Mainstay Epoch Global Equity Yield SMA Fiduciary Services Mainstay

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MainStay Epoch Global Equity Yield SMA Fiduciary Services MainStay Funds Style: Global Equities Year Founded: 2000 Sub-Style: Value-oriented GIMA Status: Approved 169 Lackawanna Avenue Firm AUM: $42.5 billion Firm Ownership: New York Life Insurance Company Parsippany, New Jersey 07054 Firm Strategy AUM: $64.5 million Professional-Staff:

PRODUCT OVERVIEW TARGET PORTFOLIO CHARACTERISTICS PORTFOLIO STATISTICS * The Epoch Global Equity Yield (ADR) portfolio pursues attractive total Number of stock holdings: 90 to 120 ------03/16------09/15 returns with an above-average level of income by investing in a Average dividend yield: Below the S&P 500 MainStay------Index*** MainStay diversified portfolio of global companies with strong and growing free Cash level over market cycle: — Number of stock holdings 93 2,482 — cash flow. Companies in the portfolio possess managements that focus Risk (standard deviation): Below the S&P 500 on creating value for shareholders through consistent and rational capital Average turnover rate: 20 to 40% Wtd avg dividend yield 3.9% 2.7% — allocation policies with an emphasis on cash dividends, share Capitalization: — repurchases and debt reduction - the key components of what we call Wtd avg portfolio beta —— — Emerging markets exposure: — "shareholder yield." 0.0% 28.6% 0.0% Mega capitalization ⁺ Large capitalization ⁺ 0.0% 52.4% 0.0% Medium capitalization ⁺ 0.0% 18.2% 0.0% Small capitalization ⁺ 0.0% 0.8% 0.0% Micro capitalization ⁺ 0.0% 0.0% 0.0%

PORTFOLIO'S EQUITY SECTOR WEIGHTINGS ⁺⁺⁺ * ------03/16 ------09/15 Sector MainStay Index*** MainStay PORTFOLIO'S TOP FIVE EQUITY HOLDINGS * % Energy 6.60 6.50 0.00 PPL CORP COM 2.0 Materials 3.10 4.81 0.00 NATIONAL GRID PLC SPON ADR N 2.0 1.9 Industrials 8.80 10.55 0.00 WEC ENERGY GROUP INC COM WELLTOWER INC 1.9 Consumer Discretionary 4.60 12.91 0.00 DUKE ENERGY CORPORATION COM 1.9 Consumer Staples 14.10 10.66 0.00 Health Care 6.90 11.71 0.00 Financials 16.60 20.37 0.00 % PROCESS BASED ON 0 Country Weightings Information Technology 5.60 15.05 0.00 0 Currency Decision Telecomm Services 14.70 3.98 0.00 0 Currency Hedge MANAGER'S INVESTMENT STRATEGY Utilities 15.30 3.47 0.00 0 Industry/Sector Selection 0 Asset Allocation £ Top-down / portfolio structures based on economic trends Cash/Cash Equivalents 3.70 0.00 0.00 0 Issue Selection X Bottom-up / portfolio structure based on individual securities

⁺Total may not equal 100% due to rounding. *As represented by MainStay. ***Index : MSCI AC Wld Nt

Past performance is no guarantee of future results. This profile is not complete without the pages, which contain important notes, including disclosures about the composite, index descriptions and a glossary of terms. Information shown is as of March 31, 2016, unless otherwise noted. All data are subject to change. Page 1 of 7

MainStay Epoch Global Equity Yield SMA Fiduciary Services

MANAGER'S INVESTMENT PROCESS RISK CONSIDERATIONS PORTFOLIO'S ALLOCATION HISTORY (%) ⁺⁺⁺ * • Strategy uses proprietary quantitative research to identify potential Investing in securities entails risks, including: International 03/16 12/15 09/15 06/15 investments. Factors include high current dividend yield, growth in cash investing should be considered one component of a complete U.S. Stocks 50 0 0 0 flow, cash from operations that exceeds dividends and no dividend and diversified investment program. Investing in foreign markets ADRs 50 0 0 0 cancellations. entails greater risks than those normally associated with • Stocks are then subject to rigorous fundamental research. Develop an domestic markets such as foreign political, currency, economic investment thesis as assessing the sources of the company's long-term and market risks. Equity securities' prices may fluctuate in value creation and management's ability to nurture it. response to specific situations for each company, industry, market conditions and general economic environment. Companies paying dividends can reduce or cut payouts at any time. Strategies that invest a large percentage of assets in only one industry sector (or in only a few sectors) are more vulnerable to price fluctuation than portfolios that diversify among a broad range of sectors. Growth investing does not guarantee a profit or eliminate risk. The stocks of these companies can have relatively high valuations. Because of these high valuations, an investment in a growth stock can be more risky than an investment in a company with more modest growth expectations. Value investing does not guarantee a profit or eliminate risk. Not all companies whose stocks are considered to be value stocks are able to turn their business around or successfully employ corrective strategies which would result in stock prices that do not rise as initially expected.

