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4Q 2018Page # 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 13 - 14FDefinition of U.S. GAAP to Non-GAAP Measures and Performance Metrics 15 - 16Legal Notice Consolidated Financial Summary=(unaudited, dollars in millions, except for per share data) Quarter EndedPercentage Change From:Twelve Months Ended Percentage Dec 31, 2018 Sep 30, 2018 Dec 31, 2017ChangeNet revenues (1) Institutional 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 tangible common equity Book value per common share$Tangible book value per common shareBExcluding intermittent net discrete tax provision / benefit (2)(3)<#Adjusted earnings per diluted share)Adjusted return on average common equity 1Adjusted return on average tangible common equityNotes:- Refer to End Notes, Definition of U.S. GAAP to Non-GAAP Measures, Definition of Performance Metrics and Legal Notice on pages 13 - 17.)Consolidated Income Statement Information (unaudited, dollars in millions) Revenues:Investment bankingTrading Investments Commissions and feesAsset management -- Other Total non-interest revenuesInterest incomeInterest expense Net interestNet revenues (1) Non-interest expenses:Compensation and benefits Non-compensation expenses:Occupancy and equipment%Brokerage, clearing and exchange fees)Information processing and communications"Marketing and business developmentProfessional servicesOther #Total non-compensation expenses (1) Total non-interest expenses5Income (loss) from continuing operations before taxesBIncome tax provision / (benefit) from continuing operations (2)(3)<(Income (loss) from continuing operations2Gain (loss) from discontinued operations after taxNet income (loss)?Net income applicable to nonredeemable noncontrolling interests.Net income (loss) applicable to Morgan Stanley Preferred stock dividend / Other Pre-tax profit margin0Compensation and benefits as a % of net revenues0Non-compensation expenses as a % of net revenuesFirm expense efficiency ratio4Effective tax rate from continuing operations (2)(3)-7Consolidated Financial Information and Statistical DataRegional revenuesAmericas"EMEA (Europe, Middle East, Africa)AsiaConsolidated net revenues Balance sheetDeposits Total AssetsGlobal liquidity reserveLong-term debt outstanding9Maturities of long-term debt outstanding (next 12 months) Common equity$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)ParentFirmReturn on Average Common Equity*,Return on Average Tangible Common Equity (1)(!Regulatory Capital (millions) (2).Common Equity Tier 1 capital (Fully Phased-in) Tier 1 capital (Fully Phased-in)'Standardized Approach (Fully Phased-in)Risk-weighted assets"Common Equity Tier 1 capital ratioTier 1 capital ratioTier 1 leverage ratio#Advanced Approach (Fully Phased-in)Supplementary Leverage RatioNotes: ^- Return on average common equity excluding net intermittent discrete tax provision / benefit:> 4Q18: Firm: 7%; ISG: 5%; WM: 18%; IM: 7%84Q18 YTD: Firm: 11%; ISG: 11%; WM: 20%; IM: 13%? 4Q17: Firm: 9%; ISG: 7%; WM: 16%; IM: 11%64Q17 YTD: Firm: 9%; ISG: 9%; WM: 15%; IM: 14%g- Return on average tangible common equity excluding net intermittent discrete tax provision / benefit:? 4Q18: Firm: 8%; ISG: 5%; WM: 32%; IM: 10%84Q18 YTD: Firm: 13%; ISG: 11%; WM: 37%; IM: 21%@ 4Q17: Firm: 10%; ISG: 8%; WM: 29%; IM: 16%74Q17 YTD: Firm: 11%; ISG: 9%; WM: 28%; IM: 20% *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)$:Institutional Securities Loans and Lending Commitments (5)67Wealth Management LoansLending commitments4Wealth Management Loans and Lending Commitments (6) 0.Consolidated Loans and Lending Commitments (7)+Income Statement InformationQuarter Ended Percentage InvestmentsNet revenues (1) Non-compensation expenses (1)Total non-interest expenses 6Income (loss) from continuing operations before taxes 5?Income tax provision / (benefit) from continuing operations (2)<4Gain (loss) from discontinued operations after tax 3Net income (loss) Pre-tax profit margin Institutional Securities *Financial Information and Statistical DataInvestment BankingAdvisory revenuesUnderwriting revenuesEquity Fixed incomeTotal underwriting revenues!Total investment banking revenuesSales & Trading' Fixed Income Other"Total sales & trading net revenuesInvestments & Other"Total investments & other revenues)Institutional Securities net revenues (1)&)1Average Daily 95% / One-Day Value-at-Risk ("VaR")2Primary Market Risk Category ($ 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 - 17.Quarter Ended  Dec 31,2017 Net revenuesCompensation and benefitsNon-compensation expenses ?Income tax provision / (benefit) from continuing operations (1);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) Net revenues (2) Compensation and benefits Non-compensation expenses (2)?Income tax provision / (benefit) from continuing operations (3);,Assets under management or supervision (AUM)Net flows by asset class (1) Fixed IncomeAlternative / OtherLong-Term Net Flows LiquidityTotal net flows9Assets under management or supervision by asset class (2)50Long Term Assets Under Management or Supervision,Total Assets Under Management or SupervisionShare of min< ority stake assets- In the second quarter of 2018, the Firm initiated a redesign of our Brokerage sweep deposit program in an effort to simplify our client cash sweep options. This resulted in approximately $18 billion of AUM liquidity outflows (3Q18: $8Bn, 2Q18: $10Bn), with a corresponding inflow in U.S. Bank deposits.,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- In the second