All constituent changes will be applied after the close of business on Friday, 19 December 2008 and will be effective on Monday, 22 December 2008.

FTSE 100 Index

Inclusions
Company
Home Retail Group
Serco Group
Randgold Resources
Tate & Lyle
Amlin

Exclusions
Company
Petrofac
Fresnillo
Lonmin
Stagecoach Group
Wood Group (John)

With immediate effect, the following reserve list will be used in the event that one or more constituents are deleted during the period up to the next quarterly review:


Reserve List
Company
Balfour Beatty
ITV
Pennon Group
Foreign & Col Invest Trust
RIT Capital Partners
Hiscox


FTSE 250 Index

Inclusions
Company
Petrofac
Fresnillo
Lonmin
Stagecoach Group
Wood Group (John)
*MW Tops (EUR)
*MW Tops (GBp)
Dunelm Group
Cranswick
JPMorgan American IT
Bluecrest Allblue Fund (GBP)
JPMorgan Japanese Inv. Trust
Finsbury Worldwide Pharmaceutical
Robert Wiseman Dairies
Telecom Plus
Brewin Dolphin Holdings
Barr (A.G.)
Novae Group
Chaucer Holdings
Dechra Pharmaceuticals
CLS Holdings
Absolute Return Trust
Fidelity Special Values
Fisher (James) & Sons
Hampson Industries
Morgan Sindall

* MW Tops EUR & GBP lines will be treated as a single company.


Exclusions
Company
Home Retail Group
Serco Group
Randgold Resources
Tate & Lyle
Amlin
BH Global (EUR)
Goldman Sachs Dynamic Opps (USD)
Unite Group
Laird
WSP Group
Premier Foods
St.Modwen Properties
Trinity Mirror
Senior
UK Coal
Bluebay Asset Management
Grainger
JPMorgan Russian Secs
Hardy Oil & Gas
Fenner
Taylor Wimpey
Pantheon Intl Participations
Aricom
International Ferro Metals
Johnston Press
Mapeley
Mecom Group

With immediate effect, the following reserve list will be used in the event that one or more constituents are deleted during the period up to the next quarterly review:


Reserve List
Company
Emerald Energy
Alternative Investment Strategies
Electric & General Investment Trust
Helphire Group
Edinburgh UK Tracker Trust
Edinburgh US Tracker Trust
McBride
Mears Group
JPMorgan Asian Investment Trust
Stobart Group
Polar Capital Technology Trust
BPP Holdings


FTSE 350 Index

Inclusions
Company
*MW Tops (EUR)
*MW Tops (GBp)
Dunelm Group
Cranswick
JPMorgan American IT
Bluecrest Allblue Fund (GBP)
JPMorgan Japanese Inv. Trust
Finsbury Worldwide Pharmaceutical
Robert Wiseman Dairies
Telecom Plus
Brewin Dolphin Holdings
Barr (A.G.)
Novae Group
Chaucer Holdings
Dechra Pharmaceuticals
CLS Holdings
Absolute Return Trust
Fidelity Special Values
Fisher (James) & Sons
Hampson Industries
Morgan Sindall

* MW Tops EUR & GBP lines will be treated as a single company.


Exclusions
Company
BH Global (EUR)
Goldman Sachs Dynamic Opps (USD)
Unite Group
Laird
WSP Group
Premier Foods
St.Modwen Properties
Trinity Mirror
Senior
UK Coal
Bluebay Asset Management
Grainger
JPMorgan Russian Secs
Hardy Oil & Gas
Fenner
Taylor Wimpey
Pantheon Intl Participations
Aricom
International Ferro Metals
Johnston Press
Mapeley
Mecom Group


FTSE 350 High Yield

Inclusions
Company
Robert Wiseman Dairies
Brewin Dolphin Holdings
Chaucer Holdings
Fidelity Special Values
Morgan Sindall

Exclusions
Company
Premier Foods
St.Modwen Properties
Trinity Mirror
Taylor Wimpey
Johnston Press
Mapeley


FTSE 350 Low Yield

Inclusions
Company
*MW Tops (EUR)
*MW Tops (GBp)
Dunelm Group
Cranswick
JPMorgan American IT
Bluecrest Allblue Fund (GBP)
JPMorgan Japanese Inv. Trust
Finsbury Worldwide Pharmaceutical
Telecom Plus
Barr (A.G.)
Novae Group
Dechra Pharmaceuticals
CLS Holdings
Absolute Return Trust
Fisher (James) & Sons
Hampson Industries

* MW Tops EUR & GBP lines will be treated as a single company.

Exclusions
Company
BH Global (EUR)
Goldman Sachs Dynamic Opps (USD)
Unite Group
Laird
WSP Group
Senior
UK Coal
Bluebay Asset Management
Grainger
JPMorgan Russian Secs
Hardy Oil & Gas
Fenner
Pantheon Intl Participations
Aricom
International Ferro Metals
Mecom Group



FTSE SmallCap Annual Review
The following constituent changes will be made to the FTSE SmallCap and FTSE All-Share Indices.
The minimum size for constituents was set at (GBP) 35m.
A band of 15% either side of (GBP) 35m has been set for companies being promoted / or demoted
from the FTSE SmallCap to / or from the FTSE Fledgling index.


