Front Street Group at Morgan Stanley Private Wealth Management Stewardship of Family Wealth

ProvidinG an excePtional level oF Service to an excePtional GrouP oF clientS

Front Street Group manages over $1.2 billion for 40 families with a combined net worth in excess of $2 billon.* Our Clients Include:

Founders and CEOs of Fortune 500 Companies

Executives Representing 15 Different Industries

Founders of Large, Privately Held Enterprises

Managing Partners of Multibillion-Dollar Private Equity Firms

Heirs of Multigenerational Family Fortunes

* As of September 2017.

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coMPrehenSive PlanninG For SucceSSFul FaMilieS

In working with some of the most affluent families in the United States, we have seen that the creation of wealth, in and of itself, does not create the skills needed to manage it. Addressing the multifaceted issues generated by significant wealth calls for a very specific set of talents, not to mention a considerable amount of time to devote to the effort. At Front Street Group, we help families like yours address these challenges every day. We translate the most complex issues into clear and simple choices, helping you understand your options and explore the implications of your decisions.

Under the experienced leadership of Anthony DiValerio, one of the industry’s top financial advisors, according to Barron’s and Financial Times, we work with ultra high net worth individuals, affluent families and institutions. We are well-versed in the specialized needs of executives and entrepreneurs, from intergenerational wealth transfer to diversification of concentrated positions — even the public perception of personal financial decisions. We will invest the time to understand your needs and preferences, and work with you to formulate a strategic vision and develop a systematic methodology to help achieve your goals.

Together, we will draw a road map for your financial future, promote an enduring family legacy and encourage responsible stewardship across generations.

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conFidence

How do you define confidence in a world of unrelenting change?

In an environment of constant change, demonstrated strength and stability are invaluable assets. As one of the world’s largest and strongest financial institutions, Morgan Stanley has successfully navigated over 80 years of market cycles, continually gaining new knowledge, perspective and confidence. Today, we are a global firm with more than 56,000 employees1 in 31 countries.2

Morgan Stanley has earned a reputation for helping to develop industries, advise governments, nurture companies and revolutionize technologies — and for serving generations of individual clients and their families. As one of the leading wealth management firms worldwide, Morgan Stanley Wealth Management supports over $2.1 trillion in assets under management.3 In that role, we support our clients with firsthand knowledge of world economies and emerging trends, anchored by a presence at the center of the global economy.

Building on this strength, Morgan Stanley Private Wealth Management has been earning the trust and confidence of successful, sophisticated clients for four decades. These clients include many of the world’s most prominent entrepreneurs, executives, families and foundations.

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Reach and ResouRces

Approximately 250 Private Wealth Management teams

Over $2.1 trillion in assets under management at Morgan Stanley Wealth Management4

80 years serving governments and companies around the world and 40 years servicing the world’s most sophisticated individuals and families

Deep local knowledge and over 55 regional Private Wealth Management offices, with a global network of more than 1,200 Morgan Stanley offices worldwide5

Specialized services and solutions tailored to the needs and complexities of each client

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FocuS

a new geneRation of family wealth management

Private Wealth Management was created specifically to help affluent families like yours address the complex challenges of managing significant wealth, including:

Understanding cash flow planning associated with complex ownership structures

Board issues related to your private foundation or company

Issues related to restricted stock and options

Financial education of your children

Global investment goals

Equitable division of your estate

Specialized asset classes, including personal business, art and real estate holdings6

Wealth frequently gives rise to an array of complexities and challenges — some predictable and others unexpected. Morgan Stanley Private Wealth Management was created to help our most discerning clients address these issues.

Our exclusive focus, the expertise it fosters and the objectivity it demands enable us to address issues and challenges that extend beyond ordinary investing and wealth management. How your wealth is structured, how business interests can most effectively be passed to your children, how your philanthropic goals and aspirations for future generations can be realized — our guidance regarding these and other issues will be both personalized and practical, to help you accomplish your goals in an appropriate and effective manner.

Where do you focus when you look into the future?

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Drawing on a deep understanding of your financial life and guided by Front Street Group, our team can help you:

Manage investments with an unwavering focus on your financial strategy and personal goals

Create comprehensive, multigenerational wealth management plans based on your needs, goals and the values that guide your life and legacy

Simplify financial complexity to help you achieve clarity and control

Front Street Group combines the vast resources of a global financial services firm with the individualized services of an investment boutique to address the planning, governance, liability management and investing needs of ultra high net worth families, their businesses and their philanthropic enterprises. Our goal is to preserve and grow your financial, family and social capital so that it can have the greatest positive impact today and for generations to come.

coMMitMent

All of us at Front Street Group are committed to helping you preserve and grow your assets, while inspiring a level of confidence that allows you to focus on the people, causes and activities you care about most. We are the speed-dial number you push for access to broad experience, deep resources, and the timely, unbiased advice you need to address any financial matter.

