T H E KARTHEISER GROUP AT M O R G A N S TA N L E Y P R I VAT E W E A LT H M A N A G E M E N T

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1 T H E KARTHEISER GROUP AT M O R G A N S TA N L E Y P R I VAT E W E A LT H M A N A G E M E N T JOE KARTHEISER, CFP, CIMA EXECUTIVE DIRECTOR PRIVATE WEALTH ADVISOR joe.kartheiser@morganstanleypwm.com JEFF PIWNICKI FINANCIAL ADVISOR FINANCIAL PLANNING SPECIALIST jeffrey.piwnicki@morganstanley.com MORGAN STANLEY PRIVATE WEALTH MANAGEMENT 70 W. Madison St. Suite 5100 Chicago, IL

2 Y O U R T E A M Our services combine the scope, scale and oversight of a GLOBAL financial services firm with the independence, objectivity and service capabilities of a BOUTIQUE family office. Joe Kartheiser CIMA, CFP Executive Director Private Wealth Advisor NMLS# Founding member of the Kartheiser Group who works extensively with family offices, executives, and entrepreneurs. His role is to synchronize the execution of financial, tax, and estate planning to help clients achieve complete wealth management. Joe works extensively on asset allocation, manager searches, and alternative investments. Jim Van Cura Senior Registered Associate Lead Associate assisting family offices with manager searches and trade execution. Jim also assists corporate executives with their company options, restricted stocks and ESPPs. Jim s client service responsibilities also include portfolio construction, asset allocation, and insider transactions. Jeffrey Piwnicki Financial Advisor Financial Planning Specialist NMLS# Lead Partner who oversees the team s financial planning engagements with a focus on developing financial plans for corporate executives to integrate their tax, estate and asset allocation strategies. Experience with hedging and monetization strategies for concentrated positions, and insider transactions. Aubrie May Registered Associate Managing over 1.4 Billion in assets under management 1 Recognized by Barron's "Top 1,200 Advisors, Financial Times Top 400 Advisors, and Forbes Best-in-State Wealth Advisors Catharine Betzig Financial Advisor Business development associate focused on new client acquisition. Through a broad knowledge of investments, banking, trust services and financial planning, she ensures that prospective clients are cognizant of the full capabilities of the Kartheiser Group. Service Associate providing a broad range of essential support services to family offices and executives. Aubrie oversees back office administrative support for all clients. 1 As of April Barron s , FT 2013, 14 & 17, Forbes inaugural 2018 list. 2

3 M O R G A N S T A N L E Y P R I V A T E W E A L T H M A N A G E M E N T We offer the best of both worlds: A specialized resource within a global wealth management leader. OUR HISTORY Established in 1977, Private Wealth Management was formed with the express purpose of creating highly differentiated resources for the world s wealthiest individuals and families. Through a separate part of the firm, we can take full advantage of the broader Morgan Stanley Wealth Management organization, including access to: Experienced investment managers at competitive pricing. Our strong Investment Banking franchise, which allows us to bring you proprietary investments and connectivity to Investment Banking and Capital Markets expertise. OUR ADVANTAGE In combining the vast resources of a global financial firm with the individualized services of an investment boutique, we address the planning, governance, liability management and investing needs of families, their businesses and philanthropic enterprises. By focusing exclusively on ultra high net worth clients, our select group of Private Wealth Advisors empower you to take maximum advantage of your financial, family and social capital, helping to preserve and grow it so that it may have a positive impact today and for generations to come. OUR COMMITMENT Morgan Stanley derives 44% of its revenue from Wealth Management and continues to invest heavily in the business. (1) The average Private Wealth Advisor serves fewer than 40 households, focusing on individuals and families with $20 million in investable assets. (2) 1. Morgan Stanley 2017 Earnings 2. Morgan Stanley Private Wealth Management 3

