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 * Our Insights
   
   Our Insights
    * Personal Finance
    * Market Trends
    * Technology & Disruption
    * Sustainability
    * Diversity & Inclusion
   
   STAY UP TO DATE
    * Sign Up For Our Newsletter
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    * At Morgan Stanley, we lead with exceptional ideas. Across all our
      businesses, we offer keen insight on today's most critical issues.
      
      Personal Finance
      
      Learn from our industry leaders about how to manage your wealth and help
      meet your personal financial goals.
   
    * At Morgan Stanley, we lead with exceptional ideas. Across all our
      businesses, we offer keen insight on today's most critical issues.
      
      Market Trends
      
      From volatility and geopolitics to economic trends and investment
      outlooks, stay informed on the key developments shaping today's markets.
   
    * At Morgan Stanley, we lead with exceptional ideas. Across all our
      businesses, we offer keen insight on today's most critical issues.
      
      Technology & Disruption
      
      Whether it’s hardware, software or age-old businesses, everything today is
      ripe for disruption. Stay abreast of the latest trends and developments.
   
    * At Morgan Stanley, we lead with exceptional ideas. Across all our
      businesses, we offer keen insight on today's most critical issues.
      
      Sustainability
      
      Our insightful research, advisory and investing capabilities give us
      unique and broad perspective on sustainability topics.
   
    * At Morgan Stanley, we lead with exceptional ideas. Across all our
      businesses, we offer keen insight on today's most critical issues.
      
      Diversity & Inclusion
      
      Multicultural and women entrepreneurs are the cutting-edge leaders of
      businesses that power markets. Hear their stories and learn about how they
      are redefining the terms of success.
   
   Featured
   Investment Banking 2023 M&A Outlook: 4 Trends
   Sustainable Investing 5 Sustainable Investing Trends for Companies and
   Investors
   Research 7 Investment Ideas That Could Drive Markets in 2023
 * What We Do
   
   What We Do
    * Wealth Management
    * Investment Banking & Capital Markets
    * Sales & Trading
    * Research
    * Investment Management
    * Morgan Stanley at Work
    * Sustainable Investing
    * Inclusive Ventures Group
   
    * Morgan Stanley helps people, institutions and governments raise, manage
      and distribute the capital they need to achieve their goals.
      
      Wealth Management
      
      We help people, businesses and institutions build, preserve and manage
      wealth so they can pursue their financial goals.
   
    * Morgan Stanley helps people, institutions and governments raise, manage
      and distribute the capital they need to achieve their goals.
      
      Investment Banking & Capital Markets
      
      We have global expertise in market analysis and in advisory and
      capital-raising services for corporations, institutions and governments.
   
    * Morgan Stanley helps people, institutions and governments raise, manage
      and distribute the capital they need to achieve their goals.
      
      Sales & Trading
      
      Global institutions, leading hedge funds and industry innovators turn to
      Morgan Stanley for sales, trading and market-making services.
   
    * Morgan Stanley helps people, institutions and governments raise, manage
      and distribute the capital they need to achieve their goals.
      
      Research
      
      We offer timely, integrated analysis of companies, sectors, markets and
      economies, helping clients with their most critical decisions.
   
    * Morgan Stanley helps people, institutions and governments raise, manage
      and distribute the capital they need to achieve their goals.
      
      Investment Management
      
      We deliver active investment strategies across public and private markets
      and custom solutions to institutional and individual investors.
   
    * Morgan Stanley helps people, institutions and governments raise, manage
      and distribute the capital they need to achieve their goals.
      
      Morgan Stanley at Work
      
      We provide comprehensive workplace financial solutions for organizations
      and their employees, combining personalized advice with modern technology.
   
    * Morgan Stanley helps people, institutions and governments raise, manage
      and distribute the capital they need to achieve their goals.
      
      Sustainable Investing
      
      We offer scalable investment products, foster innovative solutions and
      provide actionable insights across sustainability issues.
   
    * Morgan Stanley helps people, institutions and governments raise, manage
      and distribute the capital they need to achieve their goals.
      