Our goal is not just to help you invest your money; it is to help you enjoy your life with the confidence that your financial well-being is secure.

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A disciplined approach to a customized plan

The professionals at Front Street Group have spent over 80 years combined helping high net worth families, individuals and select institutions navigate multiple market cycles. In these dynamic, ever-changing markets, education is critical. It is our strong conviction that the long-term success of our relationships is a direct result of thorough knowledge, steadfast guidance and unwavering discipline.

our PhiloSoPhy

We believe that proactive client service, timely communication and open platforms are the foundation of a positive client experience. We concentrate intently on building a plan for your life — financial, personal and social — and developing customized strategies to help you achieve your short- and long-term objectives, from wealth creation opportunities to tax-efficient investing, wealth preservation to retirement planning and family wealth distribution to business financial services.

financial stRategies foR life

The financial markets are unpredictable. We work to counter that inherent uncertainty by taking a proactive, consultative approach, rooted in a deep knowledge of your short- and long-term needs and objectives, your tolerance for risk and your time horizon. We understand that asset management can be overwhelming and time-consuming, and work to make it simpler by presenting clear choices and expert advice. We are dedicated to building a satisfying, long-lasting relationship with you based on confidence, mutual respect and integrity.

Drawing on our own view of the markets, as well as Morgan Stanley’s venerable global research, we are able to make informed recommendations and design a flexible investment management plan that is uniquely yours.

a platfoRm to suppoRt unbiased advice

Morgan Stanley’s open architecture platform frees us to recommend world-class products and services that best suit your situation and goals. No matter what your needs, you benefit from the same global access and innovation the firm provides to corporations, governments and institutional investors.

investing with discipline and diligence

We align potentially suitable strategies with your unique priorities. You can rely on our team to work diligently to acclimate ourselves to your needs and provide complete transparency to establish a relationship built on trust.

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inS iGht

What if your financial and personal objectives received equal attention?

Drawing on the world-class talent and global presence of Morgan Stanley, we shape financial strategies that combine the highest levels of analysis and sophistication. Front Street Group enhances the value of Morgan Stanley’s insight with an objective understanding of your goals, your tax sensitivity, the complexities of your situation and your family dynamics.

Working closely with your legal and tax advisors, Front Street Group will help you create a highly customized, truly comprehensive wealth management plan based on your needs and aspirations.

While providing a foundation for a long-term relationship, our approach helps to ensure that your personal and financial objectives are not overlooked and that it incorporates the full range of financial disciplines necessary for the success of your plan. The result: Front Street Group can address both the personal and financial dimensions of your wealth.

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combining peRsonal and investment insight

Front Street Group combines insight into your family’s situation with our global market experience to customize strategies based on your needs and aspirations. Our goal is to help you:

Clearly and concisely define your investment considerations and objectives

Help ensure that all of your investment needs are fully and appropriately reflected in your strategy

Define a formal investment strategy to guide asset allocation and portfolio management decisions

Provide a foundation upon which to build and implement a customized wealth plan

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our ProceSS

We follow a disciplined process to create a highly customized, comprehensive wealth management plan — one that addresses your precise objectives and reflects your values and preferences. We invest considerable time at the beginning of our relationship, learning about you, your family, your work and leisure activities, and anything else about your unique situation you wish to share. It’s the only way we feel sure that we can provide the kind of customized, personal attention you demand and deserve.

initial assessment

We gather all of your documents to gain a thorough understanding of your current financial picture and determine whether your affairs are in order. This includes a review of your tax returns, brokerage statements, mortgage statements, financial statements, life insurance illustrations, retirement plan and deferred compensation summaries, wills and trust documents, cash flow projections, bank statements and asset titles.

1

discoveRy meeting

This is an in-depth discussion designed to help us understand you and your family, as people, and your unique family story. We talk about your values, goals and concerns, and determine your tolerance for risk.

2

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Refine investment stRategy

We craft an investment policy statement for your approval and finalize your investment strategy.

5develop investment stRategy

We help you develop a formal asset allocation based on both strategic and tactical considerations and develop preliminary portfolio recommendations.

3

investment stRategy meeting

We discuss our recommended strategy and coordinate our efforts with other advisors, such as attorneys and CPAs.

4

begin wealth planning

We evaluate existing estate planning strategies, convene a wealth planning meeting, identify risk exposures and collaborate with estate attorneys to review and update your tax, trust and estate planning. We focus equally on both sides of your balance sheet, identifying opportunities to use the most efficient loans and credit lines.

