July 2008 Preliminary IPO Report - A Monthly Report From STOXX Ltd. On European Initial Public Offerings (IPOs)

Based on the close of trading on July 29, in July 2008, 12 companies went public in Europe. Two companies were added to the Dow Jones STOXX IPO Indexes in July.¹

To be included in the Dow Jones STOXX IPO Indexes companies must have a free float market capitalization between 100 million EUR and 3 billion EUR on the listing date. ²

The European companies which went public in July are as follows:

The three best performing companies in the Dow Jones STOXX IPO Indexes in July were AICON (Italy, Personal & Household Goods), USTER TECHNOLOGIES (Switzerland, Industrial Goods & Services) and HANSEN TRANSMISSIONS LTD (Belgium, Industrial Goods & Services) with a performance of 28.50%, 22.57% and 20.07% respectively.

For the Dow Jones STOXX IPO Index (3 months), companies are added one day after their actual IPO date and remain in the index for 3 months. This allows maximum participation in the IPO performance effect. For the Dow Jones STOXX IPO (12 months) and the Dow Jones STOXX IPO (60 months) indexes, companies are added on the second Wednesday following their IPO and remain in the index for 12 and 60 months, respectively.

Companies are removed from the indexes after the close of trading on the first Wednesday following 3, 12 and 60 calendar months of inclusion in the index.

The following companies were deleted from the Dow Jones STOXX IPO Index (3 months) in July 2008:

In July, six companies were deleted from the Dow Jones STOXX IPO Index (12 months) and none from the Dow Jones STOXX IPO (3 months) and Dow Jones STOXX IPO (60 months) indexes.

JULY 2008 INDEX PERFORMANCE

The Dow Jones STOXX IPO Index (60 months) was the best performing Dow Jones STOXX IPO Index for the month with a loss of -9.59%, closing at 1507.74. The Dow Jones STOXX IPO Index (3 months) posted a loss of -11.82% with a closing value of 2460.88. The Dow Jones STOXX IPO Index (12 months) decreased -11.84% in July, closing at 2059.66.

During the same time period, the Dow Jones STOXX 600 Index decreased -3.37%, closing at 279.64 and the Dow Jones STOXX 50 Index lost -2.28%, closing at 2840.10. As of July 29, 2008, Industrial Goods & Services has the highest weight in the Dow Jones STOXX IPO (12 months) and in the Dow Jones STOXX IPO (60 months) indexes with 30.43% and 22.98% respectively. Basic Resources has the highest weight in the Dow Jones STOXX IPO Index (3 months) with 29.82%. From a country perspective, the Netherlands has the highest weight in the Dow Jones STOXX IPO Index (3 months) with 29.82% and Germany has the highest weight in the Dow Jones STOXX IPO Index (12 months) with 13.37%. The U.K. weighs 20.58% in the Dow Jones STOXX IPO Index (60 months).

The Dow Jones STOXX IPO Indexes measure the performance of the European IPO market in three different time horizons – 3, 12 and 60 months – based on the duration a component remains in the respective index.

Further information on the Dow Jones STOXX IPO Indexes is available at www.stoxx.com.

¹ Includes all IPOs that are domiciled and traded at the major exchanges of 18 European countries (Austria, Belgium, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom) and that are available on major data providers and surpass a minimum size.

² The index universe is defined as all IPO companies in the equity market which would be eligible for the Dow Jones STOXX Total Market Index. Free float market capitalization on the listing date is calculated by multiplying the number of shares with the IPO offer price and with the float factor, defined as IPO shares divided by total shares outstanding.