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Warning Text %XTableStyleMedium2PivotStyleLight16`9IndexJSummary/m Consolidated" Earnings Per Share SummaryW STATS CONSOLUAvg Equity and ROE Institutional Securities1"STATS INSTL SECGWealth ManagementqiSTATS WMInvestment Management STATS AUM STATS ISG - Corp Lending Appendix I= End Notes<  Legal Noticeb     ;  ;  ;  ;  ;  ;  ;  ;  ;  ;   ;   ;   ;   ;  ;  ;8@      R >9Bzݻ(cgu F >9Bzݻ(cguJFIFC   #%$""!&+7/&)4)!"0A149;>>>%.DIC; # }!1AQa"q2#BR$3br %&'()*456789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz?VIdmp+''𧏊kz^; HBJʧh>?*I~Vw$ZaJnϦ3ѪYI GyuJ犒 {x慳#pU]ne-KgZ D˱ƴt5ik@<35SzZ V@~"//aJe٥l#8~Y4QgyQbqv`\ \D*Ktt`"ll^d,=pM|kE-ǏT O;~5P<й1t~15Ixе\oJΕ3Cs˱NL{d\"4OG711? b$=_ڬ5Ə)HݎIL#>=p|%?da,Bv(Ϡ]u>9otx'3)~Hi {ic\Njq[΃nro]$sZerFBbk@'l 9ϰv? hG[/4>+c6r*)k9b ˶HkC /'Q_ۼv3;29ǥt_ Oqw#K*]Kr'R+MihׂXT2:zzc ^X72"_|y 9~o2`|`AVFFy(ڗݦx\m;PzxVa26QpsD06{MF[[Ǩe#+qj |ibI928q | e u,bW)lrIiMZ'>mﵵԡ)ÿ^%KūCy6f9f򌡶cw=HCgJYY\ϰ .f$a>̺/.ߦ[ɸ0ؕ  :߃YANImBH83Yiv7ۭ͆ X7'BQFHՔ f'%C>F)ozlqܕP; w}/ľ#k[K> ?0Qh_nvc;߅xđ2Do&⧅ f57VΑ[ws^KQN+t%MԈ*_>^0F*+شZQ[RX*퐐qVxG5v7\ XiK/?κ(s6u% ?5 >atg*q@oiMui2&ݙ^v݌g8xv2;EDH' VkdnnҌ27AGp q?JBtu!U}I=x.P\\LR A 0]k[iqm?bu)hZLsƓh"P=q{ T?-I+qzBxV;ai[mo.AZ.t)/m,\?|8x:WF K4b$B67$jMޛ;:Ew Dx8(49eKiH,w1'xsK>"w)Oc\G){eCm5?$ǧ]|'xJi6+!c:V>徧{^ȠJ g+KҼW[X-7jCt<8z",ii]oWԵb(.>ZZǂ4 i׺}ܖIY7SGv^_Myy HqL<cN-ΜcܓUg-7km%Z Vj8a#6|͌Egd䖵I^zX5xgºO߰PV;瑽X\Gv-[ͪ)WpA'~GҽNLm-"bAf(+^/1#"E_=xu+M7PkFilc?ZObK{hWlqQVh(((+~֝e8 kϾ鶗fY#mq#es׭{3 A@@  MORGAN STANLEYFinancial Supplement - 1Q 2015Table of ContentsPage #& & & & & .Quarterly Financial Summary3Quarterly Consolidated Income Statement Information$Quarterly Earnings Per Share Summary4 - 5AQuarterly Consolidated Financial Information and Statistical Data?Quarterly Institutional Securities Income Statement InformationMQuarterly Institutional Securities Financial Information and Statistical Data8Quarterly Wealth Management Income Statement InformationFQuarterly Wealth Management Financial Information and Statistical Data<Quarterly Investment Management Income Statement InformationJQuarterly Investment Management Financial Information and Statistical DataBQuarterly Firm Loans and Lending Commitments Financial InformationEarnings Per Share Appendix I14 - 16 End Notes Legal NoticeQuarterly Financial Summary (1) "(unaudited, dollars in millions) Quarter EndedPercentage Change From: Mar 31, 2015 Dec 31, 2014 Mar 31, 2014 Net revenuesInstitutional SecuritiesWealth ManagementInvestment ManagementIntersegment EliminationsConsolidated net revenues 9Income (loss) from continuing operations before tax  *  -- EConsolidated income (loss) from continuing operations before tax GIncome (loss) from continuing operations applicable to Morgan Stanley F VConsolidated income (loss) from continuing operations applicable to Morgan Stanley Financial Metrics:>Return on average common equity from continuing operations (2):*#Return on average common equity (2) LReturn on average common equity from continuing operations excluding DVA (2)H1Return on average common equity excluding DVA (2).>Common Equity Tier 1 capital ratio Advanced (Transitional) (3);0Tier 1 capital ratio Advanced (Transitional) (3)-Book value per common share (4)(Tangible book value per common share (5)%Notes:- Results for the quarters ended March 31, 2015, December 31, 2014 and March 31, 2014, include positive revenue of $125 million, $223 million and $126 million, respectively, related to the change in the fair value of certain of the Firm's long-term and short-term borrowings resulting from the fluctuation in the Firm's credit spreads and : other credit factors (Debt Valuation Adjustment, DVA). - Beginning in the first quarter of 2015, the Firm is subject to a  capital floor such that the regulatory risk-based capital ratios reflect the lower of the ratios computed under the Advanced Approach or the Standardized Approach under U.S. Basel III, taking into consideration applicable transitional provisions. At March 31, 2015, the capital floor is represented by the U.S. Basel III Advanced Approach. Prior periods have not been recast to reflect the new requirements.- The return on average common equity metrics, return on average common equity excluding DVA metrics, and tangible book value per common share are non-GAAP n measures that the Firm considers to be useful measures to assess operating performance and capital adequacy.- See page 4 of the Financial Supplement and End Notes for additional information related to the calculation of the financial metrics.