MSCI US EQUITY INDICES MAY 2004 SEMI-ANNUAL INDEX REVIEW
Princeton, May 11, 2004. MSCI announced today changes to the MSCI US Equity Indices that will beeffective as of the close of May 28, 2004. These changes result from the May 2004 Semi-Annual Index
Review. The full list of additions to and deletions from the MSCI US Equity Indices has been posted on theMSCI’s web site at http://www.msci.com/us.
Effective as of the close of May 28, 2004, forty-nine securities will be added to the MSCI US Investable
Market 2500 Index and sixteen securities will be deleted.
Two securities, Juniper Networks and Broadcom Corp A, will be added to the MSCI US Large Cap 300Index. There will be no deletions from the MSCI US Large Cap 300 Index.
Nine securities will be added to the MSCI US Mid Cap 450 Index. The five largest additions to the MSCI US
Mid Cap 450 Index are Imclone Systems, Sepracor, Sirius Satellite Radio, Red Hat, and US Steel Corp.
Seventeen securities will be deleted from the MSCI US Mid Cap 450 Index.
Sixty-four securities will be added to the MSCI US Small Cap 1750 Index. The five largest additions to theMSCI US Small Cap 1750 Index are Conseco, Instinet Group, Harte-Hanks, Krispy Kreme Doughnuts andTalbots. Twenty-five securities will be deleted from the MSCI US Small Cap 1750 Index.
For the MSCI US Investable Market Value Index, there will be 159 additions or upward changes in Value
Inclusion Factors (VIFs), and 184 deletions or downward changes in VIFs. For the MSCI US Investable
Market Growth Index, there will be 216 additions or upward changes in Growth Inclusion Factors (GIFs),and 152 deletions or downward changes in GIFs. The VIFs and the GIFs represent the proportion of asecurity’s free float-adjusted market capitalization that is allocated to the value and/or growth indices.
The largest style changes from growth to value are 3M Co (Large Cap), Xerox (Mid Cap), and Arrow
Electronics (Small Cap). The largest style changes from value to growth are Schering-Plough (Large Cap),
Dean Foods Corp (Mid Cap), and Andrew Corp (Small Cap).
The results of the May 2004 Annual Index Review for the MSCI Standard Index Series and the MSCI PanEuro and Euro Indices as well as the Semi-Annual Index Review for the MSCI Small Cap Index Series andthe MSCI Global Value and Growth Index Series have also been posted on MSCI’s web site atwww.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.

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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______________________________________________________________________________________________________
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