MORGAN STANLEY - FORM 8-K - EX-99.2 - EXHIBIT 99.2

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8-K - MORGAN STANLEY 8-K - MORGAN STANLEY	a50845272.htm
EX-99.1 - EXHIBIT 99.1 - MORGAN STANLEY	a50845272ex99_1.htm

Exhibit 99.2

MORGAN STANLEY
Financial Supplement - 1Q 2014
Table of Contents
Page #

1	…………….	Quarterly Financial Summary
2	…………….	Quarterly Consolidated Income Statement Information
3	…………….	Quarterly Earnings Per Share Summary
4 - 5	…………….	Quarterly Consolidated Financial Information and Statistical Data
6	…………….	Quarterly Institutional Securities Income Statement Information
7	…………….	Quarterly Institutional Securities Financial Information and Statistical Data
8	…………….	Quarterly Wealth Management Income Statement Information
9	…………….	Quarterly Wealth Management Financial Information and Statistical Data
10	…………….	Quarterly Investment Management Income Statement Information
11	…………….	Quarterly Investment Management Financial Information and Statistical Data
12	…………….	Quarterly Firm Loans and Lending Commitments Financial Information
13	…………….	Earnings Per Share Appendix I
14 - 15	…………….	End Notes
16	…………….	Legal Notice

MORGAN STANLEY
Quarterly Financial Summary (1)
(unaudited, dollars in millions)



	Quarter Ended									Percentage Change From:
	Mar 31, 2014			Dec 31, 2013			Mar 31, 2013			Dec 31, 2013			Mar 31, 2013
Net revenues
Institutional Securities	$	4,609		$	3,323		$	4,081			39	%		13	%
Wealth Management		3,622			3,732			3,470			(3	%)		4	%
Investment Management		740			842			645			(12	%)		15	%
Intersegment Eliminations		(42	)		(72	)		(46	)		42	%		9	%
Consolidated net revenues	$	8,929		$	7,825		$	8,150			14	%		10	%

Income (loss) from continuing operations before tax
Institutional Securities	$	1,353		$	(1,263	)	$	799			*			69	%
Wealth Management		691			709			597			(3	%)		16	%
Investment Management		263			337			187			(22	%)		41	%
Intersegment Eliminations		0			0			0			--			--
Consolidated income (loss) from continuing operations before tax	$	2,307		$	(217	)	$	1,583			*			46	%

Income (loss) applicable to Morgan Stanley
Institutional Securities	$	925		$	(563	)	$	641			*			44	%
Wealth Management		423			476			256			(11	%)		65	%
Investment Management		118			183			84			(36	%)		40	%
Intersegment Eliminations		0			0			0			--			--
Consolidated income (loss) applicable to Morgan Stanley	$	1,466		$	96		$	981			*			49	%


Financial Metrics:

Return on average common equity from continuing operations (2)		8.9	%		0.3	%		6.3	%
Return on average common equity (2)		9.2	%		0.2	%		6.2	%

Return on average common equity from continuing operations excluding DVA (2)		8.3	%		1.8	%		7.5	%
Return on average common equity excluding DVA (2)		8.5	%		1.7	%		7.4	%

Common Equity Tier 1 capital ratio (transitional) (3)		14.1	%		12.8	%		11.5	%
Tier 1 capital ratio (transitional) (3)		15.6	%		15.7	%		13.9	%

Book value per common share (4)	$	32.38		$	32.24		$	31.21
Tangible book value per common share (5)	$	27.41		$	27.16		$	27.38

Notes:	-	Beginning with the first quarter of 2014, the Firm calculates its Common Equity Tier 1 capital and Tier 1 capital (and the numerator of the related Common Equity Tier 1
		and Tier 1 risk-based capital ratios) using the U.S. Basel III final rule’s definition of capital and regulatory deductions and adjustments, subject to transitional provisions.
		Prior periods have not been recast to reflect the new requirements.
	-	Results for the quarters ended March 31, 2014, December 31, 2013 and March 31, 2013, include positive (negative) revenue of $126 million, $(368) million and $(317) million,
		respectively, related to the movement in Morgan Stanley's credit spreads and other credit factors on certain long-term and short-term debt (Debt Valuation Adjustment, DVA).
	-	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 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 14-15 and Legal Notice on page 16.

