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Stategic Forecasting Inc.

DRAFT OF 5/17/2011 CONFIDENTIAL PRIVILEGED COMMUNICATION ATTORNEY WORK PRODUCT. Stategic Forecasting Inc. Illustration of Joint Venture & Proposed Restructuring. Stratcap Funds. Shareholders. 100% Economic 0% Voting. 0% Economic 100% Voting. Stratfor Newco. Stratfor. Morenz Member.

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Stategic Forecasting Inc.

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  1. DRAFT OF 5/17/2011 CONFIDENTIALPRIVILEGED COMMUNICATIONATTORNEY WORK PRODUCT Stategic Forecasting Inc. Illustration ofJoint Venture & Proposed Restructuring

  2. Stratcap Funds Shareholders 100% Economic0% Voting 0% Economic100% Voting StratforNewco Stratfor Morenz Member Morenz Group GeorgeFriedman 90% 10% Newco New Stratfor 90% 5% 10% 70% 5% 20% Stratcap Management Companies Various% Stratcap Funds

  3. Circular 230 Notice To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or tax-related matters addressed herein.

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