MSCI Indices 2012 Performance Results

Fri Dec 28, 2012 7:28am EST

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Global Equity Markets Rebound in 2012-Overcoming 2011 Losses

* Global markets posted significant positive returns, largely in the double
* Emerging Markets and the EMU showed strong relative performance
* Small caps outpaced large and mid caps across most regions and countries

LONDON--(Business Wire)--
MSCI Inc. (NYSE: MSCI), a leading provider of investment decision support tools
worldwide, today published the year-to-date (YTD) 2012 performance of its MSCI
Indices, revealing a vigorous rebound in global equity markets, following the
global slowdown experienced in 2011. 

Major financial markets worldwide showed healthy double digit returns across all
size segments for 2012. The MSCI ACWI Investable Market Index (IMI), comprised
of close to 9,000 large, mid and small cap securities across 24 Developed and 21
Emerging Markets countries, for example, delivered a 2012 YTD return of 13.45%
versus a loss of -9.87% in 2011. 

The MSCI ACWI Small Cap Index bested all other MSCI ACWI index capitalization
segments for 2012 YTD, with a return of 15.17% versus returns of 14.21% and
12.99% over the period for the MSCI ACWI Mid Cap and Large Cap Indices,

MSCI ACWI IMI/Financials outperformed all other global sectors, returning 24.13%
for 2012 YTD. Laggard sectors included the MSCI ACWI IMI/Telecommunications
Services and MSCI ACWI IMI/Utilities which returned 4.29% and -0.71% for the

Developed Markets

Nearly the entire range of country and regional MSCI Developed Markets (DM)
Indices delivered strong positive returns for 2012 YTD. The two main MSCI DM
flagship indices-the MSCI World Index and MSCI EAFE-returned 13.00% and 13.96%,
respectively, while even higher returns prevailed in many European countries and
regions. The MSCI EMU and Europe Indices, for example, delivered 2012 YTD
returns of 18.34% and 15.87%. The highest DM country performers were all
European: the MSCI Belgium Index was at the top, returning 37.58% for 2012 YTD,
followed by the MSCI Denmark and Germany Indices, with returns of 30.32% and
28.12%, respectively. The only three DM countries with negative returns for 2012
YTD were the MSCI Spain, Greece and Israel Indices which produced losses of
-1.90%, -2.53% and -6.95%, respectively. 

The MSCI DM Small Cap Indices outperformed their mid and large cap counterparts
across the majority of countries and regions for 2012 YTD. The MSCI Europe Small
Cap Index returned 25.76% (nearly 10% more than the MSCI Europe Index), for
example, while the MSCI World Small Cap Index produced a return of 14.75% over
the period. 

Emerging Markets

The MSCI Emerging Markets (EM) Indices posted a slightly wider range of positive
results relative to the Developed Markets. The MSCI Emerging Markets Index
returned 14.52% for 2012 YTD, which was somewhat below average in comparison to
its constituent regions and countries. The top performing regionwas the MSCI EM
Eastern Europe ex Russia Index which provided a 25.62% return for 2012
YTD,followed by the MSCI EM Europe Index with a 20.46% return for the period.
The three stand-out performers among the Emerging Markets countries were the
MSCI Turkey, Egypt and Philippines Indices, with2012 YTD returns of 60.59%,
46.90% and 43.17%, respectively. The MSCI Czech Republic, Brazil and Morocco
Indices were the only Emerging Markets countries to deliver negative 2012 YTD
results, with returns of -3.49%, -4.37% and -16.15%. 

Reinforcing the global small cap dominance trend, the MSCI EM Small Cap Index
outperformed its large- and mid-cap sibling (the MSCI EM Index), returning
18.56% for 2012 YTD. 

Frontier Markets

The MSCI Frontier Markets Indices produced the most widely dispersed results for
2012 YTD. The MSCI Frontier Markets Index returned 4.60% over the period. The
MSCI Frontier Markets Africa Index was the top-performing regional Frontier
Markets index, delivering a 2012 YTD return of 44.88%. The top three single
country Frontier Markets index performers for 2012 YTD included the MSCI Kenya,
Nigeria and Estonia Indices which posted returns of 54.16%, 52.82%, and 44.98%,
respectively. More than half of the FM countries delivered negative 2012 YTD
returns. The bottom performers were the MSCI Bulgaria, Argentina, and Ukraine
Indices with 2012 YTD returns of -32.78%, -37.49% and -49.33%, respectively. 

