MSCI SMALL CAP INDEX SERIES NOVEMBER 2005 SEMI-ANNUAL INDEXREVIEWGeneva, November 16, 2005. MSCI Barra, a leading provider of benchmark indices and risk management
analytics products, announced today changes to the MSCI Small Cap Index Series that will be effective as of
the close of November 30, 2005. These changes result from the November 2005 Semi-Annual Index Review.
The list of changes in constituents for the MSCI Small Cap Index Series as well as an updated methodology
book have been posted on MSCI’s web site at www.msci.com/smallcap.
Effective as of the close of November 30, 2005, 212 securities will be added to the MSCI Small Cap IndexSeries and 150 securities will be deleted. In addition, MSCI’s quarterly review of free float estimates results inchanges in Foreign Inclusion Factors (FIFs) for 36 securities. FIFs adjust the market capitalization ofsecurities for free float available to foreign investors.
The MSCI Small Cap Index Series attempts to represent the performance of small capitalization companies
across developed markets. Companies with a full market capitalization between USD 200 and 1,500 millionare eligible for inclusion. MSCI then selects the most liquid securities relative to their market capitalization,and targets for index inclusion 40% of the full universe within each industry group, within each country.
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 27, 2005.
World Index - The MSCI World Small Cap Index 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 1,118
billion and the index will include 1,922 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 564 billion and the index will include 1,092 securities.
Europe Index - The MSCI Europe Small Cap Index 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 275 billion andthe index will include 487 securities.
The results of the November 2005 Quarterly Index Review for the MSCI Standard Index Series, the SemiAnnual Index Review for the MSCI Global Value and Growth Index Series, the MSCI US Equity Indices, theMSCI US REIT Index and the MSCI Kokunai Japan Equity Indices, as well as the November 2005 QuarterlyIndex Review for the MSCI Pan-Euro and Euro Indices and the MSCI China A Index have also been posted
on MSCI’s web site at www.msci.com.
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MSCI SMALL CAP INDEX SERIESPRO FORMA DATA FOR MAIN REGIONAL INDICESMSCI WORLD SMALL CAP INDEX
Top 10 Country Weights

WeightTop 10 Industry Group Weights

WeightUSAJapan
United Kingdom
CanadaAustralia
FranceSwitzerland
Germany
SwedenNetherlands

45.33%

Capital Goods
Real Estate
Materials
Technology Hardware & Equipment
Health Care Equipment & Services
Banks
EnergySoftware & Services
Retailing
Consumer Durables & Apparel11.72%

19.06%
7.46%
4.20%
3.73%
2.21%
2.07%
1.95%
1.80%
1.51%

7.21%
7.16%
5.71%
5.63%
5.56%
5.46%
5.40%
5.35%
4.85%

MSCI EAFE SMALL CAP INDEX
Top 10 Country Weights

WeightTop 10 Industry Group Weights

WeightJapan
United Kingdom
Australia
FranceSwitzerland
Germany
SwedenNetherlands
NorwayItaly

37.77%

Capital Goods
Materials
Real EstateConsumer Durables & ApparelTechnology Hardware & Equipment
Retailing
Diversified Financials
Commercial Services & Supplies
Transportation
Food, Beverage & Tobacco

14.83%

14.78%
7.40%
4.39%
4.09%
3.87%
3.57%
3.00%
2.87%
2.57%

8.40%
7.41%
6.03%
5.89%
5.82%
4.79%
4.68%
4.44%
4.42%

MSCI EUROPE SMALL CAP INDEX
Top 10 Country Weights

WeightTop 10 Industry Group Weights

WeightUnited Kingdom
FranceSwitzerland
Germany
SwedenNetherlands
NorwayItaly
Denmark
Belgium

30.31%

Capital Goods
Real Estate
EnergyMaterials
Consumer Durables & ApparelTechnology Hardware & Equipment
Commercial Services & Supplies
Retailing
Diversified Financials
Transportation

14.80%

8.99%
8.39%
7.93%
7.32%
6.14%
5.89%
5.28%
4.03%
3.80%

7.14%
7.03%
6.24%
5.76%
5.50%
5.45%
5.22%
5.19%
4.69%

Note: all pro forma data uses data as of October 27, 2005.

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About MSCI Barra
MSCI (www.msci.com) develops and maintains equity, fixed income, multi-asset class, REIT and hedge fundindices that serve as the benchmark for an estimated USD 3 trillion on a worldwide basis. Barra, Inc.
(“Barra”) analytics (www.barra.com) help the world’s largest investors analyze, measure and manage portfolio
and firm-wide investment risk. MSCI Barra is headquartered in New York, with research and commercial
offices around the world. 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 Capital Group International
Inc. is the minority shareholder. MSCI and Barra are service marks of Morgan Stanley Capital International
Inc. (“MSCI” or “MSCI Barra”).
###For further information on MSCI indices or MSCI data, please visit our web site at www.msci.com orcontact:
Dorsey Horowitz, MSCI Barra, New York
Sonal Patel, MSCI Barra, London
Sarah Chan, MSCI Barra, Hong Kong
Masao Ikeda, MSCI Barra, Tokyo+ 1 212 762 5790
+ 44 20 7425 6660+ 852 2848 6740
+ 813 5424 5470

PR:
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