MSCI To Launch The MSCI Hedge Invest Index; MSCI And Lyxor Announce Signing of Agreement.

Business Editors

NEW YORK & PARIS--(BUSINESS WIRE)--June 30, 2003

MSCI, a leading provider of equity, fixed income and hedge fund indices, and Lyxor Asset Management (Lyxor), a wholly owned subsidiary of Societe Generale specializing in structured funds and alternative investments activities, announced today the signing of an agreement between the two firms regarding the MSCI(R) Hedge Invest Index, an investable hedge fund index. The index is expected to be launched during the summer.

The MSCI Hedge Invest Index will consist of a diverse sample of hedge fund strategies and will contain funds that have weekly liquidity. The index will be constructed and maintained by MSCI according to the MSCI Investable Hedge Fund Index Methodology, using eligible funds from the Lyxor Platform. Lyxor will be responsible for selecting and conducting due diligence on the funds on the platform, for monitoring the investment mandate of each hedge fund manager and for providing valuations on individual funds.

The index is being launched in response to demand from investors globally for a liquid and representative hedge fund index that can be used as the basis for a wide range of index linked financial products, such as funds, derivatives and structured products. The index should appeal to investors including institutional asset managers, fund-of-fund companies and broker dealers. Initially the index is expected to contain approximately 60 constituent funds.

Henry Fernandez, President and CEO of MSCI, said "A hedge fund index that can serve as the basis of financial products has been one of the needs of hedge fund market participants for some time. We believe that the diversity of the Lyxor Platform provides a strong basis for us to build a relevant investable hedge fund index that market participants can use to develop index linked products."

Bruno Lebre, Chairman of Lyxor Asset Management, commented "Market demand for a fully investable and liquid hedge fund index has been growing for some time and we believe that an index calculated by MSCI, with its strong brand and reputation for high quality indices, will be widely used by the investment community. We wish to broaden the use of the Lyxor platform by the market. Lyxor is pleased to announce that it has licensed the MSCI Hedge Invest Index to use as a basis for an index tracker fund vehicle which will be designed to track the performance of the index and so replicate index returns."

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

Jared Stern, MSCI, New York + 1 212 762 5790

Stephen Dunning, MSCI, London + 44 20 7425 6660

Jammy Chan, MSCI, Hong Kong + 852 2848 6740

Olivia Vong, MSCI, Tokyo + 813 5424 5470

Daniel Guthrie/Beany McLean, Luther Pendragon, London + 44 20 7618 9100

Ed Rowley/Steve Bruce, Abernathy MacGregor, New York + 1 212 371 5999

For further information on Lyxor Asset Management please contact:

Stephanie Carson Parker, Corporate Communications, Societe Generale Group [phone]

Notes for Editors:

The MSCI Hedge Invest Index will be a new index, separate from the existing MSCI Hedge Fund Indices(SM) and fund database. The MSCI Hedge Invest Index will contain a set of hedge funds with weekly liquidity while the MSCI Hedge Fund Indices and fund database contains both open and closed funds. The MSCI Hedge Fund Indices and fund database was launched in July 2002 to provide extensive information on hedge funds and to assist investors in conducting peer group analysis and research. As with the MSCI Hedge Fund Indices and database, funds in the MSCI Hedge Invest Index will be classified into investment strategies according to the comprehensive and detailed MSCI Hedge Fund Classification Standard(SM).

MSCI

MSCI is a leading provider of indices and benchmark related products and services to investors worldwide. 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 The Capital Group Companies, Inc., a global investment management group, is the minority shareholder.

Lyxor Asset Management

Lyxor Asset Management, a 100% subsidiary of Societe Generale, is a leading asset manager in structured funds and alternative investment activities. Its mission is to facilitate access to innovative structured investments indexed to equities, indices, mutual or hedge funds, with capital guaranteed and/or leverage mechanisms. Lyxor currently manages EUR 7.5 billion in alternative investment products.

This information is the property of Morgan Stanley Capital International Inc. (MSCI). It is provided for informational purposes only, and is not an offer to buy or sell, or a promotion or recommendation of, any financial product based on any MSCI index or of any fund on the Lyxor Asset Management platform of funds. Nor is it a recommendation to participate in any particular trading strategy. The information may not be used to verify or correct data, or any compilation of data or index or in the creation of any indices. Nor may it be used in the creating, writing, offering, trading, marketing or promotion of any financial instruments or products. This information is provided on an "as is" basis. Although MSCI shall obtain information from sources which MSCI considers reliable, neither MSCI, its affiliates nor any other party involved in the making or compiling of the information guarantees the accuracy and/or the completeness of any of this information. Neither MSCI, its affiliates nor any other party involved in the making or compiling of the information makes any representation or warranty, express or implied, as to the results to be obtained by any person or entity from any use of this information, and the user of this information assumes the entire risk of any use made of this information. Neither MSCI, its affiliates nor any other party involved in the making or compiling of the information makes any express or implied warranties, and MSCI, its affiliates and any other party involved in the making or compiling of the information hereby expressly disclaim all warranties of merchantability or fitness for a particular purpose with respect to any of this information. Without limiting any of the foregoing, in no event shall MSCI, its affiliates or any other party involved in the making or compiling of the information have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

Morgan Stanley Capital International, MSCI, ACWI, EAFE, EMF and all other service marks referred to herein are the exclusive property of MSCI and its affiliates. All MSCI indices are the exclusive property of MSCI and may not be used in any way without the express written permission of MSCI.

MSCI Client Services can be reached on:

London, [phone]

New York, [phone]

Tokyo, [phone]

Frankfurt, [phone]

San Francisco, [phone]

Hong Kong, [phone]

And at a further fourteen locations around the world.