Morgan Stanley Wealth Management

HELPING YOU MANAGE YOUR WEALTH WHILE ACHIEVING YOUR FINANCIAL GOALS

The Polyak/SchnellGroup at Morgan Stanley

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Our Mission and Core Values

We believe capital can work to benefit all of society. We make this belief a reality by

focusing on four key elements that comprise the core values of our firm:

PUTTING CLIENTS FIRST

• Always keep the client’s interest first

• Work with colleagues to strive to

deliver the best of the Firm to every client

• Listen to what the client is saying and

needs

DOING THE RIGHT THING

• Act with integrity

• Think like an owner to help create long-

term shareholder value

• Value and reward honesty, collegiality

and character

LEADING WITH EXCEPTIONAL IDEAS

• Break new ground

• Let the facts and different points of

view broaden your perspective

• Be vigilant about what we can do better

GIVING BACK

• Be generous with our expertise,

our time and our money

• Invest in the future of our communities

and our Firm

• Mentor our next generation

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Morgan Stanley: Who We Are

Drawing on expertise across all three of our divisions, you benefit from access

to our vast resources.

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Morgan Stanley: Where We Are1

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• $1, 925Bn in client assets AUM1

• Total Deposits $147MM1

• Morgan Stanley reported revenues of $7.8Bn1

• More than 56,000 global employees.

• The Tier 1 risk-based Capital Ratio under U.S. Basel III was

approximately 15.6%

• $188Bn in liquidity reserve1

• Investment Banking No. 2 in Global Equity and No.1 in Global IPO’s1

MORGAN STANLEY WEALTH MANAGEMENT

Clients

• Individuals

• UHNW Individuals, Families and their

Foundations (Morgan Stanley Private

Wealth Management)

• Small- to medium-size businesses

and institutions

Products and Services

• Brokerage and investment advisory services

• Financial and wealth planning services

• Annuity and insurance products

• Cash Management and Lending products

and services

• Retirement plan services

• Trust services access

INSTITUTIONAL SECURITIES GROUP

Investment Banking

• Capital raising

• Corporate lending

• Financial advisory services, including advice

on mergers, and acquisitions, restructurings,

real estate and project finance

Sales, Trading, Financing and

Market-Making Activities

• Equity securities and related products

• Fixed income securities and related products,

including foreign exchange and commodities

• Research

• Prime brokerage

INVESTMENT MANAGEMENT

Global Asset Management

• Equity and Fixed Income

• Merchant Banking

• Alternative Investment Partners

• Liquidity Management

Three Principal Distribution Channels

• A proprietary channel consisting of Morgan

Stanley’s representatives

• A non-proprietary channel consisting of third-

party broker-dealers, banks, financial

planners and other intermediaries

• An institutional channel that provides

advisory services and global portfolio

solutions to corporations, central banks,

sovereign wealth funds, endowments and

foundations, public pensions, insurance

general accounts and financial institutions

Morgan Stanley Franchise

MORGAN STANLEY: WHO WE ARE

MORGAN STANLEY FRANCHISE POWER1

1. As of October 19, 2015, Third Quarter Earnings.

2. Represents Morgan Stanley & Co LLC. As of January 1st, 2015 on Thomson Reuters ‘Global Equity Capital Markets Review’ reflecting full year 2014.

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Morgan Stanley: A Leader in Financial Services

1. FinanceAsia, August 27, 2015. 2. Lipper Fund Awards, April 1, 2015.3. Financial Times “FT 400 Top Financial Advisors,” March 25, 2015.4. Money Management Institute April 23, 2015.5. Euromoney, July 9, 2015.6. Extel Survey, June 8, 2015. The awards/ratings listed above are based on quantitative and qualitative criteria. The awards/ratings 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 in exchange for the awards/ratings.

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M O R G A N S T A N L E Y

W E A L T H M A N A G E M E N T

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Why Choose Morgan Stanley Wealth Management?

With over 80 years of experience, we work to meet your financial needs across

every stage of life.

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How Can We Help You?

We will:

• Work with you to create a wealth plan that adapts to your changing circumstances

• Provide access to individual wealth management capabilities that will help integrate

your day-to-day financial needs with your long-term financial ambitions

• Define an investment strategy to help you make informed choices

• Utilize our specialists in trusts, insurance, philanthropy and family dynamics to

develop customized estate and wealth transfer plans

• Identify and address your unique financial needs from short to long-term goals

At Morgan Stanley, we work tirelessly with individuals, families, businesses and

institutions in order to deliver services and solutions that help build, preserve and

manage wealth

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Addressing Your Unique Financial Needs:

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We were named “Best Foreign

Investment Bank and Best M&A House1”

by FinanceAsia.

Morgan Stanley Investment

Management was awarded

“Best Global Income Fund2” for

performance over 3 and 5 years.

Morgan Stanley is the

“Leading Global Underwriter for technology

IPS year to date3.”