7

begin investment pRocess

Our team opens accounts, transfers existing assets, creates custom client service models, establishes online access and begins the initial investment process. Our service model is as customized as our portfolios so we can address your needs how, when and where you prefer.

6ongoing monitoRing and seRvice

We oversee the performance of your investments on a daily basis, reporting back to you as you require. This includes formal performance reviews, regular communication, timely research and ongoing planning.

8

capability highlight: liquidity access lines

Over the past decade, our team has helped clients establish over 300 million* securities-based lines of credit, gaining access to more competitive rates, greater flexibility and more efficient underwriting than many other forms of financing.

These credit lines can be an effective and flexible tool for financing private transactions, such as the purchase of yachts, art, real estate or private equity commitments.

Once you have established a securities-based loan, you have access to liquidity while keeping your overall investment strategy intact.

*As of September 2017.

capability highlight: 10b5-1 Trading plans

In the process of working with some of the country’s most successful public company CEOs, we have gained deep experience in the various strategies used to diversify concentrated equity positions in a tax-savvy and shareholder-sensitive manner.

Among these are Rule 10b5-1 trading programs. These systematic selling programs for restricted stocks allow you to set future sales of shares on specific dates at preset prices. Put in place at a time when you are permitted to divest, the program allows you to diversify without regard to corporate blackout periods while providing an affirmative defense against allegations of insider trading. They can be used with restricted stock.

asset management

§ Equities, Including Separately Managed Accounts, Discretionary Managed Equities and Syndicate

§ Fixed Income, Including Municipal, Investment-Grade Corporate, High-Yield Corporate, and Mortgage-Related

§ Structured Investments

§ Hedge Funds and Fund of Funds

§ Private Equity

§ Foundation and Trust Asset Management and Consultancy

§ Income and Cash Flow Planning

aiRcRaft/yacht owneRship and financing

§ Cash Flow and Charter Analysis

§ Search and Selection of Aviation and Maritime Attorneys

§ Coordinate Transactions and Delivery

coMPrehenSive caPabilitieS

By combining the vast global resources of Morgan Stanley with the deep experience of our team, we provide access to the full range of capabilities you need to address all of your financial challenges, tailored to your preferences. We utilize a fully open architecture to provide appropriate recommendations to balance risk, reward and liquidity. From the most sophisticated investment and lending strategies to the most basic service request, we operate on a simple principle: if you need it, we’ll either do it or find someone who can.

management of concentRated positions

§ 10b5-1 Trading Plans

§ Rule 144 Stock Sales

§ Variable Prepaid Forward Strategy and Implementation

§ Secondary Stock Offerings

liability management

§ Securities-Based Lines of Credit

§ Management of Intrafamily Mortgages

§ Home Loans

§ Tailored Lending

§ Fine Art Lending

estate and tax planning involvement

§ Intergenerational Planning

§ Coordination and Ongoing Dialogue With Estate Attorneys

§ Pre-IPO/Private Transaction Planning

§ Gifting Strategy, Tracking and Implementation– Trusts– Family Foundations– Philanthropic Planning

§ Estate Tax Funding Strategies

§ Insurance Analysis, Replacement and Monitoring

§ Utilization of Transfer Techniques, Such as CLATs, CRUTs, GRATs and QPRTs

§ Ongoing Family Education and Meeting Coordination

pRivate investment evaluation

§ Real Estate

§ Hard Assets

§ Venture Opportunities

lifestyle advisoRy

§ College Admissions Counseling

§ Eldercare Services

§ Access to Unique Experiences and Thought Leaders

§ Home Advisory Services, Confidential Recruitment of Household Staff

§ Personal Home Security

§ Private Health Advisory and Advocacy

§ Property and Casualty Risk Management

§ Real Estate Services, Including Purchase, Sales and Relocation Specialists

Wealth ManaGeMent ServiceS

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PerForMance PhilanthroPy

The experienced professionals in Morgan Stanley’s Philanthropy Management Group are available to help you identify, organize and implement a philanthropic strategy that effects the change you want to see in the world. With the right advice, your good intentions can become your greatest legacy:

§ Your favorite causes can become family causes § Your wealth can become a tool to change lives § Your philanthropic passion can become a strategic plan for giving and one that inspires others to follow suit

§ If your passion leads you to join a nonprofit board, there are ways to help ensure that the nonprofit is governed well and raises funds effectively

caPabilitieS

advisoRy seRvices

§ Identifying effective and strategic giving options

§ Researching charities to help identify those that complement your philanthropic aims and operate efficiently

§ Conducting philanthropic meetings and retreats to discuss family values, grant-making strategies and charitable goals

giving assistance

§ Offering insight and advice on private foundations, donor-advised funds and other charitable vehicles

