4 Analysis and Investment Process 8 An Overview of Our Services 13 Meet the Team

Excelsior Wealth Management at Morgan StanleySophisticated Planning for Successful Individuals and Families

Excelsior Wealth Management at Morgan Stanley

522 Fifth Avenue15th Floor, New York, New York 10036

212-296-1026 / MAIn

866-930-1474 / Toll-Free 212-296-1059 / Fax

excelsiorwealth@morganstanley.com

Our Commitment:

You enjoy the rewards of success. We’ll take care of the complexities.

The talents and attributes necessary to achieve financial success are not always consistent with the skill sets needed to preserve and grow significant wealth. Successful financial planning requires specialization across a broad range of disciplines, from investment management to estate issues, to insurance, to philanthropy, etc. The process of building a fulfilling career, or even a great company, may not leave you with enough time or wherewithal to focus on your personal finances.

Success in business does, however, teach you how to delegate. At Excelsior Wealth Management, we liken our client relationships to that of a “CEO” and a “CFO” of a successful enterprise. As the “CEO” you set the course and supply the vision. As your “CFO,” we marshal the broad range of talents necessary to help turn that vision into a reality through the implementation of effective planning. At Excelsior Wealth Management, we are well versed in the diverse and complex issues surrounding significant wealth, and we are qualified to help you address them.

Serving as a virtual family office for highly successful people, we seek to simplify your financial affairs so you can enjoy the rewards of your success. We are a team of skilled individuals who can help provide you with privileged access to world-class talent. We are deeply committed to delivering the highest levels of service, competence and performance.

We look forward to establishing a long and productive relationship.

excelsior wealth management at morgan stanley

SCOTT SKLAR Managing Director

JESSE S. FRIEDMAN, CFp®Vice President

CRAIG S. pASTOLOVE, CIMA®, CpWA®Managing Director, Family Wealth Director

Our Process

How we go about understanding and addressing your needs. We take a holistic approach to help meet the financial needs of our clients. We dedicate however much time is necessary to learn everything we possibly can about your financial and professional life, and anything about your personal life, you wish to share. Our process provides us with the context to develop and implement strategies intended to help you reach your most important goals.

DISCOVERy In our initial meetings, we work to develop a well-rounded understanding of your financial and personal situation. We will talk about how you earned your money and where you currently have it invested. We learn all we can about your history, your family, your interests, your greatest concerns and high-est aspirations. We ask about your lifestyle and how much income is required to support it. Your feelings on liability management, philanthropy and legacy planning are also very important to consider.

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ANALySIS We gather a team of highly experienced professionals, including financial planners, portfolio managers, and trust & estate attorneys to pore over your financial documents and discuss the information you have given us. We’ll review your insurance policies from an objective perspective, as we do not sell insurance ourselves. With your approval, we will also reach out to your accountant and other trusted advisors to gain their per-spective and coordinate our efforts. If any of these are not in place, we have a network of qualified profes-sionals to fill the gap.

RECOMMENDATIONS Our exhaustive due diligence allows us to identify areas of strength, concern and op-portunity. We then draw on the vast resources of our firm to develop appropri-ate strategies. The resulting analysis encompasses all of your holdings, your business, your asset allocation, your li-abilities, your trust and estate work and any appropriate financial issues. We detail our thoughts on every security in every portfolio, highlighting potential opportunities to help reduce risk and increase performance.

IMpLEMENTATION We execute all asset allocations changes we have developed together and help provide any addi-tional services you require. Typically this extends well beyond traditional investment management. We quarterback the effort with your tax and legal counsel, reaching out to them to help make sure they concur with any strategies we suggest. Our team takes on the burden of handling transfers and reconciliations to help minimize demands on your time.

MONITORING As both the markets and your personal needs evolve, we strive to make sure that your strategies stay on track. We provide regular, consoli-dated performance reporting and online access to your account information. We will inform you when your portfolio strays outside the guidelines that have been set or if the macro economic environment causes our recommendation to change. We will then prudently ad-just the portfolio to comply with the policy we set.

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We take a highly pragmatic approach to the construction of investment portfolios, encouraging our clients to utilize cost-effective passive indexes combined with active management. We believe the most efficient asset classes, including large cap domestic and international equities, are best accessed via cost-effective, tax-efficient strategies. We believe less-efficient asset classes — hedge funds, real estate, small cap and emerging market companies, for example — are best handled by choosing from top independent money managers who have the potential to help add significant value and/or downside protection versus an index. Our extensive contacts in the institutional investment community help us immeasurably in this effort, allowing us to gather and synthesize intelligence that is typically not accessible to the individual investor.

