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MSCI SMALL CAP INDEX SERIES MAY 2007
SEMI-ANNUAL INDEX REVIEW

Geneva, May 3, 2007 - MSCI Barra, a leading provider of benchmark indices and risk management analyticsproducts, announced today changes to the MSCI Small Cap Index Series that will be effective as of the closeof May 31, 2007. These changes result from the May 2007 Semi-Annual Index Review. The list of changes inconstituents for the MSCI Small Cap Index Series has been posted on MSCI Barra’s web site atwww.mscibarra.com.
Effective as of the close of May 31, 2007, 91 securities will be added to the MSCI Small Cap Index Series and120 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 586 securities. FIFs adjust themarket capitalization of securities for free float available to foreign investors.
The current Small Cap Indices target securities of companies in the full market capitalization range of USD
200–1,500 million that defines the small cap universe under the current Small Cap Index methodology. Inorder to minimize reverse turnover, the May 2007 Semi-Annual Index Review for the Small Cap Indices uses
the same Global Minimum Size Requirement and other investability screens that are applied in theconstruction and maintenance of the Provisional Small Cap Indices. Only securities that are constituents of
the Provisional Small Cap Indices are added to the Small Cap Indices to bring the Industry Group
representation closer to 40%, if necessary. Potential deletion of a security from the Small Cap Indices due toexcessive industry group representation is considered only if it is not a constituent of the Provisional Small
Cap Indices.
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 12, 2007.
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 1,265
billion, and the index will include 2,015 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 672 billion, and the index will include 1,209 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 361 billion, andthe index will include 551 securities.
The results of the May 2007 Annual Full Country Index Review for the MSCI Standard Index Series, the MSCI
Pan-Euro and Euro Indices, the MSCI GDP Index Series and the Semi-Annual Index Review for the MSCI
Global Value and Growth Index Series, the MSCI US Equity Indices, the MSCI US REIT Index, the MSCIJapan KOKUNAI Indices, the MSCI High Dividend Yield Indices as well as the pro-forma list of constituentsfor the MSCI Global Investable Market Indices have also been posted on MSCI Barra’s web site atwww.mscibarra.com.

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

USAJapan
United Kingdom
CanadaAustralia
Germany
FranceSwitzerland
Italy
Hong Kong

Top 10 Industry Group Weights

Capital Goods
Materials
Real EstateTechnology Hardware & Equipment
EnergyRetailing
Software & Services
Banks
Pharmaceuticals, Biotechnology & Life
Health Care Equipment & Services

40.38%
16.24%
8.98%
6.51%
4.66%
2.67%
2.56%
1.93%
1.78%
1.74%

11.39%
9.12%
7.69%
6.08%
6.08%
5.34%
5.27%
5.17%
4.63%
4.60%

MSCI EAFE SMALL CAP INDEX
Top 10 Country Weights

JapanUnited Kingdom
Australia
Germany
FranceSwitzerland
ItalyHong Kong
SwedenSingaporeTop 10 Industry Group Weights

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

30.57%
16.91%
8.77%
5.03%
4.82%
3.63%
3.36%
3.27%
3.04%
2.56%

15.11%
9.96%
8.74%
6.22%
5.41%
5.25%
5.07%
4.76%
4.11%
4.06%

MSCI EUROPE SMALL CAP INDEX
Top 10 Country Weights

United Kingdom
Germany
FranceSwitzerland
Italy
SwedenNetherlands
NorwayDenmarkSpain

Top 10 Industry Group Weights

Capital Goods
Real Estate
Materials
Technology Hardware & Equipment
Diversified Financials
EnergyRetailing
Transportation
Commercial Services & Supplies
Consumer Durables & Apparel

31.46%
9.35%
8.96%
6.74%
6.24%
5.66%
4.72%
4.60%
3.90%
3.44%

Note: all pro forma data uses data as of April 12, 2007

2 of 314.64%
9.34%
6.99%
6.42%
6.24%
4.84%
4.82%
4.76%
4.73%
4.60%

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About MSCI Barra
MSCI Barra develops and maintains equity, REIT and hedge fund indices that serve as benchmarks for an
estimated USD 3 trillion on a worldwide basis. MSCI Barra’s risk models and analytics products help the world’s
largest investors analyze, measure and manage portfolio and firm-wide investment risk. MSCI Barra isheadquartered in New York, with research and commercial offices around the world. Morgan Stanley, a global
financial services firm and a market leader in securities, asset management, and credit services, is the majority
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Jackson Wang, MSCI Barra, San Francisco
Alick Lei, MSCI Barra, Hong KongPavithra Ramasubban, MSCI Barra, Sydney
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