RYN Rayonier Inc

Standard & Poor's Announces Changes to S&P U.S. Indices NEW YORK, April 19 /PRNewswire/ -- Standard & Poor's will make the following changes in the S&P 500, S&P MidCap 400, S&P SmallCap 600 and S&P REIT Composite indices: * S&P MidCap 400 component Mylan Laboratories (NYSE:MYL) will replace Sprint PCS (NYSE:PCS) in the S&P 500 after the close of trading on Thursday, April 22, 2004. Sprint Corp. (NYSE:FON) is eliminating its PCS tracking stock on that day. S&P SmallCap 600 component Pacific Sunwear of California (NASDAQ:PSUN) will replace Mylan Laboratories in the S&P MidCap 400, while Multimedia Games (NASDAQ:MGAM) will replace Pacific Sunwear in the S&P SmallCap 600. * S&P MidCap 400 component Valero Energy (NYSE:VLO) will replace John Hancock Financial (NYSE:JHF) in the S&P 500 on a date to be announced. S&P/TSX 60 component Manulife Financial Corp. (NYSE:MFC) is acquiring John Hancock in a deal that is still pending regulatory approvals. S&P SmallCap 600 component Alliant Techsystems (NYSE:ATK) will replace Valero in the S&P MidCap 400, while Cyberonics Inc. (NASDAQ:CYBX) will replace Alliant Techsystems in the S&P SmallCap 600. * S&P MidCap 400 component Rayonier Inc. (NYSE:RYN) will replace Great Lakes REIT (NYSE:GL) in the S&P REIT Composite after the close of trading on Tuesday, April 27, 2004. Great Lakes is being acquired by Aslan Realty Partners LP in a transaction anticipated to close on or about that date. The deal is still pending shareholder and regulatory approvals. Mylan Laboratories, a manufacturer of generic pharmaceuticals, produces a broad range of generic drugs in varying strengths, and also sells several proprietary drugs. The company, headquartered in Canonsburg, PA, will be added to the S&P 500 GICS (Global Industry Classification Standard) Pharmaceuticals Sub-Industry Index. Pacific Sunwear of California is a mall-based specialty retailer of everyday casual apparel, accessories and footwear designed for active teens and young adults. The company, headquartered in Anaheim, CA, will be added to the S&P MidCap 400 GICS Apparel Retail Sub-Industry Index. Multimedia Games supplies both interactive electronic games and the electronic player stations on which the games are played, focusing on the Native American tribal gaming market, primarily in Oklahoma. The company, headquartered in Austin, TX, will be added to the S&P SmallCap 600 GICS Casinos & Gaming Sub-Industry Index. Valero Energy owns and operates 15 oil refineries throughout the U.S., Canada and the Caribbean. The company, headquartered in San Antonio, TX, will be added to the S&P 500 GICS Oil & Gas Refining & Marketing & Transportation Sub-Industry Index. Alliant Techsystems, the Pentagon's largest ammunition supplier, is also a maker of solid-fuel rocket engines. The company, headquartered in Edina, MN, will be added to the S&P MidCap 400 GICS Aerospace & Defense Sub-Industry Index. Cyberonics designs, develops, makes and markets medical devices for the treatment of epilepsy and other neurological disorders through vagus nerve stimulation. The company, headquartered in Houston, TX, will be added to the S&P SmallCap 600 GICS Health Care Equipment Sub-Industry Index. Rayonier produces and markets specialty pulp, timber and wood products. The company, headquartered in Jacksonville, FL, will be added to the S&P REIT Composite Specialty property category. Following is a summary of the changes: S&P 500 INDEX - April 22, 2004 COMPANY GICS ECONOMIC GICS SUB-INDUSTRY SECTOR ADDED Mylan Health Care Pharmaceuticals Laboratories DELETED Sprint PCS Telecommunication Wireless Services Telecommunication Services S&P MIDCAP 400 INDEX - April 22, 2004 COMPANY GICS ECONOMIC GICS SUB-INDUSTRY SECTOR ADDED Pacific Sunwear Consumer Apparel Retail of California Discretionary DELETED Mylan Health Care Pharmaceuticals Laboratories S&P SMALLCAP 600 INDEX - April 22, 2004 COMPANY GICS ECONOMIC GICS SUB-INDUSTRY SECTOR ADDED Multimedia Consumer Casinos & Gaming Games Discretionary DELETED Pacific Sunwear Consumer Apparel Retail of California Discretionary S&P 500 INDEX - TBA COMPANY GICS ECONOMIC GICS SUB-INDUSTRY SECTOR ADDED Valero Energy Energy Oil & Gas Refining & Marketing & Transportation DELETED John Hancock Financials Life & Health Financial Insurance Services S&P MIDCAP 400 INDEX - TBA COMPANY GICS ECONOMIC GICS SUB-INDUSTRY SECTOR ADDED Alliant Industrials Aerospace & Techsystems Defense DELETED Valero Energy Energy Oil & Gas Refining & Marketing & Transportation S&P SMALLCAP 600 INDEX - TBA COMPANY GICS ECONOMIC GICS SUB-INDUSTRY SECTOR ADDED Cyberonics Health Care Health Care Equipment DELETED Alliant Industrials Aerospace & Techsystems Defense S&P REIT COMPOSITE INDEX - April 27, 2004 COMPANY REIT TYPE PROPERTY CATEGORY ADDED Rayonier Equity Specialty DELETED Great Lakes Equity Industrial/Office REIT 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. Standard & Poor's, a division of The McGraw-Hill Companies (NYSE:MHP), is the world's foremost provider of independent credit ratings, indices, risk evaluation, investment research, data and valuations. With 5000 employees located in 20 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/. Founded in 1888, The McGraw-Hill Companies is a leading global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands such as Standard & Poor's, BusinessWeek and McGraw-Hill Education. The Corporation has more than 322 offices in 33 countries. Sales in 2003 were $4.8 billion. Additional information is available at http://www.mcgraw-hill.com/. DATASOURCE: Standard & Poor's CONTACT: David Blitzer Managing Director, Quantitative Services Standard & Poor's +1-212-438-3907 Web site: http://www.standardandpoors.com/ http://www.mcgraw-hill.com/

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