MSCI US REIT INDEX NOVEMBER 2005 SEMI-ANNUAL INDEX REVIEW
Princeton, November 16, 2005. MSCI Barra, a leading provider of benchmark indices and risk management
analytics products, announced today changes to the MSCI US REIT Index that will be effective as of theclose of November 30, 2005. These changes result from the November 2005 Semi-Annual Index Review.
There will be five additions to and no deletions from the MSCI US REIT Index. A total of 83 securities will
have updates in their number of shares, one of which will be in excess of 5% of the security’s total shares
outstanding. The Domestic Inclusion Factor (DIF) for three securities will change in order to more accuratelyreflect the availability of shares.
The MSCI US REIT Index is comprised of Equity REIT securities that belong to the MSCI US Investable
Market 2500 Index. The MSCI US REIT Index in conjunction with the MSCI US Equity Indices are fully
reviewed at the end of May and November (Semi-Annual Index Reviews). Each Semi-Annual Index Review
involves a comprehensive review of the market capitalization indices as well as the value and growth indices.
During the review, changes in the investability of constituents and non-constituents are also assessed. SemiAnnual Index Reviews may result in changes in DIFs or updates in number of shares.
In addition, please note that the Real Estate Industry is one of the topics included in the 2005 Global
Industry Classification Standard (GICS) Consultation paper. The consultation may or may not result in any
changes to the GICS structure. The complete consultation document can be found on MSCI’s website atwww.msci.com/consultation.
The results of the November 2005 Semi-Annual Index Review for the MSCI Small Cap Index Series, theMSCI Global Value and Growth Index Series, the MSCI US Equity Indices, the MSCI US REIT Index andthe MSCI Kokunai Japan Equity Indices, as well as the November 2005 Quarterly Index Review for theMSCI Pan-Euro and Euro Indices and the MSCI China A Index have also been posted on MSCI’s web site atwww.msci.com.
About MSCI Barra
MSCI Barra (www.msci.com) develops and maintains equity, fixed income, multi-asset class, REIT and hedge
fund indices that serve as the benchmark for an estimated USD 3 trillion on a worldwide basis. Barra, Inc.
(“Barra”) analytics (www.barra.com) 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 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, and Capital Group International
Inc. is the minority shareholder. MSCI and MSCI Barra are service marks of Morgan Stanley CapitalInternational Inc. (“MSCI” or “MSCI Barra”).
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For further information on MSCI indices or MSCI data, please visit our web site at www.msci.com orcontact:
Dorsey Horowitz, MSCI Barra, New York
Sonal Patel, MSCI Barra, London
Sarah Chan, MSCI Barra, Hong Kong
Masao Ikeda, MSCI Barra, Tokyo+ 1 212 762 5790
+ 44 20 7425 6660
+ 852 2848 6740
+ 813 5424 5470

PR:
Ben Curson/Clare Rowsell, Penrose Financial, London+ 44 20 7786 4888
Patrick Linehan/Ann Taylor-Reed, Abernathy MacGregor, New York + 1 212 371 5999
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only. Any use of MSCI indices, data or other information requires a license from MSCI. The Information may not be used toverify or correct other data, to create indices, or in connection with offering, sponsoring, managing or marketing any securities,
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approve or otherwise express any opinion regarding any issuer, securities, financial instruments or products or trading
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are the exclusive property of MSCI or its affiliates, except as provided below. All MSCI indices are the exclusive property of MSCIand may not be used in any way without the express written permission of MSCI. The Global Industry Classification Standard(GICS) was developed by and is the exclusive property of MSCI and Standard & Poor’s. “Global Industry Classification Standard(GICS)” is a service mark of MSCI and Standard & Poor’s.

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