¹ Insurance Asset Risk: MSIM's 1GT private equity strategy has won the Investment Innovation of the Year Award 2022, with judges focusing particularly on the clear climate objectives, direct link to carried interest, and the specific capital efficiency for insurance investors. (https://www.insuranceassetrisk.com/content/awards/insurance-asset-risk-awards-2022-uk-and-europe/winners/investment-innovation-of-the-year-morgan-stanley-investment-management.html). Winners are awarded by Insurance Asset Risk, published by Field Gibson Media; judges are senior industry experts from across Europe and the UK, each chosen for their knowledge, objectivity and credibility. Judging process : Insurance Asset Risk - https://www.insuranceassetrisk.com/content/awards/insurance-asset-risk-awards-2022-north-americas/judging-process.html

² Subject to third party confidentiality obligations and internal policies and procedures established by Morgan Stanley, including information barriers and allocation policies, to manage potential and actual conflicts of interest and/or in respect of regulatory requirements.

³ Source: Diana Ivanova, Konstantin Stadler, Kjartan Steen-Olsen, Richard Wood, Gibran Vita, Arnold Tukker and Edgar G. Hertwich. 2015. Environmental Impact Assessment of Household Consumption. Journal of Industrial Ecology. DOI: 10.1111/jiec.12371

⁴ Source: First Insight: 'The State of Consumer Spending: Gen Z Shoppers Demand Sustainable Retail.

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This document has been prepared solely for information purposes and does not constitute an offer or a recommendation to buy or sell any particular security or to adopt any specific investment strategy. The material contained herein has not been based on a consideration of any individual client 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.

Except as otherwise indicated herein, the views and opinions expressed herein are those of Morgan Stanley Investment Management, are based on matters as they exist as of the date of preparation and not as of any future date, and will not be updated or otherwise revised to reflect information that subsequently becomes available or circumstances existing, or changes occurring, after the date hereof. This communication is a marketing communication. It is not a product of Morgan Stanley's Research Department and should not be regarded as a research recommendation.

The information contained herein has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. All information contained herein is proprietary and is protected under copyright law.

This information is highly confidential and is being provided to the recipient as a pre-qualified financially sophisticated prospective investor in order to provide the recipient with information about the Private Markets business of Morgan Stanley Alternative Investment Partners LP or one of its affiliates ("Morgan Stanley AIP Private Markets" or "AIP"), an investment manager that manages portfolios primarily invested in private equity funds and other private equity investments (the "Portfolios"). This presentation is for informational purposes only, is intended solely for the use of the person to whom it has been delivered (including such person's employees, representatives, agents, or advisors, as applicable), and is not an offer to buy or sell, or a solicitation of an offer to buy or sell, any security or instrument or to participate in any trading strategy. By accepting this information, you agree you have a duty to keep permanently confidential the information contained herein and that such information may not be disclosed, reproduced, or distributed (orally or in writing) to others (except as otherwise set forth herein) at any time without the prior written consent of AIP Private Markets. You further agree that any other persons permitted to receive the information contained herein will be bound by a similar duty of confidentiality. You acknowledge that the disclosure, reproduction or distribution by you of the information contained herein could result in liability to AIP Private Markets and the Portfolios. A prospective investor (and each employee, representative or other agent of a prospective investor), however, may disclose to any and all persons, without limitation of any kind, from the commencement of discussions, the U.S. federal income tax treatment and tax structure of a Portfolio (and any transactions entered into by such Portfolio) and all materials of any kind that are provided to a prospective investor relating to such U.S. federal income tax treatment and tax structure. In any event, except as otherwise required by law, no prospective investor (or employee, representative or other agent of such prospective investor) may disclose the name of, contact information for, or any other similar identifying information (including the names of any employees, affiliates, or investments) regarding, a Portfolio or Morgan Stanley AIP Private Markets or any of its affiliates, except to its tax advisor or to a regulatory authority as required by law. As used in this paragraph, "tax structure" means any fact that may be relevant to understanding the purported or claimed U.S. federal income tax treatment of a transaction.