Euromoney Magazine named us as

“Best Global Investment Bank, Best Global

Equity House, and Best Investment

Bank in Asia5.”

Our Consulting Group

Wealth Advisory Solutions named “Advisory

Solutions Sponsor Distribution Team of the Year4”

We were awarded “Best Overall Broker for

excellence in equity and equity-linked research6.”

1. FinanceAsia, August 27, 2015. 2. Lipper Fund Awards, April 1, 2015.3. Financial Times “FT 400 Top Financial Advisors,” March 25, 2015.4. Money Management Institute April 23, 2015.5. Euromoney, July 9, 2015.6. Extel Survey, June 8, 2015.

Morgan Stanley – A Leader On Wall Street

MORGAN STANLEY: WHO WE ARE

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O U R C A P A B I L I T I E S

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We Offer Comprehensive Solutions

1. Although they may be admitted attorneys, planning directors and other wealth planning center personnel holding legal degrees are acting purely in a non-representative capacity. Neither they nor Morgan Stanley provide tax or legal advice to clients or to Morgan Stanley.

INVESTMENT ADVICE

• Thought Leadership

• Asset Allocation

• Portfolio Construction

• Investment Manager Selection

CASH MANAGEMENT & LENDING

• Direct Deposit/Bill Pay

• Unlimited Check Writing

• Premier Cash Management

• Morgan Stanley Cards from American Express

• Residential Mortgage Loans

• Securities Based Loans

• Tailored Lending

INVESTMENT SOLUTIONS

• Advisory

• Brokerage

• Traditional Products

• Alternatives

• Investing with Impact

TRUST, ESTATE &LEGACY PLANNING1

• Wealth TransferStrategies

• Wills, Trust, Estate and Legacy Planning

• Trust and Estate Professionals

DIGITAL OFFERINGS

• Morgan Stanley Online

• Morgan Stanley Mobile App

• eDelivery

WEALTH PLANNING

• Comprehensive Wealth Planning Coordination

• Goals-Based Financial Plans

• Retirement Strategies

INSURANCE SERVICES

• Permanent Life

• Term Life

• Long-Term Care

• Disability

PHILANTHROPY SERVICES1

• Charitable Lead Trusts

• Charitable Remainder Trusts

• Family Foundations

• Donor-Advised Funds

We make it easy for successful individuals like you to manage every aspect of

your financial life, no matter how complex your specific situation may be.

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Wealth Planning: Going Far Beyond Investments

› While we are known for our

investment expertise, our

resources extend to virtually

every aspect of your financial

life. We provide access to a

wide variety of specialists who

can help pursue your specific

goals.

GOALS-BASED PLANNING

INSURANCE

PHILANTHROPY

ESTATE &WEALTH

TRANSFERPLANNING

YOU

INVESTMENT

STRATEGIES

CASH

MANAGEMENT

& LENDING

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Wealth Planning: Our Thoughtful Goals-Based Process

Source: Morgan Stanley Wealth Management GIC

THE METHOD IN ACTION

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Early to Mid CareerAge Range: 18-50

In RetirementLIFE STAGE

Late CareerAge Range: 50+

OBJECTIVE

Maximizing assets with a specific target date in mind

Securing a level of guaranteed income at retirement

Generating income for current expenses, while growing assets for the future

CONCERNS

Wealth Planning: Retirement Strategies for Specific Life Stages

� How do I save effectively without sacrificing other goals?

� How do I generate

sufficient income?

� What should I do

about Social

Security?

� Where am I now vs.

where I want to be?

� How do I make sure I

don’t run out of money?

� What do I do about

unforeseen expenses like

healthcare?

� What about Medicare

and supplemental

insurance options?

� How can I leave a

significant legacy to my

loved ones?

YOUR ASSET

ALLOCATION

AND OVERALL

STRATEGY

BUILDING RETIREMENT

SECURING RETIREMENT

LIVING RETIREMENT

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All information as of June 2016 and subject to change.

. . . LEADING THINKERS

The intellectual capital of

Morgan Stanley’s most

experienced investment

professionals is put

to work in your portfolio.

. . . THE STRENGTH OF A LARGE,

GLOBAL FINANCIAL INSTITUTION

As an advisor to institutions

and individuals worldwide,

Morgan Stanley has a

pulse on capital markets

and a vast network of

industry contacts.

. . . MANAGER ANALYSIS

Extensive analyses are conducted

on hundreds of investment managers

to verify they meet the high hurdles

required for inclusion on our platform.

. . . PORTFOLIOS TAILORED

TO YOUR SPECIFIC NEEDS

Research and recommendations

across a wide range of asset

classes, themes, models

and investment managers

is customized for

your portfolio.

. . . AWARD-WINNING ADVICE

Morgan Stanley & Co.’s

acclaimed analysts and

strategists cover more than

3,000 companies. Proprietary

models help you implement ideas.

.

