The Dubilo hill Groupinstitutional Consultants

“ Experience is meaningless if one hasn’t learned from positive and negative events. We have wisely counseled our clients through many market cycles over the past three decades.”

ned dubilo

wisdom wiz • dom (noun) the ability to make sensible decisions and judgments based on personal knowledge and experience.1

e

2 MorGAN STANleY

What is an institutional invEstmEnt managEmEnt Consultant?

An investment management consultant differs from a trust officer, a stock broker, a money manager/investment manager, financial planner or investment sales person. An institutional consultant’s role is to assist executives, trustees, boards or investment committees in creating a strategic framework for the organization’s portfolio assets. A consultant will guide the organization in a logical, step-by-step process of developing and executing a sound investment plan. Specifically, an institutional consultant can help an organization:

• Meet and maintain its fiduciary responsibilities & requirements

• Thoroughly assess its investment needs

• Develop an investment policy Statement to match its goals & objectives

• evaluate its true risk tolerance

• Design strategic asset allocation guidelines

• Guide the evaluation and selection of third party investment managers

• provide due diligence on independent investment managers

• Negotiate investment management & custodial fees

• Stress test the portfolio

• Measure individual manager performance & total portfolio returns

• Decide when to replace an investment manager

• Make tactical asset allocation shifts when warranted by changing market conditions

• Make strategic revisions to the organization’s investment policy as circumstances dictate

• Assist in the audit process to mitigate the burden on the organization’s staff

GrAYSToNe CoNSulTiNG 3

FundamEntal stratEgiEs oF our ProCEss

We strive to deliver innovative, industry-leading thinking on global investing. To help mitigate excessive volatility, we build broadly diversified and progressive asset allocation strategies that employ both traditional and alternative asset classes.

A thoughtful asset allocation strategy can help improve the overall picture of risk and return, and reduce unintended concentrations and exposures that can compound losses in down markets.

In the twenty-first century, the investment universe for sophisticated institutional clients with com-plex needs goes beyond traditional investments such as stocks, bonds and cash. These clients typically require a holistic asset allocation model that incorporates alternative assets, which are often illiquid, such as real estate, private equity, managed futures and hedge funds.

We work closely with our clients to create portfolios using a state-of-the-art proprietary portfolio construction process that seeks to enhance upside potential for a given level of aggressiveness.

We monitor developments in the capital markets, and can modify forecasts of risks and returns, as well as asset allocations when market conditions change materially. We are constantly survey-ing the economic landscape and potential upside and downside risks to ultimately recommend tactical adjustments that are intended to capitalize on short-term opportunities.

4 MorGAN STANleY

“Bringing thoughtfulresolution to our clients’unique challenges, fromthe simple to the moreinvolved and complex,is very rewarding to me.”

julie walsh

“helping businesses understand the capital markets and strategically plan their financial future is central to what we do.”rob malenfant

GrAYSToNe CoNSulTiNG 5

The Dubilo hill Group at Graystone Consulting is a Boston-based team of investment professionals, and a full-service provider of customized investment advice. We deliver thoughtful and unbiased advice regarding all aspects of institutional investing. Graystone Consulting is a business of Morgan Stanley, which supports 42 US-based investment teams. Our local team, which consists of investment consultants, technical analysts and administrative personnel, leverages the broad resources of Morgan Stanley. Our institutional clients benefit from our ability to act as co-fiduciary, the depth of our firm’s global capabilities and the specialized, fee-based investment counsel our team provides.

gloBal CaPaBilitiEs. dElivErEd loCally.

“ We take pride in our ability to remove emotions from the decision-making process; to be the trusted and faithful guardian of an institution’s investments; to be the skeptical voice of reason in a world dominated by headlines, pundits and lack of transparency.”frank hill

“ We deeply respect our clients’ fiduciary responsibility to act with prudence and diligence. our attention to their needs will always be the hallmark of our service.” linda magee

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Among The Clients We Serve Are

Leading HospitaLs

pubLicLy traded companies

defense contractors

media & marketing agencies

tecHnoLogy companies

nonprofit institutions

foundations & endowments

objectivity ob • jek • tiv • i • te (noun) the ability to make decisions based on facts rather than on personal feelings; the clarity of vision unencumbered by the presence of emotion.1

e e

GrAYSToNe CoNSulTiNG 7

“ Knowing the what, why, when and how of investment decision-making is at the center of great advice. it takes disciplined structure to know what must be done, why it is necessary, when to execute and how to implement. therein lies the strength of our team.” scott notargiacomo

“ We respect the impact we have on the emotions of our clients. We make sure our clients don’t have to wait for answers to their important questions. if you contact us we will respond to your inquiry as quickly and efficiently as possible.”karen goldstein

discipline di • se • plen (noun) the ability to behave in a controlled and calm manner even in a difficult or stressful situation; mental self-control used in directing behavior.1

ee

8 MorGAN STANleY

A disCiPlinEd iNveSTMeNT proCeSS

The Dubilo hill Group at Graystone Consulting provides thoughtful counsel regarding all aspects of institutional investing. We follow a disciplined, proven process.