§ Educating you on methods of tracking the effectiveness of your philanthropy

§ Keeping you informed on emerging trends in philanthropy

§ Supporting your private foundation, donor-advised fund, charitable trust and nonprofit organization in creative programming to scale the impact of your gifts

connections

§ Establishing philanthropic giving circles, which extend the impact of individual efforts

§ Identifying board positions and assisting you through the protocol of becoming a board member

§Working with you and your outside advisors to create grant agreements and negotiate the terms of your gift

§ Connecting you to nonprofit leadership and industry experts

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diGital oFFerinGS

moRgan stanley mobile app

Use our Mobile App, available for iPhone, iPad and Android, anytime, anywhere to access your account information and address all your cash management needs, including remote check deposits with some of highest limits in the industry.

edeliveRy

Stay up to date by enrolling in eDelivery for statements, trade confirmations, general correspondence, shareholder communications and more.

eauthoRization foR wiRes

Electronically approve wire transactions directly on Morgan Stanley Online or via the Mobile App. With eAuthorizations, you no longer need to sign a paper letter of authorization (LOA) to authorize a wire transfer request.

moRgan stanley send money with Zelle®

Integrated into the Morgan Stanley Mobile App, Zelle® makes it easy to send money to, or receive money from, almost anyone with a U.S. account using just an email address or U.S. mobile phone number. The money is typically received in minutes and there are no charges or fees for using the service.

moRgan stanley online

View, consolidate and manage your cash (view available cash, set up alerts), make payments and transfer funds on a single, user-friendly website.

Providing Flexibility, Access and Information

Delivering information you need to make sound wealth management decisions in a timely manner is a cornerstone of the value we offer. The integrated suite of tools and apps that comprise our digital platform are designed to do just that. They put actionable information at your fingertips when and where you need it.

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a FirMWide coMMitMent to KeePinG your accountS Secure

Protecting your assets and personal information is an essential part of helping you achieve your wealth management goals. Our comprehensive cybersecurity program includes significant investment in technology and multiple layers of protection supported by robust security processes that are reviewed regularly. All of our employees are trained in cybersecurity awareness and related policies and procedures.

safeguaRds to Keep youR peRsonal infoRmation and assets secuRe

§ Strong system protocols that restrict access to client information

§ Continuous monitoring to detect and prevent fraudulent activity on accounts

§ Enhanced data encryption for your debit card

§ Rigorous identity confirmation procedures, including security questions and callbacks, when you transact with us online or by phone

investments to maintain FirsT-Class seCuriTy

§ Routine testing of systems and security protocols

§ A commitment to remaining current with technology innovations

§ Continuous investment in new safeguards and security technology advancements

the talent at your diSPoSal

A financial advisory practice is only as strong as its financial advisors and only as credible as the advice it offers. We strive to earn your confidence by giving you our straight and honest opinions on any financial matter, and by meeting every service request quickly and competently.

We limit our practice to a select group of clients so we can give each the attention he or she deserves. If you are among them, you have our unwavering commitment to helping you live the life you intend.

Left to right: Dawei Yin, Anthony J. DiValerio Jr., Maryann A. Erieg, Jenny Hartline, Jeffrey M. Levinsohn

Meet our teaM

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Meet our teaM

22 Morgan Stanley

Jeffrey m. levinsohnSenior Vice PresidentPrivate Wealth Advisor

A partner of Front Street Group since 2009, Jeff Levinsohn focuses on helping clients clarify their financial goals, develop wealth allocation plans and implement personalized solutions. In addition to his portfolio management responsibilities, Jeff works closely with our clients’ attorneys and tax advisors to establish wealth transfer and family governance strategies.

anthony J. divalerio Jr.Managing DirectorAlternative Investment DirectorSenior Portfolio ManagerPrivate Wealth Advisor

The Founder of Front Street Group, Anthony DiValerio leads an elite team of financial professionals who have a combined 80 years of experience helping high net worth families, individuals and select institutions navigate multiple market cycles. The team currently advises on more than $1.2 billion in assets.* Anthony brings over 30 years of experience to the service of the team’s clients, helping them create integrated wealth plans focusing on fixed income management, access to capital markets

Chairman’s Council and the Dow Jones Wealth Management Advisory Council. He joined Morgan Stanley in 2008.

Anthony serves as a Paoli Hospital Foundation trustee. He has also served as a trustee of the Malvern Preparatory School and was a member of the executive committee of Bringing Hope Home, a nonprofit organization that provides financial assistance to families battling cancer in the greater Philadelphia metro area. Anthony and his wife, Linda, live in Malvern, Pennsylvania. They have three children and enjoy traveling the world. Anthony is also an avid fisherman and a competitive tennis player.

*As of September 2017.

