Wealth Management Perspectives

Case Study: Family Evolution

The Circumstance The Engagement The Follow-Up

• A Financial Advisor team had an ongoing • Early in the relationship, Portfolio • As all beneficiaries had inherited significant
relationship with a large business owner, his Construction worked with Wealth Strategies assets, education about wealth planning was
foundation and one of his trusted advisors. & Planning Tools to provide the foundation a key consideration.
with asset allocation advice, select managers
• The majority of the business owner’s wealth and create a portfolio. • The Financial Advisor team was able to help
consisted of his company stock. the business owner’s family understand the
• As the value of the company stock rose, the responsibility of their new wealth, how to
• When the business owner passed away, the estate planner worked closely with the plan around it and how to invest it
stock was divided between his family, his business owner and his family. accordingly.
foundation and the trusted advisor.
• Upon the death of the business owner, • Wealth Strategies & Planning Tools assisted
• The trusted advisor became the team’s main Wealth Strategies & Planning Tools worked the foundation in establishing a spending
point of contact. with the trusted advisor on the disposition of policy that helped the beneficiaries budget
the company stock. and plan for their charitable endeavours, and
helped the foundation more easily manage
• It was important for the groups of their assets.
beneficiaries to coordinate the sale of their
stock, so that all could benefit without • Family Governance & Wealth Education and
adversely impacting each other’s positions. Philanthropy Management teams were
brought in to initiate conversations with the
heirs about involvement in philanthropic
giving, multi-generational decision-making
and how to best utilize other Family Office
Resources to the benefit of the next
generation of family leaders.

Past performance is no guarantee of future results. Estimates of future performance are based on assumptions that may not be realized. This material is not a solicitation of any offer to buy or sell any security or other
financial instrument or to participate in any trading strategy. Please refer to important information, disclosures and qualifications at the end of this material.

WEALTH MANAGEMENT| FAMILY OFFICE RESOURCES | CRC 3255777 / 06/2021 Page 2 of 22

Case Study: Planning for Three Generations

The Circumstance The Engagement The Follow-Up

• A Financial Advisor team created a wealth management • With the help of Estate Planning Strategies, the • As all beneficiaries had inherited significant assets,
plan for a client that owned and ran a $75 million Financial Advisor assembled a cohesive team including education about wealth planning was a key
business. the client’s business attorney, estate planning attorney, consideration.
• There are three generations of family a CPA and a specialist from our Insurance Solutions • The Financial Advisor team was able to help the
to protect, some of whom work in the business. team to help address the client’s personal, business and business owner’s family understand the responsibility of
• The client did not have a succession plan or buy-sell generational planning needs. their new wealth, how to plan around it and how to
agreement in place. • The team worked to clarify the family’s goals: invest it accordingly.
• Ensuring the business could continue to operate • Wealth Strategies & Planning Tools assisted the
in the event of the death or disability of a key foundation in establishing a spending policy that helped
owner or employee. the beneficiaries budget and plan for their charitable
• Protecting the business from an untimely endeavours, and helped the foundation more easily
liquidation due to the estate tax liability created manage their assets.
by the passing of the owner. • Family Governance & Wealth Education and
• Positioning the estate so that it would be Philanthropy Management teams were brought in to
protected generationally from estate taxes, initiate conversations with the heirs about involvement
creditors and “domestic predators.” in philanthropic giving, multi-generational decision-
• The team spent several months helping the client making and how to best utilize other Family Office
restructure the business and develop: Resources to the benefit of the next generation of
family leaders.
• New estate planning documents.
• A comprehensive gifting strategy using dynasty
trusts as well as an LLC.
• A buy-sell agreement governing the voting and
no-voting shares and a comprehensive life
insurance plan.
• After structuring the insurance plan and overcoming
underwriting challenges, a Morgan Stanley Insurance
Solutions specialist helped place coverage for the
family’s income replacement needs, generational tax
planning and the funding of a $30 million buy-sell
agreement.

Past performance is no guarantee of future results. Estimates of future performance are based on assumptions that may not be realized. This material is not a solicitation of any offer to buy or sell any security or other
financial instrument or to participate in any trading strategy. Please refer to important information, disclosures and qualifications at the end of this material.

WEALTH MANAGEMENT| FAMILY OFFICE RESOURCES | CRC 3255777 / 06/2021 Page 3 of 22

Case Study: Formalizing Processes in a Family Foundation

The Circumstance The Engagement The Follow-Up

• A Financial Advisor team was engaged by • Philanthropy Management conducted • Philanthropy Management worked with
a family foundation overseeing more than grantee due diligence, including financial Family Governance & Wealth Education to
$2 billion. analysis, on-site visits, and primary and initiate conversations with younger
secondary research to help ensure that generations about involvement in
• The mother and daughter, who led the
applicants were highly qualified and philanthropic giving, multi-generational
foundation, faced family dynamic issues
embodied the foundation’s mission. charitable interests and how to best apply
with every management decision.
other Family Office Resources services to
• Philanthropy Management helped draft a
• The broader family could not agree on the the next generation of family leaders.
grant-making policy to help address
foundation’s mission or purpose.
family and employee dynamics, • Philanthropy Management introduced
• The mother and daughter wanted to communication across different the foundation to our Estate Planning
continue the family’s legacy of innovative constituents and step-by-step processing Strategies
grant-making and entrepreneurship, but of grants to help the foundation make and Wealth Strategies & Planning Tools
lacked strategic expertise. efficient, innovative and strategic grants. teams to offer perspective in trust, tax &
estate planning for the mother and
• Lack of coordination between the • Philanthropy Management maintained bi-
daughter, as well as asset allocation and
foundation’s interested parties made weekly teleconferences and monthly in-
manager selection for the family and the
grant-making disorganized and person meetings with the mother and
private foundation. The teams remain
inefficient. daughter to assist with the
involved with the relationship today.
implementation of the recommended
grant-making policy.

Past performance is no guarantee of future results. Estimates of future performance are based on assumptions that may not be realized. This material is not a solicitation of any offer to buy or sell any security or other
financial instrument or to participate in any trading strategy. Please refer to important information, disclosures and qualifications at the end of this material.

WEALTH MANAGEMENT| FAMILY OFFICE RESOURCES | CRC 3255777 / 06/2021 Page 4 of 22

Case Study: Protecting Future Generations of Family Members

The Circumstance The Engagement The Follow-Up

• A Financial Advisor team contacted a • The Wealth and Estate Planning Strategist • The client was impressed with the
Wealth and Estate Planning Strategist to brought in a colleague from Trust Services analysis and how it dovetailed into Trust
discuss a new high net worth family to provide an overview of the Services available through Morgan
prospect. Morgan Stanley open architecture trustee Stanley.
platform. The platform consists of an
• The Wealth and Estate Planning Strategist • The client moved five trusts totaling $46
array of third-party trust companies that
met with the head of the family to review million to the firm. One of our third-party
can serve as trustee of client accounts.
existing trust documents, established to corporate trustee partners was named as
benefit children and grandchildren. • We recommended the use of a corporate the new trustee.
trustee.
• The client’s existing will named the law • The trusts are sub-custodies in the
firm as the executor, trustee and trust • We introduced a trust officer from one of Morgan Stanley Financial Advisor team’s
protector. the trust partner firms, who worked to branch, which provides investment
develop a solid team relationship. management services.
• The will contained no checks
and balances to protect future • The client also created several new trusts.
generations of beneficiaries. The client serves as a current trustee and
the corporate trustee partner is named as
a successor trustee. These trusts are also
utilizing the Morgan Stanley investment
platform and receive oversight by the
Morgan Stanley Financial Advisor team.

Past performance is no guarantee of future results. Estimates of future performance are based on assumptions that may not be realized. This material is not a solicitation of any offer to buy or sell any security or other
financial instrument or to participate in any trading strategy. Please refer to important information, disclosures and qualifications at the end of this material.

WEALTH MANAGEMENT| FAMILY OFFICE RESOURCES | CRC 3255777 / 06/2021 Page 5 of 22

Case Study: The Third Generation and the Family Business

The Circumstance The Engagement The Follow-Up

• A Financial Advisor team had a long relationship • Family Governance & Wealth Education met • Family Governance & Wealth Education
with a prominent real estate family on the West with the family numerous times over four introduced the family to an attorney to
Coast, managing $70 million. months, jointly and individually, committing document the plan, which has been
dozens of hours to family meetings and successfully implemented.
• The family real estate business, worth several discovery sessions.
hundred million dollars, was established by • Estate Planning Strategies came to help
the patriarch. • Family Governance & Wealth Education younger family members begin to address
proposed a plan that would allow the family their individual estate planning.
• The head of the family had a son and a business to continue, and created the
daughter. The son and the daughter’s potential to preserve family ties. • Philanthropy Management was brought in to
husband managed the business successfully advise the head of the family’s daughter and
and harmoniously for over 20 years. They • The family saw the strength of the plan and daughter-in-law in creating an appropriate
were beginning to think of succession. was relieved to find a strategy that held the family giving program in honor of the head of
promise of success. the family while he was still living.
• The son had three children, two of whom
were working in the business. One son was • Philanthropy Management also suggested
his obvious successor. ways in which the giving program could help
heal some of the recent wounds the family
• The daughter had a son and a daughter. Her dynamic had suffered, and possibly knit the
son would succeed her husband. family together more closely.
• The relationship between the expected
successors was as dysfunctional as the bond
between their fathers was strong.
• None thought the business could continue
under the leadership of the sons, but they
saw no other choice.

