Standard & Poor’s Announces Extension Of S&P 500 Amex Pricing Pilot Program

Standard & Poor’s, a leading provider of independent investment research, indices and ratings, announced today that the pilot program in which the S&P 500 is being calculated using American Stock Exchange-determined closing prices for 12 NASDAQ-listed stocks will be extended by seven weeks. Originally scheduled to end on Friday, May 14, 2004, the program will now end on Friday, July 2, 2004, after which the closing prices for these 12 stocks will revert to being determined by NASDAQ. The pilot program is being extended in light of feedback from market participants, many of whom feel that more time is needed to fully evaluate its usefulness. The program was originally undertaken in an effort to address market concern about both the reliability of closing prices on the S&P 500 and the achievability of those prices for index investors. In addition to tracking the Amex pilot program, Standard & Poor’s continues to monitor the NASDAQ Closing Cross facility, recently introduced to determine closing prices.

About Standard & Poor’s

Standard & Poor's, a division of The McGraw-Hill Companies (NYSE:MHP), is the world's foremost provider of independent credit ratings, indices, risk evaluation, investment research, data and valuations. With 5000 employees located in 20 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 www.standardandpoors.com.

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