Second Quarter 2024

EARNINGS PRESENTATION

July 23, 2024

© 2024 MSCI Inc. All rights reserved.

Forward-Looking Statements
• This earnings presentation contains forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, including without limitation, MSCI’s full-year 2024 guidance and MSCI’s long-term
targets. 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, 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 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.

2
Other Information
• Percentage changes and totals in this earnings presentation may not sum due to rounding.
• Percentage changes refer to the comparable period in 2023, unless otherwise noted.
• All financial figures for the three months ended June 30, 2024 are unaudited unless otherwise noted.
• 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. Approximately three-fifths of the AUM is 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.
• Client type and/or client segment designations in this presentation may be subject to change from time to time
depending on an individual client's facts and circumstances, among other factors.

3
MSCI Second Quarter 2024 Earnings Call Participants

Henry Fernandez Baer Pettit Andy Wiechmann Jeremy Ulan

Chairman & CEO President & COO Chief Financial Officer Head of IR & Treasurer

4
Financial & Strategic
Highlights
 2Q24 Financial Results Snapshot
Robust earnings growth reflecting all weather franchise
As of June 30, 2024 As of June 30, 2024
2Q24 Operating Revenues 2Q24 Operating Revenues
Subscription Run Rate Subscription Run Rate
(reported) (organic)
Growth (reported) Growth (organic)

+14% +10% +14% +9%

2Q24 Adjusted EBITDA 2Q24 Operating 2Q24 Adjusted 2Q24 Operating
Margin Margin (-170 bps) EBITDA Growth Income Growth

60.7% 54.0% +14% +11%

2Q24 Net cash provided by 2Q24 Value of Shares Shares Repurchased in 2Q24
2Q24 Free Cash Flow
operating activities Repurchased at average price of $483.79

$322M $349M $242M 499,224

2Q24 Adjusted EPS 2Q24 Diluted EPS

+12% +9%
6
2Q24 Regional Performance

2Q24 Recurring Subscription Run Rate by Region

Americas EMEA APAC

+17% +12% +11%
$980M YoY $822M YoY $358M YoY

Organic: $892M; +7% YoY Organic : $807M; +10% YoY Organic : $356M; +11% YoY

2Q24 Recurring Net New Subscription Sales by Region

Americas EMEA APAC

+26% $24M +21% $9M -11%
$22M
YoY YoY YoY

“Organic recurring subscription Run Rate growth” is defined as the period over period Run Rate growth, excluding the impact of changes in foreign
currency and the first year impact of any acquisitions. It is also adjusted for divestitures. Changes in foreign currency are calculated by applying the 7
currency exchange rate from the comparable prior period to current period foreign currency denominated Run Rate.
 2Q24 Operating Highlights
(US$ in millions)

• $2.8B of Total Run Rate across MSCI

+15%
+10%
Organic
Total Run Rate • Quarterly Retention rate of 94.8%.
$2,807 Asset-Based Fees
Run Rate Private Capital Solutions • Asset Based Fees delivered Run Rate
$2,450 growth of 16% driven by all-time high AUM
+12% balances of ETFs linked to MSCI indexes.
Organic
+12% • Best ever 2Q recurring sales and
recurring net new subscription sales in
$1,538
$1,376 +7% Analytics, with solid performance across
Organic
+3%
all regions.
+7% +13%
Organic
Organic • Double digit growth for recurring
$631 $675 +73%
+14% subscription run rates with Asset Owners,
$647 $292 $334 $261 Hedge Fund and Wealth Management
$557 $151
$106 client segments
2Q23 2Q24 2Q23 2Q24 2Q23 2Q24 2Q23 2Q24 2Q23 2Q24
MSCI Index Analytics ESG & Climate All Other - Private
Assets

8
Significant Recurring Revenue Model with Global Client Base
Operating Revenues Mix MSCI Subscription Run Rate MSCI Subscription Run Rate
Quarter Ended 06/30/2024 as of 06/30/2024 by Geography as of 06/30/2024 by Client Base
by Segment by Type

