y SmithBarney 29 EFTA00284371 MBZ 1996 Trust (GST Exempt) Executive Summary - December 31, 2011 Actual Allocation % for Policy Assets P ovate Capital - Direct Companies 16% Distal Bonds Hedge Funds -Direct 17% 18% Municipal/Corporate OD% Pnvate Capital - Direct Partnerships 402% AP Onshore Hedge