The Bermont/Carlin Group at Morgan Stanley. was founded in 1974 to provide personalized. investment management and financial planning

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3 The Bermont/Carlin Group at Morgan Stanley was founded in 1974 to provide personalized investment management and financial planning as well as access to banking and trust services to a limited number of high net worth individuals and families, institutions, corporate entities and not-for-profit corporations. For almost 50 years, under the leadership of Portfolio Managers Richard B. Bermont and Adam E. Carlin who joined in 1994, the Group s primary mission has been to build close, cooperative, and enduring relationships with clients that judiciously help them preserve and grow their wealth.

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5 Access to highly specialized service and the global resources of Morgan Stanley.

6 Striving to adhere to the highest ethical and service standards have earned Richard and Adam the distinguished recognition of Barron s The Winners Circle, as two of South Florida s Top Financial Advisors (January 2006, 2007, 2008, 2009, 2010, 2011, 2012). They are sole sponsors of University of Miami s Bermont/Carlin Scholars, which annually provides New York job and internship opportunities for outstanding business school students. In 1996, they were selected and approved by the U.S. Bankruptcy Trustee to provide investment management services to the $600 million Premium Sales Bankruptcy Estate.

7 Managing Director- Wealth Management Senior Portfolio Management Director Financial Advisor Adam is a Managing Director of Wealth Management and Senior Portfolio Management Director at The Bermont/Carlin Group at Morgan Stanley. Adam is an active supporter of education, having taught at both the undergraduate and graduate levels at the University of Miami s School of Business Administration. In 2006, he co-founded and helped underwrite the MBA Ethics Fellow Internship program at the University of Miami, for which he also co-founded and underwrote the Bermont/Carlin Group Undergraduate as well as Graduate Scholars program in support of the University s most outstanding students majoring in finance. In addition to his professional responsibilities, Adam is involved in a wide range of community activities. He currently serves as a member of the Board of Trustees for the following organizations: New World Symphony, The Buoniconti Fund to Cure Paralysis, University of Miami Sylvester Comprehensive Cancer Center, and Cancer Support Community Greater Miami. Adam also acts as co-chair of the University of Miami Sylvester Comprehensive Cancer Center Founders Board, and is a Grand Founder and Ibis Society member at the University of Miami. Furthermore, in recognition of his continued support, Adam holds Ordre d Egalité status at United Way Miami. In the past, he has served on the Board of Trustees for Shake-a-leg Miami, and also as Chairman of the Bankers Club Miami Board of Governors. In 2011, Adam was named Champion of Community Spirit by Cancer Support Community Greater Miami, as well as being recognized as one of Ronald McDonald House s 12 Good Men. st As of December 31, 2012, The Bermont/Carlin Group currently advises on over $1.7 billion in assets for high net worth individuals and families, pension funds as well as for profit and not-for-profit institutions. Source: Barron s America s Top 100 Financial Advisors, April 2006 through 2011 Barron s is a registered trademark of Dow Jones & Company, L.P. All rights reserved. Barron s America s Top 100 Financial Advisors bases its rankings on qualitative criteria: professionals with a minimum of seven years financial services experience, acceptable compliance records, client retention reports, customer satisfaction, and more. Financial Advisors are quantitatively ranked based on varying types of revenues and assets advised by the financial professional, with weightings associated for each. Because individual client portfolio performance varies and is typically unaudited, this ranking focuses on customer satisfaction and quality of advice. For more information on ranking methodology, go to or contact Barron s Associate Editor, Matt Barthel, at matthew.barthel@barrons.com. The rating may not be representative of any one client s experience because it reflects a sample of all of the experiences of the Financial Advisor s clients. The rating is not indicative of the Financial Advisor s future performance. Neither Morgan Stanley Smith Barney LLC nor any of their Financial Advisors pay a fee to Barron s in exchange for the rating Morgan Stanley Smith Barney LLC. Member SIPC.

8 We are commited to ensuring that each strategy reflects the values of our clients' financial goals and lifestyle aspirations. We define that accomplishment by the following key attributes: Stability The Bermont/Carlin Group was founded in The endurance of our team s relationship has demonstrated to our clients that we are steadfastly available for the long term to them, their families and successors. We currently serve three generations of clients. Integrity Our clients regard us as having a sterling reputation for working with them honestly and prudently, as we seek an in depth understanding of who they are and what is important to them. We believe that no two investors share the same financial goals, nor should they share the same financial advice. Performance Our clients knowledge of their investment choices is integral to the quality of their portfolios, and equally, to the long-term success of our relationship. Therefore, we spend ample time educating our clients to help them make well-informed decisions. Success We measure the success of our methodology by the strength and longevity of our client relationships. The cornerstone of our service commitment is to offer clients distinctive, caring and personalized attention. As we seek to integrate all aspects of their wealth, we help to shape the future that our clients envision for themselves and their families.

