MSCI Indices 2013 Performance Results1

  MSCI Indices 2013 Performance Results1

 Global Markets Advance—Led by Returns in Developed and Frontier Markets and
                                  Small Caps

  *Global markets posted significant positive returns, primarily in Developed
    and Frontier Markets
  *Global small caps outpaced large and mid caps, extending the trend seen in
  *Most Emerging Markets regions and countries displayed negative
    results—many in the double digits

Business Wire

LONDON -- December 27, 2013

MSCI Inc. (NYSE:MSCI), a leading provider of investment decision support tools
worldwide, today published the year-to-date (YTD) 2013 performance of its MSCI
Indices, displaying substantial advances in global equity markets, with the
exception of Emerging Markets.

The flagship MSCI global index, MSCI ACWI IMI—comprised of over 8,500 large,
mid and small cap securities across 23 Developed and 21 Emerging Markets
countries—showed healthy double digit returns, delivering a 2013 YTD return of
19.58%, following its 2012 gain of 13.70%.

As in 2012, the MSCI ACWI Small Cap Index bested all other MSCI ACWI index
capitalization segments for 2013 YTD, with a return of 25.09% versus returns
of 20.76% and 18.37% over the period for the MSCI ACWI Mid Cap and Large Cap
Indices, respectively.

Among global sectors, the top performers for 2013 YTD were the MSCI ACWI
IMI/Healthcare and the MSCI ACWI IMI/Consumer Discretionary Indices, which
returned 32.83% and 32.74%, respectively. The single sector index with
negative performance was the MSCI ACWI IMI/Materials Index, which returned
-3.36% for the period.

Developed Markets

A wide range of regional and country MSCI Developed Markets (DM) Indices
delivered strong positive returns in the double digits for 2013 YTD. The MSCI
World Index, for example, posted a return of 22.50%, while the top performing
regional index, the MSCI North America Index, returned 26.56%. The highest DM
country performers included the MSCI Finland, Ireland and USA Indices,  with
returns of  38.99%, 36.73% and 28.79%, respectively.

The MSCI DM Small Cap Indices handily outperformed their mid and large cap
counterparts across the majority of countries and regions for 2013 YTD. The
MSCI USA Small Cap Index was the top performer,  for example, with a 2013 YTD
return of 35.74%, while the MSCI World Small Cap Index produced a return of
28.80% over the period, which was 28% higher than that of the MSCI World

Frontier Markets

The MSCI Frontier Markets (FM) Indices produced widely dispersed 2013 YTD
results, with the majority of regions and countries in positive territory. The
MSCI Frontier Markets Index returned 20.53% over the period, closely followed
by the MSCI Frontier Markets 100 Index, which returned 20.37%. The MSCI
Frontier Markets Africa Index was the top-performing regional FM index,
delivering a return of 23.49% for the period. The top three single country FM
index performers for 2013 YTD included the MSCI Bulgaria, UAE and Argentina
Indices, which returned 91.55%, 79.02%, and 68.97%, respectively. The lowest
performing FM countries were the MSCI Tunisia and Ukraine Indices with 2013
YTD returns of -12.44%, and -18.52%, respectively.

Emerging Markets

A majority of the regional and country MSCI Emerging Markets (EM) Indices
posted negative 2013 YTD returns. The MSCI Emerging Markets Index lost -5.67%
over the period—and this figure was slightly higher than the average return
across the EM constituent regions and countries. Four EM countries did show
positive returns in the low single digits, including the MSCI Egypt Index,
which posted a 7.17% return for the period, and the MSCI Taiwan, Korea, and
Malaysia Indices, which returned 3.78%, 2.51%, and 2.09%, respectively. One EM
outlier was the MSCI Greece Index, which migrated from the developed markets
to the emerging markets in November 2013 and posted a return of 37.88%.

The MSCI China Index^2, which comprises approximately 20% of the MSCI Emerging
Markets Index, delivered a slightly negative return of -0,20%; the domestic
MSCI China A Index^3 delivered a slightly lower return of -2.53%. The top
performing EM region was the MSCI Emerging Markets Far East Index, which
returned 0.57% over the period.