quarter of 2018, the Firm initiated a redesign of our Brokerage sweep deposit program in an effort to simplify our client cash sweep options. This resulted in approximately $18 billion of U.S. Bank deposits inflows (3Q18: $8Bn, 2Q18: $10Bn), with a corresponding H amount of AUM liquidity outflows in the Investment Management segment. End Notes Pages 1 & 2:(1)Effective January 1, 2018, the Firm adopted new accounting guidance related to Revenue from Contracts with Customers, which among other things, requires a gross presentation of certain costs that were previously netted against net revenues. For the quarter and full year ended 2018, this change in presentation resulted in an increase to net revenues and non-compensation expenses as follows: 4Q18: Firm: $70 million, Institutional Securities: $62 million, Investment Management: $17 million, Intersegment elimination: $(9) million 3Q18: Firm: $93 million, Institutional Securities: $85 million, Investment Management: $17 million, Intersegment elimination: $(9) million 4Q18 YTD: Firm: $350 million, Institutional Securities: $320 million, Investment Management: $78 million, Intersegment elimination $(48) million The change in presentation did not have an impact on net income. Prior periods have not been restated pursuant to this guidance.(2)8The income tax consequences related to share-based payments, which are recurring-type tax items, are recognized in Provision for income taxes in the consolidated income statement, and 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. For the quarters and twelve months ended, the impact of recognizing excess tax benefits upon conversion of awards are as follows: 4Q18: $1 million, 3Q18: None, 4Q17: $16 million, 4Q18 YTD: $165 million and 4Q17 YTD: $155 million.(3)The quarter and full year ended December 31, 2018 included intermittent net discrete tax benefits of $111 million and $203 million, respectively, primarily associated with the new information pertaining to resolution of multi jurisdiction tax examinations. The quarter and full year ended December 31, 2017 included an intermittent net discrete tax provision of $1.2 billion as a result of the enactment of the Tax Cuts and Jobs Act (the  Tax Act ), partially offset by an approximate intermittent net discrete tax benefit of $168 million in the quarter and $233 million in the full year primarily associated with the remeasurement of reserves and related interest relating to the status of multi year Internal Revenue Service (IRS) tax examinations. This resulted in an aggregate intermittent net discrete tax provision of $1.03 billion for the fourth quarter of 2017 and $968 million for the full year 2017.The following sets forth the impact of the intermittent net discrete tax items to earnings per diluted share, return on average common equity and return on average tangible common equity:4Q184Q17FY 2018FY 2017!Earnings per diluted share impact&Return on average common equity impact/Return on average tangible common equity impact The impact of intermittent net discrete tax provisions and benefits reflected above do not include the recurring-type discrete tax benefits associated with the accounting guidance related to employee share based payments as we anticipate conversion activity each year.Page 4:Segment average tangible common equity represents average common equity adjusted to exclude goodwill and intangible assets net of allowable mortgage servicing rights deduction. The segment adjustments are as follows:J 4Q18: ISG: $641mm; WM: $7,604mm; IM: $950mm C4Q18 YTD: ISG: $641mm; WM: $7,604mm; IM: $950mm J 3Q18: ISG: $641mm; WM: $7,604mm; IM: $950mm <4Q17 YTD: ISG: $622mm; WM: $7,872mm; IM: $779mm H 4Q17: ISG: $622mm; WM: $7,872mm; IM: $779mm GCommencing January 1, 2018, regulatory compliance is based on risk-based capital ratios calculated under a fully phased-in approach. Prior to that date, such capital ratios were determined based on transitional rules. The fully phased-in risk-based capital ratios provided for periods prior to 2018 were pro-forma estimates. 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, 2017.Page 5:For the quarters ended December 31, 2018, September 30, 2018 and December 31, 2017, the percentage of Institutional Securities corporate loans by credit rating was as follows:&- % investment grade: 45%, 43% and 39%*- % non-investment grade: 55%, 57% and 61%For the quarters ended December 31, 2018, September 30, 2018 and December 31, 2017, the percentage of Institutional Securities corporate lending commitments by credit rating was as follows:&- % investment grade: 67%, 70% and 72%*- % non-investment grade: 33%, 30% and 28%At December 31, 2018, September 30, 2018 and December 31, 2017, the event-driven portfolio of loans and lending commitments to non-investment grade borrowers were $12.7 billion, $10.2 billion and $9.7 billion, respectively.(4)0The Institutional Securities business segment engages in other lending activity. These activities include commercial and residential mortgage lending, asset-backed lending, corp< orate loans purchased in the secondary market and financing extended to equities and commodities customers and municipalities.