SUMMARY OF ASSET ALLOCATION STUDY AHIA August 2011

SUMMARY OF ASSET ALLOCATION STUDY AHIA August 2011 Expected Return 9.0% 8.5% 8.0% 7.5% 7.0% Risk versus Return Model 3 Model 2 Model 1 Current 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% Expected Risk Return 30% 25% 20% 15% 10% 5% 0% -5% -10% Distribution of Annual Returns Time Horizon: 1 Year Current Model 1 Model 2 Model 3 Model The above charts are based on expected & historical data and are not representative of a specific investment or indicative of future performance as actual rates of return cannot be predicted and will fluctuate. Portfolio Current Model 1 Model 2 Model 3 Asset Classes Composition of Portfolio Large Cap Stocks 25.0% 25.0% 20.0% 15.0% Mid Cap Stocks 5.0% 5.0% 5.0% 5.0% Small Cap Stocks 5.0% 5.0% 5.0% 0.0% Domestic Equity 35.0% 35.0% 30.0% 20.0% International Stocks 15.0% 10.0% 13.0% 10.0% Emerging Mkt Stocks 0.0% 5.0% 7.0% 5.0% International Equity 15.0% 15.0% 20.0% 15.0% Intermediate Bonds 50.0% 50.0% 50.0% 50.0% Fixed Income 50.0% 50.0% 50.0% 50.0% Broad Hedge Funds 0.0% 0.0% 0.0% 15.0% Alternatives 0.0% 0.0% 0.0% 15.0% Portfolio Statistics Expected Return 8.1% 8.4% 8.5% 8.2% Expected Risk** ±8.2% ±8.3% ±8.5% ±6.9% Expected Range of Return~ High 21.6% 22.1% 22.5% 19.6% Low -5.4% -5.3% -5.5% -3.2% **Standard Deviation ~Based on expected & historical data, 90% of the returns are expected to fall in this range 1 of 6

ZEPHYR ALLOCATION ADVISOR DISCLAIMER Financial Analysis Client Disclosure This Zephyr AllocationAdvisor analysis is designed to assist you and your Morgan Stanley Smith Barney Financial Advisor in identifying appropriate asset allocations including their respective risk characteristics. It is not an investment advisory service or a comprehensive financial plan. Morgan Stanley Smith Barney is a business of Morgan Stanley Smith Barney LLC (MSSB). In accordance with the rules of FINRA and other self regulatory entities, whether acting in a brokerage or advisory capacity, MSSB must observe high standards of commercial honor and just and equitable principles of trade. Morgan Stanley Smith Barney wants you to be informed of the following differences between brokerage and investment advisory services. There are several fundamental differences between brokerage services and advisory services, which may vary depending upon the characteristics of a particular service. Brokerage services primarily involve assisting the client with the purchase and sale of securities, with the provision of investment advice being only incidental to those services. Investment advisory services, on the other hand, primarily involve separately agreeing with the client to provide investment advice to meet comprehensive long term financial goals. In a brokerage account or service, Morgan Stanley Smith Barney s and your Financial Advisor s interests may not always be the same as yours. Brokerage firms, are paid both by you and, sometimes, by others, who compensate the brokerage firm based on what you buy. Therefore, Morgan Stanley Smith Barney s and your Financial Advisor s compensation may vary by product and over time. Generally, the law provides that in providing advisory services, Morgan Stanley Smith Barney must act as a fiduciary and put our client s interests ahead of our own and treat all of our advisory clients fairly and equitably. Additionally, laws relating to advisory services require that Morgan Stanley Smith Barney must disclose all material conflicts between our interests and the advisory client s interests, and follow rules requiring client consent when effecting trades between the accounts of two clients or engaging in principal trading (where MSSB, through its own account, sells a security to, or buys a security from, a client s account). Brokerage activities are regulated under different laws and rules than advisory activities and, while brokerage activities impose their own set of regulatory obligations and customer protections, they generally do not give rise to these fiduciary obligations. For example, laws relating to brokerage services do not prohibit a broker dealer from trading as principal with brokerage clients or acting as agent for two brokerage account clients in the same trade without first obtaining client consent, provided that the broker dealer discloses this capacity on trade confirmations sent to clients. Please feel free to discuss any questions about the differences between investment advisory accounts and brokerage accounts, and any of the other information discussed above, including potential conflicts of interest and your rights and Morgan Stanley Smith Barney s obligations to you, with your Financial Advisor, or with the Branch Office Manager at your Morgan Stanley Smith Barney branch office. Alternatively, you may contact Morgan Stanley Smith Barney with any questions by calling (800) 834 2125. 2 of 6

