MSCI GCC Countries Indices – May Performance Summary

In January <?xml:namespace prefix = st2 ns = "urn:schemas-microsoft-com:office:cs:smarttags" />2006, MSCI <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />Barra launched the first family of equity indices from an international index provider for the countries of the Gulf Cooperation Council (GCC) region.  This Performance Summary is designed to provide a quick and easy overview of the performance of the MSCI GCC Countries Indices. Further information and data can be supplied on request.

Further information and data can be supplied on request. Please contact MSCI Barra or Penrose Financial on the numbers at the end of this release.

Performance in Local Currency

<?xml:namespace prefix = v ns = "urn:schemas-microsoft-com:vml" />

Index Levels & Performance

Daily index levels are available for all the MSCI GCC Countries Indices for free via Reuters and Bloomberg – please contact us for a full list of RICS and Tickers.

About the MSCI GCC Countries Indices

MSCI Barra was the first international index provider to launch equity indices for countries of the Gulf Cooperation Council (GCC) in January 2006. These countries are Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Bahrain and Oman. MSCI Barra has created two index series, one reflecting the investment restrictions applied to a GCC-based investor and the other reflecting the restrictions applied to a domestic investor. Index levels are available on leading vendors including Reuters and Bloomberg. For further information on the MSCI GCC Countries Indices, please visit our web site at www.msci.com/gcc/index.html.

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”).

###

For media enquiries please contact:

Ben Curson/Clare Rowsell, Penrose Financial, London                                              + 4420 7786 4888

MSCI Barra Global Client Service:

Cecile Distel, MSCI Barra, New York                                                                            + 1 212 762 5790

Aatish Suchak, MSCI Barra, London                                                                            + 44 20 7425 6660

Susanna Wu, MSCI Barra, Hong Kong                                                                         + 852 2848 6740

Pavithra Ramasubban, MSCI Barra, Sydney                                                                + 612 9770 1579

Masao Ikeda, MSCI Barra, Tokyo                                                                                 + 813 5424 5470

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 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 AND FITNESS FOR A PARTICULAR PURPOSE) WITH RESPECT TO ANY OF THE INFORMATION.  Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any other third party involved in making or compiling any of the Information have any liability regarding any of the Information 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®, Barra®, 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) 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.