EFTA01077928.pdf

MBZ & Related Entities Polk Assisted Investment Returns: Inception through 2012 Annualized FimipaAR_ m eturns (since inception) 8.64% HFRI FOF Index lover same time period) 0.77% 2/initials (since impottani 18.78% S&P 500 (over same time period) 7.23% Fixed Income Returns (since inception) 4.19% Blended Fl Index (over same time period) 4.71% EFTA01077928  YEAR YEAR YEAR Mut TEAR SINCE IN BIDING 1451 ENDING Mr ENDING ICJ DloiNG 1W RIDING 111CRP INCKPTION 12/31/04 2008 12/31/01 2009 12/31/10 2010 12/31/11 2011 12/31/12 2012 to 12/31/12 PATE Double Black Diamond ClaSS C (41P) 1996 TR 1.144.013 3.33% 1,127.884 -3.38% 1.263.387 9.92% 4.07% 08/31/10 NEE Fund II LP (AIP) 1996 TR 141P1 1.114.178 5.05% 1.256.193 5.110% 1.114.518 5.911 7.131 04/31/10 Dialectic Antithesis Partners 1414.1 1996 TR 14IP1 824.838 -18.15% 1.000.822 19.12% Seligman Tech Spectrum Fund 14;14 1996 TS 14[P) 1.257.831 13.65% 1,254,573 -2.23% 1.016.773 -3.57% 3.04% 08/31/10 millerilua USA 1.11 OUP) 1996 TR 14149 1.103.906 6.94% 1.284.614 6.41% 1.359,445 3.641 7.43% 08/31/10 Mariner Trlcadia Credit Strat IAEP) 1996 TR 14114 1,051.784 4.50% 1.043.253 -2.801 1.178,109 11.824 5.22% 08/31/10 Owl Creek II LP Our) 1914 TR OUP) 620.416 2.7)1 )6.141 -10.84% il eill..i . 'Drente Diversified Fund 141111 1996 TR 14IP) 720.971 2.121 657.408 -10.74% 390,086 -6.44% -6.511 011/31/10 Men AML Diversified II USA 19% TR (ATP) 524.731 5.061 481.253 -9.39% 452.708 -9.38% -6.12% 08/31/10 York Credit Opportunity Fund (41P) 1996 TR 111:111 1,170,598 5.71% 1.153.083 -3.45% 1.265.2)7 7.64% 4.14% 08/31/10 DEM Realty Securities LP (AIP) 1996 TR 141P) 1,138.292 2.81% 1.162.286 0.09% 1.202,619 1.45% 1.87% 08/31/10 Ivory Flagship fund LP 14IP) 1996 IN (4111) 1,1)0.536 2.8)% 1.091.776 -5.161 NO Asia 1.309 Short N Offshore (AIP) KU Exempt OUP) 629.3141 1.801 1.80% 02/01/12 LIN Asia Multi-strategy Fund (AIP) 1.046.415 4.14% 4.14% 04/30/12 Seligman Tech Spectrum rued (41r) MS Carr (Alp) 1.14).412 13.64% 1.131.153 -2.14% 541,941 -6.0111 1.13% 00/11/10 Salyer Trading Fund SIC Ltd. 14I01 102 CDR (AIP) 1,002.628 -0.41% 944.191 -7.781 Ivory offshore alagship rend 14IP) EDE CRUT 14IP) 1.034.435 2.7/1 917.124 -5.56% ONG Opportunities Trading Fund OUP) Min CRUT 141P1 500,472 -0.57% 482.522 -5.36% York Credit Opp Unit Trust (Al?) KOZ CRUT (/31P1 1.067.228 6.04% 1,047.699 -3.71% 1.248.948 17.05% 7.11% 00/31/10 NI 1'alum Int.1 Ltd - Clime 84 (Atel mu m/7 IAIP1 1,075.252 6.84% 1.001.633 9.931 1.226,423 3.201 7.07% 01/11/10 DialeCtiC Antithesis Partners (Alp) MBZ CUPP 14IPI 825.674 -18.06% 1.000.623 ]7.03% NU Asia Lamp Dart Fd Offshore 1411.1 MDZ CRUT 141P1 5)4.532 6.49% 501.100 7.02% 608.010 2.301 6.05% 00/31/10 Pharo Macro Fund Ltd. 1A1P1 ISatUT (AIP) 1,044.761 4.93% 571.27 -9.68% Mg Offshore Pod II Ltd. (ATP) D T CAR 44191 526.722 4.9)1 571.275 6.191 615.404 5.47% 7.35% 40/11/10 Or Overseas Mid Ltd. 141P) HU CDT 14IP) 2,091.945 4.32% 2.083.024 -2.711 2,104,994 10.02% 4.02% 08/31/10 'crania Diversified Fund 141P1 MBE <RUT 14IP) 515.012 2.33% 469.745 -10.71% 450.012 -6.17% -6.14% 01/11/10 owl Creek Overseas rend 141P) WM CROY IAIPI 514.487 2.24% 31.522 -21.31% IIIMMIONIMMIIME 'brinier Trieadia Credit Strat (AlP3 KBZ CDR (Alp) 1,051.825 4.501 1.043.372 -2.791 1,177,962 10.711 5.111 08/31/10 Double Black Diamond Class C IMP) Ian CRUT IAIP) 1.016.361 2.96% 1.017.066 -1.831 1.641,5)4 11.921 3.30% 04/31/10 LIN Asia Nulti-Strategy fund IMP) PER citUT (MP) 1.037.201 2.11% 2.19% 03/30/12 TeCOniC OppOrtunity Mind 141P) min CUT (ATP) 1.054,731 4.201 4.20% 01/30/12 A lp VICTORIA MP Lao 1112K CAM) 1.614,071 11.211 11.11% 04/29/12 AIP Custom Mr Solutions 6.122.669 53.371 11.784.794 37.89% 64.761 06/09/11 AS Hedge Fund Seeding Strata)* 3.021.970 1.11141 3.98% 02/27/11 