Bayer AG and RWE AG IWF Changes In The S&P European And S&P Global 100 Indices

Standard & Poor’s will make the following changes in the S&P Europe 350, S&P Euro Plus, S&P Euro and S&P Global 100 indices effective after the close of trading Tuesday, January 25, 2005:

• Bayer AG (Germany, SEDOL: 5069211, GICS: Materials, GICS Code: 15101020), a member of the S&P Europe 350, S&P Euro Plus, S&P Euro and S&P Global 100 indices, Investable Weight Factor will change from 0.943 to 1. This is a result of Allianz reducing its holding in the company to less than 5% of shares outstanding.
• RWE AG (Germany, SEDOL: 4768962, GICS: Utilities, GICS Code: 55103010), a member of the S&P Europe 350, S&P Euro Plus and S&P Euro indices, Investable Weight Factor will change from 0.8 to 0.889. This is following Allianz and Munich Re both reducing their holdings to below 5% of shares outstanding.

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