Announcement for February 11, 2025 at 10:27 PM GMT

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

TREATMENT OF INVESTMENT SANCTIONS ON NIS AD NOVI SAD IN THE MSCI INDEXES

On January 10, 2025, the U.S. Department of the Treasury added NIS ad Novi Sad to the Specially Designated Nationals (SDN) list under U.S. Executive Order 14024 and issued General License No. 118 to allow transactions in the company (equity, debt, derivative contracts, or other holdings) until February 27, 2025.

As a reminder, in March 2022, MSCI determined based on market feedback that the inclusion of an entity on the SDN list under E.O 14024 significantly affects the investability of the entity's equity securities for a substantial portion of global investors. As a result, MSCI determined to delete from their indexes any securities added to the SDN List under E.O. 14024.

In light of the previous market feedback and resulting MSCI determination, MSCI will delete NIS AD NOVI SAD (MSCI Security Code: 66766.01 / RIC: NIIS.BEL) from the MSCI Serbia Index and from relevant non-market capitalization weighted indexes and custom indexes as of the close of February 26, 2025 (effective February 27, 2025). The security represents 0.11% of the MSCI Frontier Markets Index (based on data as of February 7, 2025).

NIS AD NOVI SAD is the only constituent of the MSCI Serbia Index. In order to avoid the MSCI Serbia Index having no constituents for several days prior to the implementation of the February 2025 Index Review, following the deletion of NIS AD NOVI SAD, MSCI will exceptionally add DUNAV AD BEOGRAD (MSCI Security Code: 55319.01 / RIC: DNOS.BEL) as of the close of February 26, 2025 (effective February 27, 2025).

DUNAV AD BEOGRAD would have been otherwise added to the MSCI Serbia Index as part of the February 2025 Index Review due to index continuity rules, as described in section 5.2.4 of the MSCI Global Investable Market Indexes Methodology. Based on pro forma data as of January 17, 2025, the security would represent an estimated index weight of 0.03% in the MSCI Frontier Markets Index.

The changes will be reflected in the MSCI Advance Corporate Events (ACE) files starting February 12, 2025.

MSCI reminds users of its indexes for any purpose, including both indexed and active management, that they are responsible for ensuring compliance with all applicable sanctions and any other rules, regulations, prohibitions, laws, and other restrictions applicable to their portfolios, trading, and other investment activity.

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

                                     End of announcement.
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