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Denote by \\(L(X,Y)\\) the class of all linear relations from \\(X\\) to \\(Y\\). The domain and the range of a linear relation \\(A\\) are defined by \\(\\text{dom}\\,A=\\{x:\\{x,y\\}\\in A\\}\\) and \\(\\text{ran}\\,A=\\{y:\\{x,y\\}\\in A\\}\\), respectively. The kernel and the multi-valued part of \\(A\\) are linear spaces given by \\(\\text{ker}\\,A=\\{x:\\{x,0\\}\\in A\\}\\) and \\(\\text{mul}\\,A=\\{y:\\{0,y\\}\\in A\\}\\), respectively. The nullity and co-nullity of \\(A\\) are defined by \\(n(A)=\\dim\\,\\text{ker}\\,A\\) and \\(n_c(A)=\\dim\\,\\text{mul}\\,A\\) and the defect and co-defect are given by \\(d(A)=\\dim Y/\\text{ran}\\,A\\) and \\(d_c(A)=\\dim X/\\text{dom}\\, A\\), respectively. The index and the co-index of a linear relation \\(A\\) are defined as \\(r(A)=n(A)-d(A)\\) and \\(r_c(A)=n_c(A)-d_c(A)\\).  The main result of the paper says that if \\(X,Y,Z\\) are linear spaces and \\(A\\in L(X,Y)\\) and \\(B\\in L(Y,Z)\\) are linear relations with finite indices, then \\(r(BA)-r(A)-r(B)=r_c(BA)-r_c(A)-r_c(B)\\) and their common value coincides with \\(\\dim(Y/(\\text{ran}\\,A+\\text{dom}\\,B))-\\dim(\\text{mul}\\,A\\cap\\ker B)\\). 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