Past performance is no guarantee of future results. Estimates of future performance are based on assumptions that may not be realized. This material is not a solicitation of any offer to buy or sell any security or other
financial instrument or to participate in any trading strategy. Please refer to important information, disclosures and qualifications at the end of this material.

WEALTH MANAGEMENT| FAMILY OFFICE RESOURCES | CRC 3255777 / 06/2021 Page 6 of 22

Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States.

The sole purpose of this material is to inform, and it in no way is intended to be an ofer or solicitation to purchase or sell any security, other investment or service, or to attract any funds or deposits.
Investments mentioned may not be appropriate for all clients. Any product discussed herein may be purchased only after a client has carefully reviewed the ofering memorandum and executed the
subscription documents. Morgan Stanley Wealth Management has not considered the actual or desired investment objectives, goals, strategies, guidelines, or factual circumstances of any investor in
any fund(s). Before making any investment, each investor should carefully consider the risks associated with the investment, as discussed in the applicable ofering memorandum, and make a
determination based upon their own particular circumstances, that the investment is consistent with their investment objectives and risk tolerance. Morgan Stanley Smith Barney LLC ofers
investment program services through a variety of investment programs, which are opened pursuant to written client agreements. Each program ofers investment managers, funds and features that
are not available in other programs; conversely, some investment managers, funds or investment strategies may be available in more than one program.

Morgan Stanley’s investment advisory programs may require a minimum asset level and, depending on your specifc investment objectives and fnancial position, may not be appropriate for you.
Please see the Morgan Stanley Smith Barney LLC program disclosure brochure (the “Morgan Stanley ADV”) for more information in the investment advisory programs available. The Morgan Stanley
ADV is available at www.morganstanley.com/ADV.

Sources of Data. Information in this material in this report has been obtained from sources that we believe to be reliable, but we do not guarantee its accuracy, completeness or timeliness. Third-party
data providers make no warranties or representations relating to the accuracy, completeness or timeliness of the data they provide and are not liable for any damages relating to this data . All opinions
included in this material constitute the Firm’s judgment as of the date of this material and are subject to change without notice . This material was not prepared by the research departments of Morgan
Stanley & Co. LLC or Morgan Stanley Smith Barney LLC. Some historical fgures may be revised due to newly identifed programs, frm restatements, etc.

Global Investment Manager Analysis (GIMA) Focus List, Approved List and Tactical Opportunities List; Watch Policy. GIMA uses two methods to evaluate investment products in applicable
advisory programs: Focus (and investment products meeting this standard are described as being on the Focus List) and Approved (and investment products meeting this standard are described as
being on the Approved List). In general, Focus entails a more thorough evaluation of an investment product than Approved. Sometimes an investment product may be evaluated using the Focus List
process but then placed on the Approved List instead of the Focus List. Investment products may move from the Focus List to the Approved List, or vice versa. GIMA may also determine that an
investment product no longer meets the criteria under either process and will no longer be recommended in investment advisory programs (in which case the investment product is given a “Not
Approved” status). GIMA has a ‘Watch” policy and may describe a Focus List or Approved List investment product as being on “Watch” if GIMA identifes specifc areas that (a) merit further evaluation
by GIMA and (b) may, but are not certain to, result in the investment product becoming “Not Approved.” The Watch period depends on the length of time needed for GIMA to conduct its evaluation
and for the investment manager or fund to address any concerns. Certain investment products on either the Focus List or Approved List may also be recommended for
the Tactical Opportunities List based in part on tactical opportunities existing at a given time. The investment products on the Tactical Opportunities List change over time. For more information on
the Focus List, Approved List, Tactical Opportunities List and Watch processes, please see the applicable Form ADV Disclosure Document for Morgan Stanley Wealth Management. Your Financial
Advisor or Private Wealth Advisor can also provide upon request a copy of a publication entitled “Manager Selection Process.”

The Global Investment Committee is a group of seasoned investment professionals who meet regularly to discuss the global economy and markets. The committee determines the investment
outlook that guides our advice to clients. They continually monitor developing economic and market conditions, review tactical outlooks and recommend model portfolio weightings, as well as
produce a suite of strategy, analysis, commentary, portfolio positioning suggestions and other reports and broadcasts.

The GIC Asset Allocation Models are not available to be directly implemented as part of an investment advisory service and should not be regarded as a recommendation of any Morgan Stanley
investment advisory service. The GIC Asset Allocation Models do not represent actual trading or any type of account or any type of investment strategies and none of the fees or other expenses (e .g.
commissions, mark-ups, mark-downs, advisory fees, fund expenses) associated with actual trading or accounts are refected in the GIC Asset Allocation Models which, when compounded over a period
of years, would decrease returns.

Adverse Active AlphaSM 2.0 is a patented screening and scoring process designed to help identify high-quality equity and fxed income managers with characteristics that may lead to future
outperformance relative to index and peers. While highly ranked managers performed well as a group in our Adverse Active Alpha model back tests, not all of the managers will outperform. Please note
that this data may be derived from back-testing, which has the beneft of hindsight. In addition, highly ranked managers can have difering risk profles that might not be appropriate for all investors.

Our view is that Adverse Active Alpha is a good starting point and should be used in conjunction with other information. Morgan Stanley Wealth Management’s qualitative and quantitative investment

DISCLOSURES
Page 7 of 22
manager due diligence process are equally important factors for investors when considering managers for use through an investment advisory program. Factors including, but not limited to, manager
turnover and changes to investment process can partially or fully negate a positive Adverse Active Alpha ranking. Additionally, highly ranked managers can have difering risk profles that might not be
appropriate for all investors.

The proprietary Value Score methodology considers an active investment strategies’ value proposition relative to its costs. From a historical quantitative study of several quantitative markers, Value
Score measures perceived forward-looking beneft and computes (1) “fair value” expense ratios for most traditional investment managers across 40 categories and (2) managers’ perceived “excess
value” by comparing the fair value expense ratios to actual expense ratios. Managers are then ranked within each category by their excess value to assign a Value Score. Our analysis suggests that
greater levels of excess value have historically corresponded to attractive subsequent performance.

For more information on the ranking models, please see Adverse Active AlphaSM 2.0: Scoring Active Managers According to Potential Alpha and Value Score: Scoring Fee Efciency by Comparing
Managers’ “Fair Value” and Actual Expense Ratios. The whitepapers are available from your Financial Advisor or Private Wealth Advisor. ADVERSE ACTIVE ALPHA is a registered service mark of
Morgan Stanley and/or its afliates. U.S. Pat. No. 8,756,098 applies to the Adverse Active Alpha system and/or methodology.

Additionally, highly ranked managers can have difering risk profles that might not be appropriate for all investors. For more information on AAA, please see the Adverse Active Alpha Ranking Model
and Selecting Managers with Adverse Active Alpha whitepapers. The whitepaper are available from your Financial Advisor or Private Wealth Advisor. ADVERSE ACTIVE ALPHA is a registered service
mark of Morgan Stanley and/or its afliates. U.S. Pat. No. 8,756,098 applies to the Adverse Active Alpha system and/or methodology.

The Global Investment Manager Analysis (GIMA) Services Only Apply to Certain Investment Advisory Programs GIMA evaluates certain investment products for the purposes of some – but not all
– of Morgan Stanley Smith Barney LLC’s investment advisory programs (as described in more detail in the applicable Form ADV Disclosure Document for Morgan Stanley Wealth Management). If you
do not invest through one of these investment advisory programs, Morgan Stanley Wealth Management is not obligated to provide you notice of any GIMA Status changes even though it may give
notice to clients in other programs.

Strategy May Be Available as a Separately Managed Account or Mutual Fund Strategies are sometimes available in Morgan Stanley Wealth Management investment advisory programs both in the
form of a separately managed account (“SMA”) and a mutual fund. These may have diferent expenses and investment minimums. Your Financial Advisor or Private Wealth Advisor can provide more
information on whether any particular strategy is available in more than one form in a particular investment advisory program. Generally, investment advisory accounts are subject to an annual
asset-based fee (the “Fee”) which is payable monthly in advance (some account types may be billed diferently). In general, the Fee covers Morgan Stanley investment advisory services, custody of
securities with Morgan Stanley, trade execution with or through Morgan Stanley or its afliates, as well as compensation to any Morgan Stanley Financial Advisor.

In addition, each account that is invested in a program that is eligible to purchase certain investment products, such as mutual funds, will also pay a Platform Fee (which is subject to a Platform Fee
ofset) as described in the applicable ADV brochure. Accounts invested in the Select UMA program may also pay a separate Sub-Manager fee, if applicable.

If your account is invested in mutual funds or exchange traded funds (collectively “funds”), you will pay the fees and expenses of any funds in which your account is invested. Fees and expenses are
charged directly to the pool of assets the fund invests in and are refected in each fund’s share price. These fees and expenses are an additional cost to you and would not be included in the Fee amount
in your account statements. The advisory program you choose is described in the applicable Morgan Stanley Smith Barney LLC ADV Brochure, available at www.morganstanley.com/ADV.

