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Index Descriptions

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 Capital Market, or domestic US vs. Non-US securities.

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

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.

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.

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.

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.

Russell 2000 Growth
Measures the performance of the small-cap growth segment of the U.S. equities.

Russell 2000 Value
Measures the performance of the small-cap value segment of the U.S. equities.

Russell 1000 Growth
Measures the performance of the large-cap growth segment of the U.S. equities.

Russell 1000 Value
Measures the performance of the large-cap value segment of the U.S. equities.

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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