Non-Recurring 3% Wealth
All Other – Private F&O transaction based 2% Hedge Management
Assets 9%
Asset-Based Funds 5%
ESG & Climate
Fees APAC 10%
11%
21% 17% Others
Analytics 8%
24% Americas Asset Asset Owners
45% Managers & Consultants
Recurring
Revenue 51% 12%
97% EMEA
Banks &
Recurring 38% Trading
Subscription
14%
Index 74%
56%

9
Emerging Growth Opportunities
Run Rate $423
(US$ in millions)
$384
06/30/2023

06/30/2024

$261

$151
$122
$99 $107
$91 $94 $95 $95
$83
$55 $58

1 2 5 6
Insurance Climate Fixed Income Futures & Options 3 Wealth Management 4 Private Assets ESG (ex. Climate)

Expanding in attractive additional addressable markets

Note: Run Rate totals may include overlap between different client segments. 1Includes Climate run rate reported in Index, ESG & Climate, Analytics and All
Other - Private Asset segments. 2Excludes Analytics Enterprise Risk & Performance. 3Listed only. 4Represents total subscription run rate from wealth
management client base. 5Refers to All Other- Private Assets reporting segment including Real Assets and Private Capital Solutions 6Includes ESG (ex.
Climate) Research Run Rate, reported in the ESG & Climate, Analytics and Real Assets Segments, and ESG (ex. Climate) related Index subscription and asset- 10
based fees Run Rate reported in the Index segment.
 2Q24 Summary Financial Results
(US$ in thousands, except per share data)
For the Three Months Ended
June 30
(Unaudited) 2024 2023 YoY% Change
Operating revenues $ 707,949 $ 621,157 14.0%
Operating income $ 382,608 $ 345,953 10.6%
Operating margin % 54.0% 55.7%
Net income $ 266,758 $ 246,825 8.1%
Diluted EPS $ 3.37 $ 3.09 9.1%
Adjusted EPS $ 3.64 $ 3.26 11.7%
Adjusted EBITDA $ 429,955 $ 377,306 14.0%
Adjusted EBITDA margin % 60.7% 60.7%

11
 2Q24 Segment Operating Revenues
(US$ in millions)

ESG & Climate All Other –

Index Analytics
(Reportable Segment) Private Assets
10% +11% +10% 1%
Organic Organic Organic Organic
10%
$397.2 +11%
$362.3 $16.9 +12%
$166.0 $79.9 +72% $64.9
$23.4 $149.9 $3.9 $71.2 $1.9
$2.4 $1.2 $0.6
$163.3
$138.2
$37.8
$162.1 $78.0 $0.3
$147.5 $70.0 $64.3
$200.7 $217.0
$37.4

2Q23 2Q24 2Q23 2Q24 2Q23 2Q24 2Q23 2Q24

Recurring Subscription Revenues Asset-Based Fees Revenues Non-Recurring Revenues

12
 2Q24: Organic Subscription Run Rate Growth of 9%
(US$ in millions)
Index Subscription Analytics ESG & Climate All Other –
(Reportable Segment)
Private Assets
+9% +7% +13% +3%
+9% Organic Organic Organic
$891.6 Organic
$818.8 +7% +14%
$104.0
$71.4 +8% $674.6 +73%
$96.0 $631.2
$57.4 $134.2 +17% $260.6
$115.5 $216.5 +10%
$196.7
$105.6

$333.7
$653.4 +8% $291.8
$607.3 +5%
$434.5 $458.1
$150.6 $154.9

2Q23 2Q24 2Q23 2Q24 2Q23 2Q24 2Q23 2Q24

Market Cap Weighted Multi-Asset Class Analytics ESG & Climate Real Assets
Custom Indexes & Special Packages2,3 Equity Analytics Private Capital Solutions (Burgiss)
Factors and ESG & Climate

1. Run Rate provided in this slide are as per reportable segments.

2. For the purpose of this chart, Custom Indexes are Market Cap Weighted indexes calculated by applying additional criteria supplied by a client to an MSCI index, allowing investors with unique index
requirements to build an index to meet their specific needs. Special Packages are products or combinations of products that are tailored to meet specific client data use cases. 13
3. Custom Indexes & Special Packages Run Rate includes the impact of our acquisition of Foxberry Ltd., a front-office index technology platform
 Index Segment: Asset-Based Fees Details
(US$ in millions, except AUM in billions and Period-End BPS)

