Announcement for September 30, 2025 at 08:54 PM GMT

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

(Re: Announcement sent on June 30, 2025)

On June 30, 2025, 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 proposed 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. Under this proposal, MSCI would set the FIF for existing index constituents 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.

While market participants generally supported the proposal, some expressed concerns about the potential reliance on outdated capital raising information.

Consequently, MSCI revised the initial proposal to consider holdings disclosed through Form 13F filings in estimating the FIF, in addition to the capital raising information.

Specifically, for existing constituents, MSCI proposes to set the FIF at the midpoint of:
- the FIF derived as the higher value of either the 13F filings adjusted for non-free float shareholdings or capital raising activities at the time of listing and subsequent offerings; and
- the FIF calculated on the basis of the MSCI Free Float Data Methodology.

For new index additions, the FIF would be derived as the higher value of either the adjusted 13F filings or capital raising activities at the time of listing and subsequent offerings.

This consultation will remain open until December 31, 2025 with results to be announced on or before January 30, 2026. If adopted, these changes will be implemented in one step as part of the May 2026 Index Review.

MSCI will continue to monitor for additional transparency and disclosures from issuers regarding DRs in circulation. Where available, such information would be incorporated directly into the FIF calculation, serving as a cap on the value derived from the MSCI Free Float Data Methodology. In the continued absence of greater transparency, MSCI proposes that the FIF be reduced to the higher value of either the adjusted 13F-filings or capital raising measures as part of the November 2026 Index Review for existing index constituents.

More details, including the simulated impact and related analyses, are available on the MSCI Index Consultations webpage at www.msci.com/index-consultations.

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

                                     End of announcement.
                                     Further announcements may occur as needed.