MSCI Additional Information on MSCI Guidelines Used for the Calculation of Foreign Ownership Limits -FOLs-.

Business Editors

GENEVA--(BUSINESS WIRE)--April 4, 2002

This announcement provides additional information on guidelines used for the determination of the Foreign Ownership Limits (FOLs) in the MSCI Standard and Provisional Index Series. As a reminder, FOLs are taken into account in the calculation of the Foreign Inclusion Factors (FIFs), which are used to free float-adjust the market capitalization of each security in the MSCI Equity Index Series under the Enhanced Methodology. The following cases are covered:

1) For companies that impose ownership restrictions for non European Union investors, such restrictions are fully taken into account in the calculation of the FOL.

2) In countries where companies are allowed to issue ADRs or GDRs in exemption of the outstanding foreign ownership restrictions, the FOL calculation includes the percentage represented by the ADRs or the GDRs.

3) Similarly if a company exceptionally permits certain foreign shareholders to own shares in excess of the maximum stated in the company's by-laws and the exception is publicly disclosed, this is taken into account in the calculation of the FOL.

4) When a company's foreign ownership restriction is defined as a proportion of the company's total share capital without setting a specific limit for any particular security of the company, MSCI applies the company's FOL equally to each of the company's securities.

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This information is the property of Morgan Stanley Capital International Inc. (MSCI). The 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 creating, offering, trading or promotion of any financial instruments or products. This information is provided on an "as is" basis, and the user of this information assumes the entire risk of any use made of this information. It is not a recommendation to participate in any particular trading strategy. Neither MSCI, its affiliates nor any other party involved in the making or compiling of the information (the "MSCI Parties") guarantees the accuracy and/or the completeness of any of this information. None of the MSCI Parties makes any express or implied representations or warranties, and each MSCI Party hereby expressly disclaims all warranties of merchantability or fitness for a particular purpose with respect to any of this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any damages of any kind even if notified of the possibility of such damages.

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