MSCI GLOBAL VALUE AND GROWTH INDEX SERIES MAY 2005 SEMI-ANNUAL
INDEX REVIEWGeneva, May 12, 2005. MSCI, a leading provider of international equity, US equity, fixed income and hedge
fund indices, announced today changes to the MSCI Global Value and Growth Index Series that will beeffective as of the close of May 31, 2005. These changes result from the May 2005 Semi-Annual Index Reviewof the MSCI Global Value and Growth Index Series.
For the MSCI ACWI Value Index, there will be 341 additions or upward changes in Value Inclusion Factors(VIFs), and 289 deletions or downward changes in VIFs. For the MSCI ACWI Growth Index, there will be
456 additions or upward changes in Growth Inclusion Factors (GIFs), and 237 deletions or downwardchanges in GIFs. The VIFs and the GIFs represent the proportion of a security’s free float-adjusted market
capitalization that is allocated to the value and/or growth indices.
The largest additions or style changes from growth to value are Pfizer (USA), American International Group(USA), UBS Namen (Switzerland), Wyeth (USA), and Enel (Italy). The largest additions or style changes fromvalue to growth are Time Warner (USA), Walt Disney Common (USA), Du Pont (E.I.) De Nemours (USA),and Nestle (Switzerland).
As a reminder, the style review of the MSCI Global Value and Growth Index Series is conducted twice a year,
coinciding with the May Annual Full Country Index Review and the November Quarterly Index Review ofthe underlying MSCI Standard Country Indices. During the style review, new value and growth z-scores arecalculated for the pro forma MSCI Standard Country Index constituents. After applying the buffer rules,
securities are then allocated to the value and growth indices, each targeting 50% of the free float-adjusted
market capitalization within each MSCI Standard Country Index.
The results of the May 2005 Annual Full Country Index Review for the MSCI Standard Index Series, theMSCI Pan-Euro and Euro Indices and the MSCI China A Index, as well as the Semi-Annual Index Review
for the MSCI Small Cap Index Series, the MSCI US Equity Indices and the Morgan Stanley REIT Index havealso been posted on MSCI’s web site at www.msci.com.
About MSCIMSCI (www.msci.com) is a leading provider of equity, fixed income and hedge fund indices, and related
products and services. MSCI estimates that over USD 3 trillion is benchmarked to its indices on a worldwidebasis. MSCI is headquartered in New York, with research and commercial offices around the world. In 2004,MSCI acquired Barra, Inc. (www.barra.com), a global leader in delivering risk analytics, performancemeasurement and attribution systems and services to managers of portfolio and firm-wide investment risk.
Morgan Stanley, a global financial services firm and a market leader in securities, asset management, andcredit services, is the majority shareholder of MSCI, and Capital International Inc., part of the global
investment management group of The Capital Group Companies, Inc., is the minority shareholder.
______________________________________________________________________________________________________--1 of 2--

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

PR:
Ben Curson/Clare Rowsell, Penrose Financial, London
Ed Rowley/Patrick Linehan, Abernathy MacGregor, New York+ 44 20 7786 4888
+ 1 212 371 5999

The information contained in this document, including all text, data, graphs, charts and all other information(collectively, the “Information”) is the property of Morgan Stanley Capital International Inc. (MSCI) and is provided for
informational purposes only. Any use of MSCI indices, data or other information requires a license from MSCI. The
Information may not be used to verify or correct other data, to create indices, or in connection with offering, sponsoring,managing or marketing any securities, portfolios, financial instruments or products. None of the Information constitutes
an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product or trading
strategy, and MSCI does not endorse, approve or otherwise express any opinion regarding any issuer, securities,
financial instruments or products or trading strategies that may be described or mentioned herein. Further, none of theInformation is intended to constitute investment advice or a recommendation to make (or refrain from making) any kindof investment decision and may not be relied on as such. The user of the Information assumes the entire risk of any useit may make or permit to be made of it. NEITHER MSCI, ANY OF ITS AFFILIATES OR ANY OTHER THIRDPARTY INVOLVED IN MAKING OR COMPILING ANY OF THE INFORMATION MAKES ANY EXPRESS ORIMPLIED WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE INFORMATION (OR THERESULTS TO BE OBTAINED BY THE USE THEREOF), AND MSCI, ITS AFFILIATES AND EACH SUCHOTHER THIRD PARTY HEREBY EXPRESSLY DISCLAIM ALL IMPLIED WARRANTIES (INCLUDING,WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, TIMELINESS, NONINFRINGEMENT, COMPLETENESS, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE)
WITH RESPECT TO ANY OF THE INFORMATION. Without limiting any of the foregoing, in no event shall MSCI,
any of its affiliates or any other third party involved in making or compiling any of the Information have any liability
regarding any of the Information 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® and all other service marks referred to herein are theexclusive property of MSCI or its affiliates. All MSCI indices are the exclusive property of MSCI and may not be used inany way without the express written permission of MSCI.

______________________________________________________________________________________________________--2 of 2--