Global Index Mail: Global Markets Strategy

Research evidence excerpt

Global Index Mail: Global Markets Strategy

ff is not subject to withholding tax. The

extraordinary general meeting of shareholders to approve the transaction is on July 10,

2026. Based on the estimated post-event full and float-adjusted market capitalizations,

ALURION RESOURCES satisfies the size criteria for addition to the MSCI Global

Micro Cap Indexes. MSCI intends to apply a Price Adjustment Factor (PAF) to the market

price of BRAZILIAN RARE EARTHS on July 21, 2026 to reflect the spin-off. The PAF

formula will be as follows: [P(t-1] / P(t)]. Since ALURION RESOURCES will not start

trading on the ex-date, MSCI intends to temporarily add BRAZILIAN

RARE(DETACHED) to the MSCI Global Small Cap Indexes as of the close of July 21,

2026 (effective July 22, 2026). The price of BRAZILIAN RARE(DETACHED) will be

calculated by taking the difference between the closing price of BRAZILIAN RARE

EARTHS on July 20, 2026 and July 21, 2026. This price will remain unchanged until

ALURION RESOURCES starts trading. When ALURION RESOURCES starts trading

on July 29, 2026, MSCI intends to apply a PAF to the market price of BRAZILIAN

RARE(DETACHED) based on terms of the spin-off. Thereafter, MSCI intends to delete

BRAZILIAN RARE(DETACHED) from the MSCI Global Small Cap Indexes as of the

close of July 29, 2026 (effective July 30, 2026) using the closing market price of

ALURION RESOURCES. Simultaneously, MSCI intends to add ALURION

RESOURCES to the MSCI Global Micro Cap Indexes as of close of July 29, 2026

(effective July 30, 2026) using its closing market price on July 29, 2026.

-Indexer supply: -1.23 million shares of Alurion Resources

-Effective at close of Wednesday, July 29, 2026

• FTSE Australia - Further to the FTSE Russell notice released on 24 June 2026, following