610-260-7049 anthony.divalerio@morganstanleypwm.com

and risk management strategies for concentrated positions. Anthony has been recognized by Barron’s magazine as one of America’s Top 1,000 Advisors for seven consecutive years, 2011 through 2017. He was also named one of the Financial Times 400 Top Financial Advisers for 2015, 2016 and 2017.

After earning a B.S. in business management and economics from Bloomsburg University, Anthony joined the Xerox Corporation in the Mid-Atlantic region as a major market technology account lead. He moved to the financial services industry in 1987, working in select family groups at Tucker Anthony, and then Bear Stearns. From there, he joined Donaldson, Lufkin & Jenrette/Credit Suisse’s Corporate Services Group, where he was a regional director and served on the Corporate Advisory Council. Moving to UBS, Anthony worked as a private wealth advisor while serving as a member of the Advisory Council to Management, the Global Circle of Excellence, the UBS

Prior to joining the team, Jeff was a senior associate at CMS Companies, where he advised clients on the construction of alternative investment portfolios including private equity, real estate and specialty finance. He counseled clients on the use of tax-advantaged intergenerational and charitable planning techniques. Jeff graduated with a B.S. in behavioral science and law from the University of Wisconsin-Madison and subsequently obtained an integrated J.D./MBA graduate degree from Temple University’s Beasley School of Law and Fox School of Business and Management. He is a nonpracticing attorney and member of the Pennsylvania Bar.

Jeff is actively involved with Settlement Music School in Philadelphia, where he

serves as a member of the Investment Committee, chair of the Communications Committee, and board member of the Wynnefield Branch. He is also a drummer in the band Cabin Dogs, which has released four albums of roots and blues-based rock and roll. Jeff lives in the Philadelphia suburbs with his wife and three children.

610-260-8628 jeffrey.levinsohn@morganstanleypwm.com

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maryann a. eriegAssistant Vice PresidentGroup Director

Maryann Erieg serves as the team’s lead administrator with a focus on operations, including client service, managing staff and overseeing team coordination. She regulates group workflow, helping to orchestrate the smooth implementation of strategic business plans. Maryann manages

Jenny hartlineRegistered Client Associate

Jenny Hartline manages service requests and provides administrative support to clients, their families and the Private Wealth Advisors of Front Street Group. She is

dawei yinConsulting Group Analyst

A member of Front Street Group since 2014, Dawei Yin conducts investment research and analysis, asset allocation modeling, portfolio construction and performance review. Dawei also designs customized reporting for clients and is responsible for matters of technical

client relations, ensuring proper execution of all administrative processes while assisting clients in the many aspects of their financial experience. Her responsibilities also encompass trading, restricted stock sales and preset diversification plans, cash management and reconciliation, account management and coordinating portfolio review meetings.

Prior to joining Morgan Stanley in 2008, Maryann worked with Anthony DiValerio at Donaldson, Lufkin & Jenrette/Credit Suisse’s Corporate Services Group and at UBS. During her tenure at UBS, she was selected to serve on the Private Client Advisory Board and worked closely with senior operational management to

improve the client experience. She has worked with Anthony for nearly two decades, overseeing all of the team’s administrative and service functions.

Maryann received an associate degree in business management with a minor in accounting from Delaware County Community College. Maryann resides in Ridley Park, Pennsylvania, with her husband, Ray, and mother, Anna. She has three daughters, a granddaughter and three grandsons, all residing close to her home. Maryann enjoys traveling and the arts, especially theater and dance.

610-260-7008 maryann.erieg@morganstanleypwm.com

responsible for delivering timely solutions to client inquiries relating to account activity, electronic transfers, Morgan Stanley Online and Mobile App support. Jenny also coordinates general marketing initiatives and social media communications for the team. Her other duties include working closely with the Group Director on the execution of strategic business plans, ensuring suitable completion of all client-facing documentation and implementing portfolio allocations.

Prior to joining Front Street Group, Jenny spent over 10 years in the financial services industry. Her background

includes both commercial banking and wealth management roles at TD Bank, First Niagara Bank, Team Capital Bank and JP Morgan Securities. She has in-depth experience in both client service and lending solutions. Jenny attended Bloomsburg University and obtained an Associate of Arts degree from the University of Phoenix. She resides in Bucks County with her husband and son. She is an avid soccer player and enjoys running and spending time with her two dogs.

610-260-8639 Jenny.Hartline@morganstanleypwm.com

policy, reporting standards and presentation materials. He is highly adept at portfolio performance measurement, which involves computing account performance, analyzing investment portfolio holdings and generating quarterly investment performance monitors.

Dawei started his career in the automotive industry as a product development engineer at General Motors, working on powertrain development, and as a software application engineer with AVL List GmbH, developing test automation technologies. Prior to joining Front Street Group, Dawei served as an investment analyst at AXA Advisors, where he

constructed model portfolios and performed investment research and due diligence on various fund managers.

