MSCI : Corporate Responsibility Presentation (Winter 2020)

2020 Corporate Responsibility Roadshow

November/December 2020

© 2020 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

Forward-looking statements

• This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to future events or to future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential" or "continue," or the negative of these terms or other comparable terminology. You should not place undue reliance on forward- looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond MSCI's control and that could materially affect actual results, levels of activity, performance or achievements.
• Other factors that could materially affect actual results, levels of activity, performance or achievements can be found in MSCI's Annual Report on Form 10-K for the fiscal year ended December 31, 2019 filed with the Securities and Exchange Commission ("SEC") on February 18, 2020 and in quarterly reports on Form 10-Q and current reports on Form 8-K filed or furnished with the SEC. If any of these risks or uncertainties materialize, or if MSCI's underlying assumptions prove to be incorrect, actual results may vary significantly from what MSCI projected. Any forward-looking statement in this earnings presentation reflects MSCI's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to MSCI's operations, results of operations, growth strategy and liquidity. MSCI assumes no obligation to publicly update or revise these forward-looking statements for any reason, whether as a result of new information, future events, or otherwise, except as required by law.

Information Classification: GENERAL	2

Table of contents

1. Company overview & select highlights
2. Our strategy
3. Our people
4. Corporate responsibility
5. Executive compensation
6. Our governance
7. Appendix

Information Classification: GENERAL	3

Company overview & select highlights

MSCI at a glance

Must-have products and services

• Across asset classes for performance and risk
• $1.7B+ Run Rate as of September 30, 2020
• 10%+ YoY subscription Run Rate growth in 3Q20

7,900+ blue-chip clients1 in 90+ countries as of 9/30/2020
• Across investment and trading spectrum
•	World's most sophisticated investors use our products
WHO WE ARE	and services

Strong performance and inclusive culture

• Global, multi-cultural workforce
• Driving innovation for industry-leading solutions2

3,545 talented employees globally as of 9/30/2020

• 30+ MSCI locations in 20+ countries
• 64% and 36% of employees located in emerging market and developed market centers, respectively
• Extensive knowledge of the investment process

WHAT WE DO

Provide products and services that global investors can use to build better portfolios for a better world

1Number of clients based on the shipping address of the ultimate customer utilizing the product which counts affiliates, user locations, or business units within a single organization as separate clients 2Unless otherwise noted, solutions throughout this presentation refers to the usage of our products and / or services by our clients to help them achieve their objectives.

Select highlights

Our Human Capital Management Priority

• Strong commitment to the well-beingof our people during COVID-19 pandemic
• Ongoing focus on diversity and inclusion, including developing a diverse pipeline at the junior level
• Ensuring long-term success through senior talent progression planning and talent management

Sustainability: Our Approach and Opportunities

• Oversight by Chief Responsibility Officer, reporting to Nominating & Corporate Governance Committee
• Increased focus and reporting on Environmental (including Climate) and Sustainability matters, including adoption of Environmental Policy and increased GHG reporting
• Published "The MSCI Principles of Sustainable Investing" to help investors integrate ESG considerations across their investment processes; aligns with corporate mission to help investors build better portfolios for a better world

Our Executive Compensation Program

• Pay-for-Performance compensation structure
• Long-termincentive plan that prioritizes shareholder value creation, commitment to ESG and facilitates an "owner- operator" mindset
• Increased the proportion of 5-yearPSUs to all Managing Directors, including the CEO and President

Our Board and Governance

• Highly experienced, diverse Board integral to advising management on the execution of its growth strategy

• Focus on Board refreshment; appointed two new directors with experience that aligns with MSCI's client-centric strategy
• Exploring enhancing governance profile by adopting proxy access by-lawprovision

Information Classification: GENERAL	6

Our strategy

MSCI's business strategy

Mission: Better investments for a better world

Strategy: To help investors build better portfolios and

transform for the future, MSCI will deliver:

Must-have	Scalable, cutting-edge	Actionable, integrated
content	technology	client solutions
Indexes	Distribution: easily integrate	Powering better
Data	with 3rd parties	investment decisions
Processes: cloud computing	Helping clients tap into
ESG & climate
Internal technology	our data sources, indexes,
Analytical tools
research-driven models
		and tools

Scale & Differentiation

Information Classification: GENERAL	8

Clients turn to MSCI's tools to support their investment needs

Client investment process

Asset	Portfolio	Performance
and Risk
Allocation	Construction
Management

MSCI tools to support:

