MSCI SMALL CAP INDEX SERIES NOVEMBER 2004 SEMI-ANNUAL INDEXREVIEWGeneva, November 16, 2004. MSCI announced today changes to the MSCI Small Cap Index Series that will
be effective as of the close of November 30, 2004. These changes result from the November 2004 SemiAnnual Index Review. The full list of additions to and deletions from the MSCI Small Cap Index Series has
been posted on MSCI’s web site at www.msci.com/smallcap.
Effective as of the close of November 30, 2004, 176 securities will be added to the MSCI Small Cap IndexSeries and 125 will be deleted. In addition, MSCI’s quarterly review of free float estimates results in changes inForeign Inclusion Factors (FIFs) for 30 securities. FIFs adjust the market capitalization of securities for freefloat available to foreign investors.
The MSCI Small Cap Index Series attempts to represent the business activities of small capitalizationcompanies across developed markets. Companies with a full market capitalization between USD 200 and
1,500 million are eligible for inclusion. MSCI then selects the most liquid securities relative to their marketcapitalization, and targets for index inclusion 40% of the full universe within each industry group, within eachcountry. Finally, the market capitalization of index constituents is free float-adjusted.
Below is a brief pro forma analysis of the changes that will occur in the MSCI Small Cap Index Series forsome of the more frequently used global and regional composite indices, using data as of October 29, 2004.
World Index - The MSCI World Small Cap Index represents the small cap segment in 23 of the world’sdeveloped equity markets. On a pro forma basis, the market capitalization of the index will be USD 1,071
billion, and the index will include 1,765 securities.
EAFE (Europe, Australasia, Far East) Index - The MSCI EAFE Small Cap Index represents the small cap
segment in 21 developed equity markets outside of North America. On a pro forma basis, the market
capitalization of the index will be USD 508 billion, and the index will include 964 securities.
Europe Index - The MSCI Europe Small Cap Index represents the small cap segment in 16 developed equity
markets in Europe. On a pro forma basis, the market capitalization of the index will be USD 267 billion, andthe index will include 465 securities.
The results of the November 2004 Quarterly Index Review for the MSCI Standard Index Series and theMSCI Pan-Euro and Euro Indices as well as the November 2004 Semi-Annual Index Review for the MSCI
Global Value and Growth Index Series and the MSCI US Equity Indices have also been posted on MSCI’s
web site at www.msci.com.

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MSCI SMALL CAP INDEX SERIESPRO FORMA DATA FOR MAIN REGIONAL INDICESMSCI WORLD SMALL CAP INDEXTop 10 Country WeightsUSAJapan
United KingdomCanadaAustraliaFrance
SwedenGermany
Switzerland
Italy

Weight
47.7%
14.9%
8.4%
4.9%
4.4%
2.1%
1.9%
1.9%
1.8%
1.4%

Top 10 Industry Group Weights
Capital Goods
Materials
Real Estate
Software & Services
Technology Hardware & Equipment
Banks
Retailing
Health Care Equipment & Services
Consumer Durables & Apparel
EnergyWeight
10.7%
8.4%
7.2%
5.9%
5.8%
5.6%
5.1%
5.1%
4.3%
4.3%

MSCI EAFE SMALL CAP INDEX
Top 10 Country Weights
Japan
United Kingdom
Australia
FranceSwedenGermany
Switzerland
Italy
Netherlands
Hong Kong

Weight
31.3%
17.8%
9.3%
4.5%
4.0%
3.9%
3.7%
3.0%
2.9%
2.8%

Top 10 Industry Group Weights
Capital Goods
Materials
Real Estate
Retailing
Technology Hardware & Equipment
Food, Beverage & Tobacco
Consumer Durables & ApparelTransportation
Diversified Financials
Commercial Services & Supplies

Weight
14.1%
9.2%
7.0%
5.7%
5.5%
5.3%
5.1%
4.8%
4.7%
3.9%

MSCI EUROPE SMALL CAP INDEX
Top 10 Country Weights
United Kingdom
FranceSwedenGermany
Switzerland
Italy
Netherlands
Finland
Belgium
NorwayWeight
33.8%
8.5%
7.5%
7.5%
7.1%
5.7%
5.4%
5.2%
4.0%
3.5%

Top 10 Industry Group Weights
Capital Goods
Real Estate
Materials
Retailing
Diversified Financials
Technology Hardware & Equipment
Transportation
Commercial Services & Supplies
EnergyConsumer Durables & Apparel

Weight
15.3%
7.9%
7.1%
5.6%
4.9%
4.9%
4.8%
4.5%
4.3%
4.2%

Note: All pro forma information uses data as of October 29, 2004.

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For further information on MSCI indices or MSCI data, please visit our web site at www.msci.com orcontact:
Amy Davidson, MSCI, New York
Guillermo Benedit, 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/Patrick Linehan, Abernathy MacGregor, New York+ 44 20 7618 9100
+ 1 212 371 5999______________________________________________________________________________________________________
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is the majority shareholder of MSCI, and The Capital Group Companies, Inc., a global investment management group,is the minority shareholder. In June 2004, Morgan Stanley acquired Barra, a global leader in risk management
technology for investment professionals. Barra's operations will be combined with MSCI to form MSCI Barra.

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