MSCI SMALL CAP INDEX SERIES MAY 2005 SEMI-ANNUAL INDEX REVIEWGeneva, May 12, 2005. MSCI, a leading provider of international equity, US equity, fixed income and hedge
fund indices, announced today changes to the MSCI Small Cap Index Series that will be effective as of theclose of May 31, 2005. These changes result from the May 2005 Semi-Annual Index Review, including a full
review of the free float of all constituents. The list of changes in constituents for the MSCI Small Cap IndexSeries as well as an updated methodology book have been posted on MSCI’s web site atwww.msci.com/smallcap.
Effective as of the close of May 31, 2005, 279 securities will be added to the MSCI Small Cap Index Series
and 90 securities will be deleted. In addition, MSCI reviewed the free float of all constituents of the MSCI
Small Cap Index Series, leading to changes in Foreign Inclusion Factors (FIFs) for 455 securities. FIFs adjust
the market capitalization of securities for free float available to foreign investors.
The MSCI Small Cap Index Series attempts to represent the business activities of small capitalizationcompanies across developed markets. Companies with a full market capitalization between USD 200 and
1,500 million are eligible for inclusion. MSCI then selects the most liquid securities relative to their market
capitalization, and targets for index inclusion 40% of the full universe within each industry group, within eachcountry. Finally, the market capitalization of index constituents is free float-adjusted.
Below is a brief pro forma analysis of the changes that will occur in the MSCI Small Cap Index Series forsome of the more frequently used global and regional composite indices, using data as of April 20, 2005.
World Index - The MSCI World Small Cap Index 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 1,168
billion, and the index will include 1,920 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 609 billion, and the index will include 1,088 securities.
Europe Index - The MSCI Europe Small Cap Index 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 323 billion, andthe index will include 502 securities.
The results of the May 2005 Annual Index Review for the MSCI Standard Index Series, the MSCI Pan-Euroand Euro Indices and the MSCI China A Index, as well as the May 2005 Semi-Annual Index Review for theMSCI Global Value and Growth Index Series, the MSCI US Equity Indices and the Morgan Stanley REIT
Index have also been posted on MSCI’s web site at www.msci.com.

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MSCI SMALL CAP INDEX SERIESPRO FORMA DATA FOR MAIN REGIONAL INDICESMSCI WORLD SMALL CAP INDEX
Top 10 Country Weights

WeightTop 10 Industry Group Weights

WeightUSAJapan
United Kingdom
CanadaAustralia
FranceSwedenGermany
Switzerland
Netherlands

43.07%

Capital Goods
Materials
Real Estate
Software & Services
Technology Hardware & Equipment
Retailing
Health Care Equipment & Services
Banks
Consumer Durables & Apparel
Energy11.38%

16.63%
8.81%
4.82%
4.35%
2.46%
2.26%
2.17%
1.96%1.57%

7.53%
6.97%
5.75%
5.42%
5.23%
5.12%
4.81%
4.74%
4.58%

MSCI EAFE SMALL CAP INDEX
Top 10 Country Weights

WeightTop 10 Industry Group Weights

WeightJapan
United Kingdom
Australia
FranceSwedenGermany
Switzerland
Netherlands
Italy
Finland31.92%

Capital Goods
Materials
Real EstateTransportation
Consumer Durables & Apparel
Retailing
Diversified Financials
Technology Hardware & Equipment
Food, Beverage & Tobacco
Commercial Services & Supplies

14.80%

16.90%
8.35%
4.71%
4.33%
4.17%
3.76%
3.01%
2.87%
2.81%

8.40%
7.59%
5.34%
5.33%
5.15%
5.00%
4.97%
4.72%
4.35%

MSCI EUROPE SMALL CAP INDEX
Top 10 Country Weights

WeightTop 10 Industry Group Weights

WeightUnited Kingdom
FranceSweden
Germany
Switzerland
Netherlands
Italy
Finland
NorwayBelgium

31.89%

Capital Goods
Real Estate
Materials
Transportation
Commercial Services & Supplies
EnergyDiversified Financials
Consumer Durables & Apparel
Retailing
Consumer Services

14.96%

8.89%
8.17%
7.86%
7.09%
5.67%
5.42%
5.30%
4.08%
3.67%

8.03%
6.50%
5.38%
5.33%
5.31%
5.19%
4.71%
4.32%
4.32%

Note: All pro forma information uses data as of April 20, 2005.

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About MSCIMSCI (www.msci.com) is a leading provider of equity, fixed income and hedge fund indices, and related
products and services. MSCI estimates that over USD 3 trillion is benchmarked to its indices on a worldwide
basis. MSCI is headquartered in New York, with research and commercial offices around the world. In 2004,MSCI acquired Barra, Inc. (www.barra.com), a global leader in delivering risk analytics, performancemeasurement and attribution systems and services to managers of portfolio and firm-wide investment risk.
Morgan Stanley, a global financial services firm and a market leader in securities, asset management, andcredit services, is the majority shareholder of MSCI, and Capital International Inc., part of the global
investment management group of The Capital Group Companies, Inc., is the minority shareholder.

###For further information on MSCI indices or MSCI data, please visit our web site at www.msci.com orcontact:
Dorsey Horowitz, MSCI, New York
Guillermo Benedit, MSCI, London
Sarah Chan, MSCI, Hong Kong
Olivia Vong, MSCI, Tokyo+ 1 212 762 5790
+ 44 20 7425 6660
+ 852 2848 6740
+ 813 5424 5470

PR:Ben Curson/Clare Rowsell, Penrose Financial, London
Ed Rowley/Patrick Linehan, Abernathy MacGregor, New York+ 44 20 7786 4888
+ 1 212 371 5999

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