• Defining investable universes

• Allocating assets sustainably

• Creating investment programs/products

• Benchmarking performance

• Understanding and managing risk and performance

• Reporting to constituents

• Complying with regulations

• Measuring climate related risks and opportunities

Solutions for the most critical investment activities

Information Classification: GENERAL	9

MSCI's strategic initiatives

Product areas				Client segments		Capabilities
•	ESG and climate			•	Broker-dealers	•	Technology and
•	Fixed income and			•	Wealth managers		data
	liquidity			•	Corporates	•	Virtual and remote
•	Thematics			•	Insurance		connectivity
•	Derivatives				companies	•	Distribution
•	Factors			•	Private asset	•	Partnerships
•	Private assets				managers

Information Classification: GENERAL	10

Ongoing tailwinds from secular market trends​

Increasing mandate for sustainable returns and

ESG integration

Ongoing shift from active management to index- enabled investing

From manager selection to

internal management

Long-term shift from home

country bias to global

Increasing demands on institutional investors to be more efficient and differentiated and navigate

increase complexity

Continued allocation to private asset classes

Information Classification: GENERAL	11

Impact of trends on investment industry

Differentiated	Multi-asset
value	class
propositions
	Institutional	Sophisticated
	Investors of the
Sustainability	Future must be	tools &
	Scalable and	advanced
	Differentiated	technologies

Customized	Scale and
efficiency

Industry accolades

PRI Awards 2020

• Winner of the 'ESG Research Report of the Year' award

GlobalCapital Derivatives Awards 2020

• Winner of 'Index Product Creator and Developer of the Year' award

Asia Risk Awards 2020

• Winner of 'Index Provider of the Year' award

Environmental Finance Sustainable Investment Awards 2020

• Winner of 'Best Climate Index provider of the Year'

Asian Investor Asset Management Awards 2019

• Winner of Best Global Index Provider

Environmental Finance Green Bond Awards 2020 and 2019

• Winner of 'Best Green Bond Index'

Risk Tech 100 2019

• Winner of Chartis RT100: Risk as a Service, Enterprise Stress Testing, Buy-Side

Savvy Investors 2019

• Best Real Assets Paper Highly Commended 'Climate risk in private real estate portfolios: What's the exposure?'
• Winner of 'Best ESG Paper 2019' for 2019 ESG Trends to Watch

Information Classification: GENERAL	13

Robust and compelling financialmodel

Recurring, visible revenue model

~97% or higher recurring revenues1 as percent of total revenue from 2015-TTM 9/30/20

Operating efficiency strength

Disciplined operating expense management

Triple-Crown investment opportunities to grow business

Investing in multiple strategic product areas, client segments and capabilities, including technology and partnerships, to drive growth

Attractive cash generation profile

Our business is not highly capital intensive and, as such, we convert a high percentage of our profits into excess cash

Strong balance sheet and liquidity

As of September 30, 2020, total cash and equivalents of $1.3B and total debt of $3.4B, with next maturity not until 2026

1Recurring Revenues include recurring subscription and asset-based fees revenues.	14
Information Classification: GENERAL

Our people

Six workstreams

Continue to drive the performance & growth culture transformation

1. Drive a performance and growth culture transformation that builds a highly engaged, innovative and accountable workforce. We will drive initiatives that, over time, will create higher employee engagement that correlates positively with growth, profitability and shareholder value creation.
2. Strengthen our senior talent pipeline by identifying, selecting, assessing and accelerating the development of the next generation of senior leaders and provide premier, differentiated talent development experiences to our next generation of leaders at all levels.
3. Strengthen the link between pay and performance by linking employee compensation to specific measurable personal, functional and company results and OneMSCI behaviors.

1. Create an environment where all MSCI colleagues can truly be their authentic selves and thus contribute at their maximum potential by strengthening and promoting our culture of inclusion and diversity.
2. Design the MSCI Corporate workplace to enable strong OneMSCI collaboration and improved communication and productivity by ensuring MSCI has the workspace capacity to fuel the company's growth and resiliency of its critical offices.
3. Continue to strengthen our innovative culture through behaviors and practices that promote collaboration, feedback and a deep understanding of our internal/external customers, resulting in superior outcomes for MSCI.