1 organizational assessment

We develop a detailed understanding of your goals, resources and potential liabilities.

mission and objectives.

asset/liability structure and cash flow analysis.

Fiduciary and documentation review.

2 investment policy statement

We draft a customized investment policy statement, which is intended to provide a well-thought-out framework from which sound investment decisions can be implemented.

asset and liability analysis.

spending policy guidelines.

Establish investment goals and objectives.

3 asset allocation study

We help you determine the appropriate mix of investment types and classes.

dynamic portfolio construction recommendations and probability analysis.

Policy adherence evaluation.

tactical recommendations and strategic advice.

4 investment manager strategy

We assist in the selection of highly qualified, well-vetted investment managers.

open architecture manager searches.

manager due diligence and research reports.

access to active and passive investment managers.

5 reporting and communications

We help you stay up to date and well informed.

Custody services.

Performance measurement and monitoring.

ongoing trustee education.

6 ongoing review and monitoring

We help ensure that your investments stay aligned with your goals.

Portfolio rebalancing.

investment policy review.

interaction with external corporate service providers, auditors and actuaries.

GrAYSToNe CoNSulTiNG 9

The Dubilo hill Group is a cohesive team of seasoned professionals with a complementary set of talents. We diligently work to provide our clients with exceptional service, objective advice and the benefit of our collective wisdom. Like all Graystone Consulting teams, the Dubilo Hill Group has satisfied strict eligibility requirements, demonstrating the experience and ability to help deliver the solutions required by sophisticated institutional investors.

your graystonE Consulting tEam

Passion: the universal fuel for vision and leadership.

intEgrity: The reflection of belief in behavior.

loyalty: The ultimate expression of confidence in times of stress.

CommuniCation: the foundation of trust and understanding.

ConFidEntiality: The respect for privacy of all personal and financial information.

transParEnCy: The disclosure that demonstrates the absence of any conflict of interest.

oBjECtivity: the clarity of vision unencumbered by emotion.

WE valuE

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Left to right: Julie Walsh, Frank Hill, Scott Notargiacomo, Karen Goldstein, Rob Malenfant, Ned Dubilo, Linda Magee

GrAYSToNe CoNSulTiNG 11

Ned Dubilo is a Graystone Consulting institutional Consulting Director and Family Wealth Director with over 30 years of investment experience. Ned provides strategic investment advice and counsel to foundations and endowments, corporate retirement plans, family offices, government organizations, corporations and affluent families.

Ned received a bachelor of Arts degree from the University of Massachusetts, where he graduated magna cum laude and Phi Beta Kappa. He began his financial services career with E.F. Hutton. Ned is the former chairman of the board and previous board member of the world-renowned Judge Baker Children’s Center of Boston, which serves as a research, training and service delivery center for emotionally distressed children. As a former 10-year trustee of the University of Massachusetts, Ned served as chairman of the

ned dubiloinstitutional Consulting Director

Family Wealth Director Financial Advisor

Administration and Finance Committee, which oversees the entire university system budget. Ned also served as a member of Smith barney’s Directors’ Advisory Group, a small group of select Financial Consultants who work closely with the firm’s senior management. In 1995, Ned was a recipient of Registered Repre-sentative’s Outstanding Financial Consultants Award, a national honor.

Currently, Ned is a member of the Hearing Board for the New York Stock exchange and the Association of professional investment Consultants (ApiC). he is Treasurer of the National board of Governors for the American Jewish Committee. Ned is Series 7, 31, 63 and 65 licensed.

Ned resides in Weston, Mass. with his wife and two daughters. Ned and his family are avid travelers and enjoy going to sporting events.

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Frank Hill is a Graystone Consulting Institutional Con-sulting Director and Family Wealth Director. With over 30 years of investment experience, Frank provides strategic investment advice and counsel to foundations and endowments, corporate retirement plans, family offices, government organizations, corporations and to affluent families.

Frank graduated cum laude from Boston College and received his Master of Business Administration in finance from boston College. between undergraduate and gradu-ate school, Frank served as an Army Reserve Artillery Officer. He started his career at Merrill Lynch, spent 10 years with Rothchild, and joined Smith Barney in 1987.

