celebrating 40 years as of september 30, 2015

Overview: Morgan Stanley Investment Management

Morgan StanleyMorgan Stanley, a market leader in the U.S., Europe, Asia and emerging markets, has been re-defining the meaning of financial services since our founding in 1935. With our global reach and local presence, our firm can bring our expertise and resources to help meet our clients’ needs and challenges, as well as a commitment to sustainability, innovation, philanthropy, diversity and inclusion. As a firm, we strive to, at all times, embody our core values of Excellence, Integrity, Leadership, Service and Stewardship.

Morgan Stanley InveStMent ManageMentMorgan Stanley Investment Management (Investment Management) is a client-centric, investor-led organization dedicated to providing asset management solutions to investors worldwide. Our global presence, thought leadership, and breadth of products and services enable us to partner with clients to help meet the evolving challenges of today’s financial markets.

With more than four decades of asset management experience, our investment strategies span the risk/return spectrum across geographies, investment styles and asset classes, including equity, fixed income, liquidity, alternatives and private markets. Each of our investment teams has a unique talent pool of experienced professionals and share the same core values of fiduciary responsibility and commitment to investment excellence that have been the hallmarks of Investment Management since its establishment.

the InveStMent ManageMent approachThe extensive range of Investment Management’s services and products reflects our continuous effort to provide products that help meet the needs of investors worldwide. In addition, when considering our clients’ unique investment profiles, we apply a holistic approach, looking to incorporate all the possible factors affecting investors’ investment decisions. Finally, our investment teams have the ability to customize solutions for clients, allowing a tailored approach in the context of a full-service platform.

clIent ServIce at InveStMent ManageMentInvestment Management is dedicated to providing superior client service to investors worldwide from the Americas to Europe to the Middle East, Africa and Asia Pacific. In addition to responding to client inquiries and providing timely portfolio analytics and commentary, Investment Management shares knowledge with its clients by organizing proprietary conferences and webcasts, and distributing a wide array of publications and thought leadership papers, such as the Investment Management Journal, that highlight our firm’s intellectual capital. We aim to empower our clients to become better fiduciaries and make informed investment decisions. Finally, the longevity of many of our client relationships testifies to our commitment to superior investment service and the productive partnerships we have cultivated throughout our history.

Our Organization

Institutional Securities GroupGlobal leader in investment banking: has consistently ranked among the top firms in M&A, equity underwriting and debt financings.

Morgan Stanley Investment ManagementLeading global asset manager across the public and private markets, with a track record of creating value for clients.

Morgan Stanley Wealth ManagementOne of the industry’s premier global wealth management firms, helping individuals reach their long-term financial goals.

morgan stanley

Investment management

NOT FDIC INSURED OFFER NO BANK GUARANTEE MAY LOSE VALUE NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY NOT A DEPOSIT

In the U.S., Investment Products are:

True Global Footprint, Local Market Expertise: 20 Countries, 41 Offices, 1,935 Employees, 596 Investment Professionals1

Expertise Across Public and Private Markets: Independent Investment Teams

2 As of September 30, 2015. AUM figures within each business line may not sum to total AUM due to rounding. 3 Global Equity, Global Fixed Income, and Global Multi-Asset assets exclude funds managed on behalf of other MSIM products.

4 Merchant Banking & Real Estate Investing AUM represents the basis on which the firm earns management fees, not the market value of the assets owned.5 Alternative Investment Partners (AIP) includes total assets of $36 billion, which is comprised of approximately $26 billion assets under management and approximately $10 billion assets under supervision as of September 30, 2015.

ASIA PAcIFIc

BeijingHangzhou Hong KongMelbourneMumbai

ShanghaiSingaporeSeoulSydney Tokyo

EMEA

AmsterdamDubaiFrankfurtLondonLuxembourg

MadridMilanMoscow ParisRiyadh

Zurich

NOrTh AMErIcA

AtlantaBostonChicagoDallasHouston

Los AngelesMiamiNew YorkRaleighSan Francisco

St. PetersburgTorontoWest Conshohocken

1 As of September 30, 2015. Please note that there may be multiple locations within one city.

This communication is only intended for and will be only distributed to persons resident in jurisdictions where such distribution or availability would not be contrary to local laws or regulations.eMea: FOr PrOFESSIONAL cLIENTS ONLY. This communication was issued and approved in the UK by Morgan Stanley Investment Management Limited, 25 Cabot Square, Canary Wharf, London E14 4QA, authorized and regulated by the Financial Conduct Authority, for distribution to Professional Clients or Eligible Counterparties only and must not be relied upon or acted upon by Retail Clients (each as defined in the UK Financial Conduct Authority’s rules). US: This communication is a marketing communication. It is not a product of Morgan Stanley’s Research Department and should not be regarded as a research recommendation. The information contained herein has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. All information contained herein is proprietary and is protected under copyright law.

hong Kong: This document has been issued by Morgan Stanley Asia Limited for use in Hong Kong and shall only be made available to “professional investors” as defined under the Securities and Futures Ordinance of Hong Kong (Cap 571). The contents of this document have not been reviewed nor approved by any regulatory authority including the Securities and Futures Commission in Hong Kong. Accordingly, save where an exemption is available under the relevant law, this document shall not be issued, circulated, distributed, directed at, or made available to, the public in Hong Kong. Singapore: This document may only be communicated in Singapore to those persons who are “institutional investors”, “accredited investors” or “expert investors” each as defined in Section 4A of the Securities and Futures Act, Chapter 289 of Singapore (collectively referred to herein as “relevant persons”). australia: This publication is disseminated in Australia by Morgan Stanley Investment Management (Australia) Pty Limited ACN: 122040037, AFSL No. 314182, which accept responsibility for its contents. This publication, and any access to it, is intended only for “wholesale clients” within the meaning of the Australian Corporations Act.

Traditional

$18.1B Global Multi-asset3

Global Multi-Asset Team

$60.7B GLObAL FIxEd INcOME3

Global Fixed Income Team

$107.0B GLObAL EqUITY3

Active International Allocation TeamEuropean Equity TeamGlobal Emerging Markets Equity TeamGlobal Listed Real Assets Team (Public)Growth TeamInternational Equity TeamFundamental Equity AdvisorsApplied Equity Advisors

$147.6B GLObAL LIqUIdITY

International FundsU.S. Funds

Trad

ition

al

Alternatives

Trad

ition

al

Alternatives

total aUm2

$404B

Alternatives $2.8B MANAGEd FUTUrES

Single and Multi-Manager Solutions

$31.4B

Direct Private Investing– Private Equity– Real Assets– Credit

MErchANT bANkING & rEAL ESTATE INvESTING4

$35.9B

Customized solutionsDiversified alternatives

ALTErNATIvE INvESTMENT PArTNErS5

Fund Investing– Private Equity– Hedge Funds– Real Estate

A4© 2015 Morgan Stanley 1324863 Exp. 10/14/2016 8389192 Lit-Link: MSIMOVERVIEW