PORTFOLIOS COUNTRY WEIGHTINGS % ⁺⁺⁺ * ------03/16 ------09/15 Country MainStay Index*** MainStay

⁺Total may not equal 100% due to rounding. *As represented by MainStay. ***Index : MSCI AC Wld Nt

MainStay Epoch Global Equity Yield SMA Fiduciary Services

RISK/RETURN ANALYSIS - 5 YEARS ENDING 03/31/16 AVERAGE ANNUAL TOTAL RETURN (%) - PERIODS ENDING 03/31/16 R R a a t t e e

o o f f

R R e e t t u u r r n n s Standard Deviation s

STD ROR INVESTMENT RESULTS Annual Rates of Return (%) 5 Year - Ending 03/31/16 MainStay (Gross) 9.27 10.06 2010* 2011 2012 2013 2014 2015 Annual Std. Dev. MainStay (Gross) 5.89 10.29 12.37 25.76 7.29 -3.34 10.06 9.27 MainStay (Net) 9.22 6.85 5.89 7.11 9.07 22.12 4.09 -6.13 6.85 9.22 MSCI AC Wld Nt 13.36 5.23 MainStay (Net) 90-Day T-Bills 0.02 0.06 MSCI AC Wld Nt 8.73 -7.36 16.13 22.84 4.15 -2.35 5.23 13.36 *12/01/2010-12/31/2010

RISK VOLATALITY (%) PORTFOLIO'S RISK STATISTICS - PERIODS PORTFOLIO'S QUARTERLY RETURNS (%) ENDING 03/31/16 ¹ ² R Quarter1 Quarter2 Quarter3 Quarter4 3 Year 5 Year a Gross Net Gross Net Gross Net Gross Net t Standard Deviation 7.62% 9.27% 2010 5.89 5.89 e 9.40% 13.36% 2011 6.25 5.46 3.78 3.05 -9.07 -9.76 9.99 9.23 Standard Deviation of Primary Benchmark o 2012 5.60 4.81 0.62 -0.13 4.37 3.60 1.33 0.57 1.10 1.08 f 2013 8.60 7.76 1.44 0.71 6.75 5.99 6.94 6.17 Sharpe Ratio

2014 3.46 2.66 5.66 4.89 -3.09 -3.84 1.27 0.52 Sharpe Ratio of Primary 0.58 0.39 R Benchmark e 2015 0.11 -0.63 -1.37 -2.09 -4.19 -4.89 2.16 1.44 t 2016 6.16 5.35 Alpha 4.70% 6.68% u Beta 0.65 0.59 r Related Fiduciary Services 2.57% 3.73% n Downside Risk s R-Squared 0.65 0.73 Tracking Error 5.59% 7.27% Information Ratio 0.51 0.66 *04/01/11-12/31/11 **01/01/16-03/31/16 Number Of Up Qtrs. Down Qtrs. PORTFOLIO DIVERSIFICATION - R ² (INCEPTION THROUGH 12/14)+ 1. Statistics are calculated using gross of fee performance only. MainStay (Gross) 16 4 R² 2. MSCI AC Wld Nt was used as the primary 0.73 MainStay (Net) 14 6 MainStay vs. MSCI AC Wld Nt benchmark and the 90-Day T-Bills Index as the

MSCI AC Wld Nt 15 5 risk-free benchmark. +Statistics are calculated using gross of fee performance only.

See important notes and disclosures pages for a discussion of the sources of the performance data used to calculate the performance results and related analyses shown above.

