MSCI Takes over the Management and Ownership of the Morgan Stanley REIT Index -RMS-

Business Wire, Nov 23, 2004

PRINCETON -- After managing the Morgan Stanley REIT Index (RMS) for the last several years, the REIT Research Team at Morgan Stanley has transferred the day to day management and ownership of this Index to MSCI, the leading provider of global indices and benchmark related products and services. Until further notice, the RMS will continue to be calculated and priced by the American Stock Exchange, and there will be no change to the dissemination of information with respect to index changes and rebalancings, details of which are made available on the AMEX website. Pricing information will continue to be available on a 15 second lag basis under the symbol RMS.

Morgan Stanley anticipates that it will transfer day to day management and operation of the Morgan Stanley REIT Preferred Index (MSRP) to MSCI in February 2005. Further information will be provided as available.

All future enquiries on these indices and for further information on MSCI indices or MSCI data, please visit our web site at www.msci.com.

NOTICE AND DISCLAIMER

This information is the property of Morgan Stanley Capital International Inc. (MSCI). The information may not be used to verify or correct data, or any compilation of data or index or in the creation of any indices. Nor may it be used in the creating, offering, trading or promotion of any financial instruments or products. This information is provided on an "as is" basis, and the user of this information assumes the entire risk of any use made of this information. It is not a recommendation to participate in any particular trading strategy. Neither MSCI, its affiliates nor any other party involved in the making or compiling of the information (the "MSCI Parties") guarantees the accuracy and/or the completeness of any of this information. None of the MSCI Parties makes any express or implied representations or warranties, and each MSCI Party hereby expressly disclaims all warranties of merchantability or fitness for a particular purpose with respect to any of this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any damages of any kind even if notified of the possibility of such damages.

Morgan Stanley Capital International, MSCI and all other service marks referred to herein are the exclusive property of MSCI and its affiliates. All MSCI indices are the exclusive property of MSCI and may not be used in any way without the express written permission of MSCI.

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 The Capital Group Companies, Inc., a global investment management group, is the minority shareholder.