Complementing a tax-efficient, passive core portfolio with active satellite managers in specialized disciplines helps control costs while potentially augmenting risk-adjusted returns. This combined approach allows us to pursue the most appropriate balance of risk and reward.

Institutional Caliber Investment Management

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INSTITuTIONAL

hIGh NET WORTh

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ExCELSIOR WEALTh MANAGEMENT=

Investment Management and Market Volatility

Times of extreme market volatility, like those experienced in recent years, are invariably stressful. When markets decline sharply, it is tempting for even risk-tolerant investors to dump their risk assets in order to stem the potential for further losses in their portfolios. Such actions, however, may also eliminate the potential for recovery when markets turn around. The key to success in wealth management is to determine the appropriate allocation mix BeFore markets decline. This allows investors to be comfortable with their risk exposure throughout periods of short-term volatility. Maintaining a cash position during periods of market volatility may allow for them to potentially profit while other people may panic. In fact, at excelsior Wealth Management, we have seen that the most volatile markets can potentially create the most promising investment opportunities for those with a proper plan and discipline.

Investment Management We help develop asset-allocation strategies utilizing our core satellite strategy and select appropriate invest-ment managers when applicable. This may include hedge funds, fund-of-funds, private equity, managed futures and other specialists. We hedge or monetize concentrated positions and build portfolios around them, as these securities are often not available for immediate sale.

OneView®

OneView® aggregates all of your accounts, whether held at Morgan Stanley or elsewhere, providing you with a holistic view of your overall finances. Simply by logging on to morganstanley.com, you can see a consolidated view of invest-ments, bank accounts and insurance, together with liabilities such as credit cards, mortgages and other loans. You can even include personal assets like real estate, jewelry and artwork.

Executive Services

We help senior executives develop strategies to diversify concentrated posi-tions created by holdings of restricted and control securities, and employee stock options. We can help you guard against insider trading perceptions, help you trade while reducing signals to the market, borrow to unlock the value of restricted securities and for-mulate strategies to help reduce capital gains taxes.

The full range of capabilities needed to serve as an outstanding family office. Excelsior Wealth Management provides access to virtually every product and service you could need or want to help manage your financial affairs and many services that enhance your life in a broader sense. We offer many of these services directly. We also call on the vast resourcesof Morgan Stanley (including lawyers who provide their services at no cost to our clients) and reach out to qualified outside counsel. The combination mirrors the wide-ranging capabilities of having your own family office without all the costs and responsibilities that come with hiring and maintaining a full-time staff. We are equally dedicated to helping preserve, enhance and transfer your wealth from generation to generation. We will gladly work with younger generations to help educate them and reinforce the responsibilities that accompany significant wealth.

Our Services

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Lending Services

We analyze your liquidity needs based on a fundamental belief that borrowing should be no less strategic than investing. We provide access to a broad variety of services, tailored lending and securities based lending products, all designated with the high net worth client in mind.

Philanthropic Services

Our philanthropy specialists assist individuals, families and foundations in establishing strategic, results-oriented, philanthropic goals. We help nonprofit institutions in the analysis, growth and development of their charitable mission, and work with family offices to help provide effective design, man-agement and operation of the family’s charitable programs. We have helped clients in many ways including se-lecting the most effective charities, establishing family foundations and helping family members find seats on nonprofit boards.

Family Governance and Dynamics

We believe it is important to develop and maintain family unity across genera-tions by focusing on the family mission, governance, conflict management and the structuring of family endowments.

Wealth Transfer and Estate Planning

We provide access to trust and estate experts who can help you gain a better understanding of the issues, review your current estate planning strategies and explore additional ones. We can help you integrate your investment and estate plans, or evaluate potential investment strate-gies from a tax perspective — a critical component of wealth transfer planning.

Family Office Forum

We offer a full range of services for family-office executives, including educational forums addressing such key issues as asset allocation, theme investing and family dynamics.

Expense Management

We can help you handle the payment of your bills, providing you with a simple, well-organized report of all your expenditures.

Wealth Organization and Storage

We help you organize your most im-portant documents and contacts in one location, only accessible by you and your designees.

Global Currency Services

GlobalCurrencySM is designed to help you to diversify your cash holdings and address your foreign currency needs. It makes it simple to buy, hold and sell many of the world’s major currencies from your Morgan Stanley brokerage account. You can make payments to overseas suppliers, transfer funds to a foreign subsidiary and receive payments from customers. You can lock in U.S. Dollar exposure to help protect against currency f luctua-tions on long-term projects, deferred payments or other foreign currency business expenses. Your foreign cur-rency holdings and transactions are reflected on your monthly account statement in both local currency and U.S. Dollar equivalents, and can be viewed online, so you don’t have to track balances and cash activity across multiple accounts.

