Announcement for November 15, 2017 at 10:00 PM GMT

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

MSCI AND S&P DOW JONES INDICES ANNOUNCE REVISIONS TO THE GLOBAL INDUSTRY
CLASSIFICATION STANDARD (GICS) STRUCTURE IN 2018

MSCI Inc., a leading provider of research-based indexes and analytics and S&P
Dow Jones Indices, a leading provider of financial market indices, announced
today that as a result of their annual review of the Global Industry
Classification Standard (GICS) structure, the Telecommunication Services Sector
is being broadened and renamed as Communication Services to include companies
that facilitate communication and offer related content and information through
various media. The renamed Sector will include the existing telecommunication
companies, as well as companies selected from the Consumer Discretionary Sector
currently classified under the Media Industry Group and the Internet & Direct
Marketing Retail Sub-Industry, along with select companies currently classified
in the Information Technology Sector.

The last several years have seen an evolution in the mode in which people
communicate and access entertainment content and other information. This
evolution is a result of the integration between telecommunications, media, and
internet companies. Companies have moved further in this direction by
consolidating through mergers and acquisitions and many now offer bundled
services such as cable, internet services, and telephone services. Some of these
companies also create interactive entertainment content and aggregate
information that is delivered through multiple platforms such as cable and
internet, as well as accessed on cellular phones.

Another important change being made to the GICS structure is the
reclassification of online marketplaces for consumer products and services
regardless of whether they hold inventory to the Internet & Direct Marketing
Retail Sub-Industry under the Consumer Discretionary Sector. All of these
e-commerce companies are dominant players in the Internet Retail Industry,
targeting the same consumers and competing with one another.

"The GICS structure is evolving to stay abreast with the ever changing business
environment. Convergence between telecom and media companies is not just a trend
but a fact. Companies in these two industries are clearly finding synergies
between creation of content and its delivery," according to Sebastien Lieblich,
Managing Director and Global Head of Equity Solutions Research at MSCI. "The
proposed Communication Services Sector reflects this evolution. Also, the
universal nature of internet has led to it being integrated in almost all
aspects of communication and business transactions. Online market places and
e-commerce companies are slowly and surely increasing their share of the overall
retail segment and should be classified under Internet Retail to align with the
underlying business."

"The GICS structure continues to evolve to align peers and focus on a company's
core business when assigning classifications," according to David Blitzer,
Chairman of the Index Committee at S&P Dow Jones Indices. "The internet began as
a technological approach to sharing information; it has become the way many
businesses operate. Cable companies are combining with telecom companies,
creating their own media content and delivering it to consumers. The lines among
media, communications, and content are blurred. It is time to acknowledge this
convergence and the overlapping services these companies provide. The
Communication Services Sector addresses this progression. Additionally, there is
no longer any question that all e-commerce belongs in retail. Online
marketplaces will move to Internet & Direct Marketing Retail to ensure that
companies are classified according to their underlying business."

The annual GICS methodology review is intended to ensure that the GICS structure
continues to appropriately represent the global equity markets and, thereby,
enable 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.

The changes to the GICS structure will be implemented in GICS Direct after the
close of business (ET) on Friday, September 28, 2018. The full list of companies
affected by these changes will be made available to GICS Direct clients no later
than August 1, 2018. A select list of large market capitalization companies
affected by the changes will be announced in January 2018. MSCI and S&P Dow
Jones Indices will each consult with clients regarding implementation in their
respective indexes.

The results of the consultation and changes to the GICS structure in 2018 are
summarized below.

Communication Services Sector

The Telecommunication Services Sector is being renamed to Communication Services
and will contain two Industry Groups: Telecommunication Services and Media &
Entertainment. The Telecommunication Services Industry Group will remain under
the Communication Services Sector and continue to include providers of
telecommunication services and related services. In addition, internet service
providers offering internet access to end users will be classified here.

The Media Industry Group will move out of Consumer Discretionary and into the
Communication Services Sector, and will be renamed Media & Entertainment. It
will remain an Industry Group and contain three Industries: Media,
Entertainment, and Interactive Media & Services. The Media Industry will contain
companies engaged in Advertising, Broadcasting, Cable & Satellite, and
Publishing.

The Entertainment Industry will contain companies engaged in producing and
selling entertainment products and services. It will now also include online
entertainment streaming companies. In addition, companies producing interactive
home entertainment content such as games and mobile gaming applications will be
classified here.

The Interactive Media & Services Industry will include companies engaged in
content and information creation or distribution through proprietary platforms,
where revenues are derived primarily through pay-per-click advertisements. It
will include search engines, social media and networking platforms, online
classifieds, and online review companies.

Internet & Direct Marketing Retail Sub-Industry

The Internet & Direct Marketing Retail Sub-Industry under the Consumer
Discretionary Sector will be updated to include companies providing online
marketplaces for consumer products and services. The Sub-Industry will include
e-commerce companies regardless of whether they hold inventory.

Information Technology Sector

The Internet Software & Services Industry and Sub-Industry will be discontinued.

A new Sub-Industry will be created under the IT Services Industry called
Internet Services & Infrastructure. This Sub-Industry will include companies
providing services and infrastructure for the internet industry including data
centers, cloud networking & storage infrastructure, and web hosting services.

In addition, the Application Software Sub-Industry will include cloud-based
software companies.

The new GICS structure will consist of 11 Sectors, 24 Industry Groups, 69
Industries and 158 Sub-Industries.

For a detailed document covering the upcoming changes, please visit MSCI's web
site at www.msci.com.

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

                                     End of announcement.
                                     Further announcements may occur as needed.