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Warning Text %XTableStyleMedium2PivotStyleLight16` ^IndexJoSummary Consolidated STATS CONSOL ~STATS ISG - Corp Lending <Institutional Securities+STATS INSTL SECPWealth Management(xSTATS WM^Investment Managementʶ STATS AUM STATS US BankHAvg Equity and ROE"4Earnings Per Share Summary"+ End Notes<NONGAAP |GDEF U Legal Noticeb       ;  ;  ;  ;  ;  ;  ;  ;  ;   ;   ;   ;   ;   ;  ;8  L$      R >9Bzݻ(c gu F >9Bzݻ(c guJFIFC    #%$""!&+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˱ t5 ik@<35SzZ V@~"//aJe٥l#8~Y4QgyQbqv`\ \D*Ktt`"ll^d,=pM|kE-ǏT O;~5P<й1t~15Ixе\oJΕ3Cs˱NL{d \"4OG711? b$=_ڬ5Ə)HݎIL#>=p |%?d a,Bv(Ϡ]u>9otx'3)~Hi {ic\Njq[΃nro]$sZer FBbk@'l 9ϰv? hG[/4>+c6r*)k9b ˶HkC /'Q_ۼv3;29ǥt_ Oqw#K*]Kr'R+MihׂXT2:zzc ^X7 2"_|y 9~o2`|`AVFFy(ڗݦx\m;PzxVa26QpsD06{MF[[Ǩe#+qj |ibI928q | e u,bW)lrIiMZ'>mﵵԡ)ÿ^%KūCy6f9f򌡶cw=HCgJYY\ϰ .f$a>̺/.ߦ[ɸ0ؕ  :߃YANImBH83Yiv7ۭ͆ X7'BQFHՔ f'%C>F)ozlqܕP; w}/ľ#k[K> ?0Qh_nvc;߅xđ2Do&⧅ f57VΑ[ws^KQN+t%MԈ*_>^0F*+شZQ[RX*퐐qVxG5v7\ XiK/?κ(s6u% ?5 >atg*q@oiMui2&ݙ^v݌g8xv2;EDH' VkdnnҌ27AGp q?JBtu!U}I=x.P\\LR A 0]k[iqm?bu)hZL sƓh"P=q{ T?-I+qzBxV;ai[mo.AZ.t)/m,\?|8x:WF K4b$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@@   N(Quarterly Financial Supplement - 4Q 2016Page # Consolidated Financial Summary +Consolidated Income Statement Information 9Consolidated Financial Information and Statistical Data ,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 DConsolidated Return on Average Common Equity Financial Information Earnings Per Share Summary End Notes FDefinition 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, 2016 Sept 30, 2016 Dec 31, 2015Change 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 Financial Metrics:Earnings per diluted share -- (Earnings per diluted share excluding DVA Return on average common equity -Return on average common equity excluding DVANotes:- Effective January 1, 2016, the Firm early adopted the provision of new accounting guidance that requires unrealized gains and losses from Morgan Stanley s debt-related credit spreads and other credit factors (Debt Valuation Adjustments, or DVA) to be presented in other comprehensive income as opposed to net revenues and net income. This change is reflected in the consolidated results and the Institutional Securities segment for 2016. Results for 2015 were not restated pursuant to this guidance.z- Refer to End Notes, U.S. GAAP to Non-GAAP Measures, Definition of Performance Metrics and Legal Notice on pages 14 - 17.)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 interest Net 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 @Earnings (loss) applicable to Morgan Stanley common shareholdersPre-tax profit margin0Compensation and benefits as a % of net revenues0Non-compensation expenses as a % of net revenues1Effective tax rate from continuing operations (1)- 7Consolidated Financial Information and Statistical DataRegional revenuesAmericas"EMEA (Europe, Middle East, Africa)AsiaConsolidated net revenuesWorldwide employeesDepositsAssetsRisk-weighted assetsGlobal liquidity reserveLong-term debt outstanding9Maturities of long-term debt outstanding (next 12 months) Common equity$Less: Goodwill and intangible assetsTangible common equity Preferred equity5Junior subordinated debt issued to capital trusts (1)2/Period end common shares outstanding (millions)Book value per common share%Tangible book value per common share 4Common Equity Tier 1 capital Advanced (Transitional)&Tier 1 capital Advanced (Transitional):Common Equity Tier 1 capital ratio Advanced (Transitional)HPro-forma Common Equity Tier 1 capital ratio Advanced (Fully Phased-in) ,Tier 1 capital ratio Advanced (Transitional)$Tier 1 leverage ratio (Transitional),Supplementary Leverage Ratio (Transitional) +9Pro-forma Supplementary Leverage Ratio (Fully Phased-in) 8*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)67 Wealth Management LoansLending commitments4Wealth Management Loans and Lending Commitments (6) 0 Notes: Income Statement Information Percentage Dec 31, 2015 InvestmentsNon-compensation expensesTotal non-interest expenses 6Income (loss) from continuing operations before taxes 5 ?Income tax provision / (benefit) from continuing operations (1); 4Gain (loss) from discontinued operations after tax 3 Net income (loss) Pre-tax profit margin - 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. Accordingly, Institutional Securities began to pay fees to Wealth Management based on distribution activity which are reflected as Commissions and fees revenues for Wealth Management and as Brokerage, clearing and exchange fees expense for Institutional Securities. Institutional Securities results also reflect the ongoing revenues and compensation and benefits expenses related to these fixed income trading activities. Prior periods have not been recast for this new inter-segment agreement. and other credit factors (DVA) to be presented in other comprehensive income as opposed to net revenues and net income. Results for 2015 were not restated pursuant to this guidance.