Bay Networks to be added to S&P 500 after close of trading on Feb. 9.

NEW YORK--(BUSINESS WIRE)--Feb. 8, 1996--As previously announced, the Equity Services Group of Standard & Poor's will replace Capital Cities/ABC Inc. (CCB) in the S&P 500 Index with Bay Networks Inc. (BNET), currently a component of the S&P MidCap 400 Index, upon completion of the merger of Capital Cities/ABC into the Walt Disney Company (DIS).

The merger received Federal Communications Commission regulatory approval earlier today, and the merger is expected to close tomorrow, Feb. 9, 1996. Standard & Poor's will replace Capital Cities/ABC in the S&P 500 Index with Bay Networks after the close of trading tomorrow, Feb. 9. Also, as previously announced, Oracle Systems (ORCL) will replace Capital Cities/ABC in the S&P 100 Index.

Bay Networks, a leading manufacturer of computer networking products, has headquarters in Billerica, Mass., and Santa Clara, Calif. It will be added to the S&P 500 Communications Equipment Manufacturers group. It will be replaced in the S&P MidCap 400 by America Online Inc. (AMER), a component of the S&P SmallCap 600 Index, after the close of trading on Feb. 9, 1996. America Online is a leading provider of e-mail, electronic bulletin board, and Internet access services. The company, which is based in Vienna, Va., will be added to the S&P MidCap 400 Computer Software & Services industry group.

America Online will be replaced in the S&P SmallCap 600 Index by The Sports Authority (TSA), an operator of large-format sporting goods stores that was formerly a wholly owned subsidiary of K-Mart Corp. (KM). The Sports Authority is headquartered in Fort Lauderdale, Fla.

The Equity Services Group of Standard & Poor's, a division of the Financial Information Services Group of The McGraw Hill Companies, provides financial, economic, and investment information, as well as analytical services, to the global financial community and commodity trading markets.

The S&P Equity Services Group calculates and maintains the S&P 500, S&P MidCap 400, S&P SmallCap 600, and the S&P Super Composite 1500 stock price indexes, which are widely considered key barometers of stock market activity and performance benchmarks for professional money managers. More than $300 billion is currently indexed to the S&P 500. Company additions to and deletions from the S&P equity indexes do not in any way reflect an opinion on the investment merits of the company.

CONTACT: Standard & Poor's, New York

Elliott Shurgin, 212/208-8709

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Albert Neubert, 212/208-8716