Announcement for October 16, 2025 at 09:48 PM GMT

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

MSCI ESG RATINGS MODEL UPDATE: IMPACT ON MSCI INDEXES

Following the 2025 ESG Ratings model consultation, and as announced by MSCI ESG Research in July 2025, several enhancements will be made to the MSCI ESG Ratings model with the aim of sharpening the focus on financial materiality and improving alignment with evolving sustainability disclosure practices and regulatory expectations globally.

On October 16, 2025, MSCI ESG Research announced that the changes are expected to be rolled out in March 2026 and provided a file with company-level simulated ESG Ratings and scores, which will be updated monthly. The updates to ESG Ratings and scores will be implemented for all companies at the time of the rollout.

MSCI Indexes (both standard and custom) that use ESG Ratings and scores will be impacted by the model change. The MSCI Fixed Income Sustainability indexes may be impacted starting from the March 2026 Index Review at the earliest, while MSCI Equity Sustainability indexes may be impacted starting from the May 2026 Index Review at the earliest. MSCI Sustainability indexes that do not use ESG Ratings data will not be impacted.

MSCI has made available the list of Standard MSCI indexes that use MSCI ESG Ratings data. The file indicates which ESG Ratings data is used in each index and the earliest Index Review when the index could be impacted. It covers all the MSCI Equity Sustainability indexes distributed through MSCI's ESG and Factor modules as well as the MSCI Fixed Income Sustainability indexes. The file is available at:
https://www.msci.com/downloads/documents/indexes/consultations/ESG_Ratings_Consultation_Impact_List_Oct_2025.xlsx

For custom MSCI Sustainability indexes, similar information is available upon request.

MSCI will make a further announcement by December 2025 to provide more information on the expected impact of the MSCI ESG Ratings model change on MSCI Sustainability indexes, including the simulated index turnover.

For details on the MSCI ESG Ratings model update, please refer to:
- MSCI ESG Research announcement from October 16, 2025:
https://support.msci.com/support/notifications/2026-msci-esg-ratings-model/06203456294
- MSCI ESG Research announcement from July 23, 2025:
https://support.msci.com/support/notifications/msci-esg-ratings-consultation/05945135836

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

                                     End of announcement.
                                     Further announcements may occur as needed.