Originally from Shanghai, China, Dawei came to the U.S. when he was 13 years old. He earned a B.S. in mechanical engineering from Pennsylvania State University and an MBA in management and finance from the Eli Broad Graduate School of Management at Michigan State University. He is an avid triathlete who has competed in many Ironman and Olympic distance triathlon races.

610-260-7312 dawei.yin@morganstanleypwm.com

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glenn KurlanderManaging DirectorStrategy and Advisory Solutions

Glenn Kurlander is the Head of Morgan Stanley’s Family Governance and Wealth Education unit, and has helped ultra high net worth clients address matters of family governance, complex estate planning and wealth education for over 30 years.

Prior to joining Morgan Stanley, Glenn was a nationally recognized trusts and estates attorney with over 18 years of experience

SPecialiStS FroM the MorGan Stanley advanced reSourceS center

melanie schnoll begunManaging DirectorStrategy and Advisory Solutions

As a Managing Director and the Head of Morgan Stanley’s Philanthropy Management Group, Melanie works with the firm’s most influential clients

advising wealthy families and individuals in connection with the management, protection and transfer of global wealth, including the creation of family governance systems; the management of family dynamics related to the possession of significant wealth; the succession of closely held businesses; the resolution of family disputes; the management of family offices; the creation of tax-efficient transfers during life and at death; and the structuring of public and private philanthropy. Glenn was a partner of Kirkland & Ellis, where he led that firm’s trusts and estates group.

Glenn has written in leading professional journals and has lectured extensively on topics such as family governance, managing family conflict, the dynamics of family wealth and family offices, and has been quoted in Time, The Wall Street Journal,

Barron’s, Dow Jones News Wire and Worth magazine, among others. He is a former President of Morgan Stanley’s Global Impact Funding Trust, Inc., the charity that operates the firm’s donor-advised fund.

Glenn received his law degree, cum laude, from the Cornell University Law School in 1984, where he was an editor of the Cornell Law Review. He also holds an M.A. degree in English literature from Columbia University and is a cum laude and Phi Beta Kappa graduate of Franklin & Marshall College.

Glenn lives in West Palm Beach with his wife, four children and their dog. Glenn is a past president of his synagogue and is passionate about fast cars and Harley Davidsons.

to focus, scale and administer their philanthropic endeavors. In addition to spearheading Philanthropic Consulting Services, Melanie launched and oversees the Morgan Stanley Global Impact Funding Trust (GIFT), the firm’s global donor-advised fund; and Foundation Management Services, a platform for family and corporate foundations.

Melanie exemplifies her professional work by living a life of committed action: She is the former board president of the Juvenile Diabetes Research Foundation New York City chapter, President of

Morgan Stanley GIFT, Co-Chair of Inwood Charities and board member of the Metropolitan College of New York, among other leadership roles.

Before joining the financial services industry 20 years ago, Melanie was a practicing estate tax attorney in New York City. She holds a B.A. from Bing-hamton University and a J.D. from Quin nipiac University School of Law.

customized lending solutions tailored to the needs of their clients. He has a particularly strong focus on tailored lending, helping to create financial flexibility through loans for a broad range of purposes and collateralized by a wide range of asset types. These may include fine art, marketable securities, commercial real estate, hedge funds and others.

Christopher began his career in the financial services in 2000. Before joining Morgan Stanley in 2014, he was a senior private banker at Wells Fargo Private Bank. Prior to that, he served as a private banker at JPMorgan Private Bank.

Christopher graduated from St. Lawrence University with a Bachelor of Science in both economics and psychology. He also earned an Executive Master of Business Administration in business management from Fordham University. Christopher played basketball for St. Lawrence University and currently resides in Media, Pennsylvania, with his wife and two children.

christopher guadalupeSenior Ultra High Net Worth Specialist

Christopher Guadalupe is a Senior Ultra High Net Worth Specialist serving Morgan Stanley Wealth Management offices in the Northeast and Mid-Atlantic regions. Christopher works closely with Private Wealth Advisors to provide

25Morgan Stanley

recoGnition

Barron’s Top Financial Advisors®Anthony DiValerio has been recognized by Barron’s magazine as one of America’s Top Financial Advisors from 2011 through 2017, currently ranking ninth in Pennsylvania.

Five Star Wealth ManagerJeffrey Levinsohn has been recognized in Philadelphia magazine as a Five Star Wealth Manager providing exceptional service to clients from 2015 through 2017.

FT 400 Top Financial AdvisorsAnthony DiValerio has been recognized by Financial Times as one of America’s Top 400 Financial Advisors from 2015 through 2017.

