MSCI STANDARD INDEX SERIES MAY 2006 ANNUAL FULL COUNTRY INDEX REVIEWGeneva, May 10, 2006. MSCI Barra, a leading provider of benchmark indices and risk management analytics
products, announced today changes to the MSCI Standard Index Series that will be effective as of the close ofMay 31, 2006. These changes result from the May 2006 Annual Full Country Index Review, including a full
review of the free float of all constituents. As a reminder, the objective of the Annual Full Country Index
Review is a systematic re-assessment of the various dimensions of the equity universe, whereby securities may
be added to or deleted from the MSCI Standard Index Series in order for each country index to be as close as
possible to the 85% free float-adjusted market capitalization representation target at the industry group level.
The list of changes in constituents for the MSCI Standard Index Series as well as an updated methodology
book have been posted on MSCI’s web site at http://www.msci.com/stdindex.
Effective as of the close of May 31, 2006, 227 securities will be added to the MSCI Standard Index Series.
These additions bring the representation of their respective industry groups in their respective countries
closer to MSCI’s target of 85% of free float-adjusted market capitalization. The largest additions in the MSCIWorld Index are Principal Financial Group (USA), Xstrata (United Kingdom), E*Trade Group (USA),
Vallourec (France) and Joy Global (USA). Gazprom (local) (Russia), KT Freetel (Korea) and Novolipetsk
Metal GDR (Russia) are the largest inclusions in the MSCI Emerging Markets (EM) Index. The Annual FullCountry Index Review will also lead to the deletion of 64 securities. The results of two consultationsimpacting the MSCI Canada Index and the MSCI Venezuela Index are also included in this May 2006 Index
Review.
After conducting a public consultation, MSCI decided to modify the current definition of the MSCI Canadauniverse. As previously announced, Income Trusts formed under the laws of provinces which have passed
limited liability legislation, will be included in the MSCI Canada Equity Universe and will be subject to thesame eligibility rules stated in the MSCI Standard Index Series Methodology.
As previously announced following a public consultation conducted beginning of 2006, the MSCI Venezuela
Index will be removed from the MSCI Emerging Markets (EM) Index and will be maintained as a Standard
stand-alone country Index.
As also previously announced, MSCI will implement the first phase of the FIF increase of Gazprom, as wellas the change in price source from Gazprom’s ADR to the local share price, as of the close of May 31, 2006.
MSCI will delete the ADR listed security (with a FIF of 0.03) from the MSCI Standard Indices and add
Gazprom’s RTS listed security, priced in USD, with 23,673,512,900 shares outstanding, and a Foreign
Inclusion Factor (FIF) of 0.2 (reflecting a Limited Investability Factor (LIF) of 0.5).
MSCI’s annual review of the free float for all constituents of the pro forma MSCI ACWI Index will result inchanges in Foreign Inclusion Factors (FIFs) for 500 securities in 47 countries. FIFs adjust the market
capitalization of securities for free float available to foreign investors. These changes reflect the evolution ofshareholdings, changes in Foreign Ownership Limits (FOLs), changes in Limited Investability Factors (LIFs)
or the reclassification of certain shareholders.
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The results of the May 2006 Semi-Annual Index Review for the MSCI Small Cap Index Series, the MSCI
Global Value and Growth Index Series, the MSCI US Equity Indices, the MSCI US REIT Index, the MSCI
Kokunai Japan Equity Indices as well as the Annual Index Review for the MSCI Pan-Euro and Euro Indicesand the MSCI China A Index have also been posted on MSCI’s web site at www.msci.com.
The updated methodology book includes, among other things, an updated set of minimum size guidelines
used for additions to and deletions from the MSCI Standard Indices, an updated GICS structure, revised
definitions of the Canadian universe and the REITs universe, and a new appendix describing the stock
exchanges and classes of securities that are included in the MSCI Universe. All changes in this newly released
methodology book are effective immediately.
Please find below a list of the largest additions to the MSCI World and Emerging Markets (EM) Indices.
Largest additions to the MSCI World Index for selected countries and regions
Country