Asset-based Fees (ABF) Revenue Quarterly Average AUM and Period-End Basis Point Quarter-End AUM by Market Exposure3 of
Fee2 of ETFs linked to MSCI Equity Indexes ETFs linked to MSCI Equity Indexes
Futures & Options US
Average AUM
Non-ETF1 EM
Period-End Basis Point Fee
ETF1 DM ex US

+18% YoY 2.52

+19%
2.51 2.50 2.48 2.47
$163.3 $1,632 YoY
$14.4 +5%
$138.2 $1,373 $445 +17%
$13.8 $47.1 +21% $379
$39.0
$1,169 $423
$424 +17%
$999
$1,509 $1,591 $361
$362
$877
$1,334 $1,376 $893
$1,365
$777
$101.7 +19%
$85.4 $763 +21%
$633
$632

2Q23 2Q24 2Q23 3Q23 4Q23 1Q24 2Q24 2Q23 2Q24

1 Primarily from products linked to MSCI equity indexes. Also includes contributions from products linked to MSCI Fixed Income indexes
2 Based on period-end Run Rate for ETFs linked to MSCI equity indexes using period-end AUM. Please refer to Table 7: AUM in ETFs Linked to MSCI equity Indexes (unaudited) of the press

release reporting MSCI’s financial results for second quarter 2024.

3 US = ETFs linked to MSCI equity indexes, the majority of whose weight is comprised of securities in MSCI Developed Market (DM) countries, primarily or exclusively in the US; DM ex US = ETFs

linked to MSCI equity indexes, the majority of whose weight is comprised of securities in MSCI DM countries other than the US; EM = ETFs linked to MSCI equity indexes, the majority of whose
weight is comprised of securities that are not in MSCI DM countries. Note: The AUM in equity ETFs also includes AUM in Exchange Traded Notes, the value of which is less than 1% of the AUM 14
amounts presented.
 2Q24 QoQ AUM Drivers: MSCI-Linked Equity ETFs
(US$ in billions)
By Geographic Exposure By Product
$21.2
$21.2 ESG & Climate $4.6
U.S. $11.5 Factors $1.2
$15.4
EM $11.3 $(1.7)
$2.0
$8.1 $(1.5) Market Cap
DM ex. U.S. $27.8 Weighted
$20.8
$(0.8)

Cash inflows / (outflows): $28.1 $ 1,631.9

Cash inflows / (outflows): $28.1 $1,631.9

$ 1,582.6
$1,582.6

1Q24 U.S. Developed Emerging Market 2Q24 1Q24 Market Cap Factors ESG & Market 2Q24
Ending AUM Markets Markets Change Ending AUM Ending AUM Weighted Climate Change Ending AUM
ex. U.S.

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 2Q24 YoY AUM Drivers: MSCI-Linked Equity ETFs
(US$ in billions)
By Geographic Exposure

$188.4

$71.0 U.S.

DM ex.
$78.7 U.S.
$38.8 EM
$23.3
$52.6
$(4.9)

$ 1,631.9
Cash inflows / (outflows): $70.9

$1,372.5

2Q23 Ending U.S. Developed Markets Emerging Markets Market Change 2Q24 Ending
AUM ex. U.S. AUM

16
 Market Movement and Momentum in Cash Flows Continues
(US$ in billions) 9M22: MSCI-linked equity ETF AUM
4Q18: MSCI-linked equity ETF balance declined 26% vs Dec-21 amid
AUM of ETFs linked to MSCI Equity Indexes AUM balance declined 9% high inflation, interest rate hikes,
Total QoQ amid concerns on global Russia's invasion of Ukraine and
Market Appreciation / (Depreciation) growth, US-China trade, Brexit supply chain concerns, while ABF
and yield curve flattening, run-rate only declined 19% vs Dec-21
Cash Inflow / (Outflow) while ABF run-rate only
3Q11: MSCI-linked equity ETF AUM declined 4% $1,632
balance declined 20% QoQ amid EU
$1,452 $1,469
sovereign debt concerns, while ABF
run-rate declined 16% QoQ $1,223
$1,104
Financial crisis
of 2008 $934
$744 $696

