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Global Wealth Management, Professional Asset Management

Global Wealth Management, Professional Asset Management

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    Pamria 2011 Jin Mao Tower Pamria 2011 Jin Mao Tower Presentation Transcript

    • Pacific Asset Management Pacific Asset Management Pamria Overview Shawn A. Mesaros, Principal Pacific Asset Management, LLC Two Union Square 601 Union Street, Suite #4200 Seattle, WA 98101 (206 933-1600 Voice (206) 600-3175 Fax (877) 637-2767 182-2156-3221 Toll Free 182-2156-3221
    • Pacific Asset Management Table of Contents Section 1 Partnership Section 2 Relationship Overview Section 3 Pre-IPO or M&A and Estate Planning Considerations Section 4 Our Approach to Investing
    • Pacific Asset Management Section 1 Partnership
    • Pacific Asset Management Mission, Value Proposition, Capabilities Mission StatementMission Statement:To become the “StrategicInvestment Officer” for our We seek to be the Strategic Chief Investment Officer for families and select institutions withclients, providing highly significant financial resources. For those unique families and individuals, we commit to providecustomized advice and highly customized advice and investment solutions with a standard-setting level of service andinvestment solutions with a investment expertise.standard-setting level of serviceand investment expertise. Value Proposition Leveraging PAMRIA’s global resources and our team’s network, we are uniquely positioned to provide your Family more sophisticated and precise investment advice. We focus our education, training and experience on select clients so we can develop intimate and comprehensive understanding of your needs, goals and overall relationship expectations. Capabilities  Financial Advice for Complex Situations  Direct Core Asset Management  Asset Allocation & Risk Management  Access to Third Party Specialty Managers  Proprietary Investment Ideas  Alternative Investment Consulting & Access  On-Line Access  Institutional access to Pacific Asset Management When we design a wealth management, investment and lifestyle management solution that helps families achieve what’s important to them-- safety, simplicity, security and support-- we believe that’s the basis for working together in partnership.
    • Pacific Asset Management Partnership at a GlanceMission Statement: • Multiple Professionals: Investment Advisors, Client Representatives, Local Analysts,To become the “Strategic and Full-time Trading CapabilityInvestment Officer” for ourclients, providing highlycustomized advice and • Pacific Northwestand Asia Pacific Advisory Services Dual Shore USA Based Teaminvestment solutions with astandard-setting level of service • Focus on Providing Asset Management and Investment Advisory Servicesand investment expertise. • Tax-Efficient Equity and Fixed Income Portfolio Management • Extensive Pacific Asset Management Relationships: – Research: Equity, Fixed Income, Foreign Exchange and Global Economics/Strategy – Investment Banking and Alternative Investment Groups e.g. MSREF – Sales & Trading: Equity, Fixed Income, Derivatives, etc. • Extensive External Relationships: – Entrepreneurs and Family Business Owners – Hedge Fund and Traditional Investment Managers – Securities Research (Multiple Sources) – Private Equity Investors and Venture Capitalists • Other Pacific Asset Management Resources Employed – Tax and Estate Planning Group – Global Asset Allocation Team
    • Pacific Asset Management Section 2 Relationship Overview
    • Pacific Asset Management Relationship Overview Client Experience• Our focus includes: – Institutional level of insight, Our team will provide seamless integration and delivery of a access and service comprehensive Wealth Management Service. – Highly tailored solutions to complex situations – Trust and Estate Planning – Dynamic oversight, Understand Determine Define Implement Continuous Performance monitoring and reporting your Investment Investment Investment Monitoring Measurement Balance Sheet Parameters Strategy Allocation & Adjustment – Complete confidentiality • Real assets • Risk tolerance • Optimize • Investment • Tracking and • On-going • Financial and investment risk/reward manager reporting review of assets experience trade-off selection • Performance objectives and • Cash flow • Tailor asset • Opportunistic attribution strategies • Liquid assets needs allocation investment • Portfolio • Altered client • Liabilities circumstances • Tax & estate • Diversification • Allocation of rebalancing • Unrealized planning needs strategy funds • Altered gains financial • Performance • Optimize global • Custody • Concentrated/ objectives Risk adjusted market restricted returns conditions positions • Time horizon • Strategic and tactical adjustments These materials are solely informational, based upon publicly available information believed to be reliable, and may change without notice. Pacific Asset Management shall not in any way be liable for claims relating to them, and makes no express or implied representations or warranties as to their accuracy or completeness or for statements or errors contained in, or omissions from, them. Legal, accounting and tax restrictions, transaction costs and changes to any assumptions may significantly affect the economics of any transaction. The information and analyses contained herein are not intended as tax, legal or investment advice and may not be suitable for your specific circumstances; accordingly, you should consult your own tax, legal, investment or other advisors, at both the outset of any transaction and on an ongoing basis, to determine such suitability. Any investment returns, past, hypothetical or otherwise, are not indicative of future performance. These materials do not constitute an offer to buy or sell any financial instrument or participate in any trading strategy. © Pacific Asset Management & Co. Incorporated
    • Pacific Asset Management Relationship Overview Ongoing Client Experience  Service tailored to each family’s needs Dedicated Team• Pamria has set the standard  Performance measurement and analysis  Assistance with tactical adjustments to structures or investments to meet changing aspirations for ongoing personal service.  Review of risk parameters and profile  Careful attention to special situations and strategies driven by tax, market and other factors• Beyond frequent meetings with clients to discuss Reporting Services  Comprehensive, customized portfolio statements for certain eligible investors performance, market  Timely written confirmation of transactions executed for each account  Comprehensive monthly statement detailing all activity and investment values developments and stay  Upon request, duplicate statements and/or confirmations sent to designated parties abreast of any changes in  Online account access via ClientLink web application personal or financial Internet Access  Access to research reports, video broadcasts and other resources circumstances, our client  Aggregate portfolio information and account details (updated daily)  Ability to export account details into Microsoft Excel or Quicken coverage teams provide a broad range of  SIPC and excess SIPC protection (1) Custody Services  Securities safekeeping and client protection administrative and other  Collection of income—interest and dividends services to help meet our  Fund wires and transfers  Gifts and distribution of cash or securities clients’ wealth management  Foreign exchange services needs.  Short-term investments for cash reserves  Recommendations of trustees in connection with trust and estate planning, including Pacific Asset Trust Services Management Trust Company and third party providers  Trust tax preparation, record-keeping, check disbursements  Access to Estate Planning Services Group for functional, objective expertise Outsourced Family  Administrative services (e.g., bookkeeping, bill payment, tax return preparation)  Basic lifestyle management and concierge services (e.g., travel planning) Office Services (2)  Provide referrals for outsourced advisory services (e.g., attorneys, family governance counseling)  Setting up a new family office (e.g., consulting help) Notes 1. Coverage may change at any time. The asset protection does not protect against losses of value due to market fluctuations. Multiple accounts with a single beneficiary are treated as a single account for purposes of coverage. Additional information regarding SIPC may be obtained through the SIPC website at www.sipc.org. Excess coverage is provided by Customer Asset Protection Company (CAPCO). Information regarding CAPCO may be obtained through CAPCO’s website at www.capcoexcess.com. 2. Smart will provide contact names and arrange for information sharing with the goal of ensuring seamless representation. This is a referral service only. Smart does not provide any of these services. These services are offered by third parties over which we have no control. Therefore, we take no responsibility for whether the services will be provided in accordance with your needs or expectations. Additionally, we do not receive any compensation from the service providers we may recommend. Please see important disclosures at the end of this material.
