SPECIAL SITUATIONS INVESTING

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1 SPECIAL SITUATIONS INVESTING NEIL MITCHELL TEAM AT MORGAN STANLEY PWM 2014 FOURTH QTR 522 Fifth Avenue New York, NY 10036

2 INVESTMENT PROCESS Thought Leadership + Collaboration Performance We sit at the intersection of information flow between leaders in financial and investment thinking. This helps us build and maintain portfolios and provides guidance for the advice we give to our clients. Morgan Stanley Morgan Stanley has some of the leading strategists, economists, analysts and has relationships with many of the best minds outside the firm. MS can provide us with access to managers that would otherwise be unavailable. Our Clients We facilitate frequent gatherings of prominent families. -> This keeps us current with the thinking and strategies of some of the most significant investors in the world. We are in constant conversation with clients. -> This provides us with a pulse of business and economic conditions. Wall Street We have relationships throughout the financial industry because of our experience and history in the business. We crosscheck ideas with our contacts at the leading financial institutions. Mitchell Team Advice & Strategy Buy Side Relationships We meet regularly with some of the top Hedge Fund and Long Only Managers. We are significant investors and have ongoing dialogues with some of the brightest minds in the industry. This keeps us ahead of the curve. 2

3 INVESTMENT PROCESS Morgan Stanley Buy Side Relationships Wall Street Research Family Offices 1. Strategy/Themes 2. Cross check ideas 3. Idea Generation 1. Idea Generation 2. Cross check Ideas 1. Cross check ideas 2. Idea Generation 1. Identify Managers & Themes 2. Collaborative Diligence 3. Cross check ideas Manager Selection Security Selection Themes / Asset Allocation Security Selection Security Selection Manager Selection Strategies Themes Special Situations Investing 3

4 INVESTMENT PROCESS Traditional Investment Account Special Situations Investment Account Mitchell Team Mitchell Team Asset Allocation Manager Manager Manager Idea Idea Idea Idea Idea Idea Idea Idea Idea Idea We believe that a Special Situation Investment Account combined with a traditional diversified portfolio will increase returns. By investing in Special Situations, we avoid using third party managers. 4

5 SPECIAL SITUATIONS INVESTMENT ACCOUNT Key Points We seek to capitalize on our position, at the intersection of information flow between leaders in financial and investment thinking, to deliver the ideas we believe have the potential to provide the best risk-reward. We source ideas and crosscheck them with Morgan Stanley Research, Buy Side Investors, Family Offices and our relationships around Wall Street. Investing in Special Situations provides direct investment into single securities, instead of using third party managers. Our goal is to help our clients make money through concentrated exposure to a handful of the most compelling investment opportunities. 5

6 SPECIAL SITUATIONS INVESTMENT ACCOUNT Notes The portfolio is non-discretionary, every purchase and sale must be approved by the client This portfolio is suitable for investors seeking outsized returns in a concentrated portfolio The portfolio is not leveraged Liquidity = Trade date + 3 Contact Information Neil Mitchell, Private Wealth Advisor neil.s.mitchell@ms.com Ben Arnstein, Business Development Associate benjamin.arnstein@ms.com James Lindsay, Client Service Associate james.lindsay@ms.com 6

7 IMPORTANT INFORMATION This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. The strategies and/or investments discussed in this material may not be suitable for all investors. Concentrated investment positions may leave investors significantly under-diversified Morgan Stanley Wealth Management recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Financial Advisor. The appropriateness of a particular investment or strategy will depend on an investor s individual circumstances and objectives. There is no guarantee the investment objectives will be met. Morgan Stanley Private Wealth Management, a division of Morgan Stanley Smith Barney LLC. Member SIPC. 7