Important Disclaimer

Past performance does not guarantee future performance. There are risks in investing including the risk of capital loss. ChartwellETFadvisor.com is sponsored by Chartwell Partners, Inc. which is a private firm completely independent of iShares® and Barclays Global Investors.

While we have chosen iShares® and other ETFs as our core investment tools in our model portfolios. We also have or will have at certain times, positions in other ETFs, index funds, stocks, closed-end funds, mutual funds and other securities as we see fit.

We hereby without reservation waive all copyright protection regarding information about iShares®, Rydex funds, Tocqueville Funds, Matthews Funds, Vangaurd Funds or ETFs or other investment products which we describe and evaluate for the benefit of our subscribers.

Copyright © 2005 Chartwell Partners, Incorporated. All rights reserved.

DISCLAIMERS AND DISCLOSURES:

1. The Chartwell Advisor, Chartwell Advisor.com and The Independent Global Adviser for iShares Investors is a web site and newsletter which, along with its related publications is edited by Carl Delfeld and published by Chartwell Partners, Inc., and offered to the general public on a subscription basis.

2. Excepting personal holdings of open ended mutual funds, newsletter subscribers will receive the benefit of Carl Delfeld's disinterested commentary, analysis, opinions, advice and recommendations. The Newsletter is impersonal and does not provide individualized advice or recommendations for any specific subscriber or portfolio.

3. Investing involves substantial risk. Neither the Editor, the publisher, nor any of their respective affiliates make any guarantee or other promise as to any results that may be obtained from using the Newsletter. While past performance may be analyzed in the Newsletter, past performance should not be considered indicative of future performance. No subscriber should make any investment decision without first consulting his or her own personal financial advisor and conducting his or her own research and due diligence, including carefully reviewing the prospectus and other public filings of the issuer. To the maximum extent permitted by law, the Editor, the publisher and their respective affiliates disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations in the Newsletter prove to be inaccurate, incomplete or unreliable, or result in any investment or other losses.

4. The Newsletter’s commentary, analysis, opinions, advice and recommendations represent the personal and subjective views of the Editor, and are subject to change at any time without notice.

5. The information provided in the Newsletter is obtained from sources which the Editor believes to be reliable. However, the Editor has not independently verified or otherwise investigated all such information. Neither the Editor, the publisher, nor any of their respective affiliates guarantees the accuracy or completeness of any such information.

6. The Newsletter is not a solicitation or offer to buy or sell any securities. Further, the Newsletter is in no way intended to be a solicitation for private money management services offered by Chartwell Partners, Inc.

7. Subscribers may submit questions to the Editor by e-mail to info@ChartwellETFadvisor.com. However, since the Newsletter is impersonal and does not provide individualized advice for specific subscribers, the Editor can only answer questions of a general nature about the markets or specific securities. The Editor will make every effort to answer subscriber questions on our web site or in the pages of an upcoming issue of the Newsletter.

8. Neither the Editor, the publisher, nor any of their respective affiliates is responsible for any errors or omissions in any Newsletter.

9. Any subscriber who would like a copy of these “Disclaimers and Disclosures” may request a copy by calling 877-221-1496 or writing to Chartwell Partners, 8430 Lauralwood, Colorado Springs, CO 80919 Attention: Disclosure, whereupon a copy will be mailed or faxed to such subscriber.

Trademarks:

iShares® is a registered trademark of Barclays Global Investors, N.A. (BGI). BGI® is a registered trademark of Barclays Bank PLC. Chartwell Partners is in no way affiliated with either Barclays Global Investors, N.A. or Barclays Bank PLC. Neither Barclays Global Investors, N.A. nor Barclays Bank PLC makes any representations regarding the accuracy of the information contained on this website. For complete information about iShares®, call 1-800-ISHARES (1-800-474-2737) or visit www.ishares.com.

Standard & Poor's®, S&P®, S&P 100®, S&P 500®, and S&P SmallCap 600® are registered trademarks of McGraw-Hill Inc. The Russell 2000® Index is a registered trademark of Frank Russell Company. Nikkei 300® is a registered trademark of Nihon Keizai Shimbum Inc.