For European Economic Area investors: Please note that this material may include certain information on MSIM's sustainability practices and track record, at an organizational and investment team level, which may not necessarily be reflected in the portfolio of any fund(s) or related investment vehicle(s) you invest in. Please refer to the offering documents of any fund(s) prior to investment, for details on how, and the extent to which, the fund(s) takes ESG considerations into account on a binding or non-binding basis.

If any offer of interests is made, it will be made only pursuant to a definitive confidential offering memorandum of the applicable fund (the "Memorandum"), which contains material information not contained herein, as a private placement under the U.S. securities laws, and information that supersedes the information contained herein will be furnished to qualified prospective investors at their request. Any interests offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the Securities Act"), the securities laws of any state of the United States, or any non-U.S. securities laws, and will be offered and sold for investment only to qualifying recipients of the Memorandum pursuant to the exemption from the registration requirements of the Securities Act provided by section 4 (a) (2) thereof and/or provided by Regulations promulgated thereunder, and in compliance with any applicable non-U.S. Securities laws. The Portfolio will rely on an exemption pursuant to Section 3(c) (7) of the Investment Company Act. The interests may not be transferred or resold except as permitted under the Securities Act and any applicable state or non-U.S. securities laws, pursuant to registration or exemption therefrom. The transferability of the interests will be further restricted by the terms of an Agreement of Limited Partnership. Moreover, the terms of an investor's interest will be governed by the terms of an Agreement of Limited Partnership.

ANY LOSSES IN A PORTFOLIO WILL BE BORNE SOLELY BY INVESTORS IN THE PORTFOLIO AND NOT BY MORGAN STANLEY OR ANY OF ITS AFFILIATES. THEREFORE, MORGAN STANLEY'S LOSSES IN THE PORTFOLIO WILL BE LIMITED TO LOSSES ATTRIBUTABLE TO THE OWNERSHIP INTERESTS IN THE PORTFOLIO HELD BY MORGAN STANLEY AND ITS AFFILIATES IN THEIR CAPACITY AS INVESTORS IN THE PORTFOLIO. INTERESTS IN THE PORTFOLIO ARE NOT INSURED BY THE FDIC AND ARE NOT DEPOSITS, OBLIGATIONS OF, OR ENDORSED OR GUARANTEED IN ANY WAY, BY MORGAN STANLEY OR ANY OF ITS AFFILIATES. MORGAN STANLEY AND ITS AFFILIATES DO NOT, DIRECTLY OR INDIRECTLY, GUARANTEE, ASSUME OR OTHERWISE INSURE THE OBLIGATIONS OR PERFORMANCE OF THE PORTFOLIO DESCRIBED HEREIN OR ANY COVERED FUND IN WHICH SUCH PORTFOLIO INVESTS. INVESTORS SHOULD READ THE MEMORANDUM BEFORE INVESTING IN THE PORTFOLIO. MORGAN STANLEY IS THE SPONSOR OF THE PORTFOLIO FOR PURPOSES OF SECTION 619 OF THE DODD-FRANK ACT ("THE VOLCKER RULE"). A DESCRIPTION OF THE ROLE AND SERVICES OF MORGAN STANLEY WILL BE PROVIDED IN THE OFFERING MEMORANDUM.

RISK FACTORS
This is a summary of various risks associated with investing in a global impact portfolio (a "Portfolio"). This summary is not, and is not intended to be, a complete enumeration or explanation of the risks involved. The recipient should consult with its own advisors before deciding whether to invest in a Portfolio. In addition, to the extent that the investment program of a Portfolio changes and develops over time, additional risk factors not described here may apply. Only a recipient who understands the nature of the investment, does not require liquidity in the investment for the whole of the investment's extended term, and has sufficient resources to sustain the loss of its entire investment should consider making the kinds of investments described in this presentation.

