The stocks selection follows four steps :

• Step 1 : CAC AllShares index eligible stocks selection
  The first step consists on excluding low liquid stocks by elimination stocks with annual velocity ratio less than 5%. After this exclusion, it counts about 500 “eligible” stocks. This sample (without capitalisation restriction) represents the CAC AllShares index.
  
• Step 2 : SBF 250 index stocks selection
  From this sample about 500 stocks, the first 250 largest capitalisations (without “holding” companies) are selected. They represent the SBF 250 index.
  
• Step 3 : "Tradable" (CAC 40 + CAC Next20) stocks selection
  These 250 stocks are then ranked by the free float adjusted capitalisation and the turnover. The first 60 ranked companies (including the CAC 40 components) are then determined. The “penny” stocks are also excluded from the eligible stocks.
  The 20 stocks not included in the CAC 40 index are extracted from this sample and make the CAC Next20 index.
  
• Step 4 : Mid and Small Caps indices selection
  The CAC Mid&Small 190 sample is given by the 250 stocks sample minus the 60 stocks of CAC 40 and CAC Next20 indices components. The first 100 largest capitalisations of the 190 stocks represent the CAC Mid100 index, and the last 90 capitalisations represent the CAC Small90 index.

• CAC Mid100 index (Base 3000 31/12/2002)
  The CAC Mid100 index comprises the 100 next-largest capitalisations after the 60 biggest stocks that make up the CAC 40 and CAC Next20 indices. Component stocks must have annual turnover of at least 5%.
  By construction, the CAC Mid100 index is included in the SBF 250. The value of the index is updated every 30 seconds.
  See also composition and historical data
  
  
• CAC Small90 index (Base 3000 31/12/2002)
  The CAC Small90 index is made up of the 90 smallest capitalisations in the SBF 250. The way the indices are constructed means that these stocks are the next-largest after those in the CAC Mid100.
  Like the CAC Mid100, the SmallCaps 90 index is included in the SBF 250. The value of the index is calculated twice daily, at the market opening and close.
  See also composition and historical data
  
  
• CAC Mid&Small190 index (Base 3000 31/12/2002)
  The CAC Mid&Small190 index combines the CAC Mid100 and CAC Small90 indices. Its value is calculated twice daily, at the market opening and close.
  See also composition and historical data
  
  
• CAC Next20 index (Base 3000 31/12/2002)
  The CAC Next20 index represents the next twenty most representative stocks, measured by free-float capitalisation and liquidity, after the forty stocks in the CAC 40 index. CAC Next20 stocks are thus candidates for promotion to the CAC 40 index.
  Stocks are selected for the CAC Next20 index from among the top sixty stocks ranked by free-float capitalisation and trading value in the universe of eligible stocks listed on Euronext Paris. Thus, twenty stocks not included in the CAC 40 index are extracted from that sample to make the CAC Next20 index.
  Like the CAC 40, the CAC Next20 index is calculated every 30 seconds, so all its component stocks must be continuously quoted. It is weighted by free-float market capitalisation, with a 15% ceiling.
  See also composition and historical data
  
  
• CAC IT20 index (Base 3000 31/12/2002)
  The CAC IT20 index contains the most representative stocks from the CAC IT index in terms of size and volume. It plays the same role for tech stocks as the CAC 40 does for the market as a whole. As with the CAC 40 and CAC Next20, stocks in the CAC IT20 are free-float weighted, with a 15% weighting cap.
  See also composition and historical data
  
  
• CAC AllShares index  (Base 3000 31/12/2002)
  The CAC AllShares index comprises all stocks listed on Euronext Paris with annual turnover of more than 5%, irrespective of market capitalisation. At end-June 2004, the CAC AllShares index comprised 522 stocks.
  This index is launched since July 1st, 2005.
  See also composition as of 01/07/2005 ***  and historical data 
  (Please, for a complete historical data, visit the website www.databyeuronext.com)

