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MSCI STANDARD INDEX SERIES
MAY 2007 ANNUAL FULL COUNTRY INDEX REVIEW

Geneva, May 3, 2007 - MSCI Barra, a leading provider of benchmark indices and risk management analytics
products, announced today changes to the MSCI Standard Index Series that will be effective as of the close of May
31, 2007. These changes result from the May 2007 Annual Full Country Index Review. The full list of additions toand deletions from the MSCI Standard Index Series has been posted on MSCI Barra’s web site at
http://www.mscibarra.com.
Effective as of the close of May 31, 2007, 60 securities will be added to the MSCI Standard Index Series and 64
securities will be deleted. In order to minimize reverse turnover, the May 2007 Annual Full Country Index Review for
the Standard Indices uses the same Global Minimum Size Requirement and other investability requirements thatare applied in the construction and maintenance of the Provisional Standard Indices. Only securities that areconstituents of the Provisional Standard Indices will be added to the Standard Indices to bring the Industry Group
representation closer to 85%, if necessary. Only companies not included in the Provisional Standard Indices will bedeleted from the Standard Indices.
The largest additions to the MSCI World Index are Hess (USA), Mirant Corp (USA), Nymex Holding (USA), SwissLife Holding (Switzerland) and Mastercard A (USA). China Shenhua Energy H (China), Inotera Memories (Taiwan),
Doosan Heavy Industries (Korea), Pro Mos Technologies (Taiwan) and Hangzhou Steam Turbine B (China) are thelargest inclusions in the MSCI Emerging Markets (EM) Index.
MSCI’s annual review of free float estimates resulted in changes in Foreign Inclusion Factors (FIFs) for 536
securities. FIFs adjust the market capitalization of securities for free float available to foreign investors. Thesechanges reflect the evolution of shareholdings, changes in Foreign Ownership Limits (FOLs), changes in Limited
Investability Factors (LIFs) or the reclassification of certain shareholders.
Separately, MSCI Barra announced today changes to the MSCI High Dividend Yield Indices that will be effective asof the close of May 31, 2007. These changes result from the May 2007 Semi-Annual Index Review. The list ofchanges in constituents for the MSCI High Dividend Yield Indices has been posted on MSCI Barra’s web site atwww.mscibarra.com.
The results of the May 2007 Annual Full Country Index Review for the MSCI Pan-Euro and Euro Indices, the MSCIGDP Index Series and the Semi-Annual Index Review for the MSCI Small Cap Index Series, the MSCI Global
Value and Growth Index Series, the MSCI US Equity Indices, the MSCI US REIT Index, the MSCI Japan KOKUNAIIndices, the MSCI High Dividend Yield Indices as well as the pro-forma list of constituents for the MSCI Global
Investable Market Indices have also been posted on MSCI Barra’s web site at www.mscibarra.com.

An updated Standard Index Series Methodology Book includes a new Appendix V, containing information on
the index review process during the transition period to the Global Investable Market Indices Methodology
along with the updated set of minimum size guidelines used for deletions from the MSCI Standard Indices.
The changes in this newly released methodology book are effective immediately.
Please find below a list of the largest additions to the MSCI World and Emerging Markets (EM) Indices.

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Largest additions to the MSCI World Index for selected countries and regions
Country

Security NameIndustryGroupPro forma
FIF

Index MarketCap

Weight inPro forma
Country Index

USHessUSMirant Corp

ENER

0.90

14,580

0.11%

UTIL

1.00

11,261

US0.08%

Nymex Holding

DIVE

0.90

10,3560.08%

US

Mastercard A

SOFT

0.85

7,433

0.06%

US

Willis Group Hldgs

INSU

1.00

6,281

0.05%

USA

CanadaCA

Lionore Mining Intl

MATE

1.00

3,702

0.37%

CA

Riocan Reit

REAL

0.49

2,224

0.22%

CH

Swiss Life Holding

INSU

1.00

8,724

0.95%

IT

Parmalat

FOOD

0.95

6,753

1.25%

NO

Renewable Energy Corp

SEMI

0.35

4,109

3.12%ESZardoya Otis

CAPI

0.40

3,7830.69%

FR

ADP

TRAN

0.35

3,4720.25%

JP

Hiroshima Bank

BANK

0.80

2,813

0.09%

JP

Hachijuni Bank

BANK

0.75

2,8070.09%

EuropeJapan

JP

Idemitsu Kosan Co

ENER

0.50

2,2700.08%

JP

Mitsubishi UFJ Lease Financial Group

DIVE

0.50

1,8940.06%

JP

Jupiter Telecom

MEDI

0.35

1,8310.06%

Pacific ex JapanHK

Tencent Holdings Limited

SOFT

0.50

2,9311.24%

AU

Fortescue Metals Group

MATE

0.45

2,2160.27%

HK

Tingyi Holding Corp

FOOD

0.30

1,7010.72%

Note: All market caps are in USD millions. Data as of April 12, 2007.

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Largest additions to the MSCI Emerging Markets (EM) Index by region
Country

Security NameIndustry
GroupProforma
FIFIndex MarketCap

Weight inPro forma
Country Index

EM Asia
CN

China Shenhua Energy H

ENER

0.95

8,032

2.59%

TW

Inotera Memories

SEMI

0.90

3,285

1.00%

KR

Doosan Heavy Industries

CAPI

0.30

2,2340.55%

TW

Pro Mos Technologies

SEMI

0.90

2,196

0.67%

CNHangzhou Steam Turbine B

CAPI

1.00

2,1110.68%

KR

Hyundai Steel Co

MATE

0.60

2,0270.50%

KR

Hanwha Corp

MATE

0.60

2,0140.50%

CNHengan Int'l Group Co

HOUS

0.55

1,940

0.63%

TW

Nanya Technology Corp

SEMI

0.50

1,7400.53%

TW

Wistron Corp

TECH

0.75

1,4640.45%

EM EMEA
PLPbg

CAPI

0.65

1,125

2.19%

PL

Echo Investments

REAL

0.60

1,011

1.97%

PL

Bioton

PHAR

0.45

895

1.74%

Note: All market caps are in USD millions. Data as of April 12, 2007.

###About MSCI Barra
MSCI Barra develops and maintains equity, REIT and hedge fund indices that serve as benchmarks for an
estimated USD 3 trillion on a worldwide basis. MSCI Barra’s risk models and analytics products help the world’s
largest investors analyze, measure and manage portfolio and firm-wide investment risk. MSCI Barra isheadquartered 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 Barra, and Capital Group International, Inc. is the minority shareholder.
For further information on MSCI Barra, please visit our web site at www.mscibarra.com

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For media enquiries please contact:
Ben Curson | Clare Milton, Penrose Financial, London
Ann Taylor Reed, Abernathy MacGregor, New York+ 44.20.7786.4888+ 1.212.371.5999

MSCI Barra Global Client Service:
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Jackson Wang, MSCI Barra, San Francisco
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Jun Nishiyama, MSCI Barra, Tokyo+ 44.20.7618.2222+ 1.212.762.5790+ 1.415.576.2323+ 852.2848.7333+ 61.2.9220.9333+ 813.5424.5470

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