YOUBENEFIT FROM…

Investment Advice: Providing Industry Leading Guidance

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Investment Solutions: Providing Traditional Investments

› Did you know? Traditional investment products can be used within many different types of accounts, including but not limited to: 529 College Savings Plans, Individual Retirement Accounts, Separately Managed Accounts and Advisory accounts.

Morgan Stanley is an industry leader in traditional investment products,

combining market and investor insight with a global presence and analytical rigor.

You’ll benefit from a comprehensive suite of products that encompasses both

proprietary and third-party managers.

Traditional investment products include:

MUTUAL FUNDS

EXCHANGE-TRADED FUNDS

CLOSED-END FUNDS

UNIT INVESTMENT TRUSTS

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• An array of proprietary and third-party Alternative Investments, including: Single Manager Hedge Funds, Funds of Hedge Funds, Managed Futures, Real Estate, Private Equity and Exchange Funds

• Exclusive access to funds that may otherwise only be available to institutional investors

• Lower investment minimums across asset classes that are tailored to a variety of client segments

• The Global Investment Manager Analysis (GIMA) team adheres to a rigorous due diligence process to provide product agnostic advice

• Leading fund managers: Our Hedge Fund platform has a strong record of choosing high quality funds

240+Alternative funds

available1

DIVERSIFICATION

The GIMAteam provides

due diligence and has over

42 yearsexperience delivering

investmentmanager analysis2

in client assetsunder management

or supervision1

$57BILLION

Approximately

DEPTH …AND BREADTH

Investment Solutions: Our Unique Alternatives Platform

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Investment Solutions: Investing With Impact

71% of investors have expressed interest in sustainable investing1; Our Investing With Impact Framework clarifies the full spectrum of approaches investors of all sizes can pursue across publicand private markets in their investment portfolios.

Investing with Impact Portfolio Solutions

Investing with Impact Products

Investing with Impact Tools & Resources

VALUES ALIGNMENT

ENVIRONMENTAL, SOCIAL & GOVERNANCE INTEGRATION (ESG)

THEMATIC EXPOSURE

IMPACT INVESTING

MINIMIZE OBJECTIONABLE IMPACT TARGETED POSITIVE IMPACT

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Investment Solutions: A Flexible Payment Approach

CHOOSE WHAT’S BEST FOR YOUA personalized approach to wealth management

We execute transactions based

on your buy, sell and hold decisions.

We act in your best interest as a

fiduciary to select investments and

programs that best meet your goals.

ADVISORY

RELATIONSHIP (fee-based)

BROKERAGE

RELATIONSHIP (commission-based)

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Cash Management & Lending: Accessing Needed Liquidity

� Active Assets Account

� Morgan Stanley Cards (debit, credit, charge)

� Direct deposit

� Electronic movement of funds

� GlobalCurrency & GlobalCurrency Express

� Unlimited check writing

� Morgan Stanley Online

� Morgan Stanley Mobile App (iPhone, iPad, Android)

� Fixed rate mortgages

� Fully amortizing and interest-only adjustable rate mortgages

� HELOC

� Conforming

� Non-conforming

� Non-purpose lending

− Revolving lines of credit

− Fixed rate options for advances on existing loans

− Letters of credit

� Margin loans

� Flexible loan structures

� Collateral: Eligible Marketable Securities, Commercial Real Estate, Certain Hedge Fund Interests, Fine Art and Real Estate Investment Trust Operating Units

� Home loans

� Mortgage refinance

� Home improvements

� Cash out refinance

� Primary residences and vacation homes

� Multiple adjoining land parcels or properties

� Hobby properties

� Investment properties

� Purchase commercial real estate

� Business financing

� Acquisition capital

� Short term financing needs

CashManagement

SecuritiesBased Loans

Residential Mortgage

Loans

Tailored Loans

PRODUCTS

AND

SERVICES

MAJOR

USES

• Everyday finances and cash flow • Non-purpose lending

− Real estate acquisition or

construction

− Luxury items

− Business working

capital/financing

− Tax obligations

• Margin

− Purchase eligible marginable

securities

− Non-purpose uses

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Cash Management & Lending: Backed by a Team of Specialists

We leverage private bankers and various

specialists to customize a solution for all your

cash management and lending needs.

Your

Financial

Advisor

Private

Banker

Securities Based

Lending Advisors

Cash Management

Specialist

Mortgage Advisors

UHNW & Tailored Lending

Specialists

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Digital Offerings: Providing Freedom, Access and Information

Delivering the timely information

you need to make sound decisions is

a cornerstone of the value we offer.

The integrated suite of tools and

apps that comprise our digital

platform puts actionable information

at your fingertips

when and where you need it.

Access the information you need to manage

your accounts, stay on top of your investments

and manage your everyday finances

Pay bills, transfer funds and deposit U.S.-based

checks with some of the highest deposit limits in

the industry1

Secure, Convenient & Green. Stay up to date by

enrolling in eDelivery for Statements, Trade

Confirmations, General Correspondence,

Shareholder Communications and more

MSOnline

Mobile

eDelivery

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Trust, Estate & Legacy Planning: Transferring Values and Wealth

We provide access to the broad range of services needed to create an enduring legacy that passes along your values as well as your assets.

