MSCI SMALL CAP INDEX SERIES MAY 2003 SEMI-ANNUAL INDEX REVIEWGeneva, May 15, 2003. MSCI announced today changes to the MSCI Small Cap Index Series that will beeffective as of the close of May 30, 2003. These changes result from the May 2003 Semi-Annual Index
Review. The 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 May 30, 2003, 144 securities will be added to the MSCI Small Cap Index Series
and 119 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 437 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 May 2, 2003.
World Index - The MSCI World Small Cap IndexSM 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 911
billion, and the index will include 1743 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 414 billion, and the index will include 970 securities.
Europe Index - The MSCI Europe Small Cap IndexSM represents the small cap segment in 16 developedequity markets in Europe. On a pro forma basis, the market capitalization of the index will be USD 225billion, and the index will include 472 securities.

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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, New YorkStephen Dunning, 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/Emma Leeds, Luther Pendragon, London
Ed Rowley/Steve Bruce, Abernathy MacGregor, New York+ 44 20 7618 9100
+ 1 212 371 5999______________________________________________________________________________________________________This information is the property of Morgan Stanley Capital International Inc. (MSCI). It is provided for informational
purposes only, and is not a recommendation to participate in any particular trading strategy. The information may not be
used to verify or correct data or any compilation of data or index or in the creation of any indices. Nor may it be used in
the creating, writing, offering, trading, marketing or promotion of any financial instruments or products. This
information is provided on an “as is” basis. Although MSCI shall obtain information from sources which MSCI
considers reliable, neither MSCI, its affiliates nor any other party involved in the making or compiling of the information
guarantees the accuracy and/or the completeness of any of this information. Neither MSCI, its affiliates nor any otherparty involved in the making or compiling of the information makes any representation or warranty, express or implied,
as to the results to be obtained by any person or entity from any use of this information, and the user of this information
assumes the entire risk of any use made of this information. Neither MSCI, its affiliates nor any other party involved inthe making or compiling of the information makes any express or implied warranties, and MSCI, its affiliates and anyother party involved in the making or compiling of the information hereby expressly disclaim all warranties ofmerchantability or fitness for a particular purpose with respect to any of this information. Without limiting any of theforegoing, in no event shall MSCI, its affiliates or any other party involved in the making or compiling of the information
have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits)even if notified of the possibility of such damages.
Morgan Stanley Capital International, MSCI, ACWI, EAFE, EMF and all other service marks referred to herein are theexclusive property of MSCI and its affiliates. All MSCI indices are the exclusive property of MSCI and may not be usedin any way without the express written permission of MSCI.
MSCI is a leading provider of global indices and benchmark related products and services to investors worldwide.
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 The Capital Group Companies, Inc., a global investment management group,is the minority shareholder.
MSCI Client Services can be reached on:London+44 20 7425 6660
New YorkFrankfurt+49 69 2166 5325
San Francisco
And at a further thirteen locations around the world.

+1 212 762 5790
+1 415 576 2323

TokyoHong Kong+813 5424 5470+852 2848 6740______________________________________________________________________________________________________--2 of 3--

MSCI SMALL CAP INDEX SERIESPRO FORMA DATA FOR MAIN REGIONAL INDICESMSCI WORLD SMALL CAP INDEXTop 10 Country Weights
USAJapan
United Kingdom
CanadaAustralia
FranceGermany
Italy
Switzerland
Spain

Weight
50.1%
14.2%
7.8%
4.5%
4.2%
2.2%
2.0%
2.0%
1.5%
1.4%

Top 10 Industry Group Weights
Capital Goods
Materials
Banks
Real EstateTechnology Hardware & Equipment
Software & Services
Retailing
Health Care Equipment & Services
Consumer Durables & Apparel
Commercial Services & Supplies

Weight
9.0%
8.6%
7.2%
6.9%
6.1%
5.7%
5.2%
4.7%
4.4%
4.1%

MSCI EAFE SMALL CAP INDEX
Top 10 Country Weights
Japan
United Kingdom
Australia
FranceGermany
Italy
Switzerland
Spain
SwedenFinland

Weight
31.3%
17.3%
9.3%
4.8%
4.4%
4.4%
3.4%
3.0%
3.0%
2.9%

Top 10 Industry Group Weights
Capital Goods
Materials
Real Estate
Banks
Consumer Durables & ApparelFood, Beverage & Tobacco
RetailingMedia
Diversified Financials
Transportation

Weight
12.4%
11.1%
7.2%
6.0%
5.7%
5.1%
4.9%
4.4%
4.1%
4.1%

MSCI EUROPE SMALL CAP INDEX
Top 10 Country Weights
United Kingdom
FranceGermany
Italy
Switzerland
Spain
SwedenFinlandNetherlands
Denmark

Weight
31.8%
8.8%
8.1%
8.1%
6.2%
5.6%
5.6%
5.3%
4.6%3.3%

Top 10 Industry Group Weights
Capital Goods
Materials
Real EstateBanksMedia
Consumer Durables & Apparel
Diversified Financials
Commercial Services & Supplies
Retailing
Health Care Equipment & Services

Weight
12.2%
8.5%
7.3%
6.1%
5.7%
5.3%
5.0%
4.8%
4.7%
4.5%

Note: All pro forma information uses data as of May 2, 2003.
This information is the property of Morgan Stanley Capital International Inc. (MSCI). It is provided for informational purposes only, and is not a recommendation
to participate in any particular trading strategy. This information may not be used to verify or correct data or any compilation of data or index or in the creation ofany indices. Nor may it be used in the writing, creating, marketing or promotion of any financial instruments or products. This information is provided on an “as is”
basis. Neither MSCI, its affiliates nor any other party involved in the making or compiling of this information makes any representation or warranty, express orimplied, as to the results to be obtained by any person or entity from any use of this information, and the user of this information assumes the entire risk of any usemade of this information. Neither MSCI, its affiliates nor any other party involved in the making or compiling of the information makes any express or implied
warranties, and MSCI, its affiliates and any such third party hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness
for a particular purpose with respect to any of this information. Without limiting any of the foregoing, in no event shall MSCI, its affiliates or any other party
involved in the making or compiling of this information have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lostprofits) even if notified of the possibility of such damages.
Morgan Stanley Capital International, MSCI, ACWI, EAFE, EMF and all other service marks referred to herein are the exclusive property of MSCI and its affiliates.
All MSCI indices are the exclusive property of MSCI and may not be used in any way without the express permission of MSCI.

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