Trust Services

Trusts are an important component of every wealth plan. Trustee and investment services from Morgan Stanley’s Consulting Group offer a versatile platform to help you address the next phase of your financial objectives. Our trustee platform is “open architecture,” meaning that we provide you with access to an appropriate third party corporate trustee for your trust account. Trust Specialists, within Morgan Stanley, analyze client trust documents and situa-tions and then suggest a fiduciary solution for your needs and goals. Our group can provide investment management services for the trust account using the resources and strategies available through Morgan Stanley. We will work with you to help you select the level of trustee services, depending on the size and complexity of your financial plan.

International Services Program

We provide a seamless, global experience to our clients by providing advisory and product support, networking opportuni-ties and senior access across our global platform. We also help clients conveniently obtain local currencies prior to traveling overseas for personal or business reasons.

Investment Banking and Capital Strategies

We serve the needs of closely held and family-owned businesses, with a focus on the sale or recapitalization of middle market companies. We provide clients with access to Mergers & Acquisitions, Restructuring, Private Equity, Debt and Equity Public Of-fering, Strategic Advisory and other invest-ment banking and advisory services. We also supply access to a worldwide network of contacts and resources, buyer relationships and deep industry knowledge and research, all coupled with wealth management ser-vices applied before, during and after a sale.

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Case Study: The financial overhaulThE SITuATION. A corporate CEO was impressed by the services we had pro-vided for his company’s retirement plan and asked us to review his personal finances. The discovery process revealed exten-sive opportunities for im-provement. He was paying exceptionally high rates to his accounting firm with no intrinsic value. His insurance policies, scattered over various carriers, were overpriced and lacking various cover-age. His portfolio holdings were seriously overcon-centrated in the stock of his company, and his charitable efforts were not taking advantage of the most effective tax strategies.

ThE STRATEGy. Excelsior Wealth Management marshaled a diverse

set of resources to tackle the client’s wide-ranging issues. We helped him establish more productive accounting and legal relationships and worked

with his new estate and accounting counsel to review and rework all of his documents. We devised a strategy to liq-uidate his concentrated stock positions, utilizing a 10(b) 5-1 Plan to work around blackout restric-tions. We helped him save a significant amount of money by refinancing his home mortgage and, with the help of an out-

side agent, we simplified his affairs by receiving and consolidating all of his property and casualty insurance policies with a provider focused on high net worth clients.

comprehensive wealth management

ThE SITuATION. Like most investors, a client experienced a sharp decline in the equity portion of his portfolio dur-ing the 2008 market crisis. He called in, asking us to immediately sell every stock in his portfolio. This would have locked in a significant loss.

ThE STRATEGy. Our immediate analysis confirmed that the client’s portfolio was allocated soundly and that he would be far better served by maintaining his equity exposure. As the client was clearly not comfortable

staying the course, we suggested a hy-brid approach. We sold his traditional equities and bought equity closed-end funds selling at sizable discounts to their Net Asset Values (NAV). This presented an opportunity to buy a dollar’s worth of assets for seventy cents. These ve-hicles included a call writing strategy that significantly raised the income he earned on his portfolio.

ThE OuTCOME. With the discount built into the closed-end funds and the higher income from the call writing

strategy, the client was comfortable maintaining exposure to equities. As the markets recovered, not only did the underlying value of the assets in his closed-end funds rise, but the discount to NAV compressed as well. Instead of locking in a loss, his portfolio rebounded strongly. This left him in a far better position to generate income for the remainder of his continued comfort-able retirement.

Case Study: Profiting from a crisis

asset allocation

The case studies presented are intended to illustrate products and services available at Morgan Stanley Smith Barney LLC. They do not neces-sarily represent the experiences of other clients, nor do they indicate future performance. Past performance is no guarantee of future results. Investment results may vary. The investment strategies and products and services presented are not appropriate for every investor. Individual clients should review with their Morgan Stanley Smith Barney Financial Advisors the terms and conditions and risks involved with specific prod-ucts or services. Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security.

With his personal finances now in order, our client asked for help in his charitable endeavors. We devised a tax-advantaged strategy to divert ordinary income into a personal foun-dation devoid of cumbersome fees and tax returns. When his favorite type of charity needed a new executive direc-tor, we brought in our philanthropic team to help out. They worked with the board to define the ideal candidate and even wrote a job description to aide in the search.

