April 10, 2003
The Pierre Hotel, New York City

Herbert D. Blank
President
QED International Associates, Inc.

Herb Blank has more than 20 years of experience in quantitative research and investment management. He is President of QED International Associates, Inc.(QEDI) -- a network of consultants specializing in designing, researching, and developing quantitative investment concepts and strategies. Special areas of expertise include index development, exchange-traded funds ("ETFs"), and asset allocation.
QEDI consultants frequently author papers and articles and speak at industry conferences.

Before founding QED International in 1997, Herb served as Chief Investment Officer of the CountryBaskets Index Fund for Deutsche Bank in New York. The nine country funds were the first open-end ETFs to trade on the New York Stock Exchage.

Prior to joining Deutsche Bank Securities in 1994, he was a Senior Quantiative Analyst at Value Line, Inc., in New York, where he designed and managed tilted index funds. Herb holds an MBA in Finance from NYU's Stern School Of Business and a B.A. in Mathematics from the University of Pennsylvania.


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