MSCI TO IMPLEMENT THE MAY 2004 ANNUAL FULL COUNTRY INDEX REVIEWAS OF THE CLOSE OF MAY 28, 2004 INSTEAD OF MAY 31, 2004Geneva, May 5, 2004. Due to the exceptional conjunction of market holidays occurring simultaneously on
Monday May 31, 2004 resulting in many large markets being closed on that day, MSCI will implement thechanges resulting from the May 2004 Annual Index Review as of the close of Friday May 28, 2004 instead ofMonday May 31, 2004.
This change will affect all MSCI Equity Index Series that have index reviews scheduled for May 31, 2004.
These include, but are not limited to, the MSCI Standard Index Series, the MSCI Small Cap Index Series, theMSCI Global Value Growth Index Series, the MSCI US Equity Indices, the MSCI GDP Index Series and theMSCI Pan-Euro and Euro Indices.
MSCI will calculate the currency hedged indices using the regular month-end cycle, based on the forward
rates provided by WM Reuters on May 31, 2004.
For further information on MSCI indices or MSCI data, please visit our web site at www.msci.com orcontact:
Amy Davidson, MSCI, New York
Sara Corsaro, 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. 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
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.
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Morgan Stanley Capital International, MSCI, ACWI, EAFE 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.

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