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

1 All year-to-date (YTD) 2012 index performance data is based on price index
levels in USD for the periods 1 January 2012 - 27 December 2012. 

MSCI Indices Performance Table-YTD 2012

 Index                                           YTD 2012                                               2011         
                                                 1 Jan 2012 - 27 Dec 2012                                            
 MSCI All Country (AC) Indices                                                                                       
 MSCI ACWI IMI/Financials                        24.13%                                                 -20.61%      
 MSCI Zhong Hua Index2                           20.07%                                                 -19.72%      
 MSCI AC Asia ex Japan Index                     18.72%                                                 -19.16%      
 MSCI AC Far East ex Japan Index                 18.34%                                                 -16.78%      
 MSCI AC Europe Index                            16.09%                                                 -14.45%      
 MSCI ACWI Small Cap Index                       15.17%                                                 -12.75%      
 MSCI ACWI Mid Cap Index                         14.21%                                                 -11.25%      
 MSCI ACWI Investable Market Index (IMI)         13.45%                                                 -9.87%       
 MSCI ACWI Index                                 13.19%                                                 -9.41%       
 MSCI ACWI Large Cap Index                       12.99%                                                 -9.05%       
 MSCI ACWI IMI/Telecom Services                  4.29%                                                  - 5.02%      
 MSCI ACWI IMI/Utilities                         -0.71%                                                 -6.79%       
 MSCI Developed Markets (DM) Indices                                                                                 
 MSCI Belgium Index                              37.58%                                                 -12.55%      
 MSCI Denmark Index                              30.32%                                                 -16.83%      
 MSCI Germany Index                              28.12%                                                 -20.05%      

2The MSCI Zhong Hua Index captures large and mid cap representation across China
securities available to non-domestic investors and includes: China H shares, B
shares, Red chips and P chips, together with China securities listed on the Hong
Kong exchange.

 MSCI Developed Markets (DM) Indices, cont.                                                                                        
 MSCI Europe Small Cap Index                                           25.76%                                 -21.94%              
 MSCI Nordic Countries Index                                           19.27%                                 -19.80%              
 MSCI Pacific ex Japan Index                                           19.22%                                 -16.25%              
 MSCI Europe ex UK Index                                               18.61%                                 -17.63%              
 MSCI EMU Index                                                        18.34%                                 -20.15%              
 MSCI Europe Index                                                     15.87%                                 -13.82%              
 MSCI USA Small Cap Index                                              14.94%                                 -4.35%               
 MSCI World Small Cap Index                                            14.75%                                 -10.49%              
 MSCI EAFE Index                                                       13.96%                                 -14.82%              
 MSCI World Index                                                      13.00%                                 -7.61%               
 MSCI USA Index                                                        12.86%                                 -0.11%               
 MSCI Spain Index                                                      -1.90%                                 -16.90%              
 MSCI Greece Index                                                     -2.53%                                 -63.59%              
 MSCI Israel Index                                                     -6.95%                                 -29.79%              
 MSCI Emerging Markets (EM) Indices                                                                                                
 MSCI Turkey Index                                                     60.59%                                 -36.78%              
 MSCI Egypt Index                                                      46.90%                                 -48.78%              
 MSCI Philippines Index                                                43.17%                                 -3.17%               
 MSCI EM Eastern Europe ex Russia Index                                25.62%                                 -29.98%              
 MSCI EM Europe & Middle East IMI                                      21.22%                                 -26.46%              
 MSCI EM Europe Index                                                  20.46%                                 -25.33%              
 MSCI Emerging Markets Small Cap Index                                 18.56%                                 -28.78%              
 MSCI Emerging Markets (EM) Index                                      14.52%                                 -20.41%              
 MSCI Brazil Index                                                     -4.37%                                 -24.85%              
 MSCI Czech Republic Index                                             -3.49%                                 -11.29%              
 MSCI Morocco Index                                                    -16.15%                                -18.75%              
 MSCI Frontier Markets (FM) Indices                                                                                                
 MSCI Kenya Index                                                      54.16%                                 -30.61%              
 MSCI Nigeria Index                                                    52.82%                                 -18.73%              
 MSCI Estonia Index                                                    44.98%                                 -28.79%              
 MSCI FM Africa Index                                                  44.88%                                 -19.76%              
 MSCI Frontier Markets (FM) Index                                      4.60%                                  -22.14%              
 MSCI Bulgaria Index                                                   -32.78%                                -29.80%              
 MSCI Argentina Index                                                  -37.49%                                -42.64%              
 MSCI Ukraine Index                                                    -49.33%                                -45.81%              

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 close to 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; IPD real estate
information, indices and 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 March 31, 2012, as published by eVestment, Lipper and Bloomberg in
September, 2012.