American Steadfast LP 5.463,973 11.62% 5,571.572 2.10% 5,941,994 6.51% 7.551 04/01/10 Blackstone Offshore Fund 1.700`.114 2.74% 2.291.725 4.511 0.001 01/07/11 064490412111 TOTAL 31,376,057 0.2214 11.600.114 2.74% 47.745.660 11.16% 0.4414 OU7/IO WILT FUND or now -S. 0.77% YEAR YEAR TSAR YEAR nu my Eta7rma NV ENDING My RieDINo IN 01131143 141 inourd MICR INCEPTION 12/31/08 2040 12/31/09 2049 12/31/10 2010 12/31/11 2011 12/31/12 2012 [i10EP DATE °al,Dom SACHS 141.11 5.4/1.210 7.16% 7.1611 01/13/12 DPI GLOBAL 11 I 0,734,705 -3.80% -3.1101 02/02/12 LEGACY CAPITAL 594.808 -18.07% 4,462.286 31.78% 6.711 10/17/11 00111.108 TO-InvitsTimaff FUND II LP 9.382.911 7.39% 20,553.620 28.281 46.616,452 23.29% 52.936.992 9.03% 44,127.204 11.59% 10.701 09/08/08 OUELLOS CO-INVESTMENT FUND II LP CTR 1,435.303 16.70% 3,450.343 33.51% 11,568,592 28.96% 10,279.181 -0.48% 5,977.490 12.73% 20.021 11/25/08 OtIELLOS CO•INTBSTIIBler FORD III 14.724.207 13.44% 33,991,534 5.17% 16.51% 10/21111 OUELLOS CO-INVESTIDDIT FUND III LP IND CRT) 2.238,303 10,027.563 6.43% 6.431 12/09/11 01.11427 CAPITAL PARTNERS 52.500 0.0(11 175.000 0.00% 0.00% 03/21/11 NORDIN STANLicv CREDIT PART/148A Owsn040 3,029.110 0.311% 5.141.345 13.441 5./53.319 14.71% 10.54% 04/20/10 MORGAN STARLET CREDIT PARTNERS OFTSICRE 3,029.810 0.401 5.141.336 11.891 5.153.30) 14.711 9.981 04/20/10 UINTA TOTAL, 10,4 64,511.944 140 112, 11,573.515 1.312 121.1014.1/6 11.1it 10 .23% 01/05/04 18.214 -21:11t 24'1)1)3'961 !MR 7 EFTA01077929  YKAR YTAR TRAM YPCI TZAR NV CNICNO NV KIMIN(1 HY ~INC KV mum, HV ENDING SINCE INC2P1-10N 12/31/08 2008 12/31/09 2009 12/11/10 2010 12/31/11 2011 12/11/12 2012 INCKP GAIT GLOuRiff SCOT 9.9)6.670 1.06% I.001 01/28/12 BC 1-5 YR 0.20% 0.20% CHI BO= LT 14.029.767 -S.58% 15.690.854 17.40% 15.128.110 1.58% 12.443.189 11.52% 9.117.711 4.124 5.75% 02/29/08 be HUM buti INDEX 0.931. 12.911 2.18% 10.70% 6.781 6.88% MINI BONDS INTP301 7122H 3.496.578 -0.26% 22.614.673 2.081 24,122.122 10.87% 23,858.020 5.75% 5.914 11/23/09 PC MINI 1-15YR 0.29% 2.40% 12.64% 0.401 7.441 PS.R11 BONDS sr 31,429.041 2.919 CO. 046. 835 4.37% 20,450.488 1.72% 5.002.018 1.14% 1.137. 626 0.12% 2.401 09/30/08 PC PAM 1-5 YR 2.93% 1.831 2.201 4.181 2.00% 4.03% IICUOMIRLL 55.009.915 0.91% 46,192.412 2.744 21.382.065 5.411 EC NUNI 1-5 YR 1.681 2.201 4.181 gm x 18. 111.991 13.06% 76.294.897 5.47% 71.040.514 2.15% 48.811.105 1521 6. 44 01/3 / 8C 1.5 YR 4.44% 4.081 3.141 2.24% 3.554 1201/FILR1.11/11 4.963.986 9.071 19.281.444 9.07% 9.071 12/16/11 IC AOCIOXIATI1 110110 4.211 4.21% 4.31% LORD AMIETT SHORT DUltATION 41.822.944 0.46% 0.46% 01/17/12 RC 1-S YR 0.35% 0.)St CCA 5.284.904 5.70% 10.738.468 6.061 11.012,075 2.55% 5.731 06/30/10 MC NUN/ DOS :HOC( 0.90% 10.201 6.781 6.111 TRHPLETOOI GLOBAL 11012412 2.190.933 9.55% 9.616.968 -1.74% 13,246.991 16.02% 8.971 05/25/10 BC ACCVICAT2 BONO 2.731 7.85% 4.211 5,731 COCICSITZ TOTAL 45,NB.Ra8 4.936. 212,401,19% 11.12% 188,1%,,101 3.65% 161.369.331 4.92\L 1 11,214. 010 . 4.19% 01/29/04 BLENDED ORAIC/04.111R 2.34% 1.40% 2.81% CliFir 4.29% CfIC Highlighted Fields indicate partial year investments Highlighted Fields Indicate mid -2012 redemptions perforrunco report two born prepared for ieferrrationa: purposes only eed Is not intended to be a ashatiteto (or the official account statement., that you receive from /Organ Stanley Smith Ba rney tire. or other third piety Invvilment manors. or custodians included In thl• emeol Matti report. The I...nation in this report is apprealeet• and eubJeen it ellintmet. ...tit. and correction at. should not be relied upon for taking any action without Hrst confirming its accuracy and cospletenesz. Morgan Stanley Smith Curry CAC is not responsible for any clerical. coputation*, or other inaccuracies. errors