    • Pacific Asset Management Section 3 Pre-IPO/M&A Overview
    • Pacific Asset Management Pre-IPO/M&A Overview Personal Wealth Management Timeline FOCUS FORTODAY’S DISCUSSION Pre – IPO/M&A Post – IPO/M&A Tax Issues & Custody Restricted Stock Risk Analysis & Monetization & Estate Planning Ongoing Service Estate Planning Services Solutions Diversification & Tax Issues & Monitoring • Stock Option • Security Safe • Regulatory • Type of Risk • Monetization • Estate Planning • Performance Exercise Keeping – Rule 144 – Market – Sales – Outright Gifts Measurement & – NQSO • Record Keeping Analysis – Section 16 – Industry – Margin Loan – Leveraged Gifts – ISO • Insurance – Assistance with • Corporate – Company Specific – Covered Call • Philanthropy asset allocation • Outright Gifts • Splitting/Gifting – Blackout Period • Sales Writing – Manner of Gift rebalancing and – Tax Free • Online Access Via • Contractual – Open Market – Collar Plus Loan · Outright tactical – Taxable ClientLink adjustments to – Lock Up – Block – Prepaid Forward · Split Interest structures or • Leveraged Gifts • Cleaning/ Processing – Private Placement • Diversification – Recipient of Gift investment – GRAT • Administrative – Secondary – Asset Class · Public Charity • Technology & – CLAT Support • Hedging – Investment Style · Private Reporting – Sale to Grantor – Protective Put – Implementation Foundation – Online Access Trust Vehicles – Consolidated – Collar · Hybrid • Control Reporting – Prepaid Forward • Control – Performance • Exchange Fund Measurement – Risk Measurement
    • Pacific Asset Management Pre-IPO/M&A Overview Tax/Estate Planning Overview Income Tax Planning: Executive Stock Options• Important tax savings strategies can be Non-Qualified Stock Options Incentive Stock Options implemented prior to the • Upon exercise, the difference between the fair market value of the stock and • Upon exercise, spread is not taxed but treated as an adjustment item for IPO/M&A the exercise price (the spread) is taxed as compensation. alternative minimum tax (AMT) purposes, possibly triggering AMT. • After exercise, all future appreciation in the stock is taxed as capital gain. • After exercise, if stock is held for one year from the exercise date and two• While certain contingencies • Exercise of an NQSO prior to IPO/M&A can save an executive the difference years from option grant date, all appreciation over the strike price will be arising after (or in between the maximum ordinary income tax rate and the preferential long term considered capital gain when stock is sold. capital gains tax rate on all future appreciation if stock is held longer than one • Exercise of an ISO prior to IPO/M&A (assuming price increases) can connection with) the year at time of sale. minimize or even eliminate AMT exposure and starts executive’s holding transaction may produce period. some tax advantages, such Estate Planning: Necessities Estate Planning: Gifting savings may not put the business owner in the same • A number of tools allow the individual rather than Annual Exclusion Applicable Credit/Exempt Amounts position as if the owner acted the state to control his or her person and property when he or she is unable to do so because of death • Each person can make gifts of a • In 2007 and 2008, $2.0M (increasing to $3.5M in prior to the transaction or incapacity, e.g., will, revocable living trust, present interest in property worth 2009) can be passed free of estate tax and $1M power of attorney, health care proxy and living $12,000 per year, per donee, tax free can be passed free of gift tax. will. (married couples can gift $24,000 per year, per donee). Estate Planning: Leveraged Gifting Control Grantor Retained Annuity Trust Sale to Defective Grantor Trust Charitable Lead Annuity Trust • An individual interested in keeping (GRAT) (CLAT) control of the gifted property away from the donee can gift in trust. • Asset placed in trust with donor • Assets can be sold to a trust for the • Asset placed in trust with donor retaining an annuity and making a gift benefit of one’s family. The trust can making tax-free gift of an income • Individuals interested in keeping of the remainder to family members. purchase the property by giving the interest to a charity and a taxable gift control of the assets themselves can transfer assets to an FLP or LLC and • Remainder is valued using an IRS donor a note bearing a market interest of the remainder to family. make gifts of non-controlling benchmark rate. rate. • Upon termination of trust, the interests outright or in trust. • Upon termination of trust, the • When the trust terminates, the property will pass to the property will pass to the property will pass to the remaindermen of the trust with all Asset Protection remaindermen of the trust with all remaindermen of the trust with all appreciation over the benchmark rate, appreciation over the benchmark rate, appreciation over the interest rate on in effect, passing free of additional in effect, passing free of additional the note, in effect, passing free of gift tax. additional gift tax. • Individuals can give property away, gift tax. change the title of property or change the character of property to possibly protect assets from creditors.
