Announcement for November 15, 2019 at 09:13 PM GMT

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

SAUDI ARAMCO - INITIAL PUBLIC OFFERING

On November 3, 2019, Saudi Aramco announced its intention to conduct an Initial
Public Offering (IPO) on the Saudi Stock Exchange (Tadawul). While the IPO
prospectus was issued on November 10, 2019, the size of the offering is expected
to be announced only by December 5, 2019. Currently, the first trading day
remains unclear.

As the first trading day of Saudi Aramco may fall close to the international
market holidays, MSCI may deviate from the standard policy of inclusion of
sizeable IPOs on a security's tenth trading day. More specifically, if Saudi
Aramco starts trading on or before December 12, 2019, MSCI would add Saudi
Aramco to the MSCI Equity Indexes in one phase no later than as of the close of
December 17, 2019. However, if the IPO listing date is after December 12, 2019,
MSCI would postpone the implementation until after January 5, 2020.

This implementation schedule is designed to avoid potential operational or
funding issues that may be caused by potentially lower liquidity and market
closures during the holiday period.

MSCI will continue monitoring the IPO of Saudi Aramco. Once more information
becomes available, MSCI would issue further communication on its treatment in
the MSCI Equity Indexes.

Further details on the rules governing early inclusions in the MSCI Equity
Indexes can be found in the MSCI Global Investable Market Indexes and MSCI
Corporate Events methodologies available on
https://www.msci.com/index-methodology

For further information on MSCI indexes or MSCI data, please visit our web site
at www.msci.com, or contact:

MSCI Global Client Service:
Americas Client Service: 1.888.588.4567 (toll free)/+ 1.212.804.3901
EMEA Client Service: + 44.20.7618.2222
Asia Pacific Client Service: + 852.2844.9333


THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

                                     End of announcement.
                                     Further announcements may occur as needed.