MSCI SMALL CAP INDEX SERIES NOVEMBER 2003 SEMI-ANNUAL INDEXREVIEWGeneva, November 13, 2003. MSCI announced today changes to the MSCI Small Cap Index Series that will
be effective as of the close of November 28, 2003. These changes result from the November 2003 SemiAnnual Index Review. The full list of additions to and deletions from the MSCI Small Cap Index Series has
been posted on MSCI’s web site at www.msci.com/smallcap.
Effective as of the close of November 28, 2003, 115 securities will be added to the MSCI Small Cap IndexSeries and 91 securities will be deleted. In addition, MSCI’s quarterly review of free float estimates results inchanges in foreign inclusion factors (FIF) for 29 securities. FIFs adjust the market capitalization of securities
for free float available to foreign investors.
The MSCI Small Cap Index Series attempts to represent the market performance of small capitalizationcompanies across developed markets. Companies with a full market capitalization between USD 200 and
1,500 million are eligible for inclusion. MSCI then selects the most liquid securities relative to their marketcapitalization, and targets for index inclusion 40% of the full universe within each industry group, within eachcountry. Finally, the market capitalization of index constituents is free float-adjusted.
Below is a brief pro forma analysis of the changes that will occur in the MSCI Small Cap Index Series forsome of the more frequently used global and regional composite indices, using data as of October 24, 2003.
World Index - The MSCI World Small Cap IndexSM represents the small cap segment in 23 of the world’sdeveloped equity markets. On a pro forma basis, the market capitalization of the index will be USD 1,094billion, and the index will include 1,730 securities.
EAFE (Europe, Australasia, Far East) Index - The MSCI EAFE® Small Cap Index represents the small
cap segment in 21 developed equity markets outside of North America. On a pro forma basis, the market
capitalization of the index will be USD 522 billion, and the index will include 962 securities.
Europe Index - The MSCI Europe Small Cap IndexSM represents the small cap segment in 16 developed
equity markets in Europe. On a pro forma basis, the market capitalization of the index will be USD 278
billion, and the index will include 475 securities.
The results of the November 2003 Quarterly Index Review for the MSCI Standard Index Series and theMSCI Pan-Euro and Euro Indices as well as the Semi-Annual Index Review for the MSCI Global Value andGrowth Index Series and the MSCI US Equity Indices have also been posted on MSCI’s web site atwww.msci.com.
For further information on MSCI indices or MSCI data, please visit our web site at www.msci.com.
______________________________________________________________________________________________________--1 of 3--

For further information on MSCI indices or MSCI data, please visit our web site at www.msci.com orcontact:
Dorsey Horowitz, MSCI, New York
Adrian Franken, MSCI, London
Jammy Chan, MSCI, Hong Kong
Olivia Vong, MSCI, Tokyo+ 1 212 762 5790
+ 44 20 7425 6660
+ 852 2848 6740
+ 813 5424 5470

Daniel Guthrie/Beany McLean, Luther Pendragon, London
Ed Rowley/Kayt Makosy, Abernathy MacGregor, New York+ 44 20 7618 9100
+ 1 212 371 5999______________________________________________________________________________________________________
This information is the property of Morgan Stanley Capital International Inc. (MSCI). It is provided for informational
purposes only, and is not a recommendation to participate in any particular trading strategy. The information may not be
used to verify or correct data, or any compilation of data or index or in the creation of any indices. Nor may it be used in
the creating, writing, offering, trading, marketing or promotion of any financial instruments or products. This
information is provided on an “as is” basis. Although MSCI shall obtain information from sources which MSCI
considers reliable, neither MSCI, its affiliates nor any other party involved in the making or compiling of the information
guarantees the accuracy and/or the completeness of any of this information. Neither MSCI, its affiliates nor any otherparty involved in the making or compiling of the information makes any representation or warranty, express or implied,
as to the results to be obtained by any person or entity from any use of this information, and the user of this information
assumes the entire risk of any use made of this information. Neither MSCI, its affiliates nor any other party involved in
the making or compiling of the information makes any express or implied warranties, and MSCI, its affiliates and anyother party involved in the making or compiling of the information hereby expressly disclaim all warranties ofmerchantability or fitness for a particular purpose with respect to any of this information. Without limiting any of theforegoing, in no event shall MSCI, its affiliates or any other party involved in the making or compiling of the information
have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits)even if notified of the possibility of such damages.
Morgan Stanley Capital International, MSCI, ACWI, EAFE, EMF and all other service marks referred to herein are theexclusive property of MSCI and its affiliates. All MSCI indices are the exclusive property of MSCI and may not be usedin any way without the express written permission of MSCI.
MSCI is a leading provider of global indices and benchmark related products and services to investors worldwide.
Morgan Stanley, a global financial services firm and a market leader in securities, asset management, and credit services,
is the majority shareholder of MSCI, and The Capital Group Companies, Inc., a global investment management group,is the minority shareholder.