Morgan Stanley or Executing Sub-Managers, as applicable, in some of Morgan Stanley’s Separately Managed Account (“SMA”) programs may efect transactions through broker-dealers other than
Morgan Stanley or our afliates. In such instances, you may be assessed additional costs by the other frm in addition to the Morgan Stanley and Sub-Manager fees. Those costs will be included in the
net price of the security, not separately reported on trade confrmations or account statements. Certain Sub-Managers have historically directed most, if not all, of their trades to outside frms.
Information provided by Sub-Managers concerning trade execution away from Morgan Stanley is summarized at: www.morganstanley.com/wealth/investmentsolutions/pdfs/adv/sotresponse.pdf. For
more information on trading and costs, please refer to the ADV Brochure for your program(s), available at www.morganstanley.com/ADV, or contact your Financial Advisor / Private Wealth Advisor.

Conficts of Interest: GIMA’s goal is to provide professional, objective evaluations in support of the Morgan Stanley Wealth Management investment advisory programs. We have policies and
procedures to help us meet this goal. However, our business is subject to various conficts of interest. For example, ideas and suggestions for which investment products should be evaluated by GIMA
come from a variety of sources, including our Morgan Stanley Wealth Management Financial Advisors and their direct or indirect managers, and other business persons within Morgan Stanley Wealth
Management or its afliates. Such persons may have an ongoing business relationship with certain investment managers or mutual fund companies whereby they, Morgan Stanley Wealth

DISCLOSURES
Page 8 of 22
Management or its afliates receive compensation from, or otherwise related to, those investment managers or mutual funds. For example, a Financial Advisor may suggest that GIMA evaluates an
investment manager or fund in which a portion of his or her clients’ assets are already invested. While such a recommendation is permissible, GIMA is responsible for the opinions expressed by GIMA.
Separately, certain strategies managed or sub-advised by us or our afliates, including but not limited to MSIM and Eaton Vance Management (“EVM”) and its investment afliates, may be included in
your account. See the conficts of interest section in the applicable Form ADV Disclosure Document for Morgan Stanley Wealth Management for a discussion of other types of conficts that may be
relevant to GIMA’s evaluation of managers and funds. In addition, Morgan Stanley Wealth Management, MS&Co., managers and their afliates provide a variety of services (including research,
brokerage, asset management, trading, lending and investment banking services) for each other and for various clients, including issuers of securities that may be recommended for purchase or sale by
clients or are otherwise held in client accounts, and managers in various advisory programs. Morgan Stanley Wealth Management, managers, MS&Co., and their afliates receive compensation and
fees in connection with these services. Morgan Stanley Wealth Management believes that the nature and range of clients to which such services are rendered is such that it would be inadvisable to
exclude categorically all of these companies from an account.

Morgan Stanley Wealth Management, managers, MS & Co., and their afliates receive compensation and fees in connection with these services. Morgan Stanley Wealth Management believes that the
nature and range of clients to which such services are rendered is such that it would be inadvisable to exclude categorically all of these companies from an account .

Morgan Stanley charges each fund family we ofer a mutual fund support fee, also called a “revenue-sharing payment,” on client account holdings in fund families according to a tiered rate that
increases along with the management fee of the fund so that lower management fee funds pay lower rates than those with higher management fees.

Consider Your Own Investment Needs: The model portfolios and strategies discussed in the material are formulated based on general client characteristics including risk tolerance . This material is not
intended to be an analysis of whether particular investments or strategies are appropriate for you or a recommendation, or an ofer to participate in any investment. Therefore, clients should not use
this material as the sole basis for investment decisions. They should consider all relevant information, including their existing portfolio, investment objectives, risk tolerance, liquidity needs and
investment time horizon. Such a determination may lead to asset allocation results that are materially diferent from the asset allocation shown in this profle. Talk to your Financial Advisor about what
would be an appropriate asset allocation for you, whether Morgan Stanley Pathway Funds is an appropriate program for you.

No obligation to notify – Morgan Stanley Wealth Management has no obligation to notify you when the model portfolios, strategies, or any other information, in this material changes.

For index, indicator and survey defnitions referenced in this report please visit the following: https://www.morganstanley.com/wealth-investmentsolutions/wmir-defnitions

The Morgan Stanley Pathway Funds, Firm Discretionary UMA Model Portfolios, and other asset allocation or any other model portfolios discussed in this material are available only to investors
participating in Morgan Stanley Consulting Group advisory programs. For additional information on the Morgan Stanley Consulting Group advisory programs, see the applicable ADV brochure,
available at www.morganstanley.com/ADV or from your Morgan Stanley Financial Advisor or Private Wealth Advisor. To learn more about the Morgan Stanley Pathway Funds, visit the Funds’ website
at https://www.morganstanley.com/wealth-investmentsolutions/cgcm. Consulting Group is a business of Morgan Stanley.

Morgan Stanley Pathway Program Asset Allocation Models There are model portfolios corresponding to fve risk-tolerance levels available in the Pathway program. Model 1 is the least aggressive
portfolio and consists mostly of bonds. As the model numbers increase, the models have higher allocations to equities and become more aggressive. Pathway is a mutual fund asset allocation program.
In constructing the Pathway Program Model Portfolios, Morgan Stanley Wealth Management uses, among other things, model asset allocations produced by Morgan Wealth Management's Global
Investment Committee (the "GIC"). The Pathway Program Model Portfolios are specifc to the Pathway program (based on program features and parameters, and any other requirements of Morgan
Stanley Wealth Management's Consulting Group). The Pathway Program Model Portfolios may therefore difer in some respects from model portfolios available in other Morgan Stanley Wealth
Management programs or from asset allocation models published by the Global Investment Committee.

The type of mutual funds and ETFs discussed in this presentation utilizes nontraditional or complex investment strategies and /or derivatives. Examples of these types of funds include those that utilize
one or more of the below noted investment strategies or categories or which seek exposure to the following markets: (1) commodities (e .g., agricultural, energy and metals), currency, precious metals;
(2) managed futures; (3) leveraged, inverse or inverse leveraged; (4) bear market, hedging, long-short equity, market neutral; (5) real estate; (6) volatility (seeking exposure to the CBOE VIX Index).
Investors should keep in mind that while mutual funds and ETFs may, at times, utilize nontraditional investment options and strategies, they should not be equated with unregistered privately ofered
alternative investments. Because of regulatory limitations, mutual funds and ETFs that seek alternative-like investment exposure must utilize a more limited investment universe. As a result,
investment returns and portfolio characteristics of alternative mutual funds and ETFs may vary from traditional hedge funds pursuing similar investment objectives. Moreover, traditional hedge funds
have limited liquidity with long “lock-up” periods allowing them to pursue investment strategies without having to factor in the need to meet client redemptions and ETFs trade on an exchange . On the

DISCLOSURES
Page 9 of 22
other hand, mutual funds typically must meet daily client redemptions. This difering liquidity profle can have a material impact on the investment returns generated by a mutual fund or ETF pursuing
an alternative investing strategy compared with a traditional hedge fund pursuing the same strategy.

Nontraditional investment options and strategies are often employed by a portfolio manager to further a fund’s investment objective and to help ofset market risks . However, these features may be
complex, making it more difcult to understand the fund’s essential characteristics and risks, and how it will perform in diferent market environments and over various periods of time. They may also
expose the fund to increased volatility and unanticipated risks particularly when used in complex combinations and/or accompanied by the use of borrowing or “leverage.”

Please consider the investment objectives, risks, fees, and charges and expenses of mutual funds, ETFs, closed end funds, unit investment trusts, and variable insurance products carefully
before investing. The prospectus contains this and other information about each fund. To obtain a prospectus, contact your Financial Advisor or Private Wealth Advisor or visit the Morgan
Stanley website at www.morganstanley.com. Please read it carefully before investing.

Money Market Funds: You could lose money in money market funds. Although money market funds classifed as government funds (i.e., money market funds that invest 99.5% of total assets in cash
and/or securities backed by the U.S government) and retail funds (i.e., money market funds open to natural person investors only) seek to preserve value at $1.00 per share, they cannot guarantee they
will do so. The price of other money market funds will fuctuate and when you sell shares they may be worth more or less than originally paid. Money market funds may impose a fee upon sale or
temporarily suspend sales if liquidity falls below required minimums. During suspensions, shares would not be available for purchases, withdrawals, check writing or ATM debits. A money market fund
investment is not insured or guaranteed by the Federal Deposit Insurance Corporation or other government agency. The Fund’s sponsor has no legal obligation to provide fnancial support to the Fund,
and you should not expect that the sponsor will provide fnancial support to the Fund at any time.

Investors should carefully consider the investment objectives, risks, charges and expenses of a money market fund before investing. The prospectus contains this and other information about
the money market fund. To obtain a prospectus, contact your Financial Advisor or visit the money market fund company’s website. Please read the prospectus carefully before investing.

