STANDARD ANNOUNCEMENTS - January 31, 2024 at 10:04 PM GMT 
Announcement for January 31, 2024 at 10:04 PM GMT

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

DETAILS ON THE IMPLEMENTATION OF THE RECLASSIFICATION OF NIGERIA TO STANDALONE MARKETS STATUS

MSCI announces today further details regarding the implementation of the reclassification of Nigeria. As a reminder, the MSCI Nigeria Indexes will be reclassified from Frontier Markets to Standalone Markets status in one step coinciding with the February 2024 Index Review.

In order to facilitate index replicability at the time of the reclassification, MSCI will delete each Nigerian security from the MSCI Frontier Markets Indexes at lowest system prices of 0.00001 as of the close of February 29, 2024.

As previously announced, starting from the February 2024 Index Review, MSCI will no longer apply the special treatment for the MSCI Nigeria Indexes announced on May 12, 2020. More specifically, as part of the February 2024 Index Review, MSCI will implement all index review changes, including changes in the Number of Shares (NOS) and Foreign Inclusion Factors (FIF) that have been postponed as part of the special treatment. These changes will be made for securities classified in Nigeria in the MSCI Nigeria Indexes and in other indexes which Nigeria is a component of. MSCI will also resume the regular implementation of corporate events in these indexes effective March 1, 2024.

In addition, the Limited Investability Factor (LIF) applied to Nigerian securities since the May 2021 Semi-Annual Index Review will be removed as part of the February 2024 Index Review.

Please note that for the month-end product files dated February 29, 2024, MSCI will nullify the Fundamental Data ratios for Nigerian securities and the MSCI Nigeria Indexes given the application of lowest system prices at the reclassification. As a result, Nigerian security level ratios will not be included in the calculation of any MSCI Index valuation ratios published in the same month-end product files.

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

                                     End of announcement.
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