MSCI Standard Index Series May 2003 Annual Full Country Index Review.

Business Editors

GENEVA--(BUSINESS WIRE)--April 29, 2003

MSCI announced today changes to the MSCI Standard Index Series(SM) that will be effective as of the close of May 30, 2003. These changes result from the May 2003 Annual Full Country Index Review, including a full review of the free float of all constituents. As a reminder, the objective of the Annual Full Country Index Review is a systematic re-assessment of the various dimensions of the equity universe, whereby securities may be added to or deleted from the MSCI Standard Index Series in order to be as close as possible to the 85% free float-adjusted market capitalization representation target at the industry group level in each country. The list of changes in constituents for the MSCI Standard Index Series as well as an updated methodology book have been posted on MSCI's web site at http://www.msci.com/stdindex.

This methodology book includes, among other updates, a new set of minimum size guidelines used for additions to and deletions from the index, clarifications on the calculation of Foreign Ownership Limit (FOL) and the description of the treatment of Non-Voting Depositary Receipts (NVDRs) in the MSCI Thailand Index. All changes that are presented in this newly released methodology book are effective immediately.

Effective as of the close of May 30, 2003, 199 securities will be added to the MSCI Standard Index Series. These additions bring the representation of their respective industry groups in their respective countries closer to MSCI's target of 85% of free float-adjusted market capitalization. The largest additions in the MSCI World Index are SLM Corp (USA), Northrop Grumman Corp (USA) and Lexmark International A (USA). Harmony Gold Mining (South Africa), Mediatek (Taiwan) and Kangwon Land (Korea) represent the largest inclusions in the MSCI EMF Index. The Annual Full Country Index Review will also lead to the deletion of 132 securities.

MSCI's annual review of the free float for all constituents of the pro forma MSCI ACWI Free Index results in changes in Foreign Inclusion Factors (FIFs) for 452 securities in 46 countries. These changes reflect the evolution of shareholdings, changes in Foreign Ownership Limits (FOLs) or the reclassification of certain shareholders. Overall, the impact of these changes in the indices is minimal.

For further information on MSCI indices or MSCI data, please visit our web site at www.msci.com.

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