ThE OuTCOME. Instead of tack-ling dozens of separate issues on his own, our client was able to run his personal financial life in much the same manner as a division of his company. He hired experienced professionals, set clear objectives and periodically reviewed the progress toward those goals.

Excelsior Wealth

Management marshaled a diverse set of resources to

tackle the client’s wide-ranging

issues.

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ThE SITuATION. A new client had reached the end of a long and success-ful career, and was living primarily off of the income generated from his investments. Our analysis of his port-folio indicated he was heavily concentrated in growth stocks, with an overwhelming exposure to a single issue: he owned 55,000 shares of a well-known communications company. The stock had performed exceptionally well for him and he was convinced it would go higher. He was reluctant to reduce his position, particularly given the significant capital gains taxes he would owe (at least 20% at the time).

ThE STRATEGy. We believed that the clients’ over-concentration in one stock created a highly unfavorable risk/reward scenario for his portfolio. The holding was also inconsistent with his

need to generate greater current income from his investment; additionally, as he was retired, any substantial loss could not be recouped. We suggested that he exchange this position, tax-free, for a

diversified basket of equi-ties that would attempt to mimic the performance of the S&P 500 for a period of at least seven years.

ThE OuTCOME. We were able to create a far more appropriate asset allocation for the client’s situation, while avoiding a capital gains liability

of over $500,000. The client avoided a potential loss of $2.75 million as the company’s shares fell from $55 to $0. While we had no particular reason to believe that this company would soon lose its entire value, we did understand the considerable threat posed by a high concentration in a single stock, espe-cially for a retired couple.

Case Study: Balancing the concentrated portfolio

portfolio balance

Risk Management and Concentrated Holdings Successful people may accumulate significant wealth on the strength of a single issue, typically in the company they own or manage. while such concentrated holdings leave them quite vulnerable to the performance of a single stock, diversifying can prove to be highly complicated. Executives and directors may have insider-trading restric-tions, or public relations issues related to a sale. if the holding has appreciated significantly, there may be substantial long-term, or even short-term, capital gains taxes to pay. excelsior wealth Management can assist you in working around these issues, helping you achieve appropriate diversification and liquidity while seek-ing to minimize your tax, legal and adverse public relations exposures.

ThE SITuATION. A member of our team provided research sales coverage to a multi-billion-dollar hedge fund. When a co-founder of the strategy asked us to look at his personal financial plan, we found that nearly all of his holdings were in cash, even in his custodial ac-counts. His return on assets was virtu-ally zero. We also discovered that his will was outdated, and other aspects of his financial and estate plans had been wholly neglected. Though this client was immersed in sophisticated equity strategies for his fund, he had all but ignored his own wealth planning.

ThE STRATEGy. After an in-depth discussion of our client’s life goals, we undertook a thorough review of his financial and estate documents. As his profession left him highly ex-posed to global equity markets, we focused his personal investment plan on fixed income strategies, an area where our client admittedly had little knowledge or experience. We devel-oped a savings strategy to support his goal of retiring early and built a portfolio of tax-free municipal bonds and other fixed income investments. We also introduced him to an outside

Case Study: The financial professional’s personal finances

diversification

estate attorney to review, update and implement a wealth transfer and estate strategy, all with our involvement continuing in the process.

ThE OuTCOME. By redeploying cash into the fixed income markets, we were able to help our client diversify his hold-ings and augment his returns. He was able to remain focused on the demands of his hedge fund, while we oversaw his personal wealth management. He had a far better understanding of his savings goals, and his family was far better protected from an estate plan-ning perspective.

The client avoided a

potential loss of $2.75 million as the company’s

shares fell.

11excelSior wealth ManageMent

70 High Net Worth

Families*

90Years of Combined

Experience*

$820mm Assets Under Management*

3 Professional Designations*

* data as of november 2015

Excelsior Wealth Management is a co-hesive team of financial professionals with a complementary set of talents. We are highly experienced and qualified to provide the broad range of products and services required to help our clients

manage wealth, and enjoy the myriad opportunities it affords. We make our clients’ goals our own, and we measure our success by the strength of the rela-tionships we develop with them year after year, generation after generation.

Left to right: Scott Sklar, Jesse Friedman, Craig Pastolove

MEET ThE TEAM

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Scott Sklar focuses on providing ex-emplary service to institutional clients through capital markets coverage, pro-active advice and consistent and direct communication. The relationships he has cultivated with some of the premier hedge fund managers in the nation have enabled him to build one of the largest middle-market businesses at our firm. He works with funds and family offices that range in size from $200 million to $10 billion.

