Morgan Stanley AIP

Multi-Strategy Fund A

Fund Investment Objectives

AIP Multi-Strategy Fund A ("Multi-Strategy Fund A" or the "Fund") seeks long-term capital appreciation by investing substantially all its assets in investment funds ("Investment Funds") managed by unaffiliated third-party investment managers ("Investment Managers") who employ a variety of investment strategies in pursuit of attractive risk-adjusted returns (i.e., returns adjusted to take into account the volatility of those returns, as measured in the manner described below) consistent with the preservation of capital. These investment strategies allow Investment Managers the flexibility to use leveraged or short-sale positions to take advantage of perceived inefficiencies across the global capital markets. The Fund measures the volatility of its returns by standard deviation, which is a measure of risk that represents the degree to which an investment's performance has varied from its average performance over a particular period. Management Fee has a maximum operating expense ratio of 1.75%. AUM begins January 2011.