RETIREMENT & WEALTH PLANNING TO KEEPYOU ON TRACK.

The JF Group atMorgan Stanley

80 STATE STREET, 12TH FLALBANY, NY 12207

518-427-5524 / MAIN

800-541-0601 / TOLL-FREE 518-463-1354 / FAX

https://fa.morganstanley.com/sal-vagniandforkeutis

As Financial Advisors, our role is to help you use yourwealth to achieve what is most important to you. That maymean providing an education to children and grandchildren,buying a vacation home, meeting the special needs of a fami-ly member, retiring ten years early — the list is endless, andthe decision is uniquely your own.

Together, we will explore your aspirations and the lifeyou envision. We will work with you to translate your goalsinto a specific investment objective and personalized invest-ment strategy. And then, drawing on the team’s experience— and perspective informed by the insight and resources ofone of the world’s largest financial firms — we will structurea portfolio for you, executing and refining that strategy tohelp bring you closer to your definition of investment suc-cess.

In short, your goals become our focus, and achievingthem becomes a commitment that we share.

3THE JF GROUP

Meet the Professionals

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FFrraannkk SSaallvvaaggnnii –First Vice President

Financial Advisor- GES

NN.. JJeeaannnnee FFoorrkkeeuuttiiss – Associate Vice President

Financial Advisor – GES

We both have the Government Entity Specialist designa-

tion which allows us to service and solicit clients defined

as Government Entity by the firm.

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Engaging in business with U.S. Government Entities is a

highly regulated activity. WM employees who engage in

business with U.S. Government Entities on behalf of the

Firm are required to comply with various laws and regu-

lations, including but not limited to federal pay-to-play

rules, state and municipal lobbying laws, and municipal

advisor regulations.

5THE JF GROUP

Frank SalvagniGovernment Entity SpecialistFirst Vice PresidentFinancial Advisor

PPrrooffeessssiioonnaall EExxppeerriieennccee::Morgan Stanley

First Vice President 11/10 to present

UBS Financial Svs Inc. VP of Investments06/04 to 11/10

A.G. Edwards & Sons VP of Investments 04/96 to 06/04

EEdduuccaattiioonn::M.B.A. Samford University, 1978B.S. Finance, Siena College, 1971LLiicceennsseess::Series 7, General Securities Rep.Series 63, Uniform SecuritiesState LawSeries 66, Uniform RegisteredInvestment AdvisorLife, Health Insurance and Annuities LicensedPPeerrssoonnaall && CCoommmmuunniittyyMarried for 36 years to CathySiena College Alumni Assoc.Lake George Assoc.

N. Jeanne ForkeutisGovernment Entity SpecialistAssociate Vice PresidentFinancial Advisor

PPrrooffeessssiioonnaall EExxppeerriieennccee::Morgan Stanley

Associate VP 11/10 to presentUBS Financial Services, Inc.

Account VP 03/98 to 11/10LLiicceennsseess::Series 7, General Securities Rep.Series 31, Managed Futures Rep.Series 63, Uniform Securities State LawSeries 65, Investment Advisor Rep.Life, Health Insurance and Annuities LicensedPPeerrssoonnaall && CCoommmmuunniittyy::Resides in North Greenbush withhusband, Paul and our two children, Lindsey and Nicholas.Volunteered with the local chapter of the Girl Scouts of NENY: troopleader for 10 years and service unit treasurer. Past Vice Chairmanfor the Industries for the Blind of New York State; Board Member from 2006 to 2014. Industries for the Blind is a non-profit corp-oration that provides meaningful employment to the blind and visually impaired.

Before our team offers specific advice,however, we must understand whoyou are and what you want yourwealth to accomplish. Working withyou, we will complete a four-stepprocess:

1 Setting your financial objectives

We will begin our relationship by lis-tening — discussing a range of topicsrelated to your financial needs andinvestment objectives: long-term lifegoals and expectations, possiblemajor purchases, and legacy andcharitable goals, if you have them. Wewill discuss your current financialresources, your time horizon for vari-ous goals, your tolerance for risk —even how your liabilities are struc-

tured. If you own a business, we alsomight discuss your current lendingand cash management needs andplans for growth.