Exchange Funds are private placement vehicles that enable holders of concentrated single-stock positions to exchange those stocks for a diversifed portfolio. Investors may beneft from greater
diversifcation by exchanging a concentrated stock position for fund shares without triggering a taxable event. These funds are available only to qualifed investors and may only be ofered by Financial
Advisors who are qualifed to sell alternative investments. Before investing, investors should consider the following:
- Dividends are pooled
- Investors may forfeit their stock voting rights
- Investment may be illiquid for several years
- Investments may be leveraged or contain derivatives
- Signifcant early redemption fees may apply
- Changes to the U.S. tax code, which could be retroactive (potentially disallowing the favorable tax treatment of exchange funds)
- Investment risk and potential loss of principal

KEY ASSET CLASS CONSIDERATIONS AND OTHER RISKS

Investing in the markets entails the risk of market volatility. The value of all types of investments, including stocks, mutual funds, exchange-traded funds (“ETFs”), closed-end funds, and unit
investment trusts, may increase or decrease over varying time periods. To the extent the investments depicted herein represent international securities, you should be aware that there may be
additional risks associated with international investing, including foreign economic, political, monetary and/or legal factors, changing currency exchange rates, foreign taxes, and diferences in
fnancial and accounting standards. These risks may be magnifed in emerging markets and frontier markets. Some funds also invest in foreign securities, which may involve currency risk. There is no
assurance that the fund will achieve its investment objective. Small- and mid-capitalization companies may lack the fnancial resources, product diversifcation and competitive strengths of larger
companies. In addition, the securities of small- and mid-capitalization companies may not trade as readily as, and be subject to higher volatility than, those of larger, more established companies. The
value of fxed income securities will fuctuate and, upon a sale, may be worth more or less than their original cost or maturity value. Bonds are subject to interest rate risk, call risk, reinvestment risk,
liquidity risk, and credit risk of the issuer. High yield bonds are subject to additional risks such as increased risk of default and greater volatility because of the lower credit quality of the issues . In the
case of municipal bonds, income is generally exempt from federal income taxes. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any,
are subject to tax. Treasury Infation Protection Securities’ (TIPS) coupon payments and underlying principal are automatically increased to compensate for infation by tracking the consumer price
index (CPI). While the real rate of return is guaranteed, TIPS tend to ofer a low return. Because the return of TIPS is linked to infation, TIPS may signifcantly underperform versus conventional U.S.

DISCLOSURES
Page 10 of 22
Treasuries in times of low infation. There is no guarantee that investors will receive par if TIPS are sold prior to maturity. The returns on a portfolio consisting primarily of environmental, social,
and governance-aware investments (“ESG”) may be lower or higher than a portfolio that is more diversifed or where decisions are based solely on investment considerations . Because ESG criteria
exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria . The companies identifed and investment
examples are for illustrative purposes only and should not be deemed a recommendation to purchase, hold or sell any securities or investment products. They are intended to demonstrate the
approaches taken by managers who focus on ESG criteria in their investment strategy. There can be no guarantee that a client's account will be managed as described herein. Options and margin
trading involve substantial risk and are not appropriate for all investors. Besides the general investment risk of holding securities that may decline in value and the possible loss of principal
invested, closed-end funds may have additional risks related to declining market prices relative to net asset values (NAVs), active manager underperformance and potential leverage. Closed-end
funds, unlike open-end funds, are not continuously ofered. There is a one-time public ofering and once issued, shares of closed-end funds are sold in the open market through a stock exchange.
Shares of closed-end funds frequently trade at a discount from their NAV which may increase investors’ risk of loss. The risk of loss due to this discount may be greater for investors expecting to sell
their shares in a relatively short period after completion of the public ofering. This characteristic is a risk separate and distinct from the risk that a closed-end fund’s net asset value may decrease as a
result of investment activities. NAV is total assets less total liabilities divided by the number of shares outstanding. At the time an investor purchases or sells shares of a closed-end fund, shares may
have a market price that is above or below NAV. Portfolios that invest a large percentage of assets in only one industry sector (or in only a few sectors) are more vulnerable to price fuctuation than
those that diversify among a broad range of sectors.

Structured Investments are complex and not appropriate for all investors. An investment in Structures Investments involve risks. These risks can include but are not limited to: (1) Fluctuations in the
price, level or yield of underlying instruments, interest rates, currency values and credit quality, (2) Substantial or total loss of principal, (3) Limits on participation in appreciation of underlying
instrument, (4) Limited liquidity, (5) Issuer credit risk and (6) Conficts of Interest. There is no assurance that a strategy of using structured product for wealth preservation, yield enhancement, and/or
interest rate risk hedging will meet its objectives.

Alternative investments may be either traditional alternative investment vehicles, such as hedge funds, fund of hedge funds, private equity, private real estate and managed futures or, non-traditional
products such as mutual funds and exchange-traded funds that also seek alternative-like exposure but have signifcant diferences from traditional alternative investments. 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 appropriate only for eligible, long-term investors
who are willing to forgo liquidity and put capital at risk for an indefnite 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. Certain of these
risks may include but are not limited to: Loss of all or a substantial portion of the investment due to leveraging, short-selling, or other speculative practices; Lack of liquidity in that there may be no
secondary market for a fund; Volatility of returns; Restrictions on transferring interests in a fund; Potential lack of diversifcation and resulting higher risk due to concentration of trading authority when
a single advisor is utilized; Absence of information regarding valuations and pricing; Complex tax structures and delays in tax reporting; Less regulation and higher fees than mutual funds; and Risks
associated with the operations, personnel, and processes of the manager. Further, opinions regarding Alternative Investments expressed herein may difer from the opinions expressed by Morgan
Stanley Wealth Management and/or other businesses/afliates of Morgan Stanley Wealth Management.

Certain information contained herein may constitute forward-looking statements. Due to various risks and uncertainties, actual events, results or the performance of a fund may difer materially from
those refected or contemplated in such forward-looking statements. Clients should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing.

Alternative investments involve complex tax structures, tax inefcient investing, and delays in distributing important tax information. Individual funds have specifc risks related to their investment
programs that will vary from fund to fund. Clients should consult their own tax and legal advisors as Morgan Stanley Wealth Management does not provide tax or legal advice.

Interests in alternative investment products are ofered pursuant to the terms of the applicable ofering memorandum, are distributed by Morgan Stanley Smith Barney LLC and certain of its afliates,
and (1) are not FDIC-insured, (2) are not deposits or other obligations of Morgan Stanley or any of its afliates, (3) are not guaranteed by Morgan Stanley and its afliates, and (4) involve investment
risks, including possible loss of principal. Morgan Stanley Smith Barney LLC is a registered broker-dealer, not a bank.

A majority of Alternative Investment managers reviewed and selected by GIMA pay or cause to be paid an ongoing fee for distribution from their management fees to Morgan Stanley Wealth
Management in connection with Morgan Stanley Wealth Management clients that purchase an interest in an Alternative Investment and in some instances pay these fees on the investments held by
advisory clients. Morgan Stanley Wealth Management rebates such fees that are received and attributable to an Investment held by an advisory client and retains the fees paid in connection with
investments held by brokerage clients. Morgan Stanley Wealth Management has a confict of interest in ofering alternative investments because Morgan Stanley Wealth Management or our afliates ,
in most instances, earn more money in your account from your investments in alternative investments than from other investment options.

DISCLOSURES
Page 11 of 22
It should be noted that the majority of hedge fund indexes are comprised of hedge fund manager returns. This is in contrast to traditional indexes, which are comprised of individual securities in the
various market segments they represent and ofer complete transparency as to membership and construction methodology. As such, some believe that hedge fund index returns have certain biases
that are not present in traditional indexes. Some of these biases infate index performance, while others may skew performance negatively. However, many studies indicate that overall hedge fund
index performance has been biased to the upside. Some studies suggest performance has been infated by up to 260 basis points or more annually depending on the types of biases included and the
time period studied. Although there are numerous potential biases that could afect hedge fund returns, we identify some of the more common ones throughout this paper.

Self-selection bias results when certain manager returns are not included in the index returns and may result in performance being skewed up or down . Because hedge funds are private placements,
hedge fund managers are able to decide which fund returns they want to report and are able to opt out of reporting to the various databases . Certain hedge fund managers may choose only to report
returns for funds with strong returns and opt out of reporting returns for weak performers. Other hedge funds that close may decide to stop reporting in order to retain secrecy, which may cause a
downward bias in returns.

Survivorship bias results when certain constituents are removed from an index. This often results from the closure of funds due to poor performance, “blow ups,” or other such events. As such, this bias
typically results in performance being skewed higher. As noted, hedge fund index performance biases can result in positive or negative skew. However, it would appear that the skew is more often
positive. While it is difcult to quantify the efects precisely, investors should be aware that idiosyncratic factors may be giving hedge fund index returns an artifcial “lift” or upwards bias.