MORGAN STANLEY
Quarterly Consolidated Income Statement Information
(unaudited, dollars in millions)


	Quarter Ended									Percentage Change From:
	Mar 31, 2014			Dec 31, 2013			Mar 31, 2013			Dec 31, 2013			Mar 31, 2013
Revenues:
Investment banking	$	1,308		$	1,559		$	1,224			(16	%)		7	%
Trading		2,962			1,512			2,694			96	%		10	%
Investments		359			523			338			(31	%)		6	%
Commissions and fees		1,216			1,166			1,167			4	%		4	%
Asset management, distribution and admin. fees		2,549			2,499			2,346			2	%		9	%
Other		227			284			199			(20	%)		14	%
Total non-interest revenues		8,621			7,543			7,968			14	%		8	%

Interest income		1,343			1,099			1,388			22	%		(3	%)
Interest expense		1,035			817			1,206			27	%		(14	%)
Net interest		308			282			182			9	%		69	%
Net revenues		8,929			7,825			8,150			14	%		10	%
Non-interest expenses:
Compensation and benefits		4,305			3,992			4,214			8	%		2	%

Non-compensation expenses:
Occupancy and equipment		359			369			377			(3	%)		(5	%)
Brokerage, clearing and exchange fees		443			411			428			8	%		4	%
Information processing and communications		424			446			448			(5	%)		(5	%)
Marketing and business development		147			190			134			(23	%)		10	%
Professional services		452			548			440			(18	%)		3	%
Other		492			2,086			526			(76	%)		(6	%)
Total non-compensation expenses		2,317			4,050			2,353			(43	%)		(2	%)

Total non-interest expenses		6,622			8,042			6,567			(18	%)		1	%

Income (loss) from continuing operations before taxes		2,307			(217	)		1,583			*			46	%
Income tax provision / (benefit) from continuing operations		762			(402	)		333			*			129	%
Income (loss) from continuing operations		1,545			185			1,250			*			24	%
Gain (loss) from discontinued operations after tax		39			(12	)		(19	)		*			*
Net income (loss)	$	1,584		$	173		$	1,231			*			29	%
Net income applicable to redeemable noncontrolling interests (1)		0			0			122			--			*
Net income applicable to nonredeemable noncontrolling interests		79			89			147			(11	%)		(46	%)
Net income (loss) applicable to Morgan Stanley		1,505			84			962			*			56	%
Preferred stock dividend / Other		56			48			26			17	%		115	%
Earnings (loss) applicable to Morgan Stanley common shareholders	$	1,449		$	36		$	936			*			55	%

Amounts applicable to Morgan Stanley:
Income (loss) from continuing operations		1,466			96			981			*			49	%
Gain (loss) from discontinued operations after tax		39			(12	)		(19	)		*			*
Net income (loss) applicable to Morgan Stanley	$	1,505		$	84		$	962			*			56	%

Pre-tax profit margin (2)		26	%		*			19	%
Compensation and benefits as a % of net revenues		48	%		51	%		52	%
Non-compensation expenses as a % of net revenues		26	%		52	%		29	%
Effective tax rate from continuing operations		33.0	%		*			21.0	%

