0 20 0 West Coast East Coast Gulf Coast Midwest Rock Mountain 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 1981 1984 1987 Source: BA. Morgan Asset Management. Oil intensity declining worldwide Billions of barrels/GDP 3.6 3.3 3.0 2.7 2.4 2.1 1.8 1.5 1.2 0.9 0.6 0.3 1980 1983 1986 1989 1992 19

stern Time Featuring Arminio Fraga, Chief Investment Officer, Gavea Investimentos Michael Cembalest, Chairman of Markets and Investment Strategy, Morgan Asset Management The webcast will explore the following topics facing investors today: r r ere are a mos compe ing oppo unt ies in a wo • o ow g o•al growth and ex

bonds, cash and 60 Minutes Total return index,12/19/2010= 100 107 106 105 104 103 102 101 100 99 Sep-10 Nov.10 Jan 11 Mar-11 Source:. Morgan Asset Management. Meredith Whitney's 60 Minutes Interview on 12-19-10 May-11 Jul-11 Representative intermediate duration tax free bond fund Representative

gy Telecommunication Services Utilities 40% 43% 26% 47% 34% 35% 42% 25% 57% 51% 13% Source: Bloomberg, FactSet, Standard & Poor's, 1.P. Morgan Asset Management. 1. "Catastrophic loss" defined as a 70% decline from peak value with minimal recovery. This is a subjective cutoff point; some investors may see sm