$433 $481
$402 $373
$333 $302 $333
$234 $139 $205 $198
$119 $67 $124 $147 $94 $76 $143 $114
$48 $40 $59 $44$56 $49 $88 $62 $91 $55 $48 $49
$27 $23 $34 $11 $37

$(54) $(9) $(28)

$(100) $(103) $(110)
$(284)

20081 20091 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 YTD24
AUM
YoY% (38%) 97% 42% (10%) 33% (17%) 12% 16% 11% 55% (7%) 34% 18% 32% (16%) 20% 19%
ABF RR
YoY% (30%) 68% 22% 2% 6% 25% 10% 15% 8% 46% (2%) 27% 17% 27% (13%) 15% 16%

Positive annual cash inflows for all years in ETFs linked to MSCI indexes except 2013
1 As of November fiscal year-end
17
Listed Futures & Options Linked to MSCI Indexes

Run Rate From Listed Futures & Options Futures & Options Volume Linked
Linked to MSCI Indexes to MSCI Indexes
(US$ in millions) (in millions of contracts traded1)

$55.4 $55.7 $57.6 29.3 29.1

$55.0 $53.1
24.5 24.2 24.7

2Q23 3Q23 4Q23 1Q24 2Q24 2Q23 3Q23 4Q23 1Q24 2Q24

1Contract volumes traded may not tie to volume figures used for calculating Futures & Options Run Rate. Futures & Options run rate not solely based on volumes traded,
includes impact from varied commercial arrangement with exchange partners. 18
 Adjusted Earnings Per Share Growth Drivers
(US$ in per share amounts)

+11.7%
Business Growth Capital Activities Tax and FX1
YoY
$0.48 ($0.02) ($0.08)

(0.40)
0.88 0.03 (0.05) (0.09)
$3.64
0.01
3.26

2Q23 Revenue Expenses Sharecount Net Interest & Tax Rate Net Fx Impact 2Q24
Adjusted EPS Other Expenses Adjusted EPS

Strong Operating Performance Driving Adjusted EPS Growth

1. Net FX impact includes impact due to foreign currency fluctuation on revenue and expenses.
19
 Strong Balance Sheet Provides Optionality
(US$ in millions, unless otherwise noted)
• In 2Q24, returned $368.1M to shareholders through share
Cash1 and Debt as of 06/30/2024 repurchases of $241.5M and quarterly dividends of $126.6M.
Total Cash $451M • Strong balance sheet provides optionality
Total Debt2 $4,509M – Next maturity is not until 2029
Net Debt (total Debt less total cash) $4,057M
• Disciplined and consistent approach to capital deployment
Total Debt / LTM Adjusted EBITDA 2.8x
– Triple-Crown framework to evaluate internal opportunities
Net Debt / LTM Adjusted EBITDA 2.5x and MP&A (mergers, partnerships and acquisitions)

Unsecured Debt Maturity Profile as of 06/30/2024 Credit Ratings4 as of 06/23/2024:

Moody's S&P Fitch
Drawn revolver facility3
Undrawn revolver facility3 Outlook Stable Stable Stable
Long-term issuer rating Baa3 BBB- BBB-
$913
Senior unsecured Baa3 BBB- BBB-
$337
$1,600 • In 2Q24, Moody’s Ratings upgraded MSCI to an Investment Grade
$1,000
$900 $700 rating (Baa3 Stable).
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033

1. MSCI typically seeks to maintain minimum cash balances globally of approximately $225.0 million to $275.0 million for general operating purposes
2. Reflects gross debt, net of deferred financing fees and premium.
3. Aggregate revolver commitments of $1,250.0 million until January 26, 2029 as per the agreement signed on January 26, 2024.
4. Credit ratings reflect the views of the different agencies and are not a recommendation to buy, sell or hold any security including our common stock or debt securities. These ratings are subject to periodic
review and may be raised upward, downward or revoked at the sole discretion of the agencies. 20
Full-Year 2024 Guidance
Full-Year 2024 Guidance Item Previous Guidance Current Guidance
Operating Expense $1,300 to $1,340 million $1,305 to $1,345 million