FTSE SmallCap Index

Inclusions
Company
Unite Group
Laird
WSP Group
Lamprell
Premier Foods
St.Modwen Properties
Trinity Mirror
Senior
UK Coal
Bluebay Asset Management
Grainger
JPMorgan Russian Secs
Hardy Oil & Gas
Fenner
Taylor Wimpey
Pantheon Intl Participations
Aricom
International Ferro Metals
Goodwin
Johnston Press
Scottish Oriental Smaller Companies
Dawson Holdings
F&C US Smaller Companies
Medicx Fund
Artemis Alpha Trust
Schroder UK Mid & Small Cap Fd
Mapeley

Exclusions
Company
Dunelm Group
Cranswick
JPMorgan American IT
Bluecrest Allblue Fund (GBP)
JPMorgan Japanese Inv. Trust
Finsbury Worldwide Pharmaceutical
Robert Wiseman Dairies
Telecom Plus
Brewin Dolphin Holdings
Barr (A.G.)
Novae Group
Chaucer Holdings
Dechra Pharmaceuticals
CLS Holdings
3i Quoted Private Eqty
Absolute Return Trust
Fidelity Special Values
Fisher (James) & Sons
Hampson Industries
Morgan Sindall
CMA Global Hedge (Sterling)
CMA Global Hedge (Euro)
CMA Global Hedge (USD)
Blackrock Absolute Return Strat (Sterling)
Prodesse Investment
Pinewood Shepperton
Huntsworth
Dexion Alpha Strategies (Ord Euro)
Latchways
Shore Capital Group
GlobeOp Financial Services
Tarsus Group
Liontrust Asset Management
AEA Technology
Hogg Robinson Group
Innovation Group
JJB Sports
Xaar
London & Assoc Properties
AXA Property Trust Ld
Local Shopping Reit (The)
Vislink
Pendragon
Manganese Bronze Hldgs
Warner Estate Hldgs
Queens Walk Investment
Minerva
Emblaze
Principle Capital Inv Trust
Corin Group
Kenmore European Industrial Fund
Filtronic
Invista European Real Estate Trust
Superglass Holdings
Advantage Property Inc Tst
Clinton Cards
DTZ Holdings
Blacks Leisure Group
Alizyme
Raymarine
Norcros
Morse
Entertainment Rights
Uniq PLC
New Star Asset Management Group
Ennstone


FTSE All-Share Index

Inclusions
Company Name
*MW Tops (EUR)
*MW Tops (GBp)
Lamprell
Goodwin
Scottish Oriental Smaller Companies
Dawson Holdings
F&C US Smaller Companies
Medicx Fund
Artemis Alpha Trust
Schroder UK Mid & Small Cap Fd

* MW Tops EUR & GBP lines will be treated as a single company.

Exclusions
Company Name
BH Global (EUR)
Goldman Sachs Dynamic Opps (USD)
3i Quoted Private Eqty
CMA Global Hedge (Sterling)
CMA Global Hedge (Euro)
CMA Global Hedge (USD)
Blackrock Absolute Return Strat (Sterling)
Prodesse Investment
Pinewood Shepperton
Huntsworth
Dexion Alpha Strategies (Ord Euro)
Latchways
Shore Capital Group
GlobeOp Financial Services
Tarsus Group
Liontrust Asset Management
AEA Technology
Hogg Robinson Group
Innovation Group
JJB Sports
Xaar
London & Assoc Properties
AXA Property Trust Ld
Local Shopping Reit (The)
Vislink
Pendragon
Manganese Bronze Hldgs
Warner Estate Hldgs
Mecom Group
Queens Walk Investment
Minerva
Emblaze
Principle Capital Inv Trust
Corin Group
Kenmore European Industrial Fund
Filtronic
Invista European Real Estate Trust
Superglass Holdings
Advantage Property Inc Tst
Clinton Cards
DTZ Holdings
Blacks Leisure Group
Alizyme
Raymarine
Norcros
Morse
Entertainment Rights
Uniq PLC
New Star Asset Management Group
Ennstone


FTSE Fledgling Index

Inclusions
Company Name
FRM Diversified Alpha
AEA Technology
Hogg Robinson Group
Innovation Group
Infrastructure India
JJB Sports
Xaar
London & Assoc Properties
AXA Property Trust Ld
Local Shopping Reit (The)
Vislink
Pendragon
Manganese Bronze Hldgs
Warner Estate Hldgs
Mecom Group
Queens Walk Investment
Minerva
Emblaze
Principle Capital Inv Trust
Corin Group
Kenmore European Industrial Fund
Filtronic
Invista European Real Estate Trust
Superglass Holdings
Advantage Property Inc Tst
Clinton Cards
DTZ Holdings
Blacks Leisure Group
Alizyme
Raymarine
Norcros
Morse
Entertainment Rights
Uniq PLC
New Star Asset Management Group
Ennstone
Athelney Trust

Exclusions
Goodwin
London & St Lawrence Investment
Games Workshop Group
Biotech Growth Trust (The)
Private Equity Investor
Capital Gearing Trust
Scottish Oriental Smaller Companies
Biocompatibles International
New India Investment Trust
Bioquell
Panther Securities
Dawson Holdings
F&C US Smaller Companies
RCM Technology Trust
Medicx Fund
Artemis Alpha Trust
Schroder UK Mid & Small Cap Fd

B/S or anyone,

In the past when a company that I have been interested in has gone up to the FT100. I've noticed that the price usually but not always goes down in price, but can't remember what usually happens when a company
comes down.

Stan

When a company is due to be promoted, traders buy in expectation of the trackers having to buy. They close when the trackers buy and the net effect is the two sides cancel each other out.

When a company falls out of the FTSE100 the reverse takes place - trackers have to let them go - but shorters take the opportunity to close - so the net effect again is small.

By the time the lists are finalised and published it's usually too late to trade the change.

Brilliant, thanks for that G.