MSRESS III Manager, L.L.C. (the “Adviser”) was formed in 2005 and registered with the SEC under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), in 2005. The Adviser is a wholly owned indirect subsidiary of Morgan Stanley (collectively with its affiliates, “Morgan Stanley”). As of December 31, 2023, the Adviser had approximately $42,946,4401 of client assets under management, all of which are managed on a discretionary basis by the Adviser or Sub-Advisor, as described in further detail below. The Adviser, in its capacity as the managing member of Morgan Stanley Real Estate Special Situations III–GP, L.L.C., the general partner (the “General Partner”) of Morgan Stanley Real Estate Special Situations Fund III, L.P. (the “Fund”), provides discretionary investment advisory services to the Fund principally through investments in non-controlling interests in the securities of real estate and real estate-related companies and portfolios in real estate and real estate related assets. The Adviser also from time to time established certain related co-investment vehicles (the “Co-Investment Funds”, and together with the Fund, the “Funds”) typically for the purpose of making a single investment. The Adviser also provided discretionary investment advisory services to the Co-Investment Funds. The Adviser’s investment objectives and restrictions are specified in the limited partnership agreement between the Adviser and the Fund or the Co-Investment Fund, as applicable, and described in the applicable offering memorandum or other disclosure document for the Fund or the applicable Co-Investment Fund. The Adviser does not otherwise tailor its advisory services. The Co-Investment Funds have ceased operations. Generally, the Fund is no longer making new investments, but its principal purpose was to invest in non-controlling interests in public and private

equity securities as well as public and private fixed income instruments of real estate and real estate-related companies. The Fund may have also invested directly in real estate and real estate related assets or, to a limited extent, purchased controlling positions in real estate or real estate related companies either directly or in connection with the conversion of convertible securities that were non-controlling at the time of the original investment. In addition, the Fund may invest in derivative transactions, including, but not limited to, futures contracts, swaps, exchange-listed and over-the-counter put and call options on securities, indices, forward foreign currency contracts and various interest rate transactions. The Fund converted from an open-ended to a closed-ended structure in 2013 and no longer makes new investments. In addition, the General Partner appointed Proprium Capital Partners, LLC (the “Sub-Advisor”) to provide certain portfolio and asset management services, reporting, analytical and administrative services to the Fund. The appointment gives the Sub-Advisor substantial discretionary management over certain investments (the “Sub-Advised Investments”) while the 1 The Adviser’s assets under management for purposes of this disclosure is based on the Funds’ Net Asset Values (“NAV”), as reported externally to limited partners. NAV is also the basis on which fees are determined. General Partner retains management of the remaining investments (the “Retained Investments”). Several former Morgan Stanley professionals, including Tim Morris and Willem de Geus, are employed by the Sub-Advisor. In 2018, the Unaffiliated Limited Partners approved an extension of the Fund’s term to August 2021. The activities of the Adviser described in this Brochure may be performed by the Adviser or by one of its affiliates that acts as a general partner or managing member of the applicable Fund.