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S&P Announces Global Industry Classification Standard (GICS?) Changes To The S&P/CITIC Indices

Date 15/04/2005

On December 6, 2004, Standard & Poor’s and Morgan Stanley Capital International Inc. (MSCI) announced the results of the annual review of the Global Industry Classification Standard (GICS®). Due to this review, effective after the close of business April 29, 2005, a number of companies in the S&P/CITIC Indices will change GICS classifications. For information on the details of the GICS annual review, the new GICS structure along with new and modified definitions, please see www.standardandpoors.com/gics.

A complete list of S&P/CITIC 50 and S&P/CITIC 300 companies whose GICS will change as a result of this review follows at the end of this release. All changes will be implemented after the close of business on Friday, April 29, 2005.

Additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the companies concerned.

About Standard & Poor's

Standard & Poor's is the world's foremost provider of independent credit ratings, indices, risk evaluation, investment research, data and valuations. With approximately 6,000 employees located in 21 countries, Standard & Poor's is an essential part of the world's financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. For more information, visit http://www.standardandpoors.com.

About CITIC Securities

CITIC Securities Co., Ltd. is a subsidiary of CITIC Holdings, with core businesses in securities underwriting, brokerage, asset management, trading and investment consultation. By the end of 2002, CITICS' net assets reached over 5 billion RMB with 1,200 employees and 40 branch offices located in Mainland China. In the 2003 and 2004 AsiaMoney ranking of domestic financial institutions in key Asia-Pacific markets, CITIC Securities ranked No.1 among all the Chinese securities firms. The Company undertook an initial public offering of 400 million A-shares towards the end of 2002 and was listed on the Shanghai Stock Exchange on January 6, 2003. The CITIC indices are recognized as one of the most influential non-exchange index series in Mainland China. For more information, visit http://www.citics.com.

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