In 1992, Scott graduated from George Washington University with a Bachelor of Arts in international business. He subsequently joined Prudential’s training program, and by his fourth year, earned Council Producer status.

Scott left Prudential for Smith Barney, now Morgan Stanley, in 2001. He was named as a Director’s Council producer in 2009, his seventh year in a row of garnering this distinction. In 2011, Scott was named a Managing Direc-tor at Morgan Stanley. He also sits on Excelsior Wealth Management’s Invest-ment Committee, which is responsible for managing their proprietary equity, fixed income and alternative investment model portfolios.

Scott is married with three children and resides in Westport, Connecticut. He and his wife, Andi, are actively involved with Al’s Angels, a local philanthropic organization. Scott’s interests include traveling, reading, swimming and golfing.

Scott Sklar Managing DirectorFinancial Advisor

Craig Pastolove is a Managing Director and a designated Family Wealth Direc-tor with Morgan Stanley’s U.S. Wealth Management Group. He has devoted the better part of his career to helping highly successful families manage the complex issues of managing significant wealth. Additionally, he is a designated corporate client group director at the firm and helps corporations manage their fiduciary duties as plan sponsors in defined contribution and defined benefit plans.

After graduating from the Univer-sity of Michigan with a Bachelor of Arts, Craig began his career with Op-penheimer & Co. as a financial advi-sor. Within five years, he was named an executive director. In 2002, Craig attended the Wharton School of the University of Pennsylvania, and subse-quently obtained the title of Certified Investment Management Analyst® (CIMA®) professional, sponsored by the Investment Management Consultants Association (IMCA). Craig and his team strictly adhere to IMCA’s Code of Professional Responsibility, which was adopted to promote and maintain the highest standard of personal and professional conduct in the industry.

Craig S. Pastolove, CIMA®, CPWA®Managing Director — Wealth Management, Family Wealth Director Corporate Client Group DirectorFinancial Advisor

In 2004, Craig’s group transferred its clientele to Smith Barney. Shortly thereafter he was asked to join Citi Family Office, a division focused on servicing the complex needs of ultra high net worth clients.

In 2008, Craig joined Morgan Stanley, where he continues to hone the aca-demic and practical skills required to properly advise wealthy families and institutions. Shortly thereafter he was awarded the Certified Private Wealth Advisor℠ title after completing a one-year course at the University of Chicago Booth School of Business.

Craig and his wife, Kimberly, reside in New York with their son, Chase, and daughter, Brooke. He is very active in several social and philanthropic or-ganizations in the greater New York metropolitan area.

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Jesse Friedman joined Excelsior Wealth Management in 2001 four weeks after graduating from Brandeis University with a double major in economics and political science and a minor in inter-national business.

He is the primary day-to-day contact for clients and their other advisors, including attorneys, accountants and family office directors. He is also re-sponsible for managing the financial planning process for existing clients and developing customized solutions for new ones. After a year-long education process, Jesse obtained his Certified Financial Planner (CFP®) designation in 2011, allowing him to provide even more intimate planning expertise and strategic advice to clients.

Additionally, Jesse manages the other team members in a concerted effort to help ensure that client needs are met efficiently and effectively. He also as-sists in synthesizing the firm’s extensive research as the group constructs its equity and fixed income models.

In his spare time, Jesse enjoys trav-elling, tennis and supporting the New York Rangers and New York Giants. He is an active member of the Turtle Bay Society, the Brandeis University Alumni Association and Central Synagogue. Jesse lives in Manhattan with his wife and high school sweetheart, Melissa, and their sons, Eli and Zach.

Jesse S. Friedman, CFP®Vice PresidentFinancial Advisor

Stephanie Yang joined the Excel-sior Wealth Management team at Morgan Stanley in 2014 and brings a wide spectrum of private wealth man-agement experience, having begun her career in the business in 2011. Stephanie functions as a Service Advisor and her primary duties include enhancing client experience through diligent portfolio monitoring, generating and reviewing investment ideas and proposing solu-tions to complete a holistic approach to a balanced and unique financial plan, customized for individual clients and prospective clients.

Prior to working at Morgan Stanley, her New York City-based predeces-sor firms include Wells Fargo and US Bancorp, where she focused on the portfolio management of ultra high net worth clients’ assets. In 2009, Stephanie graduated from Baruch Col-lege, where she received a Bachelor of Business Administration in finance and investments, along with a minor in history. She holds the Series 7 and 66 registrations. A New York native, Stephanie resides in New York City and during her leisure time enjoys traveling, cooking and golf.

