As of 03/09/2022. Team and portfolio information may change from time to time.

Includes legacy energy investments executed by the investment team prior to 2015. All energy, oil and gas, and natural resources sector investments from 2015 forward are made through or alongside the Morgan Stanley Energy Partners (MSEP) investment platform.

^Morgan Stanley has paid to be considered for this award. This award is based on the analysis of and information gathered by Inc. Magazine using its own methodologies and criteria.  Information regarding such methodologies and criteria is generally not known to Morgan Stanley, and Morgan Stanley has not investigated this award. Other third parties or investors may disagree with the award given to Morgan Stanley. Potential investors should make their own determinations about the prospects for the Fund’s investments. A ranking or award may not be representative of a particular investor’s experience or Morgan Stanley or the Fund’s future performance, and there is no guarantee that similar rankings or awards will be obtained by Morgan Stanley in the future.

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The information presented herein is solely for informational and educational purposes only. It is intended for the benefit of third party issuers and those seeking information about alternatives investment strategies. The information contained herein does not constitute and should not be construed as an offering of advisory services or an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction in which such offer or solicitation, purchase or sale would be unlawful under the securities, insurance or other laws of such jurisdiction.

The information presented does not constitute an offer or a recommendation to buy or sell any particular security or to adopt any specific investment strategy. The information herein has not been based on a consideration of any individual investor circumstances and is not investment advice, nor should it be construed in any way as tax, accounting, legal or regulatory advice. To that end, investors should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision. There is no guarantee that any investment strategy will work under all market conditions, and each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market.

Diversification does not protect you against a loss in a particular market; however it allows you to spread that risk across various asset classes. Past performance is no guarantee of future results.

Leveraging Morgan Stanley Resources - Subject to third party confidentiality agreement obligations and information barriers established by Morgan Stanley to manage potential conflicts of interest and applicable allocation policies.

Alternative investments are speculative and include a high degree of risk. Investors could lose all or a substantial amount of their investment. Alternative investments are suitable only for long-term investors willing to forego liquidity and put capital at risk for an indefinite period of time. Alternative investments are typically highly illiquid – there is no secondary market for private funds, and there may be restrictions on redemptions or assigning or otherwise transferring investments into private funds. Alternative investment funds often engage in leverage and other speculative practices that may increase volatility and risk of loss. Alternative investments typically have higher fees and expenses than other investment vehicles, and such fees and expenses will lower returns achieved by investors.

In the ordinary course of its business, Morgan Stanley engages in a broad spectrum of activities including, among others, financial advisory services, investment banking, asset management activities and sponsoring and managing private investment funds. In engaging in these activities, the interest of Morgan Stanley may conflict with the interests of clients.

Alternative investment funds are often unregulated, are not subject to the same regulatory requirements as mutual funds, and are not required to provide periodic pricing or valuation information to investors. The investment strategies described in the preceding pages may not be suitable for your specific circumstances; accordingly, you should consult your own tax, legal or other advisors, at both the outset of any transaction and on an ongoing basis, to determine such suitability.

No investment should be made without proper consideration of the risks and advice from your tax, accounting, legal or other advisors as you deem appropriate.

Morgan Stanley is a full-service securities firm engaged in a wide range of financial services including, for example, securities trading and brokerage activities, investment banking, research and analysis, financing and financial advisory services. Morgan Stanley Investment Management is the asset management division of Morgan Stanley.

CRC# 1872452 Expiration Date: October 1, 2018