MSCI KOKUNAI Japan Broad Market Index

The MSCI KOKUNAI Japan Broad Market Index aims to represent the universe of companies in the Japan equity market, including large, mid, small and micro cap companies. This index targets for inclusion securities comprising the top 99% or top 2500, whichever is higher, of the Japan equity universe ranked by full market capitalization. The MSCI KOKUNAI Japan Broad Market Index is the aggregation of the MSCI KOKUNAI Japan Investable Market 1,500 and Micro Cap Indices.

MSCI KOKUNAI Japan Investable Market 1,500 Index

The MSCI KOKUNAI Japan Investable Market 1,500 Index represents the investable universe of companies in the Japan equity market. This index targets for inclusion 1,500 companies and represents, as of June 30, 2005, approximately 97% of the capitalization of the Japan equity market. The MSCI KOKUNAI Japan Investable Market 1,500 Index is the aggregation of the MSCI KOKUNAI Japan Large Cap 200, Mid Cap 400 and Small Cap 900 Indices.

MSCI KOKUNAI Japan Prime Market 600 Index

The MSCI KOKUNAI Japan Prime Market 600 Index represents the universe of large and medium capitalization companies in the Japan equity market. This index targets for inclusion the largest 600 companies and represents, as of June 30, 2005, approximately 86% of the capitalization of the Japan equity market. The MSCI KOKUNAI Japan Prime Market 600 Index is the aggregation of the MSCI KOKUNAI Japan Large Cap 200 and Mid Cap 400 Indices.

MSCI KOKUNAI Japan Large Cap 200 Index

The MSCI KOKUNAI Japan Large Cap 200 Index represents the universe of large capitalization companies in the Japan equity market. This index targets for inclusion the largest 200 companies and represents, as of June 30, 2005, approximately 66% of the capitalization of the Japan equity market.

MSCI KOKUNAI Japan Small + Mid Cap 1,300 Index

The MSCI KOKUNAI Japan Small + Mid Cap 1,300 Index represents the universe of small and medium capitalization companies in the Japan equity market. This index targets for inclusion 1,300 companies and represents, as of June 30, 2005, approximately 31% of the capitalization of the Japan equity market. The MSCI Small + Mid Cap 1,300 Index is the aggregation of the MSCI KOKUNAI Japan Small Cap 900 and Mid Cap 400 Indices.

MSCI KOKUNAI Japan Mid Cap 400 Index

The MSCI KOKUNAI Japan Mid Cap 400 Index represents the universe of medium capitalization companies in the Japan equity market. This index targets for inclusion 400 companies and represents, as of June 30, 2005, approximately 20% of the capitalization of the Japan equity market.

MSCI KOKUNAI Japan Small + Micro Cap Index

The MSCI KOKUNAI Japan Small + Micro Cap Index represents the universe of small + micro capitalization companies in the Japan equity market. The MSCI KOKUNAI Japan Small + Micro Cap Index is the aggregation of the MSCI KOKUNAI Japan Small Cap 900 and Micro Cap Indices.

MSCI KOKUNAI Japan Small Cap 900 Index

The MSCI KOKUNAI Japan Small Cap 900 Index represents the universe of small capitalization companies in the Japan equity market. This index targets for inclusion 900 companies and represents, as of June 30, 2005, approximately 11% of the capitalization of the Japan equity market.

MSCI KOKUNAI Japan Micro Cap Index

The MSCI KOKUNAI Japan Micro Cap Index represents the micro cap companies in the Japan equity market. The index targets for inclusion securities ranked lower than 1500th and comprising the top 99.0% or top 2500, whichever is higher, of the Japan equity universe ranked by full market capitalization.

MSCI KOKUNAI Japan Investable Market Value Index

The MSCI KOKUNAI Japan Investable Market Value Index represents the value companies of the MSCI KOKUNAI Japan Investable Market 1,500 Index. (The MSCI KOKUNAI Japan Investable Market 1,500 Index represents the investable universe of companies in the Japan equity market. This index targets for inclusion 1,500 companies and represents, as of June 30, 2005, approximately 97% of the capitalization of the Japan equity market. The MSCI KOKUNAI Japan Investable Market 1,500 Index is the aggregation of the MSCI US Large Cap 200, Mid Cap 400 and Small Cap 900 Indices.) The MSCI KOKUNAI Japan Investable Market Value Index is a subset of the MSCI KOKUNAI Japan Investable Market 1,500 Index.

