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

Penn Virginia Corp. will replace Ionics Inc. in the S&P SmallCap 600 after the close of trading on Tuesday, February 22. Ionics is being acquired by a subsidiary of S&P 500 constituent General Electric Co. in a deal expected to close on or about that date, pending final approval.

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

Penn Virginia produces crude oil and natural gas, and manages coal properties and related assets. Headquartered in Radnor, PA, the company will be added to the S&P SmallCap 600 GICS (Global Industry Classification Standard) Oil & Gas Exploration & Production Sub-Industry Index.

Following is a summary of the change:

S&P SMALLCAP 600 INDEX - February 22, 2005

COMPANY GICS ECONOMIC SECTOR GICS SUB-INDUSTRY ADDED Penn Virginia Energy Oil & Gas Exploration & Production DELETED Ionics Industrials Environmental Services

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.

About Standard & Poor's

Standard & Poor's, a division of The McGraw-Hill Companies , is the world's foremost provider of independent credit ratings, indices, risk evaluation, investment research, data and valuations. With 6,000 employees in 21 countries, Standard & Poor's is an essential part of the world's financial infrastructure, and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. For more information, visit http://www.standardandpoors.com/ .

Founded in 1888, The McGraw-Hill Companies is a leading global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands such as Standard & Poor's, BusinessWeek and McGraw-Hill Education. The Corporation has more than 280 offices in 37 countries. Sales in 2004 were $5.3 billion. Additional information is available at http://www.mcgraw-hill.com/ .

Standard & Poor's
CONTACT: David M. Blitzer, Ph.D.
Managing Director & Chairman of the Index Committee
(212) 438-3907

Web site: http://www.standardandpoors.com/
http://www.mcgraw-hill.com/

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