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returns through a combination of General Partnership participation and hedge fund exposure: in addition to a meaningful long-term seed investment, Blackstone provides advice to underlying managers, in return for a share of the underlying manager's revenue's. MorganStanley SmithBarney 135 EFTA00283587

t to adjustment, updating and correction and should not be relied upon for taking any action without first confirming its accuracy and completeness. Morgan Stanley Smith Barney LLC is not responsible for any clerical, computational or other inaccuracies, errors or omissions. Morgan Stanley Smith Barney LLC obtains market values

returns through a combination of General Partnership participation and hedge fund exposure: in addition to a meaningful long-term seed investment, Blackstone provides advice to underlying managers, in return for a share of the underlying managers revenues. Brickman Real Estate Fund I, LP. MBZ 1996Trust

t to adjustment, updating and correction and should not be relied upon for taking any action without first confirming its accuracy and completeness. Morgan Stanley Smith Barney LLC is not responsible for any clerical, computational or other inaccuracies, errors or omissions. Morgan Stanley Smith Barney LLC obtains market values

| 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

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,

s NORTH AMERICA INSIGHT ~~ relevant MSCI country index or MSCI sub-regional index or MSCI AC Asia Pacific ex Japan Index. Important Disclosures for Morgan Stanley Smith Barney LLC Customers Important disclosures regarding the relationship between the companies that are the subject of Morgan Stanley Research and Morgan Stanley