MORGAN STANLEY REIT INDEX MAY 2005 SEMI-ANNUAL INDEX REVIEW
Princeton, May 12, 2005. MSCI, a leading provider of REIT, international equity, US equity, fixed incomeand hedge fund indices, announced today changes to the Morgan Stanley REIT Index resulting from the May
2005 Semi-Annual Index Review and the implementation of the final phase of the new enhanced index
methodology. Such changes will be effective as of the close of May 31, 2005.
A total of 10 securities will be added to and 18 securities will be deleted from the Morgan Stanley REIT Indexduring the May 2005 Semi-Annual Index Review. The five largest additions to the Morgan Stanley REIT
index are Inland Real Estate, Sunstone Hotel, Spirit Finance Corp, U-Store-It Trust and Biomed Realty Trust.
In addition, 37 securities will have updates in their number of shares, one of which is in excess of 5% of thesecurity’s total shares outstanding. The Domestic Inclusion Factor (DIF) for 19 securities will change in orderto more accurately reflect the availability of shares from the perspective of US domestic investors.
As a reminder, during the first phase (February 2005) of the implementation of the enhanced Index
methodology, eight securities were assigned an interim DIF because their respective DIFs were each lower
than 0.80 and their respective index weights were each more than 0.2% as of December 31, 2004. Theinterim DIF reflects approximately one-half of the final free float adjustment. The full DIF adjustment will
be implemented in the May 2005 Semi-Annual Index Review.
For an in-depth analysis of the May 2005 Semi-Annual Index Review of the Morgan Stanley REIT Index,
please refer to the Index Review summary, which is now available on MSCI’s website, www.msci.com, under
the REIT Indices section.
As announced on May 3, 2005, the official name of the Morgan Stanley REIT Index will be changed to theMSCI US REIT Index effective on or about June 20, 2005. The index will continue to be calculated withdividends reinvested on a daily basis. Simultaneously, MSCI will introduce a price-only index that will becalculated by MSCI in real time and distributed by the American Stock Exchange (AMEX) over Network Bof the Consolidated Tape Association, and by MSCI to Reuters and Bloomberg. The symbol of this index willbe RMZ. Note that the currently available real time version of the Morgan Stanley REIT Index will bediscontinued.
About MSCIMSCI (www.msci.com) is a leading provider of REIT, international equity, US equity, fixed income and hedge
fund indices, and related products and services. MSCI estimates that over USD 3 trillion is benchmarked toits 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______________________________________________________________________________________________________--1 of 2--

analytics, performance measurement and attribution systems and services to managers of portfolio and firmwide investment risk. 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 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

PR:Ben Curson/Clare Rowsell, Penrose Financial, London
Ed Rowley/Patrick Linehan, Abernathy MacGregor, New York+ 44 20 7786 4888
+ 1 212 371 5999______________________________________________________________________________________________________The information contained in this document, including all text, data, graphs, charts and all other information(collectively, the “Information”) is the property of Morgan Stanley Capital International Inc. (MSCI) and is provided forinformational purposes only. Any use of MSCI indices, data or other information requires a license from MSCI. The
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