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

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 MSCl 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 (collectively, with MSCI, the "Information Providers")
and is provided for informational purposes only. The Information may not be
reproduced or redisseminated in whole or in part without prior written
permission from MSCI. 

The Information may not be used to create derivative works or to verify or
correct other data or information. For example (but without limitation), the
Information many not be used to create indices, databases, risk models,
analytics, software, or in connection with the issuing, offering, sponsoring,
managing or marketing of any securities, portfolios, financial products or other
investment vehicles utilizing or based on, linked to, tracking or otherwise
derived from the Information or any other MSCI data, information, products or

The user of the Information assumes the entire risk of any use it may make or
permit to be made of the Information. NONE OF THE INFORMATION PROVIDERS MAKES

Without limiting any of the foregoing and to the maximum extent permitted by
applicable law, in no event shall any Information Provider have any liability
regarding any of the Information for any direct, indirect, special, punitive,
consequential (including lost profits) or any other damages even if notified of
the possibility of such damages. The foregoing shall not exclude or limit any
liability that may not by applicable law be excluded or limited, including
without limitation (as applicable), any liability for death or personal injury
to the extent that such injury results from the negligence or wilful default of
itself, its servants, agents or sub-contractors. 

Information containing any historical information, data or analysis should not
be taken as an indication or guarantee of any future performance, analysis,
forecast or prediction. Past performance does not guarantee future results. 

None of the Information constitutes an offer to sell (or a solicitation of an
offer to buy), any security, financial product or other investment vehicle or
any trading strategy. 

MSCI`s indirect wholly-owned subsidiary Institutional Shareholder Services, Inc.
("ISS") is a Registered Investment Adviser under the Investment Advisers Act of
1940. Except with respect to any applicable products or services from ISS
(including applicable products or services from MSCI ESG Research Information,
which are provided by ISS), none of MSCI`s products or services recommends,
endorses, approves or otherwise expresses any opinion regarding any issuer,
securities, financial products or instruments or trading strategies and none of
MSCI`s products or services is intended to constitute investment advice or a
recommendation to make (or refrain from making) any kind of investment decision
and may not be relied on as such. 

The MSCI ESG Indices use ratings and other data, analysis and information from
MSCI ESG Research. MSCI ESG Research is produced by ISS or its subsidiaries.
Issuers mentioned or included in any MSCI ESG Research materials may be a client
of MSCI, ISS, or another MSCI subsidiary, or the parent of, or affiliated with,
a client of MSCI, ISS, or another MSCI subsidiary, including ISS Corporate
Services, Inc., which provides tools and services to issuers. MSCI ESG Research
materials, including materials utilized in any MSCI ESG Indices or other
products, have not been submitted to, nor received approval from, the United
States Securities and Exchange Commission or any other regulatory body. 

Any use of or access to products, services or information of MSCI requires a
license from MSCI. MSCI, Barra, RiskMetrics, ISS, CFRA, FEA, and other MSCI
brands and product names are the trademarks, service marks, or registered
trademarks of MSCI or its subsidiaries in the United States and other
jurisdictions. The Global Industry Classification Standard (GICS) was developed
by and is the exclusive property of MSCI and Standard & Poor`s. "Global Industry
Classification Standard (GICS)" is a service mark of MSCI and Standard &

Media Enquiries:
Jo Morgan, MSCI, London, + 44.20.7618.2224
Kristin Meza, MSCI, New York, + 1.212.804.5330
Sally Todd | Christian Pickel, MHP Communications, London, + 44.20.3128.8515
MSCI Global Client Service:
EMEA Client Service, + 44.20.7618.2222
Americas Client Service, 1.888.588.4567 (toll free)/+ 1.212.804.3901
Asia Pacific Client Service, + 852.2844.9333 

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