Notes:	-	Pre-tax profit margin is a non-GAAP financial measure that the Firm considers to be a useful measure to assess operating performance.
	-	In the quarter ended March 31, 2014, discontinued operations included a pre-tax gain on sale of $45 million ($40 million after tax) and other operating results
		related to Canterm Canadian Terminals, Inc. (reported in the Institutional Securities business segment).
	-	The quarter ended December 31, 2013 included a discrete tax benefit of approximately $192 million consisting of $100 million related to the remeasurement of
		reserves and related interest based on new information regarding the status of certain tax authority examinations and $92 million related to the establishment
		of a deferred tax asset associated with the reorganization of certain non-U.S. legal entities.
	-	For the quarter ended March 31, 2013, the income tax provision from continuing operations included a net tax benefit of approximately $142 million consisting
		of a $81 million benefit resulting from a retroactive change in U.S. tax law and $61 million discrete net tax benefit from the remeasurement of reserves and
		related interest (reported in the Institutional Securities business segment).
	-	Refer to End Notes on pages 14-15 and Legal Notice on page 16.

MORGAN STANLEY
Quarterly Earnings Per Share
(unaudited, dollars in millions, except for per share data)


	Quarter Ended								Percentage Change From:
	Mar 31, 2014		Dec 31, 2013			Mar 31, 2013			Dec 31, 2013			Mar 31, 2013


Income (loss) from continuing operations	$	1,545	$	185		$	1,250			*			24	%
Net income applicable to redeemable noncontrolling interests		0		0			122			--			*
Net income applicable to nonredeemable noncontrolling interests		79		89			147			(11	%)		(46	%)
Net income (loss) from continuing operations applicable to noncontrolling interests		79		89			269			(11	%)		(71	%)
Income (loss) from continuing operations applicable to Morgan Stanley		1,466		96			981			*			49	%
Less: Preferred Dividends		54		48			24			13	%		125	%
Less: Morgan Stanley Smith Barney Joint Venture Redemption Adjustment		-		-			-			--			--
Income (loss) from continuing operations applicable to Morgan Stanley, prior to allocation of income to Participating Restricted Stock Units		1,412		48			957			*			48	%

Basic EPS Adjustments:
Less: Allocation of earnings to Participating Restricted Stock Units		2		0			2			*			--
Earnings (loss) from continuing operations applicable to Morgan Stanley common shareholders	$	1,410	$	48		$	955			*			48	%

Gain (loss) from discontinued operations after tax		39		(12	)		(19	)		*			*
Less: Gain (loss) from discontinued operations after tax applicable to noncontrolling interests		0		0			0			--			--
Gain (loss) from discontinued operations after tax applicable to Morgan Stanley		39		(12	)		(19	)		*			*
Less: Allocation of earnings to Participating Restricted Stock Units		0		0			0			--			--
Earnings (loss) from discontinued operations applicable to Morgan Stanley common shareholders		39		(12	)		(19	)		*			*

Earnings (loss) applicable to Morgan Stanley common shareholders	$	1,449	$	36		$	936			*			55	%

Average basic common shares outstanding (millions)		1,924		1,905			1,901			1	%		1	%

Earnings per basic share:
Income from continuing operations	$	0.73	$	0.02		$	0.50			*			46	%
Discontinued operations	$	0.02	$	-		$	(0.01	)		*			*
Earnings per basic share	$	0.75	$	0.02		$	0.49			*			53	%

Earnings (loss) from continuing operations applicable to Morgan Stanley common shareholders	$	1,410	$	48		$	955			*			48	%

Earnings (loss) from discontinued operations applicable to Morgan Stanley common shareholders		39		(12	)		(19	)		*			*

Earnings (loss) applicable to Morgan Stanley common shareholders	$	1,449	$	36		$	936			*			55	%

Average diluted common shares outstanding and common stock equivalents (millions)		1,969		1,970			1,940			--			1	%

Earnings per diluted share:
Income from continuing operations	$	0.72	$	0.02		$	0.49			*			47	%
Discontinued operations	$	0.02	$	-		$	(0.01	)		*			*
Earnings per diluted share	$	0.74	$	0.02		$	0.48			*			54	%

Notes:	-	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 15 to the consolidated financial statements in the Firm's Annual Report on Form 10-K for the year ended December 31, 2013.
	-	Refer to Legal Notice on page 16.

