FTSE Med 100 Semi-Annual Review

12 May 2004

The FTSE Med Index Committee approved the following changes to the FTSE Med 100 Index. The changes will be effective after the close of business on Friday, 21 May 2004 (i.e. on Monday, 24 May 2004).

PERIODIC REVIEW OF CONSTITUENTS

Additions to the FTSE Med 100 Index:

There are no additions to the index

Deletions from the FTSE Med 100 Index:

There are no additions from the index

Reserve list for the FTSE Med 100 Index:

With immediate effect, the following reserve list will be used in the event that one or more constituents are deleted during the period up to the next semi-annual review:

Stock Name	Sedol	Country	Rank	Investability Weight
American Israeli Paper Mills	6026099	Israel	95	75%
FIBI Holdings	6339429	Israel	96	100%
Delta Holdings	4260190	Greece	98	30%
Crown Hellas Can Packaging	4420682	Greece	99	30%
Mayanot Eden	6574383	Israel	100	20%

Investability Weight Changes for the FTSE Med 100 Index:

There are no investability weight changes for the FTSE Med 100 Index.

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