      Inclusive Ventures Group
      
      From our startup lab to our cutting-edge research, we broaden access to
      capital for diverse entrepreneurs and spotlight their success.

 * About Us
   
   About Us
    * Core Values
    * Leadership
    * History
    * Locations
    * Diversity
    * Sustainability
    * Giving Back
    * Technology
   
    * Since our founding in 1935, Morgan Stanley has consistently delivered
      first-class business in a first-class way. Underpinning all that we do are
      five core values.
      
      Core Values
      
      Everything we do at Morgan Stanley is guided by our five core values: Do
      the right thing, put clients first, lead with exceptional ideas, commit to
      diversity and inclusion, and give back.
   
    * Since our founding in 1935, Morgan Stanley has consistently delivered
      first-class business in a first-class way. Underpinning all that we do are
      five core values.
      
      Leadership
      
      Morgan Stanley leadership is dedicated to conducting first-class business
      in a first-class way. Our board of directors and senior executives hold
      the belief that capital can and should benefit all of society.
   
    * Since our founding in 1935, Morgan Stanley has consistently delivered
      first-class business in a first-class way. Underpinning all that we do are
      five core values.
      
      History
      
      From our origins as a small Wall Street partnership to becoming a global
      firm of more than 80,000 employees today, Morgan Stanley has been
      committed to clients and communities for 87 years.
   
    * Since our founding in 1935, Morgan Stanley has consistently delivered
      first-class business in a first-class way. Underpinning all that we do are
      five core values.
      
      Locations
      
      The global presence that Morgan Stanley maintains is key to our clients'
      success, giving us keen insight across regions and markets, and allowing
      us to make a difference around the world.
   
    * Since our founding in 1935, Morgan Stanley has consistently delivered
      first-class business in a first-class way. Underpinning all that we do are
      five core values.
      
      Diversity
      
      Morgan Stanley is differentiated by the caliber of our diverse team. Our
      culture of access and inclusion has built our legacy and shapes our
      future, helping to strengthen our business and bring value to clients.
   
    * Since our founding in 1935, Morgan Stanley has consistently delivered
      first-class business in a first-class way. Underpinning all that we do are
      five core values.
      
      Sustainability
      
      Our firm's commitment to sustainability informs our operations,
      governance, risk management, diversity efforts, philanthropy and research.
   
    * Since our founding in 1935, Morgan Stanley has consistently delivered
      first-class business in a first-class way. Underpinning all that we do are
      five core values.
      
      Giving Back
      
      At Morgan Stanley, giving back is a core value—a central part of our
      culture globally. We live that commitment through long-lasting
      partnerships, community-based delivery and engaging our best asset—Morgan
      Stanley employees.
   
    * Since our founding in 1935, Morgan Stanley has consistently delivered
      first-class business in a first-class way. Underpinning all that we do are
      five core values.
      
      Technology
      
      As a global financial services firm, Morgan Stanley is committed to
      technological innovation. We rely on our technologists around the world to
      create leading-edge, secure platforms for all our businesses.

 * Why Us
   
   Why Us
    * Why Morgan Stanley
    * How We Can Help
    * Building a Future We Believe In
    * Get Started
    * Stay in the Know
   
    * For 87 years, we’ve had a passion for what’s possible. We leverage the
      full resources of our firm to help individuals, families and institutions
      reach their financial goals.
      
      Why Morgan Stanley
      
      At Morgan Stanley, we focus the expertise of the entire firm—our advice,
      data, strategies and insights—on creating solutions for our clients, large
      and small.
   
    * For 87 years, we’ve had a passion for what’s possible. We leverage the
      full resources of our firm to help individuals, families and institutions
      reach their financial goals.
      
      How We Can Help
      
      We have the experience and agility to partner with clients from individual
      investors to global CEOs. See how we can help you work toward your
      goals—even as they evolve over years or generations.
   
    * For 87 years, we’ve had a passion for what’s possible. We leverage the
      full resources of our firm to help individuals, families and institutions
      reach their financial goals.
      
