Free Float Shares And IWF Increase For Hebei Jinniu Energy & Resources Co., Ltd. In The S&P/CITIC 300

Following the approval of majority shareholders, Hebei Jinniu Energy & Resources Co., Ltd. (China, Ticker: SZ000937, SEDOL: 6170015, GICS: Industrials, GICS Codes: 10102050), a member of S&P/CITIC 300, announced that the company’s compensation plan of bonus shares at a ratio of 10:2.5 will take effective on June 28, 2005. The company also disclosed that as of June 22, the conversion of convertibles has increased the float to 246,876,910. Accordingly, Standard and Poor’s and CITIC Securities will make the following changes in the S&P/CITIC 300 Index effective the close of trading Monday, June 27, 2005.

Step 1: Conversion of convertibles

The conversion of convertibles generated 31,587,841 new shares. As a result, the new float will increase to 246,876,910. Index divisor shall be adjusted.

Step 2: Compensation to public shareholders

Since the additional shares will come from the controlling shareholders, and the current public shareholders will receive the shares at zero cost, this corporate action shall be treated as stock dividends with no divisor adjustment. Following is a summary of the announced changes.

S&P/CITIC 300 - effective on June 27, 2005 after the market close
Steps	Index	Company Name	New Total Float Shares	New IWF	Index Divisor
Step 1	S&P/CITIC 300	Hebei Jinniu Energy & Resources Co., Ltd.	246,876,910	0.3219	To be adjusted
Step2	S&P/CITIC 300	Hebei Jinniu Energy & Resources Co., Ltd.	308,596,138	0.4024	No adjustment

Handling of the corporate action should not be reviewed as precedent for future corporate actions of similar nature.

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