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3Q 2017Page # Consolidated Financial Summary +Consolidated Income Statement Information 9Consolidated Financial Information and Statistical Data OConsolidated Return on Average Common Equity and Regulatory Capital Information,Consolidated Loans and Lending Commitments 7Institutional Securities Income Statement Information EInstitutional Securities Financial Information and Statistical Data 0Wealth Management Income Statement Information >Wealth Management Financial Information and Statistical Data 4Investment Management Income Statement Information BInvestment Management Financial Information and Statistical Data .U.S. Bank Supplemental Financial Information End Notes FDefinition of U.S. GAAP to Non-GAAP Measures and Performance Metrics 14 - 15Legal Notice Consolidated Financial Summary=(unaudited, dollars in millions, except for per share data) Quarter EndedPercentage Change From:Nine Months Ended Percentage Sept 30, 2017June 30, 2017Sept 30, 2016Change Net revenuesInstitutional SecuritiesWealth ManagementInvestment ManagementIntersegment EliminationsNet revenues 9Income (loss) from continuing operations before tax  * 8Income (loss) from continuing operations before tax 0Net Income (loss) applicable to Morgan Stanley / 2Net Income (loss) applicable to Morgan Stanley @Earnings (loss) applicable to Morgan Stanley common shareholdersFinancial Metrics:Earnings per basic shareEarnings per diluted share Return on average common equity -Return on average common equity excluding DVABook value per common share$Tangible book value per common shareNotes:- Refer to End Notes, Definition of U.S. GAAP to Non-GAAP Measures, Definition of Performance Metrics and Legal Notice on pages 13 - 16.)Consolidated Income Statement Information (unaudited, dollars in millions) Revenues:Investment bankingTrading Investments Commissions and fees.Asset management, distribution and admin. feesOther  -- Total non-interest revenuesInterest incomeInterest expense Net interestNet revenues Non-interest expenses:Compensation and benefits Non-compensation expenses:Occupancy and equipment%Brokerage, clearing and exchange fees)Information processing and communications"Marketing and business developmentProfessional servicesOther Total non-compensation expenses Total non-interest expenses5Income (loss) from continuing operations before taxes?Income tax provision / (benefit) from continuing operations (1)<(Income (loss) from continuing operations2Gain (loss) from discontinued operations after taxNet income (loss)?Net income applicable to nonredeemable noncontrolling interests.Net income (loss) applicable to Morgan Stanley Preferred stock dividend / Other Pre-tax profit margin0Compensation and benefits as a % of net revenues0Non-compensation expenses as a % of net revenuesFirm expense efficiency ratio1Effective tax rate from continuing operations (1)-7Consolidated Financial Information and Statistical DataRegional revenuesAmericas"EMEA (Europe, Middle East, Africa)AsiaConsolidated net revenuesBalance sheetDeposits Total AssetsGlobal liquidity reserveLong-term debt outstanding9Maturities of long-term debt outstanding (next 12 months)Common equity$Less: Goodwill and intangible assetsTangible common equity Preferred equity/Period end common shares outstanding (millions),Average common shares outstanding (millions)BasicDilutedWorldwide employees (unaudited) Average Common Equity (billions)ParentFirm Return on average Common Equity Regulatory Capital (millions)+Common Equity Tier 1 capital (Transitional)Tier 1 capital (Transitional)$Standardized Approach (Transitional)Risk-weighted assets"Common Equity Tier 1 capital ratioTier 1 capital ratioTier 1 leverage ratio Advanced Approach (Transitional)Supplementary Leverage RatioPro-forma Fully Phased-inEPro-forma Common Equity Tier 1 capital ratio (Standardized Approach) APro-forma Common Equity Tier 1 capital ratio (Advanced Approach) ;Pro-forma Supplementary Leverage Ratio (Advanced Approach) :Notes: *Consolidated Loans and Lending Commitments (unaudited, dollars in billions)Corporate loans (1)!Corporate lending commitments (2),Corporate Loans and Lending Commitments (3) ( Other loansOther lending commitments'Other Loans and Lending Commitments (4)$:Institutional Securities Loans and Lending Commitments (5)67Wealth Management LoansLending commitments4Wealth Management Loans and Lending Commitments (6) 0.Consolidated Loans and Lending Commitments (7)+Income Statement