1. MPSIF Organizational Structure 20 September 1999

2. First Step n Multiple Needs within MPSIF and the Funds –Administration, Idea Generation, Management Allocate Roles to Facilitate the Start-up Process and the Active Management of the Funds

3. MPSIF Roles 1. Portfolio / General Manager (1) - Oversees all aspects of respective Fund - Coordinates Portfolio Construction - Final say on investment decisions - Risk Manager - Member of Management Committee

4. MPSIF Roles (cont.) 2. Directors of Research (2-3) - Responsible for coordinating research effort - Initiate in-house research and gather sell- side research - Interact with sell-side analysts; attend investor conferences

5. MPSIF Roles (cont.) 3. Trader (1) - Responsible for trade execution, settlement - Position monitoring, mark-to-market reports - Research software for position keeping - Custody, broker lines, ECN’s

6. MPSIF Roles (cont.) 4. Economists (2) - Develop Macroeconomic View - Coordinate with Directors of Research - Interact with outside economists; attend investor conferences

7. MPSIF Roles (cont.) 5. Marketing, Reporting, Compliance (2) - Responsible for all required reports (quarterly, annual, any filings) - Documentation : acct openings, acct reports (NYU, brokers, ECNs) - PR: Website, Opportunity, - Expert on legal issues unique to MPSIF

8. Matrix

9. Next Step n Each Fund and each Role Sub-Group will outline/identify tasks n Pool Resources: Research, Contacts n Set Timetable for task completion n Target Date for First Investment: 1 December 1999 1 December 1999