MSCI ANNOUNCES PROVISIONAL INDEX CONSTITUENTS
Geneva, May 19, 2001. MSCI announced today the full list of constituents and their inclusion factors for the
MSCI Provisional Index SeriesSM. This index series has been created based on the MSCI Enhanced
Methodology for free float adjusting constituents’ index weights, and targeting for index inclusion 85% of
free float-adjusted market capitalization in each industry group, within each country. The complete list of
constituents and their inclusion factors, which are used to adjust the constituents’ index weights for free float,
have been posted on MSCI's web site, www.msci.com. MSCI will begin calculating the MSCI Provisional
Index Series on May 31, 2001.
The MSCI Provisional Index Series has been created to assist investors in understanding the changes thatwould occur if the Enhanced Methodology were immediately implemented in the MSCI Standard IndexSeriesSM. As previously announced on December 10, 2000, the Enhanced Methodology will be implemented
in the MSCI Standard Index Series in two phases, as of the close of November 30, 2001 and May 31, 2002,
respectively. The MSCI Provisional Index Series provides increased flexibility for investors wishing totransition to the Enhanced Methodology on their own schedule. In addition, the MSCI Provisional IndexSeries is an official index series and, as such, may be used for new investment mandates and for a variety ofinvestment vehicles such as passive mutual funds, exchange traded funds and derivative contracts.
A description of MSCI’s Enhanced Methodology has also been posted on MSCI’s web site. It provides details
regarding the free float adjustment of constituents’ market capitalizations and the application of the 85%
target market representation guideline. It also provides details of other methodology rules and guidelines thathave been applied in the construction of the MSCI Provisional Index Series, including, but not limited to,guidelines regarding minimum constituent size for index inclusion. In addition, it provides information
relating to the implementation of the first phase of the transition of the MSCI Standard Index Series to theEnhanced Methodology, scheduled for November 30, 2001, and other transition issues.
Below is a brief pro forma analysis comparing the MSCI Provisional Index Series with the MSCI Standard
Index Series for some of the more frequently used global and regional composite indices, using data as of
May 11, 2001.
All Country World Index (ACWI) Free – The MSCI ACWI Free Index SM represents 49 of the world’s
developed and emerging equity markets. On a pro forma basis, the overall free float-adjusted market
capitalization of the MSCI Provisional ACWI Free Index (USD 18,171 billion) will be lower than the total
market capitalization of the MSCI Standard ACWI Free Index (USD 18,764 billion). This is the net result of
the decrease in market capitalization due to the free float adjustment of the constituents in the Provisional
ACWI Free Index which are also in the Standard ACWI Free Index, and the increase in market capitalization
resulting from securities that will be included in the Provisional ACWI Free Index but are not in the Standard
ACWI Free Index. The Provisional ACWI Free Index will contain 2,258 securities vs. 2,066 in the Standard
ACWI Free Index.
______________________________________________________________________________________________________________________--1 of 4--

