Theincrease reflects Dennis Miller the operating leverage

Theincrease reflects deduces Dennis Miller the operating dennis miler interprets leverage in the business and disciplined costmanagement. Table 2 Key Metrics As ofChange fromNovember 30,August 31, November 30, August 31,2008 2007 200820072008 Run Rates 1,2 ($ thousands) Equity indicesSubscription$170,992 $141,560 $167,126 20.8 % 2.3%Asset based fees 3 51,596 76,467 69,741(32.5%)(26.0%) Equity Indices total$222,588 $218,027 $236,867 2.1% (6.0 %) Equity portfolio analytics 129,168124,668135,280 3.6% (4.5 %) Multi-asset class analytics35,105 29,243 32,68120.0 % 7.4%Other Subscription 19,699 17,958 19,4729.7% 1.2%Hedge fund indices 1,3805,0632,781 (72.7%)(50.4%) Other total $21,079$23,021$22,253(8.4 %)(5.3 %) Total Run Rate$407,941 $394,959 $427,081 3.3% (4.5 %) Subscription total$354,965 $313,429 $354,559 13.3 % 0.1%Asset based fees total$52,976$81,530$72,522(35.0%)(27.0%) Subscription based fees by region % Americas 45 % 43 % 44 % % non-Americas 55 % 57 % 56 % Subscription based fees by client type% Asset Managers 61.6 % 63.0 % 61.8 % % Broker Dealers 12.1 % 11.9 % 12.3 % % Hedge Funds6.1% 5.9% 6.2% % Asset Owners 6.0% 5.8% 5.8% % Others 14.3 % 13.4 % 14.0 % Aggregate Retention Rate 4 80.6 % 89.9 % 91.6 % Core Retention Rate 585.3 % 90.6 % 94.1 % Client Count 6 3,0912,9263,097ETF Assets linked to MSCI indices ($ billions)Quarter end $119.0 $191.7 $166.3 (37.9%)(28.4%) Quarterly average $134.9 $176.9 $178.3 (23.8%)(24.4%) Full-time employees7666377241 The run rate at a particular point in time represents the forward-looking fees for the next 12 months from all subscriptions and investment product licenses we currently provide to our clients under renewable contracts assuming all contracts that come up for renewal are renewed and assuming then-current exchange rates. For any license whose fees are linked to an investment product`s assets or trading volume, the run rate calculation reflects an annualization of the most recent periodic fee earned under such license. The run rate does not include fees associated with "one-time" and other non-recurring transactions. In addition, we remove from the run rate the fees associated with any subscription or investment product license agreement with respect to which we have received a notice of termination or non-renewal at the time we receive such notice, even if the notice is not effective until a later date. 2 The run rate at the end of each period has been lowered by $2.5 million to remove contracts that were determined to be non-recurring.

3 Includes asset based fees for ETFs, institutional indexed funds, transaction volume-based fees for futures and options traded on certain MSCI indices and other structured products dennis miller show . 4 Our Aggregate Retention Rate represents the percentage of the subscription run rate as of the beginning of the period that is not cancelled during the period denis miller . The Aggregate Retention Rate is computed on a product-by-product basis dennis miller sotomayor . Therefore, if a client reduces the number of products to which it subscribes or switches between our products, we treat it as a cancellation dennis wolfburg . In addition, we treat any reduction in fees resulting from renegotiated contracts as a cancellation in the calculation to the extent of the reduction. The Aggregate Retention Rates for non-annual periods are annualized. Aggregate Retention Rates are generally higher during the first three fiscal quarters and lower in the fourth fiscal quarter.

The Aggregate Retention Rate is for the three month periods ended November 30, 2008, November 30, 2007, and August 31, 2008, respectively . 5 Our Core Retention Rate is calculated similarly to our Aggregate Retention Rate except that the Core Retention Rate does not treat switches between our products as a cancellation dennis griffiths . 6 The client count excludes clients that pay only asset based fees dennis cnbc . Our client count includes affiliates, cities and certain business units within a single organization as distinct clients when they separately subscribe to our products.Table 3a ETF Assets linked to MSCI Indices(Quarter-End)20072008 $ in Billions February MayAugust November FebruaryMayAugustNovember AUM in ETFs linked to MSCI Indices$135.4$150.2$156.5 $191.7$179.2$199.6$166.3$119.0 Sequential Change ($ Growth in Billions)Appreciation/Depreciation $9.8$5.9 ($0.8)$11.2($15.2)$9.9 ($31.2) ($63.2) Cash Inflow/ Outflow 13.38.9 7.124.02.7 10.5(2.1) 15.9Total Change$23.1 $14.8 $6.3 $35.2($12.5)$20.4($33.3) ($47.3) Source: Bloomberg and MSCI Table 3bETF Assets linked to MSCI Indices (Quarterly Average)20072008 $ in Billions February MayAugust November February MayAugust NovemberAUM in ETFs linked to MSCI Indices$123.8$140.8$155.7$176.9$183.2$184.4$178.3$134.9Source: Bloomberg and MSCI Conference Call InformationInvestors will have the opportunity to listen to MSCI Inc.'s senior managementreview fourth quarter 2008 results on Friday, January 9, 2009 at 11:00 amEastern time . To hear the live event, visit the investor relations section ofMSCI's website,, or dial 1- 888-220-8639 within the UnitedStates International callers dial 1- 913-905-3180.