Adjusted EBITDA Expense $1,130 to $1,160 million $1,130 to $1,160 million

Interest Expense1 $185 to $189 million $185 to $189 million

(including amortization of financing fees)

Depreciation & Amortization Expense $170 to $180 million $175 to $185 million

Effective Tax Rate 18% to 21% 18% to 21%

Capital Expenditures $95 to $105 million $95 to $105 million

Net Cash Provided by Operating Activities $1,330 to $1,380 million $1,330 to $1,380 million

Free Cash Flow $1,225 to $1,285 million $1,225 to $1,285 million

1A portion of our annual interest expense is from our variable rate indebtedness under our Revolving Credit Facility, while the majority is from fixed rate senior unsecured notes.
Changes to the secured overnight funding rate (“SOFR”) and indebtedness levels can cause our annual interest expense to vary.
MSCI's guidance for the year ending December 31, 2024 (“Full-Year 2024”) is based on assumptions about a number of factors, in particular related to macroeconomic factors and the
capital markets. These assumptions are subject to uncertainty, and actual results for the year could differ materially from our current guidance, including as a result of the uncertainties,
risks and assumptions discussed in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our Annual Report on
Form 10-K, as updated in quarterly reports on Form 10-Q and current reports on Form 8-K filed or furnished with the SEC. See “Forward-Looking Statements” in slide 2.

21
Q&A
Additional Information
 Continued Resilient Key Operating Metrics

YoY Recurring Subscription Run Rate Growth (as Reported and Organic)
17% 18% 18% 18% 16%
14% 13% 14% 14%
12% 12% 12% 12%
10% 10% 11% 10% 10% 10% 10% 11%
14% 14%
11% 10% 10% 11% 12% 13% 12% 12% 12% 11% 11% 10%
9% 9% 10% 9% 9%
8% 8%

2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24

Subscription Run Rate Growth as Reported Organic Subscription Run Rate Growth

Quarterly Retention Rate Trends

95.5% 95.0% 95.0% 94.5% 96.3% 94.5% 95.9% 96.4% 95.2% 95.4% 94.8%

92.9% 93.5% 92.6% 94.4% 94.4% 95.5% 93.0% 95.5% 93.6% 92.8%

2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24

24
 2Q19 to 2Q24 YoY Segment Run Rate Growth

Index
45% 49%
37%
27% 27%
11% 11% 11% 13% 17% 15% 12% 13% 12% 12% 12% 14% 15% 16% 16%
10%

5% 9% 11% 10% 11% 11% 11% 11% 12% 12% 7% 11% 11% 9% 9%
4% 5%
-4%
-13% -13% -7%
2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24

Subscription Run Rate Growth as Reported Asset-Based Fees Run Rate Growth as Reported
Analytics

7% 8% 7%
7% 6% 7% 7% 7% 7% 7% 7% 6% 7% 7% 7% 7%
6% 5% 5% 6%
5% 7%
3% 7% 6% 7% 7%
2% 6% 6% 5% 5% 6% 6% 6% 6%
5% 5% 5% 5% 5%
4%

2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24

Subscription Run Rate Growth as Reported Organic Subscription Run Rate Growth

25
 2Q19 to 2Q24 YoY Segment Run Rate Growth

ESG & Climate

46% 47% 50% 47%
42% 44% 42%
36% 37%
28% 28% 31% 30%
25% 26% 24% 46% 44% 47% 26% 25%
39% 42% 41% 20%
33% 33% 34% 15% 14%
24% 24% 27% 27% 26% 29% 24%
23% 22%
16% 13% 13%

2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24

Subscription Run Rate Growth as Reported Organic Subscription Run Rate Growth

All Other - Private Assets

149% 139% 142% 137%

74% 71% 73%

11% 11% 12% 9% 8% 10% 11% 15% 15% 12% 12% 10% 9% 10%

8% 7% 11% 6% 5% 7% 7% 7% 8% 8% 8% 4%8% 8% 9%
8% 9% 8% 5% 4% 3%
2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24

Subscription Run Rate Growth as Reported Organic Subscription Run Rate Growth

26
Geographic Market Exposures Of MSCI-Linked ETFs
Increasingly Diversified Over Time
Mix of MSCI linked equity ETF AUM balance by geographic exposure %

