Powering
better investment
decisions1Ourpurpose
We strive to bringgreater transparency tofinancial markets, enabling
the investment community
to make better decisions.

23

Bringingclarity
to a complex
investment world

Anchors of ourcompetitive advantage

Enabling our clients to make better-informed investment decisions iscentral to what we do. Our innovation engine aims to:

ResearchSolutions

Service ur team of more than 200O
multi‑disciplinary researchprofessionals have deep capital
markets expertise and possess a
combination of analytical skills andintellectual curiosity.

Multi-asset class models thatenable clients to build and evaluate
portfolios in a consistent manner.

A dedicated team of specialists who
optimize the implementation of ourproducts and services.

From product development to risk
management and performance
attribution, we support the entire
investment process across all
major asset classes.

Global client service professionals
deliver 24/5 client support andproblem resolution in eight languages.

Enhance our client offering to reflect
evolving markets and the complex
needs of the investment community.

Measure and model environmental,social and governance (ESG1) andfactor risk and performance.

Pioneer new research and models tobetter assess investment risk.

Add value for our clients bydelivering deep coverage andanalytics of global data.

Help our clients better assess theglobal opportunity set, including
emerging markets, and public andprivate real estate.

Publish thought leadership withregularity, providing timely andrelevant insights.
Leverage technology and data
science to drive product development
and scalable solutions.

1

4Together, our products, data,
analytics and decision-support
tools help our clients makebetter‑informed investment decisions.

Quantitative/qualitative metrics,
including client feedback
and assessment of service
effectiveness, to help us elevate ourclients’ experience.

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 fromMSCI ESG Research LLC are also used in the construction of the MSCI ESG Indexes. MSCI ESG Research LLC is a Registered Investment Adviser
under the Investment Advisers Act of 1940 and a subsidiary of MSCI Inc.

5Informing theworld’s leading
investment
decision-makers
At the forefront of innovation, we offer decision-support
tools along with rigorous research, transparent methods
and a global perspective to help our clients solve myriad
investment challenges.
While their specific needs are unique, asset managers,
asset owners, banks, wealth managers and other financial
intermediaries capitalize on our thought leadership andactionable insights to make better-informed investment decisions.

We offer valuable decision
support tools for clientsseeking to:» Improve portfolio performance» Enhance product development strategy» Reduce exposure to unintended risk
» Meet regulatory reporting requirements» Construct efficient ways to integratesustainable investing strategies» Operate more cost-effectively to grow,scale and innovate

67How wepower better

investment
decisions
Relentless
innovation

Flexibletechnology

Differentiatedcontent

Actionable
solutions

Since the launch of our pioneering
global equity indexes over four
decades ago, we have continued tomine our extensive data repositories
to continually improve our models,analytics and indexes, resulting in aframework for factor classification;
detailed ranking and analysis for
ESG2 investing; market data andanalysis for private real estate; andbenchmarks for financial instruments.

Our open-architecture analytics
platform integrates seamlessly
with our clients’ data, systems andworkflows. With access to highquality, robust views across theirenterprise, our clients are able toconduct strategic risk analysis andanswer investor questions.

Our data-rich content – supported
by capital markets expertise andscientific methods that leverage
artificial intelligence and othertechnological advances – comprises
a broad range of liquid and illiquid
global asset classes.

We support many aspects of theinvestment process and bringclarity to complex global financial
markets by transforming myriad
data points into actionable insights
and solutions.

28

See note on Page 49Our value

in action

Delivering a cost-effective
way for a

Improving a

Enabling an

Supporting aEnhancing a

Streamlining an

to provide ESG transparency

risk management
framework

to scale its operation

desire to augment its
research capabilities

asset allocation processoperations

Client need:

Client need:

Client need:

Client need:

Client need:

Client need:

An American multinational wealthmanager sought to change the outside
perception of the firm to appeal tomillennials and to attract new assets byfocusing on ESG investment strategies.

