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The Desai Group227 W Monroe Ave Suite 3400Chicago, IL 60606

Frank PellicoriVice President(312) [email protected]

John StaabVice President(312) 648-3047 [email protected]

Ajay DesaiManaging director(312) [email protected]

Prepared for : Date:

The Desai Group 2011

Our Practice Philosophy

The Desai Group provides a wide range of capital markets and wealth

management solutions for multi-generational families, wealthy indi-

viduals and family offices. We believe ultra high net worth families and

sophisticated investors require the highest level of personal and profes-

sional services available. Our unique position within the firm allows us to

complement our capital markets capabilities with a comprehensive suite

of Family Office services and investment offerings. In addition, our pres-

ence in the capital markets and deep connections to clients provide us

an information advantage which allows us to more effectively assess risk

and manage a client’s total wealth. We believe in aligning out interests

with those of our clients – ultimately, our success is a direct function of

their success.


Who We Are

Principals Ajay DesaiManaging Director

Ajay specializes in capital markets transactions and man-aging tailored investment programs for high net worth clients and institutions.

Frank PellicoriVice President

Frank specializes in structured transactions and asset al-location for high net worth solutions and institutions.

John StaabSenior Vice President

John specializes in wealth transfer solutions, values based planning, philanthropy, risk management, and custom-ized investment programs for high net worth clients.

We are a highly specialized team within MSSB which focuses on and pro-

vides comprehensive wealth management and capital market solutions

to a select group of families and individuals. We are passionate about our

clients, exceeding their expectations and delivering high value experi-

ences. This creates the intimacy of a boutique combined with the global

reach, resources and opportunities of a Global Investment Bank with over

$1.3 trillion in private client assets.

Team Support Staff Sandip Amin, CFARelationship Manager

Sandip focuses on portfolio analysis, research, and trading.

Randy BurnsHead Trader

Randy focuses on equity, option, and fixed income trading and municipal bond portfolio analysis.

Qui LamGroup Administrator

Qui directs the internal operations of the team as well as managing service initiatives for clients.

Laura RitterRegistered Client Service Associate

Laura assists clients with various cash management needs and supports the administrative services of the team.


Principal Biographies Ajay is a Managing Director and Family Wealth Advisor. He focuses on delivering comprehensive wealth man-agement strategies to ultra high net worth families and individuals. Ajay also advises and provides access to capital markets for institutional entities such as hedge funds and private equity firms. His capabilities include private equity, equity capital markets and market sensi-tive transactions.

Ajay sits on the Advisory Council for Alternative investments as well as the firm’s Philanthropic Advisory Committee.

Prior to MSSB, Ajay worked in Merrill Lynch’s Private Bank-ing and Investment Group. He has managed a technolo-gy-focused hedge fund, co-founded a cash management firm and served as a consultant with Anderson Consulting.

Ajay received his MBA from the University of Chicago Graduate School of Business.

The Desai Group

Frank is a Vice President and Advisor. He focuses on providing comprehensive wealth manage-ment strategies to high net worth families and individu-als. Frank also advises on structured transactions and trading for ultra high net worth and institutional clients. His capabilities include complex transactions, asset al-location and alternative investment due diligence.

Prior to MSSB, Frank worked in Morgan Stanley’s Private Wealth Management Group. He also worked three years managing and advising an ultra high net worth family office.

Frank earned a MSC in Development Studies from the London School of Economics. He also earned his MBA from Kellogg School of Management at Northwestern University and has a BS in Finance from the university of Illinois, Urbana-Champaign.

John is a Vice President and Advisor. He focuses on delivering comprehensive wealth man-agement strategies to ultra high net worth families and individuals. John specializes in working with families who have recently gone through or are preparing for a liquidity event involving either a privately held business or a large concentrated stock position. His capabilities include estate planning and wealth transfer, risk manage-ment, asset allocation, private equity and general capital market transactions.

Prior to MSSB, John worked in Merrill Lynch’s Private Banking and Investment Group. He also worked as an independent floor broker/local in US Treasury futures and options pits at the Chicago Board of Trade.

He earned his BA in Economics from the University of Illinois, Urbana-Champaign. John lives in Clarendon Hills with his wife Melissa and his son Jack. he enjoys travel and golf.


Team Biographies

Qui Lam Qui’s primary responsibilities include managing the oper-ations of the team as well as administrating and servicing the multi-faceted needs of our clients. Qui has worked in the investment management industry since 2000, previ-ously with Bank One’s Private Wealth department ad-dressing and servicing the complex relationship needs of affluent families. She earned her MBA at Northwestern’s Kellogg School of Management and graduated with a B.S. Management Science and a minor in Computer Science at the University of California in San Diego.

Sandip Amin Sandip is a Certified Financial Analyst and a Relationship Manager on the team. He is responsible for performance monitoring, alternative investments, due diligence trade support and client-specific project work. Previously Sandip spent the prior ten years working in commercial finance with Merrill Lynch’s Business Financial Services group and LaSalle Bank N.A.

Randy Bruns Randy’s primary responsibilities on the team are man-aging the group’s daily trading activity in the capital markets including derivatives, equities and fixed income instruments. Randy worked on institutional cash man-agement and municipal bond trading desks with UBS Financial and Merrill Lynch. He graduated from Miami University with a B.S. in Business majoring in finance.

Laura Ritter Laura’s primary responsibilities on the team entail assist-ing clients with the many operational and administrative services required to deliver their customized solutions. Laura graduated from Loyola University Chicago with a B.B.A. in Honors finance and honors Marketing.