4 M O R G A N S T A N L E Y F A M I L Y O F F I C E R E S O U R C E S Morgan Stanley Family Office Resources develops expertise, tools and networking events that enhance our ability to serve as your Family Office and ultimately act as your personal CFO. FAMILY OFFICE RESOURCES Kartheiser Group at Morgan Stanley Your Family GOVERNANCE & LEGACY Family Governance & Wealth Education Philanthropy Management Strategic Estate & Financial Planning WEALTH STRATEGIES Portfolio Construction Insurance Solutions Cash Management & Lending Trust Services Wealth Analytics & Solutions SIGNATURE ACCESS Travel & Concierge Services Health & Security Advisory Tangible Asset Management Financial Administration Personal Enrichment Single Family Office Advisory 4

5 O U R C L I E N T S We deliver customized wealth management solutions to high-networth entrepreneurs and senior executives. The financially successful c-suite clients we serve have typically risen through the ranks or founded the companies they lead, and tend to share a similar set of financial challenges and opportunities. With their wealth highly concentrated in their company our clients often require diversification strategies that are supportive of their personal financial goals, tax efficient, and aligned with their estate plans. TYPE OF CLIENT 25% Corporate Executives 25% Entrepreneurs / Business Owners 50% Family Office RELATIONSHIPS BY SIZE 10% $1-10 million 20% 20% 20% $10 20 million $20 50 million $ million * 30% $100+ million * *As of October 1,

6 W H Y W E A L T H Y F A M I L I E S C H O O S E O U R T E A M OUR TEAM S PHILOSOPHY: We work with our clients to help them first define and then accomplish their goals by delivering comprehensive, integrated strategies that leverage the vast resources and specialists of Morgan Stanley s Private Wealth Management. We strive to be your: 1. Investment Consultant 2. Financial Planner 3. Trusted Advisor FAMILY OFFICE APPROACH We act as your family office to coordinate the execution of estate planning strategies, taxation, financial planning and investment management. FINANCIAL PLANNING Every client engagement starts with a financial plan. This is the cornerstone of each relationship. Assets are structured and invested according to the plan. INVESTMENT MANAGEMENT We are in the stay rich, not get rich, business and our approach to wealth management is highly focused on principal preservation and risk mitigation. We have extensive experience with alternative investments and can utilize these to try to both enhance returns and reduce risk. PERSONALIZED SERVICE High touch service with quick and easy access to all of our team members. We strive to be our client's first point of contact for all of their financial needs. DELIVER A GLOBAL PLATFORM We leverage Morgan Stanley s senior professionals in the areas of capital markets, investments, lending, estate planning, insurance, philanthropy and investment banking where appropriate. EXPERIENCE The team has been working with High Net Worth Families for over 15 years, through several market cycles. We have extensive experience with families of newly acquired wealth and the process of diversifying from single stock concentration. 6

7 C O M P R E H E N S I V E C A P A B I L I T I E S INVESTMENT MANAGEMENT Asset Allocation Portfolio Construction and Management Open Architecture Platform Morgan Stanley Proprietary Investment Opportunities Exclusive Co-investment Opportunities Money Manager Due Diligence Analysis Alternative Investments Assistance with your Investment Policy Statement ALTERNATIVE INVESTMENTS Exclusive Access Private Equity Private Real Estate Private Credit Fund of Hedge Funds Hedge Fund Solutions RISK MANAGEMENT INVESTING WITH IMPACT EXECUTIVE FINANCIAL SERVICES Hedging Strategies Concentrated/Restricted Stock Advice Interest Rate Risk Management Currency Exposure Strategies Portfolio Protection Solutions Insurance Solutions Environmental, Social, and Governance Integration (ESG) Climate Change & Fossil Fuel Aware Religious Values Green Bonds Inside Transactions - 10b5-(1) Trading Programs Corporate Sponsored Financial Planning Hedging/Monetization of Concentrated Positions FINANCIAL PLANNING TRUST, ESTATE & LEGACY PLANNING LENDING Goals-Based Planning (Retirement, Education Funding, Philanthropic, Wealth Transfer) Cash Flow Planning Wealth Transfer and Trust Strategies Current Will, Trust and Insurance Review 1 Foundation and Other Charitable Giving Strategies Coordination with Outside Legal and Tax Advisors Offers a robust donor advised fund ( Morgan Stanley GIFT ) Securities-Based Lending Residential Mortgage Lending Tailored Lending 1 Services provided by third parties and affiliates, not Morgan Stanley Wealth Management 7