______________________________________________________________________________________________________--2 of 3--

MSCI SMALL CAP INDEX SERIESPRO FORMA DATA FOR MAIN REGIONAL INDICESMSCI WORLD SMALL CAP INDEX
Top 10 Country Weights
USAJapan
United Kingdom
CanadaAustralia
Germany
FranceItaly
SwedenSwitzerland

Weight
47.2%
15.3%
8.3%
5.1%
4.1%
2.2%
2.2%
1.6%
1.6%
1.6%

Top 10 Industry Group Weights
Capital Goods
Materials
Banks
Real Estate
Software & Services
Technology Hardware & Equipment
Retailing
Consumer Durables & Apparel
Health Care Equipment & Services
Commercial Services & Supplies

Weight
9.9%
8.9%
6.7%
6.7%
5.8%
5.4%
5.4%
4.9%
4.7%
4.0%

MSCI EAFE SMALL CAP INDEX
Top 10 Country Weights
JapanUnited Kingdom
Australia
Germany
FranceItaly
SwedenSwitzerland
Hong Kong
Netherlands

Weight
32.0%
17.4%
8.5%
4.7%
4.6%
3.4%
3.4%
3.4%
3.1%
3.0%

Top 10 Industry Group Weights
Capital Goods
Materials
Real EstateConsumer Durables & Apparel
Retailing
Banks
Diversified Financials
Media
Software & Services
Food, Beverage & Tobacco

Weight
13.5%
10.4%
6.8%
5.9%
5.5%
5.1%
4.7%
4.7%
4.7%
4.6%

MSCI EUROPE SMALL CAP INDEX
Top 10 Country Weights
United Kingdom
Germany
FranceItaly
SwedenSwitzerland
Netherlands
Finland
SpainDenmark

Weight
32.7%
8.8%
8.7%
6.5%
6.3%
6.3%
5.7%
5.2%
5.1%
3.6%

Top 10 Industry Group Weights
Capital Goods
Materials
Real EstateMedia
Consumer Durables & Apparel
Diversified Financials
Banks
Retailing
Software & Services
Commercial Services & Supplies

Weight
12.9%
7.8%
6.8%
6.2%
5.8%
5.6%
5.5%
5.4%
5.0%
4.8%

Note: All pro forma information uses data as of October 24, 2003.
This information is the property of Morgan Stanley Capital International Inc. (MSCI). It is provided for informational purposes only, and is not a recommendation to participate in any particular
trading strategy. This information may not be used to verify or correct data, or any compilation of data or index or in the creation of any indices. Nor may it be used in the writing, creating,marketing or promotion of any financial instruments or products. This information is provided on an “as is” basis. Neither MSCI, its affiliates nor any other party involved in the making orcompiling of this information makes any representation or warranty, express or implied, as to the results to be obtained by any person or entity from any use of this information, and the user of thisinformation assumes the entire risk of any use made of this information. Neither MSCI, its affiliates nor any other party involved in the making or compiling of the information makes any express orimplied warranties, and MSCI, its affiliates and any such third party hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose
with respect to any of this information. Without limiting any of the foregoing, in no event shall MSCI, its affiliates or any other party
involved in the making or compiling of this information have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the podamages.
Morgan Stanley Capital International, MSCI, ACWI, EAFE, EMF and all other service marks referred to herein are the exclusive property of MSCI and its affiliates.
All MSCI indices are the exclusive property of MSCI and may not be used in any way without the express permission of MSCI.

______________________________________________________________________________________________________--3 of 3--