MSCI KOKUNAI Japan Investable Market Growth Index

The MSCI KOKUNAI Japan Investable Market Growth Index represents the growth companies of the MSCI KOKUNAI Japan Investable Market 1,500 Index. (The MSCI KOKUNAI Japan Investable Market 1,500 Index represents the investable universe of companies in the Japan equity market. This index targets for inclusion 1,500 companies and represents, as of June 30, 2005, approximately 97% of the capitalization of the Japan equity market. The MSCI KOKUNAI Japan Investable Market 1,500 Index is the aggregation of the MSCI KOKUNAI Japan Large Cap 200, Mid Cap 400 and Small Cap 900 Indices.) The MSCI KOKUNAI Japan Investable Market Growth Index is a subset of the MSCI KOKUNAI Japan Investable Market 1,500 Index.

MSCI KOKUNAI Japan Prime Market Value Index

The MSCI KOKUNAI Japan Prime Market Value Index represents the value companies of the MSCI KOKUNAI Japan Prime Market 600 Index. (The MSCI KOKUNAI Japan Prime Market 600 Index represents the universe of large and medium capitalization companies in the Japan equity market. This index targets for inclusion the largest 600 companies and represents, as of June 30, 2005, approximately 86% of the capitalization of the Japan equity market.) The MSCI KOKUNAI Japan Prime Market Value Index is a subset of the MSCI KOKUNAI Japan Prime Market 600 Index.

MSCI KOKUNAI Japan Prime Market Growth Index

The MSCI KOKUNAI Japan Prime Market Growth Index represents the growth companies of the MSCI KOKUNAI Japan Prime Market 600 Index. (The MSCI KOKUNAI Japan Prime Market 600 Index represents the universe of large and medium capitalization companies in the Japan equity market. This index targets for inclusion the largest 600 companies and represents, as of June 30, 2005, approximately 86% of the capitalization of the Japan equity market.) The MSCI KOKUNAI Japan Prime Market Growth Index is a subset of the MSCI KOKUNAI Japan Prime Market 600 Index.

MSCI KOKUNAI Japan Large Cap Value Index

The MSCI KOKUNAI Japan Large Cap Value Index represents the value companies of the MSCI KOKUNAI Japan Large Cap 200 Index. (The MSCI KOKUNAI Japan Large Cap 200 Index represents the universe of large capitalization companies in the Japan equity market. This index targets for inclusion the largest 200 companies and represents, as of June 30, 2005, approximately 66% of the capitalization of the Japan equity market.) The MSCI KOKUNAI Japan Large Cap Value Index is a subset of the MSCI KOKUNAI Japan Large Cap 200 Index.

MSCI KOKUNAI Japan Large Cap Growth Index

The MSCI KOKUNAI Japan Large Cap Growth Index represents the growth companies of the MSCI KOKUNAI Japan Large Cap 200 Index. (The MSCI KOKUNAI Japan Large Cap 200 Index represents the universe of large capitalization companies in the Japan equity market. This index targets for inclusion the largest 200 companies and represents, as of June 30, 2005, approximately 66% of the capitalization of the Japan equity market.) The MSCI KOKUNAI Japan Large Cap Growth Index is a subset of the MSCI KOKUNAI Japan Large Cap 200 Index.

MSCI KOKUNAI Japan Small + Mid Cap Value Index

The MSCI KOKUNAI Japan Small + Mid Cap Value Index represents the value companies of the MSCI KOKUNAI Japan Small + Mid Cap 1,300 Index. (The MSCI KOKUNAI Japan Small + Mid Cap 1,300 Index represents the universe of small and medium capitalization companies in the Japan equity market. This index targets for inclusion 1,300 companies and represents, as of June 30, 2005, approximately 31% of the capitalization of the Japan equity market. The MSCI KOKUNAI Japan Small + Mid Cap 1,300 Index is the aggregation of the MSCI KOKUNAI Japan Small Cap 900 and Mid Cap 400 Indices.) The MSCI KOKUNAI Japan Small + Mid Cap Value Index is a subset of the MSCI KOKUNAI Japan Small + Mid Cap 1,300 Index.

