MSCI PAN-EURO AND EURO INDICES MAY 2006 ANNUAL INDEX REVIEW
Geneva – May 10, 2006 - MSCI Barra, a leading provider of benchmark indices and risk management
analytics products, announced today changes to the MSCI Pan-Euro and Euro Indices that will be effective asof the close of May 31, 2006. These changes result from the May 2006 Annual Index Review. The full list ofpro forma constituents of the MSCI Pan-Euro and Euro Indices has been posted on MSCI’s web site at
http://www.msci.com/euro.
On a pro forma basis, the MSCI Pan-Euro Index will contain 301 securities with a free float-adjusted market
capitalization of € 5,805 billion, selected from 16 developed market European countries. The MSCI EuroIndex will contain 162 securities with a free float-adjusted market capitalization of € 2,817 billion on a pro
forma basis, selected from the EMU zone.
The results of the May 2006 Annual Full Country Index Review for the MSCI Standard Index Series, MSCI
Pan-Euro and Euro Indices and the MSCI China A Index, as well as the Semi-Annual Index Review for theMSCI Small Cap Index Series, the MSCI US Equity Indices, the MSCI US REIT Index and the MSCI
Kokunai Japan Equity Indices have also been posted on MSCI's web site at www.msci.com.
The MSCI Pan-Euro and Euro Indices are subsets of the broader MSCI Europe and EMU Indices,
respectively, and aim to capture 90% of the market capitalization of the broader benchmarks. They are
specifically designed to include the largest and most liquid securities from the broader indices, as they aim toserve as the basis for derivative contracts, exchange traded funds and other index-based investment products.
The MSCI Pan-Euro and Euro Indices have been licensed as the basis for futures and options contracts andvarious exchange traded funds (ETFs).
Note: All pro forma information uses data as of April 20, 2006.

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MSCI (www.msci.com) develops and maintains equity, fixed income, multi-asset class, REIT and hedge fundindices that serve as benchmarks for an estimated USD 3 trillion on a worldwide basis and owns Barra, Inc.
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