The Index Steering Committee

Euronext Paris indices are supervised by the Index Steering Committee (ISC). The ISC is tasked with managing the index samples and making sure they are reliable and representative. The Committee brings a threefold guarantee of expertise, independence and transparency.
The Index Steering Committee was set up when the CAC 40 was launched. It operates independently of Euronext and can thus act freely in the interests of the market and investors. Chaired by Jean-François Théodore, the ISC comprises the following members:

• Michel Didier: Rexecode
• Pierre-Olivier Cousseran: Banque de France
• Christian Gouriéroux: Institut National de la Statistique et des Études Économiques (national statistics institute, INSEE)
• Bertrand Jacquillat: Associés en Finance
• Patrice de Larrard: Société Française des Analystes Financiers (investment analysts' society, SFAF)
• Jacques Lereboullet
• Benoît de Juvigny: Autorité des Marchés Financiers (French securities regulator, AMF)
• Jean-Guy de Wael: Financial analyst

Indices review

The ISC meets at least four times a year. Its decisions on sample adjustments are disclosed in press releases published immediately after Committee meetings; they do not take effect for at least four weeks.
The chair of the ISC may consult the members or convene an extraordinary meeting if circumstances so require, notably in the case of exceptional events affecting component stocks.
Committee meetings are held after the market close to prevent manipulation in stocks that might be included in or excluded from the samples. The meeting schedule is not made public.
Review procedures depend on the type of index. Euronext uses two index types :

• Tradable indices: CAC 40, CAC Next20 and CAC IT20
• Benchmark indices: SBF 80, SBF 120, SBF 250, CAC Mid100, CAC Small90, CAC Mid&Small190, CAC AllShares, CAC IT and the sector indices.

Tradable indices are reviewed quarterly, with component stocks examined in terms of eligibility and selection criteria. Benchmark indices are reviewed annually. However, stocks deleted from the indices following corporate actions are replaced by the ISC at its quarterly meetings.

ISIN	Index	Composition / Nb Values	Launch date	Free Float	Cap	Calculation mode	Base	Base date	Historical data since
FR0003500008	CAC 40	40		Yes	15%	Continuous	1000	31/12/1987	31/12/1987
FR0003999473	SBF 80	80		Yes*	-	Continuous	1000	31/12/1990	31/12/1990
FR0003999481	SBF 120	120		Yes*	-	Continuous	1000	31/12/1990	31/12/1990
FR0003999499	SBF 250	250		Yes*	-	Open/Close	1000	31/12/1990	31/12/1990
FR0003501980	CAC IT	Open		Yes*	15%*	Open/Close	1000	30/12/1998	30/12/1998
INDICES WHICH ARE ABOUT TO DISAPPEAR
FR0003999556	Nouveau Marché	Open		No		To disappear **	1000	31/12/1997	28/03/1996
FR0003999515	Second Marché	Open		No		To disappear **	1000	31/12/1990	31/12/1990
FR0003999507	MidCAC	100		No		To disappear **	1000	31/12/1990	31/12/1990
FR0003501998	ITCAC50	50		No		To disappear **	1000	30/12/1998	30/12/1998
NEW INDICES
QS0010989109	CAC Next20	20	03/01/2005	Yes	15%	Continuous	3000	31/12/2002	30/12/1998
QS0010989117	CAC Mid100	100	03/01/2005	Yes	-	Continuous	3000	31/12/2002	30/12/1998
QS0010989125	CAC Small90	90	03/01/2005	Yes	-	Open/Close	3000	31/12/2002	30/12/1998
QS0010989133	CAC Mid&Small190	190	03/01/2005	Yes	-	Open/Close	3000	31/12/2002	30/12/1998
QS0010989091	CAC IT20	20	03/01/2005	Yes	15%	Continuous	3000	31/12/2002	30/12/1998
QS0010989141	CAC AllShares	Open***	01/07/2005	No	-	Open/Close	3000	31/12/2002	30/12/1998

*     Change relatively to the current methodology (effective at January 3, 2005)
**   Calculation of these indices will be stopped at the end of June 2005
***  CAC AllShares - composition as of 01/07/2005 - The composition of the CAC AllShares index could be subject to changes triggered by
      exceptional corporate events, which might arise before the launch.