CHANGES ANNOUNCED IN COMPONENTS OF TWO DOW JONES INDEXES FAMILIES

NEW YORK December 20, 2000 - Dow Jones Indexes today announced the results of the quarterly index review affecting the composition of the Dow Jones Global Index family and the Dow Jones REIT Index.

Based on the review, 223 components will be added to the Dow Jones Global Index family and 482 components will be deleted. Four components will be deleted from the Dow Jones REIT Indexes.

Full component lists, including market capitalization and weightings are available on the Dow Jones Indexes web site at http://indexes.dowjones.com.

Dow Jones Global Indexes (DJGI) is a comprehensive world index family designed to provide international investors with a complete range of portfolio management and benchmarking tools.

Included in the DJGI family are:

• World, Region and Country Indexes
• Size Indexes
• Style Indexes
• Economic Sector, Market Sector, Industry Group and Sub-Group Indexes

J.P. MORGAN CHASE TO SUCCEED J.P. MORGAN IN DOW JONES INDUSTRIAL AVERAGE

NEW YORK December 19, 2000 - The editors of The Wall Street Journal announced today that J.P. Morgan Chase & Co. will succeed J.P. Morgan & Co. as a component stock of the Dow Jones Industrial Average effective with the first day of trading in the new stock. Chase Manhattan Corp. is acquiring J.P. Morgan and the transaction is expected to close December 31, 2000 pending votes by shareholders of both companies scheduled for December 22.

Component stocks in the Dow Jones Industrial Average ("DJIA") are selected by the editors of The Wall Street Journal, which is published by Dow Jones & Company. J.P. Morgan had been a component stock of the DJIA since May 6, 1991.

The Dow Jones Industrial Average is the oldest continuous barometer of the U.S. stock market, and the most widely used indicator of stock market activity. The Dow Jones Industrial Average, created by Dow Jones & Company co-founder Charles H. Dow, first appeared May 26, 1896. The Dow Jones Industrial Average initially comprised 12 companies. As the economy expanded, companies were added to the Average. The first publication of an average comparable to today’s 30 industrial stocks was October 1, 1928.

About the Dow Jones Averages

In addition to the Dow Jones Industrial Average, the Dow Jones Averages include the Transportation Average, composed of 20 transportation issues; the Utilities Average, with 15 utilities; and a Composite Average of the total 65 stocks.

A wealth of information about the Dow Jones Industrial Average can be found at http://averages.dowjones.com. The site includes a history of the DJIA and:

• Historical charts of the DJIA, since its inception;
• The ability to search for the closing value of the DJIA on any date since 1896;
• Big rises and falls, and best and worst years, for the Average;
• Comparisons with other indexes; and
• Details on recent divisor changes.

DOW JONES INDEXES TO UNVEIL THE DOW JONES ASIAN TITANS INDEX

First investment products based on the index are expected soon

NEW YORK/PRINCETON, NJ, December 4, 2000 - Dow Jones Indexes plans to launch the Dow Jones Asian Titans Index, an index based on blue chip companies headquartered throughout the Asia/Pacific region, tomorrow. Dow Jones will become the first index provider to cover the Asian market with a blue chip index.

The Dow Jones Asian Titans Index will contain 50 of the largest and best-known companies in the Asia/Pacific region. Half of the 50 components will be Japanese companies; the other 25 components will be from Australia, Hong Kong, Malaysia, Singapore, South Korea and Taiwan.

With 50 highly liquid stocks, the Dow Jones Asian Titans index will be easy to use as the basis for investment products. With a market capitalization of US$ 1.356 trillion the index represents 37.8 % of the market capitalization of the whole Asian/Pacific region (as of October 31, 2000).

The Dow Jones Asian Titans Index includes

• nine Australian companies with a market capitalization of US$ 124 billion (9.1% of the index)
• eight companies that are based in Hong Kong with a market capitalization of US$ 112 billion (8.3% of the index)
• 25 Japanese companies with a market capitalization of US$ 1 trillion (75.8 % of the index)
• One Malaysian company with a market capitalization of US$ 10 billion (0.7% of the index)
• two Singapore based companies with a market capitalization of US$ 19 billion (1.5% of the index)
• three companies in South Korea with a market capitalization of US$ 35 billion (2.6% of the index)
• two companies in Taiwan with a market capitalization of US$ 28 billion (2.0% of the index).

DOW JONES’ GLOBAL TITANS WILL BE CALCULATED WITH ADR PRICES

NEW YORK/PRINCETON, NJ, November 6, 2000 - Dow Jones Indexes announced today that the real-time calculation of their global blue-chip index, the Dow Jones Global Titans Index, has changed.

Dow Jones Indexes is using ADRs (American Depositary Receipts) listed on the New York Stock Exchange (NYSE) to calculate the intra-day real-time values for the Dow Jones Global Titans Index during U.S. trading. The Dow Jones Global Titans includes the 50 leading global companies, of which 27 currently are U.S. companies, three are Japanese and 20 are European (U.K., 5; Switzerland, 5; Germany, 4; Netherlands, 2; Finland, 1; and France, 3.)

