MSCI US Broad Market Index

The MSCI US Broad Market Index represents the universe of companies in the US equity market, including large, mid, small and micro cap companies. This index targets for inclusion 99.5% of the capitalization of the US equity market. The MSCI US Broad Market Index is the aggregation of the MSCI US Investable Market 2500 and Micro Cap Indices.

MSCI US Investable Market 2500 Index

The MSCI US Investable Market 2500 Index represents the investable universe of companies in the US equity market. This index targets for inclusion 2,500 companies and represents, as of October 29, 2004, approximately 98% of the capitalization of the US equity market. The MSCI US Investable Market 2500 Index is the aggregation of the MSCI US Large Cap 300, Mid Cap 450 and Small Cap 1750 Indices.

MSCI US Prime Market 750 Index

The MSCI US Prime Market 750 Index represents the universe of large and medium capitalization companies in the US equity market. This index targets for inclusion 750 companies and represents, as of October 29, 2004, approximately 86% of the capitalization of the US equity market. The MSCI US Prime Market 750 Index is the aggregation of the MSCI US Large Cap 300 and Mid Cap 450 Indices.

MSCI US Large Cap 300 Index

The MSCI US Large Cap 300 Index represents the universe of large capitalization companies in the US equity market. This index targets for inclusion 300 companies and represents, as of October 29, 2004, approximately 71% of the capitalization of the US equity market.

MSCI US Small + Mid Cap 2200 Index

The MSCI US Small + Mid Cap 2200 Index represents the universe of small and medium capitalization companies in the US equity market. This index targets for inclusion 2200 companies and represents, as of October 29, 2004, approximately 27% of the capitalization of the US equity market. The MSCI Small + Mid Cap 2200 Index is the aggregation of the MSCI US Small Cap 1750 and Mid Cap 450 Indices.

MSCI US Mid Cap 450 Index

The MSCI US Mid Cap 450 Index represents the universe of medium capitalization companies in the US equity market. This index targets for inclusion 450 companies and represents, as of October 29, 2004, approximately 15% of the capitalization of the US equity market.

MSCI US Small + Micro Cap Index

The MSCI US Small + Micro Cap Index represents the universe of small + micro capitalization companies in the US equity market. The MSCI US Small + Micro Cap Index is the aggregation of the MSCI US Small Cap 1750 and Micro Cap Indices.

MSCI US Small Cap 1750 Index

The MSCI US Small Cap 1750 Index represents the universe of small capitalization companies in the US equity market. This index targets for inclusion 1,750 companies and represents, as of October 29, 2004, approximately 12% of the capitalization of the US equity market.

MSCI US Micro Cap Index

The MSCI US Micro Cap Index represents the micro cap companies in the US equity market. The index targets for inclusion approximately the bottom 1.5% of the US equity market capitalization.

MSCI US Investable Market Value Index

The MSCI US Investable Market Value Index represents the value companies of the MSCI US Investable Market 2500 Index. (The MSCI US Investable Market 2500 Index represents the investable universe of companies in the US equity market. This index targets for inclusion 2,500 companies and represents, as of February 28, 2003, approximately 98% of the capitalization of the US equity market. The MSCI US Investable Market 2500 Index is the aggregation of the MSCI US Large Cap 300, Mid Cap 450 and Small Cap 1750 Indices.) The MSCI US Investable Market Value Index is a subset of the MSCI US Investable Market 2500 Index.

MSCI US Investable Market Growth Index

The MSCI US Investable Market Growth Index represents the growth companies of the MSCI US Investable Market 2500 Index. (The MSCI US Investable Market 2500 Index represents the investable universe of companies in the US equity market. This index targets for inclusion 2,500 companies and represents, as of October 29, 2004, approximately 98% of the capitalization of the US equity market. The MSCI US Investable Market 2500 Index is the aggregation of the MSCI US Large Cap 300, Mid Cap 450 and Small Cap 1750 Indices.) The MSCI US Investable Market Growth Index is a subset of the MSCI US Investable Market 2500 Index.

