MSCI GLOBAL VALUE AND GROWTH INDEX SERIES MAY 2003 SEMI-ANNUAL STYLEINDEX REVIEWGeneva, April 29, 2003. MSCI announced today changes to the MSCI Global Value and Growth IndexSeriesSM that will be effective as of the close of May 30, 2003. These changes result from the May 2003 SemiAnnual Style Index Review using the enhanced style index methodology. This methodology more effectively
reflects the evolving views on style definition and segmentation, and provides an improved representation ofthe opportunity set for global style managers.
As a reminder, the enhanced style methodology is built on a country-by-country basis for each of the 49
countries included in the MSCI All Country World Index FreeSM and features significant innovations
including:

A two-dimensional framework for style segmentation in which value and growth securities are
specified using different attributes
The use of eight different variables, both forward looking and historical, to more accurately reflectvalue and growth styles
Buffer zones that reduce turnover caused by the temporary migration of securities from one styleindex to the otherAs with all MSCI Equity Index Series, the enhanced Global Value and Growth Index Series will continue toshare common features such as:Free float-adjustment of constituent weights
Consistent treatment of corporate events
Consistent industry classification of securities using the Global Industry Classification Standard(GICSSM)

A complete methodology book detailing the index construction objectives and methodology for the MSCI
Global Value and Growth Index Series is available on MSCI’s web site at http://www.msci.com/vg.
Please find below a list of the largest constituents of the MSCI Value and Growth Index Series for selectedcountries and regional composites, as well as a graphical representation of the MSCI Value and Growth StyleSpace for the MSCI USA Index.

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Exhibit 1: Largest constituents of the MSCI Value and Growth Index Series for selected countries
and regional composites
VALUE
Country

GROWTH
Security Name

Industry Group

Value
Inclusion
FactorMSCI USA Value Index

Country

Security Name

Industry Group

GrowthInclusion
FactorMSCI USA Growth Index

USGeneral Electric Co

Capital Goods

1USMicrosoft Corp

Software & Services

1USExxon Mobil Corp

Energy1USPfizer

Pharmaceuticals & Biotechnology

1USCitigroup

Diversified Financials

1

USJohnson & Johnson

Pharmaceuticals & Biotechnology

1USBank of America CorpBanks

1

USWal-Mart Stores

Food & Staples Retailing

1

USVerizon Communications

Telecommunication Services

1

USMerck & Co

Pharmaceuticals & Biotechnology

1

MSCI Europe ex UK Value Index

MSCI Europe ex UK Growth Index

CHNestle

Food, Beverage & Tobacco

1

CHNovartis

Pharmaceuticals & Biotechnology

0.65

FRTotal Fina Elf

Energy0.5

NLRoyal Dutch Petroleum Co

Energy

0.65

ITENI

Energy1CHUBS Namen

Diversified Financials1FR

BNP Paribas

Banks

1

ES

Telefonica

Telecommunication Services

1CHNovartis

Pharmaceuticals & Biotechnology

0.35

FINokia Corp

Technology Hardware & Equipment

0.65

MSCI United Kingdom Value Index

MSCI United Kingdom Growth Index

GBBP

Energy1

BP

Vodafone Group

Telecommunication Services

1

GB

HSBC Holdings (GB)

Banks

1

GB

Glaxosmithkline

Pharmaceuticals & Biotechnology

1
1

GBBarclays

Banks

1

GB

Royal Bank of Scotland

Banks

GB

Lloyds TSB Group

Banks

1

GB

Astrazeneca

Pharmaceuticals & Biotechnology

1

GBDiageo

Food, Beverage & Tobacco

0.65

GB

Shell T & T

Energy1MSCI Japan Value Index

MSCI Japan Growth Index

JPToyota Motor Corp

Automobiles & Components

1

JPNTT Docomo

Telecommunication Services

1

JPTokyo Electric Power CoUtilities

1

JP

Takeda Chemical Ind

Pharmaceuticals & Biotechnology

1

JPNTT Corp

Telecommunication Services

1

JPSony Corp

Consumer Durables & Apparel

1

JP

Matsushita Elect Ind'l

Consumer Durables & Apparel1

JPCanon Inc

Technology Hardware & Equipment

1

JP
Nissan Motor Co
Automobiles & Components
1
JP
Nomura Holdings
Diversified Financials
1
Data as of the close of April 4, 2003.
Note: Value Inclusion Factor (VIF) and Growth Inclusion Factor (GIF) represent the proportion of a security's free float-adjusted market capitalization that is allocated to the Value or the Growth Index.

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Exhibit 2: MSCI Value and Growth Style Space – pro forma MSCI USA Index
4.0
Top 5 Value & Non-Growth
1 General Electric Co
2 Exxon Mobil Corp
3 Citigroup
4 Bank of America Corp
5 Verizon Communications

VIF
111
1
1

Value

GIF
00000

Top 5 Value & Growth
1 Fannie Mae
2 Freddie Mac
3 Boeing Co
4 MBNA Corp
5 Cendant Corp

3.0

VIF
0.65
0.65
0.350.65
0.5

GIF
0.35
0.35
0.65
0.35
0.5

Full Value Allocation
2.0

Full Growth Allocation
Partial Allocation

1.0

Non Growth

Growth
0.0-4.0-3.0-2.0-1.0

0.0

1.0

2.0

3.0

4.0-1.0-2.0

Top 5 Non-Value & Non-Growth
1 IBM Corp
2 Coca-Cola Co
3 Pepsico
4 Abbott Laboratories
5 Gillette Co

VIF
0.35
0.35
0.35
0.35
0.35

GIF
0.65
0.65
0.65
0.65
0.65

-3.0

Top 5 Growth & Non-Value
1 Microsoft Corp
2 Pfizer
3 Johnson & Johnson
4 Wal-Mart Stores
5 Merck & Co

VIF00000GIF11
1
1
1

Non Value-4.0

Note: Securities that are fully attributed to the Value Index are represented in dark gray while securities that are fully attributed to the Growth Index in light gray.
Partially attributed securities are represented in white. The size of the circle is a function of the weight of the security in the index.
Value Inclusion Factor (VIF) and Growth Inclusion Factor (GIF) represent the proportion of a security's free float-adjusted market capitalization that is allocated to theValue or the Growth Index.

For further information on MSCI indices or MSCI data, please visit our web site at www.msci.com orcontact:
Dorsey Horowitz, MSCI, New YorkStephen Dunning, MSCI, London
Jammy Chan, MSCI, Hong Kong
Taiki Kimura, MSCI, Tokyo+ 1 212 762 5790
+ 44 20 7425 6660
+ 852 2848 6740
+ 813 5424 5470

Daniel Guthrie/Emma Leeds, Luther Pendragon, London
Ed Rowley/Steve Bruce, Abernathy MacGregor, New York+ 44 20 7618 9100
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