or emissions. Horgen Stanley Sarth Nunn LAC obtains market velure And other data iron •teadarel geotatien service. and ether women. shish we believe re he reliable. However, em do mot warrant es ~rasa.. the ac sty or completeness of any ouch lefornation. The valuem that • client actually receives in the marker. for any irrectsternt say be higher or laser than the values reflected In this ever(. The valuer of termitin and other Invertniate not actively traded may be estimated or my not be available. To the extent there see any dieerepanein between your ensurer orevint stnstirdael. and thin revert. you should rely on the IreSNIal adiiener •letment. Narlret valves di...toyed in a regular account Matmeent say differ Iron the values displayed in this revert Ore to. mcap other things. the use of different reporting aetboda. del•ye. market conditions ~I interruptions. The figures in this report say net include all relevant costs I i.e,. . fees, comd••iene ed tenon). The infornotien le thin report should not be considered as the sole biers ro.- nay lowneament dictatorn. Past results •ro not necessarily indicative of future results. Historically. broadly div•raffied poetfoliern have produced gains and losses due to chasmea within the equity. Interest rate. credit. cerrency. commit ty. ard feinted ds ttttt Deem crackers. Additionally. Wins and loam. nr• spatted re varying 4p, ner by Innerman] ...sun. earl Rea vala l Illy. earifer•t• activity. security cutest ion. resultatory ownsight. trading volume. and money flows. These element. and/or their rate of change way not be present in the future anl tics future sectary...co may be impacted. The Intonation contained In thin. report is not intended to c stituter Investment. legal. ter. accounting er ether professional advice. IN recommend that clienr• entoet their tax advisors to detemina apprepeøte informatIca to te used the preparation of their tail retort.. foe Ill.. not µrchseed trwough. or metedial at. Norman yearn co. nectietror•ted. any data or Informatics Included In this revert has be der Deed or provided either by you or ....her financial Institution. for whirr. ut are not resµnsible. To the extent that position are not coated's. et Morgan Stanley Ca. Incorporated. they may not be coveted by 511C. This performance report hen been prepared for Informationel purposes on ly and le not intended to be n eirbatiliela (er the official account et•tonent. thet you receive rem memo stantøy filth Mimy the. or other third party Venoms:ea nampirs sr eustedians included in Oa.. comotidatal rent. The reformationIn this report is Opprealairle and subject to adjustment. is:dating and correction and should not be relied upon for taking any action without first cent Inning Its accuracy sd omelet...mi. Moroni Stanley Stith Barmy la in sot responnible for any clerical. emput•tional er other intiocureal••. •Frø• selandener. margen Stanley smith hammy L.LC obtain.. merlon values and ether data fron earl.. al anlatil pmts] ion service* and other warrens. which me telly* to be reliable. However. ø do not warrant or instants. the accuracy or coeplatenses of any inch unfornation. The values that a client actselly receives in the matt for any invest at my be higher er lamer Onn the val.es reflected in this repast. She value. of securities and other investments net actively traded my Is estimated or my not lie eveilehlo To the extent there se• any dlecrepancles between Your regular scrams. atatøwt and this report. you should rely on that reveler account statement. market valves displayed in a replier account statement my differ iron the valtur displayed In this report Co to. ammo other things. the use of different reporting methods. delays. market esslitems and