One of the Middle East’s largest
sovereign wealth funds were looking toelevate the quality of the risk analysisof their investments, while maintaining
all their data in-house. They wereunable to compute some of the more
complex calculations themselves andstarted to look for a provider that could
help streamline these complex tasks.

The fund administration team of aleading global financial services firm
focused primarily on hedge funds
was looking to win the business ofsmaller hedge funds. They wanted
to differentiate themselves fromtheir competition by offering morevalue-add services to their current
administration business.

A U.S.-headquartered global
investment management firm
specializing in quantitative investing
was seeking a source to enhance
its in-depth research capabilities forenvironmental, social and governancerelated business practices ofcompanies worldwide.

One of the largest defined-benefit
public pension funds in the U.S. waslooking for a reliable global measure forreal estate to strengthen its strategic
allocation process. At the time, real
assets comprised less than 10% of
the total portfolio; they had a target
allocation of 13%.

The new CEO of a European
insurance company wanted to alignthe asset management teams witha new strategy to achieve greatertransparency into their overall
portfolio, and to provide the team withconsistent measurement tools formarkets and funds.

Solution:

Solution:

Solution:

Solution:

Solution:

We developed a unique solution that
was able to provide the data necessary
to conduct complex calculations
in‑house. The solution combined MSCI
BarraOne and Models Direct with acustom implementation that connected
our platforms seamlessly with ourclient’s unique infrastructure.

We designed a commercial modelthat allowed our client to seamlessly
connect MSCI’s Barra Factor Risk
Reporting to their clients’ hedge fund
portfolios, providing an economical way
to service a key client segment.

We delivered a robust data set ofESG ratings and history, in addition
to analytics for portfolio construction
and reporting.

MSCI emphasized the BarraOne
platform to help the client identify andmanage risk exposure in a unified
analytical framework. They chose acustom benchmark, co-published by
MSCI and the Pension Real Estate
Association (PREA), in lieu of a broad
market benchmark.

We delivered MSCI Real EstateEnterprise Analytics with a total
portfolio view; a custom European
benchmark; and composite views ofeach asset management team andhigh-profile assets.

wealthmanager

3

Solution:
We designed a simplified way for theclient’s retail clients and financial
advisors to access ESG research oncompanies and mutual fund holdings.
Outcome:Our flexible technology enabled theclient to build a custom solution thatwould appeal to a younger generationof investors. Its “impact investing”
program is gaining traction thanks
to a user-friendly interface that
adds environmental, social andgovernance ratings.

310See note on Page 4

sovereign
wealth fund’s

Outcome:Complex analytics are all run in-house,
and the enriched data feeds their internalvisualization and decision-making
processes, creating a more rigorous risk
analysis of the firm’s investments.

investmentbank

Outcome:Our client positioned the accessto Barra factors information asvalue‑add to their current suite ofFund Administration services, enablinghedge fund clients to see the factor tilts
they were previously unaware of.

quantitative
manager’s

Outcome:
The client has integrated MSCI ESG4
ratings in its equity portfolios andseparately managed accounts.

4See note on Page 4

pensionmanager’s

Outcome:
The client adopted MSCI’s custom
benchmark in April 2017, and in June2018 became the first U.S. public
pension plan to adopt MSCI’s U.S. Real
Estate Index (MSCI/PREA U.S. Property
Fund Index) as the official policy
benchmark for its real assets allocation.

insurancecompany’sOutcome:The client now has a single platform
for the whole organization andmanagement views they now integrate
into the strategic management process.

11ctionselea& gem
repo ent
rting

Portfol
ass io coetaltyuri
Sec

Investment policy& benchmarks

Portfolio construction& asset allocation

Securityselection

Risk management,
monitoring & reporting

We provide pension fund managers and otherasset owners a suite of solutions to identify anddefine policy benchmarks for their portfolios.

Wealth managers use our factors, modelling andportfolio construction tools to meet discerningclients’ needs.

Institutional investors use our ESG ratings todelve deeper into ESG6 issues to support their due
diligence activities.

Central banks and sovereign wealth funds use ourresearch, data and analytics tools to stress-test
and assess investment risk and returns.