Family Mission

Statements

Succession

Planning

Next Generation

Education

CLIENTDocument Reviews

Life

InsuranceEstate

Planning

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A rigorous set of standards is applied to providers and products

INSURANCE PROVIDERS

� Financial strength

� Credit ratings

� Ownership and organizational structure

� Investment policies

INSURANCE PRODUCTS

� Disclosure of all product features

� Comparison with comparable product

offered by other providers

� Product design

� Cost and suitability

Insurance Services: Crafting a Custom Strategy to Manage Risk

› We screen providers and products to offer you a broad range of quality insurance and annuity options.

Initial Review & Approval

Ongoing Monitoring

Approved: Life, Disability, Long-Term

Care & Annuities Options

Morgan Stanley Annuity & Insurance Product Due Diligence Committee

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Philanthropy Management: Fulfilling Your Charitable Aspirations

› Our professionals can help you identify, organize and implement a philanthropic strategy to effect the change you want to see in the world.

YOUR

PHILANTHROPIC

GOALS

ROBUST EXPERIENCE

We work with ultra-high net

worth families, their foundations

and the institutions

they support.

RESEARCH ORIENTED

We help you identify and

connect with high-impact

charities that complement your

philanthropic goals.

SPECTRUM OF RESOURCES

We provide advisory services

and implementation strategies

to help you define and execute

your philanthropic mission.

GIVING PLATFORMS

We offer a variety of giving

solutions including a donor-

advised fund and a foundation

management services.

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Getting Started: Understanding What’s Most Important to You

› You, your family

and the important

people in your life

› Goals, such as saving

for a home, education

for your children

and retirement

› Your comfort level

with different types

of risks

› Your vision of

financial

security and success

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Layers of Market Intelligence to Bring You the Best Ideas

OUR CAPABILITIES

Global

Investment

Committee

7 LEADING THINKERS

• An investment committee dedicated to wealth management

• Establish general allocation guidelines based on our forecasting

• Asset class recommendations help Financial Advisors guide you

300+ RESEARCH ANALYSTS

• Analysts in 21 countries

• Cover more than 3,000 securities

• Support the flow of ideas

Morgan Stanley & Co. analysts

Intellectual capital from third party investment managers

1,300+ MANAGERS

• Wide selection of third-partyinvestment managers

Strategy, Research &

Manager Analysis

60+ STRATEGISTS, RESEARCH AND MANAGER ANALYSTS

• Develop opportunistic trade ideas

• Facilitate implementation ideas via model portfolios

• Assess investment manager fitness

All information as of May 2015 and subject to change.

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Broad Selection of Premier Investment Managers

OUR CAPABILITIES

RIGOROUS ANALYSISLess than 10% of the universe of 14,000+ investment

managers meet our standards for platform inclusion

STRONG GOVERNANCEOversight from an experienced

eight-member committee

ONGOING MONITORINGOf both investment products and managers1

EXTENSIVE LIBRARY OF ANALYSESMade available to Financial Advisors and clients

PATENTED METHODOLOGYAdverse Active AlphaSM improves prospectsof identifying managers that can boost

portfolio returns

75+ANALYSTS DEDICATED TO MANAGER ANALYSIS

450+ONSITE VISITS / YEAR

150+ETF STRATEGIES

500+SEPARATELY MANAGED ACCOUNTS

450+MUTUAL FUNDS

150+ALTERNATIVE STRATEGIES

2

1,000 – 1,300SELECTED INVESTMENT MANAGERS

All information as of May 2015 and subject to change.

1. The functions of manager analysis and review are available only through advisory accounts.2. Includes private equity.

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Investment Management

OUR CAPABILITIES

Asset Classes

EQUITIES

• US equities

• International equities

• Emerging and frontier markets

FIXED INCOME

• Short-term fixed income

• US fixed income taxable

• International fixed income

• Inflation linked securities

• High yield fixed income

• Emerging market fixed income

• Global fixed income

• Municipal bonds

ALTERNATIVES

• Real assets

• Absolute return assets

• Equity hedge assets

• Equity return assets

• Opportunistic assets

Choices of Implementation

INDIVIDUAL SECURITIES

• Stocks – including IPOs, new

issues and secondary offerings

• Bonds – including new issues

and secondary offerings

• Preferred stock

• Options

• Currencies

ALTERNATIVE PRODUCTS

• Single manager funds

• Funds-of-funds

• Managed futures

• Separate accounts

• Private placements

• Precious metals

DIVERSIFIED PRODUCTS

• Mutual funds

• Closed-end funds

• Unit investment trusts

• Exchange-traded funds

STRUCTURED SECURITIES

• Market linked securities

• Leveraged securities

• Enhanced yield securities

• Securities offering limited

protection of principal

SPECIAL PURPOSE

ACCOUNTS

• Individual retirement accounts

(Traditional and Roth)

