MSCI SMALL CAP INDEX SERIES MAY 2006 SEMI-ANNUAL INDEX REVIEWGeneva, May 10, 2006. MSCI Barra, a leading provider of benchmark indices and risk management analytics
products, announced today changes to the MSCI Small Cap Index Series that will be effective as of the closeof May 31, 2006. These changes result from the May 2006 Semi-Annual Index Review. The list of changes inconstituents for the MSCI Small Cap Index Series as well as an updated methodology book have been posted
on MSCI’s web site at www.msci.com/smallcap.
Effective as of the close of May 31, 2006, 411 securities will be added to the MSCI Small Cap Index Series
and 113 securities will be deleted. In addition, MSCI reviewed the free float of all constituents of the MSCI
Small Cap Index Series, leading to changes in Foreign Inclusion Factors (FIFs) for 482 securities. FIFs adjust
the market capitalization of securities for free float 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 market
capitalization, 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 April 20, 2006.
World Index - The MSCI World Small Cap Index represents the small cap segment in 23 of the world’s
developed equity markets. On a pro forma basis, the market capitalization of the index will be USD 1,395
billion, and the index will include 2,177 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 717 billion, and the index will include 1,269 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 363 billion, andthe index will include 577 securities.
The results of the May 2006 Annual Index Review for the MSCI Standard Index Series, the MSCI Pan-Euroand Euro Indices, the MSCI China A Index as well as the May 2006 Semi-Annual Index Review for the MSCI
Global Value and Growth Index Series, the MSCI US Equity Indices, the MSCI US REIT Index, the MSCIKokunai Japan 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 INDEX
Top 10 Country Weights

WeightTop 10 Industry Group Weights

WeightUSAJapan
United Kingdom
CanadaAustralia
FranceGermany
Switzerland
SwedenNorway42.87%

Capital Goods
Materials
Real Estate
EnergyTechnology Hardware & Equipment
Software & Services
Banks
Retailing
Consumer Durables & Apparel
Health Care Equipment & Services

13.00%

18.71%
8.53%
5.76%
3.56%
2.28%
2.13%
1.96%
1.91%
1.70%

7.99%
6.76%
6.31%
5.85%
5.73%
5.42%
5.40%
4.60%
4.35%

MSCI EAFE SMALL CAP INDEX
Top 10 Country Weights

WeightTop 10 Industry Group Weights

WeightJapan
United Kingdom
Australia
FranceGermany
Switzerland
SwedenNorwayHong Kong
Italy

36.43%

Capital Goods
Real Estate
Materials
Retailing
Consumer Durables & ApparelTechnology Hardware & Equipment
Diversified Financials
Software & Services
Commercial Services & Supplies
Energy17.01%

16.60%
6.93%
4.44%
4.15%
3.82%
3.71%
3.32%
2.70%
2.54%

7.94%
7.80%
5.95%
5.85%
5.43%
5.41%
4.67%
4.49%
3.96%

MSCI EUROPE SMALL CAP INDEXTop 10 Country Weights

WeightTop 10 Industry Group Weights

WeightUnited Kingdom
FranceGermany
Switzerland
SwedenNorwayItaly
Netherlands
Belgium
Denmark

32.73%

Capital Goods
Real Estate
Diversified Financials
EnergyTechnology Hardware & Equipment
Consumer Durables & Apparel
Commercial Services & Supplies
Software & Services
Retailing
Materials

17.22%

8.75%
8.17%
7.54%
7.32%
6.54%
5.02%
4.97%
3.59%
3.53%

8.28%
6.77%
5.96%
5.53%
5.48%
5.29%
5.06%
5.04%
4.71%

Note: all pro forma data uses data as of April 20, 2006.

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About MSCI BarraMSCI (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
For media enquiries please contact:
Ben Curson/Clare Rowsell, Penrose Financial, London
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+ 1 212 371 5999

MSCI Barra Global Client Service:
Pavithra Ramasubban, MSCI Barra, Sydney
Masao Ikeda, MSCI Barra, Tokyo
Susanna Wu, MSCI Barra, Hong Kong
Aatish Suchak, MSCI Barra, London
Cecile Distel, MSCI Barra, New York+ 612 9770 1579
+ 813 5424 5470
+ 852 2848 6740
+ 44 20 7425 6660
+ 1 212 762 5790

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