NEW YORK, Dec. 2, 2004 — Dow Jones Indexes today announced changes in the composition of the Dow Jones Select Dividend Index. The changes will be effective with the opening of trading on December 20, 2004.

With this regular annual review, Dow Jones Indexes is implementing the methodology modifications that were announced on November 10, 2004. The modifications are to broaden the number of components to 100 stocks from 50 currently and to strengthen the liquidity test to a three-month average trading volume of 200,000 shares a day, compared to the previous requirement of $1.5 million average daily dollar volume.

The reconstituted Dow Jones Select Dividend Index is more diverse by industry and stock size than the current version, as well as more liquid. The dividend yield of the enlarged Dow Jones Select Dividend Index is 3.43% as of November 30, 2004. On that same date, the 50-stock version had a yield of 3.61%.

Only one current component will be deleted from the Dow Jones Select Dividend Index. Whitney Holding Corp. (Financial; indicated annual dividend: $1.40; dividend yield: 3.03%) did not pass the liquidity threshold.

The Dow Jones Select Dividend Index was introduced about one year ago. It measures the performance of dividend-paying stocks selected for their high yields, their track records of maintaining or increasing dividends over the past five years, and their capability of sustaining their current payouts in the coming year. The index weighs component stocks by the ratios of their individual payouts to the total distribution for all components.

Further information as well as the complete component list and methodology of the Dow Jones Select Dividend Index can be found on the Dow Jones Indexes’ web site djindexes.com.

Company additions to and deletions from the Dow Jones Select Dividend Index do not in any way reflect an opinion on the investment merits of the company.