Early estimates for Ibovespa and MSCI reviews

Research evidence excerpt

Early estimates for Ibovespa and MSCI reviews

MSCI review – early watchlist

The MSCI Index Review will be announced on Aug 12, effective Sep 1. For the upcoming

weeks, we monitor the risk of deletion for Stone (STNE US), since its market cap is

currently below both the global minimum requirements and the Brazilian threshold. At

this time, we do not foresee other changes to the LatAm standard indexes. We monitor

names close to current thresholds, as detailed in Exhibit 4 and Exhibit 5. These are early

estimates, as MSCI applies rebalancing thresholds using any of the last 10 business days

of July.

Exhibit 2: The upper buffer indicates that stocks migrating from the Exhibit 3: The lower buffer means that stocks need to fall below

Small Cap Index must meet at least 1.5× the market‑capitalization 67% of the market cap threshold to be deleted

threshold for inclusion. Special rules apply to stocks with free float Current members of MSCI LatAm that with lowest mkt cap and FF vs

below 15%, such as Ecopetrol, Santander. their specific requirements as of most recent data.

This table highlights non‑MSCI LatAm securities whose market Company % mkt cap Security % FF

capitalization and free float are above, or closest to, MSCI inclusion Ticker Country mkt cap threshold FF threshold

requirements based on the most recent data. STNE UW BRAZIL 3,413 84% 2,118 104%

% FF KLBN11 BZ BRAZIL 4,063 100% 2,531 125%

Company % mkt cap Securit threshol SIGMAFA MM MEXICO 5,105 104% 3,318 135%

Ticker Country mkt cap threshold y FF d OMAB MM MEXICO 5,416 110% 3,775 153%

GRUMAB MM MEXICO 5,442 111% 2,449 100% ECOPETL CB COLOMBIA 29,357 618% 3,376 142%

RAIL3 BZ BRAZIL 4,703 116% 3,057 151% SANB11 BZ BRAZIL 19,256 475% 1,923 95%

MBRF3 BZ BRAZIL 4,848 119% 1,939 96% CSMG3 BZ BRAZIL 4,467 110% 2,903 143%