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MSCI Barra Announces List of Constituents of the MSCI Global Investable Market Indices.

GENEVA -- MSCI Barra, a leading provider of benchmark indices and risk management analytics products, announced today the list of constituents of the MSCI Global Investable Market Indices - including the new Large Cap, Mid Cap, and Investable Market Indices as well as the Provisional Standard and Provisional Small Cap Indices - resulting from the initial construction of the MSCI Global Investable Market Indices. The list of differences in constituents between the current MSCI Standard Indices and the MSCI Provisional Standard Indices, as well as between the current MSCI Small Cap Indices and the MSCI Provisional Small Cap Indices have been posted on MSCI Barra's web site at http://www.mscibarra.com.

In addition, MSCI Barra will consult on potential enhancements to the methodology of the MSCI GCC Countries Indices to a framework providing exhaustive representation and non-overlapping size segmentation of the investable universe. A consultation document highlighting a proposed framework has been posted on the consultation section of the MSCI Barra's web site at http://www.mscibarra.com/products/consultations/. Please note that this consultation may or may not result in any changes to the MSCI GCC Countries Indices. Changes, if any, will be announced in advance.

As a reminder, MSCI Barra will begin calculating the Provisional Standard and Small Cap Indices based on the Global Investable Market Indices methodology, as well as the new Large Cap, Mid Cap, and Investable Market Indices, as of the close of May 31, 2007 and begin distributing the indices from June 5, 2007.

The MSCI Standard and Small Cap Indices will transition to the Global Investable Market Indices methodology in two phases implemented as of the close of November 30, 2007 and the close of May 30, 2008, respectively. The enhanced Standard Indices will exhaustively cover the large- and mid-cap segments of the investable equity universe, while the enhanced Small Cap Indices will exhaustively cover the small-cap segment of the investable equity universe.

The largest constituents of the MSCI Provisional World Standard Index that are not included in the pro-forma MSCI World Index are ConocoPhillips (USA), Toronto-Dominion Bank (Canada), Schering-Plough Group (USA), Standard Chartered (United Kingdom), Colgate-Palmolive (USA) and BMW (Germany). Remgro (South Africa), Rosneft (Russia), Itausa (Brazil) and Hynix Semiconductor (Korea) are the largest constituents of the MSCI Provisional Emerging Markets Index that are not included in the pro-forma MSCI Emerging Markets Index.

MSCI Barra has posted minor updates to the Global Investable Market Indices methodology book on its web site at http://www.mscibarra.com/products/indices/GIMImethodology.html.

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 Small Cap Index Series, the MSCI Global Value and Growth Index Series, the MSCI US Equity Indices, the MSCI US REIT Index, the MSCI Japan KOKUNAI Indices and the MSCI High Dividend Yield Indices have also been posted on MSCI Barra's web site at www.mscibarra.com.

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 is headquartered 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 shareholder of MSCI Barra, and Capital Group International, Inc. is the minority shareholder.

For further information on MSCI Barra, please visit our web site at www.mscibarra.com

This document and all of the information contained in it, including without limitation all text, data, graphs, charts (collectively, the "Information") is the property of Morgan Stanley Capital International Inc. ("MSCI"), Barra, Inc. ("Barra"), or their affiliates (including without limitation Financial Engineering Associates, Inc.) (alone or with one or more of them, "MSCI Barra"), or their direct or indirect suppliers or any third party involved in the making or compiling of the Information (collectively, the "MSCI Barra Parties"), as applicable, and is provided for informational purposes only. The Information may not be reproduced or redisseminated in whole or in part without prior written permission from MSCI or Barra, as applicable.

The Information may not be used to verify or correct other data, to create indices, risk models or analytics, or in connection with issuing, offering, sponsoring, managing or marketing any securities, portfolios, financial products or other investment vehicles based on, linked to, tracking or otherwise derived from any MSCI or Barra product or data.

Historical data and analysis should not be taken as an indication or guarantee of any future performance, analysis, forecast or prediction.

None of the Information constitutes an offer to sell (or a solicitation of an offer to buy), or a promotion or recommendation of, any security, financial product or other investment vehicle or any trading strategy, and none of the MSCI Barra Parties endorses, approves or otherwise expresses any opinion regarding any issuer, securities, financial products or instruments or trading strategies. None of the Information, MSCI Barra indices, models or other products or services is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

The user of the Information assumes the entire risk of any use it may make or permit to be made of the Information.

NONE OF THE MSCI BARRA PARTIES MAKES ANY EXPRESS OR IMPLIED WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE INFORMATION (OR THE RESULTS TO BE OBTAINED BY THE USE THEREOF), AND TO THE MAXIMUM EXTENT PERMITTED BY LAW, MSCI AND BARRA, EACH ON THEIR BEHALF AND ON THE BEHALF OF EACH MSCI BARRA PARTY, HEREBY EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, TIMELINESS, NON-INFRINGEMENT, COMPLETENESS, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE) WITH RESPECT TO ANY OF THE INFORMATION.

Without limiting any of the foregoing and to the maximum extent permitted by law, in no event shall any of the MSCI Barra Parties have any liability regarding any of the Information for any direct, indirect, special, punitive, consequential (including lost profits) or any other damages even if notified of the possibility of such damages. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited.

Any use of or access to products, services or information of MSCI or Barra or their subsidiaries requires a license from MSCI or Barra, or their subsidiaries, as applicable. MSCI, Barra, MSCI Barra, EAFE, Aegis, Cosmos, BarraOne, and all other MSCI and Barra product names are the trademarks, registered trademarks, or service marks of MSCI, Barra or their affiliates, in the United States and other jurisdictions. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of MSCI and Standard & Poor's. "Global Industry Classification Standard (GICS)" is a service mark of MSCI and Standard & Poor's.

The governing law applicable to these provisions is the substantive law of the State of New York without regard to its conflict or choice of law principles.
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Publication:Business Wire
Date:May 4, 2007
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