MSCI Global Value and Growth Index Series November 2005 Semi-Annual Index Review.

GENEVA -- MSCI Barra, a leading provider of benchmark indices and risk management analytics products, announced today changes to the MSCI Global Value and Growth Index Series that will be effective as of the close of November 30, 2005. These changes result from the November 2005 Semi-Annual Index Review of the MSCI Global Value and Growth Index Series.

For the MSCI ACWI Value Index, there will be 297 additions or upward changes in Value Inclusion Factors (VIFs), and 274 deletions or downward changes in VIFs. For the MSCI ACWI Growth Index, there will be 279 additions or upward changes in Growth Inclusion Factors (GIFs), and 294 deletions or downward changes in GIFs. The VIFs and the GIFs represent the proportion of a security's free float-adjusted market capitalization that is allocated to the value and/or growth indices.

The largest additions or style changes from growth to value will be Vodafone Group (United Kingdom), Tyco International (USA), Deutsche Telekom (Germany), Toyota Motor Corp (Japan), and Nestle (Switzerland). The largest additions or style changes from value to growth will be BP (United Kingdom), Allianz (Germany), Motorola (USA), Prudential Financial (USA) and RWE Stamm (Germany).

As a reminder, the style review of the MSCI Global Value and Growth Index Series is conducted twice a year, coinciding with the May Annual Full Country Index Review and the November Quarterly Index Review of the underlying MSCI Standard Country Indices. During the style review, new value and growth z-scores are calculated for the pro forma MSCI Standard Country Index constituents. After applying the buffer rules, securities are then allocated to the value and growth indices, each targeting 50% of the free float-adjusted market capitalization within each MSCI Standard Country Index.

The results of the November 2005 Quarterly Index Review for the MSCI Standard Index Series, the Semi-annual Index Review for the MSCI Small Cap Index Series, the MSCI US Equity Indices, the MSCI US REIT Index and the MSCI Kokunai Japan Equity Indices, as well as the November 2005 Quarterly 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.

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