MSC INCOME FUND, INC.

MSC Income and the Adviser have each adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act that establishes procedures for personal investments and restricts certain personal securities transactions. Personnel subject to the code may invest in securities for their personal investment accounts, including securities that may be purchased or held by MSC Income, so long as such investments are made in accordance with the code’s requirements. The code of ethics is available on the EDGAR Database on the SEC’s website at http://www.sec.gov.

In addition, the Code of Business Conduct and Ethics, which is applicable to all of officers, directors and personnel, requires that all officers, directors and personnel avoid any conflict, or the appearance of a conflict, between an individual’s personal interests and MSC Income’s interests. The Code of Business Conduct and Ethics is available under the “Governance” tab on MSC Income’s website at www.mscincomefund.com/investors. MSC Income intends to disclose any substantive amendments to, or waivers from, this code of conduct within four business days of the waiver or amendment through a posting on its website.