MSCI STANDARD INDEX SERIES MAY 2003 ANNUAL FULL COUNTRY INDEX REVIEWGeneva, April 29, 2003. MSCI announced today changes to the MSCI Standard Index SeriesSM that will beeffective as of the close of May 30, 2003. These changes result from the May 2003 Annual Full Country Index
Review, including a full review of the free float of all constituents. As a reminder, the objective of the Annual
Full Country Index Review is a systematic re-assessment of the various dimensions of the equity universe,
whereby securities may be added to or deleted from the MSCI Standard Index Series in order to be as close as
possible to the 85% free float-adjusted market capitalization representation target at the industry group levelin each country. The list of changes in constituents for the MSCI Standard Index Series as well as an updated
methodology book have been posted on MSCI’s web site at http://www.msci.com/stdindex.
This methodology book includes, among other updates, a new set of minimum size guidelines used foradditions to and deletions from the index, clarifications on the calculation of Foreign Ownership Limit (FOL)and the description of the treatment of Non-Voting Depositary Receipts (NVDRs) in the MSCI ThailandIndex. All changes that are presented in this newly released methodology book are effective immediately.
Effective as of the close of May 30, 2003, 199 securities will be added to the MSCI Standard Index Series.
These additions bring the representation of their respective industry groups in their respective countries
closer to MSCI’s target of 85% of free float-adjusted market capitalization. The largest additions in the MSCIWorld Index are SLM Corp (USA), Northrop Grumman Corp (USA) and Lexmark International A (USA).
Harmony Gold Mining (South Africa), Mediatek (Taiwan) and Kangwon Land (Korea) represent the largest
inclusions in the MSCI EMF Index. The Annual Full Country Index Review will also lead to the deletion of132 securities.
MSCI’s annual review of the free float for all constituents of the pro forma MSCI ACWI Free Index results inchanges in Foreign Inclusion Factors (FIFs) for 452 securities in 46 countries. These changes reflect theevolution of shareholdings, changes in Foreign Ownership Limits (FOLs) or the reclassification of certain
shareholders. Overall, the impact of these changes in the indices is minimal.
Please find below a list of the largest additions to the MSCI World and EMF Indices.

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Largest additions to the MSCI World Index for
selected countries and regions

Largest additions to the MSCI EMF Index by region

Country orRegion

Country orRegion

Security Name

Industry
GroupUSA

Security Name

IndustryGroup

EMF Asia
US SLM Corp

DIVERSIFIED FINANCIALSTW Mediatek Inc

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

US Northrop Grumman Corp

CAPITAL GOODSKR Kangwon Land

HOTELS, RESTAURANTS & LEISURE

US Lexmark International A

TECHNOLOGY HARDWARE & EQUIPMENTKR Daewoo Shipbuilding

CAPITAL GOODSUS Gilead Sciences

PHARMACEUTICALS & BIOTECHNOLOGYID Bank Central Asia

BANKS

US Wrigley Wm Jr CoFOOD, BEVERAGE & TOBACCO

TH Siam Cement

MATERIALS
MATERIALSCanada

EM EMEA
CA Goldcorp

MATERIALSZA Harmony Gold Mining Co

CA Kinross Gold Corp

MATERIALSZA Telkom South Africa

TELECOMMUNICATION SERVICESCA Finning Int'l

CAPITAL GOODSZA Anglovaal Industries

FOOD, BEVERAGE & TOBACCO

CA Shoppers Drug Mart Corp

FOOD & STAPLES RETAILINGZA Network Healthcare Hldgs

HEALTH CARE EQUIPMENT & SERVICESCA Glamis Gold

MATERIALS

PL Bank Zachodni Wbk

BANKS

Europe ex UK

EMF Latin America

ES Banco Popular Espanol

BANKS

MX Grupo Fin Banorte O

BANKSFR Vivendi Environnement

UTILITIESCL Colbun

UTILITIESBR Cst Siderurg Tubarao PN

MATERIALS

IT Banco di Verona e Novara

BANKS

NL DSM

MATERIALS

IT Finmeccanica

CAPITAL GOODS

United Kingdom
GB Emap

MEDIA

GB Tomkins

CAPITAL GOODS

GB Liberty International

REAL ESTATEGB Friends Provident

INSURANCE

GB Alliance Unichem

HEALTH CARE EQUIPMENT & SERVICES

JapanJP Daido Life Insurance CoINSURANCEJP Bandai Co

CONSUMER DURABLES & APPAREL

JP Nippon Building FundREAL ESTATE

JP Sankyo Co (6417)

CONSUMER DURABLES & APPAREL

JP Jafco Co

DIVERSIFIED FINANCIALS

Pacific ex JapanAU Investa Property GroupREAL ESTATE

AU Centro Properties GroupREAL ESTATE

AU Lion Nathan

FOOD, BEVERAGE & TOBACCOHK Yue Yuen Industrial

CONSUMER DURABLES & APPARELAU Macquarie Goodman Ind'l

REAL ESTATE______________________________________________________________________________________________________--2 of 2--

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

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
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+852 2848 6740______________________________________________________________________________________________________--3 of 2--