On a pro forma basis, the USA and the United Kingdom Indices will have the largest increases in country
weights. In the Provisional ACWI Free Index, the weight of the USA Index will be 55.3% as compared with49.1% in the Standard ACWI Free Index, while the weight of the United Kingdom Index will be 10.4% ascompared with 9.3%. Conversely, the largest decreases in country weights will occur in the Japan, France andGermany Indices (-1.3, -1.2 and -1.0 percentage points, respectively).
The industry groups with the greatest weight differences on a pro forma basis are Technology Hardware &Equipment and Telecommunication Services, which will have weights of 11.5% and 7.2% in the Provisional
ACWI Free Index as compared with 10.0% and 8.2% in the Standard ACWI Free Index, respectively. The
higher weight of the Technology Hardware & Equipment industry group is mainly due to securities that will
be included in the Provisional ACWI Free Index, but are not in the Standard ACWI Free Index. The lower
weight of the Telecommunication Services industry group in the Provisional ACWI Free Index is primarily
due to several large telecommunication companies in developed markets having lower average free float thancompanies in other industry groups.
On a pro forma basis, the weight of developed markets in the Provisional ACWI Free Index will be 96.9% ascompared with 95.0% in the Standard ACWI Free Index. The weight of emerging markets in the Provisional
ACWI Free Index will be 3.1% as compared with 5.0% in the Standard ACWI Free Index. The greater
relative weight of developed markets in the Provisional ACWI Free Index is primarily due to the higher
average free float, less restrictive foreign ownership limits and a greater availability of sizeable and liquid
securities in developed markets vs. emerging markets.
EAFE (Europe, Australasia, Far East) Index – The MSCI EAFE® Index represents 21 developed equity
markets outside of North America. On a pro forma basis, the overall free float-adjusted market capitalizationof the MSCI Provisional EAFE Index (USD 7,195 billion) will be lower than the total market capitalization of
the MSCI Standard EAFE Index (USD 8,230 billion). This is due primarily to free float-adjusting the market
capitalization of the constituents in the MSCI Provisional EAFE Index.
The United Kingdom Index will have the largest increase in country weight on a pro forma basis, increasing
to 26.2% in the Provisional EAFE Index as compared with 21.2% in the Standard EAFE Index. The largest
decreases in country weights in the Provisional EAFE Index as compared with the Standard EAFE Index will
occur in the France, Germany and Italy Indices. The weight of the France Index will be 9.5% as comparedwith 11.2%, the weight of the Germany Index will be 7.0% as compared with 8.5%, and the weight of the
Italy Index will be 3.7% as compared with 4.6%.
Emerging Markets Free (EMF) Index – The MSCI EMF IndexSM represents 26 of the world’s emerging
equity markets. On a pro forma basis, the overall free float-adjusted market capitalization of the MSCI
Provisional EMF Index (USD 562 billion) will be lower than the total market capitalization of the MSCIStandard EMF Index (USD 947 billion) primarily due to free float-adjusting the constituents in the MSCI
Provisional EMF Index.
The South Africa and Korea Indices will have the largest increases in country weights on a pro forma basis.
The weight of the South Africa Index will be 15.3% in the Provisional EMF Index as compared with 11.0%
in the Standard EMF Index. The weight of the Korea Index will be 14.8% in the Provisional EMF Index ascompared with 11.5% in the Standard EMF Index. The largest decreases in weights in the Provisional EMF
Index will be in the India, Mexico and Malaysia Indices. See the attachment for further details. After theapplication of a Limited Investability Factor, which accounts for restrictions on foreign equity investment____________________________________________________________________________________________________________--2 of 4--other than those imposed by free float and foreign ownership limits, the Taiwan Index will haveapproximately the same weight in the Provisional EMF Index as it does in the Standard EMF Index.
Index Turnover – If the Enhanced Methodology were immediately implemented in the MSCI Standard
Indices listed below, the following one-way index turnover would result, based on pro forma data as of May
11, 2001:
Index

One-Way Index Turnover

MSCI ACWI Free

14%

MSCI World

13%

MSCI EAFE

15%MSCI EMF

23%

The MSCI World IndexSM represents 23 of the world’s developed equity markets.
Attached is a pro forma analysis comparing the country weights of the MSCI Provisional ACWI Free Index
with the country weights of the MSCI Standard ACWI Free Index. In addition, attached are the top country
and industry group weight increases and decreases for the MSCI Provisional ACWI Free, World, EAFE andEMF Indices as compared with the corresponding MSCI Standard Indices.
Note: All pro forma information uses data as of May 11, 2001.
For further information on MSCI indices or MSCI data, please visit our web site at www.msci.com orcontact:
Evert-Jan ten Brundel, MSCI, London+ 44 20 7425 6660