By investing in a global impact fund of funds, an investor gains exposure to the portfolio of the fund of private equity funds and is subject to the risks attendant to such investment fund. An investment in a fund involves a high degree of risk. The following are among the risks applicable to an investment in a Portfolio:

Developments in Financial Services Industry and Impact on Morgan Stanley.

In the event of market turmoil and the overall weakening of the financial services industry, Morgan Stanley's financial condition may be adversely affected and it may be subject to legal, regulatory, reputational and other unforeseen risks that could have an adverse affect on Morgan Stanley's business and operations. To the extent that any such events occur, Morgan Stanley, its affiliates and employees may be unable to fulfill their funding obligations to a Portfolio, one or more of the Portfolio's key investment professionals may cease to be associated with the Portfolio and the Portfolio may suffer other adverse consequences, each of which could adversely affect the business of the Portfolio, restrict the Portfolio's investment activities and impede the Portfolio's ability to effectively achieve its investment objectives. In addition, the cost and availability of funding available to the Portfolio may be adversely affected by illiquidity and wide credit spreads in the credit markets. Continued turbulence in the U.S. and international markets and economy may adversely affect the Portfolio.

Illiquidity of Interests; Limitations on Transfer; No Market for Interests. An investor in a Portfolio will not be permitted to transfer its interest without the consent of the general partner of the Portfolio. Furthermore, the transferability of an interest will be subject to certain restrictions contained in the Agreements of Limited Partnership of the Portfolio and will be affected by restrictions imposed under applicable securities laws. There is currently no market for the interests, and it is not contemplated that one will develop. The interests should only be acquired by investors able to commit their funds for an indefinite period of time, as the term of the Portfolio could continue for up to 14 years. In addition, there are very few situations in which an investor may withdraw from the Portfolio. The possibility of total loss of an investment in the Portfolio exists and prospective investors should not invest unless they can readily bear such a loss.

Risks Related to the Structure and Terms of a Portfolio. Investments in a fund of funds structure may subject investors to additional risks which would not be incurred if such investor were investing directly in private equity funds (the "Underlying Funds"). Such risks may include but are not limited to (i) multiple levels of expense; (ii) reliance on third-party management; and (iii) termination of a Portfolio's interest by an Underlying Fund.

Risk of Loss. There can be no assurance that the operations a Portfolio will be profitable, that a Portfolio will be able to avoid losses or that cash from operations will be available for distribution to the limited partners. The possibility of partial or total loss of capital of a Portfolio exists, and prospective investors should not subscribe unless they can readily bear the consequences of a complete loss of their investment. A Portfolio will have no source of funds from which to pay distributions to the limited partners other than income and gains received on portfolio investments and the return of capital. Any losses in a Portfolio are borne solely by investors in the Portfolio and not by Morgan Stanley or its affiliates.

Leverage. A Portfolio and its Underlying Funds may use leverage in their investment strategies. Leverage may take the form of loans for borrowed money (e.g., margin loans) or derivative securities and instruments that are inherently leveraged, including options, futures, forward contracts, swaps and repurchase agreements. A Portfolio or its Underlying Funds may use leverage to acquire, directly or indirectly, new investments (including prior to the Portfolio's Initial Closing or Final Admission Date). A Portfolio or its Underlying Funds may leverage existing investments to permit distributions or additional investments, facilitate hedging activities, meet capital calls, and bridge fundings for investments in advance of capital calls. The use of leverage by a Portfolio or the Underlying Funds can substantially increase the market exposure (and market risk) to which the Portfolio's and the Underlying Funds' investment portfolios may be subject.

Reliance on the General Partner and Investment Manager. The success of a Portfolio will be highly dependent on the financial and managerial expertise of the General Partner and the Investment Manager and their expertise in the relevant markets. The quality of results of the General Partner and the Investment Manager will depend on the quality of their personnel. While the General Partner believes that the present personnel of the General Partner and the Investment Manager are outstanding, there are risks that death, illness, disability, change in career or new employment of such personnel could adversely affect results of the Portfolio. The limited partners will not make decisions with respect to the acquisition, management, disposition or other realization of any investment, or other decisions regarding a Portfolio's businesses and portfolios.

