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Kepos Capital Selects MSCI for Open Protocol Reporting

January 23, 2014

NEW YORK --(BUSINESS WIRE)-- MSCI Inc. (NYSE:MSCI), a leading provider of investment decision support tools worldwide, today announced that Kepos Capital L.P. ( Kepos Capital ) has selected MSCI for Open Protocol reporting, an industry wide risk reporting initiative. MSCI will generate the Open Protocol reports by leveraging Kepos Capital’s participation on HedgePlatform , MSCI’s industry-leading hedge fund transparency tool which covers over 1,400 hedge funds, including over 80 of the top 100 global funds 1 . Matt DesChamps , a founding partner and Chief Operating Officer of Kepos Capital , said, “Having utilized MSCI’s historical data and market-leading risk analytics tool, RiskManager, to assist us in our daily portfolio risk analysis and reporting since our inception, we believe their Open Protocol offering to be the most seamless and cost efficient approach to complete the required templates. Having the data flow directly from HedgePlatform to the Open Protocol templates gives us a higher degree of confidence in the accuracy and consistency of the reports, which is especially important given the complexity of our strategy.” Developed by a working group drawn from a broad range of industry, Open Protocol is a detailed and publically defined template by which hedge fund managers can convey various forms of risk information to their investors. “Tightening regulation coupled with greater transparency requirements from hedge fund investors has led to significant industry demand for consistent reporting and more sophisticated tools to address risk,” said Ron Papanek , Head of the RiskMetrics Alternative Investments Business at MSCI . “The combination of Open Protocol reporting with access to a database of over 1,400 positions based hedge fund portfolios via HedgePlatform will provide Kepos’ clients with an additional level of transparency.” MSCI’s standardized and automated Open Protocol reporting service is available to all HedgePlatform participants. 1 As of January, 2013, Institutional Investor, The Hedge Fund 100 About MSCI MSCI Inc. is a leading provider of investment decision support tools to investors globally, including asset managers, banks, hedge funds and pension funds. MSCI products and services include indices, portfolio risk and performance analytics, and governance tools. The company’s flagship product offerings are: the MSCI indices with approximately USD 7.5 trillion estimated to be benchmarked to them on a worldwide basis 1 ; Barra multi-asset class factor models, portfolio risk and performance analytics; RiskMetrics multi-asset class market and credit risk analytics; IPD real estate information, indices and analytics; MSCI ESG (environmental, social and governance) Research screening, analysis and ratings; ISS corporate governance research, data and outsourced proxy voting and reporting services; and FEA valuation models and risk management software for the energy and commodities markets. MSCI is headquartered in New York , with research and commercial offices around the world. 1 As of March 31, 2013 , as reported on July 31, 2013 by eVestment, Lipper and Bloomberg For further information on MSCI , please visit our web site at This document and all of the information contained in it, including without limitation all text, data, graphs, charts (collectively, the “Information”) is the property of MSCI Inc. or its subsidiaries (collectively, “MSCI”), or MSCI’s licensors, direct or indirect suppliers or any third party involved in making or compiling any Information (collectively, with MSCI , the “Information Providers”) and is provided for informational purposes only. The Information may not be reproduced or redisseminated in whole or in part without prior written permission from MSCI . The Information may not be used to create derivative works or to verify or correct other data or information. For example (but without limitation), the Information may not be used to create indices, databases, risk models, analytics, software, or in connection with the issuing, offering, sponsoring, managing or marketing of any securities, portfolios, financial products or other investment vehicles utilizing or based on, linked to, tracking or otherwise derived from the Information or any other MSCI data, information, products or services. The user of the Information assumes the entire risk of any use it may make or permit to be made of the Information. NONE OF THE INFORMATION PROVIDERS MAKES ANY EXPRESS OR IMPLIED WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE INFORMATION (OR THE RESULTS TO BE OBTAINED BY THE USE THEREOF), AND TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH INFORMATION PROVIDER EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, TIMELINESS, NON-INFRINGEMENT, COMPLETENESS, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE) WITH RESPECT TO ANY OF THE INFORMATION. Without limiting any of the foregoing and to the maximum extent permitted by applicable law, in no event shall any Information Provider have any liability regarding any of the Information for any direct, indirect, special, punitive, consequential (including lost profits) or any other damages even if notified of the possibility of such damages. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited, including without limitation (as applicable), any liability for death or personal injury to the extent that such injury results from the negligence or willful default of itself, its servants, agents or sub-contractors. Information containing any historical information, data or analysis should not be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. Past performance does not guarantee future results. None of the Information constitutes an offer to sell (or a solicitation of an offer to buy), any security, financial product or other investment vehicle or any trading strategy. You cannot invest in an index. MSCI does not issue, sponsor, endorse, market, offer, review or otherwise express any opinion regarding any investment or financial product that may be based on or linked to the performance of any MSCI index. MSCI’s indirect wholly-owned subsidiary Institutional Shareholder Services, Inc. (“ISS”) is a Registered Investment Adviser under the Investment Advisers Act of 1940. Except with respect to any applicable products or services from ISS (including applicable products or services from MSCI ESG Research , which are provided by ISS), neither MSCI nor any of its products or services recommends, endorses, approves or otherwise expresses any opinion regarding any issuer, securities, financial products or instruments or trading strategies and neither MSCI nor any of its products or services is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. The MSCI ESG Indices use ratings and other data, analysis and information from MSCI ESG Research . MSCI ESG Research is produced by ISS or its subsidiaries. Issuers mentioned or included in any MSCI ESG Research materials may be a client of MSCI , ISS, or another MSCI subsidiary, or the parent of, or affiliated with, a client of MSCI , ISS, or another MSCI subsidiary, including ISS Corporate Services, Inc. , which provides tools and services to issuers. MSCI ESG Research materials, including materials utilized in any MSCI ESG Indices or other products, have not been submitted to, nor received approval from, the United States Securities and Exchange Commission or any other regulatory body. Any use of or access to products, services or information of MSCI requires a license from MSCI . MSCI , Barra, RiskMetrics, IPD, ISS, FEA, InvestorForce, and other MSCI brands and product names are the trademarks, service marks, or registered trademarks of MSCI or its subsidiaries in the United States and other jurisdictions. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of MSCI and Standard & Poor’s. “Global Industry Classification Standard (GICS)” is a service mark of MSCI and Standard & Poor’s. Media Enquiries: MSCI Kristin Meza , New York , + 1-212-804-5330 Jo Morgan , London , + 44-20-7618-2224 or MHP Communications Nick Denton | Christian Pickel , London , + 44-20-3128-8515 or MSCI Global Client Service: EMEA Client Service, + 44-20-7618-2222 Americas Client Service, 1-888-588-4567 (toll free)/+ 1-212-804-3901 Asia Pacific Client Service, + 852-2844-9333 Source: MSCI Inc.

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