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Wednesday, 02/12/2003 4:23:14 PM

Wednesday, February 12, 2003 4:23:14 PM

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DESCRIPTIONS OF MANY INDEXES
http://www.nasdaq.com/reference/IndexDescriptions.stm

Indices of The NASDAQ Stock Market

The following common type securities are eligible for index inclusions. There is no distinction between either the NASDAQ National Market vs. The NASDAQ SmallCap Market, or domestic US vs. Non-US securities.

Security Class
American Depositary Receipts (ADRs)
Common
Ordinary Shares
Real Estate Investment Trusts (REITs)
Shares of Beneficial Interest (SBIs)
Tracking Stocks

The following issue types are not eligible for inclusion in the indices: convertible debentures, preferred stocks, rights, warrants, units and other derivative securities.




NASDAQ-100 Index
View List of Index Securities and Eligibility Criteria / Download List To Spreadsheet / NASDAQ-100 FlashQuote / Historical Changes

The NASDAQ-100 Index includes 100 of the largest domestic and international non-financial companies listed on The NASDAQ Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. It does not contain financial companies including investment companies. The NASDAQ-100 Index is calculated under a modified capitalization-weighted methodology.

On January 31, 1985, the NASDAQ-100 Index began with a base of 250.00.
On January 1, 1994, the NASDAQ-100 base was reset by division of a factor of 2.00 to 125.00.




NASDAQ Financial-100 Index
View List of Index Securities and Eligibility Criteria / Download List To Spreadsheet / NASDAQ Financial-100 FlashQuote

The NASDAQ Financial-100 Index includes 100 of the largest domestic and international financial organizations listed The NASDAQ Stock Market based on market capitalization. The Index contains bank and savings institutions and related holding companies, insurance companies, broker dealers, investment companies and financial services.

On January 31, 1985, the NASDAQ Financial-100 Index began with a base of 250.00.




NASDAQ Composite Index
View List of Index Securities / Download List To Spreadsheet

The NASDAQ Composite Index measures all NASDAQ domestic and international based common type stocks listed on The NASDAQ Stock Market.

Today the NASDAQ Composite includes over 4,000 companies, more than most other stock market indices. Because it is so broad-based, the Composite is one of the most widely followed and quoted major market indices.

On February 5, 1971, the NASDAQ Composite Index began with a base of 100.00.




NASDAQ National Market Composite Index
View List of Index Securities

The NASDAQ National Market Composite Index is a sub-set of the NASDAQ Composite Index, and consists of all companies included in the NASDAQ Composite Index which are listed on the NASDAQ National Market tier of The NASDAQ Stock Market.

On July 10, 1984 the NASDAQ National Market Composite Index began with a base of 100.00.




NASDAQ Bank Index
View List of Index Securities

The NASDAQ Bank Index contains all types of banks and savings institutions and related holding companies, establishments performing functions closely related to banking, such as check cashing agencies, currency exchanges, safe deposit companies and corporations for banking abroad.

On February 5, 1971, the NASDAQ Bank Index began with a base of 100.00.




NASDAQ Biotechnology Index
View List of Index Securities and Eligibility Criteria / Historical Changes / Biotechnology Investor's Forum

The NASDAQ Biotechnology Index contains companies primarily engaged in using biomedical research for the discovery or development of novel treatments or cures for human disease which also meet other eligibility criteria. The NASDAQ Biotechnology Index is calculated under a modified capitalization-weighted methodology.

On November 1, 1993, the NASDAQ Biotechnology Index began with a base of 200.00.




NASDAQ Computer Index
View List of Index Securities

The NASDAQ Computer Index contains computer hardware and software companies that furnish computer programming and data processing services, and firms that produce computers, office equipment, and electronic components/accessories.

On November 1, 1993, the NASDAQ Computer Index began with a base of 200.00.




NASDAQ Industrial Index
View List of Index Securities

The NASDAQ Industrial Index contains companies not classified in one of the other sub-indices, including agricultural, mining, construction, manufacturing, retail/wholesale trade, services, public administration enterprises, health maintenance organizations and companies that do not meet the NASDAQ Biotechnology Index criteria.

On February 5, 1971, the NASDAQ Industrial Index began with a base of 100.00.




