MSCI announced today its scheduled May 2001 index rebalancing for the Standard MSCI Greece Index.

As previously announced, these indices are being rebalanced, effective as of the close of May 31, 2001, in accordance with MSCI''s enhanced methodology for free float-adjustment and increased coverage. The newly rebalanced Standard MSCI Greece Index will simultaneously enter the Standard MSCI Developed Market Index Series. On a pro forma basis, the reclassification of the MSCI Greece Index to the Standard MSCI Developed Market Index Series will result in a net market capitalization increase of 0.5% and 0.4% in the MSCI Europe Index and the MSCI EAFE Index, respectively. The MSCI EMF Index will see a net decrease of 4.7% in market capitalization, as the MSCI Greece and Sri Lanka Indices exit and the MSCI Egypt and Morocco Indices join this aggregate emerging market index.

SECTOR REPRESENTATION - In order to increase the representation of the Banks and Telecommunication Services industry groups respectively, Bank of Piraeus will be added at 70% of its market capitalization, while Panafon Hellenic Telecom will be added at 35% of its market capitalization reflecting the free float available to foreign investors for these securities. All of the securities in the MSCI Greece Index will be adjusted for the free float available to foreign investors. This will reduce the market capitalization of all index constituents. Twenty-three securities will be deleted from the index due to small size or low liquidity. Some of these deletions are related to the reclassification of Greece as a Developed European Market, where constituent size is typically higher than in Emerging Markets.