@- Refer to End Notes on pages 14-16 and Legal Notice on page 17. (unaudited, dollars in millions) Revenues:Investment bankingTrading Investments Commissions and fees.Asset management, distribution and admin. feesOtherTotal non-interest revenuesInterest incomeInterest expense Net interestNet revenues (1) Non-interest expenses:Compensation and benefits (2)Non-compensation expenses:Occupancy and equipment%Brokerage, clearing and exchange fees)Information processing and communications"Marketing and business developmentProfessional services Other (3) Total non-compensation expenses Total non-interest expenses5Income (loss) from continuing operations before taxesBIncome tax provision / (benefit) from continuing operations (4)<(Income (loss) from continuing operations2Gain (loss) from discontinued operations after taxNet income (loss)?Net income applicable to nonredeemable noncontrolling interests.Net income (loss) applicable to Morgan Stanley Preferred stock dividend / Other @Earnings (loss) applicable to Morgan Stanley common shareholders%Amounts applicable to Morgan Stanley:Pre-tax profit margin (5)0Compensation and benefits as a % of net revenues0Non-compensation expenses as a % of net revenues1Effective tax rate from continuing operations (4).- In the quarter ended March 31, 2015, income tax provision / (benefit) from continuing operations included a net discrete tax benefit of $564 million primarily associated with the repatriation of non-U.S. earnings at a cost lower than originally estimated. In the quarter ended December 31, 2014, the income tax provision / (benefit) from continuing operations included a netdiscrete tax benefit of approximately $1.4 billion primarily related to the completion of a legal entity restructuring, partially offset by the impact of a tax provision of approximately $900 million which resulted from the non-deductible [ expenses related to litigation and regulatory matters: see End Notes for further details.- Pre-tax profit margin is a non-GAAP financial measure that the Firm considers to be a useful measure to assess operating performance. t- Preferred stock dividend / other includes allocation of earnings to Participating Restricted Stock Units (RSUs). Quarterly Earnings Per Share;(unaudited, dollars in millions, except for per share data)EIncome (loss) from continuing operations applicable to Morgan StanleyLess: Preferred DividendsIncome (loss) from continuing operations applicable to Morgan Stanley, prior to allocation of income to Participating Restricted Stock UnitsBasic EPS Adjustments:DLess: Allocation of earnings to Participating Restricted Stock Units[Earnings (loss) from continuing operations applicable to Morgan Stanley common shareholders_Less: Gain (loss) from discontinued operations after tax applicable to noncontrolling interestsOGain (loss) from discontinued operations after tax applicable to Morgan Stanley]Earnings (loss) from discontinued operations applicable to Morgan Stanley common shareholders2Average basic common shares outstanding (millions)Earnings per basic share:!Income from continuing operationsDiscontinued operationsEarnings per basic shareRAverage diluted common shares outstanding and common stock equivalents (millions) Earnings per diluted share:Earnings per diluted shareNotes: - The Firm calculates earnings per share using the two-class method as described under the accounting guidance for earnings per share. For further discussion of the Firm's earnings per share calculations, see page 13 of the Financial Supplement and Note 16 to the consolidated financial statements in the Firm's Annual Report on Form 10-K for the year ended December 31, 2014./ - Refer to Legal Notice on page 17. (unaudited)Regional revenues (1)Americas"EMEA (Europe, Middle East, Africa)AsiaConsolidated net revenuesWorldwide employees Firmwide:DepositsAssetsU.S. bank assets (2)Risk-weighted assets (3)'Global liquidity reserve (billions) (4)$Long-term debt outstanding9Maturities of long-term debt outstanding (next 12 months)Common equityPreferred equity#Morgan Stanley shareholders' equity2Junior subordinated debt issued to capital trusts (Less: Goodwill and intangible assets (5)$,Tangible Morgan Stanley shareholders' equityTangible common equity (6)8Common Equity Tier 1 capital Advanced (Transitional) (3)5*Tier 1 capital Advanced (Transitional) (3)&0Tier 1 cap< ital ratio Advanced (Transitional) (3),1Tier 1 leverage ratio Advanced (Transitional) (7)-,Period end common shares outstanding (000's)Book value per common share$Tangible book value per common shareg- All data presented in millions except number of employees, liquidity, ratios, shares and book values.