FT/S&P-Actuaries World Indices Quarterly Changes

Business Wire, June 29, 1998

NEW YORK--(BUSINESS WIRE)--June 29, 1998--Following its quarterly meeting held on 25 June 1998, the World Index Policy Committee (WIPC) announced the following changes, effective on 3 August 1998:

Australia: one (1) stock will be added to the index.

Germany: two (2) stocks will be added to the index (one is

an additional line of an existing company) and four (4) deleted.

Ireland: two (2) stocks will be added to the index and two

(2) deleted.

Netherlands: seven (7) stocks will be added to the index.

United Kingdom: nine (9) stocks will be added to the index and one

(1) deleted. one (1) investibility weight change.

-0-

AUSTRALIA

Addition:

Company                     Investibility   Sub-sector      Sub-sector
                              Weight %                         No.

AMP (Ordinary Shares)            100%   Life Insurance     141


GERMANY

Additions (All shares are ordinary) :

Company                       Investibility  Sub-sector     Sub-sector
                                Weight %



SAP AG DM5                        100%     Computer Software   482
(In addition to SAP                            & Services
preference line
already in the index)

Bankgesellschaft Berlin           18.2%      Commercial Banks
                                              & Other Banks    112


Deletions (All shares are ordinary):

Company                       Sub-sector                  Sub-sector
                                                              No.
Berlin Kraft U Licht
  (BEWAG)                     Electric Utilities,
                              Water Works and Supply           221

Springer, Axel                Publishing                       472

AGIV                          Diversified Industrials          591

Deutsche Babcock              Construction                     613

The large company cut-off figure for Germany as of 31 March 1998 was
DM9,965.20m.

IRELAND

Additions (All shares are ordinary):

Company                  Investibility   Sub-sector         Sub-sector
                           Weight %                             No.
Avonmore Waterford            100%       Food Processors        451

Tullow Oil                    100%       Oil - Crude Producers  213

Deletions (All shares are ordinary):

Company                   Sub-sector                       Sub-sector
                                                              No.

Barlo Group               Diversified Industrials             591

Crean (James)             Diversified Consumer
                              Goods / Services                406

The large company cut-off figure for Ireland as of 31 March 1998 was
IEP1,501.26m.


NETHERLANDS

Additions (All shares are ordinary):

Company            Investibility     Sub-sector            Sub-sector
                     Weight %                                   No.
Fortis AMEV NV         100%       Insurance Multiline          151
Baan Company NV        100%       Computer Software
                                     & Services                482
VNU, Ver. Bez.         100%       Publishing                   472
ASM Litography NV      100%       Office Equipment             534
Randstad Holding       100%       Business Services            481
Hagemeyer              100%       Wholesale - Non durables     512
Numico                 100%       Food Processors              451

The large company cut-off figure for the Netherlands as of 31 March
1998 was NLG22,333.39m.

UNITED KINGDOM

Additions (All shares are ordinary):

Company                   Investibility   Sub-sector        Sub-sector
                             Weight %                           No.

Norwich Union Plc              100%       Insurance - Life        141
Cable & Wireless
 Communications Plc            100%       Telephone Companies     223
Woolwich Plc                   100%       Commercial Banks &
                                             Other Banks          112
Alliance & Leicester Plc       100%       Commercial Banks &
                                             Other Banks          112
Sun Life & Provincial
  Holdings Plc                 100%       Insurance - Life        141
British Energy Plc             100%       Electric Utilities
                                            & Water               221
                                            Works Supply
Misys Plc                      100%       Computer Software
                                             & Services           482
Northern Rock Plc              100%       Commercial Banks
                                             & Other Banks        112
Sema Group Plc                 100%       Computer Software
                                             & Services           482


Deletions (All shares are ordinary):

Company               Sub-sector                        Sub-sector No.

Diploma Plc           Wholesale - Durables                   511

The large company cut-off figure for the UK as of 31 March 1998 was
(pound)2,680.84m.

INVESTIBILITY WEIGHT CHANGE

The WIPC also announced the following investibility weight change
effective 3 August 1998:

Company           Country  Current Investibility   New Investibility
                               Weight %                Weight %
British Airways   UK             25%                    49.99%


INDUSTRY RECLASSIFICATIONS

The WIPC also announced that the classification of a number of
constituents were reviewed and the following classification changes
will therefore be made on 1st July 1998:


Country   Company Name   Current Industry      Proposed Industry Sub-
                             Sub-Sector                Sector
France    LVMH Moet
          Hennessey      Louis Beverages -     Textile Products (412)
          Vuitton         Distillers (422)

USA       Whitman Corp.  Diversified Consumer  Beverages - Soft Drinks
                         Goods/Services (406)            (424)