MainStay Epoch Global Equity Yield SMA Fiduciary Services

COMPOSITE DISCLOSURES The performance composite calculated by Epoch Investment Partners includes all accounts on wrap or managed account platforms that are managed by Epoch using Epoch's Global Equity (ADR) Strategy Past performance is no guarantee of future results. Actual individual account results may differ included after one full month of management. Total Return Methodology and Fee from the performance shown in this profile. There is no guarantee that this investment strategy Structure—Composite returns are presented on a pure gross basis and on a net of management fee will work under all market conditions. Do not use this profile as the sole basis for your basis and include the reinvestment of all income. Composite performance is presented net of foreign investment decisions. withholding taxes on dividends, interest income, and capital gains. Withholding taxes may vary according to the investor’s domicile. All information is calculated in USD. Returns include the effect of Performance results in this profile are calculated assuming reinvestment of dividends and income. foreign currency exchange rates. Periods over one year are annualized. Net of fee returns reflect the Returns for more than one year are annualized and based on quarterly data. Returns for periods of deduction of the highest annual management fee for wrap and managed accounts of 3% annually, less than a calendar year show the total return for the period and are not annualized. linked monthly. Net-of-fee performance reflects the compounding effect of such fees. Pure gross returns do not reflect the deduction of management fees or transaction costs except for the Related Performance (Manager's Composite): supplemental return information shown where pure gross returns include transaction costs. Different For periods before the date on which Morgan Stanley begins to calculates an applicable performance methods can be applied to the calculation of performance data. Past performance is not indicative of composite for actual Morgan Stanley program accounts, the performance composite and certain other future results. An account could incur losses as well as gains. Epoch's Global Equity Shareholder Yield information for this strategy (including the data on page 1 of this profile) are based on the investment Composite is a diversified portfolio of global equity securities with a history of attractive dividend yields manager's own composite and data. This composite includes accounts managed by the investment and positive growth in free cash flow. The primary objective of this product is to seek a high level of manager according to the same or a substantially similar investment strategy. To provide maximum income, with capital appreciation as a secondary investment objective. The creation date and inception information to you, the investment manager's own composite is linked to the Morgan Stanley date for this composite was January 2006. Epoch’s Global Equity Yield (ADR) - SMA Composite is a composite to create a simulated continuous track record of performance information for the investment diversified portfolio of global equity securities with a history of attractive dividend yields and positive strategy. The investment manager's composite may include separately managed accounts , institutional growth in free cash flow. The primary objective of this product is to seek a high level of income, with accounts and/or mutual funds. Performance and other data for the investment managers composite capital appreciation as a secondary investment objective. The portfolio invests in both US and non-US may vary from that of Morgan Stanley accounts due to differences such as the availability and domiciled companies. Exposure to non-US companies is achieved through the use of ADRs. The weighting of securities, trading implementation or client objectives. Morgan Stanley does not verify Epoch Global Equity Yield (ADR) – SMA Composite includes all accounts on wrap or managed composite and other data provided by the investment manager and therefore does not guarantee its account platforms that are managed by Epoch using Epoch's Global Equity (ADR) Strategy. The accuracy. Some of the accounts in the investment managers composite may have invested in the creation date for this composite was November 2010. Performance is expressed in U.S. dollars. No initial public offering ("IPO") market, whereas accounts held in Morgan Stanley programs do not do so. leverage or derivatives have been used in this composite. A complete list and description of Since investment managers may use different methods of selecting accounts to be included in their composites, additional information regarding policies for calculating and reporting returns and the composites and for calculating performance, returns of different investment managers may not be performance results are available upon request. comparable. Fiduciary Services Performance: Related Performance: Gross Performance: MainStay’s gross results do not reflect a deduction of any investment advisory fees or program fees, charged by MainStay or Morgan Stanley, but are net of commissions charged on securities transactions.

Net Performance for all Periods: To demonstrate the e ffect of Morgan Stanley's fees that would have applied if you had invested in the investment manager strategy's through the Fiduciary Services program, the net results for all periods are calculated by deducting a quarterly fee of 0.75% (equivalent to an annual fee of 3%).

Morgan Stanley program fees are usually deducted quarterly, and have a compounding effect on performance. The Morgan Stanley program fee, which differs among programs and clients, is described in the applicable Morgan Stanley ADV brochure, which is available at www.morganstanley.com/ADV or on request from your Financial Advisor or Private Wealth Advisor.

Document approval date February 2013.

