Morgan Stanley Opportunistic

Fund LP

Fund Investment Objectives

Morgan Stanley Opportunistic Fund LP ("MSOF") seeks capital appreciation principally through investing in approximately 15-25 underlying investment funds ("Investment Funds") managed by investment managers ("Investment Managers") who employ a variety of strategies. These strategies allow Investment Managers the flexibility to use leveraged or short-sale positions to take advantage of perceived inefficiencies across the global capital markets, and are referred to as "alternative investment strategies" in contrast to the investment programs of "traditional" investment companies, such as mutual funds. "Traditional" investment companies are characterized generally by long only investments and limits on the use of leverage. Morgan Stanley Opportunistic Fund LP ("MSOF") seeks capital appreciation principally through investing in approximately 15-25 underlying investment funds ("Investment Funds") managed by investment managers ("Investment Managers") who employ a variety of strategies. Through the selection and ongoing monitoring of Investment Funds, the Fund seeks to achieve capital appreciation that may exhibit moderate correlation with fixed income or equity indices and aims not to be disproportionately influenced by the performance of any single Investment Fund. In addition, by constructing a portfolio that is comprised of a number of Investment Funds, the Fund seeks to achieve the desired capital appreciation with lower volatility than likely would be achieved by investing in most individual Investment Funds. Management Fee is 1.00% if greater than or equal to $10M and 1.25% is less than $10M. AUM begins January 2011.