Security Name

Industry
GroupUSA
USPrincipal Financial Grp

INSURANCEUS

E*trade Group

DIVERSIFIED FINANCIALSUSJoy Global

CAPITAL GOODS

USFreescale Semiconduct B

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENTUSMemc Electronic Matrls

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENTCACanadian Oil Sands Trust

ENERGYCAEnerplus Resources Fund

ENERGYCA

Western Oil Sands A

ENERGYCanadaCACanetic Resources Trust

ENERGYCAYellow Pages Income FundMEDIA

Europe ex UK
FRVallourec

SE

Boliden

CAPITAL GOODS
MATERIALS

DKJyske BankBANKSNO

Seadrill Ltd

ENERGYDESalzgitter

MATERIALSUnited KingdomGBXstrata

MATERIALSGBInvestec Plc

DIVERSIFIED FINANCIALSGBSportingbet

CONSUMER SERVICES

GBCsr (Gb)

TECHNOLOGY HARDWARE & EQUIPMENTGB

Collins Stewart Tullett

DIVERSIFIED FINANCIALSJP

Sapporo Hokuyo Holdings

BANKS

JPHaseko Corp

CONSUMER DURABLES & APPARELJPJapan Steel WorksCAPITAL GOODS

JP

Toho Titanium Co

MATERIALSJPTokyo Seimitsu Co

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENTJapan

Pacific ex Japan
HK

Foxconn International

TECHNOLOGY HARDWARE & EQUIPMENTAU

Zinifex

MATERIALSAUWorleyparsons

ENERGYAU

Goodman Fielder

FOOD, BEVERAGE & TOBACCOAU

Paladin Resources (Au)ENERGY______________________________________________________________________________________________________--2 of 4--Largest additions to the MSCI Emerging Markets (EM) Index by region
Country

Security NameIndustry
Group
TELECOMMUNICATION SERVICESEM AsiaKR

KT Freetel

TW

Novatek Microelectrs

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENTTW

Catcher Tech Co

TECHNOLOGY HARDWARE & EQUIPMENTKR

Daewoo Int'L Corp

CAPITAL GOODSKRSamsung Techwin Co

CAPITAL GOODS

RU

Gazprom (USD)*

ENERGY

RU

Novolipetsk Metal (GDR)

MATERIALS

PL

Polish Oil & Gas

ENERGYRU

Unified Energy Pref(RUB)UTILITIES

ZA

Lewis GroupRETAILING

EM EMEAEM Latin AmericaBR

All Amer Lat Unit

TRANSPORTATIONBR

Tam PnTRANSPORTATION

BRCosan On

FOOD, BEVERAGE & TOBACCO

BRLojas Renner

RETAILING

BR

Submarino On

RETAILING* For Gazprom (USD), the addition only reflects a change in price source from the London-listed ADR
to the Russian Trading System (RTS) listing.

About MSCI Barra
MSCI (www.msci.com) develops and maintains equity, fixed income, multi-asset class, REIT and hedge fundindices that serve as benchmarks for an estimated USD 3 trillion on a worldwide basis and owns Barra, Inc.
(“Barra”). Barra (www.barra.com) analytics 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 andcommercial offices around the world. Morgan Stanley, a global financial services firm and a market leader insecurities, asset management, and credit services, is the majority shareholder of MSCI, and Capital GroupInternational, Inc. is the minority shareholder. MSCI Barra is a service mark of Morgan Stanley CapitalInternational Inc. (“MSCI” or “MSCI Barra”).
###For further information on MSCI indices or MSCI data, please visit our web site at www.msci.com orfor Barra products, please visit our web site at www.barra.com
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+ 1 212 371 5999______________________________________________________________________________________________________--3 of 4--

MSCI Barra Global Client Service:
Pavithra Ramasubban, MSCI Barra, Sydney
Masao Ikeda, MSCI Barra, Tokyo
Susanna Wu, MSCI Barra, Hong Kong
Aatish Suchak, MSCI Barra, London
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+ 813 5424 5470
+ 852 2848 6740
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