Announcement for July 03, 2025 at 08:17 PM GMT

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

MSCI launched today a consultation with the investment community on a proposal to enhance the MSCI Corporate Events methodology with regards to the treatment of capital gains tax on stock dividends of Indian securities.

The proposal aims to address concerns regarding the performance gap between the MSCI Net Daily Total Return (DTR) Indexes and the MSCI Price and MSCI Gross DTR Indexes by aligning the capital gains tax treatment across all three index types through one of the two proposals outlined below:
- Primary proposal: Do not apply a capital gains tax on Indian Stock Dividends in the calculation of the MSCI Indexes.
- Alternate proposal: Apply a 7.5% capital gains tax on Indian Stock Dividends in the calculation of the MSCI Indexes using a detached security which will be deleted as of the close of the ex-date at a negative price.

MSCI welcomes feedback from the investment community on the proposal by August 15, 2025 & will announce the results of the consultation on or before August 29, 2025.

A document describing the proposed changes is available on the MSCI website at: https://www.msci.com/index-consultations

This consultation may or may not result in the implementation of any or all of the proposed changes in MSCI Indexes. Consultation feedback will remain confidential. However, MSCI may publicly disclose feedback if specifically requested by specific market participants. In such case, the relevant feedback would be published along with the final results of the consultation.

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

                                     End of announcement.
                                     Further announcements may occur as needed.