MSCI 2023 Corporate
Responsibility
Roadshow
Fall 2023© 20232022 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 statements regarding corporate-responsibility and climate-related plans, goals
and potential impacts 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 bythese 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 somecases, 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, 2022, filed with the Securities and Exchange Commission (“SEC”) on February 10, 2023, 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 thispresentation 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.
The inclusion of information in this presentation should not be construed as a characterization regarding the materiality or financial impact of that
information.

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Table of Contents
1 MSCI Overview and 2023 Enhancements
2 Environmental Sustainability
3 Human Capital Management
4 Executive Compensation
5 Corporate Governance and Risk Oversight
6 Appendix

MSCI Overview
and 2023 Enhancements

Information Classification: GENERAL

4

MSCI at a Glance
What We Do
Provide critical decision support tools andservices for the global investment community
$4.6T

5,005

~$2.5B

employees1

Total Run Rate1

30+

12%

Office locations1

YoY

67%

~6,500 95+
clients1 incountries1

1 As of September 30, 2023~$14.9$10.3T

Must-have investment data,
tools, models and technology
across asset classes for
performance and risk

33%

33%1 of employees locatedin developed market centers

67%1 of employees locatedin emerging market centersin AUMbenchmarked to
MSCIIndexes as ofJune 30, 2023
ActiveIndexedExtensive knowledge ofthe investment process• Providing solutions to enable all participants in the investment process• Driving innovation for industry-leading solutions• 50+ years of establishing standards in the investment industry

5Addressing Client Needs to Power Better Investment
Decisions
Investors rely on
MSCI for

Supporting Investors’ Needs in Every
Part of the Investment Cycle• Data- and research-driven insights
into drivers of risk and performance• Broad asset class coverage• Innovative tools to help bringinvestment strategies to market

Designing
Strategies• Exceptional quality

Evaluating
Strategies
Managing
Strategies• Reliability, technology and business
continuity infrastructure• Portfolio
Construction
Tools• Indexes• Asset Allocation Models• Risk and Performance Models• Benchmarks• Performance Attribution
Applications• Risk Analytics andReporting6

Innovation and Investment in Key Growth Areas
New Growth

Scale

Efficiencies

Drive new business capabilities
through new products and services

Expand existing products andcapabilities to accelerate growth

Avoid and/or repurpose costs;
achieve productivity gains

Examples:• Climate• Thematic Indexes• Fixed Income Indexes• Private Assets

Examples:• Innovative Factors & ESG
Indexes• ESG securities coverage
expansion• Expanding Futures and Options

Examples:• Cloud migration• Streamline technology
development• Data process improvements

Triple-Crown Investment CriteriaHigh Returns

Quick Payback <3 Years

Strong Valuation

Projects must have a high return (ROI)

Earlier payback preferredPrefer investments with greater
impact to MSCI’s valuation

Rigorous metric-driven approach to allocate capital across different business areas
7

Our Corporate Responsibility Vision and Strategy
We aim to leverage our undisputed leadership in sustainability products and investment
tools to drive leadership in Corporate Responsibility and deliver value to our key stakeholders
12

3

Environmental Practices

Social Practices

Governance Practices

Empower our clients with products,
data and tools they can trust.

Equip our employees with training
and support to foster professional
success.

Increase transparency throughdisclosures on governance, Board
diversity and Board skills.

Foster a diverse, equitable andinclusive workplace and track ourprogress.

Ensure data integrity and information
security throughout our operations.

Manage our carbon emissions andclimate risks and implement
sustainable operational practices.
Advance towards our environmental
commitments to reach net zero
greenhouse gas emissions before
2040.

Support sustainable communities by
providing resources and encouraging
employee-led local activities.

Proactively mitigate risk and build
corporate resiliency.

