Announcement for February 15, 2023 at 09:30 PM GMT

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

UPDATE ON ADANI GROUP AND ASSOCIATED SECURITIES

(Re: Announcement sent on February 8, 2023)

On February 8, 2023, MSCI announced that it will update the Foreign Inclusion Factors (FIFs) of specific securities associated with the Adani Group as part of the February 2023 Index Review following a free float review.

In light of potential replicability issues due to impact from price limit mechanisms in specific securities associated with the Adani Group, MSCI will postpone the implementation of such previously announced updates to the FIFs for the below securities to the May 2023 Index Review:

Security Name - (MSCI Security Code/RIC Code)
*    Adani Total Gas (98114.01/ADAG.NS)
*    Adani Transmission (79334.01/ADAI.NS)

The reversal of the updates to these two securities in the February 2023 Index Review will be reflected in the MSCI Index Product files starting from February 16, 2023.

Additionally, in light of potential replicability issues as well as ongoing uncertainty with relation to key input data for index construction for the Adani Group's associated securities, MSCI will apply a special treatment for all Adani Group's associated securities in the MSCI Equity Indexes starting from the February 2023 Index Review. Accordingly, MSCI will not implement any changes (additions, deletions, constraint factor changes) in non-market capitalization weighted indexes and custom indexes such as the MSCI Factor, ESG, Thematic and Capped Indexes for any of the below securities.

Security Name - (MSCI Security Code/RIC Code)
*    ACC (16086.01/ACC.NS)
*    Adani Enterprises (33358.01/ADEL.NS)
*    Adani Green Energy (96268.01/ADNA.NS)
*    Adani Ports and Sez (38344.01/APSE.NS)
*    Adani Power (62805.01/ADAN.NS)
*    Adani Total Gas (98114.01/ADAG.NS)
*    Adani Transmission (79334.01/ADAI.NS)
*    Ambuja Cements (16110.01/ABUJ.NS)

Implementation of such changes for the above mentioned securities in non-market capitalization weighted indexes and custom indexes will resume at the May 2023 Index Review.

Note that if as a result of not implementing a constraint factor change on any of the above mentioned securities in the MSCI 10/40, MSCI 25/50 or MSCI 35/65 Indexes, the indexes would not be compliant with the concentration constraints described in these index methodologies, the constraint factor change will be implemented regardless of the special treatment mentioned above.

As previously communicated, until otherwise announced, MSCI will review the treatment of non-neutral corporate events for the affected securities on a case-by-case basis and potentially defer their implementation. The treatment of any such non-neutral corporate event would be announced to all clients with advance notice through regular Index announcements. For the avoidance of doubt, MSCI will continue implementing any neutral corporate events including ones requiring application of a Price Adjustment Factor (PAF).

MSCI continues to monitor information that may impact the eligibility of the relevant securities for the MSCI Global Investable Market Indexes or estimates of their free float.

MSCI welcomes feedback from all market participants and investors on these issues and will communicate further as necessary or appropriate.

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

                                     End of announcement.
                                     Further announcements may occur as needed.