Hedge Funds of Funds and many funds of funds are private investment vehicles restricted to certain qualifed private and institutional investors. They are often speculative and include a high degree of
risk. Investors can lose all or a substantial amount of their investment. They may be highly illiquid, can engage in leverage and other speculative practices that may increase volatility and the risk of loss,
and may be subject to large investment minimums and initial lockups. They involve complex tax structures, tax-inefcient investing and delays in distributing important tax information. Categorically,
hedge funds and funds of funds have higher fees and expenses than traditional investments, and such fees and expenses can lower the returns achieved by investors. Funds of funds have an additional
layer of fees over and above hedge fund fees that will ofset returns. An investment in an exchange-traded fund involves risks similar to those of investing in a broadly based portfolio of equity
securities traded on an exchange in the relevant securities market, such as market fuctuations caused by such factors as economic and political developments, changes in interest rates and perceived
trends in stock and bond prices. An investment in a target date portfolio is subject to the risks attendant to the underlying funds in which it invests, in these portfolios the funds are the Consulting
Group Capital Market funds. A target date portfolio is geared to investors who will retire and/or require income at an approximate year. The portfolio is managed to meet the investor’s goals by the
pre-established year or “target date.” A target date portfolio will transition its invested assets from a more aggressive portfolio to a more conservative portfolio as the target date draws closer . An
investment in the target date portfolio is not guaranteed at any time, including, before or after the target date is reached. Managed futures investments are speculative, involve a high degree of risk,
use signifcant leverage, are generally illiquid, have substantial charges, subject investors to conficts of interest, and are appropriate only for the risk capital portion of an investor’s portfolio. Managed
futures investments do not replace equities or bonds but rather may act as a complement in a well diversifed portfolio. Managed Futures are complex and not appropriate for all investors.

Virtual Currency Products (Cryptocurrencies)

Buying, selling, and transacting in Bitcoin, Ethereum or other digital assets (“Digital Assets”), and related funds and products, is highly speculative and may result in a loss of the entire
investment. Risks and considerations include but are not limited to:

- Digital Assets have only been in existence for a short period of time and historical trading prices for Digital Assets have been highly volatile . The price of Digital Assets could decline rapidly, and
investors could lose their entire investment.

- Certain Digital Asset funds and products, allow investors to invest on a more frequent basis than investors may withdraw from the fund or product, and interests in such funds or products are
generally not freely transferrable. This means that, particularly given the volatility of Digital Assets, an investor will have to bear any losses with respect to its investment for an extended period of time
and will not be able to react to changes in the price of the Digital Asset once invested (for example, by seeking to withdraw) as quickly as when making the decision to invest. Such Digital Asset funds
and products, are intended only for persons who are able to bear the economic risk of investment and who do not need liquidity with respect to their investments .

- Given the volatility in the price of Digital Assets, the net asset value of a fund or product that invests in such assets at the time an investor’s subscription for interests in the fund or product is accepted
may be signifcantly below or above the net asset value of the product or fund at the time the investor submitted subscription materials .

DISCLOSURES
Page 12 of 22
- Certain Digital Assets are not intended to function as currencies but are intended to have other use cases. These other Digital Assets may be subject to some or all of the risks and considerations set
forth herein, as well as additional risks applicable to such Digital Assets. Buyers, sellers and users of such Digital Assets should thoroughly familiarize themselves with such risks and considerations
before transacting in such Digital Assets.

- The value of Digital Assets may be negatively impacted by future legal and regulatory developments, including but not limited to increased regulation of such Digital Assets. Any such developments
may make such Digital Assets less valuable, impose additional burdens and expenses on a fund or product investing in such assets or impact the ability of such a fund or product to continue to operate ,
which may materially decrease the value of an investment therein.

- Due to the new and evolving nature of digital currencies and the absence of comprehensive guidance, many signifcant aspects of the tax treatment of Digital Assets are uncertain. Prospective
investors should consult their own tax advisors concerning the tax consequences to them of the purchase, ownership and disposition of Digital Assets, directly or indirectly through a fund or product,
under U.S. federal income tax law, as well as the tax law of any relevant state, local or other jurisdiction.

- Over the past several years, certain Digital Asset exchanges have experienced failures or interruptions in service due to fraud, security breaches, operational problems or business failure. Such events
in the future could impact any fund’s or product’s ability to transact in Digital Assets if the fund or product relies on an impacted exchange and may also materially decrease the price of Digital Assets ,
thereby impacting the value of your investment, regardless of whether the fund or product relies on such an impacted exchange.

- Although any Digital Asset product and its service providers have in place signifcant safeguards against loss, theft, destruction and inaccessibility, there is nonetheless a risk that some or all of a
product’s Digital Asset could be permanently lost, stolen, destroyed or inaccessible by virtue of, among other things, the loss or theft of the “private keys” necessary to access a product’s Digital Asset.

- Investors in funds or products investing or transacting in Digital Assets may not beneft to the same extent (or at all) from “airdrops” with respect to , or “forks” in, a Digital Asset’s blockchain,
compared to investors who hold Digital Assets directly instead of through a fund or product. Additionally, a “fork” in the Digital Asset blockchain could materially decrease the price of such Digital
Asset.

- Digital Assets are not legal tender, and are not backed by any government, corporation or other identifed body, other than with respect to certain digital currencies that certain governments are or
may be developing now or in the future. No law requires companies or individuals to accept digital currency as a form of payment (except, potentially, with respect to digital currencies developed by
certain governments where such acceptance may be mandated). Instead, other than as described in the preceding sentences, Digital Asset products’ use is limited to businesses and individuals that are
willing to accept them. If no one were to accept digital currencies, virtual currency products would very likely become worthless.

- Platforms that buy and sell Digital Assets can be hacked, and some have failed. In addition, like the platforms themselves, digital wallets can be hacked, and are subject to theft and fraud. As a result,
like other investors have, you can lose some or all of your holdings of Digital Assets.

- Unlike US banks and credit unions that provide certain guarantees of safety to depositors, there are no such safeguards provided to Digital Assets held in digital wallets by their providers or by
regulators.

- Due to the anonymity Digital Assets ofer, they have known use in illegal activity, including drug dealing, money laundering, human tracking, sanction evasion and other forms of illegal commerce.
Abuses could impact legitimate consumers and speculators; for instance, law enforcement agencies could shut down or restrict the use of platforms and exchanges, limiting or shutting of entirely the
ability to use or trade Digital Asset products.

- Digital Assets may not have an established track record of credibility and trust. Further, any performance data relating to Digital Asset products may not be verifable as pricing models are not
uniform.

- Investors should be aware of the potentially increased risks of transacting in Digital Assets relating to the risks and considerations , including fraud, theft, and lack of legitimacy, and other aspects and
qualities of Digital Assets, before transacting in such assets.

- The exchange rate of virtual currency products versus the USD historically has been very volatile and the exchange rate could drastically decline. For example, the exchange rate of certain Digital

DISCLOSURES
Page 13 of 22
Assets versus the USD has in the past dropped more than 50% in a single day. Other Digital Assets may be afected by such volatility as well.

- Digital Asset exchanges have limited operating and performance histories and are not regulated with the same controls or customer protections available to more traditional exchanges transacting
equity, debt, and other assets and securities. There is no assurance that a person/exchange who currently accepts a Digital Asset as payment will continue to do so in the future.

- The regulatory framework of Digital Assets is evolving, and in some cases is uncertain, and Digital Assets themselves may not be governed and protected by applicable securities regulators and
securities laws, including, but not limited to, Securities Investor Protection Corporation coverage, or other regulatory regimes.

- Morgan Stanley Smith Barney LLC or its afliates (collectively, “Morgan Stanley”) may currently, or in the future, ofer or invest in Digital Asset products, services or platforms. The proprietary
interests of Morgan Stanley may confict with your interests.

- The foregoing list of considerations and risks are not and do not purport to be a complete enumeration or explanation of the risks involved in an investment in any product or fund investing or trading
in Digital Assets.

Asset allocation and diversifcation do not assure a proft or protect against loss in declining fnancial markets. Past performance is no guarantee of future results. Actual results may vary.

Rebalancing does not protect against a loss in declining fnancial markets. There may be a potential tax implication with a rebalancing strategy. Investors should consult with their tax advisor before
implementing such a strategy.

Indices are unmanaged and investors cannot directly invest in them. They are not subject to expenses or fees and are often comprised of securities and other investment instruments the liquidity of
which is not restricted. A particular investment product may consist of securities signifcantly diferent than those in any index referred to herein . Composite index results are shown for illustrative
purposes only, generally do not represent the performance of a specifc investment, may not, for a variety of reasons, be an appropriate comparison or benchmark for a particular investment and may
not necessarily refect the actual investment strategy or objective of a particular investment. Consequently, comparing an investment to a particular index may be of limited use.

To obtain Tax-Management Services, a client must complete the Tax-Management Form, and deliver the signed form to Morgan Stanley. For more information on Tax-Management Services,

including its features and limitations, please ask your Financial Advisor for the Tax Management Form. Review the form carefully with your tax advisor. Tax-Management Services: (a) apply only to
equity investments in separate account sleeves of client accounts; (b) are not available for all accounts or clients; and (c) may adversely impact account performance. Tax-management services do not
constitute tax advice or a complete tax-sensitive investment management program. There is no guarantee that tax-management services will produce the desired tax results.

When Morgan Stanley Smith Barney LLC, its afliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice”
regarding a retirement or welfare beneft plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Morgan Stanley is a “fduciary” as
those terms are defned under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When
Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fduciary”
under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are
complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement
Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account. Individuals should consult
their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal
matters.