Our team members are owners of our practice and are incented to ensure focus on each client’s goals and objectives. Your success is our success.


Wealth Management Defined

Investment Consulting

Advanced Planning

Relationship Management

WM = IC + AP + RM

Investment consulting is the granular process of managing financial assets. It involves assets alloca-tion, manager selection and due diligence as well as performance monitor-ing and reporting.

Advanced planning addresses the range of financial needs beyond investment consulting. It typically consists of four areas: wealth enhance-ment, wealth transfer, wealth protection and philanthropy.

Relationship management involves the coordina-tion of both internal and external experts focused on the critical accounting, financial and legal issues facing your family. We listen closely challenge appropriately and serve relentlessly in order to deliver comprehensive customized solutions.

Your success is our success and we earn your trust each and everyday.


Desai GroupDifferentiator

Institutional Capital Markets

UHNW Families

Capital Markets Information Flow

Superior Risk Management

Enhanced Perspective

Customized WealthManagement Solutions


The Client Experience at the Desai Group

Boutique level of client customization and high-touch service.

Family office approach to integrating a client’s complete advisory team from accounting to financial and legal.

Unique programs in areas like values based planning, multi-generational wealth transfer, and philanthropic planning that are based on a client’s individual family situation, need and risk parameters.

Engagement directly with the principals of the Desai Group to ensure the highest level of personal commu-nication and clarity on the customized solutions recom-mended for each client’s situation.

Insights based on our unique perspective and presence in the institutional capital markets, resulting in superior risk management and custom tailored asset allocation.

Solutions & Services

Alternative Investments Private Equity Manager Searches Consulting Services Discretionary Management

Wealth Transfer and Preservation Charitable Lead and Remainder Trusts Philanthropic Planning Private Family Foundations Family Wealth Advisory Service

Comprehensive Financial Planning Risk Management and Tax Advisory Art Advisory and Curatorial Management Real Estate Advisory Aggregation Reporting Concierge and Bill Pay

Private Banking Services Concierge Services and Select Events Financing Cash Management Custody and Clearing

Tailored Lending Solutions Art and Aircraft Finance Mortgages Margin Loans Lending on Restricted Stock LIBOR Based Lending

Puts and CallsPre-paid ForwardsDiscount Purchase Customized Approach Block Trades Selling Programs

Investment Management andAdvisory Solutions

Trusts and Estates

Family Office Services

Private Banking

Credit and Lending

Concentrated Stock

Client


The Desai Group Commitment To Our Client

The Desai Group is committed to providing the highest level of service

and the broadest range of capital markets and wealth management so-

lutions for multi-generational families, wealthy individuals and family

offices. Our unique position within the firm allows us to complement our

capital markets capabilities with a comprehensive suite of Family Office

services and investment offerings which allows us to more effectively

assess risk and manage a client’s total wealth. We believe in aligning our

interests with those of our clients – ultimately, our success is our clients

success and we earn their trust each and every day.


© 2009 Morgan Stanley Smith Barney LLC. Member SIPC. Consulting Group and Investment Advisory Services are divi-sions of Morgan Stanley Smith BarneyLLC.

Morgan Stanley Smith Barney and its affiliates do not provide tax or legal advice. To the extent that this material or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Any such taxpayer should seek advice based on the taxpayer’s particu-lar circumstances from an independent tax advisor.

A Morgan Stanley Smith Barney (MSSB) relationship does not have to be established or maintained to obtain the products of pricing offered as part of the MSSB Home Loan Program at Citibank or Morgan Stanley Credit Corporation (MSCC). A default (stopping monthly payments) on a mortgage could result in the loss of pledged real estate, securi-ties or both,

All home loans and home equity lines of credit are made by MSCC, Citibank, N.A., or CitiMortgage, Inc., equal housing lenders, and are subject to the respective lenders’ mortgage underwriting standards. CitiMortgage does business as Citicorp Mortgage in NM. Citibank, N.A., and CitiMortgage, Inc. are subsidiaries of Citigroup, Inc. MSCC is a subsidiary of Morgan Stanley. MSSB is a subsidiary of both Citigroup, Inc. and Morgan Stanley.Our policy does not permit clients to use the proceeds of a home loan to invest in securities or other investments through MSSB or its affiliates. Neither you nor the respective lender pay any fee for the services of MSSB in connec-tion with the MSSB Home Loan Program. If a loan closes with MSCC, Citibank, N.A., or CitiMortgage, Inc., MSSB may credit the Financial Advisor with a sales credit of up to seven tenths of one percent (0.7%) of the principal amount of the loan. The MSSB Home Loan Program only includes certain mortgage products offered by MSCC, Citibank, N.A., or CitiMortgage, Inc. There are frequently other lenders available with similar loan products. You are free to shop around to determine that you are receiving the best services and the best rate for these services. Arizona Mortgage Broker License No. MB-0910887; Licensed by The Department of Corporations under the California Finance Lenders Law; Licensed by the New Hampshire Banking Department; Licensed by the New Jersey Department of Banking and Insurance; Registered Mortgage Broker-NYS Banking Department. Mortgage brokers may not make loans.

All commercial loans and lines are made by Citibank, N.A., equal opportunity lender. All credit products are subject to satisfaction of Citibank’s underwriting guidelines and credit approval. Banking and credit products and services are provided by Citibank, N.A. (Member FDIC) and/or its banking or lending affiliates. Minimum balances and/or fees may apply to certain products - see your banker for details.

Disclosures

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