Announcement for June 30, 2025 at 08:16 PM GMT

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

(Reference to Sequence number: 00546.ALL)

Due to the continued uncertainty and lack of transparency around the free float availability for Depositary Receipts (DRs) where underlying shares are not available for trading , MSCI proposes to apply a Limited Investability Factor (LIF) on the Foreign Inclusion Factor (FIF) of the existing index constituents of the MSCI Global Investable Market Indexes, including the MSCI ACWI All Cap Index, the MSCI Frontier Markets IMI, the MSCI China All Shares IMI and relevant MSCI J-Series Indexes starting from the November 2025 Index Review.

Specifically, for existing constituents, MSCI proposes to set the FIF at the midpoint of:
- the FIF derived from publicly disclosed capital raising activities at the time of listing and any subsequent offerings; and
- the FIF calculated on the basis of the MSCI Free Float Data Methodology.

Therefore, MSCI proposes to calculate the FIF (as an illustration) for the securities part of the MSCI ACWI Index as below:

Security Name - (MSCI Security Code/RIC Code) - MSCI Current FIF/Capital Raising FIF/Proposed FIF

Futu Holdings A Adr - (98611.01/FUTU.OQ) - 0.65/0.35/0.50

Legend Biotech Corp Adr - (14435.01/LEGEN.OQ) - 0.35/0.25/0.3

PDD Holdings A Adr - (96385.01/PDD.OQ) - 0.5/0.12/0.31

Sea A Adr - (94195.01/SE. N) - 0.70/0.30/0.50

Tal Education Group Adr - (68798.01/TAL.N) - 0.90/0.20/0.55

Vipshop Holdings Adr - (70827.01/VIPS.N) - 0.75/0.50/0.63

For Index additions to the MSCI GIMI Indexes, the FIF would continue to be calculated as the lower of:
- the FIF derived from publicly disclosed capital raising activities at the time of listing and any subsequent offerings; or
- the FIF computed on the basis of the MSCI Free Float Data Methodology.

MSCI welcomes feedback from market participants on the proposed treatment, including potential phased implementation of this proposal starting from the November 2025 Index Review. Feedback will be accepted until September 05, 2025, and the results will be announced on or before September 30, 2025.

MSCI will continue to monitor any additional disclosures related to the free float availability of these securities.

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

                                     End of announcement.
                                     Further announcements may occur as needed.