- Beginning in the first quarter of 2015, the Firm is subject to a  capital floor such that the regulatory risk-based capital ratios reflect the lower of the ratios computed under the Advanced Approach or the Standardized Approach under U.S. Basel III, taking into consideration applicable transitional provisions. At March 31, 2015, the capital floor is represented by the U.S. Basel III Advanced Approach. Prior periods have not been recast to reflect the new requirements. (unaudited, dollars in billions))Average Common Equity Tier 1 capital (1)& Parent capital Total - continuing operationsFirmAverage Common Equity .Return on average Common Equity Tier 1 capitalReturn on average Common EquityNotes: - The return on average common equity and average Common Equity Tier 1 capital are non-GAAP measures that the Firm considers to be useful measures to assess operating performance.- In the quarter ended March 31, 2015, the returns on average Common Equity and average Common Equity Tier 1 Capital from continuing operations for Institutional Securities reflect the impact of a net discrete tax benefit of $564 million related to an internal restructuring to simplify the Firm's legal entity organization in the U.K.- In the quarter ended December 31, 2014, the returns on average Common Equity and average Common Equity Tier 1 Capital from continuing operations for Wealth Management reflectt the impact of a discrete tax benefit of approximately $1.4 billion related to the restructuring of a legal entity. InvestmentsOther Net revenues (1)Non-compensation expenses (3)Total non-interest expenses 6Income (loss) from continuing operations before taxes 5?Income tax provision / (benefit) from continuing operations (4);4Gain (loss) from discontinued operations after tax 3CNet income applicable to nonredeemable noncontrolling interests (5)@:Return on average common equity from continuing operationsPre-tax profit margin (6)- In the quarter ended March 31, 2015, income tax provision / (benefit) from continuing operations included a net discrete tax benefit of $564 million primarily associated with the repatriation of non-U.S. earnings at a lower cost than originally estimated. In the quarter ended December 31, 2014, income tax provision / (benefit) from continuing operations included the impact of a tax provision of approximately $900 million which resulted from the non-deductible expenses related to litigation  and regulatory matters.- Pre-tax profit margin and return on average common equity are non-GAAP financial measures that the Firm considers to be a useful measure to assess operating  performance. 4Quarterly Financial Information and Statistical DataInstitutional Securities Investment BankingAdvisory revenuesUnderwriting revenuesEquity Fixed incomeTotal underwriting revenues!Total investment banking revenuesSales & Trading (1)Fixed Income & Commodities (2)"Total sales & trading net revenuesInvestments & Other"Total investments & other revenues+Total Institutional Securities net revenues6Institutional Securities U.S. Bank Data (billions) (3)2 Corporate Lending Other Lending:Corporate loansWholesale real estate loansTotal other funded loans &Total corporate and other funded loans5Average Daily 95% / One-Day Value-at-Risk ("VaR") (4)12Primary Market Risk Category ($ millions, pre-tax)Interest rate and credit spread Equity priceForeign exchange rateCommodity price&Aggregation of Primary Risk CategoriesCredit Portfolio VaR Trading VaR- See page 15 of the Financial Supplement for additional details on DVA amounts reported in the Institutional Securities business.- The other lending U.S. bank data includes activities related to commercial and residential mortgage lending, asset-backed lending, z corporate loans purchased in the secondary market, financing extended to equities and commodities customers, and loans  to municipalities.Compensation and benefits (1)Non-compensation expenses ?Income tax provision / (benefit) from continuing operations (2);3Gain (loss) from discontinued operations after tax 2ANet income applicable to nonredeemable noncontrolling interests Pre-tax profit margin (3)- Pre-tax profit margin and return on average common equity are non-GAAP financial measures that the Firm considers to be a useful measure$ to assess operating performance. - In the quarter ended December 31, 2014, the income tax provision / (benefit) from continuing operations included a netdiscrete tax benefit d of approximately $1.4 billion primarily related to the completion of a legal entity