Standard & Poor's to join international equity index group.

NEW YORK--(BUSINESS WIRE)--May 23, 1995--Standard & Poor's, a division of The McGraw-Hill Companies, the Financial Times Ltd., and Goldman, Sachs & Co. announced today that Standard & Poor's has joined the Financial Times and Goldman, Sachs & Co. as a co-publisher of a key, internationally recognized group of indices -- The Financial Times/Standard & Poor's Actuaries World Indices (formerly known as the Financial Times Actuaries World Indices).

The indices cover a total of 2,280 stocks in 26 major equity markets located on six continents. The indices are maintained as a single system, with regional as well as national measures.

The addition of Standard & Poor's to the group that maintains and publishes these leading equity indices marks a collaboration between two major international financial publishers -- Standard & Poor's and the Financial Times -- with a preeminent global investment bank, Goldman, Sachs & Co., each of whom have a strong commitment to providing the global investment community with reliable benchmarks for equity market performance.

The Financial Times/Standard & Poor's Actuaries World Indices are jointly owned by the Financial Times, Standard & Poor's, and Goldman Sachs under an agreement signed today. Following a transition period, Standard & Poor's and the Financial Times will jointly calculate the indices. All three owners will distribute index data and license fund managers, exchanges, and investment banks to use the indices as the basis for index-linked investment products.

The indices will be managed with the assistance of the Institute of Actuaries and the Faculty of Actuaries of the United Kingdom. The indices are a continuation of the Financial Times Actuaries World Indices, which were originally developed by Goldman Sachs, NatWest Securities Ltd., and the Financial Times in 1986. As part of the new agreement, NatWest Securities Ltd. is withdrawing from the management of the indices, but will continue to be recognized as a founding member.

"This is an opportunity to combine the expertise of two renowned international financial information publishers with that of a global investment banking and brokerage firm to foster the continued growth of the Financial Times/Standard & Poor's Actuaries World Indices," said John C. Zwingli, group vice president, Standard & Poor's Equity Services Group. "Standard & Poor's is pleased to be joining the Financial Times and Goldman Sachs in this effort."

Standard & Poor's said that it will continue to maintain and publish its existing indices on the U.S. securities markets separately from its global index efforts with the Financial Times and Goldman, Sachs & Co. The Financial Times/Standard & Poor's Actuaries World Indices will continue to be calculated daily and published in the Financial Times and in other leading global news sources.

"The Financial Times is pleased to welcome Standard & Poor's into the Indices and looks forward to expanding their development as the key global benchmark," said John Makinson, managing director of the Financial Times. "The resumption of a direct role by the Financial Times in their calculation and distribution reflects the growing importance of high quality international market data to our customers. By linking with the leading U.S. index provider, the authority and relevance of the indices will be further enhanced."

"Goldman Sachs has worked with these indices since their introduction in 1986," said Mark Zurack, partner, Goldman, Sachs & Co. "We welcome Standard & Poor's to the group and expect the Financial Times/Standard & Poor's Actuaries World Indices to gain ever wider recognition in the markets."

Standard & Poor's, a division of The McGraw-Hill Companies (NYSE:MHP), provides financial, economic, and investment information, as well as analytical services, to the global financial community and commodity trading markets. Standard & Poor's calculates and maintains the S&P 500, S&P MidCap 400, and S&P SmallCap 600 stock prices indices, 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 alone.

The Financial Times is the leading international business newspaper and is published and printed at six sites world-wide. Through its FT Information division, which includes the Extel business acquired in 1993, the FT group is a major data supplier to the global fund management industry. The Financial Times has been a leading publisher of United Kingdom stock market indices for 60 years. In association with the Institute and Faculty of Actuaries, the FT and the London Stock Exchange jointly own and operate the FT-SE Actuaries Share Indices, which included the FT-SE Actuaries All Share Index and the FT-SE 100.

Goldman, Sachs & Co. is an international investment banking and brokerage firm serving corporations, governments, institutions, and individuals worldwide. The firm, founded in 1869, is one of the last private partnerships among major financial institutions, and is among the most strongly capitalized in the securities industry. Goldman Sachs has 31 offices throughout North America, Europe, and Asia and is a leader in virtually every field of investing and financing, as well as research.

The Institute of Actuaries and Faculty of Actuaries are the governing bodies of the UK actuarial profession and have played the central role in the development of UK stock market indices.

CONTACT: Financial Times

Managing Director

John Makinson, 011 44 171 873 4924

or

Goldman, Sachs & Co.

Partner, Equities Division

Mark Zurack, 212/904-8654

or

Standard & Poor's

V.P., Index Products & Services

Elliott Shurgin, 212/208-8709

or

Standard & Poor's

Media Relations Manager

Jon M. Diat, 212/208-8690