26 Morgan Stanley

Our clients are members of an exclusive group, where their needs are anticipated, their preferences are understood, and they have opportunities to make connections and share experiences with other successful people.

Should you decide to join this select group, we will work diligently to understand and address your needs, so you are free to enjoy the lifestyle and the opportunities you have worked so hard to create for yourself, your family and your community.

We look forward to meeting you and your family.

contact infoRmation

Morgan Stanley Private Wealth Management

100 Front Street One Tower Bridge, Suite 600 West Conshohoken, Pennsylvania 19428

610-260-7008 / main 866-521-3361 / toll-free 484-595-7039 / efax

frontstreetgroup@morganstanleypwm.com fa.morganstanley.com/frontstreetgroup

NMLS #1295599 and 1278990

Front Street Group is committed to helping clients preserve and grow assets, while inspiring a level of confidence that allows them to focus on the people, causes and activities they care about most.

Source: Barron’s Top 1,200 Advisors, March 6, 2017, as identified by Barron’s magazine, using quantitative and qualitative criteria and selected from a pool of over 4,000 nominations. Advisors in the Top 1,200 Financial Advisors have a minimum of seven years of financial services experience. Qualitative factors include, but are not limited to, compliance record and philanthropic work. Investment performance is not a criterion. The rating may not be representative of any one client’s experience and is not indicative of the financial advisor’s future performance. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors or Private Wealth Advisors pay a fee to Barron’s in exchange for the rating. Barron’s is a registered trademark of Dow Jones & Company, L.P. All rights reserved.

The Financial Times Top 400 Financial Advisors is an independent listing produced annually by the Financial Times (March 2017). The FT 400 is based on data gathered from advisors, broker-dealer home offices, regulatory disclosures and the FT’s research. The listing reflects each advisor’s status in six primary areas: assets under management, asset growth, compliance record, experience and online accessibility. The award does not evaluate the quality of services provided to clients.  The rating may not be representative of any one client’s experience and is not indicative of the Financial Advisor’s future performance.  Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors or Private Wealth Advisors paid a fee to the Financial Times in exchange for the rating.

Five Star Professional, as a third-party research firm, identified pre-qualified award candidates based on industry data and contacted all identified broker-dealers, Registered Investment Advisor firms and FINRA-registered representatives to gather wealth manager nominations. Self-nominations are not accepted. Award candidates are then evaluated against 10 objective eligibility and evaluation criteria associated with wealth managers who must have a minimum of five years’ experience as an investment adviser representative or other accepted credentials, client retention rates, client assets administered, firm review and a favorable regulatory and complaint history as defined by Five Star. Five Star Professional determines the final list of Five Star Wealth Manager Award winners. The Award does not evaluate the quality of services furnished to clients and it is possible that the recipient may have received unfavorable ratings from those surveyed. Five Star Professional collected the information for this Award through surveys it conducted.

• Wealth managers and/or their firms do not pay a fee to be considered or placed on the final list of Five Star Wealth Managers.

• The Five Star award is not indicative of the wealth manager’s future performance.

• Wealth managers may or may not use discretion in their practice and therefore may not manage their clients’ assets.

• The inclusion of a wealth manager on the list should not be construed as an endorsement of the wealth manager by Five Star Professional.

• Working with a Five Star Wealth Manager or any wealth manager is no guarantee as to future investment success, nor is there any guarantee that the selected wealth managers will be awarded this accomplishment by Five Star Professional in the future.

• For more information on the Five Star award and the research/selection methodology, go to fivestarprofessional.com. Securities-Based Lending Risks: Borrowing against securities may not be suitable for everyone. You should be aware that securities-based loans involve a high degree of risk and that market conditions can magnify any potential for loss. Most importantly, 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 collateral maintenance levels. You will not be entitled to choose the securities that will be sold. These actions may interrupt your long-term investment strategy and may result in adverse tax consequences or in additional fees being assessed; (4) Morgan Stanley 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 your securities-based loan at any time and for any reason.

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

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.

Since life insurance is medically underwritten, you should not cancel your current policy until your new policy is in force. A change to your current policy may incur charges, fees and costs. A new policy 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.

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;• 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 manager risk. Individual funds will have specific risks related to their investment programs

that will vary from fund to fund.Actual results may vary and past performance is no guarantee of

future results.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. 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.

disclosures

references1 Source: http://www.morganstanley.com/about/ir/shareholder/10k2013/10k2013.pdf. As of 12/31/2016.2 http://www.morganstanley.com/about/offices/index.html As of 1/1/2016.3 Source: Overview: Morgan Stanley Wealth Management, Morgan Stanley, Winter 2016. Internal.4 Source: Overview: Morgan Stanley Wealth Management, Morgan Stanley, Winter 2016. Internal.5 Includes overseas affiliates.6 Source: Overview: Morgan Stanley Wealth Management, Morgan Stanley, Winter 2016. Internal.