restructuring.Wealth Management "Wealth Management representatives 1Annualized revenue per representative (000's) (1)-Client assets (billions)Client liabilities (billions).Fee-based client account assets (billions) (2)+(Fee-based assets as a % of client assetsBank deposit program (millions)/Client assets per representative (millions) (3),$Fee based asset flows (billions) (4)!Retail locations/Wealth Management U.S. Bank Data (billions) (5)+ (Securities-based lending and other loansResidential real estate loans#Investment securities portfolio (6) - Client liabilities reflect lending on Morgan Stanley Bank, N.A. and Morgan Stanley Private Bank, National Association and broker dealer margin activity.- For the quarters ended March 31, 2015, December 31, 2014 and March 31, 2014, approximately $130 billion, $128 billion and $108 billion, respectively, abO of the assets in the bank deposit program are attributable to Morgan Stanley.Investments (1) Compensation and benefits (2);Income tax provision / (benefit) from continuing operationsCNet income applicable to nonredeemable noncontrolling interests (1)@- Pre-tax profit margin and return on average common equity are non-GAAP financial measures that the Firm considers to be a useful measure to assess  operating performance.  Mar 31, 2015 Dec 31, 2014 Mar 31, 2014 Net Revenues (millions)Traditional Asset Management.Merchant Banking and Real Estate Investing (1)+Total Investment Management1Assets under management or supervision (billions)Net flows by asset class (2) Fixed Income Liquidity AlternativesManaged Futures"Total Traditional Asset Management*Merchant Banking and Real Estate InvestingTotal net flows9Assets under management or supervision by asset class (3)5#Total Traditional Asset Management ,Total Assets Under Management or SupervisionShare of minority stake assets- Effective in the quarter ended March 31, 2015 the Merchant Banking and Real Estate Investing categories have been combined to reflect the central management\ of these businesses. Prior periods have been combined to conform to current presentation.- The alternatives asset class includes a range of investment products such as funds of hedge funds, funds of private equity funds and funds of real estate funds.- The share of minority stake assets represents Investment Management's proportional share of assets managed by entities in which it owns a minority stake. Quarterly Financial Information Loans and Lending CommitmentsCorporate Lending Funded Loans+Loans held for investment, net of allowanceLoans held for saleLoans held at fair value(Total Corporate Lending funded loans (1)< $ Corporate Lending CommitmentsLoans held for investmentLoans held at fair value 'Total Corporate Lending commitments (2)$ 6Corporate Lending Loans and Lending Commitments (3) 2 Other Funded LoansTotal other funded loansOther Lending CommitmentsTotal other lending commitments)Other Loans and Lending Commitments (4)& :Institutional Securities Loans and Lending Commitments (5)6 Funded LoansTotal funded loansLending CommitmentsTotal lending commitments6Wealth Management Loans and Lending Commitments (6) 1 "Firm Loans and Lending CommitmentsFNote: - Refer to End Notes on pages 14-16 and Legal Notice on page 17.PThis page represents an addendum to the 1Q 2015 Financial Supplement, Appendix I7Earnings Per Share Calculation Under Two-Class Method !Three Months Ended March 31, 20155(unaudited, in millions, except for per share data) 6Allocation of net income from continuing operations (A)(B)(C)(D)(E)(F)(G)(D)+(E)(F)/(A)Weighted Average # of Shares % Allocation (2)FNet income from continuing operations applicable to Morgan Stanley (3)CDistributed Earnings (4)Undistributed Earnings (5)Total Earnings AllocatedBasic EPS (8) Basic Common Shares(6)(Participating Restricted Stock Units (1)%(7)N/A9Allocation of gain (loss) from discontinued operations YGain (loss) from Discontinued Operations Applicable to Common Shareholders, after Tax (3)UUndistributed Earnings (5)=Allocation of net income applicable to common shareholders +Net income applicable to Morgan Stanley (3)'Distributed Earnings (4)Basic EPS (8) Note:Page 1:(1) sFrom time to time, Morgan Stanley may disclose certain  non-GAAP financial measures in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. For these purposes,  GAAP refers to generally accepted accounting principles in the United States. The Securities and Exchange Commission (SEC) defines a  non-GAAP financial measure as a numerical measure of historical or future financial performance, financial positions, or cash flows