Progression planning & talent management

Talent management is a top priority

• Annual review by the Board of talent management and progression plans.
• The CEO and President regularly meet with every function to review their talent plans.
• Discussions aim to identify top talent who have the most potential to progress to senior-most roles and enable MSCI to achieve its strategy.
• Appropriate action plans are created to ensure we are developing the next generation of leaders.

Integrated talent management

	Business &
	functional
Talent &	strategy
Skills,
workforce	organization
analytics	& key seats

	Talent
Next	GIRATT
generation	(Get It Right
of leaders	At The Top)
	Progression
	planning

Information Classification: GENERAL	17

Progression planning at work

Former Head of Client	Former Deputy General	Former Chief Strategy	Former Head of EMEA
Coverage promoted to	Counsel promoted to role	Officer promoted to	Real Estate and
role of Global Head of	of General Counsel upon	role of Chief Financial	Analytics Coverage
Client Coverage upon	predecessor's retirement	Officer following	promoted to Head of
predecessor's retirement	in March 2020.	predecessor stepping	Real Estate Product Line
in February 2020.		down.	following predecessor's
			departure.

Information Classification: GENERAL	18

Supporting our people during challenging times

Direct and transparent communications

We immediately implemented an employee communication strategy that was direct, transparent and inclusive. Through townhalls, firmwide e-mail communications and broad cross- functional meetings, management delivered key messages around employee safety and wellbeing, leadership, remaining productive, engaging with clients, promoting community, and having empathy for others.

Health and safety first

MSCI prioritized the well-being of its global workforce by increasing communications around employee assistance programs that provide mental health and emotional well-being support, and resources to help manages stress and care for individuals and their families. MSCI also offered ergonomics workshops that focused on how to configure home workspace for optimal health, comfort and performance.

Re-imagining goals

Employees were asked to examine their goals through a start, stop, delay and pivot lens. The "re-imagined" goals were intended to focus on the client and prioritize what was most critical to helping clients navigate the evolving and challenging circumstances.

Innovation

MSCI's Innovation Center of Excellence partnered with cross-functional groups throughout the Company to tackle challenges introduced by COVID-19, such as improving the client experience and re-imagining the future of work.

Thriving in a remote environment

With over 90% of our global workforce now working from home on a regular basis, MSCI created and delivered virtual training programs to quickly build remote capabilities, including Leading Virtually, Working Virtually and Building Resilience.

Taking the pulse on engagement

An interim survey was conducted in June to measure employee response to MSCI's handling of the pandemic. Results indicated positive views on leadership, cross-firm collaboration and in the aftermath of George Floyd's death, diversity and inclusion. Management learned that areas it thought would suffer such as teamwork and trust improved and contributed to effective client delivery.

Information Classification: GENERAL	19

From intent to action

Black Leadership Network (ERG) established Launched on Juneteenth 2020, The mission of MSCI's Black Leadership Network (BLN) is to promote the recruitment, leadership, development and recognition of Black employees at MSCI. BLN will seek to attract and retain Black employees through increased and focused recruiting, mentorship, professional development and networking opportunities.

Eliminating bias in sourcing and recruiting

• Implementing blind resume review to remove unconscious bias in resume evaluation
• 100% of slates for all open roles will be diverse

1

2

3

4

Formed a Diversity Engagement & Sourcing team

To create a pipeline of diverse talent for MSCI and ensure the firm is positioned globally as a leading organization that puts diversity and inclusion at the center of its people strategy.

Specifically the team will:

• Engage, attract and develop diverse candidates for all roles
• Build early career and intern pipeline programs with a focus on diversity
• Forge relationships to help educate, support and recruit students
• Build relationships with external partners, universities and media to position MSCI's programs and opportunities to new networks

Development of diversity recruitment campaigns & messaging framework for use internally and externally to the firm

Information Classification: GENERAL	20

Education, awareness, inclusion

Unconscious bias training

• This training program is available Firm-wide, for both manager and employee populations. Training conducted by The Dagoba Group, a global consultant with focus in financial services clients.
• As of November 2020, over 30 sessions have been hosted with over 1000 employees having participated

