Announcement for May 12, 2021 at 09:15 PM GMT

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

CHANGE IN LISTING OF ALIBABA GROUP HOLDING AS PART OF THE MAY 2021 SEMI-ANNUAL INDEX REVIEW

Alibaba Group Holding Ltd (Alibaba) met the requirements for a change of listing from its ADR listing in the New York Stock Exchange (NYSE) to its ordinary-share listing in Hong Kong Exchanges and Clearing Limited (HKEX) in the MSCI China and relevant composite indexes in the MSCI Global Investable Market Indexes (GIMI) as part of MSCI's May 2021 Semi-Annual Index Review (SAIR).

As a reminder, according to section 3.1.2.4 of the MSCI GIMI Methodology, changes from a foreign listing to a local listing for existing index constituents will be applied in all cases where the local listing has a 12-month Annual Traded Value Ratio above two times the minimum level requirement of 15% for Emerging Markets.

MSCI will implement this listing switch for the MSCI GIMI as a market neutral event to reflect the fungibility of the ADR and Hong Kong listings of Alibaba.

Following feedback from market participants, MSCI will proceed with below implementation for Alibaba's change of listing:

- To reflect the listing switch, MSCI will maintain ALIBABA GROUP HLDG ADR (MSCI Code: 76155.01) in the MSCI GIMI with a change in price currency to HKD, a change in identifiers (new Security Ticker: 9988 HK Equity), a change in share type to P-chip and a change in name to ALIBABA GROUP HLDG (HK) effective May 28, 2021;
- MSCI will continue to use the closing price of ALIBABA GROUP HLDG ADR (BABA UN Equity) as of close of May 27, 2021 and will start tracking the price of ALIBABA GROUP HLDG (HK) (9988 HK Equity) on May 28, 2021;
- MSCI will apply a Price Adjustment Factor (PAF) to the market price of ALIBABA GROUP HLDG (HK) (9988 HK Equity) on May 28, 2021 to reflect the conversion ratio between Hong Kong listing and ADRs of 8:1; accordingly, MSCI will increase the number of shares as of the close of May 28, 2021 (effective May 31, 2021).
- MSCI will also implement the change in Value Inclusion Factor (VIF) announced as part of the May 2021 SAIR

Note that for the pre-open price on May 28, 2021, MSCI will use the closing price of ALIBABA GROUP ADR (BABA UN Equity) on May 27, 2021. This would be adjusted with the USD/HKD WM/Reuters Closing Spot Rates taken at 4PM London on May 27, 2021 and take into consideration the conversion ratio between Hong Kong listing and ADRs.

The listing switch of Alibaba will also be reflected in relevant non-market capitalization weighted indexes.

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

                                     End of announcement.
                                     Further announcements may occur as needed.