Helping You Identify and Achieve Your Unique Goals

The Collins Savrann Group atMorgan Stanley

600 Longwater Drive Suite 202Norwell, MA 02061

781-681-4972 / MAIN

800-326-5951 / TOLL-FREE 781-681-4950 / FAX

michael.collins@morganstanley.comstephen.savrann@morganstanley.comkatelyn.collins@morganstanley.com

The Collins Savrann Group atMorgan Stanley

As a Morgan Stanley client you benefit from the experience of one ofthe world's leading wealth management firms.

Our team is committed to listening to you, assessing your concernsand helping to ensure that all of your assets are working togethertowards the goals you have set. We will keep you informed and focused,so even in difficult markets, you never lose sight of your priorities. Weprovide clear, consolidated reporting on progress towards your goals. Wevalue your trust and however you acquired your wealth, we respect thechoices and decisions you have made in the process.

3THE COLLINS SAVRANN GROUP

Meet the Professionals

The Collins Savrann Group is focused on helping you identify andachieve your unique goals, whether they are preserving your wealth,minimizing risk or growing your assets. We will work to determine therelevant customized solutions to meet your objectives. Our groupuses multiple sources of research to take a top-down approach toselecting securities. The whole process is governed by a strict reviewdiscipline. In addition to Morgan Stanley, we have access to researchfrom numerous third-party providers. As industry professionals formore than 30 years, we have experienced multiple bull and bear mar-kets. This experience has proven invaluable in managing client assetsduring periods of strong and turbulent markets.

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Michael J. CollinsSenior Portfolio ManagerSenior Vice PresidentFinancial Advisor

My career began in 1981. Over thepast 33 years, I have helped clientsmanage their wealth throughout goodtimes and bad. This includes the 1987stock market crash, the 2000-2001internet bubble, and the 2008 globalcrisis. I joined Morgan Stanley after16 years at UBS Financial Services anda tenure at Lehman Bros Inc. (15years). Focusing on fee based discre-tionary portfolio management, I amFINRA-registered and hold Series 7,63, and 65 securities licenses.Featured in the publication, “TheTechnical Analysis of Stocks andCommodities”, my emphasis is onrules based investment processes. Mybachelor’s degree in economics andpsychology (cum laude) is fromBowdoin College. My wife and Ireside in Hull MA and enjoy spendingtime with our 3 children.

Stephen K. SavrannVice PresidentFinancial Advisor

My investment career began in oneof the equity market’s most memo-rable years in stock market history –1987. I recently joined Morgan Stanleyafter spending 26 years at UBSFinancial Services. My entire careerhas been focused on providing cus-tomized investment planning solu-tions for businesses and high networth families. My particular area ofemphasis is servicing the needs of theAutomotive Reinsurance market-place. My bachelor’s degree in busi-ness management is from BabsonCollege. My wife and I live in SharonMa., where I am actively involved incharitable work as a Sharon Rotarian.

Katelyn A. CollinsClient Service Associate

I recently joined the Collins/Savrann Group at Morgan Stanleyafter serving as AdmissionsCoordinator at Boston UniversityGraduate School of Engineering. Mymain responsibilities include provid-ing administrative service and assis-tance to the team’s clients, as well as,coordinating all operational andscheduling activities for the Group. Iam a 2012 graduate of ProvidenceCollege (summa cum laude), and cur-rently reside in Boston’s historicNorth End.

Portfolio Management andStrategies

The Collins/Savrann Group Investment Strategies- The PM Program

The PM Program was established in1979 to provide individual investorswith a level of personalized portfoliomanagement typically reserved formajor institutional investors. Allportfolios are managed individuallyon a fully discretionary basis byFinancial Advisors at Morgan Stanleywho have been qualified by the firmto independently manage clientassets based on training, experienceand commitment to service.

Dividend Growth Strategy(Large Cap)

OObbjjeeccttiivveeThe objective of our Large-CapDividend Growth portfolio is toachieve above-average growth rela-tive to the S&P 500 over a full marketcycle (7–10 years), while experienc-ing below-average volatility. We aimto accomplish this objective througha diversified portfolio constructedprimarily of 20–40 large-cap, divi-dend-paying securities. This style ismost suitable for investors lookingfor equity and income exposure in adiversified portfolio.

KKeeyy FFaaccttssAsset Class/Market Cap:Equities/Large-CapGeographic Exposure: Global

IInnvveessttmmeenntt SSttrraatteeggyyIn our Dividend Strategy portfoliowe primarily concentrate on domes-tic equities. From time to time, wemay invest in international securities;however, they will represent aminority of the portfolio. Primaryfactors that we evaluate for this port-folio involve current dividend yield,historical dividend growth, and thesustainability and consistency ofeach security’s dividend payout ratio.From these factors we derive anintrinsic value (“fair value”) for eachsecurity. We aim to purchase eachsecurity well below its fair value andhold until it reaches fair value.Portfolio turnover is fairly modest.Due to the nature of the selectionprocess, portfolio holdings tend tohave a larger market capitalizationand generally will represent most ofthe S&P 500 sectors.

PRT Equity Strategy(All-Cap)

OObbjjeeccttiivveeThe objective of the PRT Strategyportfolio is to achieve above-averagerisk-adjusted returns by utilizing asystematic (rules-based) investmentprocess. This portfolio typically con-sists of 12–40 domestically tradedsecurities, although the portfolio hasheld as many as 80 positions.Companies in this portfolio tend tobe “smaller to medium” in terms ofmarket capitalization (market caprange from $200 million to 10 bil-lion). This portfolio is actively man-aged; turnover is higher, and thus,this portfolio can experience morevolatility. With frequent rebalancing,it is unlikely that gains on individualstocks will qualify for long-term cap-ital gains treatment. This style ismost suited for investors who arecomfortable with potentially largerswings in the value of their portfolio.