ADR prices will be used for index calculation for non-U.S. components included in the Dow Jones Global Titans that have listed ADRs. After the relevant home market closes, the pricing source for those companies is switched to ADR prices disseminated by the New York Stock Exchange until trading in the home market starts again the next business day. Previously, only trades executed in a company’s primary market were used to calculate the index.

Michael Petronella, managing director of Dow Jones Indexes said: "Dow Jones Indexes has achieved another milestone on the road to globalization of index-based investing. The change we are announcing today means that the latest, most accurate value of a company is included in the Index, which thus represents the most updated measure of the global market. Additionally, market participants in the U.S. using the Dow Jones Global Titans Index as the basis for investment products can use ADRs to create their funds, and are no longer forced to buy stocks in international markets."

In addition to the global closing value of the Dow Jones Global Titans Index, which is based on the local closing price of each component, Dow Jones Indexes provides three regional closing prices - one each for the Americas, Europe and Asia/Pacific. The regional close for the Americas includes ADR prices and is disseminated at 4:30 pm (Eastern Time).

An ADR is a receipt for shares in a non-U.S.-based corporation held by a U.S. bank. It entitles the U.S. investor to all dividends and capital gains of the international company. Rather than buying shares in international markets, Americans can buy shares in the U.S. in the form of an ADR.

The Dow Jones Global Titans Index is designed for investors who wish to track leading global companies with earnings growth potential, broad global exposure, and limited volatility. The index’s limited number of components, in conjunction with its high liquidity and low component turnover, make it a suitable vehicle for those looking to achieve global diversification. The Dow Jones Global Titans index was launched on July 14, 1999, and currently boasts 21 licensees with assets approaching $2 billion and serves as the basis of an exchange-traded fund (AMEX: DGT). Total market capitalization of the index is $7.4 trillion. History on the Index is available back to 1991.

Dow Jones Indexes is a premier global provider of investable indexes, including the Dow Jones Averages, the Dow Jones Global Indexes, the Pan-European Dow Jones STOXX Indexes, the Dow Jones REIT Indexes, the Dow Jones-AIG Commodity Index, the Dow Jones Islamic Market Indexes, the Dow Jones Internet Indexes, the Dow Jones Extra Liquid Series and the Dow Jones Sustainability Group Indexes. Dow Jones Indexes is part of Dow Jones & Company, which publishes the world’s most vital business and financial news and information.

In addition to Dow Jones Indexes, Dow Jones & Company (NYSE:DJ; dj.com) publishes The Wall Street Journal and its international and online editions, Barron’s and SmartMoney magazines and other periodicals, Dow Jones Newswires, Dow Jones Indexes, and the Ottaway group of community newspapers. Dow Jones is co-owner with Reuters Group Plc. of Factiva, with Excite@Home of Work.com, and with NBC of the CNBC television operations in Asia and Europe. Dow Jones also provides news content to CNBC and radio stations in the U.S.

OSAKA SECURITIES EXCHANGE AND DOW JONES & COMPANY SIGN AGREEMENT TO LIST DOW JONES INDUSTRIAL AVERAGE DERIVATIVES AND EXCHANGE-TRADED FUND IN JAPAN



OSAKA and NEW YORK, NY, October 26, 2000 - The Osaka Securities Exchange (OSE) signed a license agreement and a memorandum of understanding with Dow Jones & Company (Dow Jones) today.

The license agreement covers the listing of an exchange-traded fund tracking the Dow Jones Industrial Average and the right to use related trademarks. In addition the agreement allows the OSE to list futures and options based on the Dow Jones Industrial Average on the OSE derivatives market.

The memorandum of understanding also covers the listing of investment products tracking other Dow Jones indexes such as the Dow Jones Global Titans Index on the OSE. The memorandum also paves the way for the development of additional indexes for the Japanese market and the listing of investment products tracking those indexes.

"With the listing of an exchange-traded fund and futures and options based on the Dow Jones Industrial Average we offer products based on foreign stock indexes, which have not yet existed in Japan," said Goro Tatsumi, president & CEO of OSE. "Listing of such products will prove to be most significant for Japan’s securities market as a whole, as well as OSE, in the process of globalizing and developing both the cash and derivatives markets. Through cooperation between OSE and Dow Jones, one of the leading developers and distributors of stock indexes in the world, OSE will diversify its index-related products and make the OSE’s cash and derivatives market more attractive. OSE is firmly confident that the offering of these new investment opportunities will greatly contribute to the functional strength of Japan’s securities market".

Peter Kann, chairman and CEO of Dow Jones & Company said: "The Dow Jones Industrial Average is the best known stock market index in the world. We are very pleased that Japanese investors will now be able to trade derivatives based on this index, and are proud to be making this possible in partnership with the Osaka Securities Exchange."

The OSE expects the exchange-traded fund, futures and options based on the Dow Jones Industrial Average to begin trading in early 2001.