MSCI US Prime Market Value Index

The MSCI US Prime Market Value Index represents the value companies of the MSCI US Prime Market 750 Index. (The MSCI US Prime Market 750 Index represents the universe of large and medium capitalization companies in the US equity market. This index targets for inclusion 750 companies and represents, as of October 29, 2004, approximately 86% of the capitalization of the US equity market.) The MSCI US Prime Market Value Index is a subset of the MSCI US Prime Market 750 Index.

MSCI US Prime Market Growth Index

The MSCI US Prime Market Growth Index represents the growth companies of the MSCI US Prime Market 750 Index. (The MSCI US Prime Market 750 Index represents the universe of large and medium capitalization companies in the US equity market. This index targets for inclusion 750 companies and represents, as of October 29, 2004, approximately 86% of the capitalization of the US equity market.) The MSCI US Prime Market Growth Index is a subset of the MSCI US Prime Market 750 Index.

MSCI US Large Cap Value Index

The MSCI US Large Cap Value Index represents the value companies of the MSCI US Large Cap 300 Index. (The MSCI US Large Cap 300 Index represents the universe of large capitalization companies in the US equity market. This index targets for inclusion 300 companies and represents, as of October 29, 2004, approximately 71% of the capitalization of the US equity market.) The MSCI US Large Cap Value Index is a subset of the MSCI US Large Cap 300 Index.

MSCI US Large Cap Growth Index

The MSCI US Large Cap Growth Index represents the growth companies of the MSCI US Large Cap 300 Index. (The MSCI US Large Cap 300 Index represents the universe of large capitalization companies in the US equity market. This index targets for inclusion 300 companies and represents, as of October 29, 2004, approximately 71% of the capitalization of the US equity market.) The MSCI US Large Cap Growth Index is a subset of the MSCI US Large Cap 300 Index.

MSCI US Small + Mid Cap Value Index

The MSCI US Small + Mid Cap Value Index represents the value companies of the MSCI US Small + Mid Cap 2200 Index. (The MSCI US Small + Mid Cap 2200 Index represents the universe of small and medium capitalization companies in the US equity market. This index targets for inclusion 2200 companies and represents, as of October 29, 2004, approximately 27% of the capitalization of the US equity market. The MSCI US Small + Mid Cap 2200 Index is the aggregation of the MSCI US Small Cap 1750 and Mid Cap 450 Indices.) The MSCI US Small + Mid Cap Value Index is a subset of the MSCI US Small + Mid Cap 2200 Index.

MSCI US Small + Mid Cap Growth Index

The MSCI US Small + Mid Cap Growth Index represents the growth companies of the MSCI US Small + Mid Cap 2200 Index. (The MSCI US Small + Mid Cap 2200 Index represents the universe of small and medium capitalization companies in the US equity market. This index targets for inclusion 2200 companies and represents, as of October 29, 2004, approximately 27% of the capitalization of the US equity market. The MSCI US Small + Mid Cap 2200 Index is the aggregation of the MSCI US Small Cap 1750 and Mid Cap 450 Indices.) The MSCI US Small + Mid Cap Growth Index is a subset of the MSCI US Small + Mid Cap 2200 Index.

MSCI US Mid Cap Value Index

The MSCI US Mid Cap Value Index represents the value companies of the MSCI US Mid Cap 450 Index. (The MSCI US Mid Cap 450 Index represents the universe of medium capitalization companies in the US equity market. This index targets for inclusion 450 companies and represents, as of October 29, 2004, approximately 15% of the capitalization of the US equity market.) The MSCI US Mid Cap Value Index is a subset of the MSCI US Mid Cap 450 Index.

MSCI US Mid Cap Growth Index

The MSCI US Mid Cap Growth Index represents the growth companies of the MSCI US Mid Cap 450 Index. (The MSCI US Mid Cap 450 Index represents the universe of medium capitalization companies in the US equity market. This index targets for inclusion 450 companies and represents, as of October 29, 2004, approximately 15% of the capitalization of the US equity market.) The MSCI US Mid Cap Growth Index is a subset of the MSCI US Mid Cap 450 Index.

