MSCI PAN-EURO AND EURO INDICES MAY 2003 ANNUAL INDEX REVIEWGeneva, April 29, 2003. MSCI announced today changes to the MSCI Pan-Euro and Euro IndicesSM that will
be effective as of the close of May 30, 2003. The full list of pro forma constituents of the MSCI Pan-Euroand 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 229 securities with a free float-adjusted market
capitalization of € 3,046 billion, selected from 16 developed market European countries. The MSCI EuroIndex will contain 122 securities with a free float-adjusted market capitalization of € 1,382 billion on a pro
forma basis, selected from the EMU zone.
The MSCI Pan-Euro and Euro Indices are subsets of the broader MSCI Europe and EMU IndicesSM,
respectively, and aim to capture 90% of the market capitalization of the broader benchmarks. They arespecifically 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 for futures and options contracts and various
exchange traded funds (ETF).
Note: All pro forma information uses data as of April 4, 2003.
For further information on MSCI indices or MSCI data, please visit our web site at www.msci.com orcontact:
Dorsey Horowitz, MSCI, New YorkStephen Dunning, London
Jammy Chan, MSCI, Hong Kong
Taiki Kimura, MSCI, Tokyo+ 1 212 762 5790
+44 20 7425 6660
+ 852 2848 6740
+ 813 5424 5470

Daniel Guthrie/Emma Leeds, Luther Pendragon, London
Ed Rowley/Steve Bruce, 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. Thisinformation 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
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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______________________________________________________________________________________________________--1 of 2--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.
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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.
MSCI Client Services can be reached on:
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And at a further thirteen locations around the world.

+1 212 762 5790
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