Announcement for September 04, 2019 at 08:17 PM GMT

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

MSCI TO CONSULT ON THE TREATMENT OF INDIAN LONG TERM CAPITAL GAINS TAX IN THE
MSCI EQUITY INDEXES

MSCI announced today the launch of a consultation with the investment community
on a proposal to apply withholding tax of 10% for stock dividends to be
implemented for Indian securities. To take into account this withholding tax in
the MSCI Indexes, MSCI proposes to make an adjustment to the MSCI Net Daily
Total Return (DTR) Indexes on the ex-date of the stock dividend.

This proposal aims to address the concern in replicating stock dividends for
Indian securities, where taxes are also applicable to gains on shares that are
received as part of a stock dividend distribution (at zero cost).

MSCI welcomes feedback from the investment community on the proposal on or
before October 04, 2019 and will announce the results of the consultation on or
before October 22, 2019.

A document describing the proposed changes is available on the MSCI website at:
https://www.msci.com/index-consultations

This consultation may or may not lead to the implementation of the proposed
changes in MSCI Indexes. Consultation feedback will remain confidential unless a
participant requests that its feedback be disclosed. In that case, the relevant
feedback would be published at the same time as the final results of the
consultation.

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

                                     End of announcement.
                                     Further announcements may occur as needed.