Synonymous with: Transparency Objectivity Quality Innovation

1
The Indicative Dow The Dow Jones Industrial
Average and The Dow Jones Global Titans 50
Index Now Calculated with Real-Time Xetra Prices
Synonymous with Transparency Objectivity
Quality Innovation
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Overview
Dow Data--Now Available Throughout the European
Trading Day

• As of September 24, 2001, Dow Jones Indexes
  calculates an indicative version of the Dow Jones
  Industrial Average The Indicative Dow
• Made possible by Deutsche Boerses introduction
  of a U.S. market segment.
• Component stock prices are sourced from Deutsche
  Boerses electronic trading system, Xetra.
• Indicative refers to the expectation that the
  calculation may provide a sense of the Dow Jones
  Industrial Averages opening level in the U.S.
• Indicative Dow calculation begins each day at
  300 a.m. New York Time, when Xetra opens, and
  continues until the U.S. exchanges open at 930
  a.m.

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Dow Jones Industrial Average
More Data, More Often
When the Dow Jones Industrial Average was
introduced, it was calculated and disseminated
just once a day. Today, with the incorporation of
Xetra pricing, it is calculated and disseminated
in real-time over a 13-hour day.
1896 Daily 1923 Hourly 1963 Real-time
(every two seconds) during NYSE / Nasdaq
trading hours (6 1/2 hours per day) 2001
Real-time during U.S. and German stock
exchange trading hours (13 hours per day)
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Dow Jones Industrial Average
The Indicative Dow How It Works

• As of September 24, 2001, real-time Indicative
  Dow prices are calculated and disseminated
  beginning at 300 a.m. New York Time each day,
  based on Xetra stock prices.
• At 930 a.m., when U.S. markets open, calculation
  of the real Dow begins based on stock prices
  from U.S. exchanges.

Indicative Dow
Real Dow
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Dow Jones Industrial Average
From Us to You Data Distribution

• Real-time Indicative Dow values are available
  from 300 a.m. until 930 a.m. (New York Time)
  via

• Bloomberg
• Bridge
• Reuters
• Dow Jones Indexes Web site at www.djindexes.com

• Disseminated with each tick are the

• Current value
• Current day high and low
• Net and percentage change versus the real Dow
  previous days close

• History is not maintained on the Indicative Dow.
  Indicative Dow prices are intended for use on the
  current day only and are neither displayed nor
  disseminated after 930 a.m. New York Time.

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Dow Jones Industrial Average
From Us to You Data Distribution (cont.)

• The Indicative Dow is disseminated in both USD
  and euro.
• To provide users of the euro-denominated
  Indicative Dow with bases of comparison

• As of September 24, the real Dow is calculated in
  euro as well as in USD on a real-time basis.
• Historical daily closing values on the real Dow
  have been converted into euro back to 1999.
• A file of euro-denominated real Dow price close
  history is downloadable from the Dow Jones
  Indexes Web site at www.djindexes.com. The file
  is updated daily.

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Dow Jones Industrial Average
From Us to You Data Distribution (cont.)

• Ticker symbols
• Suggested Bloomberg Bridge Reuters ISIN WKN
• DJIA Indicative DJII DJI US_at_JII
  .DJI XC0007923920 792392
• DJIA Euro DJIE DJIE US_at_JIE .DJIE XC0007923946 79
  2394

Note the DJIA Euro symbols apply to both the
euro-denominated Indicative Dow and the
euro-denominated real Dow.

• From 300 a.m. until 930 a.m. New York Time each
  day, the values disseminated under the DJIA Euro
  symbols reflect the Indicative Dow based on Xetra
  stock prices.
• Beginning at 930 a.m. when U.S. exchanges open,
  the DJIA Euro symbols reflect the real Dow based
  on U.S. stock prices.

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Dow Jones Global Titans 50 Index
Calculation with Xetra Prices

• As of September 24, 2001, the Dow Jones Global
  Titans 50 Index (DJGT), like the Dow Jones
  Industrial Average, reflects Xetra pricing during
  trading hours in Germany.
• The change allows real-time index values to
  better reflect actual trading prices of the
  underlying component stocks during the hours in
  which Xetra is open but U.S. and Asian markets
  are closed.
• Because the DJGT was already calculated 24 hours
  per day, the incorporation of Xetra pricing does
  not affect the indexs calculation and
  dissemination period.

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Dow Jones Global Titans 50 Index
How It Works
As of September 24, 2001, Dow Jones Global Titans
50 Index values account for Xetra pricing during
trading hours in Germany. From 300 a.m. until
930 a.m. New York Time, the prices of U.S. and
Asia DJGT component stocks are sourced from the
Xetra trading platform.
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Dow Jones Global Titans 50 Index
How It Works (cont.)
Asia Components
600 am
1200 am
600 pm
1200 pm
600 pm
Europe Components
600 am
1200 am
600 pm
1200 pm
600 pm
U.S. Components
600 am
1200 am
600 pm
1200 pm
600 pm
France until 1135 a.m. Germany until 200
p.m. All times New York Time.
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Summary
Why the Change?

• Investment products based on the Dow Jones
  Industrial Average and Dow Jones Global Titans 50
  Index now have

• Pricing more reflective of actual trading in the
  underlying securities
• Greater liquidity
• More efficient price discovery

• The availability of Dow Jones Global Titans 50
  component pricing data during European trading
  hours provides investors with better pricing
  information when they use the following products
  in Europe

• Dow Jones Global Titans 50 Index futures and
  options
• (e.g. those launched on Eurex on April 23)
• Dow Jones Global Titans 50 Index ETFs
• (e.g. Dow Jones Global Titans 50 EasyETFs
  sponsored by AXA and traded on Euronext
  INDEXCHANGE Investment ETF)