Resumen de espesores de protecciones para los distintos perfiles:

The standard data cutoff dates for the May and November SAIRs are as follows:

• Equity Universe Cutoff Date: the last business day of February for the May SAIR and the last business day of August for the November SAIR, respectively. This is the relevant cutoff date for:

- Data used to update the Equity Universe as per Sub-section 2.1: Defining the Equity Universe;

- Data used for calculating the updated Equity Universe Minimum Size Requirement as per Sub-section 3.1.2.2: Updating the Equity Universe Minimum Size Requirement;

- Data used to update FIFs during the Annual Float Review (May SAIR only) as per Sub-section 3.1.7: SAIR of Changes in FIFs;

- Data used to update NOS as per Sub-section 3.2.5: Quarterly Index Review of changes in Number of Shares (NOS).

• Liquidity Cutoff Date: the last business day of March for the May SAIR and the last business day of September for the November SAIR, respectively. This is the relevant cutoff date for data used for the liquidity calculations, such as ATVRs and frequency of trading.

• Price Cutoff Date: any one of the last 10 business days of April for the May SAIR and of October for the November SAIR, respectively. This is the relevant cutoff date for:

- Prices used for calculating market capitalization;

- Data used to update FIFs as per Sub-section 3.2.4: Quarterly Index Review of changes in FIFs;

- Data used to incorporate all foreign room changes.

• In addition, the FIF and NOS are fully reviewed and updated as of the Price Cutoff Date for additions to the Standard/Small Cap Size-Segments, additions to the

MSCI GLOBAL INVESTABLE MARKET INDEXES METHODOLOGY | MARCH 2021

Micro Cap Index and deletions from the Standard Size-Segment as part of the Index Review.

A business day is defined as a day from Monday to Friday where markets

cumulatively constituting more than 80% of the MSCI All Countries World Index free float-adjusted market capitalization are expected to be open on the basis of a security’s country of listing²⁹.

As a general rule, price movements after the Price Cutoff Date will not impact the results of the index review. However, in cases of extraordinary events or news related to a specific company identified as a migration between the size-segments or as an addition to the IMI based on the index review Price Cutoff Date MSCI may decide not to change the company’s size-segment allocation. In such instances, the company would either be maintained in its current size-segment or not added to the IMI.

Examples of such extraordinary events or news are allegations of fraud, falsification of accounting data or news on a takeover bid resulting in a significant reduction (or increase) in company’s market capitalization between the index review Price Cutoff Date and the announcement date or/and in its suspension for an undetermined period. Market cap fluctuations or suspensions of trading after the index review announcement date typically would not result in the reversion of an already announced decision on the company’s size-segment allocation. The policy on implementation of the index review changes for securities suspended around the index review implementation dates is stated in Appendix VII of this document.

MSCI monitors the full company market capitalization (issuer level) of companies in the Market Investable Equity Universes on a monthly basis as a part of its ongoing maintenance. As a reminder, the full company market capitalization is the aggregate security market capitalization of all listed securities of an issuer that are included in the MSCI Equity Universe, as well as all unlisted securities of such issuer that exhibit characteristics of equity securities.

Full company market capitalization = Σ (Number of shares of listed security

lines*Price) + Σ (Number of shares of unlisted security lines*Price of reference listed security line*Conversion factor).

The conversion factor is an estimate of the economic value of the unlisted shares relative to the economic value (i.e., price) of the reference listed shares. Generally, MSCI uses publicly available information such as the exchange ratio of unlisted shares to the listed shares, relative dividend rights or relative par value, among

29 Currently, only Stock Connect eligible China A shares are included in the MSCI GIMI. Therefore, the China A share market will only be considered open if the Shanghai Stock Exchange, the Shenzhen Stock Exchange and the Stock Connect program are open,

MSCI GLOBAL INVESTABLE MARKET INDEXES METHODOLOGY | MARCH 2021

others, to derive this conversion factor. Unlisted securities with no economic rights are not included in the computation of full company level market capitalization.

Additional securities of existing index constituents identified by the tenth business day of a given month will be introduced on the third business day of the following month. Please note that Number of Shares (NOS), Foreign Inclusion Factors (FIF) and weights in the MSCI indexes are not affected by the updates.

Please note that updates due to ongoing maintenance of securities’ share classes, share types and alternate listings are implemented on the third business day of the month.

Please refer to Appendix VIII: Policy Regarding Trading Suspensions and Market Closures during Index Reviews for details on MSCI’s policy regarding market closures during index reviews.

MSCI GLOBAL INVESTABLE MARKET INDEXES METHODOLOGY | MARCH 2021