UPCOMING MSCI INDEX CHANGES
Geneva, January 28, 2002. MSCI announced today information regarding the February 2002 QuarterlyIndex Rebalancing, the May 2002 Quarterly Index Rebalancing and the status of the MSCI Luxembourg
Standard and Provisional Indices.
I)

FEBRUARY 2002 QUARTERLY INDEX REBALANCING

As part of the regularly scheduled February Quarterly Index Rebalancing, no additions to or deletions fromthe MSCI Standard and/or Provisional Index Series will take place in view of the upcoming changes in theMay Quarterly Index Rebalancing. In addition, MSCI will not implement any changes to the Free Market
Capitalization Factors (FMCFs) in the MSCI Standard Index Series or to the Foreign Inclusion Factors (FIFs)
in the MSCI Provisional Index Series. Any pending changes in FIFs resulting from changes in Foreign
Ownership Limits (FOLs) or from secondary offerings will be reflected at the next regularly scheduled
Quarterly Index Rebalancing in May 2002. (This includes the increase in FOL from 20% to 33.33% for NTT
Corp, which became effective on November 30, 2001 as part of the amendment to the NTT Law. The effectof this increase in FOL for NTT, a constituent of the MSCI Japan Standard and Provisional Indices, will bereflected in the indices at the May 2002 Quarterly Index Rebalancing.)
MSCI continues to closely monitor the evolution of events in the markets, in particular in Argentina, aspreviously announced. MSCI reserves the right to announce changes to the MSCI Standard or Provisional
Argentina Index, or any other MSCI Index to be effective at any time including, but not limited to, as of theclose of February 28, 2002.
II)

MAY 2002 QUARTERLY INDEX REBALANCING

As part of the regularly scheduled May Quarterly Index Rebalancing, MSCI will conduct a review of the free
float estimates for all securities in all countries. Given that this will be the first full free float review since thelaunch of the Enhanced Methodology in May 2001, the FIFs of many securities are likely to be affected.
Otherwise, as stated earlier, MSCI will seek to minimize changes resulting from the regularly scheduled May
Quarterly Index Rebalancing.
Changes resulting from the full free float review, as well as changes from the second and final phase of theimplementation of the Enhanced Methodology in the MSCI Standard Index Series, and any other changes
resulting from the regularly scheduled May Quarterly Index Rebalancing will become effective as of the closeof May 31, 2002. At that time, the market capitalization of all securities in the MSCI Standard Index Series
will be adjusted by their final Foreign Inclusion Factors (FIFs) and the MSCI Provisional Index Series will bediscontinued.

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In order to provide sufficient time for investors to analyze and understand these changes, MSCI will make anearly announcement of all changes related to the May Quarterly Index Rebalancing on or before April 30,
2002. At the time of the announcement, the complete pro forma MSCI Standard Index Constituent list andtheir final FIFs will be available on MSCI’s web site at www.msci.com.
III)

MSCI LUXEMBOURG STANDARD AND PROVISIONAL INDICES

Effective as of the close of February 28, 2002, the MSCI Luxembourg Standard and Provisional Indices will
be removed from the MSCI EU Index Series. The MSCI Luxembourg Standard and Provisional Indices willremain as stand-alone indices until the end of March 2002 and will be discontinued effective as of the close ofMarch 29, 2002. MSCI EU is the only regional index that includes MSCI Luxembourg.
This decision is motivated by the deletion of Arbed from the MSCI Luxembourg Standard and Provisional
Indices following its merger with both Usinor, a constituent of the MSCI France Standard and Provisional
Indices, and Aceralia from Spain to form Arcelor. As announced on January 15, 2002, Arbed will be deleted
from the MSCI Luxembourg Standard and Provisional Indices as of the close of February 18, 2002 if theoffers are successful and completed as scheduled. The remaining two constituents of the MSCI Luxembourg
Standard and Provisional Indices, RTL Group and Cegedel, have modest free float-adjusted size and liquidity.
For further information on MSCI indices or MSCI data, please visit our web site at www.msci.com orcontact:
Evert-Jan ten Brundel, MSCI, London+ 44 20 7425 6660

Dorsey Horowitz, MSCI, New York+ 1 212 762 5790

Bonnie Chan, MSCI, Hong Kong

+ 852 2848 6740

Taiki Kimura, MSCI, Tokyo+ 813 5424 5470

Daniel Guthrie/Emma Leeds, Luther Pendragon, London+ 44 20 7618 9100Mary Beth Kissane, Abernathy MacGregor, New York+ 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. This 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 usedin the writing, creating, marketing or promotion of any financial instruments or products. This information is providedon an “as is” basis. Neither MSCI, its affiliates nor any other party involved in the making or compiling of thisinformation makes any representation or warranty, express or implied, as to the results to be obtained by any person orentity from any use of this information, and the user of this information assumes the entire risk of any use made of thisinformation. 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 any such third party hereby expressly disclaim allwarranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to anyof this information. Without limiting any of the foregoing, in no event shall MSCI, its affiliates or any other party
involved in the making or compiling of this 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, EMF 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 permission of MSCI.
MSCI is a leading provider of global indices and benchmark related products and services to investors worldwide.
Morgan Stanley Dean Witter & Co., 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:London+44 20 7425 6660
New YorkFrankfurt+49 69 2166 5325
San Francisco
And at a further thirteen locations around the world.

+1 212 762 5790
+1 415 576 2323

TokyoHong Kong+813 5424 5470
+852 2848 6740______________________________________________________________________________________________________--3 of 3-