Employee Resource Groups and externalaffiliations

• The MSCI Women's Leadership Forum (WLF) was founded in 2013 to create awareness and provide tools and skills geared towards leadership development for women.
• Women's Leadership Forum has 48-chapter heads across 16 countries.
• WLF Focus on leadership visibility, leadership pipelines, external engagement, and education
• MSCI is a member of Catalyst, a global nonprofit working with CEOs and leading companies to build workplaces that work for women.
• MSCI is a Silver level corporate sponsor of Women in ETFs (WE)
• The Pride Forum's mission is to provide LGBT+ employees and allies with a group forum to help create an inclusive culture where all MSCI employees can be their authentic selves
• Allies program launched in2019
• Women in Technology (WIT) ERG formed in 2020
• MSCI is a member of Out Leadership, the premier network for Out Leaders and companies
• MSCI actively participates with Out Leadership and hosted the Q1 2020 meeting
• MSCI is partnering both #100 Black Interns and #10,000 Black Interns in the development of their programs, providing resource and best practice consulting, as well as committing to hosting Interns 2021-2026
• MSCI is a partner of Rare Recruitment, the UK's leading Early Careers BAME coaching & recruitment organization

Information Classification: GENERAL	21

Development & learning

Women's Sponsorship/		Premier Development		Benchmarking
Mentorship Program		Programs & Succession

• Our Women's Leadership Summit attendees participate in a formal sponsorship/ mentorship program in which Executive Committee and Managing Directors at the firm participate as sponsors and mentors
• The program spans 9 months with 6-7 sessions held between mentor and mentee
• Mentees own the relationships and set defined goals for their development
• Women who attend the Summit are provided ongoing development by extending the learning throughout the following year via virtual training sessions.

• Increased diverse representation in premier leadership and management development programs in 2019 (including female and emerging market center representation)
• We continue to focus on increasing the number of diverse talent in our learning and development programs.
• As part of each EC member's annual scorecard, they are required to identify a minimum percentage of female successor candidates (internal and external) for every EC role in their organizations

• In 2020, MSCI participated in the McKinsey Women in the Workplace Study to benchmark against other leading companies
• Participation will provide detailed data and reports
• Continued participation will allow year over year comparisons to measure progress

At MSCI, diversity is at our core and inclusion defines our culture. Our people are empowered to maximize their potential

in an environment where all individuals are respected and encouraged to bring their authentic selves to work. This culture drives us to innovate and provide industry-leading solutions that power better investmentdecisions.

Mission Statement developed by 2019 Executive Diversity Council

Information Classification: GENERAL	22

Corporate responsibility

Our focus on Corporate Responsibility has a clear rationale

We firmly believe there will be a large-scale reallocation of capital and repricing of financial assets over the next few years.

Climate change, the move to a low-carbon economy, diversity and inclusion in the workplace and other environmental, social and governance shifts will deeply impact where capital is invested.

MSCI is uniquely positioned to deliver the solutions to navigate these massive shifts

Information Classification: GENERAL	24

The MSCI approach

A commitment to corporate responsibility is in our DNA at MSCI

As we strive to enable the investment community to make better decisions for a better world, we are dedicated to being a leader in corporate responsibility, which is embodied in the following framework

Information Classification: GENERAL	25

Some key highlights and metrics from 2020

Key enhancements made this year	Selected metrics (Q3 YTD changes in brackets)
New policies and practices	Carbon emissions
Issued Environmental Policy, with increased	16,344.6 GHGE in metric tons CO2E1
focus on climate and our supply chain

New filings & reporting

Principles for Responsible Investing Transparency Report; Carbon Disclosure Project

Sustainability

17 Eco groups (+2)

99% Offices use recycling standard (+52%)

7 trees paper usage (-268 trees p.a.)

Initiatives

Enhanced Corporate Responsibility website

Internal rating & transparency

75% employee CR engagement2

		Assets linked to MSCI ESG Indexes
		1,854 clients managing 72T are served through
		our ESG products and services3
		281B AuM benchmarked to our ESG indexes4
		26 Climate ETFs tracking MSCI indexes5
1)	CO2 equivalent; Green House Gas Emissions for fiscal year 2019
2)	Percentage of employees responding positively to the statement: "Corporate Responsibility is an important part of my employee experience"
3)	As of September 30, 2020. To calculate the number of clients, we use the shipping address of the ultimate customer
4)	ETF and Non-ETF AUM as of September 30, 2020​	Information Classification: GENERAL	26
5)	As of September 30, 2020; out of 59 in the market

Client interest in ESG and Climate is reflected in our financials

Information Classification: GENERAL	27

How we are powering better investment decisions

• MSCI help investors integrate ESG into their investment process and communicate with stakeholders using the common language of ESG Ratings

1 Leading ESG Ratings & Research

Broad coverage with nearly 14,000 companies (including subsidiaries) representing more than 680,0001 securities