InformationQuarter Ended PercentageSept 30, 2016 InvestmentsNon-compensation expensesTotal non-interest expenses 6Income (loss) from continuing operations before taxes 5;Income tax provision / (benefit) from continuing operations4Gain (loss) from discontinued operations after tax 3Net income (loss) Pre-tax profit margin Institutional Securities *Financial Information and Statistical DataInvestment BankingAdvisory revenuesUnderwriting revenuesEquity Fixed incomeTotal underwriting revenues!Total investment banking revenuesSales & TradingFixed Income Other"Total sales & trading net revenuesInvestments & Other"Total investments & other revenues%Institutional Securities net revenues1Average Daily 95% / One-Day Value-at-Risk ("VaR")2Primary 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 - Refer to End Notes, Definition of U.S. GAAP to Non-GAAP Measures, Definition of Performance Metrics and Legal Notice on pages 13 - 16.Quarter Ended Compensation and benefitsNon-compensation expenses 3Gain (loss) from discontinued operations after tax 2ANet income applicable to nonredeemable noncontrolling interests Wealth Management Metrics"Wealth Management representatives -Annualized revenue per representative (000's)Client assets (billions),Client assets per representative (millions) Client liabilities (billions)!Fee-based asset flows (billions) *Fee-based client account assets (billions)(Fee-based assets as a % of client assetsRetail locationsInvestments (1) Compensation and benefits  Sept 30, 2017 June 30, 2017 1Assets under management or supervision (billions)Net flows by asset class (1) Fixed Income LiquidityAlternative / Other productsTotal net flows9Assets under management or supervision by asset class (2)5,Total Assets Under Management or SupervisionShare of minority stake assets,U.S. Bank Supplemental Financial InformationU.S. Bank assets (1)U.S. Bank deposits (1)-U.S. Bank investment securities portfolio (2))* Wealth Management U.S. Bank Data(Securities-based lending and other loansResidential real estate loans,Total Securities-based and residential loans'Institutional Securities U.S. Bank DataCorporate Lending Other Lending:Corporate loans%Wholesale real estate and other loansTotal other loans Total corporate and other loans End NotesPage 2:(1)>For the quarter ended September 30, 2017, income tax provision / benefit from continuing operations reflects net discrete tax benefits of $83 million primarily resulting from the remeasurement of certain deferred taxes. Effective January 1, 2017, the Firm adopted new accounting guidance related to employee share-based payments, the transition impact of which was not significant. In 2017, the income tax consequences related to share-based payments are required to be recognized in Provision for income taxes < in the consolidated income statement instead of additional paid-in capital. The impact of the income tax consequences may be either a benefit or a provision. Conversion of employee share-based awards to Firm shares will primarily occur in the first quarter of each year. The impact of recognizing these recurring-type discrete tax benefits upon conversion of awards for the quarters ended September 30, 2017, June 30, 2017 and March 31, 2017 were $11 million, $16 million, and $112 million, respectively. Results for 2016 have not been restated pursuant to the guidance.Page 5:For the quarters ended September 30, 2017, June 30, 2017, and September 30, 2016, the percentage of Institutional Securities corporate loans by credit rating was as follows:&- % investment grade: 27%, 31% and 38%*- % non-investment grade: 73%, 69% and 62%(2)For the quarters ended September 30, 2017, June 30, 2017, and September 30, 2016, the percentage of Institutional Securities corporate lending commitments by credit rating was as follows:&- % investment grade: 69%, 69% and 75%*- % non-investment grade: 31%, 31% and 25%(3)At September 30, 2017, June 30, 2017, and September 30, 2016, the event-driven portfolio of loans and lending commitments to non-investment grade borrowers were $14.9 billion, $11.6 billion and $7.9 billion, respectively.(4)-The 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 municipalities.(5)#For the quarters ended September 30, 2017 and June 30, 2017, Institutional Securities recorded a provision for credit losses of $11 million and $5 million, respectively, related to loans. For the quarter ended September 30, 2016, there was no material provision recorded by Institutional Securities related to loans. For the quarters ended September 30, 2017, June 30, 2017, and September 30, 2016, a provision (release) for credit losses of $(6) million, $(8) million and $6 million was recorded, respectively, related to lending commitments.