KKeeyy FFaaccttssAsset Class/Market Cap:Equities/All-CapGeographic Exposure: United States

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IInnvveessttmmeenntt SSttrraatteeggyyOur All-Cap PRT Strategy portfoliois focused on adhering to a “rules-based” proprietary investmentmodel. As a rules-based program,investment decisions are executedaccording to a set of predefined crite-ria. These rules cover all aspects ofthe investment process: what to buy,when to buy, how much to buy, whento add to existing positions and whento sell. The PRT process involves thedaily review of recently releasedcompany quarterly earnings reports.To qualify for purchase, each compa-ny must satisfy four specific invest-ment criteria. The portfolio aims toprofit off the inefficiencies of thestock market by purchasing compa-nies that are experiencing strongearnings growth and have recentlyreported a positive quarterly earn-ings surprise. A disciplined risk man-agement is employed. In theory, therisk management process is designedto protect profits, minimize lossesand control portfolio volatility.Portfolio turnover tends to be morefrequent with this strategy, so portfo-lio volatility could be greater duringvarious market cycles. Additionally,due to the nature of the investmentprocess, this portfolio may also main-tain larger cash positions from timeto time.

Portfolio Management andStrategies (continued)

Multiple Asset Strategy(All-Cap)

OObbjjeeccttiivveeThe objective of our Multiple AssetStrategy is to achieve growth of capi-tal through ownership of a diversi-fied portfolio of mutual funds andEFTs. These funds are uniquelyselected based on an individual“Target Asset Allocation” model.This strategy is most suitable for

investors who desire a broad expo-sure to various asset classes.

KKeeyy FFaaccttssAsset Class/Market Cap: All poten-tial asset classes/All-CapGeographic Exposure: Global

IInnvveessttmmeenntt SSttrraatteeggyyThe portfolios created by ourMultiple Asset Strategy are uniquefor each client. We begin by askingdetailed questions about your invest-ment goals, time frames, preferencesand comfort level with risk. Youranswers will generate a customizedproposal which will summarize a

particular “target asset allocation.”This allocation will be reflective ofyour investment objectives and toler-ance for risk and will also serve as amodel when modifying or rebalanc-ing your portfolio. Once the assetallocation has been determined, ourteam, with access to over 3,000mutual funds and EFTs, will struc-ture a diversified portfolio of fundsfor you according to your particulartarget asset allocation. All portfoliosare monitored and rebalanced quar-terly keeping your investment plan inline with the target allocations.

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Focus and Experience

The goal of the Collins/ Savrann Group is to be your #1 InvestmentAdvisor of “Choice”. Whether your investment goals require complexfinancial planning, lending/ financing concerns, or money managementsolutions, our Group is committed to serving your unique needs. Thisunderstanding, combined with the powerful global resources ofMorgan Stanley, will lay the foundation for a lasting relationship. Wesincerely appreciate the trust and confidence you have placed in us.Thank you for your consideration.

Michael Collins 781-681-4972 Stephen Savrann 781-681-4974

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© 2014 Morgan Stanley Smith Barney LLC. Member SIPC. 2328139 03/2014

The PM Program was established in 1979 to provide individualinvestors with a level of personalized portfolio management typi-cally reserved for major institutional investors. All portfolios aremanaged individually on a fully discretionary basis by FinancialAdvisors at Morgan Stanley who have been qualified by the firmto independently manage client assets based on training, experi-ence and commitment to service. S&P 500 Index is an unmanaged,market value-weighted index of 500 stocks generally representa-tive of the broad stock market. An investment cannot be madedirectly in a market index. International investing may not be suit-able for every investor and is subject to additional risks, includingcurrency fluctuations, political factors, withholding, lack of liquidi-ty, the absence of adequate financial information, and exchangecontrol restrictions impacting foreign issuers. These risks may bemagnified in emerging markets. Morgan Stanley Smith Barney LLC(“Morgan Stanley”), its affiliates and Morgan Stanley FinancialAdvisors or Private Wealth Advisors do not provide tax or legaladvice. This material was not intended or written to be used, andit cannot be used, for the purpose of avoiding tax penalties thatmay be imposed on the taxpayer. Clients should consult their taxadvisor for matters involving taxation and tax planning and theirattorney for matters involving trust and estate planning and otherlegal matters. This material is intended only for clients andprospective clients of the Portfolio Management program. It hasbeen prepared solely for informational purposes only and is not an

offer to buy or sell or a solicitation of any offer to buy or sell anysecurity or other financial instrument, or to participate in any trad-ing strategy. The individuals mentioned as the PortfolioManagement Team are Financial Advisors with Morgan Stanleyparticipating in the Morgan Stanley Portfolio Management pro-gram. The Portfolio Management program is an investment adviso-ry program in which the client’s Financial Advisor invests theclient’s assets on a discretionary basis in a range of securities. ThePortfolio Management program is described in the applicableMorgan Stanley ADV Part 2, available atwww.morganstanley.com/ADV or from your Financial Advisor. Pastperformance of any security is not a guarantee of future perform-ance. There is no guarantee that this investment strategy willwork under all market conditions.

This material does not provide individually tailored investmentadvice. It has been prepared without regard to the individual finan-cial circumstances and objectives of persons who receive it. Thestrategies and or investments discussed in this material may not besuitable for all investors. Morgan Stanley Smith Barney LLC recom-mends that investors independently evaluate particular investmentsand strategies, and encourages investors to seek the advice of aFinancial Advisor.The appropriateness of a particular investment orstrategy will depend on an investors individual circumstances andobjectives.

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