(5)hFor the quarters ended December 31, 2018, September 30, 2018 and December 31, 2017, Institutional Securities recorded a provision (release) for credit losses of $7 million, $(2) million and $(22) million, respectively, related to loans, and a provision for credit losses of $3 million, $1 million, and $18 million, respectively, related to lending commitments.Page 5 (continued):(6)For the quarters ended December 31, 2018 and September 30, 2018, Wealth Management recorded a provision for credit losses of $2 million and $3 million, respectively, related to loans. For the quarter ended December 31, 2017, there was no material provision recorded by Wealth Management related to loans. For the quarters ended December 31, 2018, September 30, 2018 and December 31, 2017, there was no material provision recorded by Wealth Management related to lending commitments.(7)aFor the quarters ended December 31, 2018, September 30, 2018 and December 31, 2017, Investment Management reflected loan balances of $26 million, $1.2 billion and $27 million, respectively, and lending commitments of $0 million, $164 million and $0 million, respectively, which are not included in the Consolidated Loans and Lending Commitments balance.Page 6:4Effective January 1, 2018, the Firm adopted new accounting guidance related to Revenue from Contracts with Customers, which among other things, requires a gross presentation of certain costs that were previously netted against net revenues. As a result, Institutional Securities segment recorded an increase to net revenues and non-compensation expenses as follows: 4Q18: $62 million, 3Q18: $85 million; and 4Q18 YTD: $320 million. This change in presentation did not have an impact on net income. Prior periods have not been restated pursuant to this guidance.For the quarter and full year ended December 31, 2018, the Institutional Securities segment recorded an intermittent net discrete tax benefit of $94 million and $182 million, respectively, primarily associated with the new information pertaining to resolution of multi jurisdiction tax examinations. For the quarter ended December 31, 2017, the Institutional Securities segment recorded an aggregate intermittent net discrete tax provision of $531 million, comprised of an approximate $705 million intermittent net discrete tax provision as a result of the enactment of the Tax Act, primarily from the remeasurement of certain net deferred tax assets using the lower enacted corporate tax rate, partially offset by an approximate $174 million intermittent net discrete tax benefit primarily associated with the remeasurement of reserves and related interest relating to the status of multi-year IRS tax examinations.Page 7:Page 8:'For the quarter ended December 31, 2017, the Wealth Management segment recorded an intermittent net discrete tax provision of $402 million as a result of the enactment of the Tax Act, primarily from the remeasurement of certain net deferred tax assets using the lower enacted corporate tax rate.+Page 10: Includes 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 nonredeemable noncontrolling interests./Effective January 1, 2018, the Firm adopted new accounting guidance related to Revenue from Contracts with Customers, which among other things, requires a gross presentation of certain costs that were previously netted against net revenues. As a result, Investment Management segment recorded an increase to net revenues and non-compensation expenses as follows: 4Q18: $17 million, 3Q18: $17 million and 4Q18 YTD: $78 million. This change in presentation did not have an impact on net income. Prior periods have not been restated pursuant to this guidance.JFor the quarter and full year ended December 31, 2018, the Investment Management segment recorded an intermittent net discrete tax benefit of $20 million and $21 million, respectively. For the quarter ended December 31, 2017, the Investment Management segment recorded an aggregate intermittent net discrete tax provision of $100 million, primarily comprised of an approximate $94 million intermittent net discrete tax provision as a result of the enactment of the Tax Act, primarily from the remeasurement of certain net deferred tax assets using the lower enacted corporate tax rate.Page 11:mNet Flows by region for the quarters ended December 31, 2018, September 30, 2018 and December 31, 2017 were:>North America: $3.1 billion, $(10.2) billion and $14.1 billion:International: $7.6 billion, $3.4 billion and $9.8 billionAssets under management or supervision by region for the quarters ended December 31, 2018, September 30, 2018 and December 31, 2017 were::North America: $260 billion, $265 billion and $286 billion:International: $203 billion, $206 billion and $196 billionPage 12:}U.S. Bank assets and deposits exclude balances between Bank subsidiaries, as well as deposits from the Parent and affiliates.For the quarters ended December 31, 2018, September 30, 2018 and December 31, 2017, the U.S. Bank investment securities portfolio included held to maturity investment securities of $23.7 billion, $19.0 billion and $17.5 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 abou< t, 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, along 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 Quarterly Report on Form 10-Q for the quarter ended September 30, 2018.