Regulation FD Presentation (Form 8-K)

Morgan Stanley INVESTMENT MANAGEMENT North Haven Private Income Fund MORGAN STANLEY PRIVATE CREDIT | INVESTOR UPDATE | MARCH 2026 Dear Investor, We are writing to provide an update on North Haven Private Income Fund LLC ("PIF" or "the Company"), following the completion of the Company's most recent quarterly unit repurchase offer, and to share our perspective on the positioning of the Company in the context of the current market environment. We are proud that since launching PIF, we have delivered investors attractive risk-adjusted returns, considering our defensive investment strategy, focused on capital preservation. We appreciate your continued confidence and partnership, particularly amid a period of increased market attention on private credit strategies. Quarterly Tender Activity PIF's focus on making privately negotiated first lien loans to middle market companies has enabled the Company to enjoy an attractive illiquidity premium relative to the liquid loan market. For this reason, the structure of the Company was intentionally designed to balance the desire to offer investors the opportunity for periodic liquidity with the less liquid characteristics of the private assets in which the Company invests. To better match the duration of investor capital with the maturity and liquidity profile of the underlying investments, the repurchase feature was established at up to 5.0% of units outstanding and is intended to be offered quarterly, with such frequency being at the discretion of the Company's Board of Directors. By maintaining appropriate limits on the quarterly repurchase offer, the Company seeks to avoid asset sales during periods of market dislocation and provide for conservative capital structure management through evolving market conditions. We believe this approach supports portfolio optimization and aligns with the objective of maximizing risk-adjusted returns for investors over time. The Company recently completed its quarterly tender offer for the first quarter of 2026, and the Company received investor requests to repurchase approximately 10.9%(1) of shares outstanding as of December 31, 2025. This percentage exceeded the 5.0% quarterly repurchase offer threshold. As marketed and consistent with the disclosure in our private placement memorandum, we will be fulfilling tender requests for 5.0% of units outstanding as of December 31, 2025, on a pro-rated basis (approximately $169 million(2) or approximately 45.8% of each investor's tender request for the quarter). As described in the Company's offer to purchase and the private placement memorandum, unfulfilled repurchase requests do not carry over automatically to the next repurchase offer. Investors may elect to resubmit in any future quarterly repurchase offer. Credit Quality and Performance PIF's portfolio reflects an emphasis on long-term credit performance and preservation of capital. The Company remains committed to lending to companies with leading or defensible market positions, strong and stable free cash flow generation, high barriers to entry, capable management teams, and committed private equity sponsor ownership. Portfolio construction is designed to limit concentration risk while emphasizing documentation protections and conservative capital structures. March 2026 | North Haven Private Income Fund 1