that is subject to adjustments that effectively exclude, or include amounts from the most directly comparable measure calculated and presented in accordance with GAAP. Non-GAAP financial measures disclosed by Morgan Stanley are provided as additional information to investors in order to provide them with greater transparency about, or an alternative method for assessing, our financial condition and operating results. These measures are not in accordance with, or a substitute for GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever we refer to a non-GAAP financial measure, we will also generally present the most directly comparable financial measure calculated and presented in accordance with GAAP, along with a reconciliation of the differences between the non-GAAP financial measure we reference and such comparable GAAP financial measure.(2) The return on average common equity and the return on average common equity from continuing operations equal income applicable to Morgan Stanley in each case less preferred dividends as a percentage of average common equity. The return on average common equity and the return on average common equity from continuing operations excluding DVA are adjusted for DVA in each case in the numerator and denominator.(3) 5As an Advanced Approach banking organization, the Firm is required to compute risk-based capital ratios using both (i) standardized approaches for calculating credit risk weighted assets ( RWAs ) and market risk RWAs (the  Standardized Approach ); and (ii) an advanced internal ratings-based approach for calculating credit risk RWAs, an advanced measurement approach for calculating operational risk RWAs, and an advanced approach for market risk RWAs calculated under Basel III (the  Advanced Approach ). To implement a provision of the Dodd-Frank Act, U.S. Basel III subjects Advanced Approach banking organizations which have been approved by their regulators to exit the parallel run, such as the Firm, to a permanent  capital floor . In calendar year 2014, the capital floor resulted in the Firm's capital ratios being the lower of the capital ratios computed under the Advanced Approach or Standardized Approach the U.S. Basel I-based rules as supplemented by the existing market risk rules known as  Basel 2.5 . Beginning on January 1, 2015, the capital floor is the lower of the capital ratios computed under the Advanced Approach or theStandardized Approach under U.S. Basel III, taking into consideration applicable transitional provisions. For the current quarter, the Firm's capital floor is represented by the Advanced Approach. These computations are preliminary estimates as of April 20, 2015 (the date of this release) and could be subject to revision in Morgan Stanley s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015. The methods for calculating the Firm s risk-based ca< pital ratios will change through 2022 as aspects of the U.S. Basel III final rule are phased in.The Firm s capital takes into consideration regulatory capital requirements as well as capital required for organic growth, acquisitions and other business needs. For information on the calculation of regulatory capital and ratios for prior periods, please refer to Part 2, Item 7 "Regulatory Requirements" in Morgan Stanley's Annual Report on Form 10-K for the year ended December 31, 2014.(4) bBook value per common share equals common equity divided by period end common shares outstanding. (5) tTangible book value per common share equals tangible common equity divided by period end common shares outstanding. Page 2:(1)During the fourth quarter of 2014, Morgan Stanley incorporated funding valuation adjustments (FVA) into the fair value measurements of over-the-counter uncollateralized or partially collateralized derivatives, and in collateralized derivatives where the terms of the agreement do not permit the reuse of the collateral received. The Firm s implementation of FVA reflects the inclusion of FVA in the pricing and valuations by the majority of market participants involved in the Firm s principal exit market for these instruments. In general, FVA reflects a market funding risk premium inherent in the noted derivative instruments. In connection with its implementation of FVA, Morgan Stanley incurred a pre-tax charge of approximately $468 million, representing a change in accounting estimate, of which $466 million was reflected as a reduction to Institutional Securities Fixed Income & Commodities sales and trading net revenues.