGHT
Ted Theodore, Chief Investment Officer & President, OAM AVATAR Deborah Fuhr, Executive Director, Investment Strategies, MORGAN STANLEY Stuart Thomas, Managing Director, WORLD GOLD TRUST SERVICES LLC
Tony Rochte, National Sales Manager - RIA Division, BARCLAYS GLOBAL INVESTOR SERVICES
Ram Kolluri, President & Chief Investment, GLOBALVALUE
Ben Fulton, Senior Vice President & Director, Product Development, POWERSHARES
Stephen Cucchiaro, President & Founder, WINDWARD INVESTMENT MANAGEMENT INC.
Simon Osborn, Managing Editor, INTERNATIONAL FUND INVESTMENT Cliff Weber, Senior V.P., ETF Marketplace, AMEX presenting award
Unknown Profile Cliff Weber, Senior V.P., ETF Marketplace, AMEX
David Blitzer,Index Committee Chairman, Standard & Poor's
Fern Jones, Investment Risk Manager, FJ LIMITED Michael Krause, President, ALTAVISTA INDEPENDENT RESEARCH INC.
Charles Biderman, President, TRIMTABS INVESTMENT RESEARCH
David Barone,Turning Point Securities, LLC
Paul Mazzilli, Morgan Stanley
John Jacobs,NASDAQ
Michael Porter, Senior Research Analyst, LIPPER
Deborah Fuhr, Executive Director, Investment Strategies, MORGAN STANLEY
Simon Osborn, Managing Editor, INTERNATIONAL FUND INVESTMENT
Bruno Guilot, AXA Investment Managers
Deborah Fuhr, Executive Director, Investment Strategies, MORGAN STANLEY
ATTENDEES AT THE GLOBAL ETF TRADE ASSOCIATION MEETING Gary MacDonald, Director of Marketing, SSgA The Honorable Dr. Philippa Malmgren, President, THE CANONBURY GROUP
Bob Pisani,NBC Universal,CNBC
Robert J. Shiller,Professor of Economics, YALE UNIVERSITY
Robert J. Shiller, Professor of Economics, YALE UNIVERSITY Robert J. Shiller, Professor of Economics, YALE UNIVERSITY Paul Mazzilli, Morgan Stanley
John Jacobs,NASDAQ
Robert J. Shiller,Professor of Economics, YALE UNIVERSITY
Larry Larkin, President, LARKIN CONSULTING LLC John X. Li, Chief International Business Officer, China Asset Management, Co.
Gary Ehrit, National Account Director,SSga
John Jacobs,NASDAQ Larry Larkin, President, LARKIN CONSULTING LLC Victoria Klein, iShares
Robert Mancuso, Senior V.P.,Investors Bank & Trust
Arlene Reyes, Chief Operating Officer, EXCHANGETRADEDFUNDS.COM Cliff Weber, Senior V.P., ETF Marketplace, AMEX
Simon Osborn, Managing Editor, INTERNATIONAL FUND INVESTMENT
Unknown Paul Mazzilli, Morgan Stanley James Pacetti, President, ETF INTERNATIONAL
Cliff Weber, Senior V.P., ETF Marketplace, AMEX James Pacetti, President, ETF INTERNATIONAL
Bob Pisani,NBC Universal,CNBC
Simon Osborn, Managing Editor, INTERNATIONAL FUND INVESTMENT
Victoria Klein, iShares