Lifestyle Advisory Services: Products and services are provided by third party service providers, not Morgan Stanley Smith Barney LLC (“Morgan Stanley”). Morgan Stanley may not receive a referral
fee or have any input concerning such products or services. There may be additional service providers for comparative purposes. Please perform a thorough due diligence and make your own
independent decision.

This material is not a fnancial plan and does not create an investment advisory relationship between you and your Morgan Stanley Financial Advisor. We are not your fduciary either under the

DISCLOSURES
Page 14 of 22
Employee Retirement Income Security Act of 1974 (ERISA) or the Internal Revenue Code of 1986, and any information in this report is not intended to be considered investment advice or a
recommendation for either ERISA or Internal Revenue Code purposes and that (unless otherwise provided in a written agreement and/or as described at www.morganstanley.com/disclosures/dol) you
remain solely responsible for your assets and all investment decisions with respect to your assets. Nevertheless, if Morgan Stanley or your Financial Advisor provides “investment advice,” as that term is
defned under Section 3(21) of ERISA, to you with respect to certain retirement, welfare beneft, or education savings account assets for a fee or other compensation, Morgan Stanley and/or your
Financial Advisor will be providing such advice in its capacity as a fduciary under ERISA and/or the Code. Morgan Stanley will only prepare a fnancial plan at your specifc request using Morgan Stanley
approved fnancial planning software.

The Morgan Stanley Goals-Planning System (GPS) includes a brokerage investment analysis tool. While securities held in a client’s investment advisory accounts may be included in the analysis, the
reports generated from the GPS Platform are not fnancial plans nor constitute a fnancial planning service. A fnancial plan generally seeks to address a wide spectrum of a client’s long-term fnancial
needs, and can include recommendations about insurance, savings, tax and estate planning, and investments, taking into consideration the client’s goals and situation, including anticipated retirement
or other employee benefts. Morgan Stanley Smith Barney LLC (“Morgan Stanley”) will only prepare a fnancial plan at a client’s specifc request using Morgan Stanley approved fnancial planning
software. Investing in fnancial instruments carries with it the possibility of losses and that a focus on above-market returns exposes the portfolio to above-average risk. Performance aspirations are not
guaranteed and are subject to market conditions. High volatility investments may be subject to sudden and large falls in value, and there could be a large loss on realization which could be equal to the
amount invested. IMPORTANT: The projections or other information provided by the Morgan Stanley Goals Planning System regarding the likelihood of various investment outcomes (including any
assumed rates of return and income) are hypothetical in nature, do not refect actual investment results, and are not guarantees of future results. Morgan Stanley does not represent or guarantee that
the projected returns or income will or can be attained.

A LifeView Financial Goal Analysis (“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 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 Stanley Smith 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 diferences between brokerage and advisory
relationships, you should consult your Financial Advisor, or review our “Understanding Your Brokerage and Investment Advisory Relationships,” brochure available
at https://www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf

We may act in the capacity of a broker or that of an advisor. As your broker, we are not your fduciary and our interests may not always be identical to yours. Please consult with your Financial Advisor
or Private Wealth Advisor to discuss our obligations to disclose to you any conficts we may from time to time have and our duty to act in your best interest . We may be paid both by you and by others
who compensate us based on what you buy. Our compensation, including that of your Financial Advisor or Private Wealth Advisor, may vary by product and over time.

Investment and services ofered through Morgan Stanley Smith Barney LLC, Member SIPC.

Annuities and insurance products are ofered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency afliates. Not all products and services discussed herein are available
through Morgan Stanley Smith Barney LLC’s licensed insurance agency afliates.

Since life and long-term care insurance are 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 will require a medical exam. Surrender charges may be imposed and the period of time for which the surrender charges apply may increase with a new policy. You should consult
with your own tax advisors regarding your potential tax liability on surrenders.

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 that sponsors a donor
advised fund program. 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

DISCLOSURES
Page 15 of 22
GIFT. Back ofce administration provided by RenPSG, an unafliated charitable gift administrator.

529 Plans - Investors should carefully read the Program Disclosure statement, which contains more information on investment options, risk factors, fees and expenses, and possible tax
consequences before purchasing a 529 plan. You can obtain a copy of the Program Disclosure Statement from the 529 plan sponsor or your Financial Advisor. Assets can accumulate and be
withdrawn federally tax-free only if they are used to pay for qualifed expenses. Earnings on nonqualifed distributions will be subject to income tax and a 10% federal income tax penalty. Contribution
limits vary by state. Refer to the individual plan for specifc contribution guidelines. Before investing, investors should consider whether tax or other benefts are only available for investments in the
investor’s home state 529 college savings plan. If an account owner or the benefciary resides in or pays income taxes to a state that ofers its own 529 college savings or pre-paid tuition plan (an
“In-State Plan”), that state may ofer state or local tax benefts. These tax benefts may include deductible contributions, deferral of taxes on earnings and/or tax-free withdrawals. In addition, some
states waive or discount fees or ofer other benefts for state residents or taxpayers who participate in the In -State Plan. An account owner may be denied any or all state or local tax benefts or
expense reductions by investing in another state’s plan (an “Out-of-State Plan”). In addition, an account owner’s state or locality may seek to recover the value of tax benefts (by assessing income or
penalty taxes) should an account owner rollover or transfer assets from an In-State Plan to an Out-of-State Plan. While state and local tax consequences and plan expenses are not the only factors to
consider when investing in a 529 Plan, they are important to an account owner’s investment return and should be taken into account when selecting a 529 plan.

Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is the manager of the Morgan Stanley National Advisory 529 Plan and is responsible for its administration, distribution and investment
management. Morgan Stanley does not provide tax and/or legal advice to investors in the 529 Plan. Investors should consult their personal tax advisor for tax-related matters and their attorney for
legal matters. For more information please see the Morgan Stanley National Advisory 529 Plan Description and the applicable Morgan Stanley ADV brochure at www. morganstanley.com/adv.

The Morgan Stanley National Advisory 529 Plan is a proprietary ofering available exclusively to Morgan Stanley advisory account clients. The Plan is not transferable to other intermediaries.

The Morgan Stanley National Advisory 529 Plan. The North Carolina State Education Assistance Authority (the "Authority") is an instrumentality of the State of North Carolina sponsoring the Morgan
Stanley National Advisory 529 Plan, and the 529 Plan is a component of the Parental Savings Trust Fund established by the General Assembly of North Carolina. Neither the Authority, the State of
North Carolina nor any other afliated public entity or any other public entity is guaranteeing the principal or earnings in any account. Contributions or accounts may lose value and nothing stated
herein, the 529 Plan Description and Participation Agreement or any other account documentation shall be construed to create any obligation of the Authority , the North Carolina State Treasurer, the
State of North Carolina, or any agency or instrumentality of the State of North Carolina to guarantee for the beneft of any parent, other interested party, or designated benefciary the rate of return or
other return for any contribution to the Parental Savings Trust Fund and the 529 Plan.

The Morgan Stanley National Advisory 529 Plan Description contains more information on investment options, risk factors, fees and expenses, and potential tax consequences, which should
be carefully considered before investing. Investors can obtain a 529 Plan Description from their Financial Advisor and should read it carefully before investing.

Investments in the 529 Plan are not FDIC-insured, nor are they deposits or guaranteed by a bank or any other entity, so an individual may lose money through such investments.

Investors should consider many factors before deciding which 529 plan is appropriate. Some of these factors include: the plan’s investment options and the historical investment performance of these
options, the plan’s fexibility and features, the reputation and expertise of the plan’s investment manager, plan contribution limits and the federal and state tax benefts associated with an investment
in the plan. Some states, for example, ofer favorable tax treatment and other benefts to their residents only if they invest in the state’s own qualifed tuition program . Investors should determine their
home state’s tax treatment of 529 plans when considering whether to choose an in-state or out-of-state plan. Investors should consult with their tax or legal advisor before investing in any 529 plan or
contact their state tax division for more information.

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.

The trust services referenced herein are provided by the third parties listed who are not afliated with Morgan Stanley . Neither Morgan Stanley nor its afliates are the provider of such trust services
and will not have any input or responsibility concerning a client’s eligibility for, or the terms and conditions associated with these trust services. Neither Morgan Stanley nor its afliates shall be
responsible for content of any advice or services provided by the unafliated third parties listed herein . Morgan Stanley or its afliates may participate in transactions on a basis separate from the
referral of clients to these third parties and may receive compensation in connection with referrals made to them.

Trusts are not necessarily appropriate for all clients. There are risks and considerations which may outweigh any potential benefts. Establishing a trust will incur fees and expenses which may be

DISCLOSURES
Page 16 of 22
substantial. Trusts often incur ongoing administrative fees and expenses such as the services of a corporate trustee or tax professional.

The Portfolio Analysis report (“Report”) is generated by Morgan Stanley Smith Barney LLC’s (“Morgan Stanley”) Portfolio Risk Platform. The assumptions used in the Report incorporate portfolio risk
and scenario analysis employed by BlackRock Solutions (“BRS”), a fnancial technology and risk analytics provider that is independent of Morgan Stanley. BRS’ role is limited to providing risk analytics
to Morgan Stanley, and BRS is not acting as a broker-dealer or investment adviser nor does it provide investment advice with respect to the Report. Morgan Stanley has validated and adopted the
analytical conclusions of these risk models.

