STANDARD ANNOUNCEMENTS - September 15, 2014 at 09:24 PM GMT
Announcement for September 15, 2014 at 09:24 PM GMT

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

PROPOSED TREATMENT OF THE MSCI RUSSIA INDEXES IN THE CONTEXT OF NEW ECONOMIC
SANCTIONS

On September 12, 2014, the Council of the European Union as well as the US
Department of the Treasury imposed sanctions on additional entities in
connection with events in Ukraine and Russia.

Given the similar nature of the newly announced additions to the sanctions
announced on July 29, 2014 by the US Department of the Treasury and July 31,
2014 by the Council of the European Union, MSCI proposes to extend the treatment
announced on August 8, 2014 for Sberbank and VTB Bank to Rosneft and Transneft.

More specifically, MSCI proposes to maintain Rosneft (Rub) and Transneft Pref
(Rub) in the MSCI Russia Index, however, in order to reflect the restrictions on
the participation in the potential issuance of new shares by Rosneft and
Transneft by some market participants, as well as mitigate potential reverse
turnover in the MSCI Russia Indexes and related composite indexes, MSCI proposes
not to implement any increases in Number of Shares (NOS) or Foreign Inclusion
Factor (FIF) for Rosneft or Transneft until further notice. MSCI would also
launch a public consultation on a potential deletion of the securities in the
event that Rosneft and/or Transneft announce their intention to issue new
shares.

Rosneft and Transneft, which are current constituents of the MSCI Russia Index,
are among entities included in the list of sanctioned entities announced by the
Council of the European Union. According to the announcement, "it shall be
prohibited to directly or indirectly purchase, sell, provide investment services
for or assistance in the issuance of, or otherwise deal with transferable
securities issued after September 12, 2014" by these companies.

Sberbank, which has been part of the Council of the European Union restrictions
list since July 31, 2014, is now also included in the sanctions list of the US
Department of the Treasury. MSCI does not propose any changes to the treatment
of Sberbank in addition to what was announced on August 8, 2014.

As a reminder, following consultation with the investment community, MSCI
announced on August 8, 2014 that it would maintain Sberbank Russia Com (Rub),
Sberbank Russia Pref (Rub) and VTB Bank (Rub) in the MSCI Russia Index until
further notice, as the issues potentially resulting from the comingling of
existing and new equity were not perceived as an immediate concern by most
consulted market participants. MSCI also announced that it would not implement
any increases in Number of Shares (NOS) or Foreign Inclusion Factor (FIF) for
Sberbank Russia Com (Rub), Sberbank Russia Pref (Rub) and VTB Bank (Rub) until
further notice.

MSCI welcomes feedback from market participants on the potential impact of these
new sanctions on accessibility of the Russian equity market by the close of
September 19, 2014.

For further information on MSCI indices 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.