PRESS RELEASEMSCI Equity Indexes May 2023 Index ReviewLondon - May 11, 2023 - MSCI Inc. (NYSE:MSCI), a leading provider of critical decision support toolsand services for the global investment community, announced the results of the May 2023 Index
Review for the MSCI Equity Indexes - including the MSCI Global Standard, MSCI Global Small Cap andMSCI Micro Cap Indexes, the MSCI Global Value and Growth Indexes, the MSCI Frontier Markets, andMSCI Frontier Markets Small Cap Indexes, the MSCI Global Islamic and MSCI Global Islamic Small CapIndexes, the MSCI US Equity Indexes, the MSCI US REIT Index, the MSCI China A Onshore indexes andthe MSCI China All Shares Indexes. All changes will be implemented as of the close of May 31, 2023.
These changes have been posted on the Index Review web page on MSCI's web site athttps://www.msci.com/index-review.
MSCI Global Standard Indexes: Eighty-six securities will be added to and 39 securities will be deleted
from the MSCI ACWI Index. The three largest additions to the MSCI World Index measured by fullcompany market capitalization will be Builders Firstsource (USA), Lattice Semiconductor (USA) andDeckers Outdoor Corp (USA). The three largest additions to the MSCI Emerging Markets Index
measured by full company market capitalization will be Beijing-Shanghai High Speed Railway A(Hk-c)(China), Jinko Solar A (Hk-c) (China) and Xinjiang Daqo New Energy A (Hk-c) (China).
MSCI Global Small Cap Indexes: There will be 185 additions to and 165 deletions from the MSCI ACWI
Small Cap Index.
MSCI Global Investable Market Indexes: There will be 235 additions to and 168 deletions from theMSCI ACWI Investable Market Index (IMI).
MSCI Global All Cap Indexes: There will be 171 additions to and 119 deletions from the MSCI WorldAll Cap Index.
MSCI Frontier Markets Indexes: There will be three additions to and one deletion from the MSCIFrontier Markets Index. The three largest additions to the MSCI Frontier Markets Index measured byfull company market capitalization will be Societatea Nationala Nuclearelectrica (Romania), Orange
Cote d'Ivoire (Ivory Coast), and Sodep Marsa Maroc (Morocco). There will be seven additions to andfive deletions from the MSCI Frontier Markets Small Cap Index.
In light of currently observed market accessibility issues, MSCI will not implement changes as part ofthis Index Review for any securities classified in Bangladesh, Egypt, Kenya, Nigeria, or Sri Lanka for theMSCI Bangladesh, MSCI Egypt, MSCI Kenya, MSCI Nigeria, and MSCI Sri Lanka Indexes or impacted
composite indexes.
MSCI Global Islamic Indexes: Forty-eight securities will be added to and 27 securities will be deleted
from the MSCI ACWI Islamic Index. The three largest additions to the MSCI ACWI Islamic Index
measured by full company market capitalization will be China Shenhua Energy H (China), China
Shenhua Energy A (Hk-C) (China) and Schlumberger (USA). There will be three additions to and four
deletions from the MSCI Gulf Cooperation Council (GCC) Countries ex Saudi Arabia IMI Islamic Index.
MSCI US Equity Indexes: There will be eight securities added to and four securities deleted from theMSCI US Large Cap 300 Index. The three largest additions to the MSCI US Large Cap 300 Index
measured by full company market capitalization will be Arista Networks, Copart and Horton (Dr).

PRESS RELEASE

Twenty-eight securities will be added to and 17 securities will be deleted from the MSCI US Mid Cap
450 Index. The three largest additions to the MSCI US Mid Cap 450 Index measured by full company
market capitalization will be Delta Air Lines, Southwest Airlines Co and Ball Corp.
Fifty-four securities will be added to and 35 securities will be deleted from the MSCI US Small Cap
1750 Index. The three largest additions to the MSCI US Small Cap 1750 Index measured by fullcompany market capitalization will be Polaris Industries, Encompass Health Corp and Alaska AirGroup.
There will be seven additions to and 22 deletions from the MSCI US Micro Cap Index.
For the MSCI US Investable Market Value Index, there will be 171 additions or upward changes inValue Inclusion Factor (VIFs), and 96 deletions or downward changes in VIFs. For the MSCI US
Investable Market Growth Index, there will be 118 additions or upward changes in Growth Inclusion
Factors (GIFs), and 139 deletions or downward changes in GIFs.
MSCI US REIT Index: There will be no additions to and one deletion from the MSCI US REIT Index.
MSCI China A Onshore Indexes: There will be 28 additions to and nine deletions from the MSCI China
A Onshore Index. The three largest additions to the MSCI China A Onshore Index will be HygonInformation Technology A, Xinjiang Daqo New Energy A and Galaxycore A. There will be 114 additions
to and 14 deletions from the MSCI China A Onshore Small Cap Index.
MSCI China All Shares Indexes: There will be 23 additions to and 17 deletions from the MSCI China All
Shares Index. The three largest additions to the MSCI China All Shares Index will be Hygon Information
Technology A, Xinjiang Daqo New Energy A and Zhejiang Sanhua Intelligent Controls A. There will be237 additions to and 21 deletions from the MSCI China All Shares Small Cap Index.
For more information, please visit at www.msci.com.