2 Developing your wealth managementstrategy

Based on your input, our advice willlikely help address income and retire-ment planning, asset protection,investment management, strategicborrowing, wealth transfer and busi-ness succession. Of course, your planwill include an asset allocation strate-gy designed to help achieve yourfinancial goals in light of your risk tol-erance and investment time horizon.

Developing Your WealthManagement Strategy

Individuals work hard to build wealth in pursuit of a meaning-ful life for themselves and their family. Your achievementsreflect substantial effort, and we will work just as hard onyour behalf, committing our experience and skills to helpingyou achieve your unique goals for your wealth. Moreover, wewill support you and your strategy by accessing theresources and perspective of one of the world’s largest finan-cial firms.

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3 Implementing your strategy

After we have discussed and refinedyour strategy, the team works closelywith you to bring the elements to life.Should we decide together that out-side money managers are appropriatefor you, we will draw on in-depthresearch and analysis to help youselect from the hundreds of invest-ment management firms available toyou. If you prefer to invest in individ-ual securities, we can help identifyspecific stocks, bonds and other secu-rities that may be suitable for yourportfolio. Whatever approach wedecide on, the team will help you keepyour strategy on track.

4 Reviewing your performance

You will receive a quarterly reviewthat outlines your portfolio’s perform-ance, helping you track progresstoward your objectives. Moreover,when your personal situation or mar-ket conditions change significantly,we can suggest appropriate adjust-ments to your portfolio to help itremain aligned with your goals.

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This process encompasses four steps:

1 Personal review

Before we can advise you, our teammust understand you and your goals.We will guide you through an exten-sive discovery process to identify yourobjectives, time horizon, tolerance forrisk and other considerations thatmay play a role in shaping yourinvestment strategy.

2 Asset allocation andportfolio planning

Your input drives the development ofa personalized financial strategy.Designed to help you meet your spe-cific needs, it addresses areas such asretirement, education expenses,estate planning and tax minimizationpotential. When our analysis is com-plete, we will present to you aninvestment strategy that helps toidentify appropriate diversificationfor your portfolio.

3 Implementation

After we have discussed and refinedyour strategy, we work closely withyou to bring the elements to life.Should we decide that outside moneymanagers are appropriate for you, wewill help you select from the hun-dreds of investment managementfirms available to you. If you prefer toinvest in individual securities, we canhelp identify specific stocks, bondsand other securities that may be suit-able for your portfolio. Whateverapproach we decide on together, ourteam will help you keep your strategyon track.

4 Ongoing communicationsand reporting

We view ongoing communication asthe foundation of our successful col-laboration with you. We will makeevery effort to keep abreast of yourchanging financial needs and provide

Asset Allocation and PortfolioPlanning

We will work together using a process that focuses on youand your goals, integrating investment decisions with yourimmediate financial needs and desired aspirations.

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viable strategies to help you meetthem. This means reviewing yourportfolio together at your request.When your circumstances change, wewill work with you to revise yourstrategy and reposition your assets toreflect your new needs and goals.

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We believe that working as a team helps to provide you withaccess to the most appropriate solutions, and helps to ensurethat you benefit from the highest level of service. While webring complementary skills and perspectives to our clientswe also share a common commitment to responding to yourneeds promptly, professionally and thoroughly. Our goal is toearn your confidence not only through the quality of solu-tions we provide to you, but also the excellence with whichwe deliver them.

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© 2017 Morgan Stanley Smith Barney LLC. Member SIPC. 33950675 10/2017

Morgan Stanley Smith Barney LLC("Morgan Stanley"), its affiliates andMorgan Stanley Financial Advisors do notprovide tax or legal advice. Past perform-ance is no guarantee of future results.

This material does not provide individu-ally tailored investment advice. It has beenprepared without regard to the individualfinancial circumstances and objectives ofpersons who receive it. The strategies and

or investments discussed in this materialmay not be suitable for all investors.Morgan Stanley Smith Barney LLC recom-mends that investors independently evalu-ate particular investments and strategies,and encourages investors to seek theadvice of a Financial Advisor. The appropri-ateness of a particular investment or strat-egy will depend on an investor's individualcircumstances and objectives.

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