MSCI STANDARD INDEX SERIES MAY 2004 ANNUAL FULL COUNTRY INDEX REVIEWGeneva, May 11, 2004. MSCI announced today changes to the MSCI Standard Index Series that will beeffective as of the close of May 28, 2004. These changes result from the May 2004 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 Country Index 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 eachcountry index to be as close as possible to the 85% free float-adjusted market capitalization representation
target at the industry group level. The list of changes in constituents for the MSCI Standard Index Series aswell as an updated methodology book have been posted on MSCI’s web site at
http://www.msci.com/stdindex.
Effective as of the close of May 28, 2004, 224 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 BB&T Corp (USA), Yahoo Japan (Japan), National Semiconductor (USA) and AmsouthBancorp (USA). SK Corp (Korea), Chi Mei Optoelectronics (Taiwan) and Sberbank Russia (Russia) are thelargest inclusions in the MSCI Emerging Markets (EM) Index. The Annual Full Country Index Review will
also lead to the deletion of 22 securities.
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 463 securities in 48 countries. These changes reflect theevolution of shareholdings, changes in Foreign Ownership Limits (FOLs) or the reclassification of certain
shareholders. Overall, the impact of these changes in the indices is minimal.
The results of the May 2004 Semi-Annual Index Review for the MSCI Small Cap Index Series, the MSCI
Global Value and Growth Index Series, the MSCI US Equity Indices as well as the Annual Index Review forthe MSCI Pan-Euro and Euro Indices have also been posted on MSCI’s web site at www.msci.com.
As a reminder, MSCI will exceptionally implement the changes resulting from the May 2004 Index Reviews asof the close of May 28, 2004, instead of May 31, 2004, due to market holidays.
The MSCI Standard Index Series methodology book includes, amongst other updates, an updated set ofminimum size guidelines used for additions to and deletions from the indices, clarifications on additions to
the index of new securities at quarterly index reviews and additions of securities in cases of spin-offs. Allchanges that are presented in this newly released methodology book are effective immediately.
Please find below a list of the largest additions to the MSCI World and EM Indices.

______________________________________________________________________________________________________--1 of 4--

Largest additions to the MSCI World Index for
selected countries andregions
Country orregion

Security NameIndustry
GroupUSBB&T Corp

BANKS

USNational Semiconductor

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

USAmsouth Bancorp

BANKS

USRegions Financial Corp

BANKS

USCareer Education Corp

COMMERCIAL SERVICES & SUPPLIESUSACanadaCA

Cott Corp

FOOD, BEVERAGE & TOBACCO

CAAber Diamond Corp

MATERIALSCATsx Group

DIVERSIFIED FINANCIALSCAMethanex Corp

MATERIALSCAOpen Text Corp

SOFTWARE & SERVICESDEDepfa BankBANKS

CHNobel Biocare Hldgs

HEALTH CARE EQUIPMENT & SERVICES

Europe ex UKSEScania B

CAPITAL GOODSESSogecable

MEDIAESGamesa Corp Tecnologica

CAPITAL GOODS

GB

Trinity Mirror

MEDIA

GB

Punch Taverns

HOTELS, RESTAURANTS & LEISURE

GBMarconi

TECHNOLOGY HARDWARE & EQUIPMENTGBICAPDIVERSIFIED FINANCIALS

GBInchcape Plc

RETAILINGJPYahoo Japan Corp

SOFTWARE & SERVICES

JP

Shinsei BankBANKSJPKobe Steel

MATERIALSJPNOK Corp

AUTOMOBILES & COMPONENTSJP

Odakyu Electric RailwayTRANSPORTATIONAUAXA Asia Pacific Hldgs

INSURANCEAU

Perpetual Trustees Aust.

DIVERSIFIED FINANCIALSAU

Pacific Brands

RETAILINGAUING Industrial FundREAL ESTATEHKKingboard Chem. Holdigns

TECHNOLOGY HARDWARE & EQUIPMENTUnited Kingdom

Japan

Pacific ex Japan______________________________________________________________________________________________________--2 of 4--

Largest additions to the MSCI EM Index by region
Country

Security Name

IndustryGroup

EM AsiaKR

SK Corp

ENERGYTW

Chi Mei Optoelectronics

TECHNOLOGY HARDWARE & EQUIPMENTKR

Nhn Corp

SOFTWARE & SERVICESTW

Shin Kong Finl Hldgs

INSURANCETW

Quanta Display

TECHNOLOGY HARDWARE & EQUIPMENTRU

Sberbank Russia Comn(USDBANKS

ZAMassmart Holdings

FOOD & STAPLES RETAILINGZAReunert

TECHNOLOGY HARDWARE & EQUIPMENTZAEdgars Cons. Stores

RETAILINGZA

Murray & Roberts Hldgs

CAPITAL GOODSEM EMEAEM Latin America
BR

Klabin PN

MATERIALS

BR

Caemi Metal PN

MATERIALSMXCorporacion Geo B

CONSUMER DURABLES & APPAREL

BR

Celular Crt Part. Pn

TELECOMMUNICATION SERVICES

CLAlmacenes Paris Empresas

RETAILING

For further information on MSCI indices or MSCI data, please visit our web site at www.msci.com orcontact:
Amy Davidson, MSCI, New York
Sara Corsaro, 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/Beany McLean, Luther Pendragon, London
Ed Rowley/Kayt Makosy, 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 inthe 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 third 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 third
party 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 third party involved in
the making or compiling of the information makes any express or implied warranties, and MSCI, its affiliates and any
third 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 third party involved in the making or compiling of the information______________________________________________________________________________________________________--3 of 4--

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 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______________________________________________________________________________________________________--4 of 4--