MainStay Epoch Global Equity Yield SMA Fiduciary Services

Fiduciary Services is a separately managed account program sponsored by Morgan Stanley. For The investment manager may use the same or substantially similar investment strategies, and may periods for which sufficient data is available, the profile shows a composite of client accounts managed hold similar portfolios of investments, in other portfolios or products it manages (including mutual by the investment manager in the Fiduciary Services program. Through June 2012, Morgan Stanley funds). These may be available at Morgan Stanley or elsewhere, and may cost an investor more or offered the Fiduciary Services program through two channels - the Morgan Stanley channel and the less than this strategy in the Morgan Stanley Fiduciary Services program. Smith Barney channel. For periods through June 2012, any composite based on Fiduciary Services accounts consists of Fiduciary Services accounts managed by the manager in the strategy in either The portfolio may, at times, invest in exchange-traded funds (ETFs), which are a form of equity the Morgan Stanley channel or the Smith Barney channel. If the strategy or similar strategies were security in seeking to maintain continued full exposure to the broad equity market. available in both the Morgan Stanley and Smith Barney forms of the program, through June 2012 this profile presents the composite for the strategy that is closest to the strategy currently offered in the Morgan Stanley investment advisory programs may require a minimum asset level and, depending on Fiduciary Series program. If both strategies were equally close, this profile shows through June 2012 your specific investment objectives and financial position, may not be suitable for you. Investment the longer of the two composites. From July 2012, any composite based on Fiduciary Services advisory program accounts are opened pursuant to a written client agreement. The investment accounts consists of all Fiduciary Services accounts managed by the manager in the strategy, subject manager acts independently of, and is not an affiliate of, Morgan Stanley Smith Barney LLC. to any other limitations stated in this profile. Performance and other data for Fiduciary Services Diversification does not guarantee a profit or protect against a loss. composites may differ from composites in other Morgan Stanley programs, and performance and data for composites in one channel may differ from composites in the other channel, due to differences such as the availability and weighting of securities, trading implementation or client objectives. No obligation to notify Morgan Stanley has no obligation to notify you when information in this profile changes. Focus List, Approved List, and Watch Status: Sources of information Material in this profile has been obtained from sources that we believe to be Global Investment Manager Analysis ("GIMA") uses two methods to evaluate investment products in reliable, but we do not guarantee its accuracy, completeness or timeliness. Third party data providers applicable advisory programs. In general, strategies that have passed a more thorough evaluation may make no warranties or representations relating to the accuracy, completeness or timeliness of the data be placed on the "Focus List", while strategies that have passed through a different and less they provide and are not liable for any damages relating to this data. comprehensive evaluation process may be placed on the "Approved List". Sometimes an investment product may be evaluated using the Focus List process but then placed on the Approved List instead of the Focus List. No tax advice Morgan Stanley and its affiliates do not render advice on legal, tax and/or tax accounting Investment products may move from the Focus List to the Approved List, or vice versa. GIMA may also matters to clients. Each client should consult his/her personal tax and/or legal advisor to learn about determine that an investment product no longer meets the criteria under either evaluation process and any potential tax or other implications that may result from acting on a particular recommendation. will no longer be recommended in investment advisory programs (in which case the investment product is given a "Not Approved" status). GIMA has a "Watch" policy and may describe a Focus List or Approved List investment product as Not an ERISA fiduciary Morgan Stanley is not acting as a fiduciary under either the Employee being on "Watch" if GIMA identifies specific areas that (a) merit further evaluation by GIMA and (b) Retirement Income Security Act of 1974, as amended, or under section 4975 of the Internal Revenue may, but are not certain to, result in the investment product becoming "Not Approved". The Watch Code of 1986, as amended, in providing the information in this profile. period depends on the length of time needed for GIMA to conduct its evaluation and for the investment manager to address any concerns. GIMA may, but is not obligated to, note the Watch status in this ©2015 Morgan Stanley Smith Barney LLC Member SIPC. report with a "W" or "Watch" on the cover page. For more information on the Focus List, Approved List, and Watch processes, please see the INDEX DESCRIPTIONS applicable Morgan Stanley ADV brochure (www.ms.com/adv). Your Financial Advisor or Private Wealth Advisor can provide on request a copy of a paper entitled "GIMA: At A Glance ". 90 -Day T -Bills

The 90-Day Treasury Bill is a short-term obligation issued by the United States government. T-bills are ADDITIONAL DISCLOSURES purchased at a discount to the full face value, and the investor receives the full value when they The information about a representative account is for illustrative purposes only. Actual account mature. The difference of discount is the interested earned. T-bills are issued in denominations of holdings, performance and other data will vary depending on the size of an account, cash flows within $10,000 auction and $1,000 increments thereafter. an account, and restrictions on an account. Holdings are subject to change daily. The information in this profile is not a recommendation to buy, hold or sell securities.

Actual portfolio statistics may vary from target portfolio characteristics.

