MSCI Inc. (NYSE: MSCI), a leading provider of investment decision support tools worldwide, announced today that it is opening a consultation with the investment community on a proposed change to the security eligibility rules for the MSCI Brazil Index. In particular, MSCI is proposing to replace the local BM&FBOVESPA (“BVMF”) listing of constituent companies by the corresponding liquid ADR listing on NYSE if available. MSCI would maintain the local listing on BVMF for constituent companies with no liquid ADR listings on NYSE.

This proposed change in treatment for the MSCI Brazil Index would represent an exception to the MSCI Global Investable Market Index methodology that in general gives preference to local listings over foreign listings for index inclusion. This proposed change follows a letter from and subsequent discussions with BVMF informing MSCI that it may require the termination of the supply of real time stock market information to MSCI unless MSCI agrees to BVMF’s new market terms by June 14, 2012. Such termination would affect the listing of exchange traded funds and listed futures and options contracts based on MSCI indices that contain BVMF-listed securities where a real time index is necessary, such as in the US. The proposed agreement contains a number of highly unreasonable and unprecedented provisions, among which are restrictions on MSCI’s right to license its indices and a requirement that it license certain of its indices to BVMF. As a matter of policy and principle, MSCI is strongly opposed to restraints of trade such as these and refuses to aid BVMF in its attempts to restrict the Brazilian and global markets.

Although the current issues with BVMF do not affect MSCI’s right to use BVMF end of day prices, MSCI believes that to ensure a reliable supply of price data it is prudent to consider the inclusion of NYSE listed ADRs in the MSCI Brazil Index. We note that MSCI regularly receives requests from international institutional investors to change its current methodology and replace local listings of Brazilian securities with their respective NYSE listed ADRs.

In addition to the proposed change described above, MSCI will extend its existing offering of end of day and real time indices calculated based solely on US listed ADRs for Brazilian securities. These indices could serve as alternative benchmarks for financial products such as exchange traded funds that include Brazilian securities.

This consultation may or may not lead to any changes to the MSCI Global Investable Market Index methodology. MSCI has prepared a consultation document that is available on its web site at http://www.msci.com/products/indices/consultations/

Please note that the May 2012 Semi-Annual Index Review will be unaffected by this proposed change of methodology.

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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 trillion estimated to be benchmarked to them on a worldwide basis1; Barra multi-asset class factor models, portfolio risk and performance analytics; RiskMetrics multi-asset class market and credit risk analytics; MSCI ESG (environmental, social and governance) Research screening, analysis and ratings; ISS governance research and outsourced proxy voting and reporting services; FEA valuation models and risk management software for the energy and commodities markets; and CFRA forensic accounting risk research, legal/regulatory risk assessment, and due‐diligence. MSCI is headquartered in New York, with research and commercial offices around the world.

1As of June 30, 2011, based on eVestment, Lipper and Bloomberg data.

For further information on MSCI, please visit our web site at www.msci.com

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