Stephanie YangAssistant Vice PresidentConsulting Group Analyst

Janne Lee Wealth Management Associate

Janne Lee has worked in the finan-cial services industry since 2002. She began her career with the Alternative Investment Group at Oppenheimer prior to joining the Excelsior Wealth Management in 2004. As the group administrator, Janne’s responsibilities include opening new accounts, assisting with client requests, including wires and checks, and all other aspects of their daily banking needs. Janne serves as our clients’ single point of contact for their administrative needs by interfacing with their trust officers, retirement plan providers and hedge fund managers. She is Series 7 and 63 registered. Janne holds a Bachelor of Science degree from the University of South Carolina and resides in Manhattan.

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Vanessa Kistenmacher joined the Ex-celsior Wealth Management team with Morgan Stanley in 2015. In addition to the financial services field, her professional career includes experience in the legal field of immigration law, specializing in cases that supported and provided services to an elite group of high net worth Brazilian nationals. Since 2013, Vanessa has worked as a paralegal at both the Legal Aid Society and Sonia Col & Associates.

Vanessa’s responsibilities include day-to-day assistance to client requests, as well as provide the principals and team administrative and operational support. Her wide array of daily clerical duties include client interfacing and being a primary point of contact for internal and external resources, along with handling telephones, mailing, fil-ing and processing forms.

Vanessa grew up in Sabaudia, Bra-zil and speaks fluent Portuguese. She graduated from City College of New York where she majored in Interdisciplinary Arts & Sciences—Human Services. In her spare time, she enjoys traveling, biking and going to the beach. Vanessa currently resides in Manhattan.

Vanessa KistenmacherClient Service Associate

Stacey Smith has worked in the financial services industry since 1998. She began her career at Prudential in Paramus, New Jersey. Stacey began working with Scott at Prudential when she moved into Manhattan in 1999. In April 2001, Stacey left Prudential with Scott to work at Morgan Stanley and continues to be an integral member of his group.

Stacey’s responsibilities include open-ing new accounts for both retail and institutional clients, assisting with cli-ent requests, such as wires and checks, and all aspects of their daily account needs. She handles many of the day-to-day operations, including client orders and executions. Stacey graduated from Binghamton University in Binghamton, New York. She is Series 7 and 63 regis-tered. She resides in Rockland County, New York.

Stacey SmithRegistered Client Service Associate

Michael WilsonChief Investment Officer

GLObAL ASSET ALLOCATION AND MANAGEMENT

• Available to create, monitor and adjust strategic and tactical asset-allocation frameworks based on your total liquid and illiquid net worth and risk tolerance.

• Provides tactical recommendations on asset classes, styles, sectors and industries to over/underweight.

Melanie Schnoll BegunManaging Director

phILANThROpy • Provides philanthropic advisory

expertise for investing in charitable organizations, nonprofits and your community.

• Advises on the structuring of philan-thropic vehicles to complement estate planning strategy

Virtual Team Members within Morgan Stanley. Beyond the considerable talent of Excelsior Wealth Management, we provide direct access to some of the world-class talent within Morgan Stanley. This group of accomplished professionals works with our team to advise you on a broad range of personal finance, business and philanthropic matters.

Our Colleagues

Gary nestlerExecutive Director

INTERGENERATIONAL WEALTh TRANSFER AND buSINESS SuCCESSION

• Experienced trust and estate attorney • Conducts extensive reviews of wills

and trusts and communicates directly with outside counsel on suggested modi-fications and additions.

• Concentrates on wealth transfer strat-egies to maximize wealth for future generations

edward QuinnExecutive Director

LENDING • Coordinates efforts to secure asset-

based loans to provide immediate funds and ongoing cash flows at an extremely competitive rate.

• Supplies access to financing for the purchase of commercial real estate, whether owner-occupied or invest-ment properties.

17excelSior wealth ManageMent

RecognitionCraig Pastolove has been recognized as one of the leading financial advisors by a number of prestigious industry publications, including the Financial Times, Plan Advisor Magazine, Barron’s, On Wall Street Magazine, 401kWire, and Worth Magazine.