Osaka Securities Exchange was established on April 1, 1949, as a membership organization under the Japanese Securities and Exchange Law. In order to keep pace with growing diversified needs of investors, OSE made a first move to introduce a fully-automated computerized trading system in Japan’s exchanges. Also, OSE is the largest equity derivatives market in Japan. Especially, Nikkei 225 futures trading is well established as a key product among stock index futures traded on the world’s futures exchanges.

In addition to Dow Jones Indexes, Dow Jones & Company (NYSE:DJ; dj.com) publishes The Wall Street Journal and its international and online editions, Barron’s and SmartMoney magazines and other periodicals, Dow Jones Newswires, Dow Jones Indexes, and the Ottaway group of community newspapers. Dow Jones is co-owner with Reuters Group Plc. of Factiva, with Excite@Home of Work.com, and with NBC of the CNBC television operations in Asia and Europe. Dow Jones also provides news content to CNBC and radio stations in the U.S.

NOTE: A fact sheet providing further information about exchange-traded funds and the Dow Jones Industrial Average as well as a chart with trading volumes of futures and options is available and can be found on the following web sites: http://indexes.dowjones.com (Press Release Update) or http://www.ose.or.jp. The information sheet and the fact sheet are also available at Public Review Room of the Listing Securities Administration Division of OSE.

Information on Exchange-Traded Funds (ETF), DIAMONDS, and the Dow Jones Industrial Average (DJIA)

Exchange-Traded Funds
An Exchange Traded Fund (ETF) is an index-linked basket of stocks that trade on a stock exchange at a market price that is close to the underlying value of the securities in its portfolio. ETFs are similar to mutual funds in that they offer exposure to a diversified portfolio of stocks in one investment. ETFs can be bought and sold throughout the trading day like most individual stocks at changing prices. Currently, there are approximately 50 such products trading in the U.S. market, most of which are listed on the American Stock Exchange, LLC, including DIAMONDS which tracks the Dow Jones Industrial Average (DIA).

DIAMONDS for example are Exchange Traded Funds (ETFs) designed to closely track the price and yield performance of the Dow Jones Industrial Average (DJIA), and have been traded on the American Stock Exchange (AMEX) since January 1998.

The pricing of DIAMONDS is, except for the period of trading halts, continuously formed during the AMEX trading hours. Accordingly, DIAMONDS can be bought and sold at intraday prices throughout the trading day, unlike conventional index mutual funds, corresponding to net asset value of the funds, which are purchased or redeemed only at the closing price of the day. DIAMONDS allow investors to buy or sell shares in the collective performance of DJIA in a single transaction, providing ownership of the 30 stocks which compose DJIA in one investment portfolio.

Dow Jones Industrial Average (DJIA)
In 1896, Charles Dow first published the list of 12 stocks that would evolve to become the world’s best-known and most-widely quoted market measure. Dow called his index an "industrial average," even though some of the stocks didn’t exactly fit the definition of industrial. Instead, the average reflected the primarily agrarian economy of the late 19th century by including cotton, sugar, tobacco and cattle feed providers. Streetcar and railroad transports, as well as gas, electric and chemical providers, were also among the first components of the Dow Jones Industrial Average.

Today, the word "industrial" is still a bit of a misnomer. The modern-day Dow Jones Industrial Average includes only several stocks among its 30 components that would be described as true industrials. As was true at its inception, the index instead provides a look at the U.S. economy as a whole, reliably reflecting in its ups and downs the general trends of the overall market.

Key Benefits
Wide Recognition
The DJIA appears daily in most newspapers, nightly on the evening news, and prominently and continuously throughout the day on TV, radio, and financial Web sites. Although there now are dozens of alternatives, the DJIA is still the index financial professionals instinctively check first to see how "the market" is doing.

Blue-Chip Composition
While there is no one definition of a "blue chip," most people would agree that the stocks in the DJIA would easily fit any appropriate description. The DJIA’s 30 components are substantial companies-renowned for the quality and wide acceptance of their products or services-with strong histories of successful growth. They have a wide following among investors, and are well-known by even those who have yet to invest in equities.

Diversification
One of the major lessons of modern portfolio theory is that an amazingly small amount of diversification goes a long way toward reducing a stock portfolio’s risk. Although all stock portfolios are subject to market fluctuations, numerous studies have shown that a portfolio’s unsystematic risk-the effects of company-specific events and industry-wide developments on its value-is virtually eliminated when the portfolio contains 30 stocks spread among a wide variety of industries. Thus from a risk-reduction viewpoint, a DJIA portfolio is as effective as funds based on many broader-based indexes.

Convenience and Cost Savings
Few retail investors are in a position to build properly diversified portfolios from scratch. The transaction costs involved in purchasing 30 securities in relatively small quantities, involving both the bid-asked spreads on each stock and the 30 separate commissions, can be prohibitive. It can also be expensive and difficult to reinvest dividends in the portfolio without dramatically altering the weightings of the individual securities, to add to the holdings on a periodic basis, and to account for all of those investment transactions at tax time. A portfolio linked to the DJIA can provide investors with instant diversification, allow them to systematically add to their investments, solve the reinvestment problem and simplify tax compliance problems in a cost-effective manner.

