CFA Institute Names Martin L. Leibowitz of New York, N.Y. Recipient of the Award for Professional Excellence; Six Other Professionals Recognized for Their Achievements.

CHARLOTTESVILLE, Va. -- Please replace the release dated May 10, 2005 with the following corrected version due to multiple revisions.

The corrected release reads:

CFA INSTITUTE NAMES MARTIN L. LEIBOWITZ OF NEW YORK, N.Y. RECIPIENT OF THE AWARD FOR PROFESSIONAL EXCELLENCE; SIX OTHER PROFESSIONALS RECOGNIZED FOR THEIR ACHIEVEMENTS

Martin L. Leibowitz, of New York, N.Y., is the latest recipient of the prestigious Award for Professional Excellence, which is periodically presented to a member of the investment profession whose exemplary achievement, excellence of practice and true leadership have inspired and reflected honor upon the profession to the highest degree.

Leibowitz is the ninth recipient of the award since its inception in 1991. Past winners include Warren E. Buffett, John B. Neff, CFA, Peter L. Bernstein, and, most recently in 2003, Charles D. Ellis, CFA.

The Award for Professional Excellence is not the first recognition Leibowitz has received from CFA Institute - in 1995 he received the Nicholas Molodovsky Award, and in 1998, the James R. Vertin Award. Leibowitz has authored more than 150 articles, 10 of which have received the Financial Analysts Journal's Graham and Dodd Award of Excellence, as well as several books.

In 2004, he published Franchise Value (John Wiley & Co.), a compilation of studies on equity valuation, and Inside the Yield Book (Bloomberg Press), a revised edition of his study on bond investment. The latter was first published in 1972, has been reprinted 21 times and remains a standard in the investment field.

Prior to joining the Morgan Stanley Equity Research global strategy team as managing director, Leibowitz was vice chairman and chief investment officer at TIAA-CREF Investment Management, LLC where he managed more than $300 billion in equity, fixed income and real estate assets from 1995 to 2004. Previously, he was director of global research at Salomon Brothers, responsible for both fixed income and equities, and served on the firm's Executive Committee.

Leibowitz holds a BA and an MS from the University of Chicago and a PhD in mathematics from the Courant Institute of New York University.

CFA Institute also presented awards to six other leaders in the investment profession for their outstanding contributions to the financial services industry. This year's other honorees are:

--John J. McCabe received the Daniel J. Forrestal III Leadership Award for Professional Ethics and Standards of Investment Practice, which is periodically presented to a CFA Institute member who has championed the pursuit of excellence in professional ethics and standards of practice and who has provided outstanding leadership in elevating the integrity and competence of the global investment profession. McCabe, one of the country's early leaders and recognized authorities on corporate governance and shareholder rights, developed and chaired the New York Society of Security Analysts (NYSSA) Corporate Governance and Shareholder Rights Committee. He served as the first chair of the CFA Institute Advocacy Committee and led the task force that created guidelines for "Establishing a Proxy Voting Policy for Professional Investors." McCabe continues to speak and write on this topic and its relationship to the wealth creation and capital formation process. In addition to being a founding Governor, McCabe is a past director of the Financial Analysts Federation (one of the two organizations that merged to form the Association for Investment Management and Research, now CFA Institute) and a past president of the NYSSA. He also was named NYSSA's Volunteer-of-the-Year twice. Currently, McCabe is the chief equity strategist at Shay Assets Management, where he co-manages both the John Hancock Large Cap Select Fund and the AMF Large Cap Equity Institutional Fund, which are large capitalization core funds for individual and institutional investors.

--Donald L. Tuttle, CFA was awarded the Alfred C. Morley Distinguished Service Award for his leadership, exceptional stewardship and outstanding service on boards or committees. Tuttle's contributions to CFA Institute and its predecessor organizations began long before he became employed full-time at CFA Institute in 1992. For 18 years, Tuttle served as a member of the ICFA's CFA Digest Editorial Board. He also sat on the Board of Trustees, the Candidate Curriculum Committee, the Council of Examiners, and he served as a CFA exam grader for many years. In 1990, Tuttle was awarded the CFA Institute C. Stewart Sheppard Award in recognition of his service to the investment management profession, and in 2001, he was among the first award recipients of the Donald L. Tuttle Award for excellence in CFA examination grading. A native of Miami, Tuttle taught finance at the University of Florida, University of North Carolina at Chapel Hill and Indiana University, Bloomington, prior to his tenure with CFA Institute.

--Jeremy Siegel was awarded the Nicholas Molodovsky Award for his outstanding contributions to the elevation of standards within the investment profession. Siegel is the Russell E. Palmer Professor of Finance at the Wharton School of the University of Pennsylvania and the academic director of the U.S. Securities Industry Institute. He is the author of numerous professional articles and two books. Siegel's most recent publication, Stocks for the Long Run, was named by Business Week as one of the top 10 business books published in 1994, and by James Glassman of the Washington Post as one of the 10 best investment books of all time. An expanded third edition of Stocks for the Long Run was published in June 2002. Siegel is the 1992 winner of the Graham and Dodd Award from the Financial Analysts Journal.

--Janet T. Miller, CFA was the recipient of the C. Stewart Sheppard Award for her dedicated effort and inspiring leadership in fostering the education of professional investors through the CFA program and continuing education initiatives. Miller is a partner at Rowland & Company in Atlanta, Ga., and a past president of the Atlanta Society of Financial Analysts. She has served CFA Institute in many capacities, including as Governor and Chair of the Performance Oversight Committee, as well as a member of the Public Awareness Committee and the Council of Examiners. Miller has also participated in CFA examination grading.

--Andrew W. Lo received the James R. Vertin Award, which is periodically given to individuals who have produced a body of research notable for its relevance and enduring value to investment professionals. Lo is Harris & Harris Group Professor of Finance at the Sloan School of Management at Massachusetts Institute of Technology and director of MIT's laboratory for financial engineering. He is the co-author of the books The Econometrics of Financial Markets and A Non-Random Walk Down Wall Street. Lo is a past recipient of the Graham and Dodd Award from the Financial Analysts Journal and the Paul A. Samuelson Award from TIAA-CREF.

--John M. Rickel, CFA was awarded the Society Leader Award for his spirit of volunteerism, support for local member societies and development of society best practices. Rickel manages Rickel Capital Asset & Portfolio Management, LLC, of Grosse Pointe Farms, Mich. Rickel has served The Investment Analysts Society of Detroit as its secretary, treasurer, program chair and president. In 2000, Rickel was elected to a one-year term as the CFA Institute Midwest Presidents' Council Representative (PCR). From 2001 to 2004, he was the worldwide chair of the PCRs and passionately advocated the interests of local societies, chapters and individual members.

These awards were presented in Philadelphia on May 8, preceding the 2005 CFA Institute Annual Conference.

CFA Institute is the global, non-profit professional association that administers the Chartered Financial Analyst(R) curriculum and examination program worldwide and sets voluntary, ethics-based professional and performance-reporting standards for the investment industry. CFA Institute has more than 76,000 members in 119 countries. Its membership includes the world's 64,000 CFA charterholders, as well as 131 affiliated professional societies and chapters in 52 countries and territories. CFA Institute is headquartered in Charlottesville, Va., USA, with additional offices in London and Hong Kong. More

information may be found at www.cfainstitute.org or by calling 1-800-247-8132 or 1-434-951-5499 in the U.S., 44-207-712-1719 in London or 852-2868-2700 in Hong Kong.