Important Information The projections and other information contained in this analysis have been generated by the Zephyr tool developed by Zephyr Associates. The Zephyr tool provides asset allocation planning for investors. IMPORTANT: The projections or other information generated by Zephyr regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Please note that the results generated by Zephyr may vary with each use and over time, and may vary depending on investor circumstances. Additional investments which may not have been considered in this analysis may have characteristics which are similar or superior to those which have been analyzed herein. This investment evaluation is directed only to the client for whom the evaluation was performed. The information contained in the accompanying analysis is collected from sources Morgan Stanley Smith Barney believes to be reliable but we do not guarantee their accuracy, and any such information may be incomplete or condensed. This evaluation is for informational purposes only and is not intended to be an offer, solicitation, or recommendation with respect to the purchase or sale of any security or a recommendation of the services supplied by any money management organization. Annual, cumulative, and annualized returns are calculated assuming reinvestment of dividends and income plus capital appreciation. Past performance results are not necessarily indicative of future performance. The information contained herein was prepared by your Financial Advisor for informational purposes only and does not represent any official statement of your account at the Firm (or other custodians, if applicable). Please refer to your monthly statements for a complete record of your transactions, holdings and balances. Please notify your Financial Advisor if there have been any changes in your financial situation, investment objectives, requested restrictions or other instructions which might affect the services to be provided to you or the manner in which your assets should be invested. The investment results depicted herein represent historical or projected gross performance with no deduction for investment management fees or transaction costs. Actual returns will be reduced by expenses that may include management fees and costs of transactions. The client is referred to the Consulting Group Descriptive Brochure (Schedule H of Form ADV) for a full disclosure of the fee schedule. As fees are deducted quarterly, the compounding effect will be to increase the impact of the fees by an amount directly related to the gross account performance. For example, on an account with a 2% annual fee, if the gross performance is 10%, the compounding effect of the fees will result in a net performance of approximately 7.81%. This analysis is for use in one on one client presentations only. The data contained in this analysis does not reflect the material differences between stocks, bonds, bills and inflation, such as fees (including sales and management fees), expenses or tax consequences. Common stocks generally provide an opportunity for more capital appreciation than fixed income investments but are also subject to greater market fluctuations. Corporate bonds, U.S. treasury bills and U.S. government bonds fluctuate in value but, if held to maturity, offer a fixed rate of return and a fixed principal value. Government securities are guaranteed as to the timely payment of interest and provide a guaranteed return of principal. The principal value and interest on treasury securities are guaranteed by the U.S. government if held to maturity. Investors cannot directly invest in an index. Actual results may vary based on an investor's investment objectives and portfolio holdings. 3 of 6

Criteria The criteria used as inputs for the Zephyr tool include expected return, expected risk, correlations and the timeline of the plan. Methodology The optimization process utilizes long term return estimates for each asset class, risk and correlation between asset classes, client constraints, and the time horizon of the client. The process is intended to provide assistance in formulating long term, strategic investment policy and asset allocation. The process used in the foregoing analysis employs a statistical technique called Monte Carlo Simulation (MCS). When used in a financial planning/asset allocation situation, MCS attempts to assist in quantifying the uncertainty inherent in financial instruments. MCS creates hundreds (sometimes thousands) of future scenarios. Each scenario is built with returns that might occur based on the inputs provided to the tool. This random selection and ordering of possible returns can give insight to a variety of plan outcomes, however, it is in no way predictive. The terminal wealth at the end of each scenario is recorded and compared against the plan s goal amount. The probability of plan success is calculated by dividing the number of scenarios where the terminal wealth equaled or exceeded the plan target by the total number of scenarios. For example, if the terminal wealth target were $100,000 and 470 of 1000 MCS scenarios ended with $100,000 or more, the probability of success would be 47%. Each MCS scenario is constructed using a probability distribution of expected returns. If you have any questions as to how MCS is being implemented within this proposal, please consult your Financial Advisor. Limitations The assumptions used regarding capital market performance and other financial or life events (such as retirement date, savings, spending needs, life expectancy, income tax rates, among others) will determine the results of any analysis. Individuals who are not completely confident in their understanding of the complexity of these analytics should seek the advice of a professional who thoroughly understands the implications of the analysis and any assumptions used. This investment advisory tool is to be used as an additional resource in your considerations when determining how to invest your assets. Individuals may wish to consult with their accountant, tax or legal advisor with respect to their specific situation. Key Assumptions Expected return calculations for capital market indices are based on various theoretical tenets of economics and finance. They are based on the assumption of an infinite time horizon and do not incorporate current valuations. Long term, equilibrium return estimates for Cash, Global Bonds, and Global Stocks are derived through a building block process. The equilibrium return estimate for Cash is based on estimates of the long term trends of labor force growth and productivity growth. The equilibrium return estimate for Bonds is derived by adding aterm premium to the equilibrium return estimate for Cash. We base the term premium on the assumption of a linkage between a country s perceived likelihood to repay its debt and the premium investors demand to purchase its debt, using a multi factor regression analysis to quantify that linkage. The factors used to predict a country s term premium are: the budget balance as a percentage of GDP, short term interest rates, inflation, and credit ratings. The equilibrium return estimate for Stocks is derived by adding an equity risk premium to the equilibrium return estimate for Bonds. The equity risk premium estimate comes from a dividend discount model using consensus earnings estimates. 4 of 6

