The American Stock Exchange ^® (Amex^®) will begin publishing The Telebras ProGroS Index (Ticker Symbol: PTB) today Friday, November 10, 2000. The index will be published daily every 15 seconds between approximately 9:30 AM and 4:00 PM. The following describes the Index in more detail. An Excel spreadsheets with the PTB index composition is provided.

The Telebras ProGroS Index (PTB) is designed to provide an estimate of the value of the Reference Securities for the Indexed Callable Protected Growth Securities of Telecomincacoes Brasilieras S.A. (Telebras). The PTB Index is traded on the American Stock Exchange under the ticker symbol PGT and includes securities distributed in the reorganization of Telebras, and subsequent distributions from those securities.

If you have any questions about this new product, please contact Kerry Baker of the Amex Market Data Services via e-mail at kbaker@amex.com.