MSCI PAN-EURO AND EURO INDICES REBALANCING FOR MAY 2002
Geneva, April 22, 2002. MSCI announced today changes to the MSCI Pan-Euro and Euro IndicesSM that will
be effective as of the close of May 31, 2002. The full list of pro forma constituents of the MSCI Pan-Euroand Euro Indices has been posted on MSCI’s web site at http://www.msci.com/euro.
This early announcement will provide more time for investors to analyze and understand the resulting
changes before their implementation.
On a pro forma basis, the MSCI Pan-Euro Index will contain 232 securities with a free float-adjusted market
capitalization of € 4,710 billion, selected from 16 developed market European countries. The MSCI Euro
Index will contain 121 securities with a free float-adjusted market capitalization of € 2,227 billion on a pro
forma basis, selected from the EMU zone.
The MSCI Pan-Euro and Euro Indices are subsets of the broader MSCI Standard Europe and EMU
IndicesSM, respectively, and aim to capture 90% of the market capitalization of the broader benchmarks. They
are specifically designed to include the largest and most liquid securities from the broader indices, as they aimto serve as the basis for derivative contracts, exchange traded funds and other index-based investment
products. Futures and options contracts on the MSCI Pan-Euro and Euro Indices have been trading onEuronext LIFFE since May 1999. An exchange traded fund (ETF) based on the MSCI Pan-Euro Index waslisted on Euronext Paris in June 2001.
Note: All pro forma information uses data as of March 26, 2002.
For further information on MSCI indices or MSCI data, please visit our web site at www.msci.com orcontact:
Dorsey Horowitz, MSCI, New York
Jessica Parra, MSCI, London
Bonnie Chan, MSCI, Hong Kong
Taiki Kimura, MSCI, Tokyo+ 1 212 762 5790
+ 44 20 7425 6660
+ 852 2848 6740
+ 813 5424 5470

Daniel Guthrie/Emma Leeds, Luther Pendragon, London
Mary Beth Kissane/Ed Rowley, 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. Thisinformation is provided on an “as is” basis. Although MSCI shall obtain information from sources which MSCI
considers reliable, neither MSCI, its affiliates nor any other 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 otherparty 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 other party involved in______________________________________________________________________________________________________--1 of 2--

the making or compiling of the information makes any express or implied warranties, and MSCI, its affiliates and anyother 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 other 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, EMF 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.
Any passive investment products referred to herein and the future contracts on the MSCI Pan-Euro and MSCI Euro
Indices are not sponsored, guaranteed, sold, endorsed or promoted by MSCI and MSCI disclaims liability of any kindwith respect to such products. Neither does MSCI make any representation regarding the advisability of investing insuch products.
MSCI is a leading provider of global indices and benchmark related products and services to investors worldwide.
Morgan Stanley Dean Witter & Co., 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--