MSCI STANDARD INDEX SERIES MAY 2005 ANNUAL FULL COUNTRY INDEX REVIEWGeneva, May 12, 2005. MSCI, a leading provider of international equity, US equity, fixed income and hedge
fund indices, announced today changes to the MSCI Standard Index Series that will be effective as of theclose of May 31, 2005. These changes result from the May 2005 Annual Full Country Index Review, including
a full review of the free float of all constituents. As a reminder, the objective of the Annual Full CountryIndex Review is a systematic re-assessment of the various dimensions of the equity universe, whereby
securities may be added to or deleted from the MSCI Standard Index Series in order for each country index tobe as close as possible to the 85% free float-adjusted market capitalization representation target at theindustry group level. The list of changes in constituents for the MSCI Standard Index Series as well as an
updated methodology book have been posted on MSCI’s web site at http://www.msci.com/stdindex.
After conducting a public consultation during March 2005, MSCI decided to modify the current definition ofthe universe of securities that should be eligible for inclusion in the MSCI Russia Index and in the MSCI
China Index. The universe of securities underlying the MSCI Russia index is now composed of securities ofcompanies incorporated in Russia and listed on the Russian Trading System (RTS) or the Moscow Interbank
Currency Exchange (MICEX), as well as depository receipts listed in markets outside Russia, such as London
or New York. The MSCI China universe now also includes China Private Enterprises (P-Chips) listed on theHong Kong Stock Exchange.
Effective as of the close of May 31, 2005, 278 securities will be added to the MSCI Standard Index Series.
These additions bring the representation of their respective industry groups in their respective countries
closer to MSCI’s target of 85% of free float-adjusted market capitalization. The largest additions in the MSCIWorld Index are Sprint Corporation (USA), Capital One Financial (USA), KDDI (Japan) and Research In
Motion (Canada). Mobile TeleSystems ADR (Russia) and VimpelCom ADR (Russia) are the largest inclusions
in the MSCI Emerging Markets (EM) Index. The Annual Full Country Index Review will also lead to thedeletion of 30 securities.
As previously announced, MSCI will increase the Limited Investability Factor (LIF) currently applied to theMSCI Taiwan Index from 0.75 to 1 as of the close of May 31, 2005.
MSCI’s annual review of the free float for all constituents of the pro forma MSCI ACWI Index will result inchanges in Foreign Inclusion Factors (FIFs) for 573 securities in 47 countries. Ninety-four FIF changes result
from the second phase of the increase of the LIF for the MSCI Taiwan Index. FIFs adjust the market
capitalization of securities for free float available to foreign investors. These changes reflect the evolution ofshareholdings, changes in Foreign Ownership Limits (FOLs), changes in Limited Investability Factors (LIFs)
or the reclassification of certain shareholders.
The results of the May 2005 Semi-Annual Index Review for the MSCI Small Cap Index Series, the MSCI
Global Value and Growth Index Series, the MSCI US Equity Indices, the Morgan Stanley REIT Index, as
well as the Annual Index Review for the MSCI Pan-Euro and Euro Indices and the MSCI China A Index
have also been posted on MSCI’s web site at www.msci.com.
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The updated methodology book includes, amongst other things, an updated set of minimum size guidelines
used for additions to and deletions from the MSCI Standard Indices, an updated GICS structure and revised
definitions of the Russian and Chinese underlying universes. All changes in this newly released methodology
book are effective immediately.
Please find below a list of the largest additions to the MSCI World and Emerging Markets (EM) Indices.
Largest additions to the MSCI World Index for selected countries and regions

