EQUITY INDICESMSCI SMALL CAP INDEX SERIES NOVEMBER 2002 SEMI-ANNUAL INDEXREVIEWGeneva, November 14, 2002. MSCI announced today changes to the MSCI Small Cap Index SeriesSM thatwill be effective as of the close of November 29, 2002. These changes result from the November 2002 SemiAnnual Index Review. The list of changes in constituents for the MSCI Small Cap Index Series has beenposted on MSCI’s web site at http://www.msci.com/smallcap.
Effective November 29, 2002, 226 securities will be added to the MSCI Small Cap Index Series and 224 willbe deleted. In addition, MSCI’s quarterly review of free float estimates results in changes in foreign inclusion
factors (FIF) for 77 securities.
The objective of the MSCI Small Cap Index Series is to represent the business activities of small cap
companies across developed markets. MSCI selects the most liquid securities relative to their market
capitalization, and targets for index inclusion 40% of the full market capitalization of the eligible small cap
universe within each industry group, within each country. The small cap universe is defined as companies
with a full market capitalization between USD 200 - 1,500 million.
Below is a brief pro forma analysis for some of the more frequently used global and regional composite
indices, using data as of October 25, 2002.
World Index - The MSCI World Small Cap IndexSM represents the small cap segment in 23 of the world’s
developed equity markets. On a pro forma basis, the market capitalization of the index will be USD 769
billion, and the index will include 1,751 securities.
EAFE (Europe, Australasia, Far East) Index - The MSCI EAFE® Small Cap Index represents the small
cap segment in 21 developed equity markets outside of North America. On a pro forma basis, the market
capitalization of the index will be USD 350 billion, and the index will include 983 securities.
Europe Index - The MSCI Europe Small Cap IndexSM represents the small cap segment in 16 developed
equity markets in Europe. On a pro forma basis, the market capitalization of the index will be USD 189
billion, and the index will include 485 securities.
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
Taiki Kimura, MSCI, Tokyo+ 1 212 762 5790
+ 44 20 7425 6660
+ 852 2848 6740
+ 813 5424 5470______________________________________________________________________________________________________--1 of 3--

Daniel Guthrie/Emma Leeds, Luther Pendragon, London
Ed Rowley/Steve Bruce, 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. This
information 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
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.
MSCI is a leading provider of global indices and benchmark related products and services to investors worldwide.
Morgan Stanley, 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 3--

MSCI SMALL CAP INDEX SERIESPRO FORMA DATA FOR MAIN REGIONAL INDICESMSCI WORLD SMALL CAP INDEX
Top 10 Country Weights
USAJapan
United Kingdom
CanadaAustralia
France
Italy
Switzerland
Germany
Spain

Weight
49.7%
14.6%
7.5%
4.7%
3.8%
2.2%
2.0%
1.6%
1.6%
1.4%

Top 10 Industry Group Weights
Capital Goods
Materials
Technology Hardware & Equipment
Banks
Real Estate
Health Care Equipment & Services
Retailing
Software & Services
Commercial Services & Supplies
Consumer Durables & Apparel

Weight
9.3%
8.4%
8.0%
7.2%
6.6%
5.5%
5.5%
5.1%
5.0%
4.9%

MSCI EAFE SMALL CAP INDEX
Top 10 Country Weights
Japan
United Kingdom
Australia
France
Italy
Switzerland
Germany
Spain
SwedenHong Kong

Weight
32.1%
16.4%
8.4%
4.9%
4.3%
3.5%
3.5%
3.1%
3.1%
2.8%

Top 10 Industry Group Weights
Capital Goods
Materials
Real EstateConsumer Durables & ApparelBanks
Food, Beverage & Tobacco
Retailing
Technology Hardware & Equipment
Transportation
Health Care Equipment & Services

Weight
12.6%
9.3%
7.3%
6.6%
5.8%
5.7%
5.3%
5.0%
4.6%
4.4%

MSCI EUROPE SMALL CAP INDEX
Top 10 Country Weights
United Kingdom
FranceItaly
Switzerland
Germany
Spain
SwedenFinlandNetherlands
Ireland

Weight
30.5%
9.1%
8.0%
6.5%
6.4%
5.8%
5.7%
5.2%
4.6%
3.4%

Top 10 Industry Group Weights
Capital Goods
Real Estate
Materials
Banks
Consumer Durables & ApparelMedia
Health Care Equipment & Services
Retailing
Commercial Services & Supplies
Diversified Financials

Weight
13.1%
7.5%
7.2%
6.2%
6.0%
5.4%
5.2%
5.1%
4.8%
4.8%

Note: All pro forma information uses data as of October 25, 2002.
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. This 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 writing, creating,marketing or promotion of any financial instruments or products. This information is provided on an “as is” basis. Neither MSCI, its affiliates nor any other party involved in the making orcompiling of this 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 thisinformation assumes the entire risk of any use made of this information. Neither MSCI, its affiliates nor any other party involved in the making or compiling of the information makes any express or
implied warranties, and MSCI, its affiliates and any such third party hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose
with respect to any of this information. Without limiting any of the foregoing, in no event shall MSCI, its affiliates or any other party
involved in the making or compiling of this information have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possdamages.
Morgan Stanley Capital International, MSCI, ACWI, EAFE, EMF and all other service marks referred to herein are the exclusive property of MSCI and its affiliates.
All MSCI indices are the exclusive property of MSCI and may not be used in any way without the express permission of MSCI.

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