Announcement for May 10, 2021 at 05:00 PM GMT

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

POTENTIAL CHANGE IN LISTING OF ALIBABA GROUP HOLDING

As previously announced, MSCI may switch the US listing of Alibaba Group Holding Ltd (Alibaba) to the Hong Kong listing in the MSCI China and relevant composite indexes in the MSCI Global Investable Market Indexes (GIMI) as part of the MSCI May 2021 Semi-Annual Index Review (SAIR).

As per 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.

If Alibaba meets such requirements, MSCI intends to implement the switch in listing for the MSCI GIMI as a market neutral event given the fungibility of the ADR and Hong Kong listings of Alibaba.

The details of the proposed implementation for the change in listing are as follows:
- To reflect the listing switch, MSCI would 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), change in share type to P-chip effective May 28, 2021 and change in name to reflect that, e.g. ALIBABA GROUP HLDG (HK) and;
- MSCI would continue to use the closing price of ALIBABA GROUP HLDG ADR (BABA UN Equity) as of close of May 27, 2021 and would start tracking the price of ALIBABA GROUP HLDG (HK) (9988 HK Equity) on May 28, 2021;
- MSCI would apply a Price Adjustment Factor (PAF) to the market price of ALIBABA GROUP HLDG (HK) (9988 HK Equity) on May 28, 2021 reflecting the conversion ratio between Hong Kong listing and ADRs of 8:1 and would increase the number of shares as of the close of May 28, 2021 (effective May 31, 2021).

Note that at the open on May 28, 2021, MSCI would 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 would take into consideration the conversion ratio between Hong Kong listing and ADRs.

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

MSCI welcomes feedback from the investment community pertaining to this treatment until May 11, 2021. MSCI will confirm the implementation details of the listing switch for Alibaba no later than May 12, 2021.

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

                                     End of announcement.
                                     Further announcements may occur as needed.