82023 Corporate Responsibility Program
Our Environmental Sustainability Approach

Our Executive Compensation Program• Continue working to reach our goal of net-zero CO2e emissions
across the value chain by 2040 from a 2019 base year, with targets
validated by the Science Based Targets initiative (SBTi)• Instituted an internal carbon pricing program for business travel• Conduct strategic engagement with top suppliers• Build and improve internal processes and controls• Continue our commitment to transparency by publishing our annual
Climate Reports• Long-term incentive program aligns executive compensation withstakeholders’ interests by prioritizing shareholder value creation andalignment with “owner-operator” mindset• Strong pay-for-performance alignment, including 100% performancebased long-term equity awards for CEO and President• Market-leading Share Ownership requirements that demonstrate deep
commitment to “owner-operator” mindset• All Managing Directors are held accountable for individual DE&I Goals
linked to compensation• Climate Commitment KPIs in all Management Committee member goals

Our Human Capital Management Priorities

Our Board and Risk Oversight• Specific and deliberate approach to developing internal seniortalent and hiring strategically from the external market to ensure
leadership for today and for the future, including progression
behind our most-senior roles• Launch of Internal Talent Marketplace to support internal mobility
and ensure career development is further embedded culturally andin practice• Launch of MSCI Alumni Community and Program• Employee-wide Inclusive Leadership Training prioritized• Continue to listening to employee base through mid-year Pulse
Survey and enhanced annual Engagement Survey• Highly experienced, diverse Board integral to advising
management on the execution of its strategy• Focus on Board refreshment: 5 directors appointed in the last 5 years;
approved Committee rotations for 2023 Board term, including all
Committee Chairs• Enhanced Board skills disclosure, including by fully updating corecompetency/skills categories to focus on those skills deemed most
relevant by the Board• Strong commitment to Board annual evaluation, including with one-onone interviews between each Board member and Lead Director• Risk oversight by full Board and Committees, including Board oversightof enterprise risk management, IT/cyber risk and other areas
9Strong Corporate Responsibility Advisory Council
A group of senior executives who review strategically significant proposals regarding our corporate responsibility policies,
actions and disclosures.

Baer Pettit
President andChief Operating Officer

Cristina Bondolowski
Chief Marketing andCommunications Officer

Remy Briand
Chief Product Officer
and Head of Index

Tia Counts
Chief Responsibility andDiversity Officer

Linda-Eling Lee
Head of MSCI
Sustainability Institute

Robert Gutowski
General Counsel

Andrew Wiechmann
Chief Financial Officer

Scott Crum
Chief Human
Resources Officer

10Materiality Assessment
In 2023, MSCI conducted an externally supported ESG materiality assessment to identify and prioritize ESG topics to inform oursustainability reporting and strategies.
These topics are broadly aligned with those outlined in MSCI’s ESG Industry Materiality Map, and the analysis was informed byrelevant reporting standards such as the Sustainability Accounting Standard Boards (SASB) standard.
The outcome of this assessment is exhibited below, and nine topics were deemed of imperative and strategic importance froman ESG perspective:

Carbon Emissions

Board

Business Ethics

Diversity, Equity and Inclusion

Employee Health, Safety andWellbeing

Human Capital Development

Privacy and Data Security

Product Safety and Quality

Responsible Investment

LegendEnvironmental

SocialGovernance

Our ESG materiality assessment was designed to identify priority, or “material,” topics from an ESG perspective, which is a broader standard than that used in our financial
disclosures. Therefore, materiality for purposes of our corporate responsibility reporting, climate reporting and ESG materiality assessment does not directly correspond to theconcept of materiality used in securities law or for purposes of our financial reporting. For additional information on MSCI, our financial results and our business, please see our
Annual Report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed with the U.S. Securities and Exchange Commission.

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Environmental
Sustainability

MSCI’s Commitment to Net-Zero
We have 2025 milestones as well as SBTi-validated near-term, long-term and net-zero targets that arealigned to a 1.5°C trajectory.