    • Pacific Asset Management Pre-IPO/M&A Overview Custody Services and Benefits• Transacting in restricted shares can be a complicated Pre-IPO/M&A Post-IPO/M&A legal and regulatory process.• Pamria offers a team of experienced specialists in this area to guide you Security Safe Keeping Prepare Restricted Share Transactions through this complex and • Private/Public stock certificates housed in • Interface with issuer’s counsel to review time consuming procedure. Pacific Asset Management’s vault proposed transactions and help ensure • Avoid risk of loss and fees/deposits required compliance with regulatory or contractual to replace certificates restrictions Record Keeping • Property registered and reported in Cleaning/Processing shareholder’s name • Work behind scenes with Transfer Agent • Positions included on monthly statements and legal counsel • Clean restricted shares as per SEC regulations to settle restricted trades Insured • SIPC Insurance protection • Unlimited coverage through Pacific Asset Management Administrative Support • Preparation and processing of required documentation: Splitting/Gifting –Form 144 • Process and record all splits –Broker’s Rep letters • Handle gifting and other transfers –Seller’s Rep letters, etc. Online Access (Client Link) Hedging/Borrow • Track positions • Securities must be custodied at Pacific • Access MS resources Asset Management in order to borrow, pledge, hedge or monetize
    • Pacific Asset Management Section 4 Our Approach to Investing
    • Pacific Asset Management Our Approach to Investing Our Fundamental Philosophy Eliminate DebtMission Statement:To become the “Strategic Asset “Rich” Families rarely should borrow funds, and instead become lenders. Leverage can be used toInvestment Officer” for our increase the risk/return of an investment, but is not optimally used for tax efficiency, long term liquidity,clients, providing highly or to fund expenses. Leverage provides for short term liquidity, but dramatically increases the chances ofcustomized advice and wealth destruction.investment solutions with astandard-setting level ofservice and investmentexpertise. Insure Lifestyle with Income Producing Asset Our experience is that families who have financed their lifestyle with income producing assets (bonds, income real estate, etc) are able to weather volatility and illiquidity in other investments. By “segmenting” risk, we are able to create a more efficient risk/return profile. We believe this allocation should be a dollar allocation as opposed to a percentage allocation, for historically income producing assets do not outpace inflation, and the returns are meant for consumption. Invest the Balance of Assets for Growth With your primary residences and income stream provided for, the balance of your assets should be invested in growth assets with returns in the form of capital gains. Investors have been compensated through history for tolerating volatility and illiquidity with superior after-tax compounding returns.
    • Pacific Asset Management Our Approach to Investing Needs Drive Investment ParametersWe believe these two words –asset allocation - are the most Matching Asset Classes with Wealth Levels and Investor Needsoverused and abused words inour business. We have fourgeneral statements concerning Wealthasset allocation: Level Asset Classes With Generally Lesser Liquidity and Pricing1. The more equity (stocks Frequency, and Greater Advanced Needs Complexity and related assets) 1. Philanthropy Higher exposure you choose, the Wealth 2. Multiple estates more risk you accept and Level 3. Capital intensive pursuits  Venture Capital the more return you should  Absolute Return Investments Level Three expect. Intermediate Needs  Private Equity 1. Education  Private Real Estate2. Emotions will not be your 2. Retirement 3. Lifestyle enhancement  International Equities friend.  International Fixed Income Basic Needs Level Two3. Long term actions should  Real Estate and REITS 1. Housing produce better results than  Commodities 2. Healthcare short term reactions. 3. Sustenance  Domestic Fixed Income4. There are no investment  Domestic Equities Level One  Mutual Funds short cuts. Lower Wealth  Cash Equivalents Level Time Asset Classes With Generally Greater Wealth Seeding Phase Wealth Building Phase Wealth Realization Phase Liquidity and Pricing Frequency, and Lesser Complexity
    • Pacific Asset Management Our Approach to Investing Asset Allocation Over Time Historical Strategy: 1980s: 1990s and post-2000: Cash, Stocks, and Bonds Alternative and International Assets Absolute Return Strategy• Understanding investment % % % alternatives is paramount to Cash U.S. Bonds U.S. Bonds U.S. Stocks making prudent allocation 10% 15% U.S. Stocks Cash 12% 26% 30% 9% decisions Cash Real 10% Estate U.S. Bonds• Different asset classes 30% Real Estate EM 5% Absolute Return 5% Debt present very different 2% Private Equity 8% U.S. Stocks Private Equity risk/reward characteristics 60% (VC, LBOs, O&G) EM (VC, LBOs, O&G) 5% EM Debt 5% Equity• Our clients input, in 2% Intl Equity Intl Debt 10% Intl Equity Intl Debt EM (Developed) (Developed) (Developed) (Developed) Equity conjunction with our 18% 5% 18% 5% 10% investment outlook, ultimate drives the allocation decision Traditionally, most U.S. private clients Beginning in the mid- to late 1980s, In the 1990s and after the turn of the portfolios were invested almost some institutional and a smaller Millennium, institutional and private completely in domestic stocks, bonds, proportion of private client investors client investors have pursued various and cash, with an asset mix that began to shift some assets into venture market-neutral strategies based on averaged about 60% in stocks, 30% in capital, real estate, LBOs, oil and gas equities (including warrant and bonds, and 10% in cash over time. investments, and, more recently, into convertible arbitrage, hedged closed- international and emerging markets end fund strategies, hedged balance equity and debt. sheet or cross ownership arbitrage, paired shares arbitrage, synthetic security arbitrage, and other techniques involving derivative instruments) and/or fixed-income securities (including futures, swap arrangements, and mispricings of credit risk, yield curve shape, and embedded and explicit option features). See attached disclaimer
    • Pacific Asset Management Our Approach to Investing Open Architecture Approach Our team’s clients can select from a range of investment vehicles and managers from within or outside of Pacific Asset Management. The appropriately timed funding of investments is critical and depends on many factors, such as market environment and tax considerations. “Open Architecture” Traditional Investments: Alternative Investments Opportunistic Strategies: Equity, Cash, Fixed Income Representative Ideas (Fee Based) (Fee Based) (Brokerage Based) Pacific Asset Third-Party Pacific Asset Third-Party Equity Fixed Income Other Management Management Related Related Separate Account Separate Account Funds Funds • Research calls • Research calls • Commodities • Smart Investment • Investment • Private Equity • Hedge Funds • Underwriting • Bond credit • Foreign Representative Consulting Services • Venture Capital • Private Equity calendar swaps exchange Managed • Real Estate • Yield • Underwriting • Structured • Smart Investment Funds • Managed Futures Fund of Funds enhancement calendar credit-linked or Group • Investment (covered call • Leveraged equity-linked • Commodities • Hedge Funds writing) notes • Pacific Asset Consulting Services strategies Management • Private Equity • Exchange • Exchange Funds • Exchange Investments Funds of Funds traded funds traded funds • Structured Products • Hedge Funds (AIP) These materials are solely informational, based upon publicly available information believed to be reliable, and may change without notice. Pacific Asset Management shall not in any way be liable for claims relating to them, and makes no express or implied representations or warranties as to their accuracy or completeness or for statements or errors contained in, or omissions from, them. Legal, accounting and tax restrictions, transaction costs and changes to any assumptions may significantly affect the economics of any transaction. The information and analyses contained herein are not intended as tax, legal or investment advice and may not be suitable for your specific circumstances; accordingly, you should consult your own tax, legal, investment or other advisors, at both the outset of any transaction and on an ongoing basis, to determine such suitability. Any investment returns, past, hypothetical or otherwise, are not indicative of future performance. These materials do not constitute an offer to buy or sell any financial instrument or participate in any trading strategy. © Pacific Asset Management & Co.
