Alstom Shares Increase And IWF Change In The S&P European Indices

Standard & Poor’s will make the following changes in the S&P Europe 350, S&P Euro Plus and S&P Euro indices effective the close of trading Wednesday, July 14, 2004:

• Alstom (France, SEDOL: 5474978, GICS: Industrials, GICS Code: 20104020), a member of the S&P Europe 350, S&P Euro Plus and S&P Euro indices, shares will increase to 1,297,211,259 and IWF (Investable Weight Factor) will change from 1.00 to 0.815. This is following the bonds (TSDDRA) conversion into ordinary shares by the French State, which as a result becomes a shareholder with an 18.5% holding in Alstom ordinary shares.

Standard & Poor's is a leader in providing highly valued financial data, analytical research and investment and credit opinions to the global capital markets. Among the company's many products are the S&P Global 1200, the first real-time, global equity index, the S&P 500, the premier U.S. portfolio index, and credit ratings on more than 220,000 securities and funds. With 5,000 employees located in 20 countries, Standard & Poor's is an integral part of the world's financial architecture. Additional information is available at www.standardandpoors.com

Founded in 1888, The McGraw-Hill Companies is a global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands such as Standard & Poor's, BusinessWeek and McGraw-Hill Education. The Corporation has more than 322 offices in 33 countries. Sales in 2003 were $4.8 billion. Additional information is available at www.mcgraw-hill.com.