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cement Memorandum of the Underlying Fund attached hereto as Appendix A (as amended, restated or supplemented from time to time, each as provided by Blackstone, collectively, the "Underlying Fund Memorandum"). Notwithstanding the foregoing or anything to the contrary herein, investors in the AlphaKeys Fund

. None of the Underlying Fund, the Underlying Fund General Partner or the Underlying Fund Adviser (each as defined in the "Introduction" below), or The Blackstone Group L.P. and/or its affiliates ("Blackstone") or their respective affiliates (i) has participated in the offering of interests of the AlphaKeys Fund or (ii)

| Apollo (APO) Overweight a) »D D D ~dD Oaktree (OAK) Overweight »D &B e »D Q KKR (KKR) Equal-weight ¢ © a) a Q Carlyle (CG) Overweight O a 2) 6 im ) Blackstone (BX) Overweight »D & D D mY Source: Company Data, Morgan Stanley Research estimates HOUSE_OVERSIGHT_025555 --- PAGE BREAK --- Morgan Stanley | RE

Managers & Brokers: Uncovering Long-Term Value with ESG (20 Sep 2017) Global Asset Management: Building the Money Manager of Tomorrow (13 Sep 2017) The Blackstone Group L.P.: Management Meeting Takeaways: Significant Runway for Growth (10 Aug 2017) The Blackstone Group L.P.: Why Blackstone's "Innovation Machine" Suggests

Financial Holdings Inc., Oaktree Capital Group, LLC, OM Asset Management Plc, Partners Group, T. Rowe Price Group, Inc., TD Ameritrade Holding Corp., The Blackstone Group L.P, The Carlyle Group L.P, Virtus Investment Partners, Waddell & Reed Financial Inc, WisdomTree Investments, Inc.. Within the last 12 months,

t becoming harder to compete for small managers. The Blackstone Group (BX), C-2-8, Neutral « Jonathan Gray, Global Head

becoming harder to compete for small managers. The Blackstone Group (BX), C-2-8, Neutral « Jonathan Gray, Global Head of Real Estate, presented for Blackstone. Overall, Mr. Gray was positive on the outlook for the U.S., with new pro-growth fiscal policies Bankof America a 2016 Future of Financials Conferen