In 1999, Frank became a Certified Investment Man-agement AnalystTM (CiMA®) through the investment Management Consulting Association (iMCA) following course work and an examination at the Wharton School of Business. Frank has also earned the Accredited Investment Fiduciary (A.I.F.) professional designation from Fiduciary 360, where he received formal training in investment fiduciary responsibility.

frank Hill, cima®

institutional Consulting DirectorFamily Wealth Director

Financial Advisor

Frank is a member of the Hearing Board for the New York Stock exchange and the Association of professional Investment Consultants (APIC). Frank served on the Invest-ment Committee for the Children’s brain Tumor Society and on board committees for the Fessenden School. In 1995, Frank was a recipient of Registered Representa-tive’s Outstanding Financial Consultants Award, a national honor. In 2008, Frank earned the distinction as one of the top 50 advisors in Massachusetts by barron’s Win-ner’s Circle. Frank is Series 7, 31, 63 and 65 licensed.

Frank is actively involved in nonprofit organizations helping to improve the lives of children and families. he has been active in the big brothers big Sisters of Massachusetts Bay since 1981. In May 2007, Frank was inducted into their Hall of Fame for his tireless commitment and devotion to the program. Frank also serves on the board of directors, and is Treasurer, of the Emerson Umbrella for the Arts in Concord, Mass.

Frank raised two sons and a nephew and lives north of boston with his wife. The passions of golf and travel occupy his leisure time.

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scott notargiacomovice president –

Wealth ManagementFinancial Advisor

Scott Notargiacomo is responsible for creating innovative wealth planning and investment strategies for clients of the Dubilo hill Group at Graystone Consulting. he joined the Group in 2003 from State Street Global Advisors, where he was a Trust Officer in the Private Asset Management division.

After earning a Bachelor of Science in finance from the isenberg School of Management at the university of Massachusetts, Amherst, Scott began his career in personal financial services with State Street Research & Management Company. he served as Client rela-tionship Manager of the Private Client Group, which provided investment management and financial and tax planning for high net worth families and professional athletes. Scott also held positions as an operations Manager and broker/Dealer Services Manager. he is a

Rob Malenfant is a Morgan Stanley Family Wealth Director. With over 20 years of experience, Rob provides strategic investment advice and counsel to foundations and endow-ments, corporate retirement plans, family offices, govern-ment organizations, corporations and to affluent families.

After earning a bachelor of Arts degree in econom-ics from Tufts University, Rob started his career in the financial services industry with Fleet Bank as a lending officer. In 1994, he joined Smith Barney as a Financial Advisor and was consistently recognized as a blue Chip Council Advisor. Over the last 20 years, in addition to having spent time as an Advisor, he has held a succession of training, branch management and leadership roles.

During his tenure at Morgan Stanley, Rob has earned the respect of the financial advisor community and senior management through branch management roles in major marketplaces, including New York City, Los Angeles and boston. he’s also been recognized within the industry

rob malenfantFamily Wealth Director

executive DirectorFinancial Advisor

member of the Association of professional investment Consultants (APIC), and is FINRA licensed Series 6, 7, 31, 63 and 65.

Scott is a member of the board of Directors and Finance Committee at NEADS, a nonprofit organization that trains and provides assistance dogs to disabled and deaf Americans and returning combat soldiers. he also serves on Tufts Medical Center’s planned Giving Advisory Council.

An avid sports enthusiast, Scott enjoys playing golf and hockey. He, his wife and their Australian Labra-doodle reside in Grafton, Mass. They enjoy garden-ing and working to restore their 1820s Greek revival farmhouse and spend free time assisting numerous charitable organizations with their fundraising and awareness efforts.

as a Top 100 Branch Manager for 2007, 2010, 2011, 2012 & 2013. In May of 2013, Rob was featured on the cover of On Wall Street Magazine as a nationally ranked Top 10 Branch Manager of the Year. In addition, Rob has achieved the Family Wealth Director designation which is a title held by select Advisors and Managers uniquely qualified to service the High Net Worth marketplace. He is FINRA licensed Series 3, 7, 9, 10, 63 and 65.

Actively involved in the community, Rob coaches youth sports and volunteers with the Special olympics and Homestart, a nonprofit centered on the homeless in Greater boston. he serves on the advisory boards of Central Catholic high School and crowd funding company Blaze Fund. In addition, he’s been a guest lecturer at the brandeis international business School. rob is an avid basketball player having played at Tufts university; he also enjoys running, golf and landscape gardening. Rob and his wife reside in Weston, Mass. with their two children.

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Karen Goldstein provides customized performance reporting and investment-management searches and evaluation for clients of the Dubilo hill Group at Gray-stone Consulting. her responsibilities include due diligence reviews and development of asset alloca-tion guidelines and investment policy statements for families and institutions.