The Nasdaq-100 Index®, Nasdaq-100®, The Nasdaq National Market® and Nasdaq® are registered marks of The Nasdaq Stock Market, Inc. ("NSM") and The Nasdaq Stock Market, NDX and NDS are service marks of NSM. These marks are licensed for use by the Chicago Board Options Exchange, Inc. in connection with the trading of options based on the Nasdaq-100 Index. Such options have not been passed on by NSM as to their legality or suitability, and such options are not issued, endorsed, sold or promoted by NSM. NSM MAKES NO WARRANTIES AND BEARS NO LIABILITY WITH RESPECT TO SUCH OPTIONS.

The Goldman Sachs Technology Indexes are the property of Goldman, Sachs & Co. (Goldman Sachs) and have been licensed to the Chicago Board Options Exchange in connection with the trading of options based upon the indexes. Goldman Sachs assumes no liability in connection with the trading of any contract based upon any of the indexes. GSTI is a trademark of Goldman Sachs.

The "Morgan Stanley Multinational IndexSM is a service mark of Morgan Stanley & Co. Incorporated and has been licensed for use by the Chicago Board Options Exchange, Incorporated. Morgan Stanley does not calculate the Morgan Stanley Multinational Index (the "Index"), options on the Morgan Stanley Multinational Index ("Index Options") are not sponsored by Morgan Stanley and Morgan Stanley does not guarantee, nor is Morgan Stanley liable in any way for, the accuracy or completeness of the Index or make any warranty, express or implied, as the results to be obtained by anyone in connection with the use of the Index and further disclaims all warranties or merchantability or fitness for a particular purpose with respect to the Index. Morgan Stanley assumes no liability or obligation in connection with the trading of the Index Options.

CAPS®, CBOE Volatility Index®, FLEX®, FLexible EXchange®, LEAPS®, MNX®, OEX®, The Options Toolbox®, VIX®, XEO® CBOE®, and Chicago Board Options Exchange®, are registered trademarks of Chicago Board Options Exchange, Incorporated. Best Execution Assurance ProgramSM, CBOEdirecttm, CBOEFLEX.NETSM, Index WorkbenchSM, Long-term Equity AnticiPation SecuritiesSM, VXNSM and SPXSM are trademarks of Chicago Board Options Exchange, Incorporated.

The Lipper Analytical/Salomon Brothers Growth Funds IndexSM and the Lipper Analytical/Salomon Brothers Growth and Income Funds IndexSM are the property of and joint servicemarks and trademarks of Lipper

Analytical Services, Inc. (Lipper) and Salomon Brothers Inc. (Salomon), and have been licensed to the CBOE in connection with the trading of options and other products based upon the indexes. Neither Lipper nor Salomon assumes any liability in connection with the trading of any contract based upon the indexes.

MSCI, EAFE, iShares®, BGI and the MSCI index names are service marks of Morgan Stanley Capital International Inc. ("MSCI"), its licensors or their affiliates (the "MSCI Parties") and have been licensed for use by the Chicago Board Options Exchange. Option contracts on any exchange-traded fund based on an MSCI index are not sponsored, guaranteed or endorsed by MSCI, the issuer of such fund or their affiliates. None of the MSCI Parties makes any representations regarding the advisability of investing in such option contracts. None of the MSCI Parties makes any warranty, express or implied, or bears any liability as to the results to be obtained by any person or any entity from any option contract. No purchaser, seller or holder of this security, or any other person or entity, should use or refer to any trade name, trademark or service mark relating thereto to sponsor, endorse, market or promote any other security without first contacting MSCI to determine whether MSCI's permission is required. For complete information about iShares®, request a prospectus by calling 1-800-iSHARES (1-800-474-2737). iShares® are distributed by SEI Investments Distribution Co. Barclays Global Fund Advisors serves as an advisor to iShares® and is a subsidiary of Barclays Global Investors, N.A., (BGI) neither of which is affiliated with SEI. iShares®® is a registered trademark of Barclays Global Investors, N.A. iShares® are not FDIC insured, have no bank guarantee, and may lose value.

Other names, logos, designs, titles, words or phrases in this publication may constitute trademarks, service marks, or trade names of Chicago Board Options Exchange, Incorporated or other entities and which may be registered in certain jurisdictions.