MSCI US Small Cap Value Index

The MSCI US Small Cap Value Index represents the value companies of the MSCI US Small Cap 1750 Index. (The MSCI US Small Cap 1750 Index represents the universe of small capitalization companies in the US equity market. This index targets for inclusion 1,750 companies and represents, as of October 29, 2004, approximately 12% of the capitalization of the US equity market.) The MSCI US Small Cap Value Index is a subset of the MSCI US Small Cap 1750 Index.

MSCI US Small Cap Growth Index

The MSCI US Small Cap Growth Index represents the growth companies of the MSCI US Small Cap 1750 Index. (The MSCI US Small Cap 1750 Index represents the universe of small capitalization companies in the US equity market. This index targets for inclusion 1,750 companies and represents, as of October 29, 2004, approximately 12% of the capitalization of the US equity market.) The MSCI US Small Cap Growth Index is a subset of the MSCI US Small Cap 1750 Index.

MSCI US Sector Indices

The MSCI US 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 US Equity Indices. Below are names and descriptions of the 10 US Investable Market 2500 Sector Indices. See the GICS section of msci.com for more complete definitions of GICS sectors, industry groups and industries. To go to the GICS section of msci.com, please click here.

MSCI US Investable Market Energy Index

The MSCI US Investable Market Energy Index represents the energy companies of the MSCI US Investable Market 2500 Index as classified in accordance with the Global Industry Classification Standard (GICS®). (The MSCI US Investable Market 2500 Index represents the investable universe of companies in the US equity market. This index targets for inclusion 2,500 companies and represents, as of October 29, 2004, approximately 98% of the capitalization of the US equity market. The MSCI US Investable Market 2500 Index is the aggregation of the MSCI US Large Cap 300, Mid Cap 450 and Small Cap 1750 Indices.) The MSCI US Investable Market Energy Index is a subset of the MSCI US Investable Market 2500 Index.

MSCI US Investable Market Consumer Discretionary Index

The MSCI US Investable Market Consumer Discretionary Index represents the Consumer Discretionary companies of the MSCI US Investable Market 2500 Index as classified in accordance with the Global Industry Classification Standard (GICS®). (The MSCI US Investable Market 2500 Index represents the investable universe of companies in the US equity market. This index targets for inclusion 2,500 companies and represents, as of October 29, 2004, approximately 98% of the capitalization of the US equity market. The MSCI US Investable Market 2500 Index is the aggregation of the MSCI US Large Cap 300, Mid Cap 450 and Small Cap 1750 Indices.) The MSCI US Investable Market Consumer Discretionary Index is a subset of the MSCI US Investable Market 2500 Index.

MSCI US Investable Market Consumer Staples Index

The MSCI US Investable Market Consumer Staples Index represents the Consumer Staple companies of the MSCI US Investable Market 2500 Index as classified in accordance with the Global Industry Classification Standard (GICS®). (The MSCI US Investable Market 2500 Index represents the investable universe of companies in the US equity market. This index targets for inclusion 2,500 companies and represents, as of October 29, 2004, approximately 98% of the capitalization of the US equity market. The MSCI US Investable Market 2500 Index is the aggregation of the MSCI US Large Cap 300, Mid Cap 450 and Small Cap 1750 Indices.) The MSCI US Investable Market Consumer Staples Index is a subset of the MSCI US Investable Market 2500 Index.

MSCI US Investable Market Financials Index

The MSCI US Investable Market Financials Index represents the Financial companies of the MSCI US Investable Market 2500 Index as classified in accordance with the Global Industry Classification Standard (GICS®). (The MSCI US Investable Market 2500 Index represents the investable universe of companies in the US equity market. This index targets for inclusion 2,500 companies and represents, as of October 29, 2004, approximately 98% of the capitalization of the US equity market. The MSCI US Investable Market 2500 Index is the aggregation of the MSCI US Large Cap 300, Mid Cap 450 and Small Cap 1750 Indices.) The MSCI US Investable Market Financials Index is a subset of the MSCI US Investable Market 2500 Index.

