MSCI INDEX REBALANCING FOR NOVEMBER 2001
Geneva, October 9, 2001. MSCI announced today the changes to the MSCI Standard Index Series resulting
from the first phase of the implementation of the Enhanced Methodology and the changes to both the MSCIStandard and Provisional Index Series resulting from the regularly scheduled November Quarterly Index
Rebalancing. The above changes will be effective as of the close of November 30, 2001.
In addition, MSCI posted on its web site, www.msci.com, the full list of pro forma constituents of the MSCIStandard Index SeriesSM, reflecting all changes that will be effective as of the close of November 30, 2001.
The posting includes the pro forma Interim Foreign Inclusion Factors. As of the close of November 30,
2001, the Interim Foreign Inclusion Factors will be used to adjust the market capitalization of securities in theindex.
The early publication of this information is intended to provide more time for investors to analyze andunderstand the resulting changes before their implementation.
MSCI has minimized the changes resulting from the regularly scheduled November Quarterly Index
Rebalancing for both the MSCI Standard and Provisional Index Series. The only addition to the indices will
be Inditex, which will be added to the MSCI Spain IndexSM and to the MSCI Provisional Spain IndexSM to
increase the representation of the Retailing Industry Group. The largest deletion will be Abbey National,
which will be removed from the MSCI United Kingdom IndexSM and from the MSCI Provisional United
Kingdom IndexSM to reduce the over-representation of the Banks Industry Group caused by the recent
merger of the Halifax Group with the Bank of Scotland.
As a reminder, MSCI has also limited updates of Foreign Inclusion Factors in the MSCI Provisional IndexSeriesSM in the November Quarterly Index Rebalancing to only those resulting from a review of Foreign
Ownership Limits. The Foreign Inclusion Factors of three constituents of the MSCI Provisional India
IndexSM were affected by increases in Foreign Ownership Limits.
Most of the changes in the MSCI Standard Index Series announced today result from the first phase of theimplementation of the MSCI Enhanced Methodology. The Enhanced Methodology adjusts the market
capitalization of index constituents for free float and targets for index inclusion 85% of free float-adjusted
market capitalization in each industry group, in each country. The objective of the first phase of theimplementation, effective at the end of November, is to reflect approximately half of the changes in the
MSCI Standard Index Series. To achieve this, an Interim Foreign Inclusion Factor will be used to adjust themarket capitalization of each constituent. As a reminder, the second and final phase of the implementation of
the Enhanced Methodology in the MSCI Standard Index Series will take place as of the close of May 31,
2002.
As previously announced, the MSCI Provisional Index Series has been created to assist investors inunderstanding the changes that would occur if the Enhanced Methodology were immediately and completely
implemented in the MSCI Standard Index Series.
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Below is a brief pro forma analysis of the changes that will occur in the MSCI Standard Index Series for someof the more frequently used global and regional composite indices, using data as of October 1, 2001.
All Country World Index (ACWI) Free – The MSCI ACWI Free IndexSM represents 49 of the world’s
developed and emerging markets. On a pro forma basis, the weight of developed markets in the MSCI ACWIFree Index will be 96.2%, up from 95.3%, while the weight of emerging markets will be 3.8%, down from
4.7%. The increase in weight of developed markets in the MSCI ACWI Free Index is primarily due to thehigher average free float, less restrictive foreign ownership limits and a greater availability of sizeable andliquid securities in developed markets as compared to emerging markets.
On a pro forma basis, the MSCI USA and the United Kingdom Indices will have the largest increases incountry weights. The weight of the MSCI USA Index will increase to 53.4% of the MSCI ACWI Free Index,
up from 50.7%, while the weight of the MSCI United Kingdom Index will increase to 10.3%, up from 9.9%.
Conversely, the largest decreases in country weights in the MSCI ACWI Free Index will occur in the MSCIJapan, France and Germany Indices (-0.6, -0.5 and -0.4 percentage points, respectively).
The industry groups with the greatest weight differences on a pro forma basis will be Diversified Financials
and Technology Hardware & Equipment, which will have weights of 5.4% and 7.7%, respectively, up from
5.0% and 7.4%, respectively. The largest decreases in industry group weights in the MSCI ACWI Free Index
will occur in the Telecommunication Services, Automobiles and Components, and Materials industry groups(-0.3, -0.2 and -0.2 percentage points, respectively).
EAFE (Europe, Australasia, Far East) Index – The MSCI EAFE® Index represents 21 developed equity
markets outside of North America. On a pro forma basis, the MSCI United Kingdom Index will have thelargest increase in country weight, increasing to 25.4% of the MSCI EAFE Index, up from 23.3%. The largest
decreases in country weights in the MSCI EAFE Index will occur in the MSCI France, Germany and Italy
Indices (-0.8, -0.5 and -0.4 percentage points, respectively).
Emerging Markets Free (EMF) Index – The MSCI EMF IndexSM represents 26 of the world’s emerging
markets. The MSCI Korea and South Africa Indices will have the largest increases in country weights on a
pro forma basis. The weight of the MSCI Korea Index will increase to 13.8% of the MSCI EMF Index, up
from 12.3%, while the weight of the MSCI South Africa Index will increase to 12.6%, up from 11.4%. The
largest decreases in country weights in the MSCI EMF Index will be in the MSCI India, Malaysia Free andChile Indices (-0.9, -0.9 and -0.7 percentage points, respectively).
Attached is a pro forma analysis comparing the country weights of the pro forma MSCI Standard ACWI Free
Index with the country weights of the current MSCI Standard ACWI Free Index. In addition, attached are the
top country and industry group weight increases and decreases for the pro forma MSCI Standard ACWI Free,
World, EAFE and EMF Indices as compared with the corresponding current MSCI Standard Indices.
Note: All pro forma information uses data as of October 1, 2001.
For further information on MSCI indices or MSCI data, please visit our web site at www.msci.com orcontact:
Evert-Jan ten Brundel, MSCI, London+ 44 20 7425 6660

