BEIJING, December 24, 2004 – Dow Jones Indexes announced the results of the fourth regular quarterly review in 2004 for Dow Jones China Indexes (Dow-China Indexes). The component changes in the Dow Jones China 88 (Dow-China 88), Dow Jones China Total Market (Dow-China Total Market), Dow Jones Shanghai (Dow-Shanghai), Dow Jones Shenzhen (Dow-Shenzhen) Index, and Dow Jones CBN China 600 Index will be effective on January 4, 2005.

Following the adjustment, eight components have been deleted and an additional eight components have been added to the Dow-China 88, which tracks the largest and most liquid 88 stocks in China’s Class-A market and reflects roughly 32.87% of the total float market capitalization of both the Shanghai and Shenzhen markets. The number of Shanghai-listed stocks in the Dow-China 88 is 58 components, while the number of Shenzhen-listed stocks is 30 components. In terms of the market capitalization, Shanghai-listed stocks now represent 70.35% of the Dow-China 88, compared to 29.65% for Shenzhen-listed components.

On January 4, the components of the Dow-China Total Market will increase to 1150 from 1116, with 1083 A-shares and 67 B-shares. The number of components in the Dow-Shanghai Index will increase to 700 from 686, with 22 additions and eight deletions, while the number of components in the Dow-Shenzhen index will increase to 450 from 430, with 21 additions and one deletion. The Dow-Shanghai and the Dow-Shenzhen each represents roughly 95% of the market capitalization of their given markets, the Shanghai market and Shenzhen market. The Dow-China Total Market Index reflects roughly 95 percent of the market capitalization for both the Shanghai and Shenzhen markets.

Meanwhile, the second quarterly review of the Dow Jones CBN China 600 Index was implemented, which was launched on September 6, 2004. As a result of this regular review 30 components have been deleted and an additional 30 components have been added to the DJ-CBN 600 Index, which reflects roughly 80% of China’s total float market capitalization.

Aimed at providing investors in China and around the world with an accurate tool for tracking equity performance in China’s growing stock markets, the Dow-China Indexes are constructed with the same strict standards used to develop the Dow Jones Global Indexes.
Float-adjusted shares, which exclude all state-owned shares and unlisted employee shares, are used for stock selection and index calculation, in order to provide an accurate representation of the shares that are actually available to investors for trading. In calculating free-float for selection of component stocks, the Dow Jones Indexes exclude block holdings of individuals, other companies or governments that exceed 5% of total market value.

Dow Jones China Index component lists and weightings are available at http://chinaindex.dowjones.com.

The Dow-China Indexes were launched May 27, 1996. Dow Jones & Company, a worldwide provider of business information, launched the Dow-China Indexes to commemorate the 100th anniversary of the world’s most widely reported market indicator, the Dow Jones Industrial Average, which was launched in 1896. All four indexes in the Dow-China Index series have a base value of 100 on Dec. 31, 1993.