MSCI Small Cap Index Series November 2006 Semi-Annual Index Review.GENEVA -- MSCI Barra MSCI Barra is a leading provider of equity, fixed income, and hedge fund indices. In 2004 Morgan Stanley Capital International acquired Barra, Inc., to form MSCI Barra. The company is headquartered in New York City, with operations in Geneva, London, Mumbai, Hong Kong, Paris, , a leading provider of benchmark indices and risk management analytics products, announced today changes to the MSCI Small Cap Index Series that will be effective as of the close of November 30, 2006. These changes result from the November 2006 Semi-Annual Index Review. The list of changes in constituents for the MSCI Small Cap Index Series as well as an updated methodology book have been posted on MSCI Barra's web site at www.mscibarra.com. Effective as of the close of November 30, 2006, 135 securities will be added to the MSCI Small Cap Index Series and 134 securities will be deleted. In addition, MSCI reviewed the free float Free float An exchange rate system characterized by the absence of government intervention. Also known as clean float. of all constituents of the MSCI Small Cap Index Series, leading to changes in Foreign Inclusion Factors (FIFs) for 23 securities. FIFs adjust the market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. of securities for free float available to foreign investors. The MSCI Small Cap Index Series attempts to represent the performance of small capitalization companies across developed markets. Companies with a full market capitalization between USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 200 and 1,500 million are eligible for inclusion. MSCI then selects the most liquid securities relative to their market capitalization, and targets for index inclusion 40% of the full universe within each industry group, within each country. Finally, the market capitalization of index constituents is free float-adjusted. Below is a brief pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma analysis of the changes that will occur in the MSCI Small Cap Index Series for some of the more frequently used global and regional composite indices, using data as of October 26, 2006. World Index - The MSCI World The MSCI World is a stock market index of 'world' stocks. It is maintained by Morgan Stanley Capital International. The index includes a selection of stocks of all the developed markets in the world, as defined by MSCI. Small Cap Index represents the small cap segment in 23 of the world's developed equity markets. On a pro forma basis, the market capitalization of the index will be USD 1,259 billion, and the index will include 2,114 securities. EAFE EAFE Europe, Australia, and the Far East (markets) EAFE European Association of Fisheries Economists EAFE European Association of Forensic Entomologists EAFE Edge-Average Finite Element EAFE Extended Arm Fume Extractor (Europe, Australasia, Far East) Index - The MSCI EAFE The MSCI EAFE (NYSE: EFA) is a stock market index of foreign stocks, from the perspective of a North American investor. The index is market capitalization weighted (meaning that the weight of securities is determined based on their respective market capitalizations. Small Cap Index represents the small cap segment in 21 developed equity markets outside of North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . On a pro forma basis, the market capitalization of the index will be USD 636 billion, and the index will include 1,250 securities. Europe Index - The MSCI Europe Small Cap Index represents the small cap segment in 16 developed equity markets in Europe. On a pro forma basis, the market capitalization of the index will be USD 340 billion, and the index will include 573 securities. The results of the November 2006 Quarterly Index Review for the MSCI Standard Index Series, the MSCI Pan-Euro and Euro Indices, the MSCI China A Index as well as the November 2006 Semi-Annual Index Review for the MSCI Global Value and Growth Index Series, the MSCI China A Value and Growth Index Series, the MSCI US Equity Indices, the MSCI US REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (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. [TABLE OMITTED] Note: all pro forma data uses data as of October 26, 2006 About MSCI Barra MSCI Barra develops and maintains equity, fixed income, multi-asset class, REIT and hedge fund hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" 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 New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , 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 The information contained in this document, including all text, data, graphs, charts and all other information (collectively, the "Information") is the property of Morgan Stanley Capital International Morgan Stanley Capital International (MSCI) This firm publishes a number of well known benchmarks, such as the MSCI World Index. Inc. (MSCI) and is provided for informational purposes only. Any use of MSCI indices, data or other information requires a license from MSCI. The Information may not be used to verify or correct other data, to create indices, or in connection with offering, sponsoring, managing or marketing any securities, portfolios, financial instruments or products. None of the Information constitutes an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product or trading strategy, and MSCI does not endorse, approve or otherwise express any opinion regarding any issuer, securities, financial instruments or products or trading strategies that may be described or mentioned herein. Further, none of the Information 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 it. NEITHER MSCI, ANY OF ITS AFFILIATES OR ANY OTHER THIRD PARTY INVOLVED IN MAKING OR COMPILING ANY OF THE INFORMATION MAKES ANY EXPRESS OR IMPLIED WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE INFORMATION (OR THE RESULTS TO BE OBTAINED BY THE USE THEREOF), AND MSCI, ITS AFFILIATES AND EACH SUCH OTHER THIRD PARTY HEREBY EXPRESSLY DISCLAIM ALL IMPLIED WARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, TIMELINESS, NON-INFRINGEMENT, COMPLETENESS, MERCHANTABILITY mer·chant·a·ble adj. Suitable for buying and selling; marketable. mer  chant·a·bil AND FITNESS FOR A PARTICULAR PURPOSE) WITH RESPECT TO ANY OF THE
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International, MSCI[R], ACWI ACWI Advisory Committee on Water InformationACWI All Country World Index , EAFE[R], Barra[R], MSCI Barra and all other service marks referred to herein are the exclusive property of MSCI or its affiliates, except as provided below. All MSCI indices are the exclusive property of MSCI and may not be used in any way without the express written permission of MSCI. The Global Industry Classification Standard (GICS GICS Government Information and Communication Service (UK) GICS German Internet Chess Server GICS Global Industry Classification Standards GICS Grant Information and Control System ) 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. |
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