MSCI : 2024 Q1 Q1 2024 Update

MSCI Inc. Quarterly Update

April 23, 2024

MSCI remains well-positioned to deliver the mission-critical tools, solutions and content investors need to build more effective portfolios. Since the start of the first quarter, we executed on the following actions to advance our product capabilities and address the needs of our clients in the investment world.

Addressing the Needs of Clients and Client Segments

• Helping GPs, Lenders, and Private Companies with a Centralized Hub for Private Market Sustainability Disclosures:In February, we launched MSCI Private Company Data Connect, a centralized hub that provides general partners ("GPs") and private companies with access to private companies' sustainability and climate data and disclosures. This tool is designed to drive transparency and a common language for investors in private markets reviewing private companies' sustainability and climate data, by enabling GPs to execute due diligence and risk management processes, respond to client and regulatory sustainability reporting requirements, and develop sustainable value creation strategies, such as engagement and target-setting for their portfolio companies. Private Company Data Connect also helps private companies without emissions data perform extensive carbon accounting using Persefoni's carbon accounting and climate disclosure software.
• Enabling a Client to Launch First Total Return Futures ("TRF") Based on MSCI Indexes:During the quarter, Eurex, the derivatives arm of Deutsche Börse Group, launched TRF contracts on three MSCI indexes: the MSCI World Index, MSCI EAFE Index, and MSCI Emerging Markets Index. TRFs replicate the returns of traditional bilaterally negotiated equity or equity index-based swaps. This solution supports the global shift from swap instruments towards listed and centrally cleared derivatives.
• Launch of MSCI World, USA & ACWI Options on CBOE:During the quarter, CBOE Global Market expanded its existing suite of options linked to MSCI indexes by introducing three new products on additional MSCI Global Indexes. The new index options are linked to the MSCI World Index, MSCI ACWI Index, and MSCI USA Index. These new index options can be an important tool for clients with diverse investment objectives such as gaining benchmark exposure, seeking new sources of yield, hedging portfolios or making directional trades.

Launching and Enhancing Innovative Solutions and Products

• Launched MSCI Global Core Property Fund Indexes for Real Asset Investors: In the first quarter, we launched our Global Core Property Fund Indexes. After thorough research and client consultation, we have developed a comprehensive definition of "Core" in the context of real estate investment and released our new Global Core Quarterly Property Fund Indexes. These indexes are designed to be used by Asset Managers to benchmark different types of Core strategies, and they represent a significant development in our commitment to provide differentiated indexes to our clients.

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1Q24 QUARTERLY UPDATE

• Launch of MSCI Volatility Indexes on Emerging Markets (EM) and EAFE at CBOE:In collaboration with MSCI, CBOE introduced two new volatility indexes based on existing MSCI Index options and the proprietary VIX Index Methodology. The new CBOE MSCI Volatility Indices aim to provide comparable measures for international and emerging equity market volatility. The launch of the CBOE MSCI EAFE Volatility Index (VXMXEA) and CBOE MSCI Emerging Markets Volatility Index (VXMXEF) provides the investment community with benchmarks for option investing.
• Launched MSCI Digital Asset Reference Indexes:In February, we launched MSCI Digital Assets Reference Indexes focusing on Bitcoin and Ethereum for investors in the digital asset space. In collaboration with Compass Financial Technologies, MSCI launched four digital assets indexes: the MSCI Global Digital Assets Index, MSCI Global Digital Assets Top 20 Index, MSCI Global Digital Assets Smart Contract Index, and MSCI Global Digital Assets ex Proof-of-Work Index. These indexes aim to represent the performance of an investment strategy in the underlying single digital asset.

Enhancing Our Data and Technology Capabilities through Partnerships and Acquisitions

• Expanded Custom Index Offering with Acquisition of Foxberry:Last week, we completed our strategic acquisition of Foxberry, a London-based provider of front-office index technology for investors. The integration of Foxberry and the foxf9® indexing and analytics toolset will strengthen MSCI's existing suite of index customization solutions. The foxf9® technology provides a new platform to accelerate custom index production, including simulation and back-testing capabilities for institutional investors and intermediaries.
• Participated in Google Cloud Next 2024:In April, our ESG and Climate Engineering team participated in the Google Cloud Next 2024 conference to showcase our geospatial data solutions that help clients manage the impact of climate hazards and physical risks on their portfolios. This included a presentation titled 'Pinpointing climate risk for sustainable finance in the era of AI'. We delved into how MSCI uses machine learning and Google's AI capabilities to enrich our datasets to help clients gain insight into approximately 1 million asset locations and better manage climate- related investment risks.

Awards and Recognitions

• MSCI received an A- from CDP for Third Consecutive Year:MSCI has received a "Leadership" CDP score of A- for three consecutive years, beginning in 2022, based on our responses to the CDP questionnaire. The score reflects MSCI's leadership position on climate, including our best practices related to climate-related governance, business strategy, financial planning and carbon reduction initiatives. Over the last year, we have continued to make progress on our targets through the launch of internal carbon pricing on business travel and MSCI's recent TNFD commitment.
• During the quarter MSCI was recognized with several awards and recognitions:
  o MSCI was recognized as the "Best Smart Beta Index Provider" award at the SRP Europe Awards 2024, our second consecutive year of recognition.

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1. MSCI won "Best Index Provider" in the ETF Express European ETF Awards for 2024 in the Equity ETFs, ESG ETFs and Emerging Markets ETFs categories.

1. MSCI was recognized as one of the "100 Most Sustainable Companies 2024" by Barron's.

About MSCI Inc.

MSCI is a leading provider of critical decision support tools and services for the global investment community. With over 50 years of expertise in research, data and technology, we power better investment decisions by enabling clients to understand and analyze key drivers of risk and return and confidently build more effective portfolios. We create industry- leading research-enhanced solutions that clients use to gain insight into and improve transparency across the investment process. To learn more, please visit www.msci.com.

About MSCI ESG Research Products and Services

MSCI ESG Research products and services are provided by MSCI ESG Research LLC, and are designed to provide in- depth research, ratings and analysis of environmental, social and governance-related business practices to companies worldwide. ESG ratings, data and analysis from MSCI ESG Research LLC are also used in the construction of the MSCI ESG Indexes which are not subject to our SEC registration. MSCI indexes are products of MSCI Inc., and MSCI Limited is the benchmark administrator. MSCI ESG Research LLC is a Registered Investment Adviser under the Investment Advisers Act of 1940 and a subsidiary of MSCI Inc. MSCI ESG Research materials, including materials utilized in any MSCI ESG Indexes or other products, have not been submitted to, nor received approval from, the United States Securities and Exchange Commission or any other regulatory body.

FORWARD-LOOKING STATEMENTS

This quarterly update 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 MSCI's 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, 2023 filed with the Securities and Exchange Commission ("SEC") on February 9, 2024 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 quarterly update 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.

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