      Building a Future We Believe In
      
      At Morgan Stanley, we put our beliefs to work. We lead with exceptional
      ideas, prioritize diversity and inclusion and find meaningful ways to give
      back—all to contribute to a future that benefits our clients and
      communities.
   
    * For 87 years, we’ve had a passion for what’s possible. We leverage the
      full resources of our firm to help individuals, families and institutions
      reach their financial goals.
      
      Get Started
      
      Meet one of our Financial Advisors and see how we can help you.
   
    * For 87 years, we’ve had a passion for what’s possible. We leverage the
      full resources of our firm to help individuals, families and institutions
      reach their financial goals.
      
      Stay in the Know
      
      Get the latest insights, analyses and market trends in our newsletter,
      podcasts and videos.

 * Careers
   
   Careers
    * Students & Graduates
      * Opportunities
    * Experienced Professionals
      * Opportunities
      * Technology Professionals
   
    * We believe our greatest asset is our people. We value our commitment to
      diverse perspectives and a culture of inclusion across the firm. Discover
      who we are and the right opportunity for you.
      
      Students & Graduates
      
      A career at Morgan Stanley means belonging to an ideas-driven culture that
      embraces new perspectives to solve complex problems. See how you can make
      meaningful contributions as a student or recent graduate at Morgan
      Stanley.
   
    * We believe our greatest asset is our people. We value our commitment to
      diverse perspectives and a culture of inclusion across the firm. Discover
      who we are and the right opportunity for you.
      
      Experienced Professionals
      
      At Morgan Stanley, you’ll find trusted colleagues, committed mentors and a
      culture that values diverse perspectives, individual intellect and
      cross-collaboration. See how you can continue your career journey at
      Morgan Stanley.
   
   Featured
   Careers Meet the Minds Breaking the Mold
   Careers Explore Our Culture
   Technology Yes, You Can Be a Tech Innovator at Morgan Stanley

 * Investor Relations
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 * Client Login
   
   Client Login
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    * Matrix
   
    * Morgan Stanley Online
      
      
   
    * StockPlan Connect
      
      
   
    * Research Portal
      
      
   
    * Matrix
      
      

 * Investor Relations
 * Media Relations
 * Client Login
   
   Client Login
    * Morgan Stanley Online
    * StockPlan Connect
    * Research Portal
    * Matrix
   
    * Morgan Stanley Online
      
      
   
    * StockPlan Connect
      
      
   
    * Research Portal
      
      
   
    * Matrix
      
      

 * Our Insights
   
   Our Insights
    * Personal Finance
    * Market Trends
    * Technology & Disruption
    * Sustainability
    * Diversity & Inclusion
   
   stay up to date
    * Sign Up For Our Newsletter
    * Listen To Our Podcasts
   
    * (opens in a new tab)
    * (opens in a new tab)
    * (opens in a new tab)
    * (opens in a new tab)
    * (opens in a new tab)
   
    * At Morgan Stanley, we lead with exceptional ideas. Across all our
      businesses, we offer keen insight on today's most critical issues.
      
      Personal Finance
      
      Learn from our industry leaders about how to manage your wealth and help
      meet your personal financial goals.
   
    * At Morgan Stanley, we lead with exceptional ideas. Across all our
      businesses, we offer keen insight on today's most critical issues.
      
      Market Trends
      
      From volatility and geopolitics to economic trends and investment
      outlooks, stay informed on the key developments shaping today's markets.
   
    * At Morgan Stanley, we lead with exceptional ideas. Across all our
      businesses, we offer keen insight on today's most critical issues.
      
      Technology & Disruption
      
      Whether it’s hardware, software or age-old businesses, everything today is
      ripe for disruption. Stay abreast of the latest trends and developments.
   
    * At Morgan Stanley, we lead with exceptional ideas. Across all our
      businesses, we offer keen insight on today's most critical issues.
      
      Sustainability
      
      Our insightful research, advisory and investing capabilities give us
      unique and broad perspective on sustainability topics.
   