Reliance on Third Party Fund Management. Each Portfolio will be investing in Underlying Funds managed by such Underlying Funds' managers who are unrelated to the General Partner and its affiliates and, indirectly, in investments selected by such unrelated managers. Although the General Partner and the Investment Manager will attempt to evaluate each Underlying Fund based on criteria such as the performance history of such Underlying Fund and its underlying manager as well as such Underlying Fund's investment strategies, the past performance of an Underlying Fund and its underlying manager may not be a reliable indicator of future results. Some underlying managers may not be registered as investment advisers with the U.S. Securities and Exchange Commission, making it more difficult for the General Partner to scrutinize such underlying managers' credentials. Neither the General Partner nor the Investment Manager will have an active role in the day-to-day management of Underlying Funds in which a Portfolio invests. The performance of an Underlying Fund may also rely on the services of a limited number of key individuals, the loss of whom could significantly adversely affect the Underlying Fund's performance.

Availability of Investment Opportunities. The business of identifying and structuring investments of the types contemplated by a Portfolio and its underlying funds is competitive and involves a high degree of uncertainty. Furthermore, the availability of investment opportunities generally will be subject to market conditions and competition from other funds of funds as well as, in some cases, the prevailing regulatory or political climate. In general, a Portfolio will not be permitted to acquire an interest in an underlying fund without the fund manager's consent and there is no assurance that fund managers will give the Portfolio such consent. Accordingly, there can be no assurance that the Portfolio and its underlying funds will be able to identify and complete attractive investments in the future or that they will be able to invest fully its commitments. Similarly, there can be no assurance that the underlying funds in which the Portfolio invests will be able to identify and complete investments in the future or fully invest their commitment amounts. Since the underlying funds may only make a limited number of investments, and since the underlying funds' investments generally will involve a high degree of risk, poor performance by a few of the investments could severely affect the total returns to the Portfolio invested in such underlying funds. Moreover, identification of attractive investment opportunities by the underlying funds in which the Portfolio will be invested is difficult and involves a high degree of uncertainty. Even if attractive investment opportunities are identified by AIP, there is no certainty that the Portfolio will be permitted to invest in such opportunity (or invest in such opportunity to the fullest extent desired). Finally, there are other funds sponsored, managed or advised by Morgan Stanley and its affiliates that are or may be seeking investment opportunities similar to those the Portfolio is or may be seeking, and Morgan Stanley and such other funds have no obligation to offer any opportunities it or they may identify to the Portfolio or such Underlying Fund. In addition, the General Partner may not be able to obtain as favorable terms as it would otherwise in a less competitive investment environment. In addition, the current private equity environment has become even more competitive as hedge funds have been competing for investment opportunities that have traditionally been targeted by private equity funds.

Illiquidity of Investments. A Portfolio's ability to transfer any of the interests in Underlying Funds in which it invests will be limited under applicable securities laws as well as by contract. Similarly, investments held by such underlying funds will be subject to transfer restrictions under applicable securities laws and contract. Consequently, there is a significant risk that the Portfolio and the underlying funds will be unable to realize their investment objectives by sale or other disposition of such investments at attractive prices, or will otherwise be unable to complete any exit strategy with respect to such investments. These risks can be further increased by changes in the financial condition or business prospects of the companies, changes in national or international economic conditions, and changes in laws, regulations, fiscal policies or political conditions of countries in which the underlying funds' investments are made.

Investment Related Risks. The success of the Underlying Funds' activities may be affected by general economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws and national and international political circumstances. These factors may affect the level and volatility of security prices and liquidity of the portfolio investments. Unexpected volatility or liquidity could impair a Portfolio's profitability or result in their suffering losses.