MORGAN STANLEY
Quarterly Consolidated Financial Information and Statistical Data
(unaudited)


	Quarter Ended									Percentage Change From:
	Mar 31, 2014			Dec 31, 2013			Mar 31, 2013			Dec 31, 2013			Mar 31, 2013


Regional revenues (1)
Americas	$	6,515		$	5,642		$	5,951			15	%		9	%
EMEA (Europe, Middle East, Africa)		1,422			1,196			1,066			19	%		33	%
Asia		992			987			1,133			1	%		(12	%)
Consolidated net revenues	$	8,929		$	7,825		$	8,150			14	%		10	%

Worldwide employees		55,883			55,794			55,289			--			1	%

Firmwide deposits	$	116,648		$	112,379		$	80,623			4	%		45	%
Total assets	$	834,999		$	832,702		$	801,383			--			4	%
Risk-weighted assets (2)	$	398,492		$	389,675		$	403,237			2	%		(1	%)
Global liquidity reserve (billions) (3)	$	203		$	202		$	186			--			9	%
Long-term debt outstanding	$	153,374		$	153,575		$	165,142			--			(7	%)
Maturities of long-term debt outstanding (next 12 months)	$	22,639		$	24,193		$	22,138			(6	%)		2	%

Common equity		63,851			62,701			61,196			2	%		4	%
Preferred equity		3,220			3,220			1,508			--			114	%
Morgan Stanley shareholders' equity		67,071			65,921			62,704			2	%		7	%
Junior subordinated debt issued to capital trusts		4,859			4,849			4,828			--			1	%
Less: Goodwill and intangible assets (4)		(9,805	)		(9,873	)		(7,509	)		1	%		(31	%)
Tangible Morgan Stanley shareholders' equity	$	62,125		$	60,897		$	60,023			2	%		4	%
Tangible common equity (5)	$	54,046		$	52,828		$	53,687			2	%		1	%


Common Equity Tier 1 capital (transitional) (2)	$	56,193		$	49,917		$	46,512			13	%		21	%
Tier 1 capital (transitional) (2)	$	62,087		$	61,007		$	56,129			2	%		11	%

Common Equity Tier 1 capital ratio (transitional) (2)		14.1	%		12.8	%		11.5	%
Tier 1 capital ratio (transitional) (2)		15.6	%		15.7	%		13.9	%
Tier 1 leverage ratio (transitional) (6)		7.6	%		7.6	%		7.0	%

Period end common shares outstanding (000's)		1,971,686			1,944,869			1,960,583			1	%		1	%

Book value per common share	$	32.38		$	32.24		$	31.21
Tangible book value per common share	$	27.41		$	27.16		$	27.38

Notes:	-	Beginning with the first quarter of 2014, the Firm calculates its Common Equity Tier 1 capital, Tier 1 capital (and the numerator of the related
		Common Equity Tier 1 and Tier 1 risk-based capital ratios) and Tier 1 leverage ratio using the U.S. Basel III final rule’s definition of capital and regulatory deductions
		and adjustments, subject to transitional provisions. Prior periods have not been recast to reflect the new requirements.
	-	All data presented in millions except number of employees, liquidity, ratios and book values.
	-	Refer to End Notes on pages 14-15 and Legal Notice on page 16.

MORGAN STANLEY
Quarterly Consolidated Financial Information and Statistical Data
(unaudited, dollars in billions)



	Quarter Ended									Percentage Change From:
	Mar 31, 2014			Dec 31, 2013			Mar 31, 2013			Dec 31, 2013			Mar 31, 2013
Average Common Equity Tier 1 capital (1)
Institutional Securities	$	29.9		$	31.4		$	34.2			(5	%)		(13	%)
Wealth Management		5.3			4.5			4.1			18	%		29	%
Investment Management		1.6			1.8			1.6			(11	%)		--
Parent capital		18.6			11.9			5.8			56	%		*
Total - continuing operations		55.4			49.6			45.7			12	%		21	%
Discontinued operations		0.0			0.0			0.0			--			--
Firm	$	55.4		$	49.6		$	45.7			12	%		21	%