Morgan Stanley INVESTMENT MANAGEMENT As of January 31, 2026, PIF was invested across 312 borrowers spanning 44 industries, with an average position size of approximately 30bps. The portfolio was comprised of 97.1%(3) first-lien senior secured investments, with approximately 95.0%(4) of loans made to non-cyclical borrowers. Credit fundamentals across the portfolio have remained broadly stable. Our weighted average loan to value ratio remained conservative at 40.6%,(5) resulting in significant enterprise value cushion beneath our capital. In addition, as reported in our most recent Report on Form 10-K filed on March 3, 2026, payment-in-kind ("PIK") income as a percentage of total income totaled 2.7%(6) which remains competitive compared to the Company's non-traded BDC peers. For the three-year period ending January 31, 2026, the Company generated an annualized net total return of 8.9%. While we see these results as competitive with business development company peers and liquid fixed income markets in the absolute, we are pleased to have delivered an even stronger risk-adjusted experience for investors. PIF investors generally experienced significantly lower volatility than public credit markets.(8) While past performance is not indicative of future results, we believe these outcomes reflect the benefits of our approach to conservative underwriting, diversification, and active credit management. Liquidity and Capital Management Liquidity remains a central focus for PIF, and we believe the Company is well positioned from a balance sheet and liquidity standpoint. As of January 31, 2026, PIF had more than $2.2 billion of available liquidity, including cash, cash equivalents and capacity under its financing arrangements to satisfy its obligations. As of January 31, 2026, PIF's consolidated leverage was 0.98x(9) debt-to-equity, which was unchanged relative to the prior month and below the Company's target level of 1.0x-1.25x, providing flexibility to support portfolio companies, meet investor repurchase requests, and selectively deploy capital as opportunities arise. Over the course of 2025, we proactively repriced and extended the maturities on several of our secured credit facilities, and we have no material unsecured debt maturities over the remainder of 2026. As an additional source of equity and / or liquidity, PIF generated an estimated $100 million through inflows and DRIP over the first quarter. We believe this combination of liquidity, balance sheet flexibility and disciplined leverage management positions the Company well to navigate periods of market volatility while maintaining underwriting standards and portfolio integrity. Market Opportunity: Direct Lending with Discipline As we reflect on 2025, we would be remiss not to acknowledge that the direct lending industry faced several challenges throughout the year. Contraction in asset yields, uncertainty surrounding the recovery in M&A and speculation on credit deterioration have been key focal points for the market. Though these factors have affected sentiment for the asset class, we're optimistic that some of these pressures may soon ease. At the same time, we believe the current environment reinforces the importance of selectivity. Dispersion between stronger and weaker credits is increasing, and disciplined underwriting, conservative structuring, and thoughtful pacing of deployment matter more than ever. March 2026 | North Haven Private Income Fund 2

Morgan Stanley INVESTMENT MANAGEMENT Morgan Stanley Commitment to the Company and Strategy We believe the strength and Morgan Stanley's (the "Firm") long-term focus are important differentiators for the Company. Consistent with this perspective, Morgan Stanley continually evaluates opportunities to further align its capital, resources, and strategic priorities with its private credit businesses and its clients. Since inception, the Firm has committed over $700 million across various strategies that comprise the Morgan Stanley Global Private Credit platform (including $25.0 million to the Company). We believe that this underscores the Firm's long-term commitment to the broader private credit business and our objective of delivering durable, risk-adjusted outcomes for PIF investors. In Closing While uncertainty remains a feature of the current market environment, we believe PIF is well positioned and anchored primarily in first lien senior secured loans. A resilient and diversified portfolio, strong liquidity, disciplined leverage management and the support of Morgan Stanley, the parent to our investment adviser, provide a solid foundation as we move forward. We appreciate your continued trust in the Company and in Morgan Stanley Private Credit. We remain focused on managing the Company with discipline, transparency, and a long-term perspective, and we thank you for your ongoing partnership. Sincerely, Morgan Stanley Private Credit On behalf of North Haven Private Income Fund Management Team March 2026 | North Haven Private Income Fund 3

Morgan Stanley INVESTMENT MANAGEMENT PIF AT A GLANCE ATTRACTIVE MARKET DEFENSIVE PORTFOLIO DIFFERENTIATEDPLATFORM ACCESSIBLE STRUCTURE Direct lending is an Primarily floating rate, first Scaled private credit Targets monthly income attractive asset class that lien loans to borrowers in business, leveraging the distributions and quarterly has generated strong non-cyclical industries(4) broader Morgan Stanley liquidity(11) risk-adjusted returns platform(10) As of January 31, 2026, unless otherwise noted. 8.5% $7.6B 99.9% 97.5% Annualized Total Floating Senior Secured Distribution Yield(12) Investments(3) Rate(3) Investments(3) MORGAN STANLEY PRIVATE CREDIT PLATFORM ("MSPC") $26.0Bn 400+ ~700 25 Investment MSPC Committed Active Sponsor LTM Opportunities Committee Avg. Capital(13) Coverage(14) Evaluated(15) Years Experience(16) PILLARS OF OUR INVESTMENT STRATEGY Long-Term Preservation Risk Credit Performance of Capital Mitigation March 2026 | North Haven Private Income Fund 4