(2)On December 1, 2014, the Firm s Compensation, Management Development and Succession (CMDS) Committee of the Board of Directors approved an approach for awards of discretionary incentive compensation for the 2014 performance year to be granted in 2015 that would reduce the average deferral of such awards to an approximate baseline of 50%. Additionally, the CMDS Committee approved the acceleration of vesting for certain outstanding deferred cash-based incentive compensation awards. The impact of these actions on compensation and benefits expenses for the Firm and each business segment are as follows: Firm: $1,137 million, ISG: $904 million, WM: $88 million, IM: $145 million.(3)In the quarter ended December 31, 2014, non-compensation expenses included approximately $3.1 billion of additions to legal reserves associated with legacy residential mortgage and credit crisis related matters (reported in the Institutional Securities segment).(4)EIn the quarter ended March 31, 2015, income tax provision / (benefit) from continuing operations included a net discrete tax benefit of $564 million primarily associated with the repatriation of non-U.S. earnings at a cost lower than originally estimated due to an internal restructuring to simplify the Firm's legal entity organization in the U.K., reported in the Institutional Securities business segment. In the quarter ended December 31, 2014, the income tax provision / (benefit) from continuing operations included a netdiscrete tax benefit of approximately $1.4 billion primarily related to the completion of a legal entity restructuring that included a change in tax status of Morgan Stanley Smith Barney Holdings LLC (MSSBH)from a partnership to a corporation. MSSBH is the holding company for the former Wealth Management JV. This benefit was partially offset by the impact of a tax provision of approximately $900 million which resulted from the non-deductible expenses related to litigation and regulatory matters, reported in the Institutional Securities business segment. (5)Pre-tax profit margin percentages represent income from continuing operations before income taxes as a percentage of net revenues.Page 4:9Reflects the regional view of the Firm's consolidated net revenues, on a managed basis. Further discussion regarding the geographic methodology for net revenues is disclosed in Note 21 to the consolidated financial statements included in the Firm's Annual Report on Form 10-K for the year ended December 31, 2014.U.S. Bank refers to the Firm s U.S. bank operating subsidiaries Morgan Stanley Bank, N.A. and Morgan Stanley Private Bank, National Association and excludes transactions with affiliated entities.The global liquidity reserve, whichis held within the bank and non-bank operating subsidiaries,is comprised of highly liquid and diversified cash and cash equivalents and unencumbered securities. Eligible unencumbered securities include U.S. government securities, U.S. agency securities, U.S. agency mortgage-backed securities, non-U.S. government securities and other highly liquid investment grade securities.eThe Firm's goodwill and intangible balances are net of allowable mortgage servicing rights deduction.Tangible common equity equals common equity less goodwill and intangible assets net of allowable mortgage servicing rights deduction. Tier 1 leverage ratio equals Tier 1 capital divided by adjusted average total assets (which reflects adjustments for disallowed goodwill, transitional intangible assets, certain deferred tax assets, certain financial equity investments, and other adjustments). For more information on the calculation of the Tier 1 leverage ratio for prior periods, please refer to Part II, Item 7 "Regulatory Requirements" in Morgan Stanley's Annual Report on Form 10-K for the year ended December 31, 2014. Page 5:The Firm s capital estimation and attribution to the business segments are based on the Required Capital framework, an internal capital adequacy measure which considers risk, l< everage, potential losses from extreme stress events, and diversification under a going concern capital concept at a point in time. The framework also takes into consideration regulatory capital requirements as well as capital required for organic growth, acquisitions and other business needs. For further discussion of the framework, refer to Part II, Item 7 "Regulatory Requirements" in Morgan Stanley's Annual Report on Form 10-K for the year ended December 31, 2014.Page 6:During the quarter ended December 31, 2014, Morgan Stanley incorporated funding valuation adjustments (FVA) into the fair value measurements of