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Wednesday 26 February, 2003


Management of Shares in Issue

26 February 2003

                                 Management of Shares-In-Issue Changes In FTSE Indices

                                                    26 February 2003
FTSE is changing the way shares-in-issue updates are processed across all FTSE indices in order to improve the
transparency and predictability of such changes. It is intended that these changes will take place from the end of March
2003. Share updates resulting from a corporate action will continue to be applied at the same time as the corporate

The new arrangements for managing share-in-issue changes are similar to those which currently apply to free float
changes. The arrangements for both are set out below:

                      Shares-in-issue changes                                      Free float changes
Corporate actions     Share-in-issue changes applied at time the corporate action  Free float banding changes applied at
                      is applied                                                   the time the corporate action is
Changes arising       Changes of 1% or more are made quarterly                     Changes in free float bandings are
outside of corporate                                                               applied quarterly
                      If changes accumulated add up to 10% or more, they are
                      implemented immediately between quarters. A minimum of 4
                      days notice will be given to users

The quarterly share changes will be made after the close of business on the third Friday of March, June, September and
December. The first time the quarterly application of share changes will be applied will be from June 2003.

Any comments regarding the new arrangements for managing shares-in-issue changes should be emailed to [email protected] by
10 March 2003.

For index related enquiries or further information about FTSE please contact:
Client Services in UK:                              Tel: +44 (0) 20 7448 1810 and
Client Services in US:                              Tel: +1 212 825 1328 or +1 415 445 5660 and
Client Services in Asia Pacific:                    Tel: +852 2230 5800 or +65 6223 3738.

Or, email your enquiries to [email protected] or visit our website at
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