Methodology
The DJIA is maintained and reviewed by editors of The Wall Street Journal. For the sake of continuity, components are replaced infrequently-generally only after corporate acquisitions or other dramatic shifts in a company’s core business. When such an event justifies one component change, all other components are reviewed for their continued relevance in the evolving market.

The editors have no hard and fast rules for choosing new stocks, but typically select a company only if it has an excellent reputation, demonstrates sustained growth and is of interest to a large number of investors. Utilities and transportation companies are ineligible for the DJIA because they are covered by other Dow Jones Averages.

The most recent changes to the DJIA’s composition, on November 1, 1999, resulted in the removal of four stocks: Union Carbide, Goodyear Tire & Rubber, Sears Roebuck and Chevron. Their replacements-Home Depot, Intel, Microsoft and SBC Communications-included the DJIA’s first NASDAQ-listed stocks. Previously, all components had been listed on the New York Stock Exchange.

Calculation
When initially created, the DJIA was a calculated as a simple average (hence the name) by merely adding up the prices of the component stocks and dividing that sum by the total component number. Later, the practice of adjusting the divisor was adopted to smooth out the effects of stock splits and other composition changes.

The DJIA is unique in that it is price weighted rather than market capitalization weighted. Its component weightings are therefore affected only by changes in the stocks’ prices, whereas most other indexes’ weightings are affected by both price changes and changes in the number of shares outstanding.

For further information on the DJIA, refer to: http://averages.dowjones.com/home.html.

AES CORP. ADDED TO DOW JONES UTILITY AVERAGE COMPONENTS
BY WALL STREET JOURNAL EDITORS

NEW YORK, N.Y., October 17, 2000 -The editors of The Wall Street Journal announced today that AES Corp. (NYSE: AES) has been added to the 15 component stocks of the Dow Jones Utility Average, effective with the beginning of trading on Friday, October 20, 2000.

The addition of a component to the Utility Average is necessitated by the merger of Average component companies PECO Energy Co. (NYSE: PE) and Unicom Corp. (NYSE: UCM), which is expected to close at the close of business tomorrow, October 18, with the merged entity, Exelon Corp. (NYSE: EXC), to begin trading Friday, October 20.

Unicom Corporation, formerly Commonwealth Edison, has been a component of the Dow Jones Utility Average since the average’s inception on July 1, 1929. Unicom Corp. became the new name of Commonwealth Edison September 1, 1994. PECO Energy, formerly Philadelphia Electric Co., has been a component of the Dow Jones Utility Average since May 8, 1947. PECO Energy became the new name of Philadelphia Electric January 1, 1994.

Component stocks in all of the Dow Jones Averages-the Dow Jones Industrial Average (30 stocks), the Dow Jones Utility Average (15 stocks) and the Dow Jones Transportation Average (20 stocks)- are selected by the editors of The Wall Street Journal, which is published by Dow Jones & Company. The three Dow Jones Averages together comprise the Composite Average of 65 stocks. Paul E. Steiger, managing editor of The Wall Street Journal, said, "Globalization is taking hold in the utility business as it is elsewhere. AES Corp. is a good representation of that trend."

The Dow Jones Utility Average is the youngest of the three Dow Jones Averages, having made its debut in January 1929. According to analysts who study the Averages, a rise in utility stock prices indicates investors anticipate falling interest rates. That’s because utilities are big borrowers and their profits are enhanced by lower interest costs. Conversely, the Utility Average tends to decline when investors expect rising interest rates. Because of this interest-rate sensitivity, the Utility Average is regarded by some as a leading indicator for the stock market as a whole.

Dow Jones Indexes is a premier global provider of investable indexes, including the Dow Jones Averages, the Dow Jones Global Indexes, the Pan-European Dow Jones STOXX Indexes, the Dow Jones REIT Indexes, the Dow Jones-AIG Commodity Index, the Dow Jones Islamic Market Indexes, the Dow Jones Internet Indexes, the Dow Jones Extra Liquid Series and the Dow Jones Sustainability Group Indexes. Dow Jones Indexes is part of Dow Jones & Company, which publishes the world’s most vital business and financial news and information.

In addition to Dow Jones Indexes, Dow Jones & Company (NYSE:DJ; dj.com) publishes The Wall Street Journal and its international and online editions, Barron’s and SmartMoney magazines and other periodicals, Dow Jones Newswires, Dow Jones Indexes, and the Ottaway group of community newspapers. Dow Jones is co-owner with Reuters Group Plc. of Factiva, with Excite@Home of Work.com, and with NBC of the CNBC television operations in Asia and Europe. Dow Jones also provides news content to CNBC and radio stations in the U.S.

DOW JONES INDEXES LAUNCHES GLOBAL FOOD 100 INDEX

NEW YORK, N.Y., October 10, 2000 - Dow Jones Indexes today announced the launch of the Dow Jones Global Food 100 Index, a custom index that covers the world’s top food, beverage and agri-business companies. The index was created expressly for R.J. O’Brien & Associates, Inc., a leading global food and agriculture commodity trading firm and founding member of the Chicago Mercantile Exchange (CME). R.J. O’Brien introduced an investment fund based on the index on October 1, 2000.

