January 2008 Preliminary IPO Report - A Monthly Report From STOXX Ltd. On European Initial Public Offerings (IPOs)

Based on the close of trading on January 29, in January 2008, 14 companies went public in Europe. No company was added to the Dow Jones STOXX IPO Indexes in January.¹

To be included in the Dow Jones STOXX IPO Indexes companies must have a free float market capitalization between 100 million EUR and 3 billion EUR on the listing date.²

The European companies which went public in January are as follows:

January 2008 European IPOs
Company Name	Country	Date of IPO	Date of inclusion in Dow Jones STOXX IPO Index (3 months	Date of inclusion in Dow Jones STOXX IPO Indexes (12 and 60 months)
AKRION INC	U.K.	11.01.2008	Not eligible
ANIMALCARE GROUP PLC	U.K.	15.01.2008	Not eligible
CAR TELEMATICS	France	15.01.2008	Not eligible
DANFOLD A/S	Denmark	07.01.2008	Not eligible
DESIGNCAPITAL PLC	U.K.	21.01.2008	Not eligible
ECOINVEST HOLDING NV	Germany	09.01.2008	Not eligible
FONTERELLI GMBH CO KGAA	Germany	07.01.2008	Not eligible
JAPAN LEISURE HOTELS LTD	U.K.	16.01.2008	Not eligible
LIFELINE SCIENTIFIC INC	U.K.	07.01.2008	Not eligible
PASAL DEVELOPMENT SA	Greece	04.01.2008	Not eligible
RV ASSURANCES	Belgium	25.01.2008	Not eligible
STEPPINGSTONE ASSOCIATES PLC	U.K.	10.01.2008	Not eligible
TURFTRAX GROUP LTD	U.K.	21.01.2008	Not eligible
WORLD ART NET	France	18.01.2008	Not eligible

The three best performing companies in the Dow Jones STOXX IPO Indexes in January were GAMING VC HLDG (U.K., Travel & Leisure), INVISTA REAL ESTATE INV. MNGT (U.K., Financial Services) and LANDI RENZO (Italy, Automobile & Parts) with a performance of 37.30%, 27.10% and 18.81% respectively.

For the Dow Jones STOXX IPO Index (3 months), companies are added one day after their actual IPO date and remain in the index for 3 months. This allows maximum participation in the IPO performance effect. For the Dow Jones STOXX IPO (12 months) and the Dow Jones STOXX IPO (60 months), companies are added on the second Wednesday following their IPO and remain in the index for 12 and 60 months, respectively.

Companies are removed from the indexes after the close of trading on the first Wednesday following 3, 12 and 60 calendar months of inclusion in the index.

The following companies were deleted from the Dow Jones STOXX IPO Index (3 months) in January 2008:

January 2008 deletions from Dow Jones STOXX IPO Index (3 months) (Price, EUR)
Name	Country	Date of IPO	Date of deletion from Dow Jones STOXX IPO Index (3 months)
ARSEUS	Belgium	05.10.2007	10.01.2008
CENTROTHERM PHOTOVOLTAICS	Germany	12.10.2007	17.01.2008
CODERE	Spain	19.10.2007	24.01.2008
CVS GRP	U.K.	10.10.2007	17.01.2008
PRONOVA BIOPHARMA	Norway	11.10.2007	17.01.2008
SPRON	Iceland	23.10.2007	24.01.2008
STRABAG	Austria	19.10.2007	24.01.2008
SYSTEMAIR	Sweden	12.10.2007	17.01.2008
USTER TECHNOLOGIES	Switzerland	19.10.2007	24.01.2008

In January, no company was deleted from the Dow Jones STOXX IPO Index (12 months) and one from the Dow Jones STOXX IPO Index (60 months).

JANUARY 2008 INDEX PERFORMANCE

The Dow Jones STOXX IPO Index (60 months) was the best performing Dow Jones STOXX IPO Index for the month with a loss of -13.89%, closing at 1786.89. The Dow Jones STOXX IPO Index (12 months) posted a loss of -15.88% with a closing value of 2302.97. The Dow Jones STOXX IPO Index (3 months) decreased -20.78% in January, closing at 2633.68.

During the same time period, the Dow Jones STOXX 600 Index decreased -11.06%, closing at 324.31 and the Dow Jones STOXX 50 Index lost -11.59%, closing at 3256.69.

As of January 29, 2008, Industrial Goods & Services has the highest weight in the Dow Jones STOXX IPO Index (3 months) with 45.60%, in the Dow Jones STOXX IPO (12 months) with 40.69% and in the Dow Jones STOXX IPO Index (60 months) with 21.68%.

From a country perspective, the U.K. has the highest weight in the Dow Jones STOXX IPO Index (12 months) and in the Dow Jones STOXX IPO Index (60 months) with 17.86% and 22.82% respectively. Belgium weighs 27.34% in the Dow Jones STOXX IPO Index (3 months).

New Page 3

	Performance
Dow Jones STOXX IPO Index (Price, EUR)	January 2008	YTD 2008	Q4 2007	2007
Dow Jones STOXX IPO Index (3 months)	-20.78%	-20.78%	-2.60%	-3.65%
Dow Jones STOXX IPO Index (12 months)	-15.88%	-15.88%	-6.69%	4.40%
Dow Jones STOXX IPO Index (60 months)	-13.89%	-13.89%	-3.48%	-0.33%

Dow Jones STOXX 600 Index	-11.06%	-11.06%	-3.50%	-0.17%
Dow Jones STOXX 50 Index	-11.59%	-11.59%	-3.57%	-0.36%

The Dow Jones STOXX IPO Indexes measure the performance of the European IPO market in three different time horizons – 3, 12 and 60 months – based on the duration a component remains in the respective index.

Further information on the Dow Jones STOXX IPO Indexes is available at www.stoxx.com.

¹ Includes all IPOs that are domiciled and traded at the major exchanges of 18 European countries (Austria, Belgium, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom) and that are available on major data providers and surpass a minimum size.

²The index universe is defined as all IPO companies in the equity market which would be eligible for the Dow Jones STOXX Total Market Index. Free float market capitalization on the listing date is calculated by multiplying the number of shares with the IPO offer price and with the float factor, defined as IPO shares divided by total shares outstanding.