Standard & Poor’s Announces Changes In The S&P Japan 500, S&P Japan MidCap 100 And S&P Japan SmallCap 250 Indices

Standard & Poor’s will make the following changes in the S&P Japan 500 and its sub-indices effective after the close of trading Wednesday, July 7th, 2004:

1. Deletions and additions

   (1) Deletions and additions at the S&P Japan 500
   JSAT Corp (Japan, SEDOL: 6269184, GICS: Telecommunication Services, GICS Code: 50101010) will be added to the S&P Japan 500, replacing Vodafone Holdings K.K. (Japan, SEDOL: 6475497, GICS: Telecommunication Services, GICS Code: 50101020).

   (2) Deletions and additions at the S&P Japan MidCap 100
   Central Glass Co Ltd (Japan, SEDOL: 6184306, GICS: Industrials, GICS Code: 20102010) will be added to the S&P Japan MidCap 100, replacing Vodafone Holdings K.K. (Japan, SEDOL: 6475497, GICS: Telecommunication Services, GICS Code: 50101020).

   (3) Deletions and additions at the S&P Japan SmallCap 250
   JSAT Corp (Japan, SEDOL: 6269184, GICS: Telecommunication Services, GICS Code: 50101010) will be added to the S&P Japan SmallCap 250, replacing Central Glass Co Ltd (Japan, SEDOL: 6184306, GICS: Industrials, GICS Code: 20102010).

2. Reasons for deletions
   Vodafone Holdings K.K. is deleted from the S&P Japan 500 index due to low liquidity. The other changes in the constituents among sub-indices are made in consideration of the size of their adjusted market capitalization in the past one year.
3. Details for added companies
   JSAT Corp (Japan, SEDOL: 6269184, GICS: Telecommunication Services, GICS Code: 50101010) shares used for the index calculation will be 383,154 and its IWF will be 0.75. Largest communications satellite company for satellite communications line leasing in Asia/Pacific region. CS broadcasting SkyPerfect communications and NTT are the major customers.

Company additions to, and deletions from, an S&P equity index do not in any way reflect an opinion on the investment merits of the company.

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