NASDAQ National Market Industrial Index
View List of Index Securities

The NASDAQ National Market Industrial Index is a sub-set of the NASDAQ Industrial Index, and consists of all companies included in the NASDAQ Industrial Index which are listed on the NASDAQ National Market tier of The NASDAQ Stock Market.

On July 10, 1984 the NASDAQ National Market Industrial Index began with a base of 100.00.




NASDAQ Insurance Index
View List of Index Securities

The NASDAQ Insurance Index contains all types of insurance companies including life, health, property, casualty, and brokers, agents, and related services.

On February 5, 1971, the NASDAQ Insurance Index began with a base of 100.00.




NASDAQ Other Finance Index
View List of Index Securities

The NASDAQ Other Finance Index includes credit agencies (except banks and savings institutions and related holding companies), security and commodity brokers, exchanges and dealers, real estate, and holding investments companies.

On February 5, 1971, the NASDAQ Other Finance Index began with a base of 100.00.




NASDAQ Telecommunications Index
View List of Index Securities

The NASDAQ Telecommunications Index contains all types of telecommunications companies, including point-to-point communication services and radio and television broadcast, and companies that manufacture communication equipment and accessories.

On November 1, 1993, the NASDAQ Utility Index was renamed the NASDAQ Telecommunications Index. The former NASDAQ Utility Index was reset to a base of 200.00, using a factor of 5.74805.




NASDAQ Transportation Index
View List of Index Securities

The NASDAQ Transportation Index contains all types of transportation companies, including railroads, trucking companies, airlines, pipelines, (except natural gas), and services incidental to transportation, such as warehousing, travel arrangements, and packing.

On February 5, 1971, the NASDAQ Transportation Index began with a base of 100.00.




The KLD-NASDAQ® Social IndexSM
KLD-NS Index Construction and Maintenance

The KLD-NASDAQ Social Index is a market-value weighted index reflecting the performance of the largest NASDAQ listed US corporations in major sectors of the market, including technology, financial, and telecommunications. All constituents of the KLD-NASDAQ Social Index pass KLD Research & Analytics proprietary social and environmental screens.




NASDAQ Index Calculation Description
All NASDAQ Indices are market value weighted except the NASDAQ-100 Index which is weighted using a modified market capitalization method. The representation of each security in the Index is proportional to its last sale price times the total number of shares outstanding, relative to the total market value of the respective index.

The formula used for determining the Index values is as follows: Index Level = Current Market Value

Adjusted Base Period
Market Value X Base Value

Adjusted Base Period
Market Value = Current Market Value
After Adjustments

Current Market Value
Before Adjustments X Previous Base
Period Market Value


The level of an Index will only change as a result of price changes occurring between the opening and closing of the market. Adjustments for securities being added to or deleted from The Nasdaq Stock Market, Inc., or capitalization changes, are adjustments which take place during the system maintenance process which occurs after the market has closed. These adjustments will result in value changes to the current market value and adjusted base period market value, but will not in and of themselves alter the level of an Index.

Stock splits and stock dividends are likewise adjusted for during the system maintenance process. However, the system makes a price adjustment to account for the increased number of shares with the result being that the current market value does not change. As an example, assume that ABC Corp. has 1,000,000 shares outstanding with a last sale price of 20 (market value - $20,000,000) The company has declared a 2 for 1 stock split. During system maintenance on the day prior to the effective date of the split, the system will adjust the shares outstanding to 2,000,000 and will correspondingly adjust the price to 10. Result, the same current market value of $20,000,000.

In the case of cash dividends, no system adjustment is made. Neither the Current Market Value nor the Adjusted Base Period Market Value is adjusted to reflect cash dividends. The index formula relies on market forces to determine the level of the Index.

Other Index Descriptions

AMEX Composite
The Amex Composite Index reflects the aggregate market value of all its components relative to their aggregate value on December 29, 1995. The index was developed with a base of 550 as of Dec. 29, 1995. Components of the index include the common stocks or ADRs of all Amex-listed companies, REITs, master limited partnerships, and closed end investment vehicles. Each component's market value is determined by multiplying its price by the number of shares outstanding. The day-to-day price change in each issue is weighted by its market value (as of the start of the day) as a percent of the total market value for all components. Thus, the daily price change for each company influences that day's change in the index in proportion to the company's market value. The level of the Composite Index is not altered by stock splits, stock dividends or trading halts, nor is it affected by new listings, additional issuances, delistings, or suspensions.

