Climate

DISCLOSURES 

All materials, information and data on this website were prepared by Morgan Stanley & Co. LLC, Morgan Stanley Smith Barney LLC and their affiliates (collectively hereafter, “Morgan Stanley”). 

FORWARD-LOOKING STATEMENTS 

Certain statements herein, including expectations related to targets, goals, aspirations, objectives, initiatives, plans or approaches such as financed emissions targets, including interim targets, commitments and the achievement thereof as well as scenario analyses, may be “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results or actions may differ from anticipated targets, goals, aspirations, objectives, initiatives, plans and approaches set forth in the forward-looking statements. These statements are not historical facts or statements of current conditions, but instead are based on management’s current expectations and are subject to uncertainty and changes in circumstances. These statements are not guarantees of future results or occurrences and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond our control. In addition, this report contains statements based on hypothetical scenarios and assumptions, which may not occur or differ significantly from actual events, and these statements should not necessarily be viewed as being representative of current or actual risk or forecasts of expected risk.

Actual results and financial conditions may differ materially from those included in these statements due to a variety of factors, including, among others, data quality and availability; global socio-demographic, political and economic conditions and trends; energy prices and demand; technological innovations; climate-related conditions and weather events; counterparty and client behavior, including the ability to reach climate targets and execute on transition plans, and financial health; the evolution of consumer behavior; insurance applicability; legislative and regulatory changes; the need for thoughtful climate policies; the challenge of balancing short-term targets with the need to facilitate an orderly transition and energy security; our ability to retain and attract qualified employees in a competitive environment for talent; the potential impact of legal and regulatory obligations; and other unforeseen events or conditions; and the precautionary statements included on this page and those contained in Morgan Stanley’s periodic filings with the Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934, as amended (Exchange Act). Certain forward-looking statements included on this page are also based on assumptions, standards, metrics, methodologies and frameworks for measurement, reporting and analysis of climate change that continue to evolve, vary across jurisdictions and regulatory bodies, and are the subject of proposed regulatory changes in multiple jurisdictions, which may have a material impact on our future measurement and reporting, as well as the results of the efforts set forth on this page. Any forward-looking statements made by or on behalf of Morgan Stanley speak only as to the date they are made, and Morgan Stanley does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.

MATERIALITY 

The disclosures included on this page are being provided to the public in an effort to provide transparency into our sustainability initiatives and to further enhance our collective understanding of sustainability issues. Our approaches to the disclosures included on this page differ in significant ways from those included in mandatory regulatory reporting, including under SEC rules and regulations.

Information within this page may be presented from a different perspective or in more detail than disclosures mandated by our global regulators. In particular, while the foregoing discussion describes potential future events that may be significant or material (based on disclosure recommendations and broader definitions of materiality used by certain voluntary external frameworks and reporting guidelines or those in non-U.S. jurisdictions), the significance or materiality of those potential events should not be read as equating to or rising to the level of materiality as defined under U.S. federal securities laws, including as the concept is used in Morgan Stanley’s periodic filings with the SEC under the Exchange Act. In addition, any discussion of forward-looking statements on this page is not an indication that the subject or information is material to Morgan Stanley for U.S. federal securities laws and regulations reporting purposes. We continue to monitor the climate disclosure landscape and evolve our reporting accordingly.

USE OF THIRD-PARTY INFORMATION AND ESTIMATES

No reports, documents or websites that are cited or referred to on this page shall be deemed to form part of this report. In addition, certain information contained on this page has been derived from publicly available information released by third-party sources, which Morgan Stanley believes to be reasonable, although Morgan Stanley has only been able to complete limited validation. Third-party climate information may not reflect the latest or most accurate data. To the extent that such third-party information we use is subsequently determined to be erroneous or otherwise not in keeping with best practices, it may affect our disclosures. Additionally, in the absence of company-specific emissions data, some financed emissions will be estimated using emissions and activity factors provided by third-party sources or derived by Morgan Stanley. Certain third-party information, such as scope 3 emissions and emissions factors, may change over time as methodologies evolve and are refined or current data changes or is restated or new data is added. Our ability to measure progress toward our targets, goals, aspirations, objectives, initiatives, plans or approaches is subject to the quality and availability of such data, as discussed on this page. These and other factors could cause results to differ materially from those expressed in the estimates and beliefs made by third parties and by Morgan Stanley.

Given the inherent uncertainty of the estimates, assumptions and timelines contained on this page, we may not be able to anticipate whether or the degree to which we will be able to meet our targets, goals, aspirations, objectives, initiatives, plans or approaches in advance. Morgan Stanley also cannot guarantee that the data provided in its reports will be consistent year over year, as data quality, particularly climate-related data, improves. This data should not be interpreted as any form of guarantee or assurance of accuracy, future results or trends, and Morgan Stanley makes no representation or warranty as to third-party information.

OTHER DISCLOSURES 

The information provided on this page reflects Morgan Stanley’s approach to sustainability as of the date of this report and is subject to change without notice. We do not undertake to update any such information on this page. Any references to “sustainable investing,” “sustainable”, “sustainability” or similar terms on this page are intended as references to the internally defined criteria of the firm or our businesses only, as applicable, and not to any jurisdiction-specific regulatory definition. This report is not intended, nor can it be relied upon, to create legal relations, rights or obligations.

This page is provided for informational purposes only and is not intended as advertising or marketing material, or as a recommendation to purchase or sell any security, asset, product or service. There is no assurance that targets, goals, aspirations, objectives, initiatives, plans or approaches stated on this page (including interim targets) will be achieved or result in positive measurable outcomes. Information contained on this page, including targets, goals, aspirations, objectives, initiatives, plans and approaches, and their related frameworks or methodologies, are subject to change without notice.

This page does not provide individually tailored investment advice. The information on this page is not intended to be comprehensive and does not constitute investment, financial, economic, accounting, legal or tax advice or recommendations.

Morgan Stanley, its affiliates, Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning, and their attorney for matters involving trust and estate planning and other legal matters. 

Individual funds and client accounts may have specific sustainability-related goals and restrictions that affect sustainability integration. Refer to governing documents of individual vehicles to understand their binding sustainability criteria. Sustainability strategies that incorporate impact investing and/or sustainability factors could result in relative investment performance deviating from other strategies or broad market benchmarks, depending on whether such sectors or investments are in or out of favor in the market. As a result, there is no assurance sustainability strategies could result in more favorable investment performance. The case study examples are provided for illustrative purposes only. There is no assurance that the engagements will be successful and/or result in positive investment outcomes.

Investment, insurance and annuity products offered through Morgan Stanley are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY 

 Morgan Stanley Institutional Securities and Morgan Stanley Research are businesses of Morgan Stanley & Co. LLC. 

Morgan Stanley Investment Management is the asset management division of Morgan Stanley. 

Morgan Stanley Wealth Management is a business of Morgan Stanley Smith Barney LLC. 

©2026 Morgan Stanley & Co. LLC and Morgan Stanley Smith Barney LLC. Members SIPC. CRC 5929785 10/26