Announcement for January 23, 2023 at 09:32 PM GMT

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

REMINDER ON THE TRANSITION TO A QUARTERLY COMPREHENSIVE INDEX REVIEW SCHEDULE FOR THE MSCI GIMI AND SELECT NON MARKET-CAP WEIGHTED METHODOLOGIES

As a reminder, as earlier announced, the MSCI Global Investable Market Indexes will transition to a Quarterly Comprehensive Index Review (QCIR) schedule starting from the upcoming February 2023 Index Review.

Specifically, beginning in February 2023, MSCI will apply the index maintenance methodology previously used only at the May and November Semi-Annual Index Reviews to the February and August quarterly Index Reviews. This involves updating the market investable universe as well as reassessing the Global Minimum Size References, Global Minimum Size Ranges as well as the Segment Number of Companies and the relevant Market Size-Segment Cutoffs. The buffers around the Size-Segment Cutoffs used to evaluate Size-Segment migrations are also narrower compared to what was previously employed in the February and August Quarterly Index Reviews.

Exceptionally, Number of Shares (NOS) and Foreign Inclusion Factors (FIF) will continue to be reviewed based on current methodology in February 2023. Starting from May 2023, all NOS and FIF will be fully reviewed up to the Price Cutoff Date at each subsequent QCIR.

Market capitalization weighted Custom Indexes that follow only the MSCI Global Investable Market Indexes (GIMI) Methodology (but based on non-Standard regions) will also transition to a Quarterly Comprehensive Index Review schedule and will follow the implementation timeline for the MSCI GIMI.

Additionally, and as announced on July 6, 2022, indexes based on the following methodologies will also be rebalanced on a quarterly basis beginning with the February 2023 Index Review.
- MSCI Adaptive Capped Indexes Methodology
- MSCI Equal Country Weighted Indexes Methodology
- MSCI Equal Sector Weighted Indexes Methodology
- MSCI Size Tilt Indexes Methodology

The frequency of Business Screening Review for the MSCI Islamic Indexes Methodology, including custom Indexes that are based on the MSCI Islamic Indexes Methodology, will also change from annual (May) to quarterly starting from the February 2023 Index Review.

For custom indexes that are based on the MSCI Adaptive Capped, MSCI Equal Country Weighted, MSCI Equal Sector Weighted and MSCI Size Tilt Indexes Methodologies, MSCI announced the treatment for the respective custom indexes on December 6, 2022.

For non-market capitalization indexes and custom indexes whose Index Review schedule is less frequent than quarterly (e.g. semi-annual, annual), changes resulting from the index maintenance of the parent MSCI Global Investable Market Indexes, such as deletions, additions, as well as Number of Shares and Foreign Inclusion Factor changes, will be reflected as per the intra-rebalance treatment specified in their respective methodologies.

A detailed Q&A document is available on https://www.msci.com/index-consultations to provide further details on the transition with respect to the MSCI GIMI, MSCI Non-Market Capitalization Weighted Indexes and MSCI Custom Indexes.

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

                                     End of announcement.
                                     Further announcements may occur as needed.