Dow Jones Average - 30 Industrial
DJIA FlashQuote
Prepared and published by Dow Jones & Co. is one of the oldest and most widely quoted of all the market indicators. The Dow Jones Industrial Average is comprised of 30 stocks that are major factors in their industries, and widely held by individuals and institutional investors. These 30 stocks represent about a fifth of the $8 trillion-plus market value of all U.S. stocks and about a fourth of the value of stocks listed on the New York Stock Exchange.

Dow Jones Average - 20 Transportation
Prepared and published by Dow Jones & Co,. the Dow Jones Transportation Average represents 20 stocks of the airline, trucking, railroad, and shipping business.

Dow Jones Average - 15 Utilities
Prepared and published by Dow Jones & Co., the Dow Jones Utility index is geographically representative of the gas and electric utilities industries.

FORTUNE 500 Index
Developed by the editors of FORTUNE, this market-capitalization-weighted Index is based on FORTUNE's 45-year-old list of America's 500 biggest companies domiciled in the U.S. In addition, the Index is restricted to publicly listed companies in the FORTUNE 500 List whose shares are actively traded. Index was set to a base level of 1000.00 at the end of trading on December 31, 1999 and is being calculated real-time at 15-second intervals during the trading day.

FORTUNE e-50 Index
First published in the Dec. 6, 1999 issue of FORTUNE Magazine, it is based on a list of the 50 companies that FORTUNE has determined best capture the scope of the Internet sector.

Frank Russell - 3000 Index
Measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. As of the latest reconstitution, the average market capitalization was approximately $5.1 billion; the median market capitalization was approximately $791.1 million. The index had a total market capitalization range of approximately $520 billion to $178 million.

Frank Russell - 2000 Index
Measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. As of the latest reconstitution, the average market capitalization was approximately $580 million; the median market capitalization was approximately $466 million. The largest company in the index had an approximate market capitalization of $1.5 billion.

Frank Russell - 1000 Index
Measures the performance of the 1,000 largest companies in the Russell 3000 Index, which represents approximately 92% of the total market capitalization of the Russell 3000 Index. As of the latest reconstitution, the average market capitalization was approximately $14.1 billion; the median market capitalization was approximately $4.1 billion. The smallest company in the index had an approximate market capitalization of $1.6 billion.

Frank Russell - Midcap Index
Measuring the performance of the 800 smallest companies i the Russell 1000 Index, which represent approximately 35% of the total market capitalization of the Russell 1000 Index. As of the latest reconstitution, the average market capitalization was approximately $3.7 billion; the median market capitalization was approximately $2.9 billion. The largest company in the index had an approximate market capitalization of $10.3 billion.

NYSE Composite Index
In 1966, the NYSE established the NYSE Composite Index to provide a comprehensive measure of market trends. The indexes consist of a Composite Index of all common stocks listed on the NYSE and four subgroup indexes -- Industrial, Transportation, Utility, and Finance. The indexes are basically a measure of the changes in aggregate market value of NYSE common stocks, adjusted to eliminate the effects of capitalization changes, new listings and delistings.

Philadelphia Semiconductor Index
Created in December 1993, the Philadelphia Semiconductor Index is a price-weighted index composed of 16 US semiconductor companies primarily involved in the design, distribution, manufacture, and sale of semiconductors.

S&P 500 Index
Widely regarded as the standard for measuring large-cap U.S. stock market performance, this popular index includes a representative sample of leading companies in leading industries. The S&P 500 is used by 97% of U.S. money managers and pension plan sponsors. Some $626 billion is indexed to the S&P 500.

S&P Midcap 400 Index
Measuring the performance of the mid-size company segment of the U.S. market, this index is used by over 95% of U.S. managers and pension plan sponsors. $20 billion is indexed to the S&P MidCap 400.

S&P 100 Index
The Standard & Poor's 100 Stock Index, known by its ticker symbol OEX, measures large company U.S. stock market performance. This market capitalization-weighted index is made up of 100 major, blue chip stocks across diverse industry groups.

Wilshire 5000 Equity Index
The Wilshire 5000 Equity Index measures the performance of all U.S. headquartered equity securities with readily available price data. Over 7,000 capitalization weighted security returns are used to adjust the index.

1A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This statement shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State. Complete information about shares based on the NASDAQ-100 Index, including charges and expenses, is contained in a prospectus which can be attained at: 1-800-843-2639.

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