Included in the Global Food 100 Index are one hundred companies that generate at least one-half of their revenues from food-related businesses. The index is market capitalization weighted; however, weights are capped at 10% during each annual review to prevent dominance by such giants as Coca-Cola and Nestl*.

The Global Food 100 Index is an example of a custom index created to meet an institution’s individual needs. Such customer-defined indexes are derived from Dow Jones Indexes’ Global Index family, which covers 34 countries and provides 95% coverage of developed markets and 80% coverage of emerging markets. Typically, custom indexes are built to include specific market sectors, industry groups, countries and/or regions.

"R.J. O’Brien was looking for a measure that would track leading food and agriculture companies, and provide a performance benchmark," said Michael A. Petronella, Managing Director of Dow Jones Indexes. "This index accomplishes both of these goals, utilizing a consistent and unbiased methodology that ensures long-term integrity."

The Global Food 100 Index includes companies from only the following industry groups: Agriculture, Distillers & Brewers, Soft Drinks, Food Manufacturers, Food Retailers & Wholesalers, Biotechnology and Heavy Machinery. The index’s total market capitalization is currently about $1.0 trillion.

Dow Jones Indexes is a premier global provider of investable indexes, including the Dow Jones Averages, the Dow Jones Global Indexes, the Pan-European Dow Jones STOXX Indexes, the Dow Jones REIT Indexes, the Dow Jones-AIG Commodity Index, the Dow Jones Islamic Market Indexes, the Dow Jones Internet Indexes, the Dow Jones Extra Liquid Series and the Dow Jones Sustainability Group Indexes. Dow Jones Indexes is part of Dow Jones & Company, which publishes the world’s most vital business and financial news and information.

In addition to Dow Jones Indexes, Dow Jones & Company (NYSE:DJ; dj.com) publishes The Wall Street Journal and its international and online editions, Barron’s and SmartMoney magazines and other periodicals, Dow Jones Newswires, Dow Jones Indexes, and the Ottaway group of community newspapers. Dow Jones is co-owner with Reuters Group Plc. of Factiva, with Excite@Home of Work.com, and with NBC of the CNBC television operations in Asia and Europe. Dow Jones also provides news content to CNBC and radio stations in the U.S.

R.J. O’Brien & Associates, Inc. has more than eighty years of experience in dealing with the world’s top food and agricultural companies. Originally established in 1914 as an agricultural trading house, the company has grown to accommodate the full spectrum of agricultural and financial risk management instruments, serving a worldwide clientele of more than 60,000 customers. Today, R.J. O’Brien is a recognized leader in the global futures industry and an innovator with respect to new financial products.

DOW JONES’ GLOBAL TITANS AND STYLE INDEXES SERVE AS BASIS OF NEW TRADABLE EXCHANGE-TRADED FUNDS

First ETF based on a global index

NEW YORK/PRINCETON, NJ, September 28, 2000 - Investors will be able to buy or sell exchange-traded funds (ETFs) linked to the performance of the Dow Jones Global Titans and the large- and small-cap growth and value indexes of the Dow Jones U.S. Style Index family. StreetTRACKs^SM will be offered by State Street Global Advisors (SSgA) and will begin trading at the American Stock Exchange on Friday, September 29.

David Moran, president of Dow Jones Indexes, said: "We are delighted to extend our relationship with State Street Global Advisors and have full confidence in their ability to make the ETFs based on the Dow Jones Style Indexes and Dow Jones Global Titans Index a success. SSgA has the distinction of launching the first ETF based on a global index. Now U.S. investors will be able to buy 50 of the world’s largest companies through a single security".

Timothy B. Harbert, president of State Street Global Advisors, said: "Since bringing the first ETF to market back in 1993, we have guided this burgeoning market in its evolution. We have been pragmatic in our selection of funds and feel that the indices on which they are based are best-suited to meet the demands of investors."

The Dow Jones Global Titans Index is designed for investors who wish to invest in leading global companies with earnings growth potential, broad global exposure, and limited volatility. The index’s limited number of components, in conjunction with its high liquidity and low component turnover, make it a suitable vehicle for those looking to achieve global diversification. The Dow Jones Global Titans index was launched on July 14, 1999, and currently boasts 21 licensees with assets approaching $2 billion. Total market capitalization of the index is $7.4 trillion. History on the index is available back to 1991.

In addition to the Dow Jones Global Titans Index, four indexes of the Dow Jones U.S. Style Index family will serve as the basis of ETFs. They are:

• Dow Jones U.S. Large Cap Growth Index
• Dow Jones U.S. Large Cap Value Index
• Dow Jones U.S. Small Cap Growth Index
• Dow Jones U.S. Small Cap Value Index

DOW JONES GLOBAL INDEXES INCREASES COVERAGE OF U.S. MARKET TO 95%

Leading American Companies Will Have Reduced Influence on Index Movements

NEW YORK/PRINCETON, NJ, September 07, 2000 - Dow Jones Indexes today announced its Dow Jones Global Indexes family is increasing its coverage of developed stock markets to 95% measured by the market capitalization up from the current 80%.

