Announcement for March 27, 2020 at 08:33 PM GMT

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

IMPLEMENTATION OF LONG-TERM CAPITAL GAINS TAX FOR STOCK DIVIDENDS IN INDIA

As announced on October 23, 2019, MSCI will reinvest a negative amount
corresponding to the 15% capital gains tax in the MSCI Net Daily Total Return
(DTR) Indexes on the ex-date of the stock dividend for Indian securities. This
will be applicable only for the stock dividend of shares in the same company and
will be implemented starting from April 01, 2020.

At the time of the CONFIRMED announcement, MSCI will reflect the capital gains
tax through an estimated negative amount per share in its product files, based
on the theoretical ex-price of the security calculated using the price as of the
"CONFIRMED Date -1".

MSCI will further amend the negative amount on the ex-date, based on the closing
price of the security on the ex-date. MSCI will send an intraday announcement
after India Market Close to confirm the final negative amount. The negative
reinvestment is reflected simultaneously with the PAF on the ex-date of the
stock dividend.

The negative amount per share will be calculated as follows:

Negative amount per share = Closing price of the security on the ex-date *
Shares Issued *15%/ Shares Before

Where "Shares Issued" = Number of shares distributed and "Shares Before" =
Number of shares shareholders need to hold before the event

Please note that the number of shares of a security on the day preceding the
ex-date is used to calculate the dividend amount to be reinvested.

MSCI will apply 15% capital gains tax rate on the ex-date of each Indian stock
dividend across all MSCI equity indexes.

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

                                     End of announcement.
                                     Further announcements may occur as needed.