interruptions. The figures In lisle report my not include all slyest eon.. fees, ccalssiona ant 'mini. Te Inloteallen is this report ~Id not be considered se the eel. hula lor any investment decision This Performance Report reflects Corporate Action finch as dividends and stock splits) se soon et they are declared with respect to the widerlying holding rather than when received In order to snore that your portfolio sus fairly reflects your net asset position at all Ora. The corporate action ara based on informtlen supplied to inn by third party sources. for which/Morgan Stanley moth Barney tat assumes no isaponsilaility. (Tarts ant Uranda •re for illuatrat lam empower. only and are not interami to tuptsseat the pørømneo of any Morgan Illanley Smith honey offer lese. rimminparri sal Services offer. through Morgen Stanley Barth barmy I.1C. ~her SIPC. M vas cases title report nay showthe combined pertermance of bcokerese aceaunts and advisory otteurta. Accounts in this report nay have had different ]nestenot 001ectIvern. been 'sub ject to different rule. and restrictions. ard Interred different type of fees. railispe. comeleelons. and ether charges. EicerChmarke included in this consolidated report nay not be the ems primarily essoolaked with O. Investment objectives of the accountIC and my he wean tor Informnienal µ.pnaee only. Accordingly. the performrice teaulta for this portfolio my blewl the perfornanwe of assets and /strategic. that my not have Limn available in all of your accounts at all times Oaring the report!. Parlor,. EFTA01077930  Fee Equals 4.1 bps on Policy Assets, which Includes reporting MBZ & Related Entities: Estimated 2010 Fees MANAGER 2010 NEGOTIATED 12/31/18 INCEPTION MANAGER PARTICIPATION MS ADVISOR FEE Marla% Value DATE FEE FEE FEE DISCOUNTS NOTES CASH Cash 2,906,597 WA OCO% 0.(1G% 0.00% Total CASH 2,906,597 N/A FIXED INCOME Morgan Stanley Mini Bonds" 58,394,095 02/27/08 0.00% ODD% 0.00% - - - - - NEW ISSUE BONDS MANAGED BY IRA MARK --- McDonnell Short Term Munk 46,192,172 08/21/09 0.15% 0.00% 0.05% Sete 76,294,897 01/31/09 030% 0.03% 0.05% CCA 5,216,452 06/30/10 180% 10.00% acox - Templeton Mobad Bond 2,190,933 05/25/10 049% 0.00% 0.25% Total FIXED INCOME 188,288,849 01/31/09 6%721 HEDGE FUND AIP Onshore/Offshore Hedge Funds• 25,911,233 08/31/10 OM% 0.00% 0.50% 10% Carry negotiated discount (no participation} American Steadfast LP 5,463,973 04/01/10 0.75% 15.03% 0.00% 0.50% MS advisor fee discount Total HEDGE FUND 31,375,206 04/01/10 129,556 EQUITY/ PRIVATE EQUITY Quelbs Codnvestment Fund II 50,62%777 01/01/08 050% 5.00% 0.00% 10% Carry negotiated discount (normal carry 15%) Morgan Stanley Credit Partners Cheshire 2,952522 04/20/10 0.50% 15.00% 0.50% - Morgan Staab Credit Partners Offshore 2,151,785 04/20/10 0.50% 15.0% 0,50% - Total ►RIVATE EQUITY 55,720,084 03/31/10 25,522 Consolidated Performance Report 7C0.000 TOTAL 278298.736 01 31 09 771,799 Fee equals 8 bps on Assets Invested since 2008 • L./0(.00(1g manager fees ate approximately 1.7%4 20% participation of profit, Fee Equals 4.1 bps on Pol ry Assets, which includes reporting '• legacy relationship, managed by Ira Mark. Pont Team receives no fees Thu performance resort has been prepred for kdoemationai purposes only and is not intended to be a substitute for the olfr0al account statements that you receive Ppm Molten Stanley Sql,th Barney I.LC, or other third patty Investment managers or custodian included in ths consolidated report. the Information in this report is approximate and suWect to adjustment. wadable' and correction and should not be relied upon for tabs' atry action without first confirming es accuracy awl completeness Morgan Stanley Smith Barney lit is not responsible for any radial, computational or