Morgan Stanley Fixed-Global Macro Strategy July Index Extensions-109417437

MUpdateGlobalMacroStrategy|GlobalJulyIndexExtensionsEurogoviesextendby0.061y,lowerthanavg;USTs0.041y,lowerthanavg;UKTstocontract;eurolinkerstoextendby0.009y,lowerthanavg;TIPSextendby0.225y,higherthanavg;UKTisextend0.076y,lowerthanJulyavg,higherthanavgmonth.MorganStanley&Co.Internationalplc+LorenzoTestaStrategistLorenzo.Testa@morganstanley.com+44207677-0337MorganStanley&Co.LLCGuneetDhingra,CFAStrategistGuneet.Dhingra@morganstanley.com+1212761-1445InstitutionalInvestorGlobalFixedIncomePollisnowopen.Wehopeyouhaveenjoyedourresearchoverthepastyearandappreciateyoursupport.Requestyourballot.Exhibit3:SummaryofJuly2024indexextensions(years)versustheir10-yearaveragesIndexJulyAverageJulyAverageMonthBroadEuroGBI0.0610.1050.078UK-0.0250.1190.067US0.0410.0800.090Japan0.004--Australia0.0540.0760.074NewZealand0.0030.0230.029EuroInflationLinked0.0090.2740.078TIPSIndex0.2250.1820.066UKTi1y+Index0.0760.1110.052UKTi5y+0.0570.1320.053Source:MorganStanleyResearchestimatesbasedonpriceanddurationfromJuly24,2024.Chartsofthemonth:NominalandlinkersExhibit1:Euroextensionsacrossthecurve-0.10.00.10.20.30.40.50.60.70.81-5y5-10y10-15y15y+EuroNETHFINSPAITAAUTGERExtension,YearsSource:MorganStanleyResearchestimatesbasedonpriceanddurationfromJuly24,2024Exhibit2:Linkerextensionsacrossthecurve€-zoneTIPSUKTi1y+0.0090.2250.0761y+1-5yrs0.1440.2110....