Standard & Poor's Announces Changes to U.S. Indices

NEW YORK, March 20 /PRNewswire/ -- Standard & Poor's will make the following changes to the S&P 100, S&P 500, S&P MidCap 400 and S&P SmallCap 600 indices:

-- Philip Morris International Inc. (NYSE:PMwi) will replace S&P 500
constituent Allegheny Technologies Inc. (NYSE:ATI) in the S&P 100, and
will replace Circuit City Stores Inc. (NYSE:CC) in the S&P 500, after
the close of trading on Friday, March 28. Philip Morris International
is being spun off by S&P 100 and S&P 500 constituent Altria Group Inc.
(NYSE:MO) in a transaction expected to be completed on or about that
date. Allegheny Technologies will remain in the S&P 500.

-- S&P U.S. REIT Composite constituent HCP Inc. (NYSE:HCP) will replace
Commerce Bancorp Inc. (NYSE:CBH) in the S&P 500 after the close of
trading on Monday, March 31. Commerce Bancorp is being acquired by S&P
Global 1200 constituent The Toronto-Dominion Bank in a transaction
expected to be completed on or about that date.

-- Hill-Rom Holdings Inc. (NYSE:HRCwi) will replace Hillenbrand
Industries (NYSE:HB) in the S&P MidCap 400, and Hillenbrand Inc.
(NYSE:HIwi) will replace Caraustar Industries Inc. (NASD: CSAR) in the
S&P SmallCap 600 after the close of trading on Monday, March 31.
Hillenbrand is being spun off by Hillenbrand Industries in a
transaction expected to close on or about that date. In connection with
the spin-off, the Hillenbrand Industries stub will be renamed Hill-Rom
Holdings Inc. As of today's close of trading, Caraustar Industries had
an approximate market capitalization of $45 million, whereas the
minimum market capitalization a company must maintain to be eligible
for admission to the S&P SmallCap 600 is currently $300 million.

-- FairPoint Communications Inc. (NYSE:FRP) will replace Coachmen
Industries Inc. (NYSE:COA) in the S&P SmallCap 600 after the close of
trading on Monday, March 31. FairPoint Communications is merging with
certain spun off assets from S&P 500 constituent Verizon Communications
Inc. (NYSE:VZ) in a deal expected to close on or about that date. At
today's close of trading, Coachmen Industries had an approximate market
value of $53 million, whereas the minimum market capitalization a
company must maintain to be eligible for admission to the S&P SmallCap
600 is currently $300 million.

Standard & Poor's will monitor these transactions, and post any relevant updates on its website: www.standardandpoors.com.

Philip Morris International produces, sells, distributes and markets cigarettes and tobacco products. Headquartered in New York, NY, the company will be added to the S&P 500 GICS (Global Industry Classification Standard) Tobacco Sub-Industry index.

HCP Inc. is a REIT focusing on properties serving the healthcare industry. Headquartered in Long Beach, CA the company will be added to the S&P 500 GICS (Global Industry Classification Standard) Specialized REITs Sub-Industry index.

Hill-Rom Holdings is a worldwide manufacturer and provider of medical technologies and related services for the health care industry. Headquartered in Batesville, IN, the company will be added to the S&P MidCap 400 GICS Health Care Equipment Sub-Industry index.

Hillenbrand manufactures, distributes and sells funeral service products. Headquartered in Batesville, IN, the company will be added to the S&P SmallCap 600 GICS Specialized Consumer Services Sub-Industry index.

FairPoint Communications is a provider of communications services to rural communities. Headquartered in Charlotte, NC, the company will be added to the S&P SmallCap 600 GICS Integrated Telecommunication Services Sub-Industry index.

Following is a summary of the changes:

S&P 100 INDEX - March 28, 2008
COMPANY GICS ECONOMIC SECTOR GICS SUB-INDUSTRY
ADDED Philip Morris Consumer Staples Tobacco
International
DELETED Allegheny Materials Steel
Technologies

S&P 500 INDEX - March 28, 2008
COMPANY GICS ECONOMIC SECTOR GICS SUB-INDUSTRY
ADDED Philip Morris Consumer Staples Tobacco
International
DELETED Circuit City Consumer Discretionary Computer &
Stores Electronics Retail

S&P 500 INDEX - March 31, 2008
COMPANY GICS ECONOMIC SECTOR GICS SUB-INDUSTRY
ADDED HCP Financials Specialized REITs
DELETED Commerce Bancorp Financials Regional Banks

S&P MIDCAP 400 INDEX - March 31, 2008
COMPANY GICS ECONOMIC SECTOR GICS SUB-INDUSTRY
ADDED Hill-Rom Holdings Health Care Health Care Equipment
DELETED Hillenbrand Health Care Health Care Equipment
Industries

S&P SMALLCAP 600 INDEX - March 31, 2008
COMPANY GICS ECONOMIC SECTOR GICS SUB-INDUSTRY
ADDED Hillenbrand Consumer Discretionary Specialized Consumer
Services
FairPoint Telecommunication Integrated
Communications Services Telecommunication
Services
DELETED Caraustar Materials Paper Packaging
Industries
Coachmen Consumer Discretionary Automobile
Industries Manufacturers

Additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the companies concerned.

About Standard & Poor's

Standard & Poor's, a division of The McGraw-Hill Companies (NYSE:MHP), is the world's foremost provider of financial market intelligence, including independent credit ratings, indices, risk evaluation, investment research and data. With approximately 8,500 employees, including wholly owned affiliates, located in 21 countries, Standard & Poor's is an essential part of the world's financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. For more information, visit http://www.standardandpoors.com/.

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First Call Analyst:
FCMN Contact:

Source: Standard & Poor's

CONTACT: David M. Blitzer, Ph.D.
Managing Director & Chairman of the Index Committee
Standard & Poor's
+1-212-438-3907

Web site: http://www.standardandpoors.com/
http://www.mcgraw-hill.com/

2008-03-20 17:26:15 0317648 PRNEWSWIRE