CONSULTATIONMSCI TO CONSULT ON INCOME TRUSTS IN CANADAPrinceton - July 26, 2005 - Following developments in the Canadian income trust market, MSCI Barra, aleading provider of benchmark indices and risk management analytics products, will consult with theinvestment community regarding whether and to what extent income trusts should be part of the MSCI
Canada universe.
Currently, MSCI does not include income trusts in its MSCI Canada universe of eligible securities. However,to ensure that MSCI fully appreciates the scope and implications of this rapidly growing market segment inCanada, MSCI is seeking feedback on a variety of issues, including:Foreign ownership restrictions on income trusts
Canadian Federal Government proposed limitations for pension fund investments in business trusts
Investing in income trusts and personal liability
Taxation and investment issues faced by international equity investors.

MSCI plans to contact directly some market participants to solicit feedback. Please note that the consultation
may or may not lead to the inclusion of income trusts in the MSCI Canada universe. If MSCI determines tomake any change, MSCI will make a public announcement in advance of the change.

About MSCI Barra
MSCI (www.msci.com) develops and maintains equity, REIT, fixed income, multi-asset class and hedge fund indices thatserve as the benchmark for an estimated USD 3 trillion on a worldwide basis and owns Barra, Inc. (“Barra”). Barra analytics(www.barra.com) help the world’s largest investors analyze, measure and manage portfolio and firm-wide investment
risk. MSCI Barra is headquartered in New York, with research and commercial offices around the world. Morgan Stanley, aglobal 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. MSCI Barra is a service mark of Morgan Stanley Capital International Inc.
(“MSCI” or “MSCI Barra”).

###For further information on MSCI indices or MSCI data, please visit our web site at www.msci.com orcontact:______________________________________________________________________________________________________--1 of 2--

Dorsey Horowitz, MSCI, New York
Sonia Patel, MSCI, London
Sarah Chan, MSCI, Hong Kong
Masao Ikeda, MSCI, Tokyo+ 1 212 762 5790
+ 44 20 7425 6660
+ 852 2848 6740
+ 813 5424 5470

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