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 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 - Effective January 1, 2016, the Firm early adopted the provision of new accounting guidance that requires unrealized gains and losses from DVA to be presented in other comprehensive income as opposed to net revenues and net income. Results for 2015 were not restated pursuant to this guidance. Sales and trading net revenues included < positive / (negative) revenue related to DVA as follows:c December 31, 2015: Total QTD: $(124) million; Fixed Income: $(90) million; Equity: $(34) million[\< _ December 31, 2015: Total YTD: $618 million; Fixed Income: $455 million; Equity: $163 million{ - Refer to End Notes, U.S. GAAP to Non-GAAP Measures, Definition of Performance Metrics and Legal Notice on pages 14 - 17.Compensation and benefitsNon-compensation expenses ;Income tax provision / (benefit) from continuing operations3Gain (loss) from discontinued operations after tax 2 ANet income applicable to nonredeemable noncontrolling interests (unaudited) Bank deposit program (billions) 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   Dec 31, 2016 Sept 30, 2016 1Assets under management or supervision (billions)Net flows by asset class (1) Fixed Income Liquidity Alternative / Other products (2)Total net flows9Assets under management or supervision by asset class (3)5 Alternative / Other products,Total Assets Under Management or SupervisionShare of minority stake assets,U.S. Bank Supplemental Financial InformationU.S. Bank assets-U.S. Bank investment securities portfolio (1)* 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 loansBConsolidated Return on Average Common Equity Financial InformationAverage Common Equity ParentFirm Return on average Common Equity - Beginning in 2016, the amount of capital allocated to the business segments was set at the beginning of the year, and will remain fixed throughout the year until the next annual reset. Differences between Available and Required Capital will be reflected in Parent equity during the year. Periods prior to 7 2016 have not been recast under the new methodology.Earnings Per Share Summary;(unaudited, dollars in millions, except for per share data)EIncome (loss) from continuing operations applicable to Morgan Stanley`Less: Preferred Dividends and allocation of earnings to Participating Restricted Stock Units]Income (loss) from continuing operations applicable to Morgan Stanley common shareholderscLess: Gain (loss) from discontinued operations after tax applicable to noncontrolling interestsDLess: Allocation of earnings to Participating Restricted Stock UnitsaEarnings (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 shareVAverage diluted common shares outstanding and common stock equivalents (millions) Earnings per diluted share: Notes: - Refer to End Notes, U.S. GAAP to Non-GAAP Measures, Definition of Performance Metrics and Legal Notice on pages 14 - 17. End NotesPage 2:(1)For the quarter ended December 31, 2016, income tax provision / (benefit) from continuing operations included a net discrete tax benefit of $135 million primarily related to the remeasurement of reserves and related interest due to new information regarding the status of a multi-year tax authority examination. For the year ended December 31, 2015, income tax provision / (benefit) from continuing operations included a net discrete tax benefit of approximately $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. Page 3:During the quarter ended September 30, 2016, Morgan Stanley redeemed all of its issued and outstanding Capital Securities pursuant to the optional redemption provisions provided in the respective governing documents.Page 4:For the quarters ended December 31, 2016, September 30, 2016, and December 31, 2015, the percentage of Institutional Securities corporate loans by credit rating was as follows:&- % investment grade: 32%, 38% and 36%*- % non-investment grade: 68%, 62% and 64%(2)For the quarters ended December 31, 2016, September 30, 2016, and December 31, 2015, the percentage of Institutional Securities corporate lending commitments by credit rating was as follows:&- % investment grade: 69%, 75% and 73%*- % non-investment grade: 31%, 25% and 27%(3)At December 31, 2016, September 30, 2016 and December 31, 2015, the event-driven portfolio of loans and lending commitments to non-investment grade borrowers were $15.3 billion, $7.9 billion and $13.5 billion, respectively.(4)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.(5)2For the quarters ended December 31, 2016, and December 31, 2015, Institutional Securities recorded a provision (release) for credit losses of $(2.1) million and $37.3 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 December 31, 2016, September 30, 2016, and December 31, 2015, a provision for credit losses of $3.4 million, $6.4 million and $22.8 million was recorded, respectively, related to lending commitments.