2 Innovative equity & fixed income indexes for various ESG approaches

More than 1,500 equity and fixed income indexes covering integration, values and impact

MSCI Emerging Markets

ESG Leaders Index

3 Market-leading risk analytics platform & ESG reporting

Sophisticated ESG Analytics and scalable reporting across 700,000 multi-asset class securities

4 ESG expertise & network

350+ ESG experts and over 600 individuals working with investors around the world

1 ESG Research as of November 2020

Information Classification: GENERAL	28

Client demand drives innovation in the tools and research we offer to help them implement their ESG and Climate strategies

2007

OCTOBER

MSCI World

ESG Leaders

Index (USD)

2014

SEPTEMBER

MSCI Global

Low Carbon

Indexes

2019

JUNE	OCTOBER	NOVEMBER
MSCI Climate	MSCI acquires	MSCI made public
Change Indexes	Carbon Delta,	ESG Ratings for
	establishing the	2,800 companies
JULY	MSCI Climate Risk
Foundations of	Center in Zurich2	DECEMBER
ESG Investing: How ESG		Women on Boards
Affects Equity Valuation,		Progress Report
Risk, and Performance

2013	JUNE	2016	MARCH	2020	FEBRUARY
Bloomberg	MSCI enhances	MSCI launches
Income	income and	Climate Value-at-Risk
	Barclays		ESG ratings for
	ESG Fixed		equity, fixed		(Climate VaR)
	Indexes		multi asset		MAY
			class mutual		MSCI made public
			funds and ETFs1		ESG metrics for
					indexes and funds
					• ESG Fund Ratings
					• Index Profile Tool

JUNE

MSCI launches Real

Estate Climate VaR

1. https://www.msci.com/www/blog-posts/msci-introduces-esg-quality/0308840040
2. https://ir.msci.com/news-releases/news-release-details/msci-strengthen-climate-risk-capability-acquisition-carbon-delta

JULY	OCTOBER
Integrated	MSCI ESG Ratings
Climate VaR	on Bloomberg
into Barra	OCTOBER
SEPTEMBER	MSCI Climate Paris
MSCI ESG Ratings	Aligned Indexes
for Loans	NOVEMBER
OCTOBER	Foundations of ESG
GEM + ESG -	Investing in
Unique and	Corporate Bonds
innovative solution
for communicating
ESG risk and
performance

We build our leadership position by educating and bringing transparency to clients

14 research papers in 2020

... and 21 blog posts

19k+ downloads YTD	43,000+ blog views YTD
Over 1.2m unique pageviews YTD	6,500+ webinar attendees YTD

1 All data as of November 1, 2020

Information Classification: GENERAL	30

Bringing greater transparency to financial markets

Over the last year we have made public our ESG metrics for tens of thousands of companies, funds and MSCI indexes through msci.com and the MSCI app

• ESG Metrics publicly available for all EU- regulated MSCI Equity, Blended and Fixed Income Indexes
• ESG rating publicly available for more than 36,000 funds and 2,800 companies

Metrics based on final TEG report; MSCI ESG Indexes utilize information from, but are not provided by, MSCI ESG Research LLC	31
Information Classification: GENERAL

Enabling sustainable investing

The EU Sustainable Finance action plan supports the transition to a low-carbon, resource- efficient and sustainable economy. MSCI is actively involved in, and providing its expertise to, several EU expert committees - examples below

Key legislative streams

Sustainable Finance	Green	Climate Benchmarks
Disclosure Regulation	Taxonomy	& ESG Disclosure
• Estimated EU Taxonomy	• MSCI SFDR1 Adverse Impact	• First provisional EU PAB2 and EU
Alignment Guide	Indicator Mapping	CTB3 launched in Nov 2019
• Dataset to potentially measure	• Currently building a SFDR	• MSCI Index Profile Tool - index level
alignment	solution	ESG metrics based on the TEG Final
		Report4 for all regulated equity/
		blended indexes

1. SFDR: Sustainable Finance Disclosure Regulation;
2. EU PAB: Paris-Aligned Benchmark;
3. EU CTB: Climate Transition Benchmark;
4. Technical Expert Group (TEG) on Sustainable Finance

Information Classification: GENERAL	32

Executive compensation

Compensation@MSCI

Supports our culture of high performance and accountability

Provide competitive compensation

Link compensation to Company,

Product/Function and Individual

Performance

Provide transparency and a clear line of sight into how compensation is determined