8 S I G N I F I C A N T W E A L T H R A I S E S C O M P L E X, M U L T I G E N E R A T I O N A L I S S U E S Which of these questions have you asked yourself? How much of my wealth do I want my heirs to inherit, and are they prepared, intellectually and emotionally, to manage it? Are my children or grandchildren uncomfortable with the fact of our wealth? Are my charitable donations having the impact I want d them to have? What are the best ways to reduce transfer taxes, while benefiting d family and charity at the same time? How do I leave control of my business to one child while being fair to the others? I have sold the company that gave meaning and purpose to my life. What do I do next? Does it make more sense to buy or lease my next plane? d What are the potential liabilities of accepting a board seat at d my alma mater? How do I keep our home secure during a major renovation? What happens to the management of my assets should I become incapacitated? Does my asset allocation make sense given my risk tolerance, and d is my family prepared to make the right adjustments if I die unexpectedly? I have worked hard and sacrificed a lot to build this business. Have d I still been a good parent? 8

9 A C O L L A B O R A T I V E A P P R O A C H PROCESS FOR FORMULATING YOUR TAX, TRUST AND ESTATE STRATEGY 1 2 Conduct preliminary due diligence (review of balance sheet and existing estate planning Collaboratively discuss with the client their income tax and estate planning needs Wealth Planning Center Tax, Trust & Estate Legacy Planning Professionals Your Current External Tax Advisors 3 Analyze available planning techniques in relation to client s financial goals Customized Tax, Trust & Estate Strategy 4 5 Assist clients and their tax and legal advisors in the implementation of a financially integrated estate plan to the extent that the client is comfortable Integrate investment and estate plans (combining asset location with asset allocation Your Current External Legal Advisors Your Morgan Stanley Private Wealth Advisor 1 Asset allocation does not ensure a profit or protect against a loss. 2 Morgan Stanley Wealth Management has created formal arrangements with third-party corporate trustees to provide fiduciary services for client personal trust accounts. Trustee services are available for a wide variety of personal trusts. Talk to your Private Wealth Advisor for additional details. 9

10 O U R I N V E S T M E N T P H I L O S O P H Y Our goal is to maximize after-tax, after fee, risk adjusted return DISCOVERY We spend a significant amount of time in the beginning of a relationship getting to know our clients and developing a financial plan. This allows us to develop YOUR asset allocation that will help you achieve your goals while taking on the minimum amount of risk to do so. EXPENSE REDUCTION Reducing expenses enhances your bottom-line. We have access to industry low expenses on best-inclass managers given the breadth of our product engagement. Where possible we employ low cost ETF s. TAX EFFICIENCY Tax efficiency is a crucial part of intelligent investing. Our tax overlay system captures tax savings that may enhance your returns. We utilize ETF s, separately managed accounts, and municipal bonds to further reduce taxes. PASSIVE MANAGEMENT We utilize passive management to minimize costs for your US large core portfolio. This is an efficient asset class where it is difficult for managers to consistently outperform. ACTIVE MANAGEMENT In asset classes that are less efficient we engage active managers where outperformance may be achievable. These are commonly in international, emerging market, and small cap stocks. Active bond managers can help mitigate the risk of rising rates. ALTERNATIVE INVESTMENTS We will consider, and have extensive experience with, alternative investments to help dampen portfolio volatility and strive to provide risk adjusted return. TACTICAL PORTFOLIOS We leverage the intellectual capital and resources of Morgan Stanley to blend with our own market knowledge to deliver a customized solution that adapts to changing market conditions. RISK MANAGEMENT Most of our clients want to stay rich, not get rich. We manage risk in your portfolio to help keep you wealthy and grow your assets in a cost effective, tax efficient manner. 10

