MSCI:N PRESS RELEASE MSCi announced that it is launching a consultation on a potential reclassification of the mSci Nigeria Index to stand-alone market status The Central Bank of Nigeria pegged the local currency to the us dollar in early 2015, resulting in a sharp decline in liquidity on the foreign exchange market. Hence the ability of international institutional investors to repatriate capital has been significantly impaired to a point where the investability of the Nigerian equity market is being questioned Due to the urgent nature of this investability issue in the msci Nigeria Index, MSCI will announce decision on the proposal to remove the msci Nigeria Index from the msci frontier Markets Index by the end of September 2016. The potential implementation of this proposal would coincide with the November 2016 Semi-Annual Index review Ends About MSCI For more than 40 years, MSCIs research-based indexes and analytics have helped the worlds leading investors build and manage better portfolios. Clients rely on our offerings for deeper insights into the drivers of performance and risk in their portfolios broad asset class coverage and innovative research. Our line of products and services includes indexes, analytical models data, real estate benchmarks and ESG MSCI serves 97 of the top 100 largest money managers according to the most recent P&l ranking. For moreinformation,visitusatwww.msci.com Media Inquiries KristinMeza+12128045330pr(@msci.com London NickdEnton+442031288754msci@mhpc.com ChristianPickel+442031288208msci@mhpc.com Hong Kong JamesJArman+85237684545ftimsci@fticonsulting.com PeonyLui+85237684740ftimsci@fticonsulting.com China Pui-shanLee+862123151068ftimsci@fticonsulting.com MSCI Global client service Americas 18885884567( toll free) Asia Pacific +85228449333 EMEA +442076182222 This document and all of the information contained in it, including without limitation all text, data, graphs, charts(collectively the " information")is the property of msa Inc. or its subsidiaries(collectively, "MsC"), or MSas licensors, direct or indirect suppliers or any third party involved i ing or compiling any InformatioPage | 5 PRESS RELEASE Nigeria MSCI announced that it is launching a consultation on a potential reclassification of the MSCI Nigeria Index to stand-alone market status. The Central Bank of Nigeria pegged the local currency to the US dollar in early 2015, resulting in a sharp decline in liquidity on the foreign exchange market. Hence, the ability of international institutional investors to repatriate capital has been significantly impaired to a point where the investability of the Nigerian equity market is being questioned. Due to the urgent nature of this investability issue in the MSCI Nigeria Index, MSCI will announce its decision on the proposal to remove the MSCI Nigeria Index from the MSCI Frontier Markets Index by the end of September 2016. The potential implementation of this proposal would coincide with the November 2016 Semi-Annual Index Review. - Ends - About MSCI For more than 40 years, MSCI’s research-based indexes and analytics have helped the world’s leading investors build and manage better portfolios. Clients rely on our offerings for deeper insights into the drivers of performance and risk in their portfolios, broad asset class coverage and innovative research. Our line of products and services includes indexes, analytical models, data, real estate benchmarks and ESG research. MSCI serves 97 of the top 100 largest money managers, according to the most recent P&I ranking. For more information, visit us at www.msci.com. Media Inquiries New York Kristin Meza + 1 212 804 5330 pr@msci.com London Nick Denton + 44 20 3128 8754 msci@mhpc.com Christian Pickel + 44 20 3128 8208 msci@mhpc.com Hong Kong James Jarman + 852 3768 4545 ftimsci@fticonsulting.com Peony Lui + 852 3768 4740 ftimsci@fticonsulting.com China Pui-shan Lee + 86 21 2315 1068 ftimsci@fticonsulting.com MSCI Global Client Service Americas + 1 888 588 4567 (toll free) +1 212 804 3901 Asia Pacific + 852 2844 9333 EMEA + 44 20 7618 2222 This document and all of the information contained in it, including without limitation all text, data, graphs, charts (collectively, the “Information”) is the property of MSCI Inc. or its subsidiaries (collectively, “MSCI”), or MSCI’s licensors, direct or indirect suppliers or any third party involved in making or compiling any Information