• 529 college savings plans

Risk Management

HEDGING STRATEGIES

CONCENTRATED /

RESTRICTED STOCK ADVICE

INTEREST RATE RISK

MANAGEMENT

CURRENCY EXPOSURE

STRATEGIES

PORTFOLIO PROTECTION

SOLUTIONS

INSURANCE SOLUTIONS

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Insurance

OUR CAPABILITIES

Life Insurance

TYPES

• Whole life

• Universal life

• Guaranteed level term

Disability Income Insurance

REPLACING LOST INCOME

• For self-employed and small

business owners with no group

disability coverage

• May be suitable for those without

adequate resources to weather

prolonged loss of income

Long-Term Care Insurance

UNDERSTAND THE NEED / RISK

• Consequences of an unexpected

health event

• Consequences of living long

• Risk of passing away financially

unprepared

DEVELOP A STRATEGY TO OFFSET

THE RISK

• Long-term care is a family issue

IMPLEMENT THE STRATEGY

• Long-term care insurance

• Self-insuring

• Caregiving plan

• Combination life and long-term

care insurance

Let’s discuss

your many

options.

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Philanthropy Services

OUR CAPABILITIES

Our professionals can help

you identify, organize and

implement a philanthropic

strategy to effect the

change you want to see in

the world

• Has vast experience working with ultra-

high net worth families, their

foundations and the institutions

they support

• Helps you research the best charities in

order to identify those that complement

your philanthropic goals

• Offers a comprehensive range of

advisory and implementation services to

help you define, design and implement

your philanthropic strategy

• Offers services to both donors and non-

profit institutions

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T H E P O L Y A K / S C H N E L L G R O U P

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The Polyak/Schnell Group

We are a cohesive team of highly experienced

financial professionals from a broad range of

disciplines. We combine our talents to help

our clients address the complex,

multigenerational challenges of managing

significant wealth. The interests of our clients

always go first as we seek to build long-term

relationships based on personal integrity,

professional competence and mutual trust.

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Our Philosophy

Our approach is to integrate our client's financial, familial, and philanthropic objectives into a holistic wealthmanagement approach. We have developed strategies through our comprehensive wealth managementservices to provide resources for affluent individuals, families, businesses, and non-profit organizations. Ourstrategies include:

Planning:

Directing assets, optimizing philanthropicaspirations, leaving a legacy, disposition ofunique assets, family business succession,reducing tax impact.

Asset Management:

Professional equity and fixed income money management, growth of capital, tax sensitive asset management, alternative investments.

Risk Management:

Preserving capital, diversify exposure to concentrated positions, protecting assets.

Lending:

Providing liquidity, Financing business needs, asset acquisition.

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Our Process To Uncover Your Financial Needs

1. Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and 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, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

2. Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.

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The strength, stability and resources of global financial services leader with more than 150 years of heritage, high capital strength andfocus on Wealth Management

Integrated team approach: operates as an exclusive Wealth Management boutique within the firm, providing tailored portfoliomanagement to both individual and institutional clients, endowments, foundations, and charitable organizations.

Senior Portfolio Managers with 20+ years of experience in the industry, long track record as a cohesive team providing customizedportfolios through a disciplined risk-based approach and protective strategies.

Cost efficient implementation: competitive pricing and optimization of investment vehicles (ETFs, direct bonds, primary issues, third partywealth structuring, credit lines, discretionary solutions, SMAs, etc.)

Solutions:

� Open architecture across asset classes, including mutual funds and alternative investments

� Access to primary market: fixed income, follow-ons, equity IPOs

� Access to private deals: private equity investments, debt financing, block trades

� Institutional-type portfolio construction and analytics

� Credit lines: portfolio leverage, corporate financing, airplane financing, etc.

� Direct access to portfolio managers and product specialists, research and investment ideas of Morgan Stanley

� Portfolio monitoring and analytics

� Access to experts in family dynamics; philanthropy management; tax, trust & estate advisory and other family office services

The Polyak/Schnell Group(psg) Advantage

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PSG STRATEGY

We believe adding a risk based strategy to a diversified portfolio provides a better opportunity for prosperity then

asset allocation alone. The Polyak/ Schnell Group strategy uses a risk based strategy to help mitigate the effects of

major declines in the market.

PSG

Strategy

Is designed to lock in gains for

favorable returns on underlying

assets.

Help harvest gains during severe

market corrections.

Seeks to avoid value destroying

behavior like buying high and

selling low

Aims to provide institutional

quality management

access

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As a founding member of the Polyak/Schnell Wealth Management Group, James is the Senior Portfolio Manager of the groups proprietary portfolio management services. With over 20+ years managing portfolios, James is the creator of the groups proprietary Strategy Portfolios, which takes risk-based approach to portfolio management.

