Announcement for January 27, 2026 at 09:24 PM GMT

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES

MSCI has concluded its consultation on free float assessment of Indonesian securities. While some global participants supported using PT Kustodian Sentral Efek Indonesia (KSEI) Monthly Holding Composition Report as additional reference data, many investors expressed significant concerns about relying on KSEI's shareholder categorization.

While there have been minor enhancements to PT Bursa Efek Indonesia's (IDX) float data feed, investors highlighted that fundamental investability issues persist due to ongoing opacity in shareholding structures and concerns about possible coordinated trading behaviour that undermines proper price formation. To address some of these concerns, more granular and reliable information on shareholding structures, possibly including high shareholding concentration monitoring, is required to support a robust assessment of free float and investability across Indonesian securities.

Interim Treatment for Indonesian Securities - Effective Immediately

In light of the foregoing concerns, MSCI will apply an interim freeze on certain index related changes for Indonesian securities resulting from Index Reviews (including the February 2026 Index Review) or corporate events, as follows:

- MSCI will freeze all increases to Foreign Inclusion Factors (FIF) and Number of Shares (NOS);

- MSCI will not implement index additions to MSCI Investable Market Indexes (IMI);

- MSCI will not implement any upward migration across size-segment indexes, including from Small Cap to Standard.

This treatment is intended to mitigate index turnover and investability risks while allowing time for the relevant market authorities to deliver meaningful transparency improvements.

Market Accessibility and Classification

If insufficient progress is made towards achieving necessary transparency enhancements by May 2026, MSCI will reassess Indonesia's market accessibility status. Subject to market consultation, this could result in:

- A weighting reduction in MSCI Emerging Markets Indexes for all Indonesian securities

- A potential reclassification of Indonesia from Emerging Market to Frontier Market status

MSCI will continue to monitor developments in the Indonesian market and engage with market participants and authorities, including the Otoritas Jasa Keuangan (OJK) and IDX. MSCI will communicate further actions as warranted.

THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES
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Do we think IDX will achieve MSCI requirement on May 2026 ?
A. Yes => focus on Bluechips
B. NO => focus on Dividend Stocks

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