Geneva, May 12, 2005. MSCI, a leading provider of international equity, US equity, fixed income and hedge fund indices, announced today changes to the MSCI Standard Index Series that will be effective as of the close of May 31, 2005. These changes result from the May 2005 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 for each country index to be as close as possible to the 85% free float-adjusted market capitalization representation target at the industry group level. 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 https://www.msci.com/stdindex.

After conducting a public consultation during March 2005, MSCI decided to modify the current definition of the universe of securities that should be eligible for inclusion in the MSCI Russia Index and in the MSCI China Index. The universe of securities underlying the MSCI Russia index is now composed of securities of companies incorporated in Russia and listed on the Russian Trading System (RTS) or the Moscow Interbank Currency Exchange (MICEX), as well as depository receipts listed in markets outside Russia, such as London or New York. The MSCI China universe now also includes China Private Enterprises (P-Chips) listed on the Hong Kong Stock Exchange.

Effective as of the close of May 31, 2005, 278 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 MSCI World Index are Sprint Corporation (USA), Capital One Financial (USA), KDDI (Japan) and Research In Motion (Canada). Mobile TeleSystems ADR (Russia) and VimpelCom ADR (Russia) are the largest inclusions in the MSCI Emerging Markets (EM) Index. The Annual Full Country Index Review will also lead to the deletion of 30 securities.

As previously announced, MSCI will increase the Limited Investability Factor (LIF) currently applied to the MSCI Taiwan Index from 0.75 to 1 as of the close of May 31, 2005. MSCI’s annual review of the free float for all constituents of the pro forma MSCI ACWI Index will result in changes in Foreign Inclusion Factors (FIFs) for 573 securities in 47 countries. Ninety-four FIF changes result from the second phase of the increase of the LIF for the MSCI Taiwan Index. FIFs adjust the market capitalization of securities for free float available to foreign investors. These changes reflect the evolution of shareholdings, changes in Foreign Ownership Limits (FOLs), changes in Limited Investability Factors (LIFs) or the reclassification of certain shareholders.

The results of the May 2005 Semi-Annual Index Review for the MSCI Small Cap Index Series, the MSCI Global Value and Growth Index Series, the MSCI US Equity Indices, the Morgan Stanley REIT Index, as well as the Annual Index Review for the MSCI Pan-Euro and Euro Indices and the MSCI China A Index have also been posted on MSCI’s web site at www.msci.com. The updated methodology book includes, amongst other things, an updated set of minimum size guidelines used for additions to and deletions from the MSCI Standard Indices, an updated GICS structure and revised definitions of the Russian and Chinese underlying universes. All changes in this newly released methodology book are effective immediately.