NEW YORK, July 8, 2004 – Dow Jones Indexes announced that 34 of the 50 stocks in the Dow Jones Select Dividend Index boosted payouts in the 12 months ended June 30.

The average increase in dividend payout was 10 cents a share, Dow Jones Indexes said, and they ranged from one cent to 68 cents. In percentage terms, the average increase was 8% and the range was from 0.5% to 41.5%.

"Components are chosen for the Dow Jones Select Dividend Index partly because they have a history of increasing their dividends over time," said John Prestbo, editor, Dow Jones Indexes. "But since past performance doesn't always correlate perfectly with current behavior, it is satisfying to see that 68% of the stocks lived up to their reputations."

Only one company in the index reduced its dividend in the 12-month period. NiSource Inc., a Midwest electric and gas utility, cut its quarterly payout by 20% to improve cash flow and maintain its credit rating.

"We don't boot a stock because a dividend is reduced, but we do if it is eliminated," Mr. Prestbo said. "Once a year, in December, we refresh the Dow Jones Select Dividend Index by selecting the top dividend payers with the best records of increasing dividends while not paying more than they can afford."

Despite that one reduction, the total payout of the index's 50 stocks still rose 4.7% to $66.57 in the year ended June 30 from $63.59 in the preceding 12 months, Dow Jones Indexes said.

As of June 30, the yield on the Dow Jones Select Dividend Index was 3.8%, compared with to 1.64% for the Dow Jones U.S. Total Market Index.