    • GIC Chart Book| June 2010 U.S. Domestic Risk and Reward Analysis Rolling One-Year Returns(1)(2)(3)January 1926–June 2010Returns Expressed in Percentage Terms 160 146.6 131.4 Worst One-Year Return 116.1 120 100.8 85.6 Average of One-Year Returns 80 70.3 55.0 48.1 49.7 46.4 40 10.1 11.1 11.5 10.7 9.6 8.3 7.6 6.7 5.8 Best One-Year Return 10.5 9.9 9.3 8.7 8.1 7.5 6.9 6.2 4.9 5.6 4.2 0 Median One-Year Return (26.7) (13.1) (12.0) (14.3) (40) (19.9) (40.3) (33.5) (53.9) (47.1) (80) (60.7) 90% Stocks 80% Stocks 70% Stocks 60% Stocks 50% Stocks 40% Stocks 30% Stocks 20% Stocks 10% Stocks 0% Stocks 0% Bonds 10% Bonds 20% Bonds 30% Bonds 40% Bonds 50% Bonds 60% Bonds 70% Bonds 80% Bonds 90% Bonds Portfolio Mix 10% Cash 10% Cash 10% Cash 10% Cash 10% Cash 10% Cash 10% Cash 10% Cash 10% Cash 10% Cash Year Ending December 2009 23.8 % 19.7 % 15.5 % 11.4 % 7.3 % 3.1 % (1.0)% (5.1)% (9.3)% (13.4)% Worst One-Year Return (60.7) (53.9) (47.1) (40.3) (33.5) (26.7) (19.9) (13.1) (12.0) (14.3) Average of One-Year Losses (12.8) (11.2) (9.6) (7.9) (6.4) (5.2) (4.2) (3.5) (3.1) (3.3) Average of One-Year Returns 11.1 10.5 9.9 9.3 8.7 8.1 7.5 6.9 6.2 5.6 Median One-Year Return 11.5 10.7 10.1 9.6 8.3 7.6 6.7 5.8 4.9 4.2 Average of One-Year Gains 19.8 18.0 16.3 14.8 13.2 11.5 10.0 8.8 8.1 7.9 Best One-Year Return 146.6 131.4 116.1 100.8 85.6 70.3 55.0 46.4 48.1 49.7 % One-Year Negative Returns 26.6 25.7 24.7 24.1 22.9 20.7 17.8 15.9 16.8 20.6 % One-Year Positive Returns 73.4 74.3 75.3 75.9 77.1 79.3 82.2 84.1 83.2 79.4Note: (1) Rolling one-year returns data are calculated using 996 sample time periods. (2) Indexes used for this analysis include: (i) Stocks: S&P 500 Index Total Return; (ii) Bonds: Ibbotson U.S. Long-Term 20-Year Government Index Total Return; and (iii) Cash: U.S. 30-Day T-Bill Index Total Return. (3) Historical data shown represent past performance and do not guarantee comparable future results. The indexes are unmanaged. An investor cannot invest directly in an index. They are shown for illustrative purposes only and do not represent the performance of any specific investment. Index returns do not include any expenses, fees or sales charges, which would lower performance.Source: Morgan Stanley Global Wealth Management Asset Allocation Group, Ibbotson Associates.Past performance is no guarantee of future results. Estimates of future performance are based on assumptions that may not be realized. This material is not a solicitation 80of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. Please refer to important information, disclosures and qualifications at the end of this material.
    • GIC Chart Book| June 2010 U.S. Domestic Risk and Reward Analysis Compound Annual Growth Rate of Rolling Five-Year Returns(1)(2)(3) January 1926– June 2010 Returns Expressed in Percentage Terms 40 32.5 Worst Five-Year Return 29.5 30 26.4 23.9 22.7 22.1 22.0 22.4 22.7 23.1 20 Average Five-Year Return 9.6 10.1 9.1 9.4 8.3 8.4 8.2 7.9 7.7 7.2 7.2 6.5 6.8 6.3 10 5.8 5.3 5.8 4.7 5.4 4.3 Best Five-Year Return 0 (3.2) (1.7) (2.1) (2.4) (10) (5.2) (9.2) (7.2) Median Five-Year Return (13.2) (11.5) (20) (15.5) 90% Stocks 80% Stocks 70% Stocks 60% Stocks 50% Stocks 40% Stocks 30% Stocks 20% Stocks 10% Stocks 0% Stocks 0% Bonds 10% Bonds 20% Bonds 30% Bonds 40% Bonds 50% Bonds 60% Bonds 70% Bonds 80% Bonds 90% Bonds Portfolio Mix 10% Cash 10% Cash 10% Cash 10% Cash 10% Cash 10% Cash 10% Cash 10% Cash 10% Cash 10% Cash Year Ending December 2009 0.7 % 1.1 % 1.3 % 2.1 % 2.5 % 3.0 % 3.5 % 4.0 % 4.4 % 4.9 % Worst Five-Year Return (15.5) (13.2) (11.5) (9.2) (7.2) (5.2) (3.2) (1.7) (2.1) (2.4) Average of Five-Year Losses (5.3) (4.8) (4.4) (3.9) (3.2) (1.8) (0.9) (0.7) (0.7) (0.8) Average of Five-Year Returns 9.5 9.1 8.2 8.2 7.7 7.2 6.8 6.3 5.8 5.4 Median Five-Year Return 10.1 9.4 8.4 7.9 7.2 6.5 5.8 5.3 4.7 4.3 Average of Five-Year Gains 11.6 10.7 9.5 9.1 8.4 7.8 7.1 6.4 5.9 5.6 Best Five-Year Return 32.5 29.5 26.4 23.9 22.7 22.1 22.0 22.4 22.7 23.1 % Five-Year Negative Returns 12.3 10.6 9.2 7.5 6.2 6.1 4.3 1.4 1.6 4.0 % Five-Year Positive Returns 87.7 89.4 90.8 92.5 93.8 93.9 95.7 98.6 98.4 96.0Note: (1) Rolling five-year returns data are calculated using 948 sample time periods. (2) Indexes used for this analysis include: (i) Stocks: S&P 500 Index Total Return; (ii) Bonds: Ibbotson U.S. Long-Term 20-Year Government Index Total Return; and (iii) Cash: U.S. 30-Day T-Bill Index Total Return. (3) Historical data shown represent past performance and do not guarantee comparable future results. The indexes are unmanaged. An investor cannot invest directly in an index. They are shown for illustrative purposes only and do not represent the performance of any specific investment. Index returns do not include any expenses, fees or sales charges, which would lower performance.Source: Morgan Stanley Global Wealth Management Asset Allocation Group, Ibbotson Associates.Past performance is no guarantee of future results. Estimates of future performance are based on assumptions that may not be realized. This material is not a solicitation 81of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. Please refer to important information, disclosures and qualifications at the end of this material.
