SGX MSCI Singapore Futures Gain Approval For US Investors To Trade On Singapore Exchange

Singapore, June 23, 2000. Singapore Exchange Derivatives Trading (SGX-DT) and MSCI today announced that the US regulator, the Commodity Futures Trading Commission (CFTC) has issued a "no action" letter allowing the SGX MSCI Singapore futures contract ("SiMSCI") to be offered and sold to institutions in the US.

SGX SiMSCI futures, based on the MSCI Singapore Free Index, began trading on SGX-DT on September 7, 1998. The MSCI Singapore Free Index is a market-capitalization equity index, which currently contains 30 securities listed on the Singapore Exchange Securities Trading (SGX-ST). It currently represents about 60% of the total market capitalisation of Singapore and has been calculated since January 1, 1998.

Ang Swee Tian, President, Singapore Exchange, said: "The SiMSCI futures already offer a liquid futures market with around 2,100 contracts being traded every day. The CFTC approval will open up this important market to US based institutions."

Commenting today, Henry Fernandez, President of MSCI Inc. said: "A large number of US based institutions benchmark their international equity assets to MSCI indices. CFTC approval of the SiMSCI futures will give these investors an opportunity to trade in derivative contracts on the popular MSCI Singapore Free Index."

For further information, please visit www.msci.com or singaporeexchange.com, or contact:

Raymond Chow, Singapore Exchange + 65 236 8135
John Fildes, MSCI, Hong Kong + 852 2848 5050
Daniel Bacci, MSCI, New York + 1 212 762 5790
Simon Midgen, MSCI, London + 44 20 7425 4595
Catherine May, Luther Pendragon + 44 20 7353 1500

Morgan Stanley Capital International Inc. (MSCI) is a leading provider of global indices and benchmark related products and services to investors worldwide. Morgan Stanley Dean Witter & Co., 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.

The foregoing has been prepared solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular trading strategy. Morgan Stanley Capital International Inc. does not sponsor, endorse, sell or promote SGX SiMSCI futures contracts.

MSCI and Morgan Stanley Capital International are registered service marks of Morgan Stanley Capital International Inc., and SiMSCI is a service mark of Morgan Stanley Dean Witter & Co.

MSCI Client Services can be reached on:

London + 44 20 7425 6660
Tokyo + 813 5424 5470
New York + 1 212 762 5790
Hong Kong + 852 2848 6740

And a further 5 locations.