Announcement for February 08, 2023 at 09:30 PM GMT

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

UPDATE ON ADANI GROUP AND ASSOCIATED SECURITIES

(Re: Announcement sent on January 27, 2023)

Following our 27 January 2023 announcement regarding the Adani Group, MSCI has received feedback from a range of market participants concerning the eligibility and free float determination of specific securities associated with the Adani Group for the MSCI Global Investable Market Indexes (GIMI). MSCI defines the free float of a security as the proportion of shares outstanding that is considered available for purchase in the public equity markets by international investors.

MSCI has determined that the characteristics of certain investors have sufficient uncertainty that they should no longer be designated as free float pursuant to our methodology.  This determination has triggered a free float review of the Adani Group securities. MSCI will implement the resultant free float changes and associated market capitalization determinations in connection with the February 2023 Index Review using data as of cut-off dates as described in Section 3.1.9 of the GIMI methodology. The pro forma results of the February Index Review, including these changes, are scheduled to be announced this week on 9 February 2023.

In addition, as part of the February Index Review MSCI will suspend any potential changes to the Number of Shares (NOS) for the affected securities.  Further, until otherwise announced, MSCI will review the treatment of non-neutral corporate events for the affected securities on a case-by-case basis and potentially defer their implementation. The treatment of any such non-neutral corporate event would be announced to all clients with advance notice through regular Index announcements. For the avoidance of doubt, MSCI will continue implementing any neutral corporate events including ones requiring application of a Price Adjustment Factor (PAF).

All the affected securities will be further reviewed as part of the scheduled Full Country Float Review during the May 2023 Index Review. MSCI will continue to monitor publicly available information that may impact the eligibility of the relevant securities for the GIMI or estimates of their free float. MSCI continues to welcome feedback from all market participants and investors on these issues and may communicate further as necessary or appropriate.

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

                                     End of announcement.
                                     Further announcements may occur as needed.