(6)+For the quarters ended September 30, 2017, June 30, 2017, and September 30, 2016, Wealth Management recorded a provision for credit losses of $2 million, $3 million and $2 million, respectively, related to loans. For the quarter ended September 30, 2017, there was no material provision recorded by Wealth Management related to lending commitments. For the quarters ended June 30, 2017 and September 30, 2016, Wealth Management recorded a provision (release) for credit losses of $1 million and $(1) million, respectively, related to lending commitments.(7) For the quarters ended September 30, 2017, June 30, 2017, and September 30, 2016, Investment Management reflected a loan balance of $26 million, $26 million and $5 million, respectively, which are not included in the Consolidated Loans and Lending Commitments balance.Page 6:Effective July 1, 2016, the Wealth Management and Institutional Securities segments entered into an agreement whereby Institutional Securities assumed management of Wealth Management s fixed income client-driven trading activities and related employees in an effort to build synergies across the businesses and more efficiently risk manage the Firm s trading activities. Institutional Securities now pays a fee to Wealth Management based on distribution activity. Periods prior to July 1, 2016 have not been recasted.Page 8:Page 10:JThe quarters ended September 30, 2017, June 30, 2017, and September 30, 2016 include investment gains or losses for certain funds included in the Firm's consolidated financial statements for which the limited partnership interests in these gains or losses were reported in net income (loss) applicable to noncontrolling interests.Page 11:iNet Flows by region for the quarters ended September 30, 2017, June 30, 2017 and September 30, 2016 were:<North America: $2.9 billion, $(3.2) billion and $1.8 billion:International: $1.7 billion, $5.7 billion and $2.1 billionAssets under management or supervision by region for the quarters ended September 30, 2017, June 30, 2017 and September 30, 2016 were::North America: $266 billion, $260 billion and $270 billion:International: $181 billion, $175 billion and $147 billionPage 12:U.S. Bank assets and deposits exclude balances between Bank subsidiaries as well as deposits from the Parent. For U.S. Bank assets all periods have been recast to conform to this presentation.For the quarters ended September 30, 2017, June 30, 2017 and September 30, 2016, the U.S. Bank investment securities portfolio included held to maturity investment securities of $18.1 billion, $15.3 billion and $11.2 billion, respectively.,Definition of U.S. GAAP to Non-GAAP Measures(a) The Firm prepares its Consolidated Financial Statements using accounting principles generally accepted in the United States (U.S. GAAP). From 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. The Securities and Exchange Commission 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 U.S. GAAP. Non-GAAP financial measures disclosed by Morgan Stanley are provided as additional information to investors and analysts in order to provide them with greater transparency about, or an alternative method for assessing, our financial condition, operating results, or prospective regulatory capital requirements. These measures are not in accordance with, or a substitute for U.S. 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 define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, alo< ng with a reconciliation of the differences between the non-GAAP financial measure we reference and such comparable U.S. GAAP financial measure. In addition to the following notes, please also refer to the Firm's third quarter earnings release footnotes for such definitions and reconciliations.