Dorsey Horowitz, MSCI, New York+ 1 212 762 5790

Bonnie Chan, MSCI, Hong Kong

+ 852 2848 6740

Taiki Kimura, MSCI, Tokyo+ 813 5424 5470

Daniel Guthrie/Emma Leeds, Luther Pendragon, London+ 44 20 7618 9100

Mary Beth Kissane, Abernathy MacGregor, New York+ 1 917 678 6324

Adrian Fu, Burson-Marsteller, Hong Kong

+ 852 2963 6715

Yoko Kawasaki, Gavin Anderson, Tokyo+ 813 5404 0640

Elke Strothmann, Organisations-Service, Cologne+ 49 221 278110

Christina Fossati, Image Building, Milan+ 39 02 8901 1300

Marie-Madeleine Schillinger, Finincom, Paris+ 33 6 09 25 61 49____________________________________________________________________________________________________________--3 of 4--

______________________________________________________________________________________________________
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 usedin 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 or compiling of thisinformation makes any representation or warranty, express or implied, as to the results to be obtained by any person orentity from any use of this information, and the user of this information assumes the entire risk of any use made of thisinformation. 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 anyof 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 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 permission of MSCI.
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 twelve locations around the world.

+1 212 762 5790
+1 415 576 2323

Tokyo
Hong Kong+813 5424 5470
+852 2848 6740____________________________________________________________________________________________________________--4 of 4--

COMPARISON OF THE MSCI PROVISIONAL ACWI FREE INDEX WITH
THE MSCI STANDARD ACWI FREE INDEXBY COUNTRYMSCI Provisional ACWI Free Index
WeightMSCI Standard ACWI Free Index
WeightWeightDifference(Percentage Points)

Developed Markets - NORTH AMERICA
USA
Canada55.30%
2.02%

49.06%
2.03%

+6.24
-0.02

Developed Markets - EUROPE
United Kingdom
FranceSwitzerland
Germany
Netherlands
Italy
Spain
FinlandSwedenIreland
Belgium
Denmark
GreeceNorwayPortugal
Austria10.38%
3.77%
2.87%
2.76%
2.17%
1.47%
1.23%
1.00%
0.84%
0.34%
0.28%
0.28%
0.16%
0.16%
0.15%
0.04%

9.31%
4.94%
2.93%
3.71%
2.42%
2.02%
1.39%
0.98%
1.00%
0.30%
0.39%
0.40%
0.16%
0.20%
0.23%
0.09%

+1.06
-1.16
-0.05
-0.95
-0.25
-0.55
-0.16
+0.02
-0.16
+0.04
-0.11
-0.12
+0.00
-0.04
-0.08
-0.04

Developed Markets - ASIA PACIFIC
Japan
Australia
Hong Kong
Singapore
New Zealand

9.38%
1.33%
0.66%
0.26%
0.04%

10.71%
1.32%
0.93%
0.38%
0.05%

-1.33
+0.01
-0.27
-0.11
-0.01

Emerging Markets - LATIN AMERICA
BrazilMexicoChile
Argentina
Peru
Venezuela
Colombia

0.30%
0.30%
0.07%
0.03%
0.01%
0.01%
0.00%

0.49%
0.59%
0.18%
0.08%
0.02%
0.02%
0.01%

-0.19
-0.29
-0.11
-0.04
-0.01
-0.02
-0.01

Emerging Markets - EMEASouth Africa
IsraelRussiaTurkeyPolandHungary
Egypt
MoroccoCzech Republic
Jordan

0.47%
0.16%
0.08%
0.05%
0.04%
0.03%
0.01%
0.01%
0.01%
0.00%

0.56%
0.24%
0.14%
0.12%
0.06%
0.04%
0.01%
0.01%
0.03%
0.01%

-0.08
-0.07
-0.06
-0.07
-0.02
-0.02
+0.00
+0.00
-0.02
-0.00

Emerging Markets - ASIA PACIFIC
Korea
TaiwanChina
Malaysia
India
ThailandPhilippines
Indonesia
Pakistan

0.46%
0.44%
0.26%
0.12%
0.12%
0.04%
0.02%
0.02%
0.00%

0.58%
0.69%
0.35%
0.29%
0.35%
0.08%
0.05%
0.03%
0.01%

-0.12
-0.24
-0.08
-0.17
-0.23
-0.05
-0.02
-0.02
-0.01

TOTAL

100.00%100.00%Note: All pro forma information uses data as of May 11, 2001 and reflect the quarterly index rebalancing of the MSCI Standard IndexSeries announced on May 17, 2001, effective as of the close of May 31, 2001.
This information is the property of Morgan Stanley Capital International Inc. (MSCI). It is provided for informational purposes only, and is not arecommendation 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 or compiling 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 ofthis information assumes the entire risk of any use made of this information. Neither MSCI, its affiliates nor any other party involved in the making orcompiling 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 possibility of such damages.
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.