(b) The following are considered non-GAAP financial measures that the Firm considers useful for investors to allow better comparability of operating performance. These measures are calculated as follows: - The earnings per diluted share, excluding intermittent net discrete tax provision / benefit represents net income (loss) applicable to Morgan Stanley, adjusted for the impact of the intermittent net discrete tax provision / benefit, less preferred dividends divided by the average number of diluted shares outstanding. - The return on average common equity and return on average tangible common equity represents full year net income or annualized net income for the quarter applicable to Morgan Stanley less preferred dividends as a percentage of average common equity and average tangible common equity, respectively. - Segment return on average common equity and return on average tangible common equity represents full year net income or annualized net income for the quarter applicable to Morgan Stanley for each segment, less preferred dividend segment allocation, divided by average common equity and average tangible common equity for each respective segment. - The Firm and segment return on average common equity and the return on average tangible common equity excluding intermittent net discrete tax provision / benefit are adjusted in both the numerator and the denominator to exclude the intermittent net discrete tax provision / benefit. Each segment is allocated their direct intermittent net discrete tax provision / benefit. - Tangible common equity represents common equity less goodwill and intangible assets net of allowable mortgage servicing rights deduction. - Tangible book value per common share represents 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.(c) Regulatory compliance was determined based on the risk-based capital ratios calculated under the transitional rules until December 31, 2017. The fully phased-in Common Equity Tier 1 risk-based capital ratios and fully phased-in Supplementary Leverage Ratio provided prior to 2018 were 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 had not yet become effective. 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, 2017 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 September 30, 2018.!Definition of Performance MetricsfBook value per common share represents common equity divided by period end common shares outstanding. Preferred stock dividend / Other includes allocation of earnings to Participating Restricted Stock Units (RSUs) for periods prior to 2Q18. iThe Firm expense efficiency ratio represents total non interest expenses as a percentage of net revenues.(d) Firmwide 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 2017 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 attribution of average common equity to the business segments is 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 Required Capital Framework is based on the Firm's fully phased in regulatory capital requirements. 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 common equity. The amount of capital allocated to the business segments is generally set at the beginning of the year, and will remain fixed throughout the year until the next annual reset unless a significant business change occurs (e.g., acquisition or disposition). 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, 2017 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 September 30, 2018.(h) The segment adjustments to common equity to derive segment average tangible common equity are generally set at the beginning of the year, and will remain fixed throughout the year until the next annual reset unless a significant business change occurs (e.g., acquisition or disposition).(i) The Firm's risk-based capital ratios for purposes of determining regulatory compliance are the lower of the capital ratios computed under the (i) standardized approaches for calculating credit risk and market risk risk-weighted assets (RWAs) (the  Standardized Approach ); and (ii) applicable advanced approaches for calculating credit risk, market risk and operational risk RWAs (the  Advanced Approach ). At December 31, 2018, the Firm's ratios are based on the Standardized Approach fully phased-in rules. Regulatory compliance was determined based on capital ratios calculated under transitional rules until December 31, 2017. 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 2017 Form 10-K and Part I, Item 2 "Liquidity and Capital Resources Regulatory Requirements" in the Firm's 10 Q for the quarter ended September 30, 2018.(j) Supplementary leverage ratio represents fully phased in Tier 1 capital divided by the fully phased in total supplementary leverage exposure.(k) Institutional Securities net income applicable to nonredeemable noncontrolling interests primarily represents the allocation to Mitsubishi UFJ Financial Group, Inc. of MorganStanley MUFG Securities Co., Ltd., which the Firm consolidates.(l) pInstitutional Securities discontinued operations primarily includes after-tax gains / (losses) related to Saxon.(m) 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 2017 Form 10-K.(n)The average annualized revenue per Wealth Management representative metric represents annualized net revenues divided by average representative headcount.(o) Client assets per Wealth Management representative represents total client assets divided by period end representative headcount.(p) aWealth Management client liabilities reflect U.S. Bank lending and broker dealer margin activity.(q) 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.(r) 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.(s) 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.(t) -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.(u) The share of minority stake assets represents Investment Management's proportional share of assets managed by entities in which it owns a minority stake.(v) 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 and affiliates.(w) %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. 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