MSCI KOKUNAI Japan Equity Indices May 2007 Semi-Annual Index Review.

TOKYO -- MSCI Barra, a leading provider of benchmark indices and risk management analytics products, announced today changes to the MSCI KOKUNAI Japan Equity Indices that will be effective as of the close of May 31, 2007. These changes result from the May 2007 Semi-Annual Index Review. The full list of additions to and deletions from the MSCI KOKUNAI Japan Equity Indices has been posted on the MSCI Barra web site at http://www.mscibarra.com/products/indices/kokunai/en/review.jsp.

Two securities will be added to and five securities will be deleted from the MSCI KOKUNAI Large Cap 200 Index. The additions are Kawasaki Heavy and Sumitomo Heavy Ind, which will migrate from the MSCI KOKUNAI Mid Cap 400 Index.

26 securities will be added to and 20 securities will be deleted from the MSCI KOKUNAI Mid Cap 400 Index. The five largest additions are Keio Corp, Toyo Seikan Kaisha, Nippon Paper Group, Sanyo Electric Co and NEC Electronics Corp, which will migrate from the MSCI KOKUNAI Large Cap 200 Index.

56 securities will be added to and 44 securities will be deleted from the MSCI KOKUNAI Small Cap 900 Index. The five largest additions will include Oita Bank, Tokyo Leasing Co, Shima Seiki Mfg, Heiwado Co and Eaccess, which will mirgrate from the MSCI KOKUNAI Mid Cap 400 Index.

67 securities will be added to and 46 securities will be deleted from the MSCI KOKUNAI Micro Cap Index. The five largest additions are Miyano Machinery, Sotoh Co, Toho Co (8142), Gameon Co and Hirata Corp, which will migrate from the MSCI KOKUNAI Small Cap 900 Index.

For the MSCI KOKUNAI Investable Market Value Index, there will be 172 additions or upward changes in Value Inclusion Factors (VIFs) and 205 deletions or downward changes in VIFs. For the MSCI KOKUNAI Investable Market Growth Index, there will be 221 additions or upward changes in Growth Inclusion Factors (GIFs) and 171 deletions or downward changes in GIFs. The VIFs and 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 to the value indices are Mitsubishi UFJ Fin Grp (Large Cap), Taiheiyo Cement Corp (Mid Cap) and Ryosan Co (Small Cap). The largest additions to the growth indices are Nomura Holdings (Large Cap), Mitsubishi Rayon Co (Mid Cap) and Nippon Chemi-Con Corp (Small Cap).

In addition, there will be changes for certain constituents of the MSCI KOKUNAI Japan Equity Indices resulting from the annual review of the free float estimates and quarterly updates in the number of shares. These changes will also be effective as of the close of May 31, 2007.

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 High Dividend Yield Indices as well as the pro-forma list of constituents for the MSCI Global Investable Market 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.