The equilibrium return estimate for Stocks is derived by adding an equity risk premium to the equilibrium return estimate for Bonds. The equity risk premium estimate comes from a dividend discount model using consensus earnings estimates. The equilibrium return estimates for alternative investments capture the relationships between the returns of traditional and alternative assets. In the case of hedge fund strategies, we decompose historical returns into skilled based returns (alpha) and traditional market and market related components, such as equity market volatility, credit spreads, and the returns of various equity, fixed income, and commodity markets. Our strategyspecific return estimates are derived through combining the estimates we assign to such traditional drivers of returns with our expectations for skillbased returns. In the case of private equity and real estate, returns are directly estimated from pricing models that take advantage of the relationships between stocks, bonds, and private equity and real estate. As for risk and correlation, they are largely based on historical data but with significant statistical adjustments to correct for distortions typically associated with index series of alternative asset class returns, such as stale pricing and other biases that tend to understate the true volatility of returns and overestimate the diversification benefit of combining them with traditional asset classes. We note that for a variety of reasons, the performance of alternative assets is difficult to forecast and, especially in the case of hedge funds, typically present risks beyond what their volatility estimates would suggest. For example, they display more downside risks than most traditional assets. In addition, alternative assets often require investors to lock up capital for extended periods (especially in the case of private equity and real estate), which limits the ability to rebalance a portfolio. Expected Risk is defined as annualized standard deviation based on monthly data from January 1990 through the latest period. Correlation is based on monthly data from January 1990 through the latest period. Best/Worst Case Returns Best/Worst Case Returns are calculated using historical data as a reference. These returns are based on two standard deviations around the mean (95% of normal distribution). This means that 95% of the annualized returns could fall between the best case and worst case returns. However, there is a 5% chance that the annualized returns could be either above the best case or below the worst case. Asset Class US Large Cap Stocks Index Proxy S&P 500 Total Return US Small Cap Stocks Russell 2000 US Mid cap Stocks US Large Value Stocks US Large Growth Stocks US Small Value Stocks US Small Growth US Mid Value Russell Mid cap S&P 500 Barra Value Russell 1000 Value S&P 500 Barra Growth Russell 1000 Growth Russell 2000 Value Russell 2000 Growth Russell Mid Value Asset Class US Mid Growth US Convertible Bonds US Real Estate US Investment Grade Bonds US Long Term Bonds US Intermediate Bonds US Mortgage Bonds US High Yield Bonds Index Proxy Russell Mid Growth Merrill Lynch Convertible NAREIT BC Aggregate Index Ibbotson Long Govt BC Long Govt/Credit Ibbotson Intermediate Govt BC Intermediate Govt/Credit BC Mortgage Bonds Citigroup High Yield Market BC High Yield Bonds Asset Class International Stocks Emerging Markets Stocks International Bonds Cash Municipal Bonds Relative Value/Event Driven Equity Long/Short Global Macro/Managed Futures Index Proxy MSCI EAFE MSCI Emerging Markets Citigroup World Govt Bond Index ex US Hedged Three Month LIBOR BC Muni Index HFRI Convertible Arbitrage Index, HFRI Distressed Securities Index, HFRI Merger Arbitrage Index, HFRI Fixed Income Arbitrage Index, HFRI Statistical Arbitrage Index, and HFRI Equity Market Neutral Index HFRI Equity Hedge Index HFRI Macro Index and CISDM CTA Asset Weighted Index 5 of 6

volatility of returns; restrictions on transferring interests in the Fund; potential lack of diversification and resulting higher risk due to concentration of trading authority when a single advisor is utilized; absence of information regarding valuations and pricing; complex tax structures and delays in tax reporting; less regulation and higher fees than mutual funds; and advisor risk. Individual funds will have specific risks related to their investment programs that will vary from fund to fund. The opinions expressed herein or in offering documents may differ from opinions expressed by Citigroup or any of its affiliates or businesses, and are not intended to be a forecast of future events or a guarantee of future results. The volatility of an index used for comparison purposes may be materially different from that of the specific investment performance shown. Indexes are not available for direct investment. Index returns consist of income and capital appreciation (or depreciation) and do not take into account fees, taxes or other charges. Such fees and charges would reduce performance. The information provided within this analysis is for general informational purposes only. It is not intended to provide specific advice or recommendations to any investor. Individuals or entities should consult with their accountant, tax or legal advisor with respect to their specific situation. To the extent this is delivered to an advisory client of Citigroup Global Markets Inc. or its affiliates it is being delivered pursuant to a subadvisory arrangement with MSSB as described in the applicable descriptive brochure. 2009 Morgan Stanley Smith Barney LLC. Consulting Group is a business of Morgan Stanley Smith Barney LLC. Graystone Consulting is a business unit of Morgan Stanley Smith Barney LLC. 6 of 6