    • GIC Chart Book| June 2010 U.S. Domestic Risk and Reward Analysis Compound Annual Growth Rate of Rolling Ten-Year Returns(1)(2)(3) January 1926–June 2010 Returns Expressed in Percentage Terms 25 Worst Ten-Year Return 19.5 20 17.6 17.1 16.7 16.2 15.9 15.8 15.7 15.6 15.5 15 10.1 10.2 9.6 9.5 9.0 Average Ten-Year Return 9.1 8.5 8.4 8.0 7.8 7.5 10 6.9 6.9 6.4 5.9 5.8 4.8 5.3 4.2 4.1 5 1.5 1.6 1.4 0.6 0.1 Best Ten-Year Return 0 (1.3) (0.3) (5) (2.3) (4.4) (3.4) (10) Median Ten-Year Return 90% Stocks 80% Stocks 70% Stocks 60% Stocks 50% Stocks 40% Stocks 30% Stocks 20% Stocks 10% Stocks 0% Stocks 0% Bonds 10% Bonds 20% Bonds 30% Bonds 40% Bonds 50% Bonds 60% Bonds 70% Bonds 80% Bonds 90% Bonds Portfolio Mix 10% Cash 10% Cash 10% Cash 10% Cash 10% Cash 10% Cash 10% Cash 10% Cash 10% Cash 10% Cash Year Ending December 2009 (0.6)% 0.3 % 1.1 % 2.0 % 2.9 % 3.7 % 4.6 % 5.5 % 6.3 % 7.2 % Worst Ten-Year Return (4.4) (3.4) (2.3) (1.3) (0.3) 0.6 1.5 1.6 1.4 0.1 Average of Ten-Year Losses (1.6) (1.2) (0.7) (0.6) (0.3) N/A N/A N/A N/A N/A Average of Ten-Year Returns 10.1 9.6 9.1 8.5 8.0 7.5 6.9 6.4 5.9 5.3 Median Ten-Year Return 10.2 9.5 9.0 8.4 7.8 6.9 5.8 4.8 4.2 4.1 Average of Ten-Year Gains 10.7 10.0 9.3 8.6 8.0 7.5 6.9 6.4 5.9 5.3 Best Ten-Year Return 19.5 17.6 17.1 16.7 16.2 15.9 15.8 15.7 15.6 15.5 % Ten-Year Negative Returns 4.4 3.3 2.4 0.9 0.2 0.0 0.0 0.0 0.0 0.0 % Ten-Year Positive Returns 95.6 96.7 97.6 99.1 99.8 100.0 100.0 100.0 100.0 100.0N/A = Not Applicable. For these rolling ten-year time periods during January 1926-June 2010, there were no periods of negative returns. Note: (1) Rolling ten-year returns data are calculated using 888 sample time periods. (2) Indexes used for this analysis include: (i) Stocks: S&P 500 Index Total Return; (ii) Bonds: Ibbotson U.S. Long-Term 20-Year Government Index Total Return; and (iii) Cash: U.S. 30-Day T-Bill Index Total Return. (3) Historical data shown represent past performance and do not guarantee comparable future results. The indexes are unmanaged. An investor cannot invest directly in an index. They are shown for illustrative purposes only and do not represent the performance of any specific investment. Index returns do not include any expenses, fees or sales charges, which would lower performance. Source: Morgan Stanley Global Wealth Management Asset Allocation Group, Ibbotson Associates.Past performance is no guarantee of future results. Estimates of future performance are based on assumptions that may not be realized. This material is not a solicitation 82of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. Please refer to important information, disclosures and qualifications at the end of this material.
    • GIC Chart Book| June 2010 Global Risk and Reward Analysis Rolling One-Year Returns(1)(2)(3)January 1990–June 2010Returns Expressed in Percentage Terms 60 Worst One-Year Return 41.4 37.5 40 33.5 29.4 26.7 26.9 27.6 28.2 27.8 28.0 Average One-Year Return 12.5 20 11.9 11.0 10.3 8.7 8.2 8.3 8.3 9.5 8.4 8.8 8.5 8.6 8.2 8.5 7.9 8.6 8.7 8.1 8.1 Best One-Year Return 0 (5.5) (7.0) Median One-Year (20) (14.7) (9.2) (10.9) Returns (20.2) (25.7) (40) (31.3) (36.8) (42.1) (60) 50% U.S. Stocks 45% U.S. Stocks 40% U.S. Stocks 35% U.S. Stocks 30% U.S. Stocks 25% U.S. Stocks 20% U.S. Stocks 15% U.S. Stocks 6% U.S. Stocks 0% U.S. Stocks 40% Non-U.S. Stocks 35% Non-U.S. Stocks 30% Non-U.S. Stocks 25% Non-U.S. Stocks 20% Non-U.S. Stocks 15% Non-U.S. Stocks 10% Non-U.S. Stocks 5% Non-U.S. Stocks 4% Non-U.S. Stocks 0% Non-U.S. Stocks 0% U.S. Bonds 8% U.S. Bonds 17% U.S. Bonds 27% U.S. Bonds 36% U.S. Bonds 45% U.S. Bonds 54% U.S. Bonds 63% U.S. Bonds 72% U.S. Bonds 80% U.S. Bonds 0% Non-U.S. Bonds 2% Non-U.S. Bonds 3% Non-U.S. Bonds 3% Non-U.S. Bonds 4% Non-U.S. Bonds 5% Non-U.S. Bonds 6% Non-U.S. Bonds 7% Non-U.S. Bonds 8% Non-U.S. Bonds 10% Non-U.S. Bonds Portfolio Mix 10% Cash 10% Cash 10% Cash 10% Cash 10% Cash 10% Cash 10% Cash 10% Cash 10% Cash 10% Cash Year Ending December 2009 29.8 % 25.4 % 20.8 % 15.9 % 11.3 % 6.6 % 2.0 % (2.7)% (6.7)% (10.9)% Worst One-Year Return (42.1) (36.8) (31.3) (25.7) (20.2) (14.7) (9.2) (5.5) (7.0) (10.9) Average of One-Year Losses (15.5) (14.1) (11.8) (9.1) (6.3) (4.0) (3.2) (2.3) (3.1) (4.7) Average of One-Year Returns 8.1 8.1 8.2 8.3 8.3 8.4 8.5 8.6 8.5 8.6 Median One-Year Return 12.5 11.9 11.0 10.3 9.5 8.8 8.7 8.2 7.9 8.7 Average of One-Year Gains 15.4 14.2 13.2 12.4 11.7 10.9 9.9 9.7 9.7 10.1 Best One-Year Return 41.4 37.5 33.5 29.4 26.7 26.9 27.6 28.2 27.8 28.0 % One-Year Negative Returns 23.7 21.5 20.2 19.3 18.9 16.7 10.5 9.2 9.2 10.5 % One-Year Positive