© 2017 Morgan Stanley Private Wealth Management, a division of Morgan Stanley Smith Barney, LLC. Member SIPC. CRC 1930776 10/17 CS 8966796 11/17

Unless otherwise noted, information contained in this document is dated as of December 1, 2016. Individual funds will have specific risks related to their investment programs that will vary from fund to fund. Actual results may vary and past performance is no guarantee of future results. Individuals executing a 10b5-1 trading plan should keep the following important considerations in mind:

(1) 10b5-1 trading plans should be approved by the compliance officer or general counsel of the individual ’s company.

(2) A 10b5-1 trading plan may require a cessation of trading activities at times when lockups may be necessary to the company (i.e., secondary offerings, pooling transactions, etc.).

(3) A 10b5-1 trading plan does not generally alter the restricted stock or other regulatory requirements (e.g., Rule 144, Section 16, Section 13) that may otherwise be applicable.

(4) 10b5-1 trading plans that are modified or terminated early may weaken or cause the individual to lose the benefit of the affirmative defense.

(5) Public disclosure of 10b5-1 trading plans (e.g., via press release) may be appropriate for some individuals.

(6) Most companies will permit 10b5-1 trading plans to be entered into only during open window periods.

(7) Morgan Stanley, as well as some issuers, imposes a mandatory waiting period between the execution of a 10b5-1 trading plan and the first sale pursuant to the plan.

Investing in commodities entails significant risks. The commodities markets may fluctuate widely based on a variety of factors including changes in supply and demand relationships; governmental programs and policies; national and international political and economic events; war and terrorist events; changes in interest and exchange rates; trading activities in commodities and related contracts; pestilence; weather; technological change; and, the price volatility of a commodity. In addition, the commodities markets are subject to temporary distortions or other disruptions due to various factors, including lack of liquidity, participation of speculators and government intervention.

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.

The information listed is for reference only and does not represent an actual team. All custom sections of the PWM Brochure must be reviewed and approved in FULL through the normal Branch and Communications Review Group process.

Tailored Lending is a loan/line of credit product offered by Morgan Stanley Private Bank, National Association, an affil iate 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. Commercial Real Estate loans are provided by Morgan Stanley Bank, N.A. (MSBNA) or one of its affiliates. MSBNA is a Member FDIC and an affiliate of Morgan Stanley Smith Barney LLC. All Commercial Real Estate loans are subject to the underwriting standards and independent approval of MSBNA (or its affiliates, as applicable) by the applicable Commercial Real Estate Lending Group credit committee or team. Commercial Real Estate loans may not be available in all locations. The contents of these materials may not be attainable for all applicants. Issues relating to an applicant’s financial resources, creditworthiness, financial condition or collateral value may affect the loan underwriting process, as well as an applicant’s eligibility for a Commercial Real Estate loan. Rates, terms and conditions may vary and are subject to change without notice. Other restrictions or conditions may apply. The proceeds from a commercial real estate loan 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. The foregoing is intended for discussion purposes only, and does not constitute a commitment to lend or to consummate a financing of any kind, nor an agreement to issue any such commitment, any of which would be subject to approval by the relevant lender and its counsel in their absolute discretion, completion of satisfactory due diligence, the execution and delivery of definitive legal documentation with respect to any such commitment or financing, and market conditions satisfactory to the parties.

Residential mortgage loans/home equity lines of credit are offered by Morgan Stanley Private Bank, National Association, an affiliate of Morgan Stanley Smith Barney LLC. With the exception of the pledged-asset feature, an investment relationship with Morgan Stanley Smith Barney LLC does not have to be established or maintained to obtain the residential mortgage products offered by Morgan Stanley Private Bank, National Association. All residential mortgage loans/home equity lines of credit are subject to the underwriting standards and independent approval of Morgan Stanley Private Bank, National Association. Rates, terms and programs are subject to change without notice. Residential mortgage loans/home equity lines of credit may not be available in all states; not available in Guam, Puerto Rico and the U.S. Virgin Islands. Other restrictions may apply. The information contained herein should not be construed as a commitment to lend. Morgan Stanley Private Bank, National Association is an Equal Housing Lender and Member FDIC that is primarily regulated by the Office of the Comptroller of the Currency. Nationwide Mortgage Licensing System Unique Identifier #663185. The proceeds from a residential mortgage loan (including draws and advances from a home equity line of credit) are not permitted to be used to purchase, trade or carry eligible margin stock; repay margin debt that was used to purchase, trade or carry margin stock; or to make payments on any amounts owed under the note, loan agreement, or loan security agreement; and cannot be deposited into a Morgan Stanley Smith Barney LLC or other brokerage account.