    * At Morgan Stanley, we lead with exceptional ideas. Across all our
      businesses, we offer keen insight on today's most critical issues.
      
      Diversity & Inclusion
      
      Multicultural and women entrepreneurs are the cutting-edge leaders of
      businesses that power markets. Hear their stories and learn about how they
      are redefining the terms of success.
   
   Featured
   Investment Banking 2023 M&A Outlook: 4 Trends
   Sustainable Investing 5 Sustainable Investing Trends for Companies and
   Investors
   Research 7 Investment Ideas That Could Drive Markets in 2023
 * What We Do
   
   What We Do
    * Wealth Management
    * Investment Banking & Capital Markets
    * Sales & Trading
    * Research
    * Investment Management
    * Morgan Stanley at Work
    * Sustainable Investing
    * Inclusive Ventures Group
   
    * Morgan Stanley helps people, institutions and governments raise, manage
      and distribute the capital they need to achieve their goals.
      
      Wealth Management
      
      We help people, businesses and institutions build, preserve and manage
      wealth so they can pursue their financial goals.
   
    * Morgan Stanley helps people, institutions and governments raise, manage
      and distribute the capital they need to achieve their goals.
      
      Investment Banking & Capital Markets
      
      We have global expertise in market analysis and in advisory and
      capital-raising services for corporations, institutions and governments.
   
    * Morgan Stanley helps people, institutions and governments raise, manage
      and distribute the capital they need to achieve their goals.
      
      Sales & Trading
      
      Global institutions, leading hedge funds and industry innovators turn to
      Morgan Stanley for sales, trading and market-making services.
   
    * Morgan Stanley helps people, institutions and governments raise, manage
      and distribute the capital they need to achieve their goals.
      
      Research
      
      We offer timely, integrated analysis of companies, sectors, markets and
      economies, helping clients with their most critical decisions.
   
    * Morgan Stanley helps people, institutions and governments raise, manage
      and distribute the capital they need to achieve their goals.
      
      Investment Management
      
      We deliver active investment strategies across public and private markets
      and custom solutions to institutional and individual investors.
   
    * Morgan Stanley helps people, institutions and governments raise, manage
      and distribute the capital they need to achieve their goals.
      
      Morgan Stanley at Work
      
      We provide comprehensive workplace financial solutions for organizations
      and their employees, combining personalized advice with modern technology.
   
    * Morgan Stanley helps people, institutions and governments raise, manage
      and distribute the capital they need to achieve their goals.
      
      Sustainable Investing
      
      We offer scalable investment products, foster innovative solutions and
      provide actionable insights across sustainability issues.
   
    * Morgan Stanley helps people, institutions and governments raise, manage
      and distribute the capital they need to achieve their goals.
      
      Inclusive Ventures Group
      
      From our startup lab to our cutting-edge research, we broaden access to
      capital for diverse entrepreneurs and spotlight their success.

 * About Us
   
   About Us
    * Core Values
    * Leadership
    * History
    * Locations
    * Diversity
    * Sustainability
    * Giving Back
    * Technology
   
    * Since our founding in 1935, Morgan Stanley has consistently delivered
      first-class business in a first-class way. Underpinning all that we do are
      five core values.
      
      Core Values
      
      Everything we do at Morgan Stanley is guided by our five core values: Do
      the right thing, put clients first, lead with exceptional ideas, commit to
      diversity and inclusion, and give back.
   
    * Since our founding in 1935, Morgan Stanley has consistently delivered
      first-class business in a first-class way. Underpinning all that we do are
      five core values.
      
      Leadership
      
      Morgan Stanley leadership is dedicated to conducting first-class business
      in a first-class way. Our board of directors and senior executives hold
      the belief that capital can and should benefit all of society.
   
    * Since our founding in 1935, Morgan Stanley has consistently delivered
      first-class business in a first-class way. Underpinning all that we do are
      five core values.
      
      History
      
      From our origins as a small Wall Street partnership to becoming a global
      firm of more than 80,000 employees today, Morgan Stanley has been
      committed to clients and communities for 87 years.
   