Dorsey Horowitz, MSCI, New York+ 1 212 762 5790______________________________________________________________________________________________________--2 of 5--

Bonnie Chan, MSCI, Hong Kong

+ 852 2848 6740

Taiki Kimura, MSCI, Tokyo+ 813 5424 5470

Daniel Guthrie/Emma Leeds, Luther Pendragon, London+ 44 20 7618 9100

Mary Beth Kissane, Abernathy MacGregor, New York+ 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. This 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 usedin 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 thisinformation makes any representation or warranty, express or implied, as to the results to be obtained by any person orentity from any use of this information, and the user of this information assumes the entire risk of any use made of thisinformation. 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 anyof 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 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 permission of MSCI.
MSCI is a leading provider of global indices and benchmark related products and services to investors worldwide.
Morgan Stanley Dean Witter & Co., 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

Tokyo
Hong Kong+813 5424 5470
+852 2848 6740______________________________________________________________________________________________________--3 of 5--

COMPARISON OF THE PRO FORMA MSCI STANDARD ACWI FREE INDEX WITH
THE CURRENT MSCI STANDARD ACWI FREE INDEXBY COUNTRY
Pro forma MSCI Standard ACWI Free Index
WeightCurrent MSCI Standard ACWI Free
Index Weight

WeightDifference (Percentage
Points)Developed Markets - NORTH AMERICA
USA
Canada53.42%
2.07%

50.67%
2.06%

2.76
0.01

Developed Markets - EUROPE
United Kingdom
FranceSwitzerland
Germany
Netherlands
Italy
Spain
SwedenFinland
Belgium
Denmark
Ireland
Portugal
NorwayGreeceAustria

10.34%
4.15%
3.06%
2.91%
2.26%
1.66%
1.26%
0.82%
0.65%
0.41%
0.36%
0.32%
0.20%
0.19%
0.14%
0.06%

9.94%
4.67%
3.10%
3.27%
2.35%
1.91%
1.32%
0.88%
0.65%
0.47%
0.42%
0.31%
0.24%
0.21%
0.14%
0.09%

0.40
-0.53
-0.03
-0.36
-0.09
-0.25
-0.06
-0.06
0.00
-0.05
-0.06
0.02
-0.04
-0.02
0.00
-0.03

Developed Markets - ASIA PACIFIC
Japan
Australia
Hong Kong
Singapore Free
New Zealand

9.48%
1.40%
0.70%
0.32%
0.05%

10.05%
1.35%
0.81%
0.36%
0.05%

-0.57
0.05
-0.11
-0.04
0.00

Emerging Markets - ASIA PACIFIC
Korea
Taiwan
Malaysia Free
China Free
India
Thailand Free
Indonesia Free
Philippines Free
Pakistan

0.52%
0.46%
0.27%
0.26%
0.23%
0.06%
0.04%
0.03%
0.01%

0.58%
0.55%
0.38%
0.28%
0.33%
0.09%
0.05%
0.04%
0.01%

-0.06
-0.09
-0.11
-0.02
-0.10
-0.03
-0.01
-0.01
0.00

Emerging Markets - LATIN AMERICA
Mexico Free
Brazil Free
Chile
Argentina
Venezuela
Peru
Colombia

