At Scale: A Sustainability Podcast

Human societies have produced more than nine billion tons of plastic since the 1950s. Nearly all of it ends up as trash, polluting our environment and our communities. Most of that plastic waste disproportionately affects the most vulnerable, and it’s become a social justice issue.

In this episode, Morgan Stanley Chief Sustainability Officer Audrey Choi speaks with several guests on the front lines of thinking about and solving for the plastic-waste-as-social-justice problem, including: Victoria Kwakwa, the World Bank’s Regional Vice President for East Asia and the Pacific, to understand how plastic waste impacts the health and livelihoods of low income residents; David Katz, founder of The Plastic Bank, a social enterprise that creates recycling solutions in emerging-market countries, such as Haiti and Indonesia; and Ellen Jackowski, Chief Sustainability and Social Impact Officer at HP, a global technology giant that has integrated solving for plastic waste and highlighting social justice into its business decisions.

Disclaimers

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC and Morgan Stanley Smith Barney LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley.

The information and data contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

This material contains forward-looking statements and there can be no guarantee that they will come to pass. Information contained herein is based on data from multiple sources and Morgan Stanley makes no representation as to the accuracy or completeness of data from sources outside of Morgan Stanley. References to third parties contained herein should not be considered a solicitation on behalf of or an endorsement of those entities by Morgan Stanley.

The returns on a portfolio consisting primarily of sustainable investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because sustainability criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria. Diversification does not guarantee a profit or protect against loss in a declining financial market.

Please note that there is currently no standard definition of blue bond. Without limiting any of the statements contained herein, Morgan Stanley makes no representation or warranty as to whether these bonds constitute a blue bond or conforms to investor expectations or objectives for investing in blue bonds. For information on characteristics of the bonds, use of proceeds, a description of applicable project(s), and/or any other relevant information about the bonds, please reference the offering documents for the bonds. Blue bonds are subject to the ability of an issuer to make timely principal and interest payments (credit risk), changes in interest rates (interest-rate risk), the creditworthiness of the issuer and general market liquidity (market risk).

By providing links to third party websites or online publication(s) or article(s), Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is not implying an affiliation, sponsorship, endorsement, approval, investigation, verification with the third parties or that any monitoring is being done by Morgan Stanley of any information contained within the articles or websites. Morgan Stanley is not responsible for the information contained on the third party websites or your use of or inability to use such site. Nor do we guarantee their accuracy and completeness. The terms, conditions, and privacy policy of any third party website may be different from those applicable to your use of any Morgan Stanley website. The information and data provided by the third party websites or publications are as of the date when they were written and subject to change without notice.

© 2021 Morgan Stanley & Co. LLC and Morgan Stanley Smith Barney LLC. Members SIPC. CRC 3712855 8/2021

Recycling hasn't been the magical answer to the plastic waste problem. But new technologies and new materials might just change that. We talk to scientists who are developing new plastics, designers who are reimagining products for recyclability, and innovators who are out to redefine our relationship to plastic.

Hopes were high for consumer recycling, but in the end much of the plastic we put in the bin does not make make its way into new products. On this episode, host Audrey Chol talks with folks who are trying to change that reality. Scientist Brett Helms, of the Berkley National Laboratory in California, is working at the cutting edge of new plastic technology; designer Christina Raab of the Cradle to Cradle Products innovation Institute is working to get companies to design recycling right into their products; and innovator Chris Krohn of Ideo is working on new ways for consumers and companies to think about their relationship with plastic products. All are trying to bring an additional level of circularity to the plastics economy.

Disclaimers:

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC and Morgan Stanley Smith Barney LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and data contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

By providing links to third party websites or online publication(s) or article(s), Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is not implying an affiliation, sponsorship, endorsement, approval, investigation, verification with the third parties or that any monitoring is being done by Morgan Stanley of any information contained within the articles or websites. Morgan Stanley is not responsible for the information contained on the third party websites or your use of or inability to use such site. Nor do we guarantee their accuracy and completeness. The terms, conditions, and privacy policy of any third party website may be different from those applicable to your use of any Morgan Stanley website. The information and data provided by the third party websites or publications are as of the date when they were written and subject to change without notice.

© 2021 Morgan Stanley & Co. LLC and Morgan Stanley Smith Barney LLC. Members SIPC. CRC 3667480 7/2021

Host Audrey Choi, Morgan Stanley's Chief Sustainability Officer and Chief Marketing Officer, examines some of the biggest challenges we all face, and the kinds of solutions that could mean a more sustainable future for everyone. On the first season: the problem of plastic waste.

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Disclaimers:

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC and Morgan Stanley Smith Barney LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and data contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2021 Morgan Stanley & Co. LLC and Morgan Stanley Smith Barney LLC. Members SIPC.

CRC 3539367 4/2021

Host Audrey Choi explores the vital role trees play in our urban spaces and we’ll look at the potential downsides of popular global tree planting campaigns. Vivek Shandas, who studies climate adaptation at Portland State University, sits down with Audrey to talk trees. He and Carlotta Conte of Dark Matter Labs explain why trees are valuable assets for any city. We’ll also get a first-hand account from Gretchen Bradford who is leading a re-planting effort in her New Orleans neighborhood. And we’ll have Paul Smith and Herbert Ongubo of Botanic Gardens Conservation International weigh in on whether more is actually better when it comes to tree-planting efforts.

Disclaimers:

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC and Morgan Stanley Smith Barney LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and data contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

By providing links to third party websites or online publication(s) or article(s), Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is not implying an affiliation, sponsorship, endorsement, approval, investigation, verification with the third parties or that any monitoring is being done by Morgan Stanley of any information contained within the articles or websites. Morgan Stanley is not responsible for the information contained on the third party websites or your use of or inability to use such site. Nor do we guarantee their accuracy and completeness. The terms, conditions, and privacy policy of any third party website may be different from those applicable to your use of any Morgan Stanley website. The information and data provided by the third party websites or publications are as of the date when they were written and subject to change without notice.

© 2021 Morgan Stanley & Co. LLC and Morgan Stanley Smith Barney LLC. Members SIPC.

CRC 3916593 12/2021

How can concrete go from carbon culprit to sustainability solution? In this episode of At Scale, geologist, civil engineer and entrepreneur Dr. Peter Fiske explains how this ubiquitous substance is making our climate problems worse. We touch down in Oahu, Hawaii to find out why Ed Sniffen, the state’s Deputy Director in Charge of Highways, expanded a pilot project using carbon-capturing concrete. Then we head to Europe for the latest thinking on recycling buildings and tracking the life-cycle of concrete with green building consultant Nico Schouten and circular economy expert Sabine Oberhuber.

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC and Morgan Stanley Smith Barney LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and data contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

By providing links to third party websites or online publication(s) or article(s), Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is not implying an affiliation, sponsorship, endorsement, approval, investigation, verification with the third parties or that any monitoring is being done by Morgan Stanley of any information contained within the articles or websites. Morgan Stanley is not responsible for the information contained on the third party websites or your use of or inability to use such site. Nor do we guarantee their accuracy and completeness. The terms, conditions, and privacy policy of any third party website may be different from those applicable to your use of any Morgan Stanley website. The information and data provided by the third party websites or publications are as of the date when they were written and subject to change without notice.

© 2022 Morgan Stanley & Co. LLC and Morgan Stanley Smith Barney LLC. Members SIPC.

CRC 4264948 03/2022