Given our position as one of the world’s leading financial services firms and our ongoing commitment to good corporate citizenship, we have a responsibility to manage and leverage our resources in a way that promotes a healthy and sustainable environment.

As such, we are committed to considering environmental issues in all aspects of our business, including how we evaluate companies, transactions and risk; how we collaborate with and educate our clients, financing partners and employees; how we conduct our own operations; and how we promote and develop new market opportunities.

We believe that our approach to environmental issues helps us pursue our principal focus of creating long-term value for our shareholders and serving the long-term interests of our clients.

This Policy Statement, which updates the Environmental Policy Statement first implemented in 2002, reflects Morgan Stanley’s ongoing commitment to the environment and highlights the ways our business decisions and policies address the opportunities and challenges raised by today’s most significant environmental matters.