-Ends-About MSCIMSCI is a leading provider of critical decision support tools and services for the global investmentcommunity. With over 50 years of expertise in research, data and technology, we power better
investment decisions by enabling clients to understand and analyze key drivers of risk and return andconfidently build more effective portfolios. We create industry-leading research-enhanced solutions
that clients use to gain insight into and improve transparency across the investment process.
The process for submitting a formal index complaint can be found on the index regulation page of
MSCI’s website at: https://www.msci.com/index-regulation.

PRESS RELEASEMedia Inquiries
PR@msci.com
Sam Wang+1 212 804 5244

Melanie Blanco+1 212 981 1049

Tina Tan+852 2844 9320

MSCI Global Client Service
EMEA Client Service+44 20 7618 2222

Americas Client Service+1 888 588 4567 (toll free)

Asia Pacific Client Service+852 2844 9333

This document and all of the information contained in it, including without limitation all text, data, graphs, charts (collectively, the “Information”) is the property ofMSCI Inc. or its subsidiaries (collectively, “MSCI”), or MSCI’s licensors, direct or indirect suppliers or any third party involved in making or compiling any
Information (collectively, with MSCI, the “Information Providers”) and is provided for informational purposes only. The Information may not be modified, reverseengineered, reproduced or redisseminated in whole or in part without prior written permission from MSCI. All rights in the Information are reserved by MSCI
and/or its Information Providers.
The Information may not be used to create derivative works or to verify or correct other data or information. For example (but without limitation), the Information
may not be used to create indexes, databases, risk models, analytics, software, or in connection with the issuing, offering, sponsoring, managing or marketing of
any securities, portfolios, financial products or other investment vehicles utilizing or based on, linked to, tracking or otherwise derived from the Information or any
other MSCI data, information, products or services.
The user of the Information assumes the entire risk of any use it may make or permit to be made of the Information. NONE OF THE INFORMATION PROVIDERS
MAKES ANY EXPRESS OR IMPLIED WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE INFORMATION (OR THE RESULTS TO BE OBTAINED BY THE
USE THEREOF), AND TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH INFORMATION PROVIDER EXPRESSLY DISCLAIMS ALL IMPLIEDWARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, TIMELINESS, NON-INFRINGEMENT,COMPLETENESS, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE) WITH RESPECT TO ANY OF THE INFORMATION.
Without limiting any of the foregoing and to the maximum extent permitted by applicable law, in no event shall any Information Provider have any liability
regarding any of the Information for any direct, indirect, special, punitive, consequential (including lost profits) or any other damages even if notified of thepossibility of such damages. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited, including withoutlimitation (as applicable), any liability for death or personal injury to the extent that such injury results from the negligence or willful default of itself, its servants,agents or sub-contractors.
Information containing any historical information, data or analysis should not be taken as an indication or guarantee of any future performance, analysis, forecast
or prediction. Past performance does not guarantee future results.
The Information should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/orclients when making investment and other business decisions. All Information is impersonal and not tailored to the needs of any person, entity or group ofpersons.
None of the Information constitutes an offer to sell (or a solicitation of an offer to buy), any security, financial product or other investment vehicle or any trading
strategy.
It is not possible to invest directly in an index. Exposure to an asset class or trading strategy or other category represented by an index is only available throughthird party investable instruments (if any) based on that index. MSCI does not issue, sponsor, endorse, market, offer, review or otherwise express any opinion
regarding any fund, ETF, derivative or other security, investment, financial product or trading strategy that is based on, linked to or seeks to provide an investment
return related to the performance of any MSCI index (collectively, “Index Linked Investments”). MSCI makes no assurance that any Index Linked Investments will
accurately track index performance or provide positive investment returns. MSCI Inc. is not an investment adviser or fiduciary and MSCI makes norepresentation regarding the advisability of investing in any Index Linked Investments.
Index returns do not represent the results of actual trading of investible assets/securities. MSCI maintains and calculates indexes, but does not manage actual
