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Multi-Asset Class Charlotte Bobcats Portfolio Analytics: Revenues related to

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Multi-Asset Class relates charlette bobcats Portfolio Analytics: arena bobcat ticket imparts Revenues related to Multi-Asset ClassPortfolio Analytics increased 21.9% to $9.4 million in fourth quarter 2008compared to the same period in 2007. This increase reflects an increase of 31.9%to $7.1 million for BarraOne and a decrease of 1.3% to $2.3 million for TotalRisk, which is a product that is in the process of being decommissioned.BarraOne revenue growth remained strong due to new client additions as well assales to existing clients with notable strength among asset managers and assetowners in the Americas. Other Products: Revenues from Other Products increased 3.4% to $6.5 million infourth quarter 2008 compared to the same period in 2007. The increase reflectsan increase of 15.3% to $4.5 million for our energy and commodity analyticsproducts offset, in part, by a decrease of 4.5% to $1.6 million for fixed incomeanalytics and a decrease of 40.1% to $0.4 million in asset based fees frominvestment products linked to MSCI investable hedge fund indices.

The hedge fundindices revenues largely reflects lower asset based fees from investmentproducts linked to these indices, caused by market depreciation and net assetoutflows charlote bobcats . Operating ExpensesOperating expenses increased 27.0% to $77.2 million in fourth quarter 2008compared to fourth quarter 2007 basketball . Excluding founders grant expenses (as describedbelow), operating expenses increased 14.5% to $68.6 million in fourth quarter2008 basketball tickets . Excluding both founders grant expenses and allocation and replacementexpenses related to Morgan Stanley services, operating expenses increased 4.6%to $54.4 million bickerstaff . The change in foreign exchange rates in fourth quarter 2008compared to fourth quarter 2007 lowered operating expenses by $2.8 million.

In total, allocation and replacement expenses related to Morgan Stanley servicestotaled $14.2 million ($3.7 million of compensation and $10.5 million ofnon-compensation) in fourth quarter 2008 compared to $7.9 million ($0.5 millionof compensation and $7.4 million of non-compensation) in fourth quarter 2007.Replacement expenses associated with services previously provided by MorganStanley were $11.9 million (including $1.9 million of depreciation expense and$4.1 million of non-recurring expenses) in fourth quarter 2008 compared to $1.3million in fourth quarter 2007 charlotte bobcats hotel . The expense allocation from Morgan Stanley was$2.3 million in fourth quarter 2008 compared to $3.9 million in third quarter2008 and $6.6 million in fourth quarter 2007 Please see tables 8a and 8b fordetails blairsville bobcats Bobcats tickets . Compensation expense increased 24.1% to $42.5 million in fourth quarter 2008.Excluding founders grant expenses, compensation expense increased 1 Charlotte Bobcats tickets .5% to $33.9million bob crosby bobcats . The increase reflects higher compensation cost for new hires which wasoffset, in part, by a lower bonus accrual in fourth quarter 2008 and favorableforeign exchange rates which lowered compensation expense for staff locatedoutside the United States bobcat arena .

The number of full-time employees increased by 129 to766 on November 30, 2008 from 637 on November 30, 2007 and by 42 from 724 onAugust 31, 2008 . In fourth quarter 2008, we continued to increase our staff inemerging market centers bobcat arena tickets Charlotte Bobcats nba.com - bobcats . As of November 30, 2008, 28% of employees were locatedin emerging market centers compared to 18% as of November 30, 2007 bobcat basketball . On November30, 2008, 141 full-time employees were located in Mumbai and Budapest comparedto 67 on November 30, 2007 and 120 on August 31, 2008 Charlotte Bobcats - wikipedia .

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