Returns 76.3 78.5 79.8 80.7 81.1 83.3 89.5 90.8 90.8 89.5 Note: (1) Rolling one-year returns data are calculated using 228 sample time periods. (2) Indexes used for this analysis include: (i) U.S. Stocks: S&P 500 Index Total Return; (ii) Non-U.S. Stocks: MSCI All Country World ex US Index Total Return ($US); (iii) U.S. Bonds: Ibbotson U.S. Long-Term 20-Year Government Index Total Return; (iv) Non-U.S. Bonds: JPMorgan Global ex-U.S. Government Bond Index Total Return ($US); and (v) Cash: U.S. 30-Day T-Bill Index Total Return. (3) Historical data shown represent past performance and do not guarantee comparable future results. The indexes are unmanaged. An investor cannot invest directly in an index. They are shown for illustrative purposes only and do not represent the performance of any specific investment. Index returns do not include any expenses, fees or sales charges, which would lower performance. Source: Morgan Stanley Smith Barney LLC, Ibbotson Associates.Past performance is no guarantee of future results. Estimates of future performance are based on assumptions that may not be realized. This material is not a solicitation 84of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. Please refer to important information, disclosures and qualifications at the end of this material.
    • GIC Chart Book| June 2010 Global Risk and Reward Analysis Compound Annual Growth Rate of Rolling Five-Year Returns(1)(2)(3)January 1990–June 2010Returns Expressed in Percentage Terms 25 20.0 18.8 Worst Five-Year Rtn 20 17.6 16.5 15.3 14.1 15 12.9 12.7 12.3 12.2 Average Five-Year Rtn 9.8 9.5 9.3 9.3 10 8.2 8.2 8.9 8.2 8.7 8.2 8.2 8.0 7.9 8.0 8.3 8.3 8.2 8.1 7.6 7.7 4.9 3.7 4.0 5 2.6 Best Five-Year Rtn 0.3 1.5 0 (0.8) Median Five-Year Rtn (5) (3.1) (1.9) (4.2) (10) 50% U.S. Stocks 45% U.S. Stocks 40% U.S. Stocks 35% U.S. Stocks 30% U.S. Stocks 25% U.S. Stocks 20% U.S. Stocks 15% U.S. Stocks 6% U.S. Stocks 0% U.S. Stocks 40% Non-U.S. Stocks 35% Non-U.S. Stocks 30% Non-U.S. Stocks 25% Non-U.S. Stocks 20% Non-U.S. Stocks 15% Non-U.S. Stocks 10% Non-U.S. Stocks 5% Non-U.S. Stocks 4% Non-U.S. Stocks 0% Non-U.S. Stocks 0% U.S. Bonds 8% U.S. Bonds 17% U.S. Bonds 27% U.S. Bonds 36% U.S. Bonds 45% U.S. Bonds 54% U.S. Bonds 63% U.S. Bonds 72% U.S. Bonds 80% U.S. Bonds 0% Non-U.S. Bonds 2% Non-U.S. Bonds 3% Non-U.S. Bonds 3% Non-U.S. Bonds 4% Non-U.S. Bonds 5% Non-U.S. Bonds 6% Non-U.S. Bonds 7% Non-U.S. Bonds 8% Non-U.S. Bonds 10% Non-U.S. Bonds Portfolio Mix 10% Cash 10% Cash 10% Cash 10% Cash 10% Cash 10% Cash 10% Cash 10% Cash 10% Cash 10% Cash Year Ending December 2009 2.8 % 3.0 % 3.2 % 3.4 % 3.6 % 3.9 % 4.1 % 4.3 % 4.7 % 5.0 % Worst Five-Year Return (4.0) (2.8) (1.7) (0.6) 0.5 1.6 2.7 3.8 4.7 4.0 Average of Five-Year Losses (1.2) (1.2) (0.9) (0.6) N/A N/A N/A N/A N/A N/A Average of Five-Year Returns 8.4 8.4 8.3 8.3 8.3 8.2 8.2 8.2 8.0 7.9 Median Five-Year Return 10.0 9.6 9.4 9.2 9.0 8.7 8.1 7.6 7.7 8.0 Average of Five-Year Gains 10.3 9.1 8.6 8.4 8.3 8.2 8.2 8.2 8.0 7.9 Best Five-Year Return 20.0 18.8 17.6 16.5 15.3 14.1 12.9 12.7 12.3 12.2 % Five-Year Negative Returns 16.1 6.7 2.8 0.6 0.0 0.0 0.0 0.0 0.0 0.0 % Five-Year Positive Returns 83.9 93.3 97.2 99.4 100.0 100.0 100.0 100.0 100.0 100.0N/A = Not Applicable. For these rolling five-year time periods during January 1990-June 2010, there were no periods of negative returns. Note: (1) Rolling five-year returns data are calculated using 180 sample time periods. (2) Indexes used for this analysis include: (i) U.S. Stocks: S&P 500 Index Total Return; (ii) Non-U.S. Stocks: MSCI All Country World ex US Index Total Return ($US); (iii) U.S. Bonds: Ibbotson U.S. Long-Term 20-Year Government Index Total Return; (iv) Non-U.S. Bonds: JPMorgan Global ex-U.S. Government Bond Index Total Return ($US); and (v) Cash: U.S. 30-Day T-Bill Index Total Return. (3) Historical data shown represent past performance and do not guarantee comparable future results. The indexes are unmanaged. An investor cannot invest directly in an index. They are shown for illustrative purposes only and do not represent the performance of any specific investment. Index returns do not include any expenses, fees or sales charges, which would lower performance. Source: Morgan Stanley Smith Barney LLC, Ibbotson Associates.Past performance is no guarantee of future results. Estimates of future performance are based on assumptions that may not be realized. This material is not a solicitation 85of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. Please refer to important information, disclosures and qualifications at the end of this material.
