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 action.

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 is applied	Free float banding changes applied at the time the corporate action is applied
Changes arising outside of corporate actions	Changes of 1% or more are made quarterly	Changes in free float bandings are 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 info@ftse.com by 10 March 2003.

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