Morgan Stanley Wealth Management

53 State Street

Exchange Place

Boston, MA 02109

Timothy Davis, CFP®

Senior Vice President- Investments

Financial Advisor

Morgan Stanley Smith Barney LLC. Member SIPC.

Timothy Davis, CFP® Senior Vice President, Financial Advisor

Direct (617) 589-3472

Fax: (617) 227-9070

t.davis@morganstanley.com

http://fa.smithbarney.com/timothydavis

http://www.linkedin.com/in/timothyjdavis

Michaelyn D. Bortolotti Registered Marketing Associate

Direct (617) 589-3298

Fax: (617) 227-9070

michaelyn.d.bortolotti@morganstanley.com

http://fa.smithbarney.com/timothydavis

Michael Carilli Client Service Associate

Direct (617) 589-3295

Fax: (617) 227-9070

michael.carilli@morganstanley.com

About Morgan Stanley

Leveraging the Power of a Global Leader

• Morgan Stanley is one of the only firms

that has a sales and trading business

dedicated exclusively to serving our

wealth management clients.

• More than 75 years of serving clients

and institutions globally.

• Morgan Stanley delivers advice on more

assets than any other investment firm.

• Manages more than $1.7 trillion in

client assets for high net worth families.

• 1,200 offices in 37 countries

• A team of 30 dedicated research analysts

tracks almost 100 unique alternative

investment strategies implemented by the

most sought-after fund managers.

• Research analysts track more than 4,100

companies all over the world.

• Most comprehensive manager due-

diligence team in the industry with a 25

person team covering 1,000 investment

products.

• Financial advisors have access to top-flight

research from both Morgan Stanley and

Citi.

Access to Leading Financial Resources

Global Equity Linked

US Bonds

Debt, US High Yield

Debt, US Preferred

US Equity Linked

US Corporates

US Investment Grade

Debt, Global Bonds

US Municipal New Issue

US Municipal New Issue, Managing Underwriter

Leading Underwriters in Capital Markets

Wealth Management Process & Team Profile

Our Private Wealth Management Process Our team focuses on essential aspects of your financial situation throughout the private wealth

management process.

Our Team will review, assess and recommend appropriate changes to your financial plan and

portfolio on an ongoing basis.

Complex Needs Provide Planning Opportunities

Our Team helps monitor your financial profile and needs, while leveraging the full power of Morgan

Stanley’s global platform

Many of these topics may include products and services which are provided by Morgan Stanley Smith Barney LLC or affiliates

and may not be available in all areas. Some of these services are provided by third parties including the client’s personal tax

advisor or attorney for matters involving taxation and tax planning and his or her personal attorney for matters involving trust and estate planning

and other legal matters. For additional information please speak to a Financial Advisor or visit

www.morganstanley.com/individual for more information.

Buckets of Money

The 7 Questions You Should Ask a Financial Advisor

(1) What Process do you follow to identify client's goals and evaluate investment performance?

We follow a very simple and straight forward 4 step process with all of our clients:

1) Identify financial goals and objectives and develop a comprehensive understanding of their needs

and objectives.

2) From that plan we are able to identify how best to pursue stated goals and objectives, including a

determination of an appropriate asset allocation.

3) Implement financial recommendations (after review and with the client's consent) using

professionally managed portfolio managers where appropriate, and finally,

4) Monitor and Update on an ongoing based upon stated financial goals and performance.

(2) What are your sources of research and information?

Working for one of the world's leading financial services providers, Morgan Stanley is an excellent source of

information for providing due diligence on the many independent money managers that we use for our clients.

We also have access to third party research from various other sources.

(3) How often will you hold a formal review with us?

We have what we like to call a 12/4/2 Client Commitment. You will hear from us at least once a month, either

through a phone call or e-mail. 4 Times a year we will have a quarterly telephone review of your overall portfolio

as well as each individual account. Once or twice a year we will try and arrange an in-person meeting to have a

more thorough review.

The 7 Questions You Should Ask a Financial Advisor

(4) Are you available for informal meetings?

Yes, by appointment. Please contact us, or our Registered Marketing Associate, Michaelyn Bortolotti, to

schedule a meeting.

(5) What's the fee structure?

That depends on the investment. Most of the services we provide have asset based fees. If you pay

an asset based fee you will not be charged commissions on stock trades. Each individual portfolio is

different. We will discuss your fee structure before you are a client.

(6) How are you personally compensated?

We are compensated by Morgan Stanley by a percentage of revenues that are generated.

(7) Can you show representative portfolios?

Yes, utilizing Morgan Stanley’s financial planning tools, we are able to show your current portfolio,

which can include any potential caps if they exist.

Team Profile- Financial Advisors

Timothy Davis, CFP®

Tim has been in the financial services industry for over 15 years. Prior to

joining Morgan Stanley, Tim was a Financial Advisor for UBS Financial

Services in Boston, MA for 7 ½ years and Merrill Lynch in Andover, MA for

3 ½ years.

Before joining the financial services industry, Tim worked with his family

business, a Bed & Breakfast located in North Stonington, CT. From a young

age, Tim learned the values of hard work and an entrepreneurial spirit. He

received his BA in Political Science from the University of Vermont and

while at UBS went on to earn his CERTIFIED FINANCIAL PLANNERTM

designation, Wealth Management Certification, and Wealth Advisor

designation, while being recognized annually as a top producing Financial

Advisor in his class. Tim is a Vice President and part of the Executive

Services Group at Morgan Stanley.

