Announcement for October 26, 2020 at 08:16 PM GMT

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

UPDATE ON THE TREATMENT OF FOREIGN OWNERSHIP LIMITS IN THE MSCI INDIA INDEXES
(Re: Announcements sent on June 30, 2020)

MSCI welcomes the recent disclosure of the foreign investment limits for Indian
securities by National Securities Depository Limited (NSDL) & Central Depository
Services Limited (CDSL) addressing the concerns on the timeliness, quality and
standardization of the data.

MSCI will implement changes in Foreign Ownership Limits (FOL) in the MSCI Global
Indexes containing Indian securities coinciding with the November 2020 Semi
Annual Index Review (SAIR) at the close of November 30, 2020, effective December
1, 2020. The FOL changes are resulting from the relaxation of the Foreign
Portfolio Investor (FPI) limit of Indian companies to the sectoral limit.

The FOL for securities in the MSCI India Equity Universe would be equal to the
limit as per the 'Automatic Route' except:
- The cases where a higher limit is approved under the 'Government Route' or
- The cases where a lower limit is approved by the company's Board of Directors
and its General Body

MSCI will review the Number of Shares (NOS) and the free float as per the cutoff
dates and triggers in section 3.1.9, 3.2.4 and 3.2.5 of the Global Investable
Market Indexes (GIMI) methodology and MSCI will not conduct an additional review
of the free float for securities only subject to the FOL changes.

A simulated list of the potential FOLs applicable to Indian companies
considering the data provided by CDSL & NSDL is available at:
https://www.msci.com/index-consultations

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

                                     End of announcement.
                                     Further announcements may occur as needed.