11 P W M A S S I S T S W I T H M A N A G E R S E L E C T I O N A C R O S S A S S E T C L A S S E S B Y L E V E R A G I N G G L O B A L I N V E S T M E N T M A N A G E R A N A L Y S I S GLOBAL INVESTMENT MANAGER ANALYSIS (GIMA) GIMA team Team of 45 dedicated Manager Analysts Analysts average 17 years of Investment Analysis Specialized Knowledge and Skills derived from a diverse range of experiences ALTERNATIVE THIRD PARTY MANAGER RESEARCH Array of funds and strategies from the top names in the industry and specialty boutique firms to offer qualified investors with top vehicles across the alternative landscape ranging daily liquidity mutual funds to longerdated private commitments in equity, debt and real estate. Real Estate Managed Futures Single Manager Hedge Funds Fund of Hedge Funds Private Equity TRADITIONAL THIRD PARTY MANAGER RESEARCH Open architecture platform dedicated to offering clients a wide variety of separate account and mutual fund ETF asset classes, including: Balanced Convertible Emerging Markets Equity Fixed Income Global Equity International Equity Municipals Socially Responsible 14,000+ Options (Mutual Funds, ETF s and separately managed accounts) GIMA s Rigorous Due Diligence Process THIRD-PARTY MANAGER RESEARCH Quantitative Analysis Portfolio Strategy Performance Risk/Reward Profile Portfolio Characteristics Risk Statistics Quartile Rankings Asset Growth Statistics Qualitative Analysis Personnel Turnover Asset Manager History Organizational Credibility Sound Investment Process Adherence to Investment Strategy On-site Interviews With Portfolio Managers 1,300 GIMA-Approved Strategies MORGAN STANLEY WEALTH MANAGEMENT APPROVED STRATEGIES These materials do not constitute an offer to either buy or sell securities or to participate in any trading strategy. Information and data are as of September 30, 2015 and subject to change 11

12 DISCLOSURES: SECURITY TYPE INVESTING RISKS A. SMALL/MID-CAPS U.S. EQUITY Investing in smaller companies involves greater risks not associated with investing in more established companies, such as business risk, significant stock price fluctuations and illiquidity. B. INTERNATIONAL/EMERGING MARKETS International investing entails greater risk, as well as greater potential rewards compared to U.S. investing. These risks include potential and economic uncertainties of foreign countries as well as the risk of currency fluctuations. These risks are magnified in countries with emerging markets, since these countries may have relatively unstable governments and less established markets and economics. C. FIXED INCOME Fixed Income Securities are subject to interest rate risk, credit risk, prepayment risk, market risk, and reinvestment risk. Fixed Income Securities, if held to maturity, may provide a fixed rate of return and a fixed principal value. Fixed Income Securities prices fluctuate and when redeemed, may be worth more or less than their original cost. D. STRUCTURES PRODUCTS These materials are provided for general informational and educational purposes based upon publically available information from sources believed to be reliable. These materials do not take into account your personal circumstances and we do not represent that this material is complete or applicable to your situation. These materials do not constitute an offer to either buy or sell securities or to participate in any trading strategy. These materials may change at any time without notice to you. E. An investment in alternative investments can be highly illiquid, is speculative and not suitable for all investors. Investing in alternative investments is only intended for experienced and sophisticated investors who are willing to bear the high economic risks associated with such an investment. Investors should carefully review and consider potential risks before investing. Some of these risks may include: 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 the fund and none is expected to develop; volatility of returns; restrictions on transferring interests in a fund; potential lack of diversification 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. F. Consulting Group is a business of Morgan Stanley Smith Barney LLC. G. Tax laws are complex and subject to change. This information is based on current law s in effect at the time this was written. Morgan Stanley Smith Barney LLC, its affiliates, employees and Private Wealth Advisors are not in the business of providing tax or legal advice, and these Individuals should consult their personal tax advisor for matters involving taxation and tax planning and their attorney for matters involving personal trusts and estate planning. S. Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services. Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED MAY LOSE VALUE NOT BANK GUARANTEED NOT A BANK DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY T. Investment and services offered through Morgan Stanley Private Wealth Management, a division of Morgan Stanley Smith Barney LLC. Member SIPC. 12