MSCI KOKUNAI Japan Small + Mid Cap Growth Index

The MSCI KOKUNAI Japan Small + Mid Cap Growth Index represents the growth companies of the MSCI KOKUNAI Japan Small + Mid Cap 1,300 Index. (The MSCI KOKUNAI Japan Small + Mid Cap 1,300 Index represents the universe of small and medium capitalization companies in the Japan equity market. This index targets for inclusion 1,300 companies and represents, as of June 30, 2005, approximately 31% of the capitalization of the Japan equity market. The MSCI KOKUNAI Japan Small + Mid Cap 1,300 Index is the aggregation of the MSCI KOKUNAI Japan Small Cap 900 and Mid Cap 400 Indices.) The MSCI KOKUNAI Japan Small + Mid Cap Growth Index is a subset of the MSCI KOKUNAI Japan Small + Mid Cap 1,300 Index.

MSCI KOKUNAI Japan Mid Cap Value Index

The MSCI KOKUNAI Japan Mid Cap Value Index represents the value companies of the MSCI KOKUNAI Japan Mid Cap 400 Index. (The MSCI KOKUNAI Japan Mid Cap 400 Index represents the universe of medium capitalization companies in the Japan equity market. This index targets for inclusion 400 companies and represents, as of June 30, 2005, approximately 20% of the capitalization of the Japan equity market.) The MSCI KOKUNAI Japan Mid Cap Value Index is a subset of the MSCI KOKUNAI Japan Mid Cap 400 Index.

MSCI KOKUNAI Japan Mid Cap Growth Index

The MSCI KOKUNAI Japan Mid Cap Growth Index represents the growth companies of the MSCI KOKUNAI Japan Mid Cap 400 Index. (The MSCI KOKUNAI Japan Mid Cap 400 Index represents the universe of medium capitalization companies in the Japan equity market. This index targets for inclusion 400 companies and represents, as of June 30, 2005, approximately 20% of the capitalization of the Japan equity market.) The MSCI KOKUNAI Japan Mid Cap Growth Index is a subset of the MSCI KOKUNAI Japan Mid Cap 400 Index.

MSCI KOKUNAI Japan Small Cap Value Index

The MSCI KOKUNAI Japan Small Cap Value Index represents the value companies of the MSCI KOKUNAI Japan Small Cap 900 Index. (The MSCI KOKUNAI Japan Small Cap 900 Index represents the universe of small capitalization companies in the Japan equity market. This index targets for inclusion 900 companies and represents, as of June 30, 2005, approximately 11% of the capitalization of the Japan equity market.) The MSCI KOKUNAI Japan Small Cap Value Index is a subset of the MSCI KOKUNAI Japan Small Cap 900 Index.

MSCI KOKUNAI Japan Small Cap Growth Index

The MSCI KOKUNAI Japan Small Cap Growth Index represents the growth companies of the MSCI KOKUNAI Japan Small Cap 900 Index. (The MSCI KOKUNAI Japan Small Cap 900 Index represents the universe of small capitalization companies in the Japan equity market. This index targets for inclusion 900 companies and represents, as of June 30, 2005, approximately 11% of the capitalization of the Japan equity market.) The MSCI KOKUNAI Japan Small Cap Growth Index is a subset of the MSCI KOKUNAI Japan Small Cap 900 Index.

MSCI KOKUNAI Japan Sector Indices

The MSCI Japan equity Indices include sector, industry group and industry indices as classified in accordance with the Global Industry Classification Standard (GICS®) for each of the market capitalization indices described above. MSCI calculates hundreds of industry, industry group and sector indices for the MSCI Japan equity Indices. Below are names and descriptions of the 10 KOKUNAI Japan Investable Market 1,500 Sector Indices. See the GICS section for more complete definitions of GICS sectors, industry groups and industries. To go to the GICS section, please click here.

