Indice General De La Bolsa De Madrid (IGBM) Index New Composition For 2004 - A New Portfolio Has Been Created Which Tracks The Index

The Indice General de la Bolsa de Madrid (IGBM) Management Committee has decided, in accordance with technical provisions for the composition and sectorial division of the IGBM and the Indice Total indices, to approve the composition of the IGBM and Indice Total indices for the first half of 2004. The index is to add six stocks while 5 others are to leave the index. Therefore the IGBM will contain 107 stocks in the first half of 2004.

As for the stocks excluded from the index, Banco Zaragozano and Parques Reunidos will leave the index as a consequence of bid operations and Inmobiliaria Bami, Grupo Dragados and Energía e Industrias Aragonesas will leave the index on account of a merger. The new stocks which are to be included in the index are as follows: Antena 3 TV, Grupo Inmocaral, Tafisa, Tubos Reunidos, Española del Zinc and Sotogrande.

Beginning January 1 st , Bolsa de Madrid will calculate and disseminate a portfolio made up of the same stocks as those which make the IGBM. It will be done in such a way that the weighting of each stock on the portfolio will be identical to that on the index. The objective is to help the investing community track the index. At the beginning of 2004 the Bolsa de Madrid's website will show the index-tracking portfolio.

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