MainStay Epoch Global Equity Yield SMA Fiduciary Services

MSCI AC Wld Nt Downside Risk is a measure of the risk associated with achieving a specific target return. This The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to statistic separates portfolio volatility into downside risk and upside uncertainty. The downside considers measure the equity market performance of developed and emerging markets. The MSCI ACWI all returns below the target return, while the upside considers all returns equal to or above the target consists of 46 country indexes comprising 23 developed and 23 emerging market country indexes. return. The developed market country indexes included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Duration is a measure of price sensitivity expressed in years. Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indexes included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, High Grade Corporate Bonds corporate bonds from issuers with credit ratings of AA or AAA. Russia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates (as of June 2014). Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international Information Ratio is a measure of the investment manager's skill to add active value against a given indices) a tax rate applicable to non-resident institutional investors who do not benefit from double benchmark relative to how stable that active return has been. Essentially, the information ratio explains taxation treaties. For historical return purposes the AC World gross returns are being used from how significant a manager's alpha is. Therefore, the higher the information ratio, the more significant 1/31/1988 to 12/31/1998 and the net returns begin as of 1/31/1999. the alpha.

S&P 500 Investment Grade Bonds are those rated by Standard & Poor's AAA (highest rated), AA, A or BBB (or equivalent rating by other rating agencies or, in the case of securities not rated, by the investment The S&P 500 Total Return has been widely regarded as the best single gauge of the large cap U.S. manager). equities market since the index was first published in 1957. The index has over $5.58 trillion benchmarked, with index assets comprising approximately $1.31 trillion of this total. The index Price/Book Ratio (P/B) weighted average of the stocks' price divided by book value per share. Book includes 500 leading companies in leading industries of the U.S. economy, capturing 75% coverage of value per share is defined as common equity, including intangibles, divided by shares outstanding U.S. equities. This index includes dividend reinvestment. times the adjustment factor.

Indices are unmanaged and have no expenses. You cannot invest directly in an index.

Price/Cash Flow Ratio a ratio used to compare a company's market value to its cash flow. It is GLOSSARY OF TERMS calculated by dividing the company's market cap by the company' operating cash flow in the most Alpha is a mathematical estimate of risk-adjusted return expected from a portfolio above and beyond recent fiscal year (or the most recent four fiscal quarters); or, equivalently, divide the per-share stock the benchmark return at any point in time. price by the per-share operating cash flow.

American Depositary Receipts (ADRs) are receipts for shares of a foreign-based corporation held in Price/Earnings Ratio (P/E Ratio) shows the multiple of earnings at which a stock sells. Determined the vault of a U.S. bank. by dividing current stock price by current earnings per share (adjusted for stock splits). Earnings per share for the P/E ratio are determined by dividing earnings for past 12 months by the number of Average Portfolio Beta is a measure of the sensitivity of a benchmark or portfolio's rates of return to common shares outstanding. The P/E ratio shown here is calculated by the harmonic mean. changes against a market return. The market return is the S&P 500 Index. It is the coefficient measuring a stock or a portfolio's relative volatility. Price/Sales Ratio determined by dividing current stock price by revenue per share (adjusted for stock splits). Revenue per share for the P/S ratio is determined by dividing revenue for past 12 months by Beta is a measure of the sensitivity of a portfolio's rates of return to changes in the market return. It is number of shares outstanding. the coeffecient measuring a stock or a portfolio's relative volatility. R2 (R -Squared)/Portfolio Diversification indicates the proportion of a security's total variance that is Bottom -Up Stock Selection Emphasis primarily on individual stock selection. Considerations of benchmark-related or is explained by variations in the benchmark. economic and industry factors are of secondary importance in the investment decision-making process. Sharpe Ratio measures the efficiency, or excess return per unit of volatility, of a manager's returns. It evaluates managers' performance on a volatility-adjusted basis. Capitalization is defined as the following: Mega (Above $100 billion), Large ($12 to $100 billion), Medium ($2.5 - $12 billion), Small ($.50 - $2.5 billion) and Micro (below $.50 billion).

Dividend a portion of a company's profit paid to common and preferred shareholders.

MainStay Epoch Global Equity Yield SMA Fiduciary Services

Standard Deviation is a statistical measure of historical variability or spread of returns around a mathematical average return that was produced by the investment manager over a given measurement period. The higher the standard deviation, the greater the variability in the investment manager's returns relative to its average return.

Top -Down/Economic Analysis Emphasis primarily on macroeconomic trends as opposed to bottom-up stock selection.

Tracking Error represents the standard deviation of the difference between the performance of the investment strategy and the benchmark. This provides a historical measure of the variability of the investment strategy's returns relative to its benchmark.

U.S. Treasury Bonds a marketable, fixed interest U.S. government debt security with a maturity of more than 10 years. Treasury bonds make interest payments semi-annually and the income that holders receive is only taxed at the federal level.

Volatility a measure of risk based on the standard deviation of the asset return. Volatility is a variable that appears in option pricing formulas, where it denotes the volatility of the underlying asset return from now to the expiration of the option. There are volatility indexes. Such as a scale of 1-9; a higher rating means higher risk.