Differentiate and recognize individual performance and behavior - the "What" and the "How"

Allows each pay component to be determined independently and for different purposes

	Target
Base	Annual
Incentive
Salary
Plan
	(AIP)

Target Total

Compensation

Target

Long-Term

Incentive

Plan (LTIP)

Supports our culture of high performance and accountability

Current executive compensation structure

Fixed Compensation

Variable Compensation

Component	Objective		2020
Annual Base Pay	• Provides certainty and predictability to meet ongoing living and	• The only fixed component of our executive compensation program
	financial commitments
Annual Incentive Plan	• Alignment of management's interests with shareholders' interests		• Financial Metrics (70%) vary by executive, but include:
	• Introduced to drive one-year performance results		- Revenue
	• Specific financial criteria and key performance indicators		- Adjusted EPS
			- Net New Sales
			- Free Cash Flow
			- Contribution Margin
			• Key Performance Indicator Goals (30%) that include the following ESG metrics:
			- Employee Engagement, Manager Effectiveness, Employee training and
			development participation, Inclusion and Diversity, Carbon Footprint, etc.
Long-Term Incentive	• Fosters an "owner-operator" mindset		• Grant of 3-Year PSUs and 5-Year PSUs (which vest based on absolute TSR) and
Program	• Closely aligns management's interests with the long-term interests		do not have any "retesting" features
	of our shareholders		- 3-Year PSUs cover a three-year performance period
	• Promotes the retention of key members of our management team		- 5-Year PSUs cover a five-year performance period
	• CEO and President & COO equity entirely in PSUs tied to multi-year		• RSUs which ratably service vest over three years
	absolute TSR

Information Classification: GENERAL	35

Shareholder alignment and engagement

• 2019 enhancements to the compensation program meant to further align interests of management with that of shareholders
• • Increased stock ownership requirements (CEO: 6x; CFO/President/COO: 4x; all other EC members: 3x)
  • Implemented more rigorous clawback policy (covers broader range of detrimental conduct and financial restatements)
  • Introduced a 5-Year Cliff vesting PSU award to enhance "owner/operator" mindset
  • Enhanced LTIP program in response to shareholder feedback

What we heard	What we did	Why
Eliminate relative TSR CAGR	2019 PSU awards will vest and be performance adjusted	Absolute TSR CAGR is an all-encompassing measure of Company
	based solely on rigorous absolute TSR CAGR thresholds	performance that does not divert focus from any individual strategic
		priority
		Metric complements the performance measures under our AIP which
		directly tie to the Company's strategy
Performance period should not be extended	Eliminated "retesting" feature in new PSUs for 2019 and	Increases management's accountability
another six months for performance shares	going forward
Shareholders indicated they prefer that a	100% PSUs in 2016 and in 2019 (no equity grants in 2017	CEO should be primarily rewarded for increasing absolute shareholder
majority of our CEO's long-term incentive	or 2018)	value which reinforces our "owner-operator" philosophy and is aligned
awards be performance-based		with executing our strategic plan

Information Classification: GENERAL	36

2020 long-term incentive mix

						Rest of	Managing
2019 LTI Vehicle -Mix	CEO	Pres & COO	Executive
Directors
						Committee
RSUs	0%	20%	40%	50%
3-Year PSUs	50%	50%	40%	35%
5-Year PSUs	50%	30%	20%	15%
Changes to 2020 LTI Vehicle-Mix
RSUs		0%	0%	30%		50%
3-Year PSUs	40%			50%	35%	30%
5-Year PSUs	60%	50%	35%	20%

3-Yr TSR PSUs Schedule		5-Yr TSR PSUs Schedule
TSR CAGR	% Vesting	TSR CAGR	% Vesting
< 8%	0%	< 10%	0%
8%	25%	10%	50%
9%	50%	12.5%	100%
10%	100%	15%	150%
20%	200%	20% +	200%
30% +	300%		37
	Information Classification: GENERAL

Pay-for-performance

Rigorous TSR metric for PSUs and financial metrics for annual cash incentive compensation reflects strong alignment between company performance/shareholder return and executive compensation

