MSCI Standard Index Series May 2006 Annual Full Country Index Review.

GENEVA -- MSCI Barra, a leading provider of benchmark indices and risk management analytics products, announced today changes to the MSCI Standard Index Series that will be effective as of the close of May 31, 2006. These changes result from the May 2006 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 for each country index to be as close as possible to the 85% free float-adjusted market capitalization representation target at the industry group level. 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.

Effective as of the close of May 31, 2006, 227 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 Principal Financial Group (USA), Xstrata (United Kingdom), E*Trade Group (USA), Vallourec (France) and Joy Global (USA). Gazprom (local) (Russia), KT Freetel (Korea) and Novolipetsk Metal GDR (Russia) are the largest inclusions in the MSCI Emerging Markets (EM) Index. The Annual Full Country Index Review will also lead to the deletion of 64 securities. The results of two consultations impacting the MSCI Canada Index and the MSCI Venezuela Index are also included in this May 2006 Index Review.

After conducting a public consultation, MSCI decided to modify the current definition of the MSCI Canada universe. As previously announced, Income Trusts formed under the laws of provinces which have passed limited liability legislation, will be included in the MSCI Canada Equity Universe and will be subject to the same eligibility rules stated in the MSCI Standard Index Series Methodology.

As previously announced following a public consultation conducted beginning of 2006, the MSCI Venezuela Index will be removed from the MSCI Emerging Markets (EM) Index and will be maintained as a Standard stand-alone country Index.

As also previously announced, MSCI will implement the first phase of the FIF increase of Gazprom, as well as the change in price source from Gazprom's ADR to the local share price, as of the close of May 31, 2006. MSCI will delete the ADR listed security (with a FIF of 0.03) from the MSCI Standard Indices and add Gazprom's RTS listed security, priced in USD, with 23,673,512,900 shares outstanding, and a Foreign Inclusion Factor (FIF) of 0.2 (reflecting a Limited Investability Factor (LIF) of 0.5).

MSCI's annual review of the free float for all constituents of the pro forma MSCI ACWI Index will result in changes in Foreign Inclusion Factors (FIFs) for 500 securities in 47 countries. FIFs adjust the market capitalization of securities for free float available to foreign investors. These changes reflect the evolution of shareholdings, changes in Foreign Ownership Limits (FOLs), changes in Limited Investability Factors (LIFs) or the reclassification of certain shareholders.

The results of the May 2006 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 Kokunai Japan Equity Indices as well as the Annual 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.

The updated methodology book includes, among other things, an updated set of minimum size guidelines used for additions to and deletions from the MSCI Standard Indices, an updated GICS structure, revised definitions of the Canadian universe and the REITs universe, and a new appendix describing the stock exchanges and classes of securities that are included in the MSCI Universe. All changes in this newly released methodology book are effective immediately.

Please find below a list of the largest additions to the MSCI World and Emerging Markets (EM) Indices.

Largest additions to the MSCI World Index for selected countries
and regions
----------------------------------------------------------------------
Country           Security Name               Industry
                                              Group
USA
   US             Principal Financial Grp     INSURANCE
   US             E* Trade Group              DIVERSIFIED FINANCIALS
   US             Joy Global                  CAPITAL GOODS
   US             Freescale Semiconduct B     SEMICONDUCTORS &
                                               SEMICONDUCTOR EQUIPMENT
   US             Memc Electronic Matrls      SEMICONDUCTORS &
                                               SEMICONDUCTOR EQUIPMENT
Canada
   CA             Canadian Oil Sands Trust    ENERGY
   CA             Enerplus Resources Fund     ENERGY
   CA             Western Oil Sands A         ENERGY
   CA             Canetic Resources Trust     ENERGY
   CA             Yellow Pages Income Fund    MEDIA
Europe ex UK
   FR             Vallourec                   CAPITAL GOODS
   SE             Boliden                     MATERIALS
   DK             Jyske Bank                  BANKS
   NO             Seadrill Ltd                ENERGY
   DE             Salzgitter                  MATERIALS
United Kingdom
   GB             Xstrata                     MATERIALS
   GB             Investec Plc                DIVERSIFIED FINANCIALS
   GB             Sportingbet                 CONSUMER SERVICES
   GB             Csr (Gb)                    TECHNOLOGY HARDWARE &
                                               EQUIPMENT
   GB             Collins Stewart Tullett     DIVERSIFIED FINANCIALS
Japan
   JP             Sapporo Hokuyo Holdings     BANKS
   JP             Haseko Corp                 CONSUMER DURABLES &
                                               APPAREL
   JP             Japan Steel Works           CAPITAL GOODS
   JP             Toho Titanium Co            MATERIALS
   JP             Tokyo Seimitsu Co           SEMICONDUCTORS &
                                               SEMICONDUCTOR EQUIPMENT
Pacific ex Japan
   HK             Foxconn International       TECHNOLOGY HARDWARE &
                                               EQUIPMENT
   AU             Zinifex                     MATERIALS
   AU             Worleyparsons               ENERGY
   AU             Goodman Fielder             FOOD, BEVERAGE & TOBACCO
   AU             Paladin Resources (Au)      ENERGY
----------------------------------------------------------------------



Largest additions to the MSCI Emerging Markets (EM) Index by region
----------------------------------------------------------------------
Country           Security Name               Industry
                                              Group
EM Asia
   KR             KT Freetel                  TELECOMMUNICATION
                                               SERVICES
   TW             Novatek Microelectrs        SEMICONDUCTORS &
                                               SEMICONDUCTOR EQUIPMENT
   TW             Catcher Tech Co             TECHNOLOGY HARDWARE &
                                               EQUIPMENT
   KR             Daewoo Int'L Corp           CAPITAL GOODS
   KR             Samsung Techwin Co          CAPITAL GOODS
EM EMEA
   RU             Gazprom (USD)*              ENERGY
   RU             Novolipetsk Metal (GDR)     MATERIALS
   PL             Polish Oil & Gas            ENERGY
   RU             Unified Energy Pref(RUB)    UTILITIES
   ZA             Lewis Group                 RETAILING
EM Latin America
   BR             All Amer Lat Unit           TRANSPORTATION
   BR             Tam Pn                      TRANSPORTATION
   BR             Cosan On                    FOOD, BEVERAGE & TOBACCO
   BR             Lojas Renner                RETAILING
   BR             Submarino On                RETAILING
----------------------------------------------------------------------
*For Gazprom (USD), the addition only reflects a change in price
 source from the London-listed ADR to the Russain Trading System (RTS)
 listing.

About MSCI Barra

MSCI (www.msci.com) develops and maintains equity, fixed income, multi-asset class, REIT and hedge fund indices that serve as benchmarks for an estimated USD 3 trillion on a worldwide basis and owns Barra, Inc. ("Barra"). Barra (www.barra.com) analytics 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, and Capital Group International, Inc. is the minority shareholder. MSCI Barra is a service mark of Morgan Stanley Capital International Inc. ("MSCI" or "MSCI Barra").

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