(b) (c) tThe fully phased-in Common Equity Tier 1 risk-based capital ratios and fully phased-in Supplementary Leverage Ratio are pro-forma estimates which represent non-GAAP financial measures that the Firm considers to be useful measures for evaluating compliance with new regulatory capital requirements that have not yet become effective. Supplementary leverage ratio equals fully phased-in Tier 1 capital divided by the fully phased-in total supplementary leverage exposure. For information on the calculation of regulatory capital and ratios for prior periods, please refer to Part II, Item 7 "Liquidity and Capital Resources Regulatory Requirements" in the Firm's Annual Report on Form 10-K for the year ended December 31, 2016 and Part I, Item 2 "Liquidity and Capital Resources Regulatory Requirements" in the Firm's Quarterly Report on Form 10-Q for the quarter ended June 30, 2017.!Definition of Performance MetricsQThe 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 Note 15 to the consolidated financial statements in the Firm's Quarterly Report on Form 10-Q for the quarter ended June 30, 2017.bBook value per common share equals common equity divided by period end common shares outstanding. rPreferred stock dividend / Other includes allocation of earnings to Participating Restricted Stock Units (RSUs). (d) OFirmwide regional revenues reflect 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, 2016 (2016 Form 10-K).(e) 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.(f) The Firm's goodwill and intangible balances utilized in the calculation of tangible common equity are net of allowable mortgage servicing rights deduction.(g) The Firm's capital estimation and attribution to the business segments are based on the Required Capital framework, an internal capital adequacy measure. This framework is a risk-based and leverage use-of-capital measure, which is compared with the Firm's regulatory capital to ensure that the Firm maintains an amount of going concern capital after absorbing potential losses from stress events, where applicable, at a point in time. The Firm defines the difference between its total Average Common Equity and the sum of the Average Common Equity amounts allocated to its business segments as Parent equity. The common equity estimation and attribution to the business segments is based on the Firm's fully phased-in regulatory capital requirements, including supplementary leverage, and incorporates the Firm's internal stress tests. The amount of capital allocated to the business segments is set at the beginning of the year, and will remain fixed throughout the year until the next annual reset. The Required Capital framework is expected to evolve over time in response to changes in the business and regulatory environment and to incorporate enhancements in modeling techniques. For further discussion of the framework, refer to Part II, Item 7 "Liquidity and Capital Resources Regulatory Requirements" in the Firm's Annual Report on Form 10-K for the year ended December 31, 2016 and Part I, Item 2 "Liquidity and Capital Resources Regulatory Requirements" in the Firm's Quarterly Report on Form 10-Q for the quarter ended June 30, 2017.(h) The Firm's binding risk-based capital ratios for regulatory purposes are the lower of the capital ratios computed under the (i) standardized approaches for calculating credit risk RWAs and market risk RWAs (the  Standardized Approach ); and (ii) applicable advanced approaches for calculating credit risk, market risk and operational risk RWAs (the  Advanced Approach ). At September 30, 2017, the binding ratio is based on the Standardized Approach transitional rules. For prior periods, the binding ratio was based on the Advanced Approach transitional rules. For information on the calculation of regulatory capital and ratios for prior periods, please refer to Part II, Item 7 "Liquidity and Capital Resources Regulatory Requirements" in the< Firm's 2016 Form 10-K and Part I, Item 2 "Liquidity and Capital Resources Regulatory Requirements" in the Firm's 10-Q for the quarter ended June 30, 2017.(i) Institutional Securities 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.(j) Institutional Securities discontinued operations primarily includes after-tax losses related to Saxon, which became a discontinued operation in 2011. (k) 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 2016 Form 10-K.(l) Annualized revenue per Wealth Management representative is defined as annualized revenue divided by average representative headcount.(m) Client assets per Wealth Management representative represents total client assets divided by period end representative headcount.(n)aWealth Management client liabilities reflect U.S. Bank lending and broker dealer margin activity.(o) Wealth Management 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.