    * Since our founding in 1935, Morgan Stanley has consistently delivered
      first-class business in a first-class way. Underpinning all that we do are
      five core values.
      
      Locations
      
      The global presence that Morgan Stanley maintains is key to our clients'
      success, giving us keen insight across regions and markets, and allowing
      us to make a difference around the world.
   
    * Since our founding in 1935, Morgan Stanley has consistently delivered
      first-class business in a first-class way. Underpinning all that we do are
      five core values.
      
      Diversity
      
      Morgan Stanley is differentiated by the caliber of our diverse team. Our
      culture of access and inclusion has built our legacy and shapes our
      future, helping to strengthen our business and bring value to clients.
   
    * Since our founding in 1935, Morgan Stanley has consistently delivered
      first-class business in a first-class way. Underpinning all that we do are
      five core values.
      
      Sustainability
      
      Our firm's commitment to sustainability informs our operations,
      governance, risk management, diversity efforts, philanthropy and research.
   
    * Since our founding in 1935, Morgan Stanley has consistently delivered
      first-class business in a first-class way. Underpinning all that we do are
      five core values.
      
      Giving Back
      
      At Morgan Stanley, giving back is a core value—a central part of our
      culture globally. We live that commitment through long-lasting
      partnerships, community-based delivery and engaging our best asset—Morgan
      Stanley employees.
   
    * Since our founding in 1935, Morgan Stanley has consistently delivered
      first-class business in a first-class way. Underpinning all that we do are
      five core values.
      
      Technology
      
      As a global financial services firm, Morgan Stanley is committed to
      technological innovation. We rely on our technologists around the world to
      create leading-edge, secure platforms for all our businesses.

 * Why Us
   
   Why Us
    * Why Morgan Stanley
    * How We Can Help
    * Building a Future We Believe In
    * Get Started
    * Stay in the Know
   
    * For 87 years, we’ve had a passion for what’s possible. We leverage the
      full resources of our firm to help individuals, families and institutions
      reach their financial goals.
      
      Why Morgan Stanley
      
      At Morgan Stanley, we focus the expertise of the entire firm—our advice,
      data, strategies and insights—on creating solutions for our clients, large
      and small.
   
    * For 87 years, we’ve had a passion for what’s possible. We leverage the
      full resources of our firm to help individuals, families and institutions
      reach their financial goals.
      
      How We Can Help
      
      We have the experience and agility to partner with clients from individual
      investors to global CEOs. See how we can help you work toward your
      goals—even as they evolve over years or generations.
   
    * For 87 years, we’ve had a passion for what’s possible. We leverage the
      full resources of our firm to help individuals, families and institutions
      reach their financial goals.
      
      Building a Future We Believe In
      
      At Morgan Stanley, we put our beliefs to work. We lead with exceptional
      ideas, prioritize diversity and inclusion and find meaningful ways to give
      back—all to contribute to a future that benefits our clients and
      communities.
   
    * For 87 years, we’ve had a passion for what’s possible. We leverage the
      full resources of our firm to help individuals, families and institutions
      reach their financial goals.
      
      Get Started
      
      Meet one of our Financial Advisors and see how we can help you.
   
    * For 87 years, we’ve had a passion for what’s possible. We leverage the
      full resources of our firm to help individuals, families and institutions
      reach their financial goals.
      
      Stay in the Know
      
      Get the latest insights, analyses and market trends in our newsletter,
      podcasts and videos.

 * Careers
   
   Careers
    * Students & Graduates
      * Opportunities
    * Experienced Professionals
      * Opportunities
      * Technology Professionals
   
    * We believe our greatest asset is our people. We value our commitment to
      diverse perspectives and a culture of inclusion across the firm. Discover
      who we are and the right opportunity for you.
      
      Students & Graduates
      
      A career at Morgan Stanley means belonging to an ideas-driven culture that
      embraces new perspectives to solve complex problems. See how you can make
      meaningful contributions as a student or recent graduate at Morgan
      Stanley.
   