other Inaccutocles, errors or emissions. Morgan Stanley Smith Barney La again market values and other data from venous standard enotanon smite, and other sources, EFTA01077931 Meth we believe to be rebate. However, we do not warrant or guarantee the accuracy or completeness of any suds Infeemation.lhe values that a clean actualy receives is the market for any investment may be higher or lower than thevalues reflected in this report. She vides of securities and other investments not whiter traded may be est/matedor may not be evadable. To the extent there are any discrepancies between your regular account statement and this report, you should rely on the muter account statement. Market vaksis dbpleyed In a mob, account statement may differ from the values displayed in this report are to. among other things. the used different repotting methods, delays, market conditions and hterruptiom. The figures in this report may not Include all relevant costs 0 e, fees,convitsiOns and attest The Information In Ms report should not be considered as the sole basis or any Investment decision Past results are not necessarily ineecalkic d future remits. Semitic*, broadly diversified portfolios have produced gains and Kisses due to changes within the equity, Interest rate, dab, currency, commodity, and related derivatives markets. Additionally gains and losses me impacted to varying degrees by investment acumen, market yolatilly, corporate activity, security selertson, regulatory oversight, trading volume, and money flows. These elements and/or their rate of change may not be present in the future and must future performance may be impacted. The information contained m this report is not Intended to constitute investnwrit legal tax, accounting of other professional atMce We recommend that clients contest their tax advitors to determine the appropriate information to be used b the preparation of their tax returns. for securities not purchased throats, cc custocled at, Morgan Stanley Co. incorpotated, any data or information secluded in Ms report has been derived or provided either by you or another Menial Institition, for which ware not responsible- To the extent that positions are not custodial at Morgan Stanley co. incorporated, they may not be covered by 51K. His performance report has been prepared for informational purposes only and is not intended to be a substitute for the official account statmasts that you receive from Morgan Stanley Smith haney tIC, or other thud party Investment minnows or custodians included In this consolidated report. The Informellon In the report ts approximate end subbct to adlustrownt, updating and correction and should not be relied upon for takam any action without first conferring its accuracy and completeness. Morgan Stanley Seals gamey LK is not responsible for any clerical computational or other inaccuracies, errors or omissions. Manton Stanley Math gamey ttC obtains market values and other data from various standard quotation 'entices and other sources, which we believe to be reliable. However, we do not warrant or guarantee the accuracy or completeness of any such inform:dine. The values that a client actu*y receives in the market for any Owestfilfill may be higher or kwier than the 'Faun reflected m this report. The values of securities and other investment not actively traded may be estimated or may not be evallable. To the extent there are any discrepancies between your regular account statement and this report, you should rely on the regular account statement. Market values displayed In a regular account statement may differ from the values displayed In this repoil due to, among other things, the woof deferent reporting methods, delays, market conditions and