MSCI KOKUNAI Japan Investable Market Energy Index The MSCI KOKUNAI Japan Investable Market Energy Index represents the energy companies of the MSCI KOKUNAI Japan Investable Market 1,500 Index as classified in accordance with the Global Industry Classification Standard (GICS®). (The MSCI KOKUNAI Japan Investable Market 1,500 Index represents the investable universe of companies in the Japan equity market. This index targets for inclusion 1,500 companies and represents, as of June 30, 2005, approximately 97% of the capitalization of the Japan equity market. The MSCI KOKUNAI Japan Investable Market 1,500 Index is the aggregation of the MSCI KOKUNAI Japan Large Cap 200, Mid Cap 400 and Small Cap 900 Indices.) The MSCI KOKUNAI Japan Investable Market Energy Index is a subset of the MSCI KOKUNAI Japan Investable Market 1,500 Index. MSCI KOKUNAI Japan Investable Market Consumer Discretionary Index The MSCI KOKUNAI Japan Investable Market Consumer Discretionary Index represents the Consumer Discretionary companies of the MSCI KOKUNAI Japan Investable Market 1,500 Index as classified in accordance with the Global Industry Classification Standard (GICS®). (The MSCI KOKUNAI Japan Investable Market 1,500 Index represents the investable universe of companies in the Japan equity market. This index targets for inclusion 1,500 companies and represents, as of June 30, 2005, approximately 97% of the capitalization of the Japan equity market. The MSCI KOKUNAI Japan Investable Market 1,500 Index is the aggregation of the MSCI KOKUNAI Japan Large Cap 200, Mid Cap 400 and Small Cap 900 Indices.) The MSCI KOKUNAI Japan Investable Market Consumer Discretionary Index is a subset of the MSCI KOKUNAI Japan Investable Market 1,500 Index. MSCI KOKUNAI Japan Investable Market Consumer Staples Index The MSCI KOKUNAI Japan Investable Market Consumer Staples Index represents the Consumer Staple companies of the MSCI KOKUNAI Japan Investable Market 1,500 Index as classified in accordance with the Global Industry Classification Standard (GICS®). (The MSCI KOKUNAI Japan Investable Market 1,500 Index represents the investable universe of companies in the Japan equity market. This index targets for inclusion 1,500 companies and represents, as of June 30, 2005, approximately 97% of the capitalization of the Japan equity market. The MSCI KOKUNAI Japan Investable Market 1,500 Index is the aggregation of the MSCI KOKUNAI Japan Large Cap 200, Mid Cap 400 and Small Cap 900 Indices.) The MSCI KOKUNAI Japan Investable Market Consumer Staples Index is a subset of the MSCI KOKUNAI Japan Investable Market 1,500 Index. MSCI KOKUNAI Japan Investable Market Financials Index The MSCI KOKUNAI Japan Investable Market Financials Index represents the Financial companies of the MSCI KOKUNAI Japan Investable Market 1,500 Index as classified in accordance with the Global Industry Classification Standard (GICS®). (The MSCI KOKUNAI Japan Investable Market 1,500 Index represents the investable universe of companies in the Japan equity market. This index targets for inclusion 1,500 companies and represents, as of June 30, 2005, approximately 97% of the capitalization of the Japan equity market. The MSCI KOKUNAI Japan Investable Market 1,500 Index is the aggregation of the MSCI KOKUNAI Japan Large Cap 200, Mid Cap 400 and Small Cap 900 Indices.) The MSCI KOKUNAI Japan Investable Market Financials Index is a subset of the MSCI KOKUNAI Japan Investable Market 1,500 Index. MSCI KOKUNAI Japan Investable Market Health Care Index The MSCI KOKUNAI Japan Investable Market Health Care Index represents the Health Care companies of the MSCI KOKUNAI Japan Investable Market 1,500 Index as classified in accordance with the Global Industry Classification Standard (GICS®). (The MSCI KOKUNAI Japan Investable Market 1,500 Index represents the investable universe of companies in the Japan equity market. This index targets for inclusion 1,500 companies and represents, as of June 30, 2005, approximately 97% of the capitalization of the Japan equity market. The MSCI KOKUNAI Japan Investable Market 1,500 Index is the aggregation of the MSCI KOKUNAI Japan Large Cap 200, Mid Cap 400 and Small Cap 900 Indices.) The MSCI KOKUNAI Japan Investable Market Health Care Index is a subset of the MSCI KOKUNAI Japan Investable Market 1,500 Index. MSCI KOKUNAI Japan