Banche Popolari Unite SCRL Will Replace Alitalia SPA 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 Monday, May 10, 2004:

Banche Popolari Unite SCRL (Italy, SEDOL 7622225, GICS: Financials, GICS Code: 40101010) will replace Alitalia SPA (Italy, SEDOL 5140343) in the S&P Europe 350, S&P Euro Plus and S&P Euro Indices after the close of trading on Monday, May 10, 2004. Alitalia SPA is being deleted from the S&P Europe 350, S&P Euro Plus and S&P Euro Indices due to the company’s low market capitalization.

Banche Popolari Unite SCRL attracts deposits and offers business loans, pension and investment funds management, mortgages, insurance, and online securities brokerage services. The number of shares outstanding is 318,775,785 and the Investable Weight Factor will be 1.00. The company, headquartered in Milan, will be added to the S&P Europe 350 GICS (Global Industry Classification Standard) Diversified Banks sub-industry.

Following is a summary of the announced changes:

S&P Europe 350 S&P United Kingdom – close of trading May 10, 2004
	COMPANY	GICS ECONOMIC SECTOR	GICS ECONOMIC SECTOR
ADDED	Banche Popolari Unite SCRL	Financials	Diversified Banks
DELETED	Alitalia SPA	Industrials	Airlines

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