MSCI GLOBAL VALUE AND GROWTH INDEX SERIES MAY 2004 SEMI-ANNUAL
INDEX REVIEWGeneva, May 11, 2004. MSCI announced today changes to the MSCI Global Value and Growth Index Series
that will be effective as of the close of May 28, 2004. These changes result from the May 2004 Semi-AnnualIndex Review of the MSCI Global Value and Growth Index Series.
For the MSCI ACWI Value Index, there will be 337 additions or upward changes in Value Inclusion Factors(VIFs), and 226 deletions or downward changes in VIFs. For the MSCI ACWI Growth Index, there will be349 additions or upward changes in Growth Inclusion Factors (GIFs), and 233 deletions or downwardchanges in GIFs. The VIFs and the GIFs represent the proportion of a security’s free float-adjusted market
capitalization that is allocated to the value and/or growth indices.
The largest additions or style changes from growth to value are Matsushita Electric Industrial Co (Japan), 3M(USA), Unicredito Italiano Ord. (Italy), Encana Corp (Canada), and BB&T Corp (USA). The largest additions
or style changes from value to growth are Sumitomo Mitsui Financial Group (Japan), Hitachi (Japan), BBVA(Spain), Baxter International (USA), and Anglo American (South Africa).
As a reminder, the style review of the MSCI Global Value and Growth Index Series is conducted twice a year,
coinciding with the May Annual Full Country Index Review and the November Quarterly Index Review ofthe underlying MSCI Standard Country Indices. During the style review, new value and growth z-scores arecalculated for the pro forma MSCI Standard Country Index constituents. After applying the buffer rules,
securities are then allocated to the value and growth indices, each targeting 50% of the free float-adjustedmarket capitalization within each MSCI Standard Country Index.
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 andMSCI US Equity Indices have also been posted on MSCI's web site at www.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.
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
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Ed Rowley/Kayt Makosy, Abernathy MacGregor, New York+ 44 20 7618 9100
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