Looking to Buy Property or Make Home Improvements?

Did you know that a securities based loan can be used to purchase a primary home, vacation home, or commercial or investment property? It may also be useful if you need funds for renovations, construction or to purchase land. With competitive interest rates, a line of credit can help you achieve your objectives faster.

Morgan StanleyP.O. Box 703New York, NY 10014-0705

Looking to Buy Property or Make Home Improvements?

Did you know that a securities based loan can be used to purchase a primary home, vacation home, or commercial or investment property? It may also be useful if you need funds for renovations, construction or to purchase land. With competitive interest rates, a line of credit can help you achieve your objectives faster.

Morgan StanleyP.O. Box 703New York, NY 10014-0705

© 2015 Morgan Stanley Smith Barney LLC. PBG8260917 CRC1207963 06/15 CS 8219468 06/15

1 Morgan Stanley Smith Barney LLC and its affiliates and their employees (including Financial Advisors and Private Wealth Advisors) are not in the business of provid-ing tax or legal advice. These materials and any statements contained herein should not be construed as tax or legal advice. Individuals should consult their personal tax advisor or attorney for matters involving taxation and tax planning and their attorney for matters involving personal trusts and estate planning.

Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services. Investment services are offered through Morgan Stanley Smith Barney LLC.

Unless specifically disclosed in writing, investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC 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.

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 maintenance levels. You will not be entitled to choose the securities that will be sold. These actions may interrupt your long-term investment strategy and may result in adverse tax consequences or in additional fees being assessed; (4) Morgan Stanley Bank, N.A., Morgan Stanley Private Bank, National Association or Morgan Stanley Smith Barney LLC (collectively referred to as “Morgan Stanley”) reserves the right not to fund any advance request due to insufficient collateral or for any other reason except for any portion of a securities based loan that is identified as a committed facility; (5) Morgan Stanley reserves the right to increase your collateral maintenance requirements at any time without notice; and (6) Morgan Stanley reserves the right to call securities based loans at any time and for any reason.

With the exception of a margin loan, the proceeds from securities based loan products may not be used to purchase, trade, or carry margin stock (or securities, with respect to Express CreditLine); repay margin debt that was used to purchase, trade or carry margin stock (or securities, with respect to Express CreditLine); and cannot be deposited into a Morgan Stanley Smith Barney LLC or other brokerage account.

To be eligible for a securities based loan, a client must have a brokerage account at Morgan Stanley Smith Barney LLC that contains eligible securities, which shall serve as collateral for the securities based loan.

Private Bankers are employees of Morgan Stanley Private Bank, National Association.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. 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.

The lending products described in this mailing are separate and distinct, and are not connected in any way. The ability to qualify for one product is not connected to an individual’s eligibility for another. The information contained herein should not be construed as a commitment to lend.

If approved, you can also access your line of credit to pay for many personal and business needs. When you use your line, you are not tied to a fixed repayment schedule, giving you the ability to borrow quickly and the flexibility to repay when you want.

searching for competitive mortgage options for longer-term financing? Contact your Financial Advisor or Private Wealth Advisor, who can introduce you to a Private Banker to discuss available residential mortgage products.

Buying in a competitive real estate market?A securities based loan may allow you to make an all-cash offer that is not contingent on mortgage financing, giving you an advantage over other potential buyers. With typically no additional paperwork necessary if you utilize an existing line, it can be quick and easy to make an offer when you locate your dream property.

Selling investments to finance a down payment? This may lead to tax consequences1 and disrupt your long-term investment strategy. If suitable, you can use a securities based loan to finance your down payment and avoid these consequences.

Need to purchase property quickly?In today’s market, you may need to quickly take advantage of a potential real estate opportunity. With a securities based loan, once approved, available funds can be accessed easily by check or wire, enabling you to purchase your property. Afterwards, you can apply for a mortgage loan if you are interested in longer-term mortgage financing.

Thinking about home improvements or new furnishings?Consider using a competitively priced securities based loan to reno-vate your kitchen, invest in landscaping or furnish your new home.

There are risks associated with using your assets as collateral for a securities based loan, including possible margin calls on short notice. For details, please see the important disclosures below.

© 2015 Morgan Stanley Smith Barney LLC. PBG8260917 CRC1207963 06/15 CS 8219468 06/15

1 Morgan Stanley Smith Barney LLC and its affiliates and their employees (including Financial Advisors and Private Wealth Advisors) are not in the business of provid-ing tax or legal advice. These materials and any statements contained herein should not be construed as tax or legal advice. Individuals should consult their personal tax advisor or attorney for matters involving taxation and tax planning and their attorney for matters involving personal trusts and estate planning.

Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services. Investment services are offered through Morgan Stanley Smith Barney LLC.

Unless specifically disclosed in writing, investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC 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.

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 maintenance levels. You will not be entitled to choose the securities that will be sold. These actions may interrupt your long-term investment strategy and may result in adverse tax consequences or in additional fees being assessed; (4) Morgan Stanley Bank, N.A., Morgan Stanley Private Bank, National Association or Morgan Stanley Smith Barney LLC (collectively referred to as “Morgan Stanley”) reserves the right not to fund any advance request due to insufficient collateral or for any other reason except for any portion of a securities based loan that is identified as a committed facility; (5) Morgan Stanley reserves the right to increase your collateral maintenance requirements at any time without notice; and (6) Morgan Stanley reserves the right to call securities based loans at any time and for any reason.

With the exception of a margin loan, the proceeds from securities based loan products may not be used to purchase, trade, or carry margin stock (or securities, with respect to Express CreditLine); repay margin debt that was used to purchase, trade or carry margin stock (or securities, with respect to Express CreditLine); and cannot be deposited into a Morgan Stanley Smith Barney LLC or other brokerage account.

To be eligible for a securities based loan, a client must have a brokerage account at Morgan Stanley Smith Barney LLC that contains eligible securities, which shall serve as collateral for the securities based loan.

Private Bankers are employees of Morgan Stanley Private Bank, National Association.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. 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.

The lending products described in this mailing are separate and distinct, and are not connected in any way. The ability to qualify for one product is not connected to an individual’s eligibility for another. The information contained herein should not be construed as a commitment to lend.

If approved, you can also access your line of credit to pay for many personal and business needs. When you use your line, you are not tied to a fixed repayment schedule, giving you the ability to borrow quickly and the flexibility to repay when you want.

searching for competitive mortgage options for longer-term financing? Contact your Financial Advisor or Private Wealth Advisor, who can introduce you to a Private Banker to discuss available residential mortgage products.

Buying in a competitive real estate market?A securities based loan may allow you to make an all-cash offer that is not contingent on mortgage financing, giving you an advantage over other potential buyers. With typically no additional paperwork necessary if you utilize an existing line, it can be quick and easy to make an offer when you locate your dream property.

Selling investments to finance a down payment? This may lead to tax consequences1 and disrupt your long-term investment strategy. If suitable, you can use a securities based loan to finance your down payment and avoid these consequences.

Need to purchase property quickly?In today’s market, you may need to quickly take advantage of a potential real estate opportunity. With a securities based loan, once approved, available funds can be accessed easily by check or wire, enabling you to purchase your property. Afterwards, you can apply for a mortgage loan if you are interested in longer-term mortgage financing.

Thinking about home improvements or new furnishings?Consider using a competitively priced securities based loan to reno-vate your kitchen, invest in landscaping or furnish your new home.

There are risks associated with using your assets as collateral for a securities based loan, including possible margin calls on short notice. For details, please see the important disclosures below.