Any recommendations regarding external accounts/holdings are asset allocation only and do not include security recommendations. Transitioning from a brokerage to an advisory relationship may not
be appropriate for some clients.

IMPORTANT: The projections or other information provided in the Report regarding the likelihood of various investment outcomes (including any assumed rates of return and income) are hypothetical
in nature, do not refect actual investment results, and are not guarantees of future results. Hypothetical investment results have inherent limitations.
- There are frequently large diferences between hypothetical and actual results.
- Hypothetical results do not represent actual results and are generally designed with the beneft of hindsight .
- They cannot account for all factors associated with risk, including the impact of fnancial risk in actual trading or the ability to withstand losses or to adhere to a particular trading strategy in the face
of trading losses.
- There are numerous other factors related to the markets in general or to the implementation of any specifc strategy that cannot be fully accounted for in the preparation of hypothetical risk results
and all of which can adversely afect actual performance.

Morgan Stanley cannot give any assurances that any estimates, assumptions or other aspects of the risk analyses will prove correct. They are subject to actual known and unknown risks, uncertainties
and other factors that could cause actual results to difer materially from those shown in a Report. The information is as of the date of the Report or as otherwise noted within the Report. Morgan
Stanley expressly disclaims any obligation or undertaking to update or revise any statement or other information contained in a Report to refect any change in past results , future expectations or
circumstances upon which that statement or other information is based.

The Morgan Stanley Digital Vault ("Digital Vault") is accessible to clients with dedicated Financial Advisors. Documents shared via the Digital Vault should be limited to those relevant to your Morgan
Stanley account relationship. Uploading a document to the Digital Vault does not obligate us to review or take any action on it, and we will not be liable for any failure to act upon the contents of such
document. Please contact your Financial Advisor or Branch Management to discuss the appropriate process for providing the document to us for review. If you maintain a Trust or entity account with
us, only our certifcation form will govern our obligations for such account. Please refer to the Morgan Stanley Digital Vault terms and conditions for more information.

Information related to your external accounts is provided for informational purposes only. It is provided by third parties, including the fnancial institutions where your external accounts are held.
Morgan Stanley does not verify that the information is accurate and makes no representation or warranty as to its accuracy, timeliness, or completeness. Additional information about the features and
services ofered through Total Wealth View are available on the Total Wealth View site on Morgan Stanley Online and also in the Total Wealth View Terms and Conditions of Use .

Eaton Vance and Parametric Portfolio Associates are businesses of Morgan Stanley Investment Management and are afliated with Morgan Stanley Wealth Management.

Lending products and securities-based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as
applicable.

Borrowing against securities may not be appropriate for everyone. You should be aware that there are risks associated with a securities-based loan, including possible maintenance calls on short notice,
and that market conditions can magnify any potential for loss. For details, please see the important disclosures below.

Important Risk Information for Securities Based Lending: You need to understand that: (1) Sufcient 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

DISCLOSURES
Page 17 of 22
not to fund any advance request due to insufcient collateral or for any other reason except for any portion of a securities based loan that is identifed 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.

With the exception of a margin loan, the proceeds from securities based loan products may not be used to purchase, trade, or carry margin stock (or securities, with respect to Express
CreditLine); repay margin debt that was used to purchase, trade or carry margin stock (or securities, with respect to Express CreditLine); and cannot be deposited into a Morgan Stanley Smith
Barney LLC or other brokerage account.

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.

The lending products described are separate and distinct, and are not connected in any way. The ability to qualify for one product is not connected to an individual’s eligibility for another.

Liquidity Access Line (“LAL”) is a securities based loan/line of credit product, the lender of which is either Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A., as
applicable, each an afliate of Morgan Stanley Smith Barney LLC. All LAL loans/lines of credit are subject to the underwriting standards and independent approval of Morgan Stanley Private Bank,
National Association or Morgan Stanley Bank, N.A., as applicable. LAL loans/lines of credit may not be available in all locations. Rates, terms and conditions are subject to change without notice. To be
eligible for an LAL loan/line of credit, a client must have a brokerage account at Morgan Stanley Smith Barney LLC that contains eligible securities, which shall serve as collateral for the LAL. In
conjunction with establishing an LAL loan/line of credit, an LAL facilitation account will also be opened in the client’s name at Morgan Stanley Smith Barney LLC at no charge. Other restrictions may
apply. The information contained herein should not be construed as a commitment to lend. Morgan Stanley Private Bank, National Association and Morgan Stanley Bank, N.A. are Members FDIC that
are primarily regulated by the Ofce of the Comptroller of the Currency. The proceeds from a non-purpose LAL loan/line of credit (including draws and other advances) may not be used to
purchase, trade, or carry margin stock; repay margin debt that was used to purchase, trade, or carry margin stock; and cannot be deposited into a Morgan Stanley Smith Barney LLC or other
brokerage account.

Clients may be responsible for the fees of a third party law frm engaged to review complex transactions (e.g., review of trust agreements). Clients may also be charged a fee for the issuance of a letter
of credit, for prepayment of principal on fxed rate advances, and upon a client's request for certain cash management services (e.g., duplicate statement or check re-order).

Clients may be responsible for the fees of a third party law frm engaged by Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A., as applicable, to review complex LAL
transactions (e.g., review of trust agreements). Clients will also be charged a fee for the issuance of a letter of credit, for prepayment of principal on fxed rate advances, and upon a client's request for
certain cash management services (e.g., duplicate statement or check re-order).

Borrower shall pay Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A. (“Bank”), as applicable, a prepayment fee if any portion of the principal on a Fixed Rate Advance is
prepaid prior to the applicable Scheduled Payment Date(s), regardless of the reason that the Fixed Rate Advance is prepaid, and including, without limitation, as a result of a demand by the Bank or
liquidation of collateral by the Bank. The Bank, in its sole discretion, can make a Variable Rate Advance and apply the proceeds to such prepayment fee. Interest will accrue on the unpaid portion of the
debited amount at a variable interest rate until the amount is paid in full.

Residential mortgage loans/home equity lines of credit are ofered by Morgan Stanley Private Bank, National Association, an afliate 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 ofered 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 Ofce of the Comptroller of the Currency. Nationwide Mortgage Licensing System Unique Identifer
#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.

DISCLOSURES
Page 18 of 22
Through the pledged-asset feature ofered by Morgan Stanley Private Bank, National Association, the applicant(s) or third party pledgor (collectively “Client”) may be able to pledge eligible securities
in lieu of a full or partial cash down payment or in connection with a refnance mortgage loan. To be eligible for the pledged-asset feature a Client must have a brokerage account at Morgan Stanley
Smith Barney LLC. If the value of the pledged securities in the account drops below the agreed-upon level stated in the loan documents, a Client may be required to deposit additional securities or other
collateral (such as cash) to stay in compliance with the terms of the mortgage loan. If a Client does not deposit additional securities or other collateral, the Client’s pledged securities may be sold to
satisfy the Client’s obligation, and the Client will not be entitled to choose which assets will be sold. Borrowing against securities may not be appropriate for everyone. In deciding whether the
pledged-asset feature is appropriate, a Client should consider, among other things, the degree to which he or she is comfortable subjecting his or her investment in a home to the fuctuations of the
securities market. The pledged-asset feature is not available in all states. Other restrictions may apply.

Interest-only loans enable borrowers to make monthly payments of only the accrued monthly interest on the loan during the introductory interest-only period. Once that period ends, borrowers must
make monthly payments of principal and interest for the remaining loan term, and payments will be substantially higher than the interest-only payments. During the interest-only period, the total
interest that the borrower will be obligated to pay will vary based on the amount of principal paid down , if any. If a borrower makes just an interest-only payment, and no payment of principal, the
total interest payable by the borrower during the interest-only period will be greater than the total interest that a borrower would be obligated to pay on a traditional loan of the same interest rate
having principal-and-interest payments. In making comparisons between an interest-only loan and a traditional loan, borrowers should carefully review the terms and conditions of the various loan
products available and weigh the relative merits of each type of loan product appropriately.

The interest rate and payments on an adjustable rate mortgage (“ARM”) loan may increase over the life of a loan as interest is fxed for a specifed period and then will adjust periodically thereafter . The
annual percentage rate may increase after consummation of the loan.

3/6M, 5/6M, 7/6M, 10/6M adjustable rate mortgage (“ARM”) loans are based on the Secured Overnight Financing Rate (“SOFR”) 30-Day Average.

Relationship-based pricing ofered by Morgan Stanley Private Bank, National Association is based on the value of clients’, or their immediate family members’ (i.e., grandparents, parents, and children)
eligible assets (collectively “Household Assets”) held within accounts at Morgan Stanley Smith Barney LLC. To be eligible for relationship-based pricing, Household Assets must be maintained within
appropriate eligible accounts prior to the closing date of the residential mortgage loan. Relationship-based pricing is not available on conforming loans.

The Morgan Stanley Debit Card is issued by Morgan Stanley Private Bank, National Association 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. Investments and services
ofered through Morgan Stanley Smith Barney LLC, Member SIPC.

Certain terms, conditions, restrictions and exclusions apply. Please refer to the Morgan Stanley Debit Card Terms and Conditions at http://www.morganstanley.com/debitcardterms for additional
information.

