MSCI QUARTERLY INDEX REBALANCINGGeneva, November 16, 2000. MSCI announced today its regularly scheduled quarterly index rebalancing. All 15
country indices in the MSCI Europe Index SM were reviewed: Austria, Belgium, Denmark, Finland, France,Germany, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United
Kingdom. Resulting changes will take effect after the close of trading on Thursday, November 30, 2000,
simultaneously with the previously announced changes to the MSCI Taiwan IndexSM.
On a pro forma basis, the net changes in the MSCI Standard Indices will add USD 120 billion, or 0.6%, in market
capitalization to the MSCI All Country World Index (ACWI) FreeSM, which includes 48 developed and emerging
markets. The MSCI Europe Index will experience a net market capitalization increase of USD 85 billion, or 1.4%,
resulting from the addition of 35 companies and 45 deletions.
On a market capitalization basis, the major additions will be Elan (USD 16 billion) to the Pharmaceuticals &Biotechnology Industry Group in the MSCI Ireland IndexSM, Bipop Carire (USD 12 billion) to the Diversified
Financials Industry Group in the MSCI Italy IndexSM and CMG (USD 10 billion) to the Software & Services Industry
Group in the MSCI United Kingdom IndexSM. These and all other additions will be made to increase the industry
representation in their respective country indices.
The major deletions will be Olivetti (USD 15 billion), from the Telecommunication Services Industry Group in the
MSCI Italy Index, and FoereningsSparbanken (USD 8 billion) from the Banks Industry Group in the MSCI SwedenIndexSM.
The following is a brief description of some of the more important changes by industry group.
• Pharmaceuticals & Biotechnology – A major change to this industry group will be the addition of Elan to theMSCI Ireland Index. Elan is a leading pharmaceutical company focusing on therapeutic products and services inneurology, acute care and pain management, and on products based on proprietary drug delivery technologies. Elan
was not previously included in this index as its shares had relatively low liquidity in Europe, and were mainly tradedin the United States. This situation has now changed, as the liquidity of Elan shares has improved in Europe. Inaddition, to represent the Biotechnology Industry in their respective country indices, Qiagen will be added to theMSCI Germany IndexSM, and Zeltia will be added to the MSCI Spain IndexSM. Qiagen is a world leader inpurification of nucleic acids, while Zeltia develops and markets drugs from marine origin used in the treatment ofsolid tumors.
• Telecommunication Services – The only change to this industry group is the deletion of Olivetti from the MSCI
Italy Index to eliminate double-counting of Telecom Italia’s market capitalization in the index. Olivetti’s market
value is almost entirely derived from Telecom Italia (an MSCI Italy Index constituent), as it owns a significant
portion of Telecom Italia through its ownership of Tecnost. After its planned merger with Tecnost, Olivetti will
directly own a 55% stake in Telecom Italia voting shares. The deletion of Olivetti will bring the representation ofthe Telecommunication Services Industry Group in the MSCI Italy Index more in line with its weight in themarket.
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• Software & Services – Four companies will be added to this industry group. The two largest additions are CMG,
which is being added to the MSCI United Kingdom Index, and Tiscali, which will be added to the MSCI ItalyIndex at 50% of its market capitalization. CMG is one of the largest British software companies and Tiscali is alarge independent internet service provider in Europe.
• Diversified Financials – The largest addition to this industry group is Bipop Carire, which is being added to theMSCI Italy Index. Bipop Carire offers retail banking, asset management and other financial services.
• Banks – The major change in this industry group will be the deletion of FoereningsSparbanken, also known as
Swedbank, from the MSCI Sweden Index. The representation of the Banks Industry Group in the MSCI SwedenIndex was significantly increased in April 2000, when Nordic Baltic was added to the index after its acquisition ofUnidanmark, which at the time was a constituent of the MSCI Denmark IndexSM. In order to reduce the overrepresentation of the Banks Industry Group in the MSCI Sweden Index, FoereningsSparbanken will be deleted as
its business mix is well represented by other index constituents.
Other index additions of note include, Autostrade to the MSCI Italy Index, Assa Abloy to the MSCI Sweden Index,
Kudelski to the MSCI Switzerland IndexSM, and Epcos and ProSieben to the MSCI Germany Index. ProSieben will
be added at 80% of its market capitalization.
MSCI also announced today changes to the MSCI Euro IndexSM and the MSCI Pan-Euro IndexSM, to its Small Cap andExtended Indices, as well as event-related changes to certain country indices. For further information on these changes
please visit our web site at www.msci.com.
Note: All pro forma information uses data as of November 9, 2000.
Unless otherwise stated all comments relate only to MSCI’s Standard Indices.
For further information on the MSCI quarterly index rebalancing, including the full list of company additions
and deletions, please visit our web site at www.msci.com or contact:
Baer Pettit/Evert-Jan ten Brundel, MSCI, London+ 44 207 425 6660

