Announcement for March 09, 2021 at 09:13 PM GMT

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

DETAILS ON THE IMPLEMENTATION OF THE INCLUSION OF FOREIGN LISTINGS IN THE MSCI SINGAPORE INDEXES

On November 10, 2020, MSCI announced that foreign listings will become eligible for the MSCI Singapore Investable Market Index (IMI) starting from the May 2021 Semi-Annual Index Review (SAIR), as the market met the Foreign Listing Materiality Requirements described in Appendix IV of the MSCI Global Investable Market Indexes Methodology.

Following this announcement, some market participants highlighted that due to the size of the changes, a multiple step transition may be appropriate. Based on simulations as of March 1, 2021, foreign listings would have weights of 27.8% and 23.3% in the MSCI Singapore Index and the MSCI Singapore IMI respectively.

Consequently, MSCI will implement the inclusion of eligible foreign listings in the MSCI Singapore IMI in four steps, coinciding with the MSCI Index Reviews starting from the May 2021 SAIR.

More specifically, eligible foreign listed securities will be initially included at 5% of its free float adjusted market capitalization as part of the May 2021 SAIR. This will be achieved by applying an Index Inclusion Factor (IIF) of 0.05 to the free float adjusted market capitalization of all the eligible foreign listed companies that would be added to the MSCI Singapore IMI. The remaining three steps will follow the below schedule:

- Increase of the IIF to 0.25 at the August 2021 Quarterly Index Review (QIR)
- Increase of the IIF to 0.50 at the November 2021 SAIR
- Increase of the IIF to 1.00 at the February 2022 QIR

As a reminder, the final list of additions of securities represented by foreign listings will be determined as part of the May 2021 SAIR.

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

                                     End of announcement.
                                     Further announcements may occur as needed.