The changes are effective with the beginning of trading on Monday, September 18. Also effective on that date, as previously announced, will be the adjustment of stock weights in the Dow Jones Global Index family to "free float" from full market capitalization.


"Increased coverage of developed markets, which are the largest in the world, will boost the number of stocks in the Dow Jones Global Index family to approximately 5,500 from less than 3,000 currently," said Michael A. Petronella, managing director of Dow Jones Indexes. "This major step will provide individual and institutional investors a broader and thus even more effective tool to measure the markets on a global scale. We are proud to offer the broadest coverage of all major index providers."

The markets covered at 95% of investable stocks will have subset indexes composed of large, medium and small stocks, as measured by market value. In the United States, growth and value indexes for the three size segments also will be available. Mr. Petronella said application of the value and growth methodology to other developed markets is being studied.

Calculating the index on the basis of free float market capitalization means that each component company’s share weighting in the indexes will be based on the number of shares that actually are available to investors in the market rather than on the total number of shares issued. Excluded from the total shares to arrive at a free-float number are block holdings of individuals, other companies or governments that each exceeds 5% of total market value.

As a result, the weighting of some components in the Dow Jones Global Indexes family in each market will be reduced. The new index weightings will be available on September 18. Under rules adopted to measure free float, Dow Jones Indexes determined that 62% of Wal-Mart’s shares (100% before free float adjustment) and 77% of Oracle’s shares (100% before free float) are readily available for trading.

Another factor influencing the weighting of any individual stock is the increased number of stocks included in the 95%-coverage indexes. The stocks in the index for the U.S. will increase to 1862 from 726 on September 18.

The weightings of the components included in the Dow Jones Global Indexes family always are available on our web site http://indexes.dowjones.com. The new weights will be posted on the site September 18.

Also on that date, the Dow Jones Global Indexes family will add 18 market sectors to its current lineup of 10 economic sectors, 40 industry groups and 70 sub groups. These 18 market sectors are used by the Dow Jones STOXX indexes in Europe, which has emerged as the leading index family in that region of the world following the establishment of the European Monetary Union.

"Incorporating these market sectors into the Dow Jones Global Indexes family allows European investors to easily compare performance in Europe with the rest of the world. And investors elsewhere will be able to view market action globally through the prism of market sectors that have become very popular in Europe," said Mr. Petronella. "These additional possibilities for direct comparability will enhance the usefulness of both the Dow Jones Global Indexes and the Dow Jones STOXX indexes for investors around the world."

Dow Jones Indexes is a premier global provider of investable indexes, including the Dow Jones Averages, the Dow Jones Global Titans 50, the Dow Jones Asian Titans 50, the Dow Jones Global Indexes, the Pan-European Dow Jones STOXX Indexes, the Dow Jones Canada 40, the Dow Jones Japan 100, the Dow Jones Total Market Index Series, the Dow Jones REIT Indexes, the Dow Jones-AIG Commodity Index, the Dow Jones Islamic Market Indexes, the Dow Jones Internet Indexes and the Dow Jones Sustainability Group Indexes. Dow Jones Indexes is part of Dow Jones & Company, which publishes the world’s most vital business and financial news and information.

In addition to Dow Jones Indexes, Dow Jones & Company (NYSE:DJ; dj.com) publishes The Wall Street Journal and its international and online editions, Barron’s and SmartMoney magazines and other periodicals, Dow Jones Newswires, Dow Jones Indexes, and the Ottaway group of community newspapers. Dow Jones is co-owner with Reuters Group PLC of Factiva, with Excite@Home of Work.com, and with NBC of the CNBC television operations in Asia and Europe. Dow Jones also provides news content to CNBC and radio stations in the U.S.

DOW JONES CHANGES METHODOLOGY OF ITS ISLAMIC MARKET INDEXES

Indexes to be "free-float weighted"/Weights of components are limited to 10%

NEW YORK/PRINCETON, NJ, August 21, 2000 - Dow Jones Indexes today announced two changes affecting the Dow Jones Islamic Market Indexes. Both are at the start of trading on effective Monday, September 18.

First, the Dow Jones Islamic Market Index and its eight sub-indexes, the Dow Jones Islamic Market U.S. Index, -Canada Index, -Asia/Pacific Index, -Japan Index, -Europe Index, -U.K. Index, -Extra Liquid Index and -Technology Index will be weighted by "free-float" market capitalization.

Second, the maximum weighting of any single stock in five sub-indexes (Japan, Asia/Pacific, Europe, U.K. and Technology) will be capped at 10%.

"Free-float" weighting means that each component stock’s weighting in the indexes will be based on the number of shares that are available to investors in the market, rather than on the total number of shares issued. Excluded from the total shares to arrive at a free-float number are block holdings of individuals, other companies or governments that exceed 5% each. As a result some companies in these indexes will have smaller weights following the change than they currently do. However, some companies whose issued shares are entirely available to investors ­ that is, have no deductions for free-float calculation ­ will have larger weights than they currently have in the indexes.