Source: S&P Capital IQ MSCI stock price as of 10/19/2020

Information Classification: GENERAL	38

Accountability and compensation governance

What we do	What we don't do
Emphasize variable compensation	Do not provide gross-ups to cover excise taxes
Have formula-based annual cash-incentives	Do not have employment agreements with executive
Subject equity awards to vesting requirements	officers
Do not allow directors or employees to hedge or pledge
Impose stock ownership guidelines on directors and
company stock, engage in short sales, purchases or sales or
Executive Committee members
options, puts or calls, as well as derivatives, such as swaps,
Maintain clawback policy incentive-based compensation
forwards or futures or trade on a short-term basis on
(cash and equity)	company stock
Provide for double-trigger vesting upon a change in control	Do not allow repricing of options or stock appreciation
Have restricted dividend equivalents on performance	rights awards without shareholder approval
vesting awards that are only paid if and when underlying	Do not provide for "liberal" share recycling when shares are
award vests	tendered or withheld to satisfy tax withholding obligations
Grant CEO and President & COO equity entirely in PSUs tied	or as payment of an option exercise price
to multi-year absolute TSR
Retain independent compensation consultant at direction of
the CTM Committee

Information Classification: GENERAL	39

Our governance

Governance structure

Compensation & Talent

Management Committee ("CTM

Committee")

Linda Riefler (Chair)

Benjamin duPont

Wayne Edmunds

Marcus Smith

Audit Committee

Wayne Edmunds (Chair)

Robert Ashe

Sandy Rattray

Linda Riefler

Independent		Internal		Enterprise Risk
Auditor		Audit		Oversight Committee

Shareholders

Board of Directors

Chairman/CEO*	Lead Director*
Henry Fernandez	Robert Ashe

Strategy & Finance Committee

("Strategy Committee")

Robert Ashe (Chair)

Jacques Perold

Sandy Rattray

Marcus Smith

Paula Volent

Nominating & Corporate

Governance Committee

("Governance Committee")

Jacques Perold (Chair)

Benjamin duPont

Catherine Kinney

Paula Volent

Independent directors*

(all directors except for CEO)

Executive Committee		Corporate Responsibility Committee
President and Chief Operating Officer		Chief Responsibility Officer and Head of Index
Chief Financial Officer and Chief Strategy Officer		Chief Human Resources Officer
General Counsel		Corporate Secretary
Chief Human Resources Officer		Head of Global Communications
Heads of Product Segments		Investor Relations
Global Head of Research and Product		Global Head of ESG Research
Development		Global Head of Corporate Services
Regional Coverage Heads
Chief Responsibility Officer

Information Classification: GENERAL	41

Board governance

Governance highlights

• Independent Lead Director has expansive list of duties that provides for effective independent oversight, including approving Board agendas, leading executive session of independent directors, overseeing annual review of Chairman, facilitating communication between Chairman and independent directors, and meeting directly with management
• Appointed a new Lead Director (Robert G. Ashe) and new chairs for all NYSE-mandated committees in 2018
• Rotated a number of committee members in 2020 in connection with appointment of two new directors
• Annual election of directors: majority voting standard for uncontested elections with resignation policy; plurality for contested elections
• No dual-class stock and no poison pill
• Robust onboarding program for new directors and ongoing director education
• Annual review of charters/governance policies, related persons transaction policy, political activities policy

Oversight of risk management activities

• Board, through its committees, oversees risk management activities, including those relating to cybersecurity risks

Board oversees major risks

CTM Committee oversees risks associated with compensation policies and practices

Strategy Committee oversees risks relating to Company's strategic plan

Governance Committee oversees risks relating to governance structure, compliance, ESG and other corporate governance matters

Audit Committee oversees risks relating to key accounting and reporting policies, and cybersecurity and enterprise risks; quarterly update from Enterprise Risk Management and Information and Technology Risk

Information Classification: GENERAL	42

Diverse & engaged board

Our Directors exhibit an effective mix of skills, experience, diversity and perspectives

30% Women	Over 50% Gender,	9 of 10 Directors
	Racial or National	are Independent
	Diversity

Outside Board Policy

• Directors may not serve on more than 4 public company boards, including the Company's
• All directors are in compliance with the outside board policy
• CEO serves on the Board of one public company

Diverse Skills & Experiences

Executive Leadership

Governance / Public Company Board

Industry Experience

International Experience

Regulatory Compliance / Government

Investments / Strategy

Financial Expertise: CFO and Audit

Risk Management

Consumer Insight / Investor Relations

Technology

Corporate Affairs

Talent Management / Executive Compensation

Information Classification: GENERAL	43

MSCI Board of Directors

Name	Committee(s)	Name	Committee(s)

