S&P And MSCI BARRA Announce Revisions To The Global Industry Classification Standard (GICS®)

MSCI Barra and Standard & Poor’s, the leading providers of global indices and benchmark-related products and services, announced today the results of their annual review of the Global Industry Classification Standard (GICS®) structure. The review is intended to ensure that the GICS structure continues to appropriately represent the global equity markets and, thereby, enables asset owners, asset managers and investment research specialists to make consistent global comparisons by industry. The GICS revision is the result of a consultation with members of the global investment community. Changes include renaming one Industry Group, creating four new Industries and ten new Sub-Industries. Changes also include discontinuing one Industry and two Sub-Industries, and making name and definition changes to others.

HEALTH CARE SECTOR

Changes to the Health Care Sector include the renaming and redefining of one Industry Group, the creation of two new Industries and Sub-Industries, and redefining five Sub-Industries. The Pharmaceuticals & Biotechnology Industry Group will be renamed Pharmaceuticals, Biotechnology & Life Sciences. This Industry Group will see the introduction of the Life Sciences Tools & Services Industry and Sub-Industry. In addition, the Health Care Equipment & Services Industry Group will add a Health Care Technology Industry and Sub-Industry. The definitions of other Sub-Industries in this Sector will be modified to reflect these additions. Details of changes to the Health Care Sector, including GICS Codes and definitions, are provided in Appendix A.

REAL ESTATE INDUSTRY GROUP

Changes in the Real Estate Industry Group include discontinuing the Real Estate Industry and creating two new Industries, with the promotion of the Real Estate Investment Trusts and Real Estate Management & Development Sub-Industries to Industry status. The new Real Estate Investment Trusts Industry will see the creation of seven new Sub-Industries – Diversified REITs, Industrial REITs, Mortgage REITs, Office REITs, Residential REITs, Retail REITs and Specialized REITs. The new Real Estate Management & Development Industry will include a Real Estate Management & Development Sub-Industry. Appendix B sets forth the new structure of the Real Estate Industry Group.

As a result of these changes, the GICS structure will consist of 10 Sectors, 24 Industry Groups, 67 Industries and 147 Sub-Industries. The complete list of revisions and clarifications is provided in Appendix C.

An updated GICS structure and newly modified definitions are available on MSCI’s web site at www.msci.com and Standard & Poor’s web sites at www.gics.standardandpoors.com and www.spglobal.com.

The changes to the GICS structure will be implemented after the close of business (New York) on Friday, April 28, 2006. The list of securities affected, if any, by these changes will be made available to GICS Direct clients no later than April 3, 2006.

Click here to view appendices.