Risks Associated with Non-U.S. Investments. Certain non-U.S. investments involve risks and special considerations not typically associated with U.S. investments. Such risks may include but are not limited to (i) changing political environments, regulatory restrictions and changes in government institutions and policies; (ii) changes in policy with regard to taxation, fiscal and monetary policies, repatriation of profits and other economic regulations; (iii) currency exchange rate fluctuation; (iv) differences in auditing and financial reporting standards; (v) differences in tax regimes and changes in tax treaties; (vi) local intermediary risks and (vii) restrictions on the repatriation of capital and profits.

Valuations. Because there is no public market for private equity investments, they are difficult to value. This difficulty is increased when purchasing a portfolio of interests in private equity funds, as the portfolio will lack the benefit of financial statements and periodic company updates originated from a common investment manager. The overall performance of a Portfolio will be affected by the acquisition price paid by the Portfolio for its direct or indirect interests in Portfolio Investments, which will be subject to negotiation with the sellers of the interests. In addition, while the performance of the investment manager will affect the purchase price paid for the interests, the historical performance of investment managers is not a guarantee or prediction of their future performance, which can vary considerably. Therefore, valuations of investments are inherently subjective to a certain extent. Investors should be aware that there may exist a conflict of interest to the extent that a Morgan Stanley entity is performing valuations for a Portfolio.

Tax Risks. Limited partners may recognize a significant amount of ordinary income as a consequence of an investment in a Portfolio. In addition, limited partners may recognize a significant amount of taxable income in connection with an investment in the Portfolio prior to the receipt of any corresponding distribution. The Portfolio and the limited partners could become subject to additional or unforeseen taxation, as well as filing requirements, in U.S. states or non-U.S. jurisdictions in which the Portfolio or Underlying Funds operate and invest. Changes to U.S. federal, state and local tax laws, changes to non-U.S. tax laws and changes to taxation treaties between the United States and the countries in which the Portfolio invests (or changes in the interpretation of any such laws or treaties) may adversely affect its ability to efficiently realize income or capital gains. update regulation as a bank holding company disclosure;

Regulation as a Bank Holding Company. Morgan Stanley is a bank holding company (a "BHC") under the U.S. Bank Holding Company Act of 1956, as amended (the "BHCA"). Morgan Stanley has also elected to become a "financial holding company" (a "FHC") under the BHCA, which is a status available to BHCs that meet certain criteria. FHCs may engage in a broader range of activities than BHCs that are not FHCs. However, the activities of FHCs and their affiliates remain subject to certain restrictions imposed by the BHCA and related regulations. If Morgan Stanley "controls" a Portfolio within the meaning of the BHCA these restrictions would be expected to apply to a Portfolio as well. Accordingly, the BHCA and other applicable banking laws, rules, regulations and guidelines, and their interpretation and administration by the appropriate regulatory agencies, have the potential to restrict the transactions and relationships involving Morgan Stanley and its affiliates, a Fund adviser, a Portfolio's general partner and a Portfolio, on the other hand, and have the potential to restrict the investments and transactions by, and the operations of, a Portfolio. For example, if the BHCA regulations applicable to Morgan Stanley were applicable to a Portfolio those regulations may, among other things, restrict a Portfolio's ability to make certain investments, impose a maximum holding period on some or all of a Portfolio's investments, restrict the Fund adviser's ability to participate in the management and operations of the companies in which a Portfolio invests, and restrict the ability of Morgan Stanley to invest in a Portfolio. In addition, certain BHCA regulations may require aggregation of the positions owned, held or controlled by related entities. Thus, in certain circumstances positions held by Morgan Stanley and its affiliates (including the Portfolio's adviser) for client and proprietary accounts would likely need to be aggregated with positions held by a Portfolio if Morgan Stanley were viewed to "control" a Portfolio within the meaning of the BHCA. In this case, where BHCA regulations impose a cap on the amount of a position that may be held, Morgan Stanley may utilize available capacity to make investments for its proprietary accounts or for the accounts of other clients, which may require a Portfolio to limit and/or liquidate certain investments.