over-the-counter uncollateralized or partially collateralized derivatives, and in collateralized derivatives where the terms of the agreement do not permit the reuse of the collateral received. The Firm s implementation of FVA reflects the inclusion of FVA in the pricing and valuations by the majority of market participants involved in the Firm s principal exit market for these instruments. In general, FVA reflects a market funding risk premium inherent in the noted derivative instruments. In connection with its implementation of FVA, Morgan Stanley incurred a pre-tax charge of approximately $468 million, representing a change in accounting estimate, of which $466 million was reflected as a reduction to Institutional Securities Fixed Income & Commodities sales and trading net revenues.In the quarter ended December 31, 2014, the impact of the compensation expense increase from deferral adjustments for the Institutional Securities business segment was $904 million.In the quarter ended December 31, 2014, non-compensation expenses included approximately $3.1 billion of additions to legal reserves associated with legacy residential mortgage and credit crisis related matters.dIn the quarter ended March 31, 2015, income tax provision / (benefit) from continuing operations included a net discrete tax benefit of $564 million primarily associated with the repatriation of non-U.S. earnings at a lower cost than originally estimated due to an internal restructuring to simplify the Firm's legal entity organization in the U.K. In the quarter ended December 31, 2014, income tax provision / (benefit) from continuing operations included the impact of a tax provision of approximately $900 million which resulted from the non-deductible expenses related to litigation and regulatory matters.Net income applicable to noncontrolling interests primarily represents the allocation to Mitsubishi UFJ Financial Group, Inc. of MorganStanley MUFG Securities Co., Ltd, which the Firm consolidates.(6) Page 7:pFor the periods noted below, sales and trading net revenues included positive revenue related to DVA as follows:fMarch 31, 2015: Total QTD: $125 million; Fixed Income & Commodities: $100 million; Equity: $25 millioniDecember 31, 2014: Total QTD: $223 million; Fixed Income & Commodities: $161 million; Equity: $62 millioneMarch 31, 2014: Total QTD: $126 million; Fixed Income & Commodities: $76 million; Equity: $50 millionInstitutional Securities U.S. Bank refers to Firm's U.S. bank operating subsidiaries Morgan Stanley Bank, N.A. and Morgan Stanley Private Bank, National Association.VaR represents the loss amount that one would not expect to exceed, on average, more than five times every one hundred trading days in the Firm's trading positions if the portfolio were held constant for a one-day period. Further discussion of the calculation of VaR and the limitations of the Firm's VaR methodology, is disclosed in Part II, Item 7A "Quantitative and Qualitative Disclosures about Market Risk" included in the Firm's 2014 Form 10-K.Page 8:In the quarter ended December 31, 2014, the impact of the compensation expense increase from deferral adjustments for the Wealth Management business segment was $88 million..On October 31, 2014, the Firm completed a legal entity restructuring that included a change in tax status of Morgan Stanley Smith Barney Holdings LLC (MSSBH)from a partnership to a corporation. MSSBH is the holding company for the former Wealth Management JV. As a result of this change in tax status, the Firm s effective tax rate from continuing operations for the quarter ended December 31, 2014, include a net discrete tax benefit of approximately $1.4 billion primarily due to the release of a deferred tax liability which was previously established.Page 9:sAnnualized revenue per representative is defined as annualized revenue divided by average representative headcount.Fee-based client account assets represent the amount of assets in client accounts where the basis of payment for services is a fee calculated on those assets.oClient assets per representative represents total client assets divided by period end representative headcount.Fee-based asset flows include net new fee-based assets, net account transfers, dividends, interest, and client fees and exclude cash management related activity.Wealth Management U.S. Bank refers to the Firm s U.S. bank operating subsidiaries Morgan Stanley Bank, N.A. and Morgan Stanley Private Bank, National Association.For the quarters ended March 31, 2015, December 31, 2014, and March 31, 2014, the Firm owned