MSCI PAN-EURO AND EURO INDICES MAY 2004 ANNUAL INDEX REVIEW
Geneva, May 11, 2004. MSCI announced today changes to the MSCI Pan-Euro and Euro Indices that will
be effective as of the close of May 28, 2004. These changes result from the May 2004 Annual Index Review.
The full list of pro forma constituents of the MSCI Pan-Euro and Euro Indices has been posted on MSCI’s
web site at http://www.msci.com/euro.
On a pro forma basis, the MSCI Pan-Euro Index will contain 268 securities with a free float-adjusted marketcapitalization of € 4,015 billion, selected from 16 developed market European countries. The MSCI EuroIndex will contain 141 securities with a free float-adjusted market capitalization of € 1,911 billion on a proforma basis, selected from the EMU zone.
The results of the May 2004 Annual Index Review for the MSCI Standard Index Series as well as the SemiAnnual Index Review for the MSCI Small Cap Index Series, the MSCI Global Value and Growth Index Series
and the MSCI US Equity 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 Pan-Euro and Euro Indices are subsets of the broader MSCI Europe and EMU Indices,
respectively, and aim to capture 90% of the market capitalization of the broader benchmarks. They arespecifically designed to include the largest and most liquid securities from the broader indices, as they aim toserve as the basis for derivative contracts, exchange traded funds and other index-based investment products.
The MSCI Pan-Euro and Euro Indices have been licensed for futures and options contracts and various
exchange traded funds (ETF).
Note: All pro forma information uses data as of April 21, 2004.
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 in
the 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______________________________________________________________________________________________________--1 of 2--

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
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______________________________________________________________________________________________________--2 of 2--