COMPARISON OF MSCI PROVISIONAL INDEX WITH THE CORRESPONDING
MSCI STANDARD INDEXMSCI ACWI FREE INDEXTop Country Weight Increases
USA
United Kingdom
IrelandFinland
Australia

WeightDifference
6.24%
1.06%
0.04%
0.02%
0.01%

Top Industry Group Weight Increases
Technology Hardware & Equipment
Diversified Financials
EnergyHealth Care Equipment & Services
Pharmaceuticals & Biotechnology

WeightDifference
1.48%
0.84%
0.70%
0.26%
0.23%

Top Country Weight Decreases
Japan
FranceGermany
Italy
Mexico-1.33%-1.16%-0.95%-0.55%-0.29%Top Industry Group Weight Decreases
Telecommunication Services
Automobiles & Components
Banks
Materials
Consumer Durables & Apparel-1.04%-0.50%-0.42%-0.32%-0.30%MSCI WORLD INDEXTop Country Weight Increases
USA
United Kingdom
Ireland-

WeightDifference
5.40%
0.90%
0.03%
-

Top Industry Group Weight Increases
Technology Hardware & Equipment
Diversified Financials
EnergyHealth Care Equipment & Services
Commercial Services & Supplies

WeightDifference
1.50%
0.79%
0.71%
0.24%
0.16%

Top Country Weight Decreases
Japan
FranceGermany
Italy
Netherlands-1.60%-1.31%-1.06%-0.61%-0.31%Top Industry Group Weight Decreases
Telecommunication Services
Automobiles & Components
Banks
Consumer Durables & ApparelInsurance-0.87%-0.54%-0.35%-0.34%-0.32%Top Country Weight Increases
United Kingdom
Switzerland
Australia
Finland
Ireland

WeightDifference
4.98%
0.58%
0.36%
0.29%
0.17%

Top Industry Group Weight Increases
EnergyTechnology Hardware & Equipment
Materials
Pharmaceuticals & Biotechnology
Software & Services

WeightDifference
1.54%
0.72%
0.43%
0.39%
0.23%

Top Country Weight Decreases
FranceGermany
Italy
Japan
Hong Kong-1.73%-1.49%-0.89%-0.73%-0.46%Top Industry Group Weight Decreases
Telecommunication Services
Capital Goods
Automobiles & Components
InsuranceBanks-1.00%-0.76%-0.75%-0.46%-0.35%Top Country Weight Increases
South Africa
Korea
China
TaiwanIsraelWeightDifference
4.33%
3.27%
1.65%
0.73%
0.59%

Top Industry Group Weight Increases
Technology Hardware & Equipment
Insurance
EnergySoftware & Services
Diversified Financials

WeightDifference
2.65%
1.28%
1.00%
0.66%
0.59%

Top Country Weight Decreases
India
MexicoMalaysia
Chile
Turkey-3.01%-2.00%-1.79%-1.37%-0.66%Top Industry Group Weight Decreases
Food Beverage & Tobacco
Utilities
Capital Goods
Banks
Telecommunication Services-1.53%-1.47%-0.91%-0.79%-0.69%MSCI EAFE INDEXMSCI EMF INDEX

Note: All pro forma information uses data as of May 11, 2001.
This information is the property of Morgan Stanley Capital International Inc. (MSCI). It is provided for informational purposes only, and is not a recommendation toparticipate 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 or compiling 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 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 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 possibility of such damages.
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.