US DM Ex US EM

22% 26% 27% 26% 26%

33% 30% 29% 32% 29% 30% 26%
42% 44%

44% 45% 46% 47%

58% 51% 46% 43%
50% 51% 47%
53%
46% 43%

23% 25% 27% 30% 28% 28% 27%

20% 20% 20% 21%
12% 13% 14%

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2Q24

US = ETFs linked to MSCI equity indexes, the majority of whose weight is comprised of securities in MSCI Developed Market (DM) countries, primarily or
exclusively in the US; DM ex US = ETFs linked to MSCI equity indexes, the majority of whose weight is comprised of securities in MSCI DM countries; EM =
ETFs linked to MSCI equity indexes, the majority of whose weight is comprised of securities that are not in MSCI DM countries. 27
Significant Growth Across ESG and Climate Franchise
AUM in ETFs Linked to MSCI ESG and Climate Equity ESG & Climate Run Rates Across all Segments1
Indexes ESG Subscription Climate Subscription
(US$ in billions)
$39.7 ESG ABF Climate ABF

U.S. $18.8
+14% $546
DM ex. U.S. $13.5
EM $7.4 $38 +29%
$2.0 $478
$(4.4) $8.5 $30 $84 +31%
$64
+12%
$116
$ 290.7 $103

Cash inflows / (outflows): $6.1

$245.0
$308 +9%
$281

2Q23 Ending Developed 2Q24 Ending

U.S.
Markets
Emerging Market 2Q23 2Q24
AUM Markets Change AUM
ex. U.S.
1Includes ESG & Climate Research Run Rate, reported in the ESG & Climate, Analytics and All Other - Private Assets, and ESG & Climate related Index
subscription and asset-based fees Run Rate reported in the Index segment. 28
Long-term Targets
Revenue Adj. EBITDA Expense Adj. EBITDA Adj. EBITDA
Growth Rate1 Growth Rate Growth Rate Margin %
High Single Digit
MSCI Low Double Digit to Low Double Low to Mid Teens High 50s
Digit

Index
Low Double Digit Low Double Digit

Analytics
High Single Digit Mid Single Digit

ESG & Climate

Mid to High 20s Mid to High 20s

All Other - Private Assets

High Teens Mid Teens

1 Excludes Asset-Based Fees.

29
Appendix
 Use of Operating Metrics
• MSCI has presented supplemental key operating metrics as part of this earnings presentation, including Retention Rate, Run Rate, subscription sales, subscription cancellations and non-
recurring sales.
• Retention Rate is an important metric because subscription cancellations decrease our Run Rate and ultimately our future operating revenues over time. The annual Retention Rate represents
the retained subscription Run Rate (subscription Run Rate at the beginning of the fiscal year less actual cancels during the year) as a percentage of the subscription Run Rate at the beginning
of the fiscal year.
• The Retention Rate for a non-annual period is calculated by annualizing the cancellations for which we have received a notice of termination or for which we believe there is an intention not to
renew or discontinue the subscription during the non-annual period, and we believe that such notice or intention evidences the client’s final decision to terminate or not renew the applicable
agreement, even though such termination or non-renewal may not be effective until a later date. This annualized cancellation figure is then divided by the subscription Run Rate at the beginning
of the fiscal year to calculate a cancellation rate. This cancellation rate is then subtracted from 100% to derive the annualized Retention Rate for the period.
• Retention Rate is computed by operating segment on a product/service-by-product/service basis. In general, if a client reduces the number of products or services to which it subscribes within
a segment, or switches between products or services within a segment, we treat it as a cancellation for purposes of calculating our Retention Rate except in the case of a product or service
switch that management considers to be a replacement product or service. In those replacement cases, only the net change to the client subscription, if a decrease, is reported as a cancel. In
the Analytics and the ESG and Climate operating segments, substantially all product or service switches are treated as replacement products or services and netted in this manner, while in our
Index and Real Assets operating segments, product or service switches that are treated as replacement products or services and receive netting treatment occur only in certain limited
instances. In addition, we treat any reduction in fees resulting from a down-sell of the same product or service as a cancellation to the extent of the reduction. We do not calculate Retention
Rate for that portion of our Run Rate attributable to assets in index-linked investment products or futures and options contracts, in each case, linked to our indexes.
• 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 the end of the committed subscription period, 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 when we (i) have received a notice of termination, non-renewal or an indication
the client does not intend to continue their subscription during the period and (ii) have determined that such notice evidences the client’s final decision to terminate or not renew the applicable
products or services, even though such termination or non-renewal may not be effective until a later date.
• “Organic recurring subscription Run Rate growth” is defined as the period over period Run Rate growth, excluding the impact of changes in foreign currency and the first year impact of any
acquisitions. It is also adjusted for divestitures. Changes in foreign currency are calculated by applying the currency exchange rate from the comparable prior period to current period foreign
currency denominated Run Rate.
• Sales represents the annualized value of products and services clients commit to purchase from MSCI and will result in additional operating revenues. Non-recurring sales represent the actual
value of the customer agreements entered into during the period and are not a component of Run Rate. New recurring subscription sales represent additional selling activities, such as new
customer agreements, additions to existing agreements or increases in price that occurred during the period and are additions to Run Rate. Subscription cancellations reflect client activities
during the period, such as discontinuing products and services and/or reductions in price, resulting in reductions to Run Rate. Net new recurring subscription sales represent the amount of
new recurring subscription sales net of subscription cancellations during the period, which reflects the net impact to Run Rate during the period.
• Total gross sales represent the sum of new recurring subscription sales and non-recurring sales. Total net sales represent the total gross sales net of the impact from subscription
cancellations.

