Morgan Stanley Direct Lending Fund

Rule 10b5-1 Trading Plans

During the fiscal quarter ended September 30, 2026, none of our directors or executive officers adopted orterminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

On November 5, 2026, the Company and the Adviser entered into the Second Amended and Restated Investment Advisory Agreement, effective as of January 1, 2027, which amended and restated the Amended and Restated Investment Advisory Agreement, dated as of January 24, 2024. The Second Amended and Restated Investment Advisory Agreement (i) reduces the base management fee from 1.00% to 0.75% of gross assets at the end of the two most recently completed calendar quarters and (ii) reduces the incentive fee on income and capital gains from 17.5% to 15.0% (and a corresponding reduction of the incentive fee cap from 17.5% to 15.0%). The foregoing description is only a summary of the material provisions of the Second Amended and Restated Investment Advisory Agreement and is qualified in its entirety by reference to a copy of the Second Amended and Restated Investment Advisory Agreement, which is filed as Exhibit 10.1 to this report.