MSCI GLOBAL VALUE AND GROWTH INDEX SERIES MAY 2006 SEMI-ANNUAL INDEXREVIEWGeneva, May 10, 2006. MSCI Barra, a leading provider of benchmark indices and risk management analytics
products, announced today changes to the MSCI Global Value and Growth Index Series that will be effective
as of the close of May 31, 2006. These changes result from the May 2006 Semi-Annual Index Review of theMSCI Global Value and Growth Index Series.
For the MSCI ACWI Value Index, there will be 375 additions or upward changes in Value Inclusion Factors(VIFs), and 316 deletions or downward changes in VIFs. For the MSCI ACWI Growth Index, there will be
437 additions or upward changes in Growth Inclusion Factors (GIFs), and 316 deletions or downwardchanges in GIFs. The VIFs and the GIFs represent the proportion of a security’s free float-adjusted market
capitalization that is allocated to the value and/or growth indices.
The largest additions or style changes from growth to value will be Time Warner (USA), Vodafone Group(United Kingdom), Allianz (Germany), IBM Corp (USA), and Canon Inc (Japan). The largest additions orstyle changes from value to growth will be BBVA (Spain), Goldman Sachs Group (USA), Mizuho Financial
Group (Japan), American Int’l Group (USA) and Total (France).
As a reminder, the style review of the MSCI Global Value and Growth Index Series is conducted twice a year,
coinciding with the May Annual Full Country Index Review and the November Quarterly Index Review ofthe underlying MSCI Standard Country Indices. During the style review, new value and growth z-scores arecalculated for the pro forma MSCI Standard Country Index constituents. After applying the buffer rules,
securities are then allocated to the value and growth indices, each targeting 50% of the free float-adjusted
market capitalization within each MSCI Standard Country Index.
The results of the May 2006 Annual Full Country Index Review for the MSCI Standard Index Series, MSCI
Pan-Euro and Euro Indices and the MSCI China A Index, as well as the Semi-Annual Index Review for theMSCI Small Cap Index Series, the MSCI US Equity Indices, the MSCI US REIT Index and the MSCI
Kokunai Japan Equity Indices have also been posted on MSCI's web site at www.msci.com.
About MSCI Barra
MSCI (www.msci.com) develops and maintains equity, fixed income, multi-asset class, REIT and hedge fundindices that serve as the benchmark for an estimated USD 3 trillion on a worldwide basis. In 2004 MSCI
acquired Barra, Inc. (“Barra”). 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 amarket leader in securities, asset management, and credit services, is the majority shareholder of MSCI, andCapital Group International, Inc. is the minority shareholder. MSCI Barra is a service mark of Morgan Stanley
Capital International Inc. (“MSCI” or “MSCI Barra”).
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MSCI Barra Global Client Service:Pavithra Ramasubban, MSCI Barra, Sydney
Masao Ikeda, MSCI Barra, TokyoSusanna Wu, MSCI Barra, Hong Kong
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+ 852 2848 6740
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+ 1 212 762 5790

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