Ron Cherry, MSCI, New York+ 1 212 762 5790

Violet Kim, MSCI, Singapore+ 65 834 6114

Daniel Guthrie/Emma Leeds, Luther Pendragon+ 44 207 353 1500

Note for editors: MSCI Index Methodology - All standard MSCI indices are market capitalization weighted and built
from the industry level up. In doing so, MSCI targets a 60% representation of the market capitalization of eachindustry group within each country. Industry groups are aggregated into countries and countries are aggregated intoregions. MSCI selects stocks with good liquidity and float, avoids cross-ownership and then applies a market
capitalization weight to each stock. New index additions with less than 40% float are included at a fraction of theirmarket capitalization in accordance with MSCI’s partial inclusion schedule.
The objective of the quarterly index rebalancing is to recognize changes in underlying country markets and to ensure
continued alignment of the indices with the relevant market, while minimizing unnecessary turnover.

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For a complete description of MSCI's methodology - including corporate actions, dividend treatment, exchange rates
and index maintenance - please refer to the MSCI Methodology & Index Policy, available from MSCI Client Services
or www.msci.com/method.
___________________________________________________________________________________________________________This information is the property of Morgan Stanley Capital International Inc. (MSCI). It 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, trading, marketing orpromotion 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 nor any other party guarantees the accuracy and/or thecompleteness of any of this information. Neither MSCI nor any other party makes any representation or warranty, express orimplied, 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 nor any other party makes any express or implied
warranties, and MSCI hereby expressly disclaims all warranties of merchantability or fitness for a particular purpose with respect toany of this information. Without limiting any of the foregoing, in no event shall MSCI or any other party have any liability for any
direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility ofsuch damages.
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Dean Witter & Co., a global financial services firm and a market leader in securities, asset management, and credit services, is themajority shareholder of MSCI, and The Capital Group Companies, Inc., a global investment management group, is the minorityshareholder.
MSCI Client Services can be reached on:London+44 207 425 6660
New YorkFrankfurt+49 69 2166 5325
San Francisco
And at a further eleven locations around the world.

+1 212 762 5790
+1 415 576 2323

Tokyo
Hong Kong+813 5424 5470+852 2848 6740____________________________________________________________________________________________________________--3 of 5--

MSCI Europe Standard Indices – November 2000 Index Rebalancing – Additions and Deletions
MSCI Security NameAustria
Belgium
AGFA GEVAERTDenmark
I-DATA INTERNATIONAL
Finland
ORION-YHTYMAE A
ORION-YHTYMAE B
FORTUM CORP
STONESOFT
FranceADDITIONS
Industry GroupMSCI Security Name

DELETIONS
Industry GroupBAU HOLDING STRABAG
Consumer Durables & Apparel-Technology Hardware & Equipment RADIOMETER B
Pharmaceuticals & Biotechnology
Pharmaceuticals & Biotechnology
EnergySoftware & Services

Health Care Equipment & Services-CHARGEURSNORD-EST
Germany
QIAGENEPCOSPROSIEBEN SAT1 MEDIA VZ
BOSS (HUGO) VORZUG
D. LOGISTICS

Capital Goods

Consumer Durables & Apparel
Materials

Pharmaceuticals & Biotechnology AGIV
Technology Hardware & Equipment HOLSTEN-BRAUEREIMediaIWKA
Consumer Durables & Apparel
DEUTZ
Commercial Services & Supplies
RHEINMETALL STAMMRHEINMETALL VORZUGESCADA STAMM
ESCADA VORZUG
BRAU & BRUNNEN