Asset owners and managers use our indexes
and analytical tools to evaluate the drivers of riskand return.

Asset owners and managers look at assets
through the lenses of factors and ESG5 criteria.

Hedge fund managers are significant consumersof our research-derived data.

Chief investment officers use our high-quality
data to develop and test investment strategies.

Our analytics tools help asset owners confirm thatrisk exposures are in line with governance controls.

Asset managers pinpoint risk sources and sharpen
their competitive edge with our leading factor andindex tools.

Original research and thought leadership in realestate and impact investing help our clients makebetter decisions.

Our products and tools help banks effectively
measure liquidity risk and assess compliance withregulatory mandates.

Institutional clients utilize our enriched datato compare and report on sector exposures
versus benchmarks.

Asset and wealth managers capitalize on our realestate and ESG data, analytics and research tosupport their allocation strategies.

Industry participants use our Global Industry
Classification Standard (GICS®)7, built with S&P Dow
Jones to consistently identify industries and sectors.

Our risk and performance models are aligned withthe way asset managers make active decisions.

6512nma g
Risk orinitmontyuriSeclicy
po rks
t
n ahm

cti
on

Portfol
ass io coetalse
leInve& b st m
en ec

Inve& b st m
en e
c

Inve
& b st m
en ec

licy
po rkst
n ahm

n&ctiotru ionn s ca tlo

Portfol
ass io coetaln&ctiotru ionn s ca t
lolicypo rkst
n ahm

n&ctiotru ionn s ca t
lolicypo rkstn ahm

Our clients are able to make better-informed investment decisions – consistently
and logically. As investing becomes increasingly more complex, our clients tap into
our evolving arsenal of data sources, indexes, research-driven models and toolsthat facilitate global investing across the asset class spectrum.

Inve& b st m
en ec

Evolving
portfolio solutions

See note on Page 47

See note on Page 4
GICs, the global industry classification standard, developed by MSCI Inc. and S&P Global

13

Solving real-world

investment
challenges
Analytics

ESGFactors

Indexes

Real Estate

Our analytics offer institutional
investors an integrated view of risk
and return with research-enhanced
content and tools to help understandand control for risks across all major
asset classes and time horizons. Our
Analytics platform, MSCI BeonTM,
seamlessly integrates MSCI content
alongside client and third-party data.

MSCI ESG Research measures andmodels environmental, social andgovernance (ESG) risk to provide
critical insights that can help
institutional investors understand how
ESG can impact the long-term risk
and return profile of their investments.
Our pioneering ESG Research teamprovides in-depth research, ratings
and analysis of the ESG businesspractices of thousands of companies
worldwide, which are used to develop
our range of ESG indexes.

We created a framework forevaluating, implementing andreporting factor exposures. Our
factor solutions encompass equities,
fixed income and multi-asset
classes. They help investors better
understand the drivers of risk andreturn in their overall portfolio, andindividual holdings, to optimize andbuild factor-based solutions.

MSCI Indexes facilitate theconstruction and monitoring of
portfolios in a cohesive and completemanner, avoiding benchmark
misfit. At the core is our Modern
Index Strategy, which provides
consistent treatment across allmarkets. We also license our indexes
for exchange-traded funds andexchange-listed futures and options.

Real Estate research and businessintelligence encompass public andprivate assets. We provide tools andinsights to institutional investors
and real estate owners, managers
and brokers worldwide. Our flexible
products and services can assist
teams across the investment
process, including asset allocation,
strategy development and execution,and performance reporting.

8814

For a comprehensive listof all our products andsolutions, visit msci.com.

See note on Page 4

15

In an increasingly more complex and interconnected world,
where there is unprecedented disruption and investors havemore desire to generate positive social and environmental
benefits alongside financial returns...

MSCI is powering
better investment decisions
MSCI is a leading provider of critical decision-support tools andservices for the global investment community. With over 45 yearsof expertise in research, data and technology, we power betterinvestment 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 acrossthe investment process.
To learn more, contact us or visit our website atmsci.com
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