Reinforcing the global trend of small cap dominance, the MSCI EM Small Cap
Index outperformed its large- and mid-cap sibling (the MSCI EM Index),
returning -2.07% for 2013 YTD.

Factor Indices

Relative to their market cap weighted parent indices, the suite of MSCI Factor
Indices performed variously in different markets. For example, against the
backdrop of significant upward trends in the regions and countries of the
developed markets, the MSCI Momentum Indices handily outperformed their parent
indices over the YTD 2013 period in these DM markets. Similarly, MSCI Value
Weighted and Quality Indices generally showed modest outperformance relative
to their parents in the developed markets. The MSCI Minimum Volatility
Indices, on the other hand, generally underperformed their parents in
developed markets and outperformed their parents in emerging markets, which
showed substantially negative 2013 YTD performance.

Historical index levels for the full range of MSCI Indices are available at

^1 All year-to-date (YTD) 2013 index performance data is based on price index
levels in USD for the periods 1 January 2013 – 24December 2013.

^2 The MSCI China Index is composed of H shares, B shares, Red chips and P

^3 The MSCI China A Index is composed of securities incorporated in mainland
China that are listed on the Shanghai or the Shenzhen exchange and are traded
in Renminbi (RMB).

MSCI Market Cap Indices Performance Table—YTD 2013 (1 Jan 2013 – 24 Dec 2013)
Index                                      YTD 2013                  2012
                                            1 Jan 2013 – 24 Dec 2013
MSCI All Country (AC) Indices
MSCI ACWI Small Cap Index                  25.09%                    15.94%
MSCI ACWI Mid Cap Index                    20.76%                    14.51%
MSCI ACWI IMI (Large+ Mid + Small Cap)     19.58%                    13.70%
MSCI ACWI                                  18.77%                    13.37%
MSCI ACWI Large Cap Index                  18.37%                    13.14%
MSCI AC Americas Index                     24.24%                    12.44%
MSCI ACWI ex USA Index                     10.45%                    13.28%
MSCI AC Asia ex Japan Index                -0.30%                    19.32%
MSCI AC Asia Pacific ex Japan Index        -0.44%                    18.55%
Top 3 Global Sectors
MSCI ACWI IMI/Healthcare Index             32.83%                    16.28%
MSCI ACWI IMI/Consumer Discretionary       32.74%                    21.63%
MSCI ACWI IMI/Industrials Index            26.17%                    14.19%
MSCI Developed Markets (DM) Indices
MSCI World Small Cap Index                 28.80%                    15.51%
MSCI World IMI (Large + Mid + Small Cap)   23.31%                    13.44%
MSCI World Index                           22.50%                    13.12%
MSCI Europe Small Cap Index                33.34%                    25.56%
MSCI North America Index                   26.56%                    12.84%
MSCI World ex Europe                       23.76%                    12.38%
MSCI EMU Index                             23.27%                    17.10%
MSCI Europe ex UK Index                    21.98%                    17.51%
MSCI Europe Index                          19.21%                    15.07%
MSCI World ex USA Index                    15.60%                    10.74%
Top 5 Performing DM Countries
MSCI Finland Index                         38.99%                    9.91%
MSCI Ireland Index                         36.73%                    3.82%
MSCI USA Small Cap Index                   35.74%                    16.23%
MSCI USA Index                             28.79%                    13.46%
MSCI Germany Index                         26.32%                    27.05%
MSCI Netherlands Index                     26.07%                    17.07%
MSCI Emerging Markets (EM) Indices
MSCI Emerging Markets Small Cap Index      -2.41%                    19.39%
MSCI Emerging Markets (EM) Index           -5.67%                    15.07%
MSCI EM Far East Index                     -0.57%                    17.38%
MSCI BRIC Index                            -6.80%                    10.94%
MSCI EM Europe Index                       -6.90%                    19.65%
MSCI EM Beyond BRIC Index                  -7.35%                    19.19%
MSCI EM Latin America                      -16.09%                   5.40%
Top 6 Performing EM Countries
MSCI Egypt Index                           7.17%                     44.23%
MSCI Taiwan Index                          3.78%                     13.38%
MSCI Korea Index                           2.51%                     20.05%
MSCI Malaysia Index                        2.09%                     10.70%
MSCI China Index                           -0.20%                    18.87%
MSCI Frontier Markets (FM) Indices
MSCI Frontier Markets (FM) Index           20.53%                    4.86%
MSCI Frontier Markets 100 Index            20.37%                    4.14%
MSCI FM Africa Index                       23.49%                    47.11%
MSCI FM ex GCC Countries Index             17.88%                    12.07%
Top 5 Performing Countries
MSCI Bulgaria Index                        91.55%                    -33.64%
MSCI UAE Index                             79.02%                    22.63%
MSCI Argentina Index                       68.97%                    -38.71%
MSCI Kenya Index                           43.58%                    54.00%
MSCI Pakistan Index                        27.76%                    23.34%