Interruptions. The figures In this report may not Include all relevant costs (Le, fees. commissions and taxes). The information In Ms report should not be considered as the sole basis for any investment decision This Performance Report reflects Corporate Adams (such as dividends and stock splits) as soon as they are declared with respect to the underlying holding rather than when received In order to ensure that your portfolio wore fairly reflects your net asset position at a thnes the corporate actions are based on information supplied to us by third party sources, for welds Morgan Stanley Smith Barney KC assumes no cesponStaty. Charts and graphs are for fitistotere purposes only and are not intended to represent the performance of any Morgan Stanley Smith Barney *fierily,. Investments and Services offered through Morgan Stanley Smith Sarney LLC, member SIPC In some carer, this report may show the combewd performance of brokerage accounts and advisory accounts. Accounts in this report may have had different Investment Oblation, been Hebert to different rules and restrictions, and incurred different apes of fees, mark-ups, commissions, arid other charges. Benchmarks Included in this censordated report may not be the ones primarily associated with the Investment obtectives of the accountli) and mar be used lot informational purpose, only. Accordingly, the onloimance results for this portfoks may blend the performance of assets and strategies that may not have been available in al of your accounts at air times durlrg the mooring period. EFTA01077932  Fee Equals 5.5 bps on Policy Assets, which includes reporting MBZ & Related Entities: Estimated 2011 Fees MANAGER 2011 NEGOTIATED 12/31/11 INCEPTION MANAGER PARTICIPATION MS ADVISOR FEE Market Value DATE FEE FEE FEE DISCOUNTS NOTES CASH Cash 3.1./91,510 N/A 0.00% 0.0014 0.00% Total CASH 33,791,910 N/A FIXED INCOME Morgan Stanley Munl Bonds•• 41,56/,329 02/27/08 0.00% 0.00% 0.00% NEW ISSUE 808105 MANAGED BY IRA MARX Seix 71.040,514 01/31/09 0.30% 0.00% 0.05% Doubleine 4,963,986 12/16/11 0.51% 0.00% 0.25% McDonnell Muniapal Bonds 23,382,065 08/21/09 0.15% 0.00% 0.05% - CCA 10,738468 06/30/10 1.00% 10.00% 000% • Templeton Global Bond 9,676,968 05/25/10 0.69% 0.00% o.nis - Total FIXED leKOME 161,309,330 02/31/09 83,814 HEDGE FUND A1P Onshore/Offshore Hedge Funds' 25.116,660 01/31/10 0.50% 0.00% a i .'.- - 10% Carry negotiated discount (no partidpadon) A1P Custom HF Solutions' 5,115,971 06/09/11 0.50% 10.00% 0 t,r.• . - Amerkan Steadfast LP 5,578,572 04/01/10 0.75% 15.00% 0.50% MS advisor fee thscount Blackstone Strategic Mance fund 1.783109 01/07/11 1.00% 10.00.16 Total HEDGE FUND 34294,216 ogowo 15c.C63 EQUITY/ PRNATE FOUR-9 Legacy Capita 1.298,580 10/17/11 1.00% 10.00% 0.00% - (Welles Co-Investment Fund II 59,397,135 01/01/08 0.50% 5.00% 0.00% 10% Cary negotiated account (normal carry 15%) Quelled Co-Investment fund NI 15,464,498 10/24/11 CLOD% 10.00% 0.00% 0.5% and 5% Carry negottated discount (normal mgmt lee Is 0.5%, normal carry Is 15%) gilot Capital Partners 87,500 03/21/11 2.00% 0.00% 0.00% Morgan Stanley Credit Oar tners Onshore 5.426,732 04/20/10 0.50% 15.00% 0.50% - Morgan Stanley Credit Partners Offshore 4497,414 04/20/10 050% 1500% 0.50% . Total PRIVATE EQUITY 87,171,659 03/31/10 54,621 Consolidated Performance Repot t 200,000 TOTAL 324627.315 01/31/09 292.098 Fee equals 9.1 bos on Assets Invested since 2008 • underlying manager fees are approximately 1.7% + 20% parddpatIon of profits Em Equal 5.5 bps on Polley Assets, which Irxlvdes reporting •• Legacy relationship, managed by Ira Mark. Pc& Tean receives no fees lit performance report has been prepared for Inf.:emotional purposes ono, and is not intended to be a tubstone for the cannel