Average Common Equity
Institutional Securities	$	30.9		$	36.2		$	39.9			(15	%)		(23	%)
Wealth Management		11.3			13.2			13.4			(14	%)		(16	%)
Investment Management		2.5			2.9			2.8			(14	%)		(11	%)
Parent capital		18.6			10.7			4.8			74	%		*
Total - continuing operations		63.3			63.0			60.9			--			4	%
Discontinued operations		0.0			0.0			0.0			--			--
Firm	$	63.3		$	63.0		$	60.9			--			4	%


Return on average Common Equity Tier 1 capital
Institutional Securities		12	%		*			7	%
Wealth Management		30	%		42	%		25	%
Investment Management		30	%		41	%		20	%
Total - continuing operations		10	%		0	%		8	%
Firm		10	%		0	%		8	%

Return on average Common Equity
Institutional Securities		12	%		*			6	%
Wealth Management		14	%		14	%		8	%
Investment Management		19	%		25	%		12	%
Total - continuing operations		9	%		0	%		6	%
Firm		9	%		0	%		6	%

Notes:	-	Beginning with the first quarter of 2014, the Firm calculates its Common Equity Tier 1 capital using the U.S. Basel III final rule’s definition of capital and regulatory
		deductions and adjustments, subject to transitional provisions. Prior periods have not been recast to reflect the new requirements.
	-	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.
	-	Refer to End Notes on pages 14-15 and Legal Notice on page 16.

MORGAN STANLEY
Quarterly Institutional Securities Income Statement Information
(unaudited, dollars in millions)


	Quarter Ended									Percentage Change From:
	Mar 31, 2014			Dec 31, 2013			Mar 31, 2013			Dec 31, 2013			Mar 31, 2013
Revenues:
Investment banking	$	1,136		$	1,362		$	945			(17	%)		20	%
Trading		2,707			1,176			2,414			130	%		12	%
Investments		109			177			142			(38	%)		(23	%)
Commissions and fees		678			596			608			14	%		12	%
Asset management, distribution and admin. fees		81			73			66			11	%		23	%
Other		123			187			133			(34	%)		(8	%)
Total non-interest revenues		4,834			3,571			4,308			35	%		12	%

Interest income		881			643			1,014			37	%		(13	%)
Interest expense		1,106			891			1,241			24	%		(11	%)
Net interest		(225	)		(248	)		(227	)		9	%		1	%
Net revenues		4,609			3,323			4,081			39	%		13	%

Compensation and benefits		1,851			1,550			1,890			19	%		(2	%)
Non-compensation expenses		1,405			3,036			1,392			(54	%)		1	%
Total non-interest expenses		3,256			4,586			3,282			(29	%)		(1	%)


Income (loss) from continuing operations before taxes		1,353			(1,263	)		799			*			69	%
Income tax provision / (benefit) from continuing operations		403			(743	)		61			*			*
Income (loss) from continuing operations		950			(520	)		738			*			29	%
Gain (loss) from discontinued operations after tax		38			(12	)		(19	)		*			*
Net income (loss)		988			(532	)		719			*			37	%
Net income applicable to redeemable noncontrolling interests		-			-			1			--			*
Net income applicable to nonredeemable noncontrolling interests (1)		25			43			96			(42	%)		(74	%)
Net income (loss) applicable to Morgan Stanley	$	963		$	(575	)	$	622			*			55	%

Amounts applicable to Morgan Stanley:
Income (loss) from continuing operations		925			(563	)		641			*			44	%
Gain (loss) from discontinued operations after tax		38			(12	)		(19	)		*			*
Net income (loss) applicable to Morgan Stanley	$	963		$	(575	)	$	622			*			55	%

Return on average common equity from continuing operations		12	%		*			6	%
Pre-tax profit margin (2)		29	%		*			20	%
Compensation and benefits as a % of net revenues		40	%		47	%		46	%