Capital Goods
Food Beverage & Tobacco
Capital Goods
Capital Goods
Capital Goods
Capital Goods
Consumer Durables & ApparelConsumer Durables & Apparel
Food Beverage & Tobacco

Ireland
ELAN CORPIONA TECHNOLOGIES

Pharmaceuticals & Biotechnology
Software & Services

TULLOW OIL
FYFFESIRISH CONTINENTAL GROUP

EnergyFood & Drug RetailingTransportation

Italy
BIPOP CARIREAUTOSTRADEGRUPPO EDIT. L'ESPRESSO
TISCALI

Diversified Financials
Transportation
Media
Software & Services

OLIVETTI ING & CO ORD
LANE G.MARZOTTO ORD
LANE G.MARZOTTO RISPSIRTIRENO MEDICI A ORDDANIELI & CO ORDDANIELI & CO RNC

Telecommunication Services
Consumer Durables & ApparelConsumer Durables & Apparel
Capital Goods
Materials
Capital Goods
Capital Goods

This information is the property of Morgan Stanley Capital International Inc. (MSCI). It 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, trading, marketing orpromotion 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 nor any other party guarantees the accuracy and/or thecompleteness of any of this information. Neither MSCI nor any other party makes any representation or warranty, express orimplied, 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 nor any other party makes any express or implied
warranties, and MSCI hereby expressly disclaims all warranties of merchantability or fitness for a particular purpose with respect toany of this information. Without limiting any of the foregoing, in no event shall MSCI or any other party have any liability for any
direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility ofsuch damages.
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MSCI Europe Standard Indices – November 2000 Index Rebalancing – Additions and Deletions(Continued)
MSCI Security Name
Netherlands
VENDEX KBB

NorwayOPTICOMFRONTLINETANDBERG
NERA
Portugal
IMPRESA SGPSSpain
ZELTIA

ADDITIONS
Industry Group
Retailing

MSCI Security Name

DELETIONS
Industry GroupNEDLLOYD (KON.)
Transportation
STORK (VER MACHINE.)
Capital Goods
HOLLANDSCHE BETON GROEP Capital Goods

Technology Hardware & Equipment LEIF HOEGH
Transportation
UNITOR
Technology Hardware & Equipment
Technology Hardware & Equipment

Transportation
Transportation

Media

INAPA
CORTICEIRA AMORIMCIN CORP IND'L DO NORTEEFACEC CAPITAL SGPS
SOARES DA COSTAMaterials
Materials
Materials
Capital Goods
Capital Goods

Pharmaceuticals & Biotechnology

ALBA (CORP FINANCIERA)ERCROS

Diversified Financials
Materials

FOERENINGSSPARBANKENESSELTE B
ESSELTE A

Banks
Commercial Services & Supplies
Commercial Services & Supplies

SwedenASSA ABLOY B
Capital Goods
MTG MODERN TIMES GROUP B MediaSwitzerland
KUDELSKI
Consumer Durables & Apparel
MOEVENPICK INHABERUNAXIS NAMEN(OERLIKON-BU Technology Hardware & Equipment SIKA FINANZ INHABER
VOEGELE CHARLES HOLDING Retailing
ASCOM HOLDING
Technology Hardware & Equipment
PUBLIGROUPEMediaLOGITECH NAMENTechnology Hardware & Equipment
United Kingdom
CMG
Software & Services
HEPWORTH
BTG
Commercial Services & Supplies
UNIQ (UNIGATE)PACE MICRO TECHNOLOGY
Consumer Durables & Apparel
LEX SERVICECOATS VIYELLAJARVIS

Hotels Restaurants & Leisure
Materials

Capital Goods
Food Beverage & Tobacco
Retailing
Consumer Durables & Apparel
Capital Goods

This information is the property of Morgan Stanley Capital International Inc. (MSCI). It 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, trading, marketing orpromotion 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 nor any other party guarantees the accuracy and/or thecompleteness of any of this information. Neither MSCI nor any other party makes any representation or warranty, express orimplied, 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 nor any other party makes any express or implied
warranties, and MSCI hereby expressly disclaims all warranties of merchantability or fitness for a particular purpose with respect toany of this information. Without limiting any of the foregoing, in no event shall MSCI or any other party have any liability for any
direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility ofsuch damages.
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