assets. The calculation of indexes and index returns may deviate from the stated methodology. Index returns do not reflect payment of any sales charges or fees
an investor may pay to purchase the securities underlying the index or Index Linked Investments. The imposition of these fees and charges would cause theperformance of an Index Linked Investment to be different than the MSCI index performance.
The Information may contain back tested data. Back-tested performance is not actual performance, but is hypothetical. There are frequently material
differences between back tested performance results and actual results subsequently achieved by any investment strategy.
Constituents of MSCI equity indexes are listed companies, which are included in or excluded from the indexes according to the application of the relevant index
methodologies. Accordingly, constituents in MSCI equity indexes may include MSCI Inc., clients of MSCI or suppliers to MSCI. Inclusion of a security within an
MSCI index is not a recommendation by MSCI to buy, sell, or hold such security, nor is it considered to be investment advice.
Data and information produced by various affiliates of MSCI Inc., including MSCI ESG Research LLC and Barra LLC, may be used in calculating certain MSCIindexes. More information can be found in the relevant index methodologies on www.msci.com.
MSCI receives compensation in connection with licensing its indexes to third parties. MSCI Inc.’s revenue includes fees based on assets in Index Linked
Investments. Information can be found in MSCI Inc.’s company filings on the Investor Relations section of msci.com.
MSCI ESG Research LLC is a Registered Investment Adviser under the Investment Advisers Act of 1940 and a subsidiary of MSCI Inc. Neither MSCI nor any of its
products or services recommends, endorses, approves or otherwise expresses any opinion regarding any issuer, securities, financial products or instruments orPRESS RELEASE
trading strategies and MSCI’s products or services are not a recommendation to make (or refrain from making) any kind of investment decision and may not be
relied on as such, provided that applicable products or services from MSCI ESG Research may constitute investment advice. MSCI ESG Research materials,including materials utilized in any MSCI ESG Indexes or other products, have not been submitted to, nor received approval from, the United States Securities andExchange Commission or any other regulatory body. MSCI ESG and climate ratings, research and data are produced by MSCI ESG Research LLC, a subsidiary ofMSCI Inc. MSCI ESG Indexes, Analytics and Real Estate are products of MSCI Inc. that utilize information from MSCI ESG Research LLC. MSCI Indexes areadministered by MSCI Limited (UK).
Please note that the issuers mentioned in MSCI ESG Research materials sometimes have commercial relationships with MSCI ESG Research and/or MSCI Inc.
(collectively, “MSCI”) and that these relationships create potential conflicts of interest. In some cases, the issuers or their affiliates purchase research or otherproducts or services from one or more MSCI affiliates. In other cases, MSCI ESG Research rates financial products such as mutual funds or ETFs that aremanaged by MSCI’s clients or their affiliates, or are based on MSCI Inc. Indexes. In addition, constituents in MSCI Inc. equity indexes include companies thatsubscribe to MSCI products or services. In some cases, MSCI clients pay fees based in whole or part on the assets they manage. MSCI ESG Research has taken anumber of steps to mitigate potential conflicts of interest and safeguard the integrity and independence of its research and ratings. More information about
these conflict mitigation measures is available in our Form ADV, available at https://adviserinfo.sec.gov/firm/summary/169222.
Any use of or access to products, services or information of MSCI requires a license from MSCI. MSCI, Barra, RiskMetrics, IPD and other MSCI brands andproduct names are the trademarks, service marks, or registered trademarks of MSCI or its subsidiaries in the United States and other jurisdictions. The GlobalIndustry Classification Standard (GICS) was developed by and is the exclusive property of MSCI and S&P Global Market Intelligence. “Global Industry
Classification Standard (GICS)” is a service mark of MSCI and S&P Global Market Intelligence.
MIFID2/MIFIR notice: MSCI ESG Research LLC does not distribute or act as an intermediary for financial instruments or structured deposits, nor does it deal on
its own account, provide execution services for others or manage client accounts. No MSCI ESG Research product or service supports, promotes or is intended
to support or promote any such activity. MSCI ESG Research is an independent provider of ESG data.
Privacy notice: For information about how MSCI collects and uses personal data, please refer to our Privacy Notice at https://www.msci.com/privacy-pledge.