Tim has been recognized by Boston Magazine as FIVE STAR Wealth

Manager & is a member of the Business Owners Executive Counsel at

Morgan Stanley. For leisure, Tim enjoys spending time in Cape Cod during

the summer and skiing at Pico, Vermont in the winter. Tim resides in

Cohasset, MA, with his wife Sarah and their children Reagan & Brodie, and

is active in local civic organizations and charities.

Team Profile- Client Services Associate

Michaelyn D. Bortolotti

Michaelyn has been with Legg Mason, Smith Barney, and now Morgan Stanley

since October of 2005. A 2005 graduate of Colby College, Michaelyn

graduated with a Bachelor of Arts in Economics and Bachelor of Science in

Business Administration with a concentration in Finance and was a member of

the varsity field hockey and softball team’s. Michaelyn has also worked for an

Independent Advisor at LPL Financial while attending Colby which helped to

further increase her depth and knowledge of the financial services industry. As

a Registered Client Service Associate, Michaelyn has her Series 7 and 63

securities licenses. Michaelyn is a resident and native of Hanover, MA.

Team Profile- Client Services Associate

Michael Carilli is our Client Services Associate

responsible for all administrative needs of our clients.

Michael is a Bowdoin College graduate and was a starting

Division 3 Football Player. Michael brings with him a

significant understanding of the competencies of

adaptability, organization, communication, and client

service excellence.

Michael Carilli

Business Philosophy

Timothy Davis assists high net worth families and individuals that are in need of a

long term, forward thinking financial plan. Their clients' plans encompass

investments, retirement needs, tax and estate planning, and insurance analysis.

Through a comprehensive 6-step process, they develop an investment management

and financial planning strategy that fits their clients' individual needs.

The philosophy is simple: To create a plan that seeks to reduce risk and overall

market correlation while maintaining a competitive return. In an age of complex and

often confusing investment landscapes, we aim to simplify your life and your

experience as an investor. Portfolio performance and client satisfaction are the

primary business objectives. Our dedication to client service is demonstrated by the

personalized attention provided to all of our relationships.

Disclosures

Many of these topics may include products and services which are provided by Morgan Stanley Smith Barney LLC or affiliates

and may not be available in all areas. Some of these services are provided by third parties including the client’s personal tax

advisor or attorney for matters involving taxation and tax planning and his or her personal attorney for matters involving trust and estate

planning and other legal matters. For additional information please speak to a Financial Advisor or visit

www.morganstanley.com/individual for more information.

Life, Long-Term Care and Disability insurance products are offered through Morgan Stanley’s licensed insurance agency affiliates .

Morgan Stanley 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 consult with your Financial Advisor to understand these differences. Important

information about your relationship with your Financial Advisor and Morgan Stanley when using a Financial

Planning tool.

When your Financial Advisor prepares a Financial Plan, they will be acting in an investment advisory capacity with respect to the

preparation of your Financial Plan. To understand the differences between brokerage and advisory relationships, you should consult your

Financial Advisor.

You have sole responsibility for making all investment decisions with respect to the implementation of a Financial Plan. You may

implement the Financial Plan at MSSB or at another firm. If you engage or have engaged MSSB, it will act as your broker, unless you ask

it, in writing, to act as your investment adviser on any particular account. Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is a

registered broker-dealer, not a bank. Where appropriate, Morgan Stanley has entered into arrangements with licensed banks and other

third parties to assist in offering such banking-related services. Unless otherwise specifically disclosed to you in writing, investments and

services are offered through Morgan Stanley Smith Barney LLC, member SIPC, and such investments and services are not insured by

the

FDIC, are not deposits or other obligations of, or guaranteed by, the Banks and involve investment risks, including possible loss of

principal amount invested Morgan Stanley Smith Barney LLC, its affiliates, and Morgan Stanley Financial Advisors and employees are not

in the business of providing tax and legal advice, and these materials and any statements contained herein should not be construed as

tax or legal advice. Individuals are urged to consult their personal tax advisor or attorney for matters involving taxation and tax planning

and their personal attorney for matters involving trust and estate planning and other legal matters.

Interest in 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, local tax-

exemption typically applies if securities are issued within one’s city of residence.

Bonds are affected by a number of risks, including fluctuations in interest rates, credit risk and prepayment risk. In general, as

prevailing interest rates rise, fixed income securities prices will fall. Bonds face credit risk if a decline in an issuer's credit rating, or

creditworthiness, causes a bond's price to decline. Finally, bonds can be subject to prepayment risk. When interest rates fall, an

issuer may choose to borrow money at a lower interest rate, while paying off its previously issued bonds. As a consequence,

underlying bonds will lose the interest payments from the investment and will be forced to reinvest in a market where prevailing

interest rates are lower than when the initial investment was made. NOTE: High yield bonds are subject to additional risks such as

increased risk of default and greater volatility because of the lower credit quality of the issues.

Trust and other fiduciary services are provided by third parties, including Morgan Stanley Private Bank National Association, a wholly-

owned subsidiary of Morgan Stanley.

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.

Alternative investments often are speculative and include a high degree of risk. Investors could lose all or a substantial amount of

their investment. Alternative investments are suitable only for eligible, long-term investors who are willing to forgo liquidity and put

capital at risk for an indefinite period of time. They may be highly illiquid and can engage in leverage and other speculative practices

that may increase the volatility and risk of loss. Funds of funds typically have higher fees than single manager vehicles as they are

subject to an additional layer of fees charged by the fund of funds manager. Alternative investments involve complex tax structures,

tax inefficient investing and delays in distributing important tax information. Investors should consider the investment objectives, risks,

charges and expenses of a fund carefully before investing.

Disclosures

CRC 707931 10/4/2013