Karen graduated from Boston University College of Communication, where she earned a Bachelor of Science degree in journalism. She also graduated from boston University’s College for Financial Planners with a degree in financial planning. Karen managed the office of a fi-nancial planning firm before joining the Dubilo Hill Group in 1998. She holds FINRA Series 7, 31 and 63 licenses.

karen goldsteininstitutional Consulting Analyst

Linda mageeAssistant vice president –

Wealth Management institutional Consulting Analyst

linda Magee is an analyst for the Dubilo hill Group at Graystone Consulting. her responsibilities include customized performance reporting, construction of investment policy statements, development of asset allocation guidelines, invest-ment manager searches and due diligence reviews. linda also manages the client service operations for the Group.

Linda is a graduate of Salem State University, where

Julie walshSenior registered Associate

she earned a bachelor of Science degree in business administration. She joined Smith Barney in 1987, and has been with the Dubilo hill Group at Graystone Consulting since 1993. Linda is FINRA Series 7, 31and 63 licensed.

Linda resides in Wilmington, Mass. with her husband and two children. linda’s family enjoys myriad outdoor activities and european and Caribbean travel.

Julie Walsh focuses on providing an exceptional client experience for all clients of the Dubilo hill Group at Gray-stone Consulting. her responsibilities include client ac-count maintenance, coordinating communications and appointments, and enhancing the team’s marketing effort.

Julie began her career with the Dubilo Hill Group in January 2012. She graduated from Boston University’s

School of Management with a bachelor’s degree in busi-ness administration and a concentration in finance. Julie is FINRA licensed Series 7 and 66.

Julie lives in Weymouth, Mass. and spends free time volunteering for the Make-a-Wish Foundation. She also enjoys reading, travelling and practicing yoga in her leisure time.

GrAYSToNe CoNSulTiNG 15

© 2014 investments and services offered through Morgan Stanley Smith barney llC. Member SipC. Graystone Consulting, a business of Morgan Stanley. CRC 690022 CS 8029717 11/14

1 Definitions are the Dubilo Hill Group’s interpretations of words.

The views expressed herein are those of the author and do not necessarily reflect the views of Morgan Stanley Wealth Management or its affiliates. All opinions are subject to change without notice. Neither the informa-tion provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. past performance is no guarantee of future results.

An investment in alternative investments can be highly illiquid, is specula-tive and not suitable for all investors. investing in alternative investments is only intended for experienced and sophisticated investors who are willing to bear the high economic risks associated with such an investment. investors should carefully review and consider potential risks before investing. Some of these risks may include:

• loss of all or a substantial portion of the investment due to leveraging, short-selling, or other speculative practices;

• lack of liquidity in that there may be no secondary market for the fund and none is expected to develop;

• volatility of returns;• restrictions on transferring interests;• potential lack of diversification and resulting higher risk due to concentra-

tion 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• manager risk.

Individual funds will have specific risks related to their investment programs that will vary from fund to fund.

Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. This material was not intended or written to be used, and it cannot be used, for the purpose of avoiding tax penalties that may

be imposed on the taxpayer. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.

Asset allocation and diversification do not guarantee a profit or protect against a loss.

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 invest-ments discussed in this material may not be suitable for all investors. Morgan Stanley Wealth Management recommends that investors inde-pendently 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.

Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is a registered broker-dealer, member SIPC, not a bank. Where appropriate, Morgan Stanley has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services. unless specifically disclosed in writing, investments and services offered through Morgan Stanley are not insured by the FDIC, are not deposits or other obligations of, or guaranteed by, a bank and involve investment risks, including possible loss of principal amount invested.

On Wall Street’s Top 100 Branch Manager Honorees 05/2007, 05/2010, 05/2011, 05/2012, 05/2013 as identified by onwallstreet using criteria such as achievements during the year, ability to identify, recruit, develop, retain and reward talented Financial Advisors and dedication to the goal of providing superior client service. The honorees are selected from the pool of nominees by judges chosen by onwallstreet. The rating may not be representative of any one client’s experience and is not indicative of the branch Manager’s future performance. Neither Morgan Stanley Smith barney llC nor its branch Managers pay a fee to onwallstreet in exchange for the rating.

The Dubilo Hill Group at Graystone Consulting53 state street, 39th Floor, Boston, ma 02109 617-589-3239 / main 800-752-2678 / toll-free 617-249-0758 / fax

Ned Dubiloinstitutional Consulting directorFamily Wealth directorFinancial advisorinvestment industry Experience:1977-Present

Frank Hillinstitutional Consulting directorFamily Wealth directorFinancial advisorinvestment industry Experience:1977-Present

Scott Notargiacomovice President – Wealth managementFinancial advisorinvestment industry Experience: 1990-Present

Rob MalenfantFamily Wealth directorExecutive directorFinancial advisorinvestment industry Experience:

1990-Present