2019
Baseline year
for MSCI’s
CO2e Targets

By 2025

By 2030

Before 2040

• 100% renewable electricity• 60% reduction in Scope 1 & 2• 80% reduction in Scope 1 & 2• Reach Net-Zero acrossthe value chain for all Scopes

2025
Milestones

Near
Term

Net
Zero

Scope 3

Scope 3

60% of suppliers by spend tohave science-based targets

50% reduction

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MSCI Internal Carbon Pricing for Business Travel

Internal Carbon Pricing (ICP) is a voluntary mechanism thatplaces a monetary value on GHG emissions$100
Per ton of CO2e

Launch Date

August 1, 2023

Current Use

All Employee BusinessTravel incurs an ICP fee

Use of Funds

Funds collected will beavailable for futuresustainability efforts

Competitive
Price Point

Launching at this pricepositions us as a leader inthis space

The aim of using an ICP is to raise awareness of our efforts
to achieve emissions reductions and incentivize lower

carbon business travel decisions

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Human Capital Management

Our People Strategy
1

2

3

Drive a performance culture transformation that builds
a client centric, innovative and accountable workforce,
which drives greater commercial success and leads
to deeper employee engagement.

4

Continue to promote Diversity, Equity and Inclusion andto accelerate our DE&I progress through enhanced
accountability, with a focus on senior leadership. Promote
an environment of trust and empowerment where all MSCI
colleagues can thrive.

5

Enhance and optimize our work environment andsourcing activities. Continually improve the corporate
workplace to enable and support the Future of Work hybrid
environment, prioritizing strong One MSCI collaboration,
improved communication and productivity, and spaces thatenhance the client experience.

Strengthen our senior leadership pipeline by prioritizing
the development of our current leaders, accelerating
development of our talent pipeline and building a benchof exceptional leaders who will lead our strategy, growthand future success.
Strengthen the link between pay and performance,
recognizing both operating results and the cultural values
to deliver them. Evolve our compensation approachto promote an owner-operator mindset and provide
stronger differentiation between performance andrewards.

Total Employees: Gender 1,2

U.S. Employees: Race/Ethnicity 1,3

35.9%

64.1%

3.8%

52.8%

28.1%

4.1%
11.2%

Female

Asian

Male

Black or African American
Hispanic or Latino
White

American Indian or
Alaska Native, Native
Hawaiian or Other
Pacific Islander or
Two or More Races

1 Data as of December 31, 2022.
2 4% of global employees have not identified gender and are not included in the data calculations.
3 14% of U.S. employees have not identified race/ethnicity and are not included in the data calculations.

Information Classification: GENERAL

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Our Global Diversity, Equity & Inclusion Strategy
Our leadership in DE&I will be a strong differentiator for creating shareholder value
Our global DE&I policies and strategies are being woven into each business and function. We are designing a unified,
firmwide approach to DE&I, establishing a shared focus, organizing legacy activity while charting a clear path forward.

1

Our People
Devise strategies to aid in theattraction, retention, development
and advancement of diverse talent
at all levels and across MSCI
globally. Foster an inclusive andequitable workplace and a cultureof belonging where all employees
can thrive.

2

Our Leaders

Increase manager and senior leader
engagement, awareness of
inclusive leadership behaviors.
Design, implement and continuously
improve a framework for executive
accountability for DE&I progress.

3

Our Communities
Enhance external stakeholder
engagement including withinvestors, clients, vendors andpartners; increase the visibility of
MSCI's DE&I commitment; elevate
the DE&I dialogue across internalgroups for positive impact on
employee engagement.

Across each pillar, we will measure progress, collect and analyze relevant data and prioritize transparency.

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Integrated Talent Management is a Critical Imperative• We need the right leaders and workforce with the rightBusiness &functional
strategyskills to deliver our aggressive growth strategy
and business plans.

Strategic
workforce
plan

Progression
planning• Our senior leaders are accountable for MSCI talent,

regardless of function, and collectively own our talentpriorities• We have built a fully integrated end-to-end talent

Skills, key
seats

approach and organization to attract, recruit, hire,develop, manage and progress our talent that prioritizes
engagement, DE&I and our cultural values• The foundation for this work is close alignment with

MSCI's strategy over the medium and long term

Integrated
TalentManagement

Attraction
andrecruitment

Talent &workforce
analytics

Performance
Management• Our approach is single minded in pursuit of exceptional

talent and built upon our unique culture and aligned to
OneMSCI and client centricity.

