NORTH HAVEN PRIVATE INCOME FUNDS

Important Information

Past performance is not a guarantee of future results and it is not indicative of expected realized returns.

Unless otherwise provided, the financial information referenced herein is presented as of the dates referenced herein, is subject to change, 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. The information provided on this website should be viewed in conjunction with the North Haven Private Income Funds' Quarterly and Annual Reports and other filings with the U.S. Securities and Exchange Commission (the “SEC”).

The information presented herein is solely for informational and educational purposes only.

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. There are significant risk factors associated with an investment in Morgan Stanley Private Income Fund LLC (“PIF”) and/or North Haven Private Income Fund A LLC (“PIF A;” PIF and PIF A, each a “Fund” and collectively, the “North Haven Private Income Funds” or the “Funds”). An investment in the Funds will involve a high degree of risk due to, among other things, the nature of the Funds’  investments and actual and potential conflicts of interest. There can be no assurance that the Funds will be able to implement its strategy, achieve its investment objectives, find investments that fit its criteria or avoid substantial losses. Investors should have the financial ability and willingness to accept the risks (including, among other things, the risk of loss of investment and the lack of liquidity) characteristic of investments in entities such as the Funds. Prospective investors should be aware of the additional risk factors that may affect an investment in the Funds. These risk factors include (but are not limited to) the following, each of which are described in more detail in the Funds’ offering materials:

• The Funds have limited operating history.
• Operating as a BDC imposes numerous constraints on the Funds and significantly reduces the Funds’ operating flexibility.
• The Funds are subject to risks associated with the current interest rate environment and to the extent the Funds use debt to finance its investments, changes in interest rates will affect the Funds’ cost of capital and net investment income.
• Changes in LIBOR, or its discontinuation, may adversely affect the Funds’ business and results of operations.
• The Funds depend upon its Adviser and Administrator for its success and upon their access to the investment professionals and partners of Morgan Stanley and its affiliates.
• The Funds operate in a highly competitive market for investment opportunities.
• Limitations of investment due diligence exposes the Funds to investment risk.
• The Funds’ debt investments may be risky and the Funds could lose all or part of its investments.
• Defaults by the Funds’ portfolio companies will harm the Funds’ operating results.
• The Funds’ investments, including investments in private and middle-market portfolio companies may be risky as the Funds may invest in distressed or highly leveraged companies and hold the debt securities of leveraged companies that may, due to the significant volatility of such companies, enter into bankruptcy proceedings and the Funds could lose all or part of its investments.
• There is no public market for the Funds’ Units.
• There are restrictions on holders of the Funds’ Units.
• There is a risk that the Funds may not receive distributions.
• The Funds are operating in a period of capital markets disruption and economic uncertainty.

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.

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.

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.