    * We believe our greatest asset is our people. We value our commitment to
      diverse perspectives and a culture of inclusion across the firm. Discover
      who we are and the right opportunity for you.
      
      Experienced Professionals
      
      At Morgan Stanley, you’ll find trusted colleagues, committed mentors and a
      culture that values diverse perspectives, individual intellect and
      cross-collaboration. See how you can continue your career journey at
      Morgan Stanley.
   
   Featured
   Careers Meet the Minds Breaking the Mold
   Careers Explore Our Culture
   Technology Yes, You Can Be a Tech Innovator at Morgan Stanley

CLEAR


Wealth Management



GET MORE VALUE FOR YOUR CASH WITH THIS COMPETITIVE CD OFFER FROM MORGAN STANLEY

Up to 5.01% APY* issued by either: Morgan Stanley Private Bank, National
Association (MSPBNA) | Morgan Stanley Bank, N.A. (MSBNA). For Morgan Stanley
clients with eligible brokerage accounts.




UP TO 5.01% APY* WITH A 3 TO 11-MONTH CD

Your funds will continue to receive a premium rate once the CD matures, making
this limited time offer an attractive option for your cash management strategy


4.90% RATE | 4.99% APY

7X the National CD Average1


4.95% RATE | 5.01% APY

5X the National CD Average1


5.00% RATE | 5.01% APY

3X the National CD Average1



• For net new money only (from sources other than an existing Morgan Stanley
account) deposited through your eligible Morgan Stanley brokerage account(s) in
the past 30 days.2

 

• Upon maturity, principal and interest will be deposited into the Preferred
Savings Program, with convenient and flexible access to funds3 and a yield
(currently 4.25%4) that will adjust in accordance with the prevailing rate
environment

 

• CDs available from April 5, 2023 to July 25, 2023, subject to availability5. 
Prevailing rates of CDs available to purchase are subject to change without
notice throughout the offer period but will not change once the CD is
purchased..

 

• Minimum deposit is $1,000 and orders must be made in $1,000 increments with a
maximum of $5,000,000 per each issuer (MSPBNA or MSBNA).

 

• FDIC insured up to applicable limits.


START THE CONVERSATION

Interested? Talk to your Morgan Stanley Financial Advisor or Private Wealth
Advisor.

Get Started

Check the background of our firm and investment professionals on FINRA's
BrokerCheck (opens in a new tab).




OTHER CASH MANAGEMENT SOLUTIONS

solution
Morgan Stanley CashPlus: A Modern Alternative to Banking
More value and protection in one cash management account
solution
Preferred Savings Program for Qualifying Cash
Take advantage of our Preferred Savings Program for Qualifying Cash† offer with
flexible options and more ways to save.
Interested? Contact your Financial Advisor

*The CD rates are quoted as of April 5, 2023.  The 3, 6 and 11-month CDs will
pay coupons at maturity. State restrictions may apply. Rate refers to the Rate
of Interest, also known as Annual Percentage Rate (APR).  APY refers to Annual
Percentage Yield


1 National deposit rates for a 3, 6 and 12 month CD are 0.67%, 0.97% and 1.49%,
respectively, according to the FDIC's Weekly National Rates and Caps - Weekly
Update for week of March 20, 2023
(https://www.fdic.gov/resources/bankers/national-rates/index.html). The 11-month
CD yield is compared to the 12-month FDIC CD average. 

2 Net external inflows from weekends and holidays will be included if they
immediately precede the first day of the 30-day period

3 Preferred Savings Program for Qualifying Cash is not intended for clients who
need to have frequent access to funds and those funds will not be automatically
accessed to reduce a debit or margin loan in your brokerage account. Withdrawals
from an account in Preferred Savings are limited to 10 transactions per calendar
month, and any withdrawal or transfer over the limit in any one calendar month
will be subject to an excess withdrawal fee. Preferred Savings withdrawal
requests given to a Morgan Stanley Financial Advisor or Private Wealth Advisor
by 4:00pm Eastern Time on a business day generally will be processed on such
business day. 

