Announcement for February 09, 2023 at 10:27 PM GMT

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

TRANSITION TO A QUARTERLY COMPREHENSIVE INDEX REVIEW SCHEDULE FOR THE MSCI GIMI

(Re: Announcement sent on January 23, 2023)

The MSCI Global Investable Market Indexes (GIMI) transitioned to a Quarterly Comprehensive Index Review (QCIR) schedule as part of the February 2023 Index Review.

Specifically, in the February 2023 Index Review, MSCI applied the index maintenance methodology previously used only at the May and November Semi-Annual Index Reviews. Exceptionally, Number of Shares (NOS) and Foreign Inclusion Factors (FIF) were reviewed based on current methodology in February 2023.

Starting from the May 2023 Index Review and at each subsequent QCIR, for the review of changes in FIF MSCI will apply the methodology currently applicable for the Annual Full Country Float Review. In addition, as a further enhancement to the methodology, NOS and FIF will be fully reviewed using data available up to the Price Cutoff Date of the relevant Index Review for constituent and non-constituent securities.

Further, for securities that are subject to a Liquidity Adjustment Factor, MSCI will remove the Liquidity Adjustment Factor if the security meets all the liquidity requirements for new constituents, calculated before applying the Liquidity Adjustment Factor for three consecutive Index Reviews. Prior to the February 2023 Index Review, such cases were monitored for two consecutive Semi-Annual Index Reviews.

Additionally, to allow a smooth implementation of the index review changes as part of the February 2023 Index Review, MSCI will defer the implementation of any listing switch to the May 2023 Index Review.

As a reminder, according to section 3.1.2.4 of the MSCI GIMI Methodology, changes from a foreign listing to a local listing for existing index constituents will be applied in cases where the local listing has a 12-month Annual Traded Value Ratio above two times the minimum level requirement of 20% for Developed Markets or 15% for Emerging Markets.

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

                                     End of announcement.
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