Morgan Stanley AIP Global

Macro Fund LP

Fund Investment Objectives

Morgan Stanley AIP Global Macro Fund LP ("GMF") seeks to generate attractive returns through a broad range of market environments and to provide stable diversification benefits relative to traditional asset classes with the potential to offer downside preservation during challenging market environments. GMF seeks to achieve its objective principally through investing in approximately 10-25 mature and newly formed investment funds managed by third-party investment managers who employ global macro and/ or managed futures investment strategies. Global macro and/or managed futures investment strategies typically involve taking directional positions on a global basis across a broad range of asset classes, including equities, fixed income, currencies and commodities, to capture short and long-term directional moves in various markets. GMF expects the Investment Funds to invest across three dimensions: (i) style (application of views); (ii) inputs (basis for investment views); and (iii) time horizon. Global macro strategies can be systematic or discretionary. In addition, the Investment Managers may employ either or both fundamental inputs and technical inputs for trading decisions. Management fee for Class A are 1.50% up to $5M, 1.25% for $5M to $10M, 1.00% for $10M to $50M, and 0.90% for over $50M. AUM begins January 2011.