KLD Research & Analytics, Inc. promotes global socially responsible investing by providing

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1 June 2004 The WRDS team is pleased to announce the following: WELCOME to the new subscribers who recently joined WRDS: Carnegie Mellon University, Pittsburgh, Pennsylvania, U.S.A. (returning) The George Washington University, Washington, DC, U.S.A. University of Alberta, Edmonton, Alberta, Canada University of Auckland, Auckland, New Zealand University of Hong Kong, Hong Kong WRDS IN THE NEWS BizEd Magazine BizEd Magazine highlighted WRDS' 100th subscriber milestone in the May/June issue. WRDS and PhD Students at Lancaster University. The WRDS team presented a two-day set of intensive training sessions for PhD students at Lancaster University (UK). The sessions covered basic-to-advanced WRDS web query techniques, SAS programming, procedures for merging databases, and a few case studies such as running an event study and testing CAPM. We thank Lancaster and Professor Martien Lubberink for hosting this event and inviting WRDS users from other schools in the surrounding area. We would like to offer additional sessions like this in other locations, so if you would like to host a 1 or 2 day session at your university, both for your own PhD students and others students at nearby schools, please contact us. We are already planning to hold sessions in Philadelphia in late September. NEW DATA KLD Research & Analytics, Inc. promotes global socially responsible investing by providing

2 superior corporate social research products and services to institutional investors. KLD supplies social investment research, benchmarks, compliance and consulting services to leading investment institutions worldwide. KLD s SOCRATES is a comprehensive online social research database, and the Domini 400 SocialSM Index is the established benchmark for socially screened portfolio performance. For subscription information, please contact Joe Mastrangelo at JMastrangelo@KLD.com or call ext 292. UPDATED DATA Compustat Annual Update (FY 2003 data) Compustat has changed their update schedule and we expect to update the Compustat (North America) Annual set by mid-july. This set will carry company financial data for the entire 2003 fiscal year. The annual cut was previously made by COMPUSTAT near the end of July (to cover data through May). The cut has been moved to June to make the data slightly more timely, and Compustat does not expect many cases where firms that have a 2003 Fiscal Year that ends in May 2004 to be excluded because of a late filing of their 10K. NEW DATA SOURCES COMING SOON COMPUSTAT Annual Update (FY 2003 data) Compustat has changed their update schedule and we expect to update the Compustat (North America) Annual set by mid-july. This set will carry company financial data for the entire 2003 fiscal year. The annual cut was previously made by COMPUSTAT near the end of July (to cover data through May). The cut has been moved to June to make the data slightly more timely, and Compustat does not expect many cases where firms that have a 2003 Fiscal Year that ends in May 2004 to be excluded because of a late filing of their 10K. Mergent Fixed Investment Securities Database provides Issue detail on over 140,000 Corporate, Corporate MTN (Medium Term Note), Supranational, U.S. Agency and U.S. Treasury debt securities. The Database design includes over 550 fields, which gives it the ability to represent any structured security available in the fixed income market today. Specific issue information available: Full call, put and sinking fund schedules, plus call frequency codes, Structured security flags and detailed information, Updated Fitch, Moody s and S&P credit ratings, U.S. Treasury auction information, Convertible debt information, Underwriters, trustees and fiscal agents, Unit deals and warrant information. Specific issuer information available: Industry code, S.I.C. code and N.A.I.C.S. code, Stock ticker and exchange listings, Issuer name and parent relationships, Bankruptcy detail. IRRC Directors Data details the structure and practices of Boards of Directors. It includes different variables per director as type of committee they belong, board affiliation, shares held, total voting power, among other useful information. The date range is annual from 1996 to 2001.

3 WRDS "How To"... FYI... Passwords for WRDS accounts Passwords are no longer sent via . We do not have access to users passwords and cannot provide them. Instead, two web forms on our User s main log page allow WRDS users to: --Change a password if the user remembers the previous password. --Set a new password if the user has forgotten the original password 1) Get a new password if the original or current password is forgotten. Go to and click on members login and use the link for Set/Forgot Password. 2) Set password after New User account creation link has expired (after 3 days). Same as above. 3) Change a password (if user remembers current password). Go to and click on the link for Change Password. is sent to the address we have on record for the user. The contains a link that allows the person to set a new password for up to three days, just as is done for new user accounts. If the link expires before a new password is set, users should use the set password form described above to request a new link. Note: The user can submit either the username that was originally in the account request or his/her school address. If the user forgets the username, he/she can still enter the school address. If the address is correct in our system, the link to set the password will be sent. Disable Accounts Feature We have added the ability for WRDS Reps to request that accounts be disabled when they choose "users" under "View" of the My.WRDS tab. Until recently we processed these requests manually and then notified the Rep when the accounts were disabled. We have automated this process and a script runs every night that disables all of the requests submitted that day. Since this is in place, we will no longer send the Rep the "your request to disable accounts has been processed" message afterward. Please note: these accounts will not actually be deleted until 90 days from the time they are disabled, so if you make a mistake and later realize that an account should remain active, it is easy for us to reactivate it and we will not have to worry about restoring files. Research Applications: Users will find some useful code to perform popular research tasks, such

4 as running an event study, computing book-to-market ratio and more. We welcome your comments and suggestions. Outstanding Paper Award Congratulations to Jonathan Scott (Associate Professor of Finance, The Fox School of Business, Temple University) for his Outstanding Paper in Institutions and Markets, Loan Search and Banking Relationships at the Eastern Finance Association conference in Connecticut. WRDS sponsored the prize in this category and the paper was selected through a submission by tracks, each reviewd by a track chair. ASK US ABOUT...Compustat's Global vs. EMDB Please note differences in the datasets below: Compustat Global provides authoritative financial and market data covering publicly traded companies in more than 80 countries, representing over 90% of the world's market capitalization, including coverage of over 96% of European market capitalization and 88% of Asian market capitalization. Hundreds of data items, ratios and concepts and up to 12 years of annual history is included. International data sets have been designed to reflect the varieties of actual reporting practices used across the globe, while allowing for minimal normalization and establishing consistency on an item by item basis for Ex-North American companies. Compustat Global consists of four distinct files: Industrial/Commercial; Financial Services; Issue; and Currency. Emerging Markets Data Base is a comprehensive compilation of emerging market information. It covers 60 markets and more than 3,000 stocks. More than $8 billion of assets are managed against S&P's emerging market index operations. The EMDB includes market performance, indicators, market capitalization, monthly value traded, local stock market price indexes, prices in local currency and US dollars, etc. Major Emerging Markets: There are 35 Major Emerging Markets (countries). There are 3439 securities. There are 20 Frontier Emerging Markets (countries). There are unique 3105 securities. UPCOMING CONFERENCES We will be attending the following Conferences, so please stop by to see us: AAA (American Accounting Association) conference in Orlando, Florida on August FMA (Finance Management Association) conference in New Orleans, Louisiana on October 6-9. Booth #302 Additional conference and trade show listings can be found on our site: edu/news/sideitem/tradeshows.shtml If you need additional assistance with specific uses of data and data questions, please send an

5 message to For general information on WRDS, database access or vendor contact information, please visit wrds.wharton.upenn.edu. Please send comments or feedback to Robin Nussbaum at