Notes:	-	Pre-tax profit margin is a non-GAAP financial measure that the Firm considers to be a useful measure to assess operating performance.
	-	In the quarter ended March 31, 2014, discontinued operations included a pre-tax gain on sale of $45 million ($40 million after tax) and other operating results
		related to Canterm Canadian Terminals, Inc.
	-	The quarter ended December 31, 2013 included a discrete tax benefit of approximately $192 million consisting of $100 million related to the remeasurement of
		reserves and related interest based on new information regarding the status of certain tax authority examinations and $92 million related to the establishment of a
		deferred tax asset associated with the reorganization of certain non-US legal entities.
	-	For the quarter ended March 31, 2013, the income tax provision from continuing operations included a net tax benefit of approximately $142 million consisting of a
		$81 million benefit resulting from a retroactive change in U.S. tax law and $61 million discrete net tax benefit from the remeasurement of reserves and related interest.
	-	Refer to End Notes on pages 14-15 and Legal Notice on page 16.

MORGAN STANLEY
Quarterly Financial Information and Statistical Data
Institutional Securities
(unaudited, dollars in millions)



	Quarter Ended								Percentage Change From:
	Mar 31, 2014			Dec 31, 2013			Mar 31, 2013		Dec 31, 2013			Mar 31, 2013

Investment Banking
Advisory revenues	$	336		$	451		$	251		(25	%)		34	%
Underwriting revenues
Equity		315			416			283		(24	%)		11	%
Fixed income		485			495			411		(2	%)		18	%
Total underwriting revenues		800			911			694		(12	%)		15	%

Total investment banking revenues	$	1,136		$	1,362		$	945		(17	%)		20	%

Sales & Trading
Equity	$	1,755		$	1,420		$	1,512		24	%		16	%
Fixed Income & Commodities		1,730			409			1,277		*			35	%
Other		(244	)		(232	)		72		(5	%)		*
Total sales & trading net revenues	$	3,241		$	1,597		$	2,861		103	%		13	%

Investments & Other
Investments	$	109		$	177		$	142		(38	%)		(23	%)
Other		123			187			133		(34	%)		(8	%)
Total investments & other revenues	$	232		$	364		$	275		(36	%)		(16	%)

Total Institutional Securities net revenues	$	4,609		$	3,323		$	4,081		39	%		13	%


Average Daily 95% / One-Day Value-at-Risk ("VaR") (1)
Primary Market Risk Category ($ millions, pre-tax)
Interest rate and credit spread	$	33		$	35		$	61
Equity price	$	19		$	20		$	18
Foreign exchange rate	$	14		$	17		$	11
Commodity price	$	20		$	18		$	20

Aggregation of Primary Risk Categories	$	46		$	46		$	66

Credit Portfolio VaR	$	12		$	13		$	16

Trading VaR	$	50		$	51		$	72

Notes:	-	For the periods noted below, sales and trading net revenues included positive (negative) revenue related to DVA as follows:
		March 31, 2014: Total QTD: $126 million; Fixed Income & Commodities: $76 million; Equity: $50 million
		December 31, 2013: Total QTD: $(368) million; Fixed Income & Commodities: $(285) million; Equity: $(83) million
		March 31, 2013: Total QTD: $(317) million; Fixed Income & Commodities: $(238) million; Equity: $(79) million
	-	Refer to End Notes on pages 14-15 and Legal Notice on page 16.

