On January 5, 2015, Jeffrey W. Ubben, Chief Executive Officer of ValueAct Capital, LLC, sent a letter to Rodolphe M. Vallee, Lead Director of MSCI Inc. expressing frustration in the way in which the Board of Directors handled ValueAct Capital's request for a Board seat and strongly encouraged the Board to engage directly, without management or advisors, with the Company's larger shareholders to gain their perspectives on management's performance and on whether a ValueAct Capital director, in addition to 1 or 2 other independent directors, would be a beneficial addition to the Company's Board.