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 Use of Non-GAAP Financial Measures
• MSCI has presented supplemental non-GAAP financial measures as part of this earnings presentation. Reconciliations are provided in subsequent slides that reconcile each non-GAAP financial
measure with the most comparable GAAP measure. The non-GAAP financial measures presented in this earnings presentation should not be considered as alternative measures for the most directly
comparable GAAP financial measures. The non-GAAP financial measures presented in this earnings presentation are used by management to monitor the financial performance of the business,
inform business decision-making and forecast future results.
• “Adjusted EBITDA” is defined as net income before (1) provision for income taxes, (2) other expense (income), net, (3) depreciation and amortization of property, equipment and leasehold
improvements, (4) amortization of intangible assets and, at times, (5) certain other transactions or adjustments, including, when applicable, impairment related to sublease of leased property and
certain acquisition related integration and transaction costs.
• “Adjusted EBITDA expenses” is defined as operating expenses less depreciation and amortization of property, equipment and leasehold improvements and amortization of intangible assets and, at
times, certain other transactions or adjustments, including, when applicable, impairment related to sublease of leased property and certain acquisition related integration and transaction costs.
• “Adjusted EBITDA margin” is defined as adjusted EBITDA divided by operating revenues.
• “Adjusted net income” and “adjusted EPS” are defined as net income and diluted EPS, respectively, before the after-tax impact of: the amortization of acquired intangible assets, including the
amortization of the basis difference between the cost of the equity method investment and MSCI’s share of the net assets of the investee at historical carrying value and, at times, certain other
transactions or adjustments, including, when applicable, the impact related to certain acquisition-related integration and transaction costs, the impact from impairment related to sublease of leased
property and the [impact related to gain from changes in ownership interest of investees].
• “Capex” is defined as capital expenditures plus capitalized software development costs.
• “Free cash flow” is defined as net cash provided by operating activities, less Capex.
• “Organic operating revenue growth” is defined as operating revenue growth compared to the prior year period excluding the impact of acquired businesses, divested businesses and foreign currency
exchange rate fluctuations.
• Asset-based fees ex-FX does not adjust for the impact from foreign currency exchange rate fluctuations on the underlying assets under management (“AUM”).
• We believe adjusted EBITDA, adjusted EBITDA margin and adjusted EBITDA expenses are meaningful measures of the operating performance of MSCI because they adjust for significant one-time,
unusual or non-recurring items as well as eliminate the accounting effects of certain capital spending and acquisitions that do not directly affect what management considers to be our ongoing
operating performance in the period.
• We believe adjusted net income and adjusted EPS are meaningful measures of the performance of MSCI because they adjust for the after-tax impact of significant one-time, unusual or non-recurring
items as well as eliminate the impact of any transactions that do not directly affect what management considers to be our ongoing operating performance in the period. We also exclude the after-tax
impact of the amortization of acquired intangible assets and amortization of the basis difference between the cost of the equity method investment and MSCI’s share of the net assets of the investee
at historical carrying value, as these non-cash amounts are significantly impacted by the timing and size of each acquisition and therefore not meaningful to the ongoing operating performance in the
period.
• We believe that free cash flow is useful to investors because it relates the operating cash flow of MSCI to the capital that is spent to continue and improve business operations, such as investment in
MSCI’s existing products. Further, free cash flow indicates our ability to strengthen MSCI’s balance sheet, repay
• our debt obligations, pay cash dividends and repurchase shares of our common stock.
• We believe organic operating revenue growth is a meaningful measure of the operating performance of MSCI because it adjusts for the impact of foreign currency exchange rate fluctuations and
excludes the impact of operating revenues attributable to acquired and divested businesses for the comparable prior year period, providing insight into our ongoing operating performance for the
period(s) presented.
• We believe that the non-GAAP financial measures presented in this earnings presentation facilitate meaningful period-to-period comparisons and provide a baseline for the evaluation of future results.
• Adjusted EBITDA expenses, adjusted EBITDA margin, adjusted EBITDA, adjusted net income, adjusted EPS, Capex, free cash flow and organic operating revenue growth are not defined in the same
manner by all companies and may not be comparable to similarly-titled non-GAAP financial measures of other companies. These measures can differ significantly from company to company
depending on, among other things, long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate and capital investments. Accordingly, the Company’s
computation of these measures may not be comparable to similarly-titled measures computed by other companies.

