Representatives of Athens Exchange, Tel-Aviv Stock Exchange and Cyprus Stock Exchange had a meeting today in the presence of officials from the Global Index provider FTSE Group, at the CSE offices in Nicosia, for the purpose of finalising the agreement for a joint stock market index, the FTSE Mediterranean 100 Index, within the framework of the co-operation between the four participants.

The FTSE-MED 100 Index will be composed of 100 stocks of the three Exchanges, some of which are also listed on US and other European stock markets. The market capitalization is almost $50 billion.

The final structure of the Index and its initial constituents, will be finalised by FTSE Group in April 2003, in accordance with the relevant procedure which takes place every six months, with the aim of commencing the operation of the Index on the third week of May 2003.

The three Exchanges are also going to invite other Mediterranean Exchanges to participate in the Index.

Nicosia, 10 February 2003