TOp 40 uNDER 40: NuMbER 5On Wall Street MagazineJanuary 1, 2014

ThE TOp 400 FINANCIAL ADVISORSFinancial TimesMarch 31, 2014

ThE TOp 1200 FINANCIAL ADVISORS3 Barron’sFebruary 12, 2012*February 18, 2013*February 25, 2014March 31, 2015*Barron’s 1000

MOST SuCCESSFuL ADVISORS OF ThE yEARtop 100 Retirement Plan Advisors1

Plan Advisor Magazine, 2011

300 MOST INFLuENTIAL DC ADVISORS2

401 kWire2011

LEADING WEALTh ADVISORS4

Worth Magazine 2011, 2012, 2013, 2014, 2015

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1 PLANSPONSOR Magazine, February 2011, “PLANADVISER’s 2011 Top 100 Retirement Plan Advisers.” PLANSPONSOR/PLANADVISER maga-zines base their rankings on quantitative and qualitative criteria. For more information on ranking methodology, go to www.planadviser.com/MagazineArticle.aspx?id=16840. The rating may not be representative of any one client’s experience because it reflects a sample of all of the experiences of the Financial Advisor’s clients. The rating is not indicative of the Financial Advisor’s future performance. Neither Morgan Stanley Smith Barney nor its Financial Advisors pay a fee to Plan Sponsor / Plan Adviser in exchange for the rating.

2 The 401kWire’s 2011 “300 Most Influential DC Advisors” February 22, 2011 as identified by 401kWire using quantitative criteria selected from a pool of over 3,000 nominations from the industry and the 401kWire’s editorial staff. The list of the 300 Most Influential DC Advisors was selected from more than 120,000 reader votes as well as from input from last year’s Top 40 Advisors and from distributors working with the advisors. Quantitative factors include but are not limited to, total assets, production, average account size, years in the business and other statistics about the advisors’ practices gathered directly from the nominees. Investment performance is not a criterion. The rating may not be representative of any one client’s ex-perience and is not indicative of the Financial Advisor’s future performance. Neither Morgan Stanley Smith Barney nor its Financial Advisors pay a fee to 401kWire in exchange for the rating.

3 Barron’s “Top 1,000 Advisors,” February 20, 2012 and February 18, 2013, as identified by Barron’s magazine, using quantitative and qualitative criteria and selected from a pool of over 4,000 nominations. Advisors in the Top

1,000 Financial Advisors have a minimum of seven years of financial services experience. Qualitative factors include, but are not limited to, compliance record, interviews with senior management, and philanthropic work. Invest-ment performance is not a criterion. The rating may not be representative of any one client’s experience and is not indicative of the financial advisor’s future performance. Neither Morgan Stanley Smith Barney LLC nor its Finan-cial Advisors or Private Wealth Advisors pays a fee to Barron’s in exchange for the rating. Barron’s is a registered trademark of Dow Jones & Company, L.P. All rights reserved.

4 All firms and advisors featured in the 2013 Worth Leading Advisors Program have met certain criteria established by Worth Magazine. To be considered for the Worth Leading Wealth Advisors Program, professionals must submit comprehensive questionnaires that Worth Magazine uses to evaluate their credentials, disciplinary history and business practices. As part of the screening process, the magazine also contracts with Investor Watchdog, an informa-tion services company that researches financial professionals for investors.

Source: The Financial Times Top 400 Financial Advisors is an independent listing produced by the Financial Times (March, 2015). The FT 400 is based in large part on data gathered from and verified by broker-dealer home offices, and, as identified by the FT, reflected each advisor’s performance in six primary areas, including assets under management, asset growth, compliance record, experience, credentials and accessibility. The rating may not be representative of any one client’s experience and is not indicative of the Financial Advisor’s future performance. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors or Private Wealth Advisors pays a fee to The Financial Times in exchange for the rating.

© 2016 Morgan Stanley Smith Barney LLC. Member SIPC. CRC1501251 CS 8390948 05/16

Securities Based Lending (SBL) Risks: Borrowing against securities may not be suitable for everyone. You should be aware that securities-based loans involve a high degree of risk and that market conditions can magnify any potential for loss. Most important, you need to understand that: (1) Sufficient collateral must be maintained to support your loan(s) and to take future advances. (2) You may have to deposit additional cash or marginable securities on short notice. (3) Some or all of your securities may be sold without prior notice in order to maintain account equity at required collateral maintenance levels you will not be entitled to choose the securities that will be sold. These actions may interrupt your long-term investment strategy and may result in adverse tax consequences or in additional fees being assessed. (4) Morgan Stanley Smith Barney LLC or its affiliates (the Firm) reserves the right not to fund any advance request due to insufficient collateral or for any other reason. (5) The Firm can increase your collateral maintenance requirements at any time without notice. (6) The Firm may have the right to call securities-based loans at any time and for any reason.

On Wall Street’s Top 40 Under 40 asks brokerage firms to nominate their top young brokers. Of those nominated, On Wall Street bases its rankings on quantitative and qualitative criteria. Financial Advisors are ranked by their annual trailing-12 month production (as of Sept 30, 2014), The rating is not indicative of the advisor’s future performance. Neither Morgan Stanley Smith Barney LLC nor its financial advisors pay a fee to On Wall Street in exchange for the rating.

