Revised CBOT Dow Divisors, Effective July 9, 2001

The Dow SM Jones Averages are price-weighted indexes and are calculated by dividing the sum of the prices of component stocks by a number called the index divisor.

The initial divisor of each Dow SM Jones Average was the number of stocks in the index. Hence the index was an arithmetic average of component stock prices. Divisors are adjusted over time to offset the effect of stock splits, constituent substitutions, and similar structural changes on the index. The Dow SM Jones Averages are now proportional to the arithmetic averages of their component stock prices:

• Dow SM Jones Industrial Average: .14850664
• Dow SM Jones Utilities Average: 1.6041980
• Dow SM Jones Transportation Average: .20890294
• Dow SM Jones Composite Average* .86472480

* Note: The Dow SM Jones Industrial Average and 65 stock Composite Average will be calculated with the above new divisors because of the AT&T Corp. (T) spin off of the remainder of the AT&T Wireless Services Inc