Morgan Stanley REIT Index to be renamed MSCI US REIT Index; MSCI to Introduce Real Time, Price-Only REIT Index.

NEW YORK -- MSCI, a leading provider of REIT, U.S. equity, international equity, fixed income and hedge fund indices, announced today that on June 20, 2005, the official name of the Morgan Stanley REIT Index will be changed to the MSCI US REIT Index. The index will continue to be calculated with dividends reinvested on a daily basis. Simultaneously, MSCI will introduce a price-only index that will be calculated by MSCI in real time and distributed by the American Stock Exchange (AMEX) over Network B of the Consolidated Tape Association, and by MSCI to Reuters and Bloomberg. The symbol of this index will be RMZ. Note that the currently available real time version of the Morgan Stanley REIT Index will be discontinued.

In addition, on June 20, 2005, MSCI will assume the calculation and dissemination of all information regarding the MSCI US REIT Index from the AMEX. Starting June 20, 2005, all announcements regarding the MSCI US REIT Index will be posted on www.msci.com and will no longer be posted on the AMEX web site. Until that date, the day-to-day index calculation and posting and dissemination of files and announcements will continue to be available from the AMEX.

In order to be consistent with MSCI's index calculation methodology, on June 20, 2005 MSCI will begin calculating the MSCI US REIT Index using Laspeyres' principle of a weighted arithmetic average together with the concept of chain linking. This principle effects corporate event adjustments to the index's next day market capitalization. Until this change is made, the index will continue to be calculated using Paasche's index calculation method, which effects corporate event adjustments to the index's previous day basis.

Index Symbols for the MSCI US REIT Index

                 Before June 20, 2005      Beginning June 20, 2005
                 --------------------   ------------------------------
                     Real Time &                       Real Time &
                      End of Day        End of Day      End of Day
                     Gross Index        Gross Index  Price-Only Index
----------------------------------------------------------------------
 Bloomberg Ticker        RMS                RMS            RMZ
----------------------------------------------------------------------
 Reuters RIC            .RMS               .RMS           .RMZ
----------------------------------------------------------------------
 AMEX Symbol             RMS                N/A            RMZ
----------------------------------------------------------------------

More details about the Morgan Stanley REIT Index methodology are available in the REIT section of www.msci.com.

ABOUT MSCI

MSCI (www.msci.com) is a leading provider of REIT, equity, fixed income and hedge fund indices, and related products and services. MSCI estimates that over USD 3 trillion is benchmarked to its indices on a worldwide basis. MSCI is headquartered in New York, with research and commercial offices around the world. In 2004, MSCI acquired Barra, Inc. (www.barra.com), a global leader in delivering risk analytics, performance measurement and attribution systems and services to managers of portfolio and firm-wide investment risk. 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 International Inc., part of the global investment management group of The Capital Group Companies, Inc., is the minority shareholder.

NOTICE AND DISCLAIMER

This information is the property of Morgan Stanley Capital International Inc. (MSCI). 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, offering, trading or promotion of any financial instruments or products. This information is provided on an "as is" basis, and the user of this information assumes the entire risk of any use made of this information. It is not a recommendation to participate in any particular trading strategy. Neither MSCI, its affiliates nor any other party involved in the making or compiling of the information (the "MSCI Parties") guarantees the accuracy and/or the completeness of any of this information. None of the MSCI Parties makes any express or implied representations or warranties, and each MSCI Party hereby expressly disclaims 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 any MSCI Party have any liability for any damages of any kind even if notified of the possibility of such damages.

Morgan Stanley Capital International, MSCI 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.

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.