CareerDevelopment

Internal
TalentMarketplace18

Executive Compensation

Current Executive Compensation Structure
Compensation
Element
Annual Base
SalaryType of Pay

Purpose2022 Program

Fixed – Cash

• Provides certainty and predictability to meet

• The only fixed component of our executive compensation program• For 2022, represented 8% of our CEO's target total compensation and an average ofongoing living and other financial commitments• Guaranteed compensation in exchange forinvesting in a career with MSCIAnnualIncentive

Variable, ShortTerm, PerformanceBased - Cash

• Provides a competitive annual cash bonus
opportunity• Intended to drive one-year performance results
against financial targets and other Company,
individual and leadership-focused goals

Long-Term
Incentives

Variable, LongTerm, Time andPerformance-Based– Equity• RSUs• PSUs• PSOs• Fosters an “owner-operator” mindset; closelyaligns management’s interests with the long-term
interests of our shareholders• Promotes the retention of key members of ourmanagement team

14% of our other NEOs' total target compensation• Metrics vary by executive, but include:• Financial Metrics (70% weighting); for NEOs consisting of:• Revenue• Adjusted EPS• Total Net Sales (formerly referred to as Net New Sales)• Free Cash Flow
• Key Performance Indicator/Leadership Effectiveness Goals (20% weighting)• DE&I Goals (10% weighting)• RSUs which cliff vest after a three-year vesting period• PSUs which vest based on achievement of an absolute TSR performance metricover a cumulative 3-year performance period, with a 1-year post-vestingmandatory holding period• PSOs with a three-year performance period which vest based on the combinedlevel of achievement of a cumulative adjusted EPS performance metric and acumulative revenue performance metric• Each of our CEO and our President and COO received 100% of their LTIP awards inthe form of performance awards, with 50% in the form of PSUs and 50% in theform of PSOs, with other NEOs receiving a mix of 30% RSUs, 35% PSOs and 35%
PSUs

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Executive Compensation Practices
What we do

What we don’t dox Do not provide gross-ups to cover excise✓ Emphasize variable compensation
taxes✓ Provide formula-based annual cash incentive opportunities✓ Subject equity awards to rigorous service- and performance-vesting vesting requirements x Do not allow directors or employees tohedge or pledge company stock, engage in✓ Impose rigorous stock ownership guidelines and requirements on all of ourshort sales, purchases or sales of options,NEOs and other Executive Committee members, with guidelines among thehighest multiples of base salary in our peer group✓ Require members of our Executive Committee, including our NEOs, to be
subject to 25% net-share retention requirement for new awards✓ Maintain clawback policy for incentive-based compensation (cash and equity)✓ Provide for double-trigger vesting upon a change in control✓ Only pay dividend equivalent on PSUs if and when the underlying award vests✓ Make CEO’s and President & COO’s equity grant entirely in awards tied to performance
metrics, to focus on long-term shareholder value creation✓ Retain independent compensation consultant✓ Incorporate DE&I and climate-related considerations into our AIP program✓ Engage with shareholders and incorporate feedback

puts or calls, as well as derivatives, suchas swaps, forwards or futures or trade ona short-term basis on company stock

x Do not allow repricing of options or
stock appreciation rights awards
without shareholder approvalx Do not provide for “liberal” share

recycling when shares are tendered orwithheld to satisfy tax withholding
obligations or as payment of an option
exercise price21

Shareholder Alignment and Engagement
Share Ownership Requirements
In response to shareholder feedback encouraging greater support for our “owner-operator” philosophy through enhanced
share retention, in 2022, our Compensation, Talent and Culture Committee further amended our stock ownershipguidelines to adopt more rigorous requirements that reflect among the highest multiples of base salary in our peer group

We continue to see high support for our Executive Compensation Program:High shareholder support for our NEO compensation program indicated by 98.2% Say-on-Pay support in 2023 and greaterthan 96% support in prior six years.

