Announcement for April 20, 2026 at 08:04 PM GMT

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

UPDATE ON FREE FLOAT ASSESSMENT OF INDONESIAN SECURITES

(Re: Announcement sent on January 27, 2026)

MSCI acknowledges the recent announcements by Otoritas Jasa Keuangan (OJK), PT Bursa Efek Indonesia (IDX), and PT Kustodian Sentral Efek Indonesia (KSEI), regarding a set of capital market transparency reforms in Indonesia.

The announced measures include:

 - Enhanced disclosure of shareholders with ownership above 1%;

 - Increased granularity of investor classification in shareholding data;

 - Introduction of a High Shareholding Concentration (HSC) framework; and

 - A roadmap for the increase in the minimum free float requirement to 15%.

MSCI is assessing the scope, consistency and effectiveness of the new data sources and measures in the context of free float determination and broader investability assessments.

Interim Treatment for Indonesian Securities - May 2026 Index Review

MSCI will maintain for the May 2026 Index Review the following previously announced measures that are currently in place for Indonesian securities:

 - MSCI will freeze all increases to Foreign Inclusion Factors (FIF) and Number of Shares (NOS);

 - MSCI will not implement index additions to MSCI Investable Market Indexes (IMI);

 - MSCI will not implement any upward migration across size-segment indexes, including from Small Cap to Standard.

In addition, consistent with MSCI's treatment of securities that are similarly identified in other markets:

 - MSCI will delete securities identified by the Indonesian authorities as part of the new High Shareholding Concentration (HSC) framework;

 - MSCI may use the 1% shareholder disclosure data to adjust free float estimates where appropriate.

MSCI will not otherwise incorporate data from the new sources and disclosures into its free float assessment or index calculations until its review is completed and feedback from market participants has been received and assessed. This approach is designed to limit index turnover and investability risks while allowing time for further evaluation of the recently announced reforms.

Next Steps

MSCI will continue to engage with market participants and the relevant authorities in Indonesia and welcomes feedback from market participants on the newly introduced data sources and measures, including their effectiveness for free float determination and investability assessment.

MSCI expects to communicate further on this topic as part of the Market Accessibility Review scheduled for June 2026.

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

                                     End of announcement.
                                     Further announcements may occur as needed.