                                    YTD 2013              Performance
Index                              1 Jan 2013 – 13 Dec  vs. Parent   2012
Factor MSCI Indices—Value Weighted (VW)
MSCI USA Value Weighted Index      30.98%               2.20%        14.58%
MSCI World Value Weighted Index    23.29%               0.79%        13.27%
MSCI Europe Value Weighted Index   20.41%               1.19%        14.67%
MSCI ACWI Value Weighted Index     19.20%               0.13%        13.53%
MSCI EAFE Value Weighted Index     18.70%               1.62%        12.59%
MSCI Factor Indices—Quality
MSCI USA Quality Index             29.80%               1.01%        9.27%
MSCI UK Quality Index              24.11%               10.15        14.50%
MSCI World Quality Index           23.33%               0.83%        10.75%
MSCI Japan Quality Index           12.23%               -9.63%       1.76%
MSCI Canada Quality Index          5.91%                3.35%        9.74%
MSCI Factor Indices—Minimum Volatility (MV)
MSCI World MV Index                14.75%               -7.75%       5.26%
MSCI ACWI MV Index                 13.07%               -5.70%       7.23%
MSCI EAFE Minimum Volatility       11.37%               -5.71%       7.77%
MSCI EM Asia MV Index              7.18%                8.38%        20.40%
MSCI EM Far East MV Index          7.06%                7.64%        20.61%
MSCI EM Minimum Volatility Index   -3.75%               1.92%        18.28%
MSCI BRIC Minimum Volatility       -4.06%               2.74%        13.35%
MSCI Factor Indices —Momentum (Mom)
MSCI Europe Momentum Index         23.99%               4.78%        17.51%
MSCI ACWI Momentum Index           23.14%               4.01%        15.53%
MSCI World Momentum Index          26.20%               3.70%        12.07%
MSCI USA Momentum Index            31.93%               5.37%        12.91%
MSCI EM Momentum Index             0.02%                5.69%        17.26%

About MSCI

MSCI Inc. is a leading provider of investment decision support tools to
investors globally, including asset managers, banks, hedge funds and pension
funds. MSCI products and services include indices, portfolio risk and
performance analytics, and governance tools.

The company’s flagship product offerings are: the MSCI indices with
approximately USD 7.5 trillion estimated to be benchmarked to them on a
worldwide basis^1; Barra multi-asset class factor models, portfolio risk and
performance analytics; RiskMetrics multi-asset class market and credit risk
analytics; IPD real estate information, indices and analytics; MSCI ESG
(environmental, social and governance) Research screening, analysis and
ratings; ISS corporate governance research, data and outsourced proxy voting
and reporting services; and FEA valuation models and risk management software
for the energy and commodities markets. MSCI is headquartered in New York,
with research and commercial offices around the world.

^1As of March 31, 2013, as reported on July 31, 2013 by eVestment, Lipper and

For further information on MSCI, please visit our web site at

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