Sustainable investing: fashion and ESG

1 The World Bank, How much do our cabinets cost the environment?, September 23, 2019, https://www.worldbank.org/en/news/feature/2019/09/23/costo-moda-medio-ambiente

2 The production consists of cutting sewing, buttonhole, gluing, etc. Processing includes spinning, weaving, dyeing the fabric, etc.

3 In some emerging markets, the apparel industry is considered an infant industry, a new or relatively new industry that is expected to become economically important because it can drive economic growth.

4 Ellen MacArthur Foundation, Keeping clothing in use to reduce waste: thredUP, as of May 25, 2022, https://ellenmacarthurfoundation.org/circular-examples/keeping-clothing-in-use-to-save-us-money-and-reduce -waste-thredup and Ellen MacArthur Foundation, A New Textiles Economy: Redesigning fashion’s future, as of May 25, 2022, https://ellenmacarthurfoundation.org/a-new-textiles-economy

5 FESPA, Digital Textile Market Trends and Opportunities 2022 – what does the future look like?, as of 25 May 2022, https://www.fespa.com/en/news-media/features/digital-textile-market-trends – and-opportunities-2022-%E2%80%93-how-does-the-future-look and Allied Market Research, Digital Textile Printing Market Outlook – 2021-2030, as of May 25, 2022, https://www. alliedmarketresearch.com/digital-textile-printing-market

Disclosures

This document was published on March 25, 2022 and has been prepared for informational purposes only and does not constitute a solicitation of an offer to buy or sell securities or other financial instruments or to participate in any strategy. of negotiation. This document was not prepared by the research department of Morgan Stanley and is not a research report as defined by FINRA regulations. This document does not provide personalized investment advice. It has been prepared without taking into account the personal financial situation and objectives of the people who receive it.

The opinions and/or analyzes expressed are those of the author or the investment team at the date of preparation of this document and are subject to change at any time without notice due to market or economic conditions and may not necessarily materialize. . Further, the views will not be updated or otherwise revised to reflect information which subsequently becomes available or circumstances existing or changes after the date of publication. The views expressed do not reflect the views of all of the investment personnel of Morgan Stanley Investment Management (MSIM) and its subsidiaries and affiliates (collectively “the Company”), and may not be reflected in all strategies and all products offered by the Company.

This document contains forward-looking statements and there can be no guarantee that they will materialize. The information contained herein is based on data from multiple sources, and Morgan Stanley makes no representations as to the accuracy or completeness of data from sources outside of Morgan Stanley. References to third parties contained herein should not be construed as a solicitation on behalf of or an endorsement of such entities by Morgan Stanley.

The returns of a portfolio composed primarily of sustainable investments may be lower or higher than those of a portfolio that is more diversified or whose decisions are based solely on investment considerations. Because sustainability criteria exclude certain investments, investors may not be able to take advantage of the same opportunities or market trends as investors who do not use these criteria.

Calvert Research and Management is part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley.

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