The Morgan Stanley American Express Card portfolio consists of three cards: The Platinum Card from American Express Exclusively for Morgan Stanley, the Morgan Stanley Blue Cash Preferred
American Express Card, and the Morgan Stanley Credit Card.

The Platinum Card from American Express exclusively for Morgan Stanley and the Morgan Stanley Blue Cash Preferred American Express Card are available for acquisition, and eligible clients are
invited to apply. Existing Morgan Stanley Credit Card members may continue to enjoy the benefts of their card, but this product is no longer available for acquisition.

The Platinum Card® from American Express exclusively for Morgan Stanley is only available for clients who have an Eligible Account with Morgan Stanley Smith Barney LLC.

The Morgan Stanley Blue Cash Preferred® Card is only available for clients who have an Eligible Account with Morgan Stanley Smith Barney LLC or its eligible afliates, including but not limited to
E*TRADE Securities LLC.

An “Eligible Account” is a brokerage account (i) held in your name, (ii) held by a trust where you are both the grantor and trustee of such trust, or (iii) held as a benefcial owner of a personal holding
company, a non-operating limited liability company, a non-operating limited partnership, or a similar legal entity. 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.

DISCLOSURES
Page 19 of 22
The Platinum Card® from American Express exclusively for Morgan Stanley and the Morgan Stanley Blue Cash Preferred® Card are issued by American Express National Bank, 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.

Morgan Stanley, its afliates, and Morgan Stanley Financial Advisors and employees are not in the business of providing tax or legal advice. Clients should speak with their tax advisor regarding the
potential tax implications of the Rewards Program upon their specifc circumstances.

The Platinum Card® from American Express Exclusively for Morgan Stanley and the Morgan Stanley Blue Cash Preferred® American Express Card are issued by American Express National Bank. ©2023
American Express National Bank.

American Express may share information about your Card Account with Morgan Stanley in support of Morgan Stanley programs and services. For information as to how Morgan Stanley will use your
Card Account data please visit http://www.morganstanley.com/wealth/investmentsolutions/pdfs/adv/mssb_privacynotice.pdf.

The CashPlus Account is a brokerage account ofered through Morgan Stanley Smith Barney LLC. Conditions and restrictions apply. Please refer to the CashPlus Account Disclosure Statement at
https://www.morganstanley.com/wealthdisclosures/cashplusaccountdisclosurestatement.pdf.

The qualifying criteria to avoid the monthly account fee for all CashPlus Accounts in an Account Link Group (ALG) is: an additional eligible Morgan Stanley investment account (that may include
additional fees), one Morgan Stanley Online enrollment; for Premier CashPlus account $2,500 monthly deposit or $25,000 Average BDP Daily Balance; for Platinum CashPlus account $5,000 monthly
deposit and $25,000 Average BDP Daily Balance. For more information, please refer to the CashPlus Account Disclosure Statement
at https://www.morganstanley.com/wealth-disclosures/cashplusaccountdisclosurestatement.pdf.

CashPlus Accounts receive SIPC coverage for securities and free credit balances and cash swept into the Bank Deposit Program receives FDIC insurance , both up to applicable limits.

Securities Investor Protection Corporation (“SIPC”) — Morgan Stanley Smith Barney LLC is a member of SIPC, which protects securities of its customers up to $500,000 (including $250,000 for claims
for cash). Losses due to market fuctuation are not protected by SIPC. To obtain information about SIPC, including an explanatory SIPC brochure, contact SIPC at 1-202-371-8300 or visit www.sipc.org.

Federal Deposit Insurance Corporation (“FDIC”) — Cash balances swept into deposit accounts at participating banks in the Bank Deposit Program are protected by FDIC Insurance up to applicable FDIC
limits. FDIC insurance is a federal government program administered by the Federal Deposit Insurance Corporation. This insurance covers bank deposits held in checking accounts, savings accounts,
certifcates of deposits and money market deposits (not money market funds). This insurance comes into play in the event of a bank failure and covers client cash up to a total of $250 ,000 per bank, for
each “insurable capacity” (e.g., each individual, joint, etc.). It does not cover investment products that are not deposits, such as mutual funds, annuities, life insurance policies, stocks or bonds. Refer
to https://www.fdic.gov for additional details.

The Active Assets Account is a brokerage account ofered through Morgan Stanley Smith Barney LLC.

Under the Bank Deposit Program, generally cash balances held in an account(s) at Morgan Stanley Smith Barney LLC are automatically deposited into an interest-bearing FDIC-insured deposit
account(s) at Morgan Stanley Bank, N.A. and/or Morgan Stanley Private Bank, National Association, each a national bank, member FDIC, and an afliate of Morgan Stanley Smith Barney LLC. Detailed
information on federal deposit insurance coverage is available on the FDIC’s website (https://www.fdic.gov/deposit/deposits/).

Under the Savings and Preferred Savings programs (“Savings”), Morgan Stanley Smith Barney LLC makes available interest-bearing FDIC insured deposit accounts(s) at either Morgan Stanley Private
Bank, National Association or Morgan Stanley Bank, N.A., each a national bank, Member FDIC, and an afliate of Morgan Stanley Smith Barney LLC, as selected by the client. Deposits placed in
Savings are eligible for FDIC insurance up to $250,000 (including principal and interest) per depositor, per each bank selected by the client for all deposits held in the same insurable capacity (the
Maximum Applicable Deposit Insurance Amount). All deposits per bank held in the same insurable capacity will be aggregated for purposes of the Maximum Applicable Deposit Insurance Amount ,
including deposits maintained through the Bank Deposit Program. The client is responsible for monitoring the total amount held with each bank. The bank also reserves the right to ofer promotional
rates from time to time. Detailed information on federal deposit insurance coverage is available on the FDIC’s website (https://www.fdic.gov/deposit/deposits/). The Savings programs are not

DISCLOSURES
Page 20 of 22
intended for clients who need to have frequent access to funds and those funds will not be automatically accessed to reduce a debit or margin loan in your brokerage account. Withdrawals
from an account in Savings are limited to 10 transactions per calendar month, and any withdrawal or transfer over the limit in any one calendar month will be subject to an excess withdrawal
fee.

Reserved clients and CashPlus accounts are eligible for unlimited global ATM fee rebates. All other clients are eligible for up to $200 in annual global ATM fee rebates.

While Morgan Stanley will always make transferred and deposited funds available immediately for investment purposes, we may not make all transferred or deposited funds immediately available for
withdrawal. Funds deposited by check or funds transfer may be delayed depending on certain circumstances, such as dollar value, account status, etc., and could be held for up to six business days.
Please contact your Financial Advisor or Private Wealth Advisor for additional information and/or review the Fund Availability Policy by signing into your Morgan Stanley Online account.

To review the Bank Deposit Program Disclosure Statement refer to https://www.morganstanley.com/wealth-investmentstrategies/pdf/BDP_disclosure.pdf

Mobile check deposits are subject to certain terms and conditions. Checks must be drawn on a U.S. Bank.

Send Money with Zelle® is available on the Morgan Stanley Mobile App for iPhone and Android. Enrollment is required and dollar and frequency limits may apply. Domestic fund transfers must be
made from an eligible account at Morgan Stanley Smith Barney LLC (Morgan Stanley) to a US-based account at another fnancial institution. Morgan Stanley maintains arrangements with JP Morgan
Chase Bank, N.A. and UMB Bank, N.A. as NACHA-participating depository fnancial institutions for the processing of transfers on Zelle®. Data connection required, and message and data rates may
apply, including those from your communications service provider. Must have an eligible account in the U.S. to use Zelle®. Transactions typically occur in minutes when the recipient’s email address or
U.S. mobile number is already enrolled with Zelle®. See the Send Money with Zelle® terms for details.

Zelle® and the Zelle® related marks are wholly owned by Early Warning Services, LLC and are used herein under license. Morgan Stanley is not afliated with Zelle®.

Electronic payments arrive to the payee within 1-2 business days, check payments arrive to the payee within 5 business days. Same-day and overnight payments are available for an additional fee
within the available payment timeframes.

The Morgan Stanley Mobile App is currently available for iPhone® and iPad® from the App Store® and Android™ on Google Play™. Standard messaging and data rates from your provider may apply.
Subject to device connectivity.

Apple®, the Apple logo, iPhone®, iPad®, and iPad Air® are trademarks of Apple Inc., registered in the US and other countries. Apple Pay™ and iPad mini™ are trademarks of Apple Inc. App Store is a
service mark of Apple Inc. Android and Google Play are trademarks of Google Inc.

Cash management and lending products and services are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as
applicable.

The information provided herein is not intended to address any particular matter and may not apply depending on the context , as all clients’ circumstances are unique.

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 ofering certain banking related products and services.

Investment, insurance and annuity products ofered 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

© 2023 Morgan Stanley Smith Barney LLC. Member SIPC. Alternative investment securities discussed herein are not covered by the protections provided by the Securities Investor Protection
Corporation, unless such securities are registered under the Securities Act of 1933, as amended, and are held in a Morgan Stanley Wealth Management Individual Retirement Account.

DISCLOSURES
Page 21 of 22
CRC 4662476 (9/2022)

DISCLOSURES
Page 22 of 22