4 The Annual Percentage Yield (APY) as advertised is quoted as of April 3, 2023.
APY is subject to change at any time without notice, including during the
availability period (rates can be found on your monthly account statement).
Preferred Savings interest accrues daily and pays monthly.  

5This offer may be withdrawn at any time. Morgan Stanley Smith Barney LLC (MSSB)
may impose order limits at its discretion.

Other restrictions may apply.

The CD Promotion and Preferred Savings programs are only available to clients
with a legal address of record in eligible countries. The following business
types will be ineligible for the CD: Government entities, Investment Advisers,
Investment Companies, Asset Managers, Pension Funds, Non-Regulated Funds,
Regulated Banks and Financial companies including Foreign Banks, Credit Unions,
Loan Companies, National Banks and State Banks, Insurance Companies, Broker
Dealers and Securities Holding Companies.

For more information, view the CD Promotion Disclosure Statement at:
http://www.morganstanley.com/wealth/disclosures/pdfs/cd_ds.pdf.

CDs are insured by the FDIC, an independent agency of the U.S. Government, up to
a maximum of $250,000 (including principal and accrued interest) for all
deposits held in the same insurable capacity (e.g. individual account, joint
account, IRA, etc.) per CD depository.  FAs and PWAs should inform investors
that they are responsible for monitoring the total amount held at each
depository. All deposits at a single depository held in the same insurable
capacity will be aggregated for the purposes of the $250,000 federal deposit
Insurance limit, including deposits (such as bank accounts) maintained directly
with the depository and CDs of the depository held through Morgan Stanley Wealth
Management. For more information about FDIC insurance, please visit the FDIC
website at https://fdic.gov/deposit/deposits/.

This offer may be withdrawn at any time. Morgan Stanley Smith Barney LLC (MSSB)
may impose order limits at its discretion.

Deposits will be held at Morgan Stanley Private Bank, National Association
(MSPBNA) and/or Morgan Stanley Bank, N.A. (MSBNA) (Banks) for a total potential
promotional balance of up to $10,000,000 across the two Banks.

CD and Preferred Savings are only available in eligible brokerage accounts. An
account at MSSB is either a brokerage account or a managed account. Managed
accounts are accounts which are enrolled in certain advisory services offered at
MSSB. All other accounts are “Brokerage Accounts.” For more information about
managed accounts, please contact your Financial Advisor or Private Wealth
Advisor or go to www.morganstanley.com/ADV.

Under the Savings and Preferred Savings programs (“Savings”), Morgan Stanley
Smith Barney LLC makes available interest-bearing FDIC insured deposit
accounts(s) at either Morgan Stanley Private Bank, National Association or
Morgan Stanley Bank, N.A., each a national bank, Member FDIC, and an affiliate
of Morgan Stanley Smith Barney LLC, as selected by the client. Deposits placed
in Savings are eligible for FDIC insurance up to $250,000 (including principal
and interest) per depositor, per each bank selected by the client for all
deposits held in the same insurable capacity (the Maximum Applicable Deposit
Insurance Amount). All deposits per bank held in the same insurable capacity
will be aggregated for purposes of the Maximum Applicable Deposit Insurance
Amount, including deposits maintained through the Bank Deposit Program. The
client is responsible for monitoring the total amount held with each bank. The
bank also reserves the right to offer promotional rates from time to time.
Detailed information on federal deposit insurance coverage is available on the
FDIC’s website (https://www.fdic.gov/deposit/deposits/). The Savings programs
are not intended for clients who need to have frequent access to funds and those
funds will not be automatically accessed to reduce a debit or margin loan in
your brokerage account. Withdrawals from an account in Savings are limited to 10
transactions per calendar month, and any withdrawal or transfer over the limit
in any one calendar month will be subject to an excess withdrawal fee.

Morgan Stanley Private Bank, National Association and Morgan Stanley Bank, N.A.
are Members FDIC that are primarily regulated by the Office of the Comptroller
of the Currency.

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, insurance and annuity products offered through Morgan Stanley Smith
Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A
BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY.

CRC#5597366 (04/2023)

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