22

Recent Executive Compensation Enhancements
WHAT WE HEARD

WHAT WE DID

WHYGreater support for an “owneroperator” philosophy throughenhanced share retention

In 2022, the Compensation Committee further amended our stock
ownership guidelines to adopt more rigorous requirements that reflect
among the highest multiples of base salary in our peer group

We believe that significant stock ownership at
the senior-most levels of leadership promote an“owner-operator” culture and focus our seniorleaders on long-term shareholder value creation

Stronger linkages between ESG and
our executive compensation program

In 2021, we introduced DE&I goals for senior leaders that aim
to enhance DE&I progress
In 2022, we introduced climate commitment goals for Management
Committee members

We believe that integrating ESG factors into ourcompensation programs helps to ensure
executive decision making aligns with our goals
for corporate culture and corporate sustainability

Inclusion of financial and operating
metrics in LTIP awards

In 2022, we granted PSOs with a cumulative three-year performance
period, based on the combined level of achievement of operating andfinancial metrics, and with a ten-year term. PSOs replaced the grant of
five-year PSUs

We believe that grants of PSOs with a focus on
financial and operating metrics that complement
the TSR metric used in PSUs provide greater
incentives for the execution of the Company’s
strategic plan

Request for disclosure around how
our Compensation Committee
assessed performance for purposesof DE&I goals

In 2022, we added disclosure regarding NEO performance with respect
to DE&I goals as well as the Company-wide approach to assessing
performance against DE&I goals through an Executive Accountability
Framework

We believe it is important to convey transparent
information about the achievement of DE&I
goals by our senior leaders as well as ourprocess of assessing those goals

Enhance retention and promote longterm shareholder value creation

Beginning in 2021, we added a one-year post-vest mandatory holding
period to our PSUs
In 2022, we revised the vesting structure of annual RSU grants to cliffvest 100% at the end of a three-year service period (rather than annual
ratable vesting over a three-year period)

We believe a post-vest mandatory holding period
and cliff-vesting further enhance our pay-forperformance culture

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Corporate Governance andRisk OversightBoard Snapshot
Compensation,
Talent and Culture Committee
Jacques P. Perold (Chair)
Linda Riefler
Wayne Edmunds
Paula Volent
Audit and Risk Committee
Marcus L. Smith (Chair)
Robert Ashe
Wayne Edmunds
Robin Matlock
Rajat Taneja
INDEPENDENCE(1)• Independent: 83.3% (10/12)• Non-independent: 16.7% (2/12)

MSCI Inc.
Board ofDirectors

Chairman of theBoard and CEO
Henry Fernandez

Lead Director
Robert AsheElected solely byindependent directors

Committee Chairs
Chairs and members of
all committees are
independent

DIVERSITY (GENDER AND RACE/ETHNIC)(1)• Diverse: 58.3% (7/12)• Female: 33.3% (4/12)• Racial/Ethnic Diversity: 25.0% (3/12)• In 2022, we began disclosing director skills and diversity information on an aggregatedand individual basis, in line with Nasdaq board diversity disclosure standards.
1 As of September 30, 2023

Strategy and Finance Committee
Sandy Rattray (Chair)
Robert Ashe
Jacques Perold
Marcus Smith
Paula Volent
Governance and Corporate Responsibility
Committee
Linda Riefler (Chair)
Catherine Kinney
Robin Matlock
Sandy Rattray
TENURE AND REFRESHMENT(1)• Directors Appointed in Last 5 Years: 5• Directors Retired in the Last 5 Years: 4• Average Tenure (All Directors): 7.4 years• Average Tenure (Independent Directors):
7.2 years

25Governance Highlights✓ All director nominees except our CEO and our
President and COO are independent.

✓ Executive session of independent directors
held after each quarterly Board meeting.

✓ Strong, independent Lead Director andindependent Board committees.

✓ Limits on multiple board service.

