Standard & Poor's Announces Change to U.S. Index

Standard & Poor's Announces Change to U.S. Index 


NEW YORK, Jan. 18  /PRNewswire-FirstCall/ -- Connetics Corp. (NASDAQ:CNCT) will
replace Waypoint Financial Corp. (NASDAQ:WYPT) in the S&P SmallCap 600 after
the close of trading on Friday, January 21.  Waypoint Financial is being
acquired by S&P 500 constituent Sovereign Bancorp Inc. (NYSE:SOV) in a deal
expected to close on or about that date.

Standard & Poor's will monitor this transaction, and post any relevant updates
on its website: http://www.standardandpoors.com/.

Connetics Corp. is a specialty pharmaceutical company focusing on the treatment
of dermatological conditions.  Headquartered in Palo Alto, CA, the company will
be added to the S&P SmallCap 600 GICS (Global Industry Classification Standard)
Pharmaceuticals Sub-Industry Index.

  Following is a summary of the change:

                  S&P SMALLCAP 600 INDEX - January 21, 2005

               COMPANY      GICS ECONOMIC SECTOR      GICS SUB-INDUSTRY

  ADDED     Connetics Corp.      Health Care           Pharmaceuticals

  DELETED  Waypoint Financial    Financials       Thrifts & Mortgage Finance



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.

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DATASOURCE: Standard & Poor's



CONTACT:  David M. Blitzer, Ph.D.

Managing Director & Chairman of the Index Committee

[phone] 



Web site:  http://www.standardandpoors.com/

http://www.mcgraw-hill.com/ 

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