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Reconciliation of Net Income to Adjusted EBITDA (UNAUDITED)

(1) Represents transaction expenses and other costs directly related to the acquisition and integration of acquired businesses, including professional fees, severance expenses, regulatory filing fees
and other costs, in each case that are incurred no later than 12 months after the close of the relevant acquisition. 33
Reconciliation of Net Income and Diluted EPS to Adjusted
Net Income and Adjusted EPS (UNAUDITED)

(1) Represents transaction expenses and other costs directly related to the acquisition and integration of acquired businesses, including professional fees, severance expenses, regulatory filing fees
and other costs, in each case that are incurred no later than 12 months after the close of the relevant acquisition.
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(2) Adjustments relate to the tax effect of non-GAAP adjustments, which were determined based on the nature of the underlying non-GAAP adjustments and their relevant jurisdictional tax rates
Reconciliation of Operating Expenses to Adjusted EBITDA
Expenses (UNAUDITED)

(1) We have not provided a full line-item reconciliation for total operating expenses to adjusted EBITDA expenses for this future period because we believe such a
reconciliation would imply a degree of precision and certainty that could be confusing to investors and we are unable to reasonably predict certain items
contained in the GAAP measure without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that
have not yet occurred and are out of the Company's control or cannot be reasonably predicted. For the same reasons, the Company is unable to address the
probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP
financial measures may vary materially from the corresponding GAAP financial measures. See “Forward-Looking Statements” above.
(2) Represents transaction expenses and other costs directly related to the acquisition and integration of acquired businesses, including professional fees,
35
severance expenses, regulatory filing fees and other costs, in each case that are incurred no later than 12 months after the close of the relevant acquisition.
Reconciliation of Net Cash Provided by Operating Activities
to Free Cash Flow (UNAUDITED)

(1) We have not provided a line-item reconciliation for free cash flow to net cash provided by operating activities for this future period because we believe such a
reconciliation would imply a degree of precision and certainty that could be confusing to investors and we are unable to reasonably predict certain items
contained in the GAAP measure without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that
have not yet occurred and are out of the Company's control or cannot be reasonably predicted. For the same reasons, the Company is unable to address the
probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP
financial measures may vary materially from the corresponding GAAP financial measures. See “Forward-Looking Statements” above. 36
Second Quarter 2024 Reconciliation of Operating Revenue
Growth to Organic Operating Revenue Growth (UNAUDITED)

37
Six Months 2024 Reconciliation of Operating Revenue
Growth to Organic Operating Revenue Growth (UNAUDITED)

38