The new rule capping a stock’s index weight at 10% prevents the indexes from being dominated by large stocks. The 10% cap will be applied individually to the Islamic market and sub-group indexes.

"These timely changes are our response to market demand," said Michael A. Petronella, managing director of Dow Jones Indexes." Moreover, Dow Jones Islamic Market Index methodology will be uniform with the Dow Jones Global Titans and Dow Jones Global Index family."

The Dow Jones Islamic Market Index contains 636 stocks, with 234 in the Dow Jones Islamic Market U.S. Index, 32 in the Dow Jones Islamic Market Canada Index, 218 in the Dow Jones Islamic Market Asia/Pacific Index, 117 in the Dow Jones Islamic Market Japan Index, 127 in the Dow Jones Islamic Market Europe Index, 43 in the Dow Jones Islamic Market U.K. Index, 100 in the Dow Jones Islamic Market Extra Liquid Index and 57 in the Dow Jones Islamic Market Technology Index.

The Dow Jones Islamic Market Index represents companies that follows Sharia`ah Law investment guidelines. The Dow Jones Islamic Market Index tracks 636 Shari`ah Law-compliant stocks from 34 countries with total market capitalization of nearly $10 trillion.

Further information about the Dow Jones Islamic Market Indexes can be found on the Dow Jones Indexes web site at http://indexes.dowjones.com.

Dow Jones Indexes is a premier global provider of investable indexes, including the Dow Jones Averages, the Dow Jones Global Titans 50, the Dow Jones Asian Titans 50, the Dow Jones Global Indexes, the Pan-European Dow Jones STOXX Indexes, the Dow Jones Canada 40, the Dow Jones Japan 100, the Dow Jones Total Market Index Series, the Dow Jones REIT Indexes, the Dow Jones-AIG Commodity Index, the Dow Jones Islamic Market Indexes, the Dow Jones Internet Indexes and the Dow Jones Sustainability Group Indexes. Dow Jones Indexes is part of Dow Jones & Company, which publishes the world’s most vital business and financial news and information.

In addition to Dow Jones Indexes, Dow Jones & Company (NYSE:DJ; dj.com) publishes The Wall Street Journal and its international and online editions, Barron’s and SmartMoney magazines and other periodicals, Dow Jones Newswires, Dow Jones Indexes, and the Ottaway group of community newspapers. Dow Jones is co-owner with Reuters Group PLC of Factiva, with Excite@Home of Work.com, and with NBC of the CNBC television operations in Asia and Europe. Dow Jones also provides news content to CNBC and radio stations in the U.S.

DOW JONES CHANGES METHODOLOGY OF ITS INTERNET INDEXES

Indexes to be "free-float weighted"/Market values of components are limited to 10%

NEW YORK/PRINCETON, NJ, August 9, 2000 -Dow Jones Indexes today announced two changes affecting the Dow Jones Internet Indexes.

First, the Dow Jones Internet Index and its two sub-indexes, the Dow Jones Internet Commerce Index and the Dow Jones Internet Services Index will be weighted by "free-float" market capitalization. Second, the maximum weighting of any single stock in any of the indexes will be capped at 10%.

Both changes will be effective at the start of trading on Monday, September 18.

"Free-float" weighting means that each component stock’s weighting in the indexes will be based on the number of shares that are available to investors in the market, rather than on the total number of shares issued. Excluded from the total shares to arrive at a free-float number are block holdings of individuals, other companies or governments that exceed 5% each. As a result some companies in these indexes will have smaller weights following the change than they currently do. However, some companies whose issued shares are entirely available to investors ­ that is, have no deductions for free-float calculation ­ will have larger weights than they currently have in the indexes.

The new rule capping a stock’s index weight at 10% prevents the indexes from being dominated by large stocks. The 10% cap will be applied individually to the composite and sub-group indexes.

The Dow Jones Internet Index contains 40 stocks, with 15 in the Dow Jones Internet Commerce Index and 25 in the Dow Jones Internet Services Index. The Dow Jones Internet Commerce Index represents companies that derive the majority of their revenues from providing goods and services through an open network, such as a web site. The Dow Jones Internet Services Index represents companies that derive the majority of their revenues from providing access to the Internet or providing services to people using the Internet.

The Dow Jones Internet Index is reviewed quarterly. Component changes will be announced after U.S. trading closes on September 8. The list of components as well as the rule book for the Dow Jones Internet Indexes can be found on the Dow Jones Indexes web site at http://indexes.dowjones.com.

Dow Jones Indexes is a premier global provider of investable indexes, including the Dow Jones Averages, the Dow Jones Global Titans 50, the Dow Jones Asian Titans 50, the Dow Jones Global Indexes, the Pan-European Dow Jones STOXX Indexes, the Dow Jones Canada 40, the Dow Jones Japan 100, the Dow Jones Total Market Index Series, the Dow Jones REIT Indexes, the Dow Jones-AIG Commodity Index, the Dow Jones Islamic Market Indexes, the Dow Jones Internet Indexes and the Dow Jones Sustainability Group Indexes. Dow Jones Indexes is part of Dow Jones & Company, which publishes the world’s most vital business and financial news and information.