(6)For the quarters ended December 31, 2016, September 30, 2016, and December 31, 2015, Wealth Management recorded a provision for credit losses of $3.3 million, $1.6 million and $14.9 million, respectively, related to loans. For the quarters ended December 31, 2016, September 30, 2016, and December 31, 2015, a provision (release) of $0.2 million, $(0.5) million and $1.4 million, respectively, related to lending commitments.Page 5:For the quarter ended December 31, 2016, income tax provision / (benefit) from continuing operations included a net discrete tax benefit of $137 million primarily related to the remeasurement of reserves and related interest due to new information regarding the status of a multi-year tax authority examination. For the year ended December 31, 2015, income tax provision / (benefit) from continuing operations included a net discrete tax benefit of approximately $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. Page 9:LThe quarters ended December 31, 2016, September 30, 2016 and December 31, 2015 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 10:lNet Flows by region for the quarters ended December 31, 2016, September 30, 2016 and December 31, 2015 were:<North America: $2.5 billion, $1.8 billion and $(4.5) billion:International: $5.5 billion, $2.1 billion and $3.5 billionFor the full year ended December 31, 2015, Alternative / Other products net flows include $4.6 billion of inflows related to the transfer of certain portfolio managers, and their portfolios, from Wealth Management to Investment Management.Assets under management or supervision by region for the quarters ended December 31, 2016, September 30, 2016 and December 31, 2015 were::North America: $269 billion, $270 billion and $263 billion:International: $148 billion,< $147 billion and $143 billionPage 11:For the quarters ended December 31, 2016, September 30, 2016 and December 31, 2015, the U.S. Bank investment securities portfolio included held to maturity investment securities of $13.5 billion, $11.2 billion and $4.9 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, 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 fourth quarter earnings release footnotes for such definitions and reconciliations.(b) (c) .The fully phased-in Common Equity Tier 1 risk-based capital ratio 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 2015 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, 2016.!Definition of Performance MetricsbBook value per common share equals common equity divided by period end common shares outstanding. 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, 2015 (2015 Form 10-K).)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 December 31, 2016, the binding ratio is 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 2015 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, 2016.(d) 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.(e) The Firm's goodwill and intangible balances utilized in the calculation of tangible common equity are net of allowable mortgage servicing rights deduction.(f) Institutional Securities net income applicable to noncontrolling interests primarily represents the allocation to Mitsubishi UFJ Financial Group, Inc. of MorganStanley MUFG Securities Co., Ltd., whi< ch the Firm consolidates.(g) 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 2015 Form 10-K.(h) Annualized revenue per Wealth Management representative is defined as annualized revenue divided by average representative headcount.(i) Client assets per Wealth Management representative represents total client assets divided by period end representative headcount.(j) aWealth Management client liabilities reflect U.S. Bank lending and broker dealer margin activity.(k) 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.(l) 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.(m) 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.(n) .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.(o) The share of minority stake assets represents Investment Management's proportional share of assets managed by entities in which it owns a minority stake.(p) 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.(q)%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.(r) 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. Effective January 1, 2016 the common equity estimation and attribution to the business segments is based on the Firm s fully phased-in regulatory capital, including supplementary leverage and stress losses (which results in more capital being attributed to the business segments), whereas prior periods were attributed based on transitional regulatory capital provisions. Also beginning in 2016, the amount of capital allocated to the business segments was 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 Morgan Stanley s Annual Report on Form 10-K for the year ended December 31, 2015 and Part I, Item 2 "Liquidity and Capital Resources Regulatory Requirements" in Morgan Stanley's Quarterly Report on Form 10-Q for the quarter ended September 30, 2016.(s) rPreferred stock dividend / other includes allocation of earnings to Participating Restricted Stock Units (RSUs). (t) eThe 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 15 to the consolidated financial statements in the Firm's 10-Q for the quarter ended September 30, 2016. 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 fourth quarter earnings press release issued January 17, 2017.The following are considered non-GAAP financial measures: earnings (losses) per diluted share excluding DVA, return on average common equity metrics, return on average common equity excluding DVA metrics, tangible common equity, tangible book value per common share and pre-tax margin. 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