Announcement for October 15, 2026 at 08:48 PM GMT

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

MSCI ANNOUNCES RESULTS OF THE CONSULTATION ON THE ELIGIBILITY OF NON-OPERATING COMPANIES IN THE MSCI GLOBAL INVESTABLE MARKET INDEXES

MSCI will implement the proposal to define and classify non-operating companies as ineligible for inclusion in the MSCI Global Investable Market Indexes, as set out in the consultation announced on August 3, 2026, with minor modifications. The changes will be implemented as part of the November 2026 Index Review, which will take effect as of the close of November 30, 2026.

In addition to investment funds, business development companies (BDCs) and other passive investment vehicles, which are all currently ineligible for MSCI Global Investable Market Indexes inclusion, non-operating companies will also include other corporate issuers with similar characteristics identified through new quantitative screens.

Ineligible non-operating companies will be identified through:

* an initial core screen to determine whether an issuer is a company with substantial operating assets; and
* for issuers that fail that screen, an exclusion screen based on five non-industry-specific financial ratios. A security will be ineligible for index inclusion if it is flagged on four or more of the five ratios.

To reduce index turnover, buffers will apply to both the eligibility thresholds of the financial ratios and the timing of index inclusion and removal. Non-constituents will be ineligible for addition if they fail the ineligibility screen in either of their two most recent annual filing periods. Current constituents will be removed only if they fail the ineligibility screen in each of the two most recent annual filing periods. MSCI may also use the most recent interim filing if available. Further details of the new methodology and specific thresholds are available in Appendix I of the MSCI Global Investible Market Indexes methodology.

The list of current constituents that will potentially be impacted by the implementation of the new methodology is available at https://www.msci.com/index-consultations. The final list will be made available on November 11, 2026, as part of the November 2026 Index Review announcement.

In connection with this determination, MSCI will discontinue, effective with the November 2026 Index Review, the interim measures announced on October 10, 2025 in respect of the preliminary list of companies whose digital asset holdings represented 50% or more of total assets, including the freeze on Number of Shares, Foreign Inclusion Factor and Domestic Inclusion Factor increases and the deferral of additions and size-segment migrations for those securities. Going forward, eligibility for all such companies will be assessed under the methodology described above.

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

                                     End of announcement.
                                     Further announcements may occur as needed.