Sustainability at Morgan Stanley

¹ The Firm’s carbon-neutral status reflects the actions in the Firm’s 2022 ESG Report. This is a management-determined metric that may be viewed or calculated differently by others who may use the same “carbon neutral” terminology. Morgan Stanley has determined that the boundary around our carbon-neutrality status is Scope 1, Scope 2 location-based emissions, Scope 3 business travel and downstream leased assets, carbon offsets purchased from the voluntary carbon market, green power contracts and market instruments (e.g. Renewable Energy Certificates (RECs), Energy Attribute Certificates (EACs)). There are instances in which green power contracts and instruments that we accept for our purposes to meet carbon neutrality do not align with the criteria required to reflect those purchases in our Scope 2 market-based figure in accordance with the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (Revised Edition) (“GHG Protocol”). For our GHG emissions table aligned with the GHG protocol, please see the Firm’s 2022 ESG Report.

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The returns on a portfolio consisting primarily of Environmental, Social and Governance (“ESG”) aware investments or sustainable investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because ESG or sustainability criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria. Diversification does not guarantee a profit or protect against loss in a declining financial market.

Because of their narrow focus, sector investments tend to be more volatile than investments that diversify across many sectors and companies.

Please note that there is currently no standard definition of blue or green bond. Without limiting any of the statements contained herein, Morgan Stanley makes no representation or warranty as to whether these bonds constitute a blue or green bond or conforms to investor expectations or objectives for investing in blue or green bonds. For information on characteristics of the bonds, use of proceeds, a description of applicable project(s), and/or any other relevant information about the bonds, please reference the offering documents for the bonds.

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