9 Life is about stages. So is wealth management. As investors move through stages of life, they face a succession of financial challenges. Some begin early and never go away. Others, like estate planning, come later in life. Wealth Accumulation: During this phase, individuals are primarily focused on acquiring assets they will need to help meet their longterm financial goals. Wealth Preservation: As investors move into their peak earnings years, their financial focus may gradually shift from asset growth to risk management seeking to protect their portfolios from unexpected adversity to market volatility. Wealth Utilization: At some point, most individuals will need to draw upon their accumulated resources to fund specific needs, such as college tuition costs or retirement expenses. Wealth Transfer: Many affluent individuals hope to leave a sizable legacy behind for their children, grandchildren or their community. The Portfolio Management Group: Equity, balanced and fixed income portfolios tailored and managed, on a discretionary basis by The Bermont/ Carlin Group Portfolio Managers, active portfolio management; ongoing monitoring and performance reporting. The Consulting Group: Morgan Stanley Consulting Group provides a wide range of investment consulting advice and services to both private individuals and institutional investors. With over $463.1 billion in total managed account assets as of 4Q2011, according to Cerulli Associates 1, they have been providing personalized investment services for more than three decades and are one of the nation s leading providers of managed account services. Consulting Group Advisor: Non-discretionary investment-advisory services by principals of The Bermont/Carlin Group who provide ongoing assetallocation monitoring. Municipal Bonds: With Morgan Stanley Wealth Management s Capital Markets Municipal Bond product team, you have an investment leader who can assist you in identifying value in today s marketplace. We can provide access to the new issue municipal bond market; dedicated product specialists and credit analysts; municipal bond portfolio reviews; strategy publications; actionable ideas; and their dedicated municipal trading desk inventory. Global Fixed Income: U.S. Treasury and agency bonds, corporate bonds, certificate of deposits, mortgage-backed securities, preferred securities, international bonds, emerging-market debt and specialized services. We also offer a wide range of fixed income investment solutions, reflecting the varied needs and preferences of our clients. Whether you are looking for income, growth or preservation of capital, bonds may be an appropriate core holding for a diversified portfolio. Wealth Planning: For most of our clients their family comes before everything else. Therefore, providing for current and future generations requires a thoughtful yet practical approach. Morgan Stanley has dedicated wealth-planning specialists who can provide tax-advantaged strategies to help you protect income as well as preserve and transfer wealth. Our specialists will work in unison with your existing advisors, attorneys, or accountants to help you achieve your multifaceted goals. The investments listed may not be suitable for all investors. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, and encourages investors to seek the advice of a financial advisor. The appropriateness of a particular investment will depend upon an investor s individual circumstances and objectives.

10 Our Investment Process After a thorough analysis of an individual or organization s financial data, we strive to help formulate realistic objectives through a personalized, clearly defined investment strategy. Once developed, this strategy will incorporate the ownership of investments, which in the long run may help the ultimate achievement of the client s financial objectives. By adhering to a disciplined policy of seeking to compound potential returns on quality investments over extended periods, we seek to effectively offset the impact of short-term losses during inevitable periods of market decline. Each client benefits from the close personal management and guidance of The Bermont/Carlin Group s principals and associates. This experience has contributed to the development of multi-generational relationships with high net worth individuals and families as well as institutional clients, many of whom have been with us for more than 30 years. Asset Allocation The Diversification of assets is widely accepted as an essential component of prudent investing. Over long periods of time, the placement of specified percentages of a client s financial resources in different investment classes is considered one of the most efficient and reliable techniques for generating higher risk-adjusted return potential than any one asset can by itself. Of course, diversification does not guarantee a profit or protect against a loss. As part of our process we help develop a personalized asset allocation model for each client, using traditional asset classes such as money market securities or cash equivalents, stocks, or other equity linked securities (such as exchange traded funds or mutual funds), and municipal, corporate, or government bonds, including opportunistic investment strategies consistent with current economic market environments.

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16 220 Alhambra Circle, FL 10 Coral Gables, FL website fa.smithbarney.com/bermontcarlingroup The individuals mentioned as the Portfolio Managers are Financial Advisors with Morgan Stanley participating in the Morgan Stanley Portfolio Management program. The Portfolio Management program is an investment advisory program in which the client s Financial Advisor invests the client s assets on a discretionary basis in a range of securities. The Portfolio Management program is described in the applicable Morgan Stanley ADV Part 2, available at stanley.com/adv or from your Financial Advisor. Interest on municipal bonds is generally exempt from federal income tax; however, some bonds may be subject to the alternative minimum tax (AMT). Typically, state tax-exemption applies if securities are issued within one s state of residence and, if applicable, local tax-exemption applies if securities are issued within one s city of residence. The tax-exempt status of municipal securities may be changed by legislative process, which could affect their value and marketability. Bonds are subject to interest rate risk. When interest rates rise, bond prices fall; generally the longer a bond s maturity, the more sensitive it is to this risk. Bonds may also be subject to call risk, which is the risk that the issuer will redeem the debt at its option, fully or partially, before the scheduled maturity date. The market value of debt instruments may fluctuate, and proceeds from sales prior to maturity may be more or less than the amount originally invested or the maturity value due to changes in market conditions or changes in the credit quality of the issuer. Bonds are subject to the credit risk of the issuer. This is the risk that the issuer might be unable to make interest and/or principal payments on a timely basis. Bonds are also subject to reinvestment risk, which is the risk that principal and/or interest payments from a given investment may be reinvested at a lower interest rate. Morgan Stanley Smith Barney LLC offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please visit us at or consult with your Financial Advisor to understand these differences. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. The strategies and/or investments discussed in this material may not be suitable for all investors. Morgan Stanley Wealth Management recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Financial Advisor. The appropriateness of a particular investment or strategy will depend on an investor s individual circumstances and objectives. Asset allocation and diversification do not guarantee a profit or protect against a loss in a declining financial market. Morgan Stanley Smith Barney LLC ( Morgan Stanley ), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. This material was not intended or written to be used, and it cannot be used, for the purpose of avoiding tax penalties that may be imposed on the taxpayer. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters. Trust and other fiduciary services are provided by third parties, including Morgan Stanley Private Bank National Association, a wholly-owned subsidiary of Morgan Stanley Morgan Stanley Smith Barney LLC. Member SIPC. Consulting Group and Investment Advisory Services are divisions of Morgan Stanley Smith Barney LLC. 10/12