Jim’s goal as a portfolio manager is to achieve meaningful investment results over the long term, for each individual client, through the disciplined application of their risk based portfolios. He believes adding a risk based strategy to a diversified portfolio may provide a better opportunity for prosperity then asset allocation alone.

Jim is a graduate of Fordham University Gabelli School of Business. When Jim is not managing money, his personal interests include traveling, cooking, fishing, exercise, and working with various charities together with his wife Deborah.

James Polyak

Senior Portfolio ManagerVice President

Chartered Retirement Plans Specialist CRPS ®

Financial Planning Specialist

Financial AdvisorJames.Polyak@morganstanley.com212-893-6517

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Robert joined Morgan Stanley in 1988 and has over 28 years of investment management experience. He graduated from Rutgers College of Rutgers University in 1984 with a BA in Economics. While at Rutgers, Robert was President, Treasurer, Secretary and Fraternity Council Representative for Alpha Delta Epsilon of Alpha Mu as well as participating with the Rutgers Rugby Club and Track & Field Team in Shot Put and Discus.

Robert's business focuses on professional money management, high net worth fixed income, qualified plan development and implementation, retirement and estate planning strategies. He is on the Acceptability Board and is and Arbitrator and Hearing Officer for the New York Stock Exchange.

Robert’s Honors and Recognitions include:

• 25 Year Loyalty Service Award Morgan Stanley 2016, 2015, 2014 Five Star Wealth Manager-Investments (New York Magazine)

Robert‘s associations include:

• Military Working Dog Team Support Association-Volunteer National Association of Underwater Instructors- Master Diver, Wreck and Underwater Photographer certified CERT (NYC OEM Community Emergency Response Team) Community Board 6, Queens-Member FBI New York Office Citizens’ Academy Alumni Association-Past President FBI InfraGard-Member Adirondack Mountain Club-member Men’s Club of Forest Hills(1913)-Past President, Past Chairman of the Board, Board Member Alpha Delta Epsilon Alumni Association-Rutgers University-Member Archbishop Molloy High School Alumni Association-Member

• Robert's personal interest include: international travel, scuba diving (Master level NAUI), salt water aquariums, hi fidelity, photography, mountain climbing and hiking, kayaking, biking and the New York Mets.

• Robert his wife Maani, their daughter Ishanika Gabriele and their Havanese dogs Rani "Queen" and Raja "King", currently reside in historic Forest Hills Gardens (one of America's most notable planned communities, created by the Russell Sage Foundation and designed by planner and architect Frederick Law Olmsted Jr. in 1909 to be a "modern Garden of Eden"), New York.

Robert SchnellVice President

Financial Planning Specialist

Chartered Retirement Plans Specialist

CRPS ®

Senior Portfolio Manager

Senior Investment Management

Consultant

Financial Advisor

Robert.Schnell@morganstanley.com

212-893-6518

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Jackie serves as the Relationship Manager for the team with over 10 years of experience in the financial services industry. Her responsibilities include but are not limited to, client relationship management and new business development. She will work closely with clients to ensure proper account opening procedures and documentation. In this role she will act as a liaison toprovide account information to clients and Financial Advisors. She will also maintain key client relationships by proactively resolving clients’ issues and concerns.

Jackie has been with Morgan Stanley since 2009. Prior to working at Morgan Stanley, Jackie worked at Bear Stearns in the same capacity.

Outside of wealth management, Jackie is passionate about her daily yoga practice, reading, dancing and fundraising for the March of Dimes. She also enjoys spending time with her husband Michael and son Aidan.

Jackie Torres

Senior Client Service Associate Jacqueline.Torres@ms.com212-893-6512

44 MORGAN STANLEY

DisclosuresA LifeView Financial Goal Analysis or LifeView Financial Plan (“Financial Plan”) is based on the methodology, estimates, and assumptions, as described in your

report, as well as personal data provided by you. It should be considered a working document that can assist you with

your objectives. Morgan Stanley Smith Barney LLC (“Morgan Stanley”) makes no guarantees as to future results or that an individual’s investment objectives will be

achieved. The responsibility for implementing, monitoring and adjusting your financial goal analysis or financial plan rests with you. After your Financial Advisor

delivers your report to you, if you so desire, your Financial Advisor can help you implement any part that you choose; however, you are not obligated

to work with your Financial Advisor or Morgan Stanley.

Important information about your relationship with your Financial Advisor and Morgan StanleySmith Barney LLC when using LifeView Goal Analysis or LifeView Advisor.

When your Financial Advisor prepares and delivers a Financial Goal Analysis (i.e., when using LifeView Goal Analysis), they will be acting in a brokerage capacity.

When your Financial Advisor prepares a Financial Plan (i.e., when using LifeView Advisor), they will be acting in an investment advisory capacity with respect to the

delivery of your Financial Plan. This Investment Advisory relationship will begin with the delivery of the Financial Plan and ends thirty days later, during which time

your Financial Advisor can review

the Financial Plan with you. To understand the differences between brokerage and advisory relationships, you should consult your Financial Advisor, or review our

Understanding Your Brokerage and Investment Advisory Relationships brochure available at http://www.morganstanley.com/ourcommitment/.

