S&P Emerging Markets Database Index Announcement: Thailand_Treatment of the Merger Of DBS Thai Danu Bank And IFCT With Thai Military Bank

DBS Thai Danu Bank (EMDB Code 578204.1/SEDOL 6887928) and Industrial Finance Corp of Thailand (IFCT) (EMDB Code 578260.1/SEDOL 6458829), both existing S&P/IFCI index constituents, are being merged with Thai Military Bank (EMDB Code 578503.1/SEDOL 6887876), an S&P/IFCG index constituent. As a result of the merger, shareholders of DBS Thai Danu Bank will receive 0.9 shares of Thai Military Bank for every share held and shareholders of IFCT will receive 1.1240 shares of Thai Militay Bank for every share held.

As of June 25, 2004, Thai Military Bank has acquired 78.3% of the shares of IFCT and 85.2% of the shares of DBS Thai Danu Bank. New Thai Military Bank shares are tentatively scheduled to trade in the market on July 6, 2004 and the merger process will be completed in August 2004. Accordingly, S&P/EMDB will delete DBS Thai Danu Bank and IFCT after completion of merger and add Thai Military Bank to S&P/IFCI index coverage simultaneously. Further details on the merger and the newly merged entity will be posted once available.