Country

Security NameIndustryGroupUSSprint CorpTELECOMMUNICATION SERVICES

USCapital One Financial

DIVERSIFIED FINANCIALSUSL-3 Communications Hldgs

CAPITAL GOODS

USAutodesk

SOFTWARE & SERVICESUSCoventry Health CareHEALTH CARE EQUIPMENT & SERVICESCA

Research In Motion

TECHNOLOGY HARDWARE & EQUIPMENTCAIPSCO

MATERIALSCARonaRETAILINGCAJean Coutu Group A

FOOD & STAPLES RETAILINGCASaputo

FOOD, BEVERAGE & TOBACCOUSACanada

Europe ex UK
FRPagesJaunes

MEDIAFR

NeopostTECHNOLOGY HARDWARE & EQUIPMENTFRAut. Paris Rhin Rhone

TRANSPORTATIONDEHochtief

CAPITAL GOODSDEPremiereMEDIAUnited Kingdom
GB

Gallaher Group

FOOD, BEVERAGE & TOBACCO

GB

Travis Perkins

RETAILINGGB

Britannic Group

INSURANCEGBBrixton

REAL ESTATE

GBIsoft GroupHEALTH CARE EQUIPMENT & SERVICESJapan
JP

KDDI

TELECOMMUNICATION SERVICES

JP

Nippon Electric Glass Co

TECHNOLOGY HARDWARE & EQUIPMENTJP

Toyota Tsusho

CAPITAL GOODS

JP

Tanabe Seiyaku Co

PHARMACEUTICALS & BIOTECHNOLOGYJPBank Kyoto

BANKS

Pacific ex Japan
AU

Multiplex GroupREAL ESTATE

AU

AlintaUTILITIESAU

Caltex Australia

ENERGYAU

Macquarie Communications

MEDIAAU

Macquarie Airports

TRANSPORTATION______________________________________________________________________________________________________--2 of 4--Largest additions to the MSCI Emerging Markets (EM) Index by region

Country

Security NameIndustry
GroupProforma
FIF

Index MarketCap

Weight inPro forma
Country Index

EM AsiaTW

Hannstar Display

TECH

0.80

1,264

0.62%

TW

High Tech Computer Corp

TECH

0.60

1,080

0.53%

TW

Fuhwa Financial Hldgs

DIVE

0.60

865

0.42%

KR

Hyundai Mipo Dockyard

CAPI

0.65

859

0.41%

CN

Global Bio-Chem Tech

FOOD

0.55

838

0.90%

EM EMEARU

Surgutneftegaz Pref(RUB) *ENER

0.90

3,911

7.45%

RU

Mobile Telesys ADR (USD)

TELE

0.25

3,3226.33%

RU

Vimpel Com ADR (USD)

TELE

0.45

3,167

6.03%

RU

Tatneft Common (RUB) *ENER

0.60

2,245

4.27%

RU

AFK Sistema GDR (USD)

TELE

0.20

1,605

3.06%

EM Latin America
BR

CCR Rodovias ON

TRAN

0.35

728

0.66%

CL

Lan Airlines

TRAN

0.30

721

3.00%

BR

Lojas Americanas PN

RETA

0.95

646

0.58%

MX

Urbi Desarrollos Urbanos

CONS

0.45

634

0.96%

BR

Natura Cosmeticos ON

HOUS

0.25

588

0.53%

Note: All market caps are in USD millions. Data as of April 20, 2005.
* For Surgutneftegaz Pref(RUB) and Tatneft Common (RUB), the addition only reflects a change inprice source from the Russian Trading System (RTS) to the Moscow Interbank Currency Exchange (MICEX)

About MSCIMSCI (www.msci.com) is a leading provider of equity, fixed income and hedge fund indices, and related
products and services. MSCI estimates that over USD 3 trillion is benchmarked to its indices on a worldwide
basis. MSCI is headquartered in New York, with research and commercial offices around the world. In 2004,MSCI acquired Barra, Inc. (www.barra.com), a global leader in delivering risk analytics, performancemeasurement and attribution systems and services to managers of portfolio and firm-wide investment risk.
Morgan Stanley, a global financial services firm and a market leader in securities, asset management, andcredit services, is the majority shareholder of MSCI, and Capital International Inc., part of the global
investment management group of The Capital Group Companies, Inc., is the minority shareholder.

###For further information on MSCI indices or MSCI data, please visit our web site at www.msci.com orcontact:
Dorsey Horowitz, MSCI, New York
Guillermo Benedit, MSCI, London
Sarah Chan, MSCI, Hong Kong
Olivia Vong, MSCI, Tokyo+ 1 212 762 5790
+ 44 20 7425 6660
+ 852 2848 6740
+ 813 5424 5470______________________________________________________________________________________________________--3 of 4--

PR:
Ben Curson/Clare Rowsell, Penrose Financial, London
Ed Rowley/Patrick Linehan, Abernathy MacGregor, New York+ 44 20 7786 4888
+ 1 212 371 5999

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