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14 Y O U R T E A M Joe Kartheiser, CIMA, CFP Executive Director Private Wealth Management NMLS# Joe and his team deliver customized wealth management solutions to high-net-worth c-suite executives and entrepreneurs. His role is to synchronize the execution of investment strategies with estate and tax planning through a collaborative approach to help clients achieve complete wealth management. Joe earned his undergraduate degree from Indiana University and an MBA from Northwestern s Kellogg School of Management. He started his career in the financial services industry in fixed income institutional sales at Morgan Stanley. After gaining extensive capital markets experience he transitioned into Private Wealth Management, the division serving high net worth individuals. Joe has been recognized in in Barron's "Top 1,200 Advisors and the & 2017 Financial Times Top 400 Advisors, and Forbes inaugural Best-in-State ranking. He is a Certified Financial Planner CFP and a Certified Investment Management Analyst CIMA. He enjoys golf, music, travel, snowboarding, exercise, and grilling. Joe resides in Chicago with his wife and two children and serves on the board of directors for Heartland Alliance International. 14

15 Y O U R T E A M Jeff Piwnicki Financial Advisor- Wealth Management NMLS# As part of the Kartheiser Group at Morgan Stanley, Jeff helps corporate executives and business owners make informed financial decisions to help them retire with confidence. Jeff s role is to develop financial plans and integrate them with a client s tax, estate, and asset allocation strategies. He also focuses on hedging and monetization strategies for concentrated positions, and insider transactions. Jeff has helped hundreds of executives develop personalized financial plans and has a deep understanding of the complexities they face. He works closely with the Morgan Stanley Executive Financial Services group to navigate the rules and regulations that govern insider stock holdings. This specialized team has consistently been ranked #1 in executing insider sales plans and hedging strategies by the Washington Service. Prior to joining the Kartheiser Group, Jeff was a business development specialist training Financial Advisors on the intricacies of wealth that confront high net worth individuals. He enjoys traveling, live music, and playing guitar. Born and raised in Chicago, Jeff is an avid Chicago sports fan who takes full credit for converting his St. Louis born wife into a Bears fan. Jeff resides in the northwest suburbs of Chicago with his wife and three sons where he is involved in many health based fundraising events. 15

16 DISCOLSURES: SECURITY TYPE INVESTING RISKS V. 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 min TM are trademarks of Apple Inc. App Store is a service mark of Apple Inc. Android and Google Play are trademarks of Google Inc. 1. Asset allocation and diversification do not assure a profit or protect against loss in declining financial markets. 2. Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC s licensed insurance agency affiliates. 3. 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. 4. Morgan Stanley Smith Barney LLC ( Morgan Stanley ), its affiliates and their employees including Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters. 5. Tax laws are complex and subject to change. Morgan Stanley Smith Barney LLC ( Morgan Stanley ), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice and are not fiduciaries (under ERISA, the Internal Revenue Code or otherwise) with respect to the services or activities described herein except as otherwise provided in a written agreement with Morgan Stanley. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a retirement plan or account, and (b) regarding any potential tax, ERISA and related consequences of any investments made under such plan or account. I. Lifestyle Advisory Services: Morgan Stanley Smith Barney LLC (the Firm ) and its affiliates do not currently offer the services provided by this Service Provider(s). The Service Provider(s) is not an affiliate of the Firm. Any review of the Service Provider(s) performed by the Firm was based on information from sources that we believe are reliable but we cannot guarantee its accuracy or completeness. This referral should in no way be considered to be a solicitation by the Firm for business on behalf of the Service Provider(s). The Firm makes no representations regarding the suitability or otherwise of the products or services provided by the Service Provider(s). There may be additional service providers for comparative purposes. If you choose to contact the Service Provider(s), do thorough due diligence, and make your own independent decision. II. The Firm will not receive a referral fee for referring you to the Service Provider(s). The Firm is a diversified financial services company with millions of individual clients and corporations, institutions and governmental clients in several countries around the world. The Firm routinely enters into a variety of business relationships for which either the Firm receives compensation or pays for services, and such business relationships may include the named Service Provider(s), its employees or agents, or companies affiliated with the Service Provider. III. The Morgan Stanley Global Impact Funding Trust, Inc. ( MS GIFT, Inc. ) is an organization described in Section 501(c) (3) of the Internal Revenue Code of 1986, as amended. MS Global Impact Funding Trust ( MS GIFT ) is a donor advised fund. Morgan Stanley Smith Barney LLC provides investment management and administrative services to MS GIFT. While we believe that MS GIFT provides a valuable philanthropic opportunity, contributions to MS GIFT are not appropriate for everyone. Other forms of charitable giving may be more appropriate depending on a donor s specific situation. Of critical importance to any person considering making a donation to MS GIFT is the fact that any such donation is an irrevocable contribution. Although donors will have certain rights to make recommendations to MS GIFT as described in the Donor Circular & Disclosure Statement, contributions become the legal property of MS GIFT when donated. The Donor Circular & Disclosure Statement describes the risks, fees and expenses associated with establishing and maintaining an MS GIFT account. Read it carefully before contributing. 16