In addition to Dow Jones Indexes, Dow Jones & Company (NYSE:DJ; dj.com) publishes The Wall Street Journal and its international and online editions, Barron’s and SmartMoney magazines and other periodicals, Dow Jones Newswires, Dow Jones Indexes, and the Ottaway group of community newspapers. Dow Jones is co-owner with Reuters Group PLC of Factiva, with Excite@Home of Work.com, and with NBC of the CNBC television operations in Asia and Europe. Dow Jones also provides news content to CNBC and radio stations in the U.S.

NEW YORK/PRINCETON, NJ, July 19, 2000 - The nation’s oldest stock market average and one of the best-performing stock market averages so far this year will start trading as futures contracts this week.

On Thursday, July 20, 2000, futures contracts based on the Dow Jones Transportation Average, the Dow Jones Utility Average and the Dow Jones Composite Average will begin trading at the Chicago Board of Trade. These three new futures will join the Dow Jones Industrial Average futures at the CBOT to form a useful and efficient investment and risk management platform.

"With these new CBOT futures joining hundreds of other licensed Dow Jones index products, we are reaching millions of investors globally with useful and innovative investment tools," said Michael A. Petronella, Managing Director of Dow Jones Indexes, the market index development and licensing arm of Dow Jones & Company (NYSE:DJ). "We began our index licensing program with the CBOT, and today we are delighted to be expanding that relationship with the members and customers of one of the world’s largest futures exchanges."

Futures contracts based on the Dow Jones Industrial Average began trading at the CBOT on October 6, 1997.

The Dow Jones Transportation, Utility and Composite averages are the latest in a list of more than 250 licensed investment products based on Dow Jones market measures. Dow Jones Indexes began licensing investment products in 1997. Today, total assets based on these indexes, including the Dow Jones STOXX Pan-European indexes, total an estimated $240 billion.

Background on the three new Dow Jones Indexes futures contracts:

• The Dow Jones Transportation Average traces its ancestry back to 1884, making it the oldest market index in the U.S. (The Industrial Average was created in 1896.) Today, among its 20 stocks are: Airborne Freight Corp. (ABF), Burlington Northern Santa Fe Corp. (BNI), and UAL Corp. (UAL).
• The Dow Jones Utility Average, which made its debut in 1929, has attracted tremendous interest recently because of the strength of the utility sector. The 15-stock index has gained 14.9% through July 14 (year to date), one of the largest gains among major market indexes. Component company stocks include American Electric Power Co. (AEP), Enron Corp. (ENE), and Williams Cos. (WMB).
• The Dow Jones Composite Average first appeared in 1934 and includes all 65 stocks in the Dow Jones Industrial, Transportation and Utility averages.

DOW JONES INDEXES UNVEILS STYLE INEXES FOR GROWTH AND VALUE, ADAPTED FROM FORMER STATE STREET GLOBAL ADVISORS’ MULDEX FAMILY

Boston Asset Managers Muldex Style Funds to be converted to the new Dow Jones Style Index

NEW YORK/PRINCETON, NJ, June 26, 2000 - Dow Jones Indexes announced today the launch of a new family of growth and value style indexes.

The new Dow Jones U.S. Total Market Style Indexes will track value and growth stocks in the large, medium and small stock segments of the Dow Jones U.S. Total Market Index. The new benchmark style indexes are based on refined and enhanced methodology used for 20 years by State Street Global Advisors- MULDEX index family. State Street Global Advisors, the third largest investment manager in the U.S., is the investment management arm of State Street Corporation.

"We are extremely pleased that State Street Global Advisors is entrusting the MULDEX methodology and history to Dow Jones Indexes and will migrate all their style funds from MULDEX to our Dow Jones U.S. Total Market Style Indexes," said Michael A. Petronella, managing director of Dow Jones Indexes. "We believe the new Dow Jones methodology enhances the identification and tracking of growth and value stocks in the tradition of MULDEX, which over two decades of money management demonstrated superior style measurement capabilities."

Christopher M. Pope, principal of State Street Global Advisors said: "We felt that Dow Jones Indexes name and marketplace recognition as a major index provider would attract greater interest and following than we could achieve as an index manager. At the same time, we wanted to assure that the integrity and construction of the MULDEX indexes were not compromised in the conversion. We accomplished this transition while also improving the indexes."

Growth stocks are those that tend to deliver steady and somewhat predictable revenue and earnings growth. Value stocks are those that are temporarily unloved but are sound investments that eventually will return to fair value. Components of the Dow Jones U.S. Total Market Style Indexes are categorized as value and growth stocks according to six factors, rather than one or two as most existing style indexes use. The multi-factor methodology achieves more precise classification of stocks and thus increases the usefulness of the indexes.

The Dow Jones U.S. Total Market Style Indexes use the following factors to classify a stock as value or growth:

1. analysts’ consensus projected price-earnings ratio for next fiscal year;
2. projected annual earnings growth over the next five years;
3. trailing P/E;
4. annual earnings growth over the preceding five years;
5. the ratio of price to per-share book value (also known as shareholders’ equity);
6. and dividend yield.