Announcement for February 12, 2020 at 10:17 PM GMT

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

TREATMENT FOR THE MSCI FRONTIER EMERGING MARKETS INDEX FOLLOWING THE
RECLASSIFICATION OF THE MSCI KUWAIT INDEXES

MSCI confirms that all constituents of the MSCI Kuwait Indexes will be deleted
from the MSCI Frontier Emerging Markets Index in one step as part of the May
2020 Semi-Annual Index Review (SAIR).

As announced on December 18, 2019, the MSCI Kuwait Indexes will be reclassified
to Emerging Markets status as part of the May 2020 SAIR.

Based on the latest available GNI per capita from the World Bank, the GNI per
capita of Kuwait is higher than the threshold for high-income categories, the
highest acceptable GNI per capita value for an Emerging Market country to be
retained in the MSCI Frontier Emerging Markets Index. Hence, following this
reclassification, the MSCI Kuwait Indexes will be no longer be eligible for the
MSCI Frontier Emerging Markets Index and will be deleted as part of the May 2020
SAIR.

As a reminder, the MSCI Frontier Emerging Markets Index is constructed by
aggregating all the country indexes in the MSCI Frontier Markets Index and
country indexes in the MSCI Emerging Markets Indexes selected on the basis of
their weight in the MSCI ACWI Index and their GNI per capita. The Emerging
Markets country composition of the MSCI Frontier Emerging Markets Index is
reviewed annually and announced as part of the August Quarterly Index Review.

Please note that this will have no impact on the previously announced inclusion
of the MSCI Kuwait Indexes to the MSCI Emerging Markets Indexes which will be
implemented coinciding with the May 2020 SAIR.

The updated Q&A document is available on MSCI's website:
https://www.msci.com/market-classification.

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.