Morgan Stanley Smith Barney LLC does not accept appointments nor will it act as a trustee but it will provide access to trust services through an appropriate third-party corporate trustee.

Before undertaking foreign exchange transactions, clients should under-stand the associated risks. Engaging in foreign currency transactions entails more varied risks than normally associated with transactions in the domestic securities markets. Attention should be paid to market, credit, sovereign, and liquidity risks. The foreign exchange transactions and deposits discussed in this material may not be suitable for all clients. The appropriateness of a particular investment or strategy depends upon a client’s particular circumstances and objectives. This material does not provide individually tailored investment advice. Clients can review the GlobalCurrency Disclosure Statement at www.morganstanley.com/globalcurrency for more details.

GlobalCurrency deposits are held at Morgan Stanley Private Bank, Na-tional Association and are insured up to U.S. Dollar equivalent limits. FDIC insurance does not protect against losses due to exchange rate movements. For more information about FDIC insurance, please visit the FDIC website at www.fdic.gov.

Savings deposits in some currencies may pay no interest. Morgan Stanley Smith Barney LLC will charge a client a markup for converting USD in the client’s brokerage account or foreign currency in a Savings Deposit to another currency, which will reduce the client’s net earnings. The markup is the dif-ference or “spread” between the price we pay for a currency and the price at which we sell the currency to a client. Please refer to www.morganstanley.com/globalcurrency for full availability.

Morgan Stanley Smith Barney LLC and Morgan Stanley Private Bank, Na-tional Association (the “Bank”), member FDIC, are affiliates. Morgan Stanley Smith Barney LLC is a registered broker-dealer, not a bank. Unless specifically disclosed in writing, other investments and services offered through Morgan Stanley Smith Barney LLC are not insured by the FDIC, are not deposits or other obligations of, or guaranteed by, the Bank and involve investment risks, including possible loss of principal amount invested.

FDIC insurance does not protect against losses due to exchange rate movements. For more information about FDIC insurance, please visit the FDIC website at www.fdic.gov.

The investments listed may not be suitable for all investors. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, and encourages investors to seek the advice of a financial advisor. The appropriateness of a particular investment will depend upon an investor’s individual circumstances and objectives.

Diversification and asset allocation does not guarantee a profit or protect against a loss.

This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. The strategies and/or investments discussed in this material may not be suitable for all investors. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Financial Advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.

Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services. Investment services are offered through Morgan Stanley Smith Barney LLC, member SIPC. Unless specifically disclosed in writing, investments and services offered through Morgan Stanley Smith Barney LLC are not insured by the FDIC, are not deposits or other obli-gations of, or guaranteed by, any bank and involve investment risks, including possible loss of principal amount invested.

Private Bankers are employees of Morgan Stanley Private Bank, National Association, member FDIC.

Tailored Lending is provided by Morgan Stanley Private Bank, National Association. All credit facilities are subject to the underwriting standards and independent approval of Morgan Stanley Private Bank, National As-sociation. Tailored Lending may not be available in all locations. Rates, terms and programs are subject to change without notice. To be eligible for Tailored Lending, applicants must maintain a sufficient amount of assets under management at Morgan Stanley or any of its affiliates. The ongoing availability of a credit facility of line of credit is contingent, in part on, the borrower maintaining sufficient eligible collateral, unencumbered liquidity, cash flow or any combination thereof. Some restrictions apply to loans used to purchase, trade, or carry margin stock.

Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. This material was not intended or written to be used, and it cannot be used, for the purpose of avoiding tax penalties that may be imposed on the taxpayer. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.

Morgan Stanley Smith Barney LLC offers insurance products in conjunc-tion with its licensed insurance agency affiliates.

Bonds are subject to interest rate risk. When interest rates rise, bond prices fall; generally, the longer a bond’s maturity, the more sensitive it is to this risk. Bonds may also be subject to call risk, which is the risk that the issuer will redeem the debt at its option, fully or partially, before the scheduled maturity date. The market value of debt instruments may fluctuate, and proceeds from sales prior to maturity may be more or less than the amount originally invested or the maturity value due to changes in market conditions or changes in the credit quality of the issuer. Bonds are subject to the credit risk of the issuer. This is the risk that the issuer might be unable to make interest and/or principal payments on a timely basis. Bonds are also subject to reinvestment risk, which is the risk that principal and/or interest payments from a given investment may be reinvested at a lower interest rate.