(p) Wealth Management fee-based asset flows include net new fee-based assets, net account transfers, dividends, interest, and client fees and exclude institutional cash management related activity.(q) Investment Management Alternative/Other asset class includes products in Fund of Funds, Real Estate, Private Equity and Credit strategies, as well as Multi-Asset portfolios.(r) .Investment Management net flows include new commitments, investments or reinvestments, net of client redemptions, returns of capital post-fund investment period and dividends not reinvested; and excludes the impact of the transition of funds from their commitment period to the invested capital period.(s) The share of minority stake assets represents Investment Management's proportional share of assets managed by entities in which it owns a minority stake.(t) 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 balances between Bank subsidiaries as well as deposits from the Parent.(u) %The Institutional Securities U.S. Bank other lending data includes activities related to 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. Legal NoticeThis Financial Supplement contains financial, statistical and business-related information, as well as business and segment trends.{The information should be read in conjunction with the Firm's third quarter earnings press release issued October 17, 2017.The following are considered non-GAAP financial measures: return on average common equity metrics, return on average common equity excluding DVA metrics, tangible common equity, tangible book value per common share, pre-tax profit margin and firm expense efficiency ratio. These measures are calculated as follows: - The return on average common equity equals annualized net income for the quarter or full year net income applicable to Morgan Stanley less preferred dividends as a percentage of average common equity. The return on average common equity excluding DVA is adjusted for DVA in the denominator. - Tangible common equity equals common equity less goodwill and intangible assets net of allowable mortgage servicing rights deduction. - Tangible book value per common share equals tangible common equity divided by period end common shares outstanding. - Pre-tax profit margin percentages represent income from continuing operations before income taxes as percentages of net revenues. - The Firm expense efficiency ratio represents total non-interest expenses as a percentage of net revenues.:j Hn`Ny+) m ?&GHGFxmz1s, F@%X kex 'D[247, ccB g2ɀ -RgX dMbP?_*+%&?'?(78?)78?MMGC193߁ odXLetterCanonz Canon Generic PCL6 Driver:2ddd     d d d d dd   dd@@d  d  d dd d"eddd     !"#$%&'()*+,-./0123456789:;<=>?@d"    @ !"#$%&'()*+,-d.d/d0123456789:;<=>?@ABCDEFGHIJKd    d !"#$%&d!dddd!     ddd    d    dAdH8 o @2/ o @2/ AXXdd Arial\CNZSRGBA.ICC\CNZSRGBA.ICC\CNZSRGBA.ICC CONFIDENTIALCONFIDENTIALHArialDefault SettingsX    "dX333333?333333?&<3U} X} _X} X}  X} X} $ X,,,,,ww w w w wwwwwwwwwwwwVWWWW YZZZZ[ZZZZ\]^__\``__\``__\``__ \a b __\ac__ d e~ f? dd d e~ g@ dd d e~ f@ dd d e~ f@ ddd e~ f@ ddd e~ f@ ddd e~ f@ ddd e ~ f @ ddd e ~ f"@ ddd e ~ f$@ ddd e ~ f&@ ddd e~ f(@ ddd e~ f*@ ddh e f hhh e~ f0@ hh4 *44444444444444\T<(    A??À Picture 3yK yK Thttp://www.morganstanley.com/yX;H,]ą'c]&`>@dggD g2ɀ -]ko dMbP?_*+%&?'?(?)MMGC193߁ odXLetterCanonz Canon Generic PCL6 Driver:2ddd     d d d d dd   dd@@d  d  d dd d"eddd     !"#$%&'()*+,-./0123456789:;<=>?@d"    @ !"#$%&'()*+,-d.d/d0123456789:;<=>?@ABCDEFGHIJKd    d !"#$%&d!dddd!     ddd    d    dAdH8 o @2/ o @2/ AXXdd Arial\CNZSRGBA.ICC\CNZSRGBA.ICC\CNZSRGBA.ICC CONFIDENTIALCONFIDENTIALHArialDefault SettingsX    "GX333333?333333?&<3U} X} IX} 2X}  X} X}  X} X}  X} X} X} X} X} X} X} X}  X} X}  X} $ X-;;;;;;; ; ; ; J J;;;;;J JY;;;;J Y0J;;;*VWWWWWWWijjjjjjjjj Y(ZZZZZZZklllllllll m(nnnnnnnoppppppppp*qrsrrrrrrrqrtttttt*qrsrrrrrrrqrtttttt urv wuwurx  y  wyz w tt{ u qqq |} |} |~     |} |  (qzz q~ @~ @~ ɱ@~    ~   ~ @~ @~ &@ q ~ |@ ~ 7@ ~ R@ ~ @ ~ "@ ~ F@ ~ 0@ ~ "@ q ~ @ ~ Ȅ@ ~ @@ ~ @ ~ 6@ ~ t@ ~ 0@ ~ 5@   ~ R ~ R ~ @S ~ ? ~ @ ~ k ~ i ~    ! ~ @ ~ @ ~ f@ ~  ~ @ ~ @@ ~ @ ~ &@*qqqqzz "(qqqqqqqqqqqzqqqzqq qq~ P@~ @~ @ Q ~  & ~ 9@~ @~ 0@q qq~ |@~ @~ (@~  @ ~  8@ ~ @~ @~ 8@q qq~ ``@~ a@~ @X@~    ~  A@ ~ w@~ 0p@~ F@q  q~ ~ ~   #  # ~ ~  # $~ d@~ @~ @~   ~  @ ~ @~ ʹ@~ 4@*qqqqzz %(qzz q~ h@~ @~ 0@~   ~  ? ~ ֨@~ @~ ? q~ Ѕ@~ Ȅ@~ @~  @ ~  8@ ~ h@~ @Q? q~ \@~ Y@~ P@ Q? ~  Q@ ~ q@~ `h@~ F@  ~ ~ ~   #  # z~ ~  # &~ ԛ@~ t@~ @~  ? ~  (@ ~ \@~ ٰ@~ ;@ ' ~ `@~ ̘@~ @~  @ ~  &@ ~ @~ >@Q?*qz ((z*qqqqzz )~ W@~ @V@~ T@ Q?  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