Alternative investments often are speculative and include a high degree of risk. Investors could lose all or a substantial amount of their investment. Alternative

investments are suitable only for eligible, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time. They may be

highly illiquid and can engage in leverage and other speculative practices that may increase the volatility and risk of loss. Alternative Investments typically have

higher fees than traditional investments. Investors should carefully review and consider potential risks before investing.

Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal

advice. 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.

Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.

Since long-term care insurance is medically underwritten, you should not cancel your current policy until your new policy is in force. A change to your current policy

may incur charges, fees and costs. A new policy may require a medical exam. Actual premiums may vary from any initial quotation.

The Morgan Stanley Global Impact Funding Trust, Inc. (“MS GIFT, Inc.”) is an organization described in Section 501(c) (3) of the Internal Revenue Code of 1986, as

amended. MS Global Impact Funding Trust (“MS GIFT”) is a donor-advised fund. Morgan Stanley Smith Barney LLC provides investment management and

administrative services to MS GIFT.

45 MORGAN STANLEY

Disclosures (cont’d)Equity securities may fluctuate in response to news on companies, industries, market conditions and general economic environment. Companies paying dividends

can reduce or stop payouts at any time.

Asset Allocation and diversification does not assure a profit or protect against loss in declining financial markets.

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.

The awards/ratings listed above are based on quantitative and qualitative criteria. The awards/ratings 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 in exchange for the awards/ratings.

Barron’s is a registered trademark of Dow Jones & Company, L.P. All rights reserved.

© 2015 Morgan Stanley Smith Barney LLC. Member SIPC.

CRC # 1873864 September 14, 2017

46 MORGAN STANLEY

Disclosures (cont’d)A LifeView Financial Goal Analysis or LifeView Financial Plan (“Financial Plan”) is based on the methodology, estimates, and assumptions, as described in your report,

as well as personal data provided by you. It should be considered a working document that can assist you with your objectives. Morgan Stanley Smith Barney LLC

(“Morgan Stanley”) makes no guarantees as to future results or that an individual’s investment objectives will be achieved. The responsibility for implementing,

monitoring and adjusting your financial goal analysis or financial plan rests with you. After your Financial Advisor delivers your report to you, if you so desire, your

Financial Advisor can help you implement any part that you choose; however, you are not obligated to work with your Financial Advisor or Morgan Stanley.

Important information about your relationship with your Financial Advisor and Morgan StanleySmith Barney LLC when using LifeView Goal Analysis or LifeView

Advisor. When your Financial Advisor prepares and delivers a Financial Goal Analysis (i.e., when using LifeView Goal Analysis), they will be acting in a brokerage

capacity. When your Financial Advisor prepares a Financial Plan (i.e., when using LifeView Advisor), they will be acting in an investment advisory capacity with respect

to the delivery of your Financial Plan. This Investment Advisory relationship will begin with the delivery of the Financial Plan and ends thirty days later, during which

time your Financial Advisor can review the Financial Plan with you. To understand the differences between brokerage and advisory relationships, you should consult

your Financial Advisor, or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at

http://www.morganstanley.com/ourcommitment/.

Alternative investments often are speculative and include a high degree of risk. Investors could lose all or a substantial amount of their investment. Alternative

investments are suitable only for eligible, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time. They may be

highly illiquid and can engage in leverage and other speculative practices that may increase the volatility and risk of loss. Alternative Investments typically have

higher fees than traditional investments. Investors should carefully review and consider potential risks before investing.

Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal

advice. 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.

Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.

Since long-term care insurance is medically underwritten, you should not cancel your current policy until your new policy is in force. A change to your current policy

may incur charges, fees and costs. A new policy may require a medical exam. Actual premiums may vary from any initial quotation.

The Morgan Stanley Global Impact Funding Trust, Inc. (“MS GIFT, Inc.”) is an organization described in Section 501(c) (3) of the Internal Revenue Code of 1986, as

amended. MS Global Impact Funding Trust (“MS GIFT”) is a donor-advised fund. Morgan Stanley Smith Barney LLC provides investment management and

administrative services to MS GIFT.

Equity securities may fluctuate in response to news on companies, industries, market conditions and general economic environment. Companies paying dividends

can reduce or stop payouts at any time.

47 MORGAN STANLEY

Disclosures (cont’d)Asset Allocation and diversification does not assure a profit or protect against loss in declining financial markets.

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.

The awards/ratings listed above are based on quantitative and qualitative criteria. The awards/ratings 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 in exchange for the awards/ratings.

Barron’s is a registered trademark of Dow Jones & Company, L.P. All rights reserved.

© 2015 Morgan Stanley Smith Barney LLC. Member SIPC.