held to maturity investment securities of $1.6 billion, $100 million and $0 million, respectively.Page 10:The quarters ended March 31, 2015, December 31, 2014 and March 31, 2014 include investment gains (losses) for certain funds included in the Firm's consolidated financial statements. The limited partnership interests in these gains were reported in net income (loss) applicable to noncontrolling interests. Beginning in the quarter ended June 30, 2014, net revenues reflect the deconsolidation of certain legal entities associated with a real estate fund sponsored by the Firm. In the quarter ended December 31, 2014, the impact of the compensation expense increase from deferral adjustments for the Investment Management business segment was $145 million.Page 11:`Real Estate Investing revenues within Merchant banking and Real Estate Investing includes gains or losses related to investments held by certain consolidated real estate funds. These gains or losses are offset in net income (loss) applicable to noncontrolling interest. The investment gains (losses) for the quarters ended March 31, 2015, December 31, 2014 and March 31, 2014 are $14 million, $11 million and $54 million, respectively. Beginning in the quarter ended June 30, 2014, net< revenues reflect the deconsolidation of certain legal entities associated with a real estate fund sponsored by the Firm.{Net Flows by region [inflow / (outflow)] for the quarters ended March 31, 2015, December 31, 2014, and March 31, 2014 were:<North America: $(1.5) billion, $3.7 billion and $3.9 billion<International: $2.8 billion, $(0.2) billion and $1.9 billionAssets under management or supervision by region for the quarters ended March 31, 2015, December 31, 2014, and March 31, 2014 were::North America: $253 billion, $250 billion and $241 billion:International: $153 billion, $153 billion and $145 billionPage 12:For the quarters ended March 31, 2015, December 31, 2014 and March 31, 2014 the percentage of Institutional Securities corporate funded loans by credit rating was as follows:&- % investment grade: 43%, 39% and 44%*- % non-investment grade: 57%, 61% and 56%For the quarters ended March 31, 2015, December 31, 2014 and March 31, 2014 the percentage of Institutional Securities corporate lending commitments by credit rating was as follows:&- % investment grade: 72%, 74% and 74%*- % non-investment grade: 28%, 26% and 26%On March 31, 2015, December 31, 2014 and March 31, 2014, the "event-driven" portfolio of loans and lending commitments to non-investment grade borrowers were $13.2 billion, $11.6 billion and $ 9.7 billion, respectively.7The Institutional Securities business segment engages in other lending activity. These activities include commercial and residential mortgage lending, asset-backed lending, corporate loans purchased in the secondary market, financing extended to equities and commodities customers, and loans to municipalities.RFor the quarters ended March 31, 2015, December 31, 2014 and March 31, 2014, Institutional Securities recorded a provision for credit losses (release) of $26.0 million, $12.5 million and $(31.0) million, respectively, related to funded loans and $36.4 million, $8.0 million and $18.5 million related to unfunded commitments, respectively.ZFor the quarters ended March 31, 2015, December 31, 2014 and March 31, 2014, Wealth Management recorded a provision for credit losses of $0.4 million, $1.0 million and $2.0 million, respectively, related to funded loans and there was no material provision recorded related to the unfunded commitments for each of the quarterly periods presented. Page 13:Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of EPS pursuant to the two-class method. Restricted Stock Units ("RSUs") that pay dividend equivalents subject to vesting are not deemed participating securities and are included in diluted shares outstanding (if dilutive) under the treasury stock method.The percentage of weighted basic common shares and participating RSUs to the total weighted average of basic common shares and participating RSUs.Represents net income from continuing operations, gain (loss) from discontinued operations (after-tax), and net income applicable to Morgan Stanley for the quarter ended March 31, 2015 prior to allocations to participating RSUs.Distributed earnings represent the dividends paid for the quarter ended March 31, 2015. The amount of dividends paid is based upon the number of common shares and participating RSUs outstanding as of the dividend record date. 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