Corporate Leaders Receive Fourth Annual Emerald Asset Management 'E-3 Awards'.

Business Editors

The Eleventh Annual Groundhog Day Investment Forum

PHILADELPHIA--(BUSINESS WIRE)--Feb. 9, 2004

The Chief Executive Officers of Aqua America (NYSE:WTR), Martek Biosciences (NASDAQ:MATK) and XM Satellite Radio (NASDAQ:XMSR) are among seven corporate executives named as the recipients of the fourth annual "E-3 Awards," presented by Emerald Asset Management at the Eleventh Annual Emerald Groundhog Day Investment Forum. The Forum was held in Philadelphia on February 3, 2004.

Joseph Besecker, President of Emerald Asset Management said, "We created this unique award to recognize leaders who epitomize the qualities that are inherent in the most successful business leaders - qualities that reflect an entrepreneurial spirit and a commitment to excellence," adding, "The award's name - E-3 - reflects these criteria: the Emerald Entrepreneurial and Excellence Award."

Joseph Garner, Director of Research for Emerald, said, "These leaders have taken risks and fueled innovation. They have created jobs and built companies. They have bested their competitors and rewarded their employees and shareholders. They are leaders in every sense of the word."

Through an intensive multi-faceted process, Emerald's team of research analysts and portfolio managers identified corporate leaders who have demonstrated:

-- A creative "outside the box" approach to corporate

achievement;

-- An entrepreneurial approach that maximizes human initiative;

-- A corporate culture that promotes personal and corporate

excellence;

-- A demonstrated record of accomplishment: creating jobs,

stimulating growth, and enhancing shareholder value; and

-- An ability to effectively identify and adapt cutting-edge

technologies and processes.

The 2004 winners of the E-3 Award are:

Public Company Executive Awards:

Finalist:

-- Gary M. Parsons (Chairman) & Hugh Panero (President & CEO), XM

Satellite Radio Holdings (NASDAQ:XMSR)

Award Co-Winners:

-- Nicholas DeBenedictis, Chairman, President & CEO, Aqua

America, Inc. (NYSE:KDE)

-- Henry "Pete" Linsert, Jr., Chairman & CEO, Martek Biosciences

Corporation (NASDAQ:MATK)

Warren "Pete" Musser Private Company Executive Awards:

Finalist:

-- Stephen M. Goodman, Partner, Morgan, Lewis & Bockius

Award Co-Winners:

-- Robert L. Boughner, CEO, The Borgata

-- J. Brian O'Neill, Founder & Chairman, O'Neill Properties LP

The Eleventh Annual Groundhog Day Investment Forum showcased investment opportunities in some of the Mid-Atlantic region's fastest growing companies, as well as industry leaders from across the country. Senior management from over 40 public and private companies made 30-minute formal presentations during concurrent sessions. An archived webcast of the presentations can be found at www.teamemerald.com. The Forum was sponsored by Avondale Partners, Boenning & Scattergood, Duane Morris/Wescott Strategic Management, Greentree Brokerage Services, Jaffoni & Collins, Montauk Financial Group and Quaker Securities.

About Emerald Asset Management

Emerald Asset Management is a diversified investment services company that operates through its wholly owned subsidiary Emerald Advisers, Inc., and its Emerald Research and Emerald Venture Capital divisions. With over $1.5 billion in assets under management, Emerald Advisers, Inc. offers a series of research-driven investment products, including the Emerald Family of Mutual Funds and separately managed institutional portfolios. Emerald is headquartered in Lancaster, Pennsylvania and operates satellite offices in King of Prussia, Pennsylvania and San Diego, California.