MSCI Barra is to launch a global family of indices designed to reflect the performance of the high dividend yield opportunity set.

The MSCI High Dividend Yield Indices, which will become available in October 2006, are designed to serve as performance benchmarks and may be used as the basis for passive investment vehicles.

'The new MSCI High Dividend Yield Indices respond to the needs of investment professionals for benchmarks that reflect the performance of the high dividend yield opportunity set and that can be replicated in institutional and retail portfolios,' says Ken O'Keeffe, Executive Director at MSCI Barra.

'The MSCI High Dividend Yield Indices include high dividend yielding securities that have demonstrated a sustainable and persistent dividend.'

MSCI Barra will offer High Dividend Yield Indices based on the following MSCI Equity Indices (Parent Indices): MSCI World, MSCI World ex Australia, MSCI EAFE, MSCI Europe, MSCI EMU, MSCI KOKUSAI, MSCI Pacific and MSCI US Investable Market 2500 Indices. Eleven years of index and security level history will be available for the above MSCI High Dividend Yield Indices. In addition, the MSCI High Dividend Yield methodology can be applied to any MSCI Parent Index, based on client demand.

The MSCI High Dividend Yield Indices aim to objectively reflect the high dividend yield opportunity set within select MSCI Equity Indices and:

• are derived from country, regional, or composite level MSCI Parent Indices,
• include only securities that offer a meaningfully higher than average dividend yield relative to their respective Parent Index and pass dividend sustainability and persistence screens,
• offer broad market coverage, and
• are free float market capitalization weighted to ensure that their performance can be replicated in institutional and retail portfolios.

Further information on the MSCI High Dividend Yield Indices can be found on www.mscibarra.com