    • GIC Chart Book| June 2010 Global Risk and Reward Analysis Compound Annual Growth Rate of Rolling Ten-Year Returns(1)(2)(3)January 1990–June 2010Returns Expressed in Percentage Terms 16 14.1 13.6 Worst Ten-Year Rtn 13.2 12.7 12.3 11.8 11.4 11.0 12 10.2 9.7 Average Ten-Year Rtn 7.6 7.6 7.6 7.6 7.6 7.7 7.7 7.7 7.7 7.8 7.8 7.9 8.1 7.8 8.0 7.8 7.9 8 7.4 7.4 7.5 5.1 5.5 Best Ten-Year Rtn 4.6 3.9 4 3.0 2.0 Median Ten-Year Rtn 1.1 0.2 0 (1.6) (0.8) (4) 50% U.S. Stocks 45% U.S. Stocks 40% U.S. Stocks 35% U.S. Stocks 30% U.S. Stocks 25% U.S. Stocks 20% U.S. Stocks 15% U.S. Stocks 6% U.S. Stocks 0% U.S. Stocks 40% Non-U.S. Stocks 35% Non-U.S. Stocks 30% Non-U.S. Stocks 25% Non-U.S. Stocks 20% Non-U.S. Stocks 15% Non-U.S. Stocks 10% Non-U.S. Stocks 5% Non-U.S. Stocks 4% Non-U.S. Stocks 0% Non-U.S. Stocks 0% U.S. Bonds 8% U.S. Bonds 17% U.S. Bonds 27% U.S. Bonds 36% U.S. Bonds 45% U.S. Bonds 54% U.S. Bonds 63% U.S. Bonds 72% U.S. Bonds 80% U.S. Bonds 0% Non-U.S. Bonds 2% Non-U.S. Bonds 3% Non-U.S. Bonds 3% Non-U.S. Bonds 4% Non-U.S. Bonds 5% Non-U.S. Bonds 6% Non-U.S. Bonds 7% Non-U.S. Bonds 8% Non-U.S. Bonds 10% Non-U.S. Bonds Portfolio Mix 10% Cash 10% Cash 10% Cash 10% Cash 10% Cash 10% Cash 10% Cash 10% Cash 10% Cash 10% Cash Year Ending December 2009 1.0 % 1.6 % 2.3 % 2.9 % 3.6 % 4.3 % 4.9 % 5.6 % 6.4 % 7.1 % Worst Ten-Year Return (1.3) (0.4) 0.4 1.3 2.2 3.1 3.9 4.6 5.1 5.5 Average of Ten-Year Losses (0.8) (0.3) N/A N/A N/A N/A N/A N/A N/A N/A Average of Ten-Year Returns 7.4 7.5 7.5 7.6 7.7 7.7 7.8 7.9 7.8 7.8 Median Ten-Year Return 7.8 7.7 7.7 7.7 7.7 7.8 7.9 8.0 7.9 7.9 Average of Ten-Year Gains 7.7 7.6 7.5 7.6 7.7 7.7 7.8 7.9 7.8 7.8 Best Ten-Year Return 14.1 13.6 13.2 12.7 12.3 11.8 11.4 11.0 10.2 9.7 % Ten-Year Negative Returns 3.3 1.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 % Ten-Year Positive Returns 96.7 98.3 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0N/A = Not Applicable. For these rolling ten-year time periods during January 1990-June 2010, there were no periods of negative returns. Note: (1) Rolling ten-year returns data are calculated using 120 sample time periods. (2) Indexes used for this analysis include: (i) U.S. Stocks: S&P 500 Index Total Return; (ii) Non-U.S. Stocks: MSCI All Country World ex US Index Total Return ($US); (iii) U.S. Bonds: Ibbotson U.S. Long-Term 20-Year Government Index Total Return; (iv) Non-U.S. Bonds: JPMorgan Global ex-U.S. Government Bond Index Total Return ($US); and (v) Cash: U.S. 30-Day T-Bill Index Total Return. (3) Historical data shown represent past performance and do not guarantee comparable future results. The indexes are unmanaged. An investor cannot invest directly in an index. They are shown for illustrative purposes only and do not represent the performance of any specific investment. Index returns do not include any expenses, fees or sales charges, which would lower performance. Source: Morgan Stanley Smith Barney LLC, Ibbotson Associates.Past performance is no guarantee of future results. Estimates of future performance are based on assumptions that may not be realized. This material is not a solicitation 86of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. Please refer to important information, disclosures and qualifications at the end of this material.
    • GIC Chart Book| June 2010 Frequency of Beating Inflation by 0%, 3%, and 5%: 1926 - Present Intermed S&P 500 Govt Lg Corp Blend: S&P 500 / Intermediate Govt Blend: S&P 500 / Long Corp Index Bonds Bonds 10/90 20/80 30/70 40/60 50/50 60/40 70/30 80/20 90/10 10/90 20/80 30/70 40/60 50/50 60/40 70/30 80/20 90/10 Average Annualized Return 6.56% 2.16% 2.79% 2.77% 3.34% 3.87% 4.37% 4.83% 5.25% 5.64% 5.99% 6.30% 3.33% 3.83% 4.30% 4.74% 5.13% 5.50% 5.82% 6.11% 6.35% Rolling 1 Year % of Returns > 0% 67.7% 63.7% 65.3% 71.2% 71.5% 70.7% 68.9% 68.0% 67.5% 67.0% 67.6% 67.6% 68.4% 70.0% 69.2% 67.6% 66.8% 66.3% 66.1% 66.6% 67.2% % of Returns > 3% 61.0% 39.5% 47.7% 45.8% 51.6% 53.4% 55.9% 57.8% 59.0% 59.7% 59.6% 60.2% 53.3% 55.7% 56.2% 56.3% 57.9% 59.5% 59.9% 60.0% 60.1% % of Returns > 5% 56.6% 29.0% 37.7% 31.3% 35.0% 41.9% 46.8% 50.2% 53.7% 54.5% 55.8% 56.3% 39.3% 44.1% 46.6% 49.0% 51.4% 53.3% 54.9% 56.3% 56.4% Rolling 3 Year % of Returns > 0% 73.8% 67.7% 67.1% 77.2% 81.4% 80.6% 77.7% 77.0% 76.2% 76.3% 75.7% 74.4% 70.8% 74.1% 76.0% 75.8% 75.2% 75.4% 75.7% 75.1% 73.9% % of Returns > 3% 66.3% 41.5% 50.2% 49.0% 53.4% 55.4% 58.9% 61.5% 63.5% 64.3% 65.6% 65.8% 55.2% 58.1% 59.4% 60.2% 61.3% 62.5% 63.2% 63.9% 64.8% % of Returns > 5% 59.3% 22.8% 33.7% 27.0% 31.0% 38.9% 45.0% 50.2% 52.5% 53.3% 56.2% 57.9% 37.5% 40.9% 45.5% 50.9% 51.4% 54.1% 55.0% 56.2% 57.7% Rolling 5 Year % of Returns > 0% 75.7% 71.0% 60.8% 76.4% 77.7% 79.5% 80.8% 81.1% 80.3% 78.6% 77.9% 77.1% 68.4% 74.0% 76.8% 78.7% 81.4% 81.3% 78.7% 77.1% 76.6% % of Returns > 3% 65.3% 38.3% 45.0% 43.1% 50.8% 55.3% 59.2% 60.6% 61.2% 61.5% 62.3% 63.6% 47.9% 53.7% 57.5% 58.2% 61.2% 61.0% 61.1% 62.6% 63.9% % of Returns > 5% 57.1% 21.2% 34.5% 24.8% 31.8% 39.1% 44.7% 48.2% 52.1% 54.9% 56.0% 56.7% 35.4% 37.1% 42.8% 46.9% 48.8% 50.7% 53.6% 55.8% 56.9% Rolling 10 Year % of Returns > 0% 85.0% 71.4% 61.6% 77.2% 79.9% 83.7% 85.8% 86.7% 86.8% 87.2% 87.2% 86.6% 69.7% 77.6% 82.4% 84.8% 86.5% 87.1% 86.6% 