Stephen J. McCarthy

STEPHEN J. McCARTHY, CFA, is a Principal of State Street Global Advisors
and a Regional Portfolio Manager in the firm’s Active Emerging Markets
team. He has extensive experience investing in international markets and
has met with companies in over 40 countries. Prior to joining SSgA in
1998, Mr. McCarthy was at Batterymarch Financial Management, where he
served as an emerging markets portfolio manager. Before that, he was
with the Federal Reserve, monitoring the safety and soundness of New
England banks. He was also a desk officer and country analyst at
international commercial banks. Mr. McCarthy holds his AB from Harvard
College, a master’s degree in Classics and Philosophy from Corpus
Christi College, Oxford University, U.K. and an MBA from Columbia
University. He earned the Chartered Financial Analyst designation and is
a past president of the Boston Security Analysts Society, an affiliate
of CFA Institute.

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October 18, 2004