CRC # 1873864 September 14, 2017

48 MORGAN STANLEY

Disclosures (cont’d)The Active Assets Account is a brokerage account offered through Morgan Stanley Smith Barney LLC.

The Morgan Stanley Debit Card is currently issued by UMB Bank, n.a., pursuant to a license from MasterCard International Incorporated. MasterCard and Maestro are

registered trademarks of MasterCard International Incorporated. The third-party trademarks and service marks contained herein are the property of their respective

owners.

The Morgan Stanley Credit Card from American Express is only available for clients who have an eligible Morgan Stanley Smith Barney LLC brokerage account

(“eligible account”). Eligible account means a Morgan Stanley Smith Barney LLC brokerage account held in your name or in the name of a revocable trust where the

client is the grantor and trustee, except for the following accounts: Charitable Remainder Annuity Trusts, Charitable Remainder Unitrusts, irrevocable trusts and

employer-sponsored accounts. Eligibility is subject to change. American Express

may cancel your Card Account and participation in this program, if you do not maintain an eligible account. Morgan Stanley Smith Barney LLC may compensate your

Financial Advisor and other employees in connection with your acquisition or use of the Morgan Stanley Credit Card from American Express.

The Morgan Stanley Credit Card from American Express is issued by American Express Bank, FSB, not Morgan Stanley Smith Barney LLC. Services and rewards for

the Cards are provided by Morgan Stanley Smith Barney LLC, American Express, or other third parties. Restrictions and other limitations apply. See the terms and

conditions for the Cards for details. Clients are urged to review fully before applying.

The Morgan Stanley Mobile App is currently available for iPhone® and iPad® from the App StoreSM and AndroidTM on Google PlayTM. Subject to certain terms and

conditions. Standard messaging and data rates from your provider may apply.

Margin Loans are investment products offered through Morgan Stanley Smith Barney LLC. Margin Loans are securities based loans, which can be risky, and are not

suitable for all investors. To be eligible for a securities based loan, a client must have a brokerage account at Morgan Stanley Smith Barney LLC that contains eligible

securities, which shall serve as collateral for the securities based loan.

Borrowing against securities may not be suitable for everyone. You should be aware that there are risks associated with a securities based loan, including possible

margin calls on short notice, and that market conditions can magnify any potential for loss. For details please see the important disclosures below.

Tailored Lending is a loan/line of credit product offered by Morgan Stanley Private Bank, National Association, an affiliate of Morgan Stanley Smith Barney LLC. A

Tailored Lending credit facility may be a committed or demand loan/line of credit. All Tailored Lending loans/lines of credit are subject to the underwriting standards

and independent approval of Morgan Stanley Private Bank, National Association. Tailored Lending loans/lines of credit may not be available in all locations. Rates,

terms, and programs are subject to change without notice. Other restrictions may apply. The information contained herein should not be construed as a commitment

to lend. Morgan Stanley Private Bank, National Association is a Member FDIC that is primarily regulated by the Office of the Comptroller of the Currency.

49 MORGAN STANLEY

Disclosures (cont’d)Important Risk Information for Securities Based Lending: 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 eligible 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 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 Bank, N.A.,

Morgan Stanley Private Bank, National Association or Morgan Stanley Smith Barney LLC (collectively referred to as “Morgan Stanley”) reserves the right not to fund

any advance request due to insufficient collateral or for any other reason except for any portion of a securities based loan that is identified as a committed facility; (5)

Morgan Stanley reserves the right to increase your collateral maintenance requirements at any time without notice; and (6) Morgan Stanley reserves the right to call

securities based loans at any time and for any reason.

Residential mortgage loans/home equity lines of credit are offered by Morgan Stanley Private Bank, National Association, an affiliate of Morgan Stanley Smith

Barney LLC. With the exception of the pledged-asset feature, an investment relationship with Morgan Stanley Smith Barney LLC does not have to be established or

maintained to obtain the residential mortgage products offered by Morgan Stanley Private Bank, National Association. All residential mortgage loans/home equity

lines of credit are subject to the underwriting standards and independent approval of Morgan Stanley Private Bank, National Association. Rates, terms, and programs

are subject to change without notice. Residential mortgage loans/home equity lines of credit may not be available in all states; not available in Guam, Puerto Rico and

the U.S. Virgin Islands. Other restrictions may apply. The information contained herein should not be construed as a commitment to lend. Morgan Stanley Private

Bank, National Association is an Equal Housing Lender and Member FDIC that is primarily regulated by the Office of the Comptroller of the Currency. Nationwide

Mortgage Licensing System Unique Identifier #663185. The proceeds from a residential mortgage loan (including draws and advances from a home equity line of

credit) are not permitted to be used to purchase, trade, or carry eligible margin stock; repay margin debt that was used to purchase, trade, or carry margin stock; or to

make payments on any amounts owed under the note, loan agreement, or loan security agreement; and cannot be deposited into a Morgan Stanley Smith Barney

LLC or other brokerage account.

Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and 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, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED

| NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY