S&P Emerging Markets Database Index Announcement: India-Treatment Of Larsen & Toubro’s Demerger (Preliminary)

Larsen & Toubro Ltd. (Sedol 6100164/EMDB Code 534510.1), an S&P/IFCG and S&P/IFCI India constituent, is demerging its cement business into a new entity called UltraTech CemCo Ltd. The trading of Larsen & Toubro Ltd will be suspended on May 24, 2004. S&P/EMDB will not do adjustment to the indices at this moment and will keep the closing price on the last trading day through the suspension period. For index calculation purpose, the spin-off will be treated as a stock split and adjustment will be made on the day when Larsen & Toubro resumes trading. Further announcement related to this event will be made once more information is available.