account statements that you web* from Morgan Stanley Strati Barney Mc or other third pasty intresumst managers ce cussoaons included in the consolidatedreport The inkamatbn In this report is appronmate and subject to at-raiment. updating and corrector, and should not be relied upon for tame any anion without forst confirming es accuracy and cornparteness. Morgan Staley Smash Sarney tic Is not responsible for any dedcal, comp/tailcoator other Inaccuracies, CMOS or emissions. Morgan Stanley Smith Barney LLC obtains matitc4 Hues and other data loom various standard quotation services and other loaner, EFTA01077933 which we beleve to be tellable. Howevee, we do not warrant et guarentee the accuracy or completeness of any such klormathon. The slues that a dent actually receives In the made' for may investment may be higher or lower than the values reflected in this report. The values of securmes and other investments not aothely traded may be estimated or may riot be evadable. To the macre them we anydiscrepancies between yew teaubr account statement and this report you skulk rely on the regular account statement. Market values &seined Incow/et account statement may Offer from the values displayed 1n this report date to, among other things, the um of Advent reported methods, delays, market COMMOOS and interruptions. the fgures n this report may not include all teriewint costs (s., fee; COMMIStkel end taxes) The Information h this report should not be considered as the sole bests foe any Investment decagon Past results are not natant* indicative of future reacts. tetaltagy, brassily diversified pentanes have produced gains and loses due to changes wean the eddy. Interest late, cleat, currency, commodity, and related derivatives markets Additionally. gains and losses are anointed tovarying degrees by Innistmnd manes; market voLatilky, corporate activity, secumy seleaacn, regulatory oversight, trading valuate. and enemy (laws. Thee elements and/or else rate of change may not be present in the future and thus Swum performance may be Impacted. The information contained in this report is not intended torrential, investment, legal, tax, accounting or other piefessiorel edam. We recommend that clients contact the* tax advisors to determine the appropnete Informanoe lobe toed n the preparation c4 their lax returns. for somas not podoned enough, or Wilabed at, Morgan SteMey Co incorporeled any data or Information Includedin this won Milken decreed or provided either by you or another financial institution, for which we are not responsible. To the extent that positions are rot custodkd at Molten Stanley Co. Incorporated. they may not be witted by UPC TM, performance report hes been meowed fur informetionel purpcoes only endIs not Intended to be a substitute sat the official *crows atonements that you WM, from Morgan StanleySmith Barney MC, mother third party investment neutersor custodiansinductedin this consolidated report. The inlormation in this report is approximate and subject to adjustment updating and correction and should not be relied upon foe Wed WV Oaken we rest COngrrieng its security end completsmess. Morgan Stanley Smith !limey tic is not responsible for anytime A, computational or other Inaccuracies, errors or omissions. Morgan Stanley Smith Barney LLC obtains market values and otter data from serious standard quotation serykes andOther soaves, which we begins to be reliable. tixwever, we do not entrant or guarantee the accuracy or cocrokterese of any such Information The Sues that a client OCtilaf 'neves in the met let for any investment may be higher or lower than the values reflected in this report. The wakes of murk*c ant miser investments not actively traded may be estimated a may not