0.41%
0.33%
0.11%
0.04%
0.02%
0.02%
0.01%

0.54%
0.40%
0.17%
0.06%
0.03%
0.02%
0.01%

-0.13
-0.08
-0.06
-0.02
-0.01
0.00
-0.01

Emerging Markets - EMEASouth Africa
IsraelRussiaTurkeyPolandHungary
Czech Republic
MoroccoEgypt
Jordan

0.47%
0.16%
0.12%
0.05%
0.04%
0.04%
0.02%
0.01%
0.01%
0.01%

0.53%
0.21%
0.15%
0.07%
0.05%
0.05%
0.03%
0.01%
0.01%
0.01%

-0.06
-0.05
-0.03
-0.02
-0.01
-0.01
-0.01
0.00
0.00
0.00

TOTAL

100.0%

100.0%

Note: All pro forma information uses data as of October 1, 2001.
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 of any 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 compilingof this 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 thisinformation assumes the entire risk of any use made 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 particularpurpose 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 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 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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MSCI STANDARD INDEX SERIESPRO FORMA DATA FOR MAIN REGIONAL INDICESMSCI ACWI FREE INDEXTop Country Weight Increases
USA
United Kingdom
Australia
Ireland
CanadaWeightDifference
2.76%
0.40%
0.05%
0.02%
0.01%

Top Industry Group Weight Increases
Diversified Financials
Technology Hardware & Equipment
EnergyHealth Care Equipment & Services
Commercial Services & Supplies

WeightDifference
0.38%
0.37%
0.29%
0.17%
0.11%

Top Country Weight Decreases
Japan
FranceGermany
Italy
Mexico Free

-0.57%-0.53%-0.36%-0.25%-0.13%Top Industry Group Weight Decreases
Telecommunication Services
Automobiles & Components
Materials
Consumer Durables & ApparelBanks-0.32%-0.23%-0.19%-0.14%-0.14%Top Country Weight Increases
USA
United Kingdom
Australia
Ireland-

WeightDifference
2.35%
0.31%
0.04%
0.02%
-

MSCI WORLD INDEXTop Country Weight Decreases
Japan
FranceGermany
Italy
Hong Kong

Top Industry Group Weight Increases
Technology Hardware & Equipment
Diversified Financials
EnergyHealth Care Equipment & Services
Food, Beverage & Tobacco

WeightDifference
0.38%
0.36%
0.29%
0.15%
0.15%

Top Industry Group Weight Decreases-0.69%-0.59%-0.41%-0.28%-0.12%

Telecommunication Services
Automobiles & Components
Consumer Durables & ApparelTransportation
Banks-0.26%-0.24%-0.16%-0.13%-0.12%MSCI EAFE INDEXTop Country Weight Increases
United Kingdom
Australia
Switzerland
IrelandFinland

WeightDifference
2.03%
0.26%
0.25%
0.08%
0.06%

Top Industry Group Weight Increases
EnergyTechnology Hardware & Equipment
Materials
Pharmaceuticals & Biotechnology
Software & Services

WeightDifference
0.73%
0.23%
0.15%
0.14%
0.11%

Top Country Weight Decreases
FranceGermany
Italy
Japan
Hong Kong-0.79%-0.53%-0.42%-0.33%-0.18%Top Industry Group Weight Decreases
Capital Goods
Automobiles & Components
Banks
Insurance
Telecommunication Services-0.41%-0.36%-0.22%-0.21%-0.15%Top Country Weight Increases
Korea
South Africa
China Free
TaiwanPolandWeightDifference
1.54%
1.21%
0.90%
0.47%
0.09%

MSCI EMF INDEXTop Country Weight Decreases
India
Malaysia Free
Chile
Mexico Free
Thailand FreeTop Industry Group Weight Increases
Technology Hardware & Equipment
EnergyInsurance
Diversified Financials
Software & Services

WeightDifference
0.95%
0.63%
0.51%
0.23%
0.20%

Top Industry Group Weight Decreases-0.93%-0.90%-0.67%-0.62%-0.27%

Food, Beverage & Tobacco
Capital Goods
Utilities
Banks
Household & Personal Products-0.83%-0.72%-0.60%-0.28%-0.24%

Note: All pro forma information uses data as of October 1, 2001.
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 of any 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 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 in the making or compiling of the information makes any express or implied warranties, and MSCI, itsaffiliates 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,damages (including lost profits) even if punitive, consequential or any other 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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