17 DISCOLSURES: SECURITY TYPE INVESTING RISKS Residential mortgage loans/home equity lines of credit are offered by Morgan Stanley Private Bank, National Association, an affiliate of Morgan Stanley Smith Barney LLC. With the exception of the pledged-asset feature, an investment relationship with Morgan Stanley Smith Barney LLC does not have to be established or maintained to obtain the residential mortgage products offered by Morgan Stanley Private Bank, National Association. All residential mortgage loans/home equity lines of credit are subject to the underwriting standards and independent approval of Morgan Stanley Private Bank, National Association. Rates, terms, and programs are subject to change without notice. Residential mortgage loans/home equity lines of credit may not be available in all states; not available in Guam, Puerto Rico and the U.S. Virgin Islands. Other restrictions may apply. The information contained herein should not be construed as a commitment to lend. Morgan Stanley Private Bank, National Association is an Equal Housing Lender and Member FDIC that is primarily regulated by the Office of the Comptroller of the Currency. Nationwide Mortgage Licensing System Unique Identifier # 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. Tailored Lending is a loan/line of credit product offered by Morgan Stanley Private Bank, National Association, an affiliate of Morgan Stanley Smith Barney LLC. A Tailored Lending credit facility may be a committed or demand loan/line of credit. All Tailored Lending loans/lines of credit are subject to the underwriting standards and independent approval of Morgan Stanley Private Bank, National Association. Tailored Lending loans/lines of credit may not be available in all locations. Rates, terms, and programs are subject to change without notice. Other restrictions may apply. The information contained herein should not be construed as a commitment to lend. Morgan Stanley Private Bank, National Association is a Member FDIC that is primarily regulated by the Office of the Comptroller of the Currency. The proceeds from a Tailored Lending 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. Important Risk Information for Securities Based Lending: Borrowing against securities may not be suitable for everyone. You should be aware that there are risks associated with a securities based loan, including possible margin calls on short notice, and that market conditions can magnify any potential for loss. You need to understand that: (1) Sufficient collateral must be maintained to support your loan(s) and to take future advances; (2) You may have to deposit additional cash or eligible securities on short notice; (3) Some or all of your securities may be sold without prior notice in order to maintain account equity at required maintenance levels. You will not be entitled to choose the securities that will be sold. These actions may interrupt your long-term investment strategy and may result in adverse tax consequences or in additional fees being assessed; (4) Morgan Stanley Bank, N.A., Morgan Stanley Private Bank, National Association or Morgan Stanley Smith Barney LLC (collectively referred to as Morgan Stanley ) reserves the right not to fund any advance request due to insufficient collateral or for any other reason except for any portion of a securities based loan that is identified as a committed facility; (5) Morgan Stanley reserves the right to increase your collateral maintenance requirements at any time without notice; and (6) Morgan Stanley reserves the right to call securities based loans at any time and for any reason. 17 CRC /2018