86.6% 86.5% % of Returns > 3% 74.6% 39.0% 40.2% 39.6% 51.2% 59.2% 65.2% 71.6% 74.7% 75.6% 75.4% 74.9% 42.1% 51.2% 60.0% 66.0% 70.5% 73.0% 75.2% 75.1% 75.1% % of Returns > 5% 65.7% 17.3% 32.8% 25.6% 31.0% 37.5% 47.1% 50.2% 56.4% 59.3% 62.4% 64.5% 33.4% 35.2% 39.3% 49.8% 54.6% 59.5% 61.4% 61.9% 64.8% Rolling 20 Year % of Returns > 0% 100.0% 73.1% 59.7% 85.3% 98.1% 99.4% 99.9% 100.0% 100.0% 100.0% 100.0% 100.0% 80.9% 91.2% 92.4% 95.9% 97.4% 98.7% 99.5% 100.0% 100.0% % of Returns > 3% 83.3% 28.9% 33.9% 33.1% 37.2% 53.6% 68.0% 77.3% 79.2% 81.7% 83.2% 84.1% 38.6% 41.9% 58.9% 72.9% 76.6% 77.8% 78.9% 81.5% 83.1% % of Returns > 5% 65.6% 9.9% 19.5% 12.4% 16.9% 22.9% 28.2% 43.9% 56.3% 61.0% 64.2% 65.0% 23.3% 25.6% 26.9% 30.6% 45.1% 59.6% 63.4% 65.1% 65.5% Source: FactSet, Standard & Poors, Ibbotson Associates, Morgan Stanley Smith Barney LLC. Data as of June 2010.Past performance is no guarantee of future results. Estimates of future performance are based on assumptions that may not be realized. This material is not a solicitation 89of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. Please refer to important information, disclosures and qualifications at the end of this material.
    • Benefit from the Inescapable Wisdom of History 877-637-276710/1/1972 5/8/1981 12/13/1989 7/20/1998 2/27/2007 10/1/2015 5/7/2024 3/14/1979 10/18/1987 5/25/1996 12/30/2004 8/6/2013 3/13/2022 11/25/1974 7/2/1983 2/6/1992 9/12/2000 4/21/2009 11/24/2017 7/1/2026 4/10/1980 11/14/1988 6/22/1997 1/27/2006 9/3/2014 4/10/2023 10/28/1973 6/4/1982 1/9/1991 8/16/1999 3/22/2008 10/27/2016 6/3/2025 1/18/1977 8/24/1985 4/1/1994 11/6/2002 6/13/2011 1/18/2020 8/24/2028 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 This material has been prepared for informational purposes only and is not an offer to buy or sell or a solicitation of any offer to buy or sell any security/instrument, or to participate in any trading strategy. Any such offer would be made only after a prospective investor had completed its own independent investigation of the securities, instruments or transactions, and received all information it required to make its own investment decision, including, where applicable, a review of any offering circular or memorandum describing such security or instrument. That information would contain material information not contained herein and to which prospective participants are referred. This material is based on public information as of the specified date, and may be stale thereafter. We have no obligation to tell you when information herein may change. We make no representation or warranty with respect to the accuracy or completeness of this material.
    • Pacific Asset Management Our Approach to Investing Pamria Overview Important Disclosures The information and opinions contained herein were prepared by Pacific Asset Management & Co. Incorporated which is registered with the State of Washington and (pend) SEC registration. (“Pacific Asset Management”). Pacific Asset Management has no obligation to tell you when opinions or information in these materials change. Pacific Asset Management and its affiliates are involved in many businesses that may relate to companies mentioned herein and may lead to conflicts of interest. These businesses may include market making and specialized trading, risk arbitrage and other proprietary trading, fund management, prime brokerage activities, investment services and investment banking. This report is based on public information. Pacific Asset Management makes every effort to use reliable, comprehensive information, but we make no representation that it is accurate or complete. We are not offering to buy or sell the securities mentioned or soliciting an offer to buy or sell them. Pacific Asset Management & Co. Incorporated and/or its affiliate companies, and/or their employees may have an investment in securities and derivatives of securities mentioned herein. The securities/investment strategies discussed herein may not be suitable for all investors. Investors must make their own investment decisions based on their own investment objectives and financial position. Pacific Asset Management recommends that investors independently evaluate each issuer, security, instrument, or strategy discussed, and use any independent advisers they believe necessary. The value of and income from your investment may vary because of changes in interest rates or foreign exchange rates, changes in the price of securities or other indexes in the securities markets, changes in operational or financial conditions of companies and other factors. Past performance is not necessarily a guide to future performance. This may refer to a research analyst/research report. For additional information, research reports and important disclosures, contact me or see https://www.pamria.com. Unless indicated, these views are the author’s and may differ from those of Pacific Asset Management research or others in the Firm. Pacific Asset Management does not render advice on tax and tax accounting matters to clients. This material was not intended or written to be used, and it cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer under U.S. federal tax laws. © Pacific Asset Management