MSCI KOKUNAI JAPAN EQUITY INDICES
MAY 2006 SEMI-ANNUAL INDEX REVIEWTokyo, May 11, 2006. MSCI Barra, a leading provider of benchmark indices and risk management analytics
products, announced today changes to the MSCI KOKUNAI Japan Equity Indices that will be effective as ofthe close of May 31, 2006. These changes result from the May 2006 Semi-Annual Index Review. The full listof additions to and deletions from the MSCI KOKUNAI Japan Equity Indices as well as an updated
methodology book have been posted on MSCI’s web site at http://www.msci.com/japan.
There will be one addition, JTEKT Corp, to the MSCI KOKUNAI Large Cap 200 Index. There will be fivedeletions from the MSCI KOKUNAI Large Cap 200 Index.
For the MSCI KOKUNAI Mid Cap 400 Index, there will be ten additions and nine deletions. The fivelargest additions are Hikari Tsushin, Nippon Television, Namco Bandai holdings, Kawasaki Kisen Kaisha andToyota Boshoku Corp.
There will be 40 additions to the MSCI KOKUNAI Small Cap 900 Index. The largest five additions are Sony
Communication Network, Kyorin Co, Aplus, Kadokawa Holdings and Itoham Foods. 30 securities will bedeleted from the MSCI KOKUNAI Small Cap 900 Index.
There will be 114 additions to the MSCI KOKUNAI Micro Cap Index. The five largest additions areShibuya Kogyo Co, Grandy House Corp, Fj Next Co, Mebix and Himawari Holdings Inc. There will be 14
deletions from the MSCI KOKUNAI Micro Cap Index.
For the MSCI KOKUNAI Investable Market Value Index, there will be 198 additions or upward changes inValue Inclusion Factors (VIFs) and 126 deletions or downward changes in VIFs. For the MSCI KOKUNAI
Investable Market Growth Index, there will be 142 additions or upward changes in Growth Inclusion Factors(GIFs) and 205 deletions or downward changes in GIFs. The VIFs and GIFs represent the proportion of asecurity’s free float-adjusted market capitalization that is allocated to the value and/or growth indices.
The largest additions to the value indices are Canon Inc (Large Cap), Nagoya Railroad Co (Mid Cap) andJapan Asia Investment Co (Small Cap). The largest additions to the growth indices are Mizuho Financial
Group (Large Cap), Mitsubishi Rayon Co (Mid Cap) and Osaka Securities Exchange Co (Small Cap).
In addition, there will be changes for certain constituents of the MSCI KOKUNAI Japan Equity Indices,
resulting from the annual review of the free float estimates and semi-annual updates in the number of shares.
These changes will also be effective as of the close of May 31, 2006.
The results of the May 2006 Annual Full Country Index Review for the MSCI Standard Index Series, theMSCI Pan-Euro and Euro Indices, the MSCI China A Index and the MSCI GDP Index Series, and the SemiAnnual Index Review for the MSCI Small Cap Index Series, the MSCI Global Value and Growth Index______________________________________________________________________________________________________--1 of 3--

Series, the MSCI US Equity Indices as well as the MSCI US REIT Index have also been posted on MSCI’s
web site at www.msci.com.
About MSCI Barra
MSCI (www.msci.com) develops and maintains equity, fixed income, multi-asset class, REIT and hedge fundindices that serve as benchmarks for an estimated USD 3 trillion on a worldwide basis and owns Barra, Inc.
(“Barra”). Barra (www.barra.com) analytics help the world’s largest investors analyze, measure and manage
portfolio and firm-wide investment risk. MSCI Barra is headquartered in New York, with research andcommercial offices around the world. Morgan Stanley, a global financial services firm and a market leader insecurities, asset management, and credit services, is the majority shareholder of MSCI, and Capital GroupInternational, Inc. is the minority shareholder. MSCI Barra is a service mark of Morgan Stanley CapitalInternational Inc. (“MSCI” or “MSCI Barra”).
###For further information on MSCI indices or MSCI data, please visit our web site at www.msci.com orfor Barra products, please visit our web site at www.barra.com
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