ADC to Come Off Nasdaq-100

Based on some discussions with representatives of the Nasdaq, ADC believes its about to be booted from the Nasdaq-100 Index

November 22, 2002

1 Min Read

MINNEAPOLIS -- ADC (Nasdaq:ADCT, today announced it has recently held discussions with representatives of The NASDAQ Stock Market regarding the possible removal of ADC's stock from the NASDAQ-100 Index. Based on these discussions, ADC believes that it will be removed from the Index. NASDAQ is expected to issue a news release on December 13, 2002 regarding its list of additions and deletions from the Index. Replacements would be effective after the close of trading on the third Friday in December, which would be December 20, 2002. Approximately 25.5 million ADC shares were held by the NASDAQ-100 Trust on October 31, 2002. If removed, those ADC shares held by the NASDAQ-100 trustee are expected to be distributed in the market during the period from December 17 to 26, 2002. Applying the ranking criteria below, ADC believes it is likely to be removed from the Index based on its market capitalization of approximately $1.3 billion as determined under NASDAQ-100 rules by multiplying ADC's October 31, 2002 closing stock price of $1.58 by its shares outstanding on November 30, 2002, which are estimated to be approximately 800 million. "We support the integrity of the rules-based NASDAQ-100 Index even though it results in the probable removal of ADC's stock from the Index due to our October 31 closing stock price," said Rick Roscitt, chairman and CEO of ADC. "We are delighted to see the 54% increase in ADC's stock price from October 31 to November 21, 2002. While we accept the rules, the timing of NASDAQ-100 calculation is unfortunate as it appears that ADC may have been able to remain in the Index based on ADC's market capitalization as determined by our stock prices in November 2002." ADC Telecommunications Inc.

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