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"Due Diligence Process

Supply Chain

Morgan Stanley’s vendor due diligence program, using a risk-based approach, assesses risks associated with third party suppliers. In 2020, reviews were conducted for over 2,600 suppliers. Reviews ranged from a search and analysis of online public records, including significant litigation and regulatory actions, for high-risk suppliers to a negative media search for suppliers determined in prior assessments to be low risk. The reviews identify, among other things, potential for risks associated with human rights and other social and/or environmental issues. Where appropriate, potential issues are escalated to senior management.

Given the nature of the services provided by Morgan Stanley, the skilled nature of our workers, and the level of transparency and oversight we have over our direct workforce and operations, we consider there is a low risk of modern slavery in our operations. Our greatest potential areas of risk of involvement with modern slavery is through our supplier relationships and other third-party relationships."