✓ One share, one vote.
✓ Annual election of directors.
✓ Proxy access.
✓ Majority vote for uncontested elections andplurality standard for contested elections.
✓ No shareholder rights plan (i.e., a poison pill).
✓ Risk oversight by full Board and Committees,
including Board oversight of enterprise risk
management, IT/cyber risk and other areas.

✓ Annual Board, committee and director
evaluations, with third-party evaluation firm
engaged periodically.

✓ Robust director share ownership andretention guidelines.
✓ Annual review of Code of Ethics and BusinessConduct, committee charters and Corporate
Governance Policies.

✓ Annual off-season shareholder engagement
focused on corporate responsibility topics,
with director participation.
✓ Full Board participation in succession andprogression planning.
✓ Targeted director education program,including leveraging in-house and external
expertise to educate directors on climate,cybersecurity and other areas.

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Director Refreshment and Board Evaluation
Tenure and Board Refreshment• Director skills matrix reviewed annually to aid in search of potential candidates• Mandatory retirement age at 72; since 2019, two directors have retired pursuant
to the retirement policy• Search firms retained for director succession; instructed to provide adiverse slate of candidates• In 2023, we approved the rotation of Committee Chairs and members-5 of 12 directors joined
the Board within the past
5 years-We have ongoing searches
for new directors

Board Evaluations• Each year, directors formally evaluate the effectiveness of the Board and its committees through a self-assessment
administered by our directors and management.
• Our Lead Director also conducts one-on-one interviews with each director to solicit deeper feedback.
• Our Corporate Governance Policies provide that from time to time, the Board may engage a third-party evaluation firm toassist in its annual evaluation.
• The Governance and Corporate Responsibility Committee plans to engage a third-party during 2024 for an
independent evaluation of Board practices.

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Risk Oversight Program Highlights
Role of the Board, Committees and Management
The full Board reviews the risks associated with MSCI’s strategy and discusses the appropriate levels of risk in light of MSCI’s business objectives.
Committees are responsible for monitoring and reporting to the full Board on risks associated with their respective areas of oversight.
Management has day-to-day responsibility for identifying, assessing and managing risks and opportunities.

Enterprise Risk Oversight

Cyber Risk Oversight

Our Enterprise Risk Program (ERM) evaluates risk innumerous areas within MSCI, including technology;
cybersecurity, privacy and data protection; clients;
people, including talent management and DE&I;
financial resilience; legal, regulatory and compliance;and corporate responsibility, including areas such as
climate risk

Our Board recognizes that the security of ourtechnology is integral to our products, our businessprocesses and our infrastructure.

Our Information Security Program identifies,
prioritizes, reports and mitigates data and cyberrisks. Key features include, among others:• The Audit and Risk Committee of the Board
oversees MSCI’s technology and cybersecurity
risks, with quarterly reports from the CISO,
informed by discussions with, and assessments
from, external information security advisors.

• Mature and mandated set of global IT Risk andInformation Security policies, standards, andprocedures that are developed in accordance with
National Institute of Standards and Technology(NIST) standards.

• The Audit and Risk Committee of the Board
oversees MSCI’s ERM program and receives
quarterly reports from the Enterprise Risk
Management Officer that include an overview ofrisks and trends.

Our incident response plan provides controls andprocedures for reporting of cybersecurity incidents,
on-going assessments of our IT controls andsecurity awareness training.

Information Security Oversight• 24x7 cyber security operations monitoring of oursites and services.
• Regular internal and external security audits andvulnerability assessments by third-party security
vendors and in-house staff.
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Appendix

Supplemental Information
MSCI has presented Run Rate, a supplemental key operating metric, 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, or reach theend of the committed subscription period, are renewed and assuming then-current currency exchange rates, subject to theadjustments 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, forfutures and options, the most recent quarterly volumes and/or reported exchange fees, and for other non-ETF products, themost recent client-reported assets. Run Rate does not include fees associated with “one-time” and other non-recurringtransactions. 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 beeffective 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, non-renewal or an indication the client does notintend to continue their subscription 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 laterdate.

30