be available. To the extent there tee any &mien:IMMO between you MOW SCOninl lawmen and this tenon, you shark rely Oil the mule, account statement. Ideate values displayed Ina regular account statement may differ from the values Onthayed In this report due to, among other dings, the use of different reported methods, delays, market condemns and iMerniptions. The fgures in this report may not Include al nit-WM Oats 0.e., lees, carreausicro and Uses). The Inlarmatian In this report should not be coasted as the sole bath Ica any Investment decision This Pedormance Report reflects Corporate ACMMO (such as dividends and stock mks) as soon as they are Ordered with respect to the indtridng holding rather than when roomed n order to ensure that taut partials:. TIM lately reelects your net asset position at al times the cdporate acticea are based en information suppled tom by thud party sources, foe winch Morgan Stanley Smith Barney tiC assumes no reseomibitY. Chatts andgraphs we for lustratare purposes only end are rot Intended to represent the performance of any Morgan Marty Swab Barneyoffering. kwatments and Semites offered through Morgan Stanley Smith Berney I it. mender Sift. In seem Cam this report may show the combined performance of brokerage mownls and adaraoyy &Mounts. Accounts In this repon may have had different Investment objectives, been subject to different rules and restrictions, endincurred diterent types of fees mark-ups, tomrressioro, and other charges. Benchmark. Included In this consobdated report may not be the ones primarily associated with the Investment ablectIver of the attoatt(s) and may be used for informational purposes ask Armada*. she performance results the MIL mina° may blend the performance assets and strategies that nay not have been available in add your a(<Mega at al times dwisg the reporting period. EFTA01077934  Fee Equals 7.5 bps on Policy Assets, which Includes reporting MB2 & Related Entities: Estimated 2012 Fees MANAGER 2012 NEGOTIATED 12/31/12 INCEPTION MANAGER PARTICIPATION MS ADVISOR FEE Market Value DATE FEE FEE FEE DISCOUNTS NOTES CASH Cash 34h69,920 N/A 0.00% 0.00% 0.00% Total CASH 34,669,920 N/A FIXED INCOME GluskIn shelf 9.936,110 09/2W11 015% 0.10% 0.00% 0.250% negotiated discoed Morgan Sulky Man Bonds•• 34.113.359 07/27/08 ose% 0.00% 0.00% — NEW ISSUE BONDS MANAGED BY IRA MARX - -.... Sew 68813,105 01/31/09 0.30% 0.00% 0.05% Doubleine 19,288,646 12/16/11 0.51% 0.00% 0.25% - lord Misfit Short Ovation*** 90,822,969 08/17/12 0.94% 0.00% 0.15% CU 11,011,064 06/30/10 100% 1080% 000% . Templeton Global Bond 13,246,991 05/25/10 0.69% 0.00% 0.25% . Total FIXW INCOME 197,232,999 •1/31/09 176,980 HEDGE FIRM AiP Onshore/Offshore Hedge Funds• 24,696.138 08/31/10 0.50% 000% 0.50% 10% Carry negotiated discount (no participation) AIP Custom HE Solutions• 11,786,79E 06/09/11 050% 10,03% 050% GS Hedge Fund Seeding Strategy 3.021,970 02/27/12 1.25% 20.00% 0.00% American Stead/Intl) 5.941,998 04/01/10 0.75% 15.00% 000% 050% MS advisor tee discount Blackstone Strategic ailianor Furd 4298697 01/07/11 1.00% 10.00% OØ Total HEDGE GUM 47,745,597 04/01/10 182µ5 EQUITY/ PRIVATE (QUM Goldman Sad% MLP 5,438,298 01/13/12 1.00% 0.00% 0.00% - DST CJobil Ill 1,901,678 02/02/12 1.50% 20.00% 0.00% 0.50% gaily participation discount legacy Capital 4,556,464 10/17/11 1.00% 10.00% 000% • OmellOs Co-Investment Fund II 48881,060 01/01/06 0.50% 5.00% 0.00% 10%Crety negotiated discount (normal any 15%) Quelled Co-Investment Fund III 47,511,493 10/24/11 000% 10.00% 0.00% 0.5% and 5% Carty negotiated discount (normal mount fee is 0.5%, normal carry Is 15%) Glitot Capital Partners 175,000 03/21/11 200% 0.00% 0.00% Morgan Stanley Creert Partners Onshore 5,721,733 0420/10 050% 15.00% 0.50%