Henry A. Fernandez		Jacques P. Perold	NCG (Chair), SF
Chairman and CEO
Robert G. Ashe	A, SF (Chair)	Sandy C. Rattray	A, SF
Independent Lead Director		Appointed in 2020
Benjamin F. duPont	CTM, NCG	Linda H. Riefler	A, CTM (Chair)
Wayne Edmunds	A (Chair), CTM	Marcus L. Smith	CTM, SF
Catherine R. Kinney	NCG	Paula Volent	NCG, SF
		Appointed in 2020
A: Audit Committee
CTM: Compensation & Talent Management Committee
NCG: Nominating & Corporate Governance Committee
SF: Strategy & Finance Committee	Information Classification: GENERAL		44

Director evaluation & refreshment

Director Tenure & Ongoing Board Refreshment

• Director skills matrix reviewed regularly to aid in search of potential candidates
• Mandatory retirement age set at 72; Two directors retired, and two new directors appointed in 2020
• Director search firm retained to assist with director succession planning; instructed to provide a diverse slate of candidates

Annual Board Performance Evaluations

Process	Feedback & Recent Initiatives

5 of 10 directors joined the board within the past

5 years; ongoing search for new directors

Annual Board and committee evaluations led by the Chair of the Governance Committee

• Each director completes a self-assessment questionnaire
• Lead Director conducts individual director interviews

In 2019, the Board engaged a third party evaluation firm for a comprehensive assessment of the Board's practices

The Lead Director and Chair of the Governance Committee review the results with the Board in executive session; requests for enhancements are subsequently discussed with management

Enhanced review of strategic goals:

• Periodic review with Board on strategic initiatives
• Board and committee agendas increasingly focused on "forward-looking" topics Increased focus on ESG:
• Governance Committee assigned responsibility for ESG (including Climate) oversight
• Chief Responsibility Officer provides quarterly reports to the Governance Committee
• ESG goals incorporated into CEO's goals for annual incentive compensation Enhanced director education program:
• Joined peer-engaged program designed to enhance director performance
• Leveraged virtual platforms to provide deep dive sessions on certain aspects of MSCI's business

outside of quarterly meetings Succession planning and talent management:

• CEO and President meet quarterly in executive session with independent directors
• Potential successors to senior management invited to speak at Board meetings for additional exposure
• Succession planning at levels beyond the Executive Committee; accelerate development of current internal candidates at all levels

Information Classification: GENERAL	45

Appendix

Supplemental information

• Percentage changes and totals in this presentation may not sum due to rounding.
• Foreign currency exchange rate fluctuations reflect the difference between the current period results as reported compared to the current period results recalculated using the foreign currency exchange rates in effect for the comparable prior period. While operating revenues adjusted for the impact of foreign currency fluctuations includes asset-based fees that have been adjusted for the impact of foreign currency fluctuations, the underlying assets under management ("AUM"), which is the primary component of asset-based fees, is not adjusted for foreign currency fluctuations. More than three-fifths of the AUM are invested in securities denominated in currencies other than the U.S. dollar, and accordingly, any such impact is excluded from the disclosed foreign currency adjusted variances.
• MSCI has presented Run Rate, a supplemental key operating metrics as part of this presentation.
• Run Rate estimates at a particular point in time the annualized value of the recurring revenues under our client license agreements ("Client Contracts") for the next 12 months, assuming all Client Contracts that come up for renewal are renewed and assuming then-current currency exchange rates, subject to the adjustments and exclusions described below. For any Client Contract where fees are linked to an investment product's assets or trading volume/fees, the Run Rate calculation reflects, for ETFs, the market value on the last trading day of the period, for futures and options, the most recent quarterly volumes and/or reported exchange fees, and for other non-ETF products, the most recent client-reported assets. Run Rate does not include fees associated with "one- time" and other non-recurring transactions. In addition, we add to Run Rate the annualized fee value of recurring new sales, whether to existing or new clients, when we execute Client Contracts, even though the license start date, and associated revenue recognition, may not be effective until a later date. We remove from Run Rate the annualized fee value associated with products or services under any Client Contract with respect to which we have received a notice of termination or non-renewal during the period and have determined that such notice evidences the client's final decision to terminate or not renew the applicable products or services, even though such notice is not effective until a later date.

Information Classification: GENERAL	47

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Information Classification: GENERAL	48