Investable Market Industrials Index The MSCI KOKUNAI Japan Investable Market Industrials Index represents the Industrial companies of the MSCI KOKUNAI Japan Investable Market 1,500 Index as classified in accordance with the Global Industry Classification Standard (GICS®). (The MSCI KOKUNAI Japan Investable Market 1,500 Index represents the investable universe of companies in the Japan equity market. This index targets for inclusion 1,500 companies and represents, as of June 30, 2005, approximately 97% of the capitalization of the Japan equity market. The MSCI KOKUNAI Japan Investable Market 1,500 Index is the aggregation of the MSCI KOKUNAI Japan Large Cap 200, Mid Cap 400 and Small Cap 900 Indices.) The MSCI KOKUNAI Japan Investable Market Industrials Index is a subset of the MSCI KOKUNAI Japan Investable Market 1,500 Index. MSCI KOKUNAI Japan Investable Market Information Technology Index The MSCI KOKUNAI Japan Investable Market Information Technology Index represents the Information Technology companies of the MSCI KOKUNAI Japan Investable Market 1,500 Index as classified in accordance with the Global Industry Classification Standard (GICS®). (The MSCI KOKUNAI Japan Investable Market 1,500 Index represents the investable universe of companies in the Japan equity market. This index targets for inclusion 1,500 companies and represents, as of June 30, 2005, approximately 97% of the capitalization of the Japan equity market. The MSCI KOKUNAI Japan Investable Market 1,500 Index is the aggregation of the MSCI KOKUNAI Japan Large Cap 200, Mid Cap 400 and Small Cap 900 Indices.) The MSCI KOKUNAI Japan Investable Market Information Technology Index is a subset of the MSCI KOKUNAI Japan Investable Market 1,500 Index. MSCI KOKUNAI Japan Investable Market Materials Index The MSCI KOKUNAI Japan Investable Market Materials Index represents the Materials companies of the MSCI KOKUNAI Japan Investable Market 1,500 Index as classified in accordance with the Global Industry Classification Standard (GICS®). (The MSCI KOKUNAI Japan Investable Market 1,500 Index represents the investable universe of companies in the Japan equity market. This index targets for inclusion 1,500 companies and represents, as of June 30, 2005, approximately 97% of the capitalization of the Japan equity market. The MSCI KOKUNAI Japan Investable Market 1,500 Index is the aggregation of the MSCI KOKUNAI Japan Large Cap 200, Mid Cap 400 and Small Cap 900 Indices.) The MSCI KOKUNAI Japan Investable Market Materials Index is a subset of the MSCI KOKUNAI Japan Investable Market 1,500 Index. MSCI KOKUNAI Japan Investable Market Telecommunications Services Index The MSCI KOKUNAI Japan Investable Market Telecommunications Services Index represents the Telecommunications Service companies of the MSCI KOKUNAI Japan Investable Market 1,500 Index as classified in accordance with the Global Industry Classification Standard (GICS®). (The MSCI KOKUNAI Japan Investable Market 1,500 Index represents the investable universe of companies in the Japan equity market. This index targets for inclusion 1,500 companies and represents, as of June 30, 2005, approximately 97% of the capitalization of the Japan equity market. The MSCI KOKUNAI Japan Investable Market 1,500 Index is the aggregation of the MSCI KOKUNAI Japan Large Cap 200, Mid Cap 400 and Small Cap 900 Indices.) The MSCI KOKUNAI Japan Investable Market Telecommunications Services Index is a subset of the MSCI KOKUNAI Japan Investable Market 1,500 Index. MSCI KOKUNAI Japan Investable Market Utilities Index The MSCI KOKUNAI Japan Investable Market Utilities Index represents the Utility companies of the MSCI KOKUNAI Japan Investable Market 1,500 Index as classified in accordance with the Global Industry Classification Standard (GICS®). (The MSCI KOKUNAI Japan Investable Market 1,500 Index represents the investable universe of companies in the Japan equity market. This index targets for inclusion 1,500 companies and represents, as of June 30, 2005, approximately 97% of the capitalization of the Japan equity market. The MSCI KOKUNAI Japan Investable Market 1,500 Index is the aggregation of the MSCI KOKUNAI Japan Large Cap 200, Mid Cap 400 and Small Cap 900 Indices.) The MSCI KOKUNAI Japan Investable Market Utilities Index is a subset of the MSCI KOKUNAI Japan Investable Market 1,500 Index.