MSCI US Investable Market Health Care Index

The MSCI US Investable Market Health Care Index represents the Health Care companies of the MSCI US Investable Market 2500 Index as classified in accordance with the Global Industry Classification Standard (GICS®). (The MSCI US Investable Market 2500 Index represents the investable universe of companies in the US equity market. This index targets for inclusion 2,500 companies and
represents, as of October 29, 2004, approximately 98% of the capitalization of the US equity market. The MSCI US Investable Market 2500 Index is the aggregation of the MSCI US Large Cap 300, Mid Cap 450 and Small Cap 1750 Indices.) The MSCI US Investable Market Health Care Index is a subset of the MSCI US Investable Market 2500 Index.

MSCI US Investable Market Industrials Index

The MSCI US Investable Market Industrials Index represents the Industrial companies of the MSCI US Investable Market 2500 Index as classified in accordance with the Global Industry Classification Standard (GICS®). (The MSCI US Investable Market 2500 Index represents the investable universe of companies in the US equity market. This index targets for inclusion 2,500 companies and represents, as of October 29, 2004, approximately 98% of the capitalization of the US equity market. The MSCI US Investable Market 2500 Index is the aggregation of the MSCI US Large Cap 300, Mid Cap 450 and Small Cap 1750 Indices.) The MSCI US Investable Market Industrials Index is a subset of the MSCI US Investable Market 2500 Index.

MSCI US Investable Market Information Technology Index

The MSCI US Investable Market Information Technology Index represents the Information Technology companies of the MSCI US Investable Market 2500 Index as classified in accordance with the Global Industry Classification Standard (GICS®). (The MSCI US Investable Market 2500 Index represents the investable universe of companies in the US equity market. This index targets for inclusion 2,500 companies and represents, as of October 29, 2004, approximately 98% of the capitalization of the US equity market. The MSCI US Investable Market 2500 Index is the aggregation of the MSCI US Large Cap 300, Mid Cap 450 and Small Cap 1750 Indices.) The MSCI US Investable Market Information Technology Index is a subset of the MSCI US Investable Market 2500 Index.

MSCI US Investable Market Materials Index

The MSCI US Investable Market Materials Index represents the Materials companies of the MSCI US Investable Market 2500 Index as classified in accordance with the Global Industry Classification Standard (GICS®). (The MSCI US Investable Market 2500 Index represents the investable universe of companies in the US equity market. This index targets for inclusion 2,500 companies and represents, as of October 29, 2004, approximately 98% of the capitalization of the US equity market. The MSCI US Investable Market 2500 Index is the aggregation of the MSCI US Large Cap 300, Mid Cap 450 and Small Cap 1750 Indices.) The MSCI US Investable Market Materials Index is a subset of the MSCI US Investable Market 2500 Index.

MSCI US Investable Market Telecommunications Services Index

The MSCI US Investable Market Telecommunications Services Index represents the Telecommunications Service companies of the MSCI US Investable Market 2500 Index as classified in accordance with the Global Industry Classification Standard (GICS®). (The MSCI US Investable Market 2500 Index represents the investable universe of companies in the US equity market. This index targets for
inclusion 2,500 companies and represents, as of October 29, 2004, approximately 98% of the capitalization of the US equity market. The MSCI US Investable Market 2500 Index is the aggregation of the MSCI US Large Cap 300, Mid Cap 450 and Small Cap 1750 Indices.) The MSCI US Investable Market Telecommunications Services Index is a subset of the MSCI US Investable Market 2500 Index.

MSCI US Investable Market Utilities Index

The MSCI US Investable Market Utilities Index represents the Utility companies of the MSCI US Investable Market 2500 Index as classified in accordance with the Global Industry Classification Standard (GICS®). (The MSCI US Investable Market 2500 Index represents the investable universe of companies in the US equity market. This index targets for inclusion 2,500 companies and represents, as of October 29, 2004, approximately 98% of the capitalization of the US equity market. The MSCI US Investable Market 2500 Index is the aggregation of the MSCI US Large Cap 300, Mid Cap 450 and Small Cap 1750 Indices.) The MSCI US Investable Market Utilities Index is a subset of the MSCI US Investable Market 2500 Index.