MSCI OPENS FORMAL REVIEW ON RELAXATION OF RESTRICTIONS ON
FOREIGN PORTFOLIO INVESTORS IN TAIWAN
Geneva, July 23, 2003. MSCI announced today that it has opened a period of formal review regarding therelaxation of restrictions on foreign portfolio investors in Taiwan.
In the course of this formal review, MSCI will analyze the effects of the measures recently announced by theSecurities and Futures Commission of Taiwan, review foreign investors’ experience with the remaining
investment constraints, and evaluate the appropriateness of the current Limited Investability Factor (LIF)
applied to the MSCI Taiwan Index constituents. MSCI will actively seek input from various market
participants. As a reminder, MSCI applies a LIF of 0.55 to the free float-adjusted market capitalization of all
constituents in the MSCI Taiwan Index to reflect foreign investment restrictions.
MSCI’s review may or may not lead to a higher LIF for the MSCI Taiwan Index constituents. Should MSCI
determine that any change is warranted, MSCI would announce the change well in advance, typically four tosix months prior to any implementation.
For further information on MSCI indices or MSCI data, please visit our web site at www.msci.com orcontact:
Dorsey Horowitz, MSCI, New YorkStephen Dunning, 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/Emma Leeds, Luther Pendragon, London
Ed Rowley/Steve Bruce, Abernathy MacGregor, New York+ 44 20 7618 9100
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