Second FTSE-Med 100 Index Review

Representatives of the Athens Exchange, the Tel-Aviv Stock Exchange, the Cyprus Stock Exchange and of FTSE Group, met today, 12th of May 2004 at the premises of the Cyprus Stock Exchange, for the second meeting of the Advisory Committee for the FTSE-Med 100 Index. The FTSE - Med 100 Index which was launched on the 19/6/2003, is composed of 100 stocks of the three Exchanges, some of which are also listed on US and other European securities markets.

The Advisory Committee of the index consists of representatives from the three Exchanges and from the Global Index provider “FTSE Group”. During this meeting, the committee reviewed the operation of the index for the six month period between November 2003 - April 2004 in accordance with the Ground Rules which are based on international standards.

It was commonly agreed that during this period of the operation of the FTSE Med 100 Index, the index achieved the basic aim of strengthening the cooperation between the three Exchanges in the region, offering at the same time a useful ‘tool’ to the investors in the three countries and internationally, to assess trends and developments in the markets.

Following the meeting the Committee announced that after applying the Ground Rules, no changes are required to the constituents of the FTSE Med 100 Index.

A report showing analytical date and past performance of the FTSE Med 100 Index is available from the web-site of FTSE (www.ftse.com).

A list of the reviewed 100 constituent companies is attached.

FTSE Med 100 Index Report (30 April 2004)