Steve Hoffmann, Director of Palisades Water Index Associates LLC and principal architect of the Index, said, "The Palisades Global Water Index brings, for the first time, a widely published indicator of the full potential of the global water industry. It is the premier measure for capturing the unprecedented increase in the economic value of water in the 21st century. We believe that this value will inevitably be unlocked as the global population adjusts to the linkages between human health, economic development and resource sustainability."

The water industry is poised for considerable growth as institutional changes and convergent technologies combine to address the global demand for clean water. Virtually every country in the world is presented with some combination of water quality and quantity issues that will require significant expenditures to resolve. The component companies in the index are positioned to benefit from the rapidly accelerating water resource challenges associated with the demands of growing world economies in conjunction with human health and ecological sustainability.

Mr. Hoffmann added, "The index is the culmination of over 25 years of experience with publicly traded water companies and is unique in its construction and inclusiveness. The companies in the Index are the difference makers in addressing and solving the water resource issues that we face on this planet. And it is clear that not only human health, but also environmental protection and economic development, are critically dependent upon effectively and efficiently managing this increasingly valuable resource."

Scott Ebner, Head of New Product Development at the Amex, said, "The Palisades Global Water Index targets companies that are at the forefront of a very dynamic and critically important global issue. The Amex enjoys being able to continue to work with expert partners to introduce innovative index ideas such as the Palisades Global Water Index."

Elias Azrak, founder of Palisades Water Index Associates LLC, added "We are looking forward to making this index the global benchmark for the water industry and will be looking forward to having this index listed around the world. We have already licensed the index for the launch of an ETF in the US and are currently working on securing other licenses around the world."

The Palisades Global Water Index is a modified equal-dollar weighted index comprised of 54 stocks, diversified across 19 economies and 12 currencies. The index is rebalanced each March, June, September and December. The index divisor was initially calculated to yield a benchmark value of 1,000.00 at the close of trading December 31, 2003. The index was created by, and is a trademark of, Palisades Water Index Associates LLC.