MORGAN STANLEY
Quarterly Wealth Management Income Statement Information
(unaudited, dollars in millions)


	Quarter Ended									Percentage Change From:
	Mar 31, 2014			Dec 31, 2013			Mar 31, 2013			Dec 31, 2013			Mar 31, 2013
Revenues:
Investment banking	$	181		$	206		$	274			(12	%)		(34	%)
Trading		275			323			298			(15	%)		(8	%)
Investments		4			5			3			(20	%)		33	%
Commissions and fees		540			576			559			(6	%)		(3	%)
Asset management, distribution and admin. fees		2,021			1,984			1,858			2	%		9	%
Other		62			110			65			(44	%)		(5	%)
Total non-interest revenues		3,083			3,204			3,057			(4	%)		1	%

Interest income		581			569			488			2	%		19	%
Interest expense		42			41			75			2	%		(44	%)
Net interest		539			528			413			2	%		31	%
Net revenues		3,622			3,732			3,470			(3	%)		4	%

Compensation and benefits		2,169			2,147			2,065			1	%		5	%
Non-compensation expenses		762			876			808			(13	%)		(6	%)
Total non-interest expenses		2,931			3,023			2,873			(3	%)		2	%

Income (loss) from continuing operations before taxes		691			709			597			(3	%)		16	%
Income tax provision / (benefit) from continuing operations		268			233			220			15	%		22	%
Income (loss) from continuing operations		423			476			377			(11	%)		12	%
Gain (loss) from discontinued operations after tax		0			0			(1	)		--			*
Net income (loss)		423			476			376			(11	%)		13	%
Net income applicable to redeemable noncontrolling interests (1)		0			0			121			--			*
Net income applicable to nonredeemable noncontrolling interests (1)		0			0			0			--			--
Net income (loss) applicable to Morgan Stanley	$	423		$	476		$	255			(11	%)		66	%

Amounts applicable to Morgan Stanley:
Income (loss) from continuing operations		423			476			256			(11	%)		65	%
Gain (loss) from discontinued operations after tax		0			0			(1	)		--			*
Net income (loss) applicable to Morgan Stanley	$	423		$	476		$	255			(11	%)		66	%

Return on average common equity from continuing operations		14	%		14	%		8	%
Pre-tax profit margin (2)		19	%		19	%		17	%
Compensation and benefits as a % of net revenues		60	%		58	%		60	%

Notes:	-	Pre-tax profit margin is a non-GAAP financial measure that the Firm considers to be a useful measure to assess operating performance.
	-	In the quarter ended December 31, 2013, Wealth Management recorded an impairment charge of approximately $36 million related to certain intangibles
		(i.e. management contracts) associated with alternative investment funds.
	-	Refer to End Notes on pages 14-15 and Legal Notice on page 16.

MORGAN STANLEY
Quarterly Financial Information and Statistical Data
Wealth Management
(unaudited)



	Quarter Ended									Percentage Change From:
	Mar 31, 2014			Dec 31, 2013			Mar 31, 2013			Dec 31, 2013			Mar 31, 2013


Wealth Management representatives		16,426			16,456			16,284			--			1	%

Annualized revenue per representative (000's) (1)	$	881		$	905		$	851			(3	%)		4	%

Assets by client segment (billions)
$10m or more		701			678			604			3	%		16	%
$1m - $10m		789			776			730			2	%		8	%
Subtotal - > $1m		1,490			1,454			1,334			2	%		12	%
$100k - $1m		412			414			416			--			(1	%)
< $100k		41			41			44			--			(7	%)
Total client assets (billions)	$	1,943		$	1,909		$	1,794			2	%		8	%

% of assets by client segment > $1m		77	%		76	%		74	%

Fee-based client account assets (billions) (2)	$	724		$	697		$	621			4	%		17	%
Fee-based assets as a % of client assets		37	%		37	%		35	%


Bank deposit program (millions)	$	132,026		$	133,675		$	126,130			(1	%)		5	%

Client assets per representative (millions) (3)	$	118		$	116		$	110			2	%		7	%

Fee based asset flows (billions)	$	19.0		$	11.6		$	15.3			64	%		24	%

Retail locations		642			649			691			(1	%)		(7	%)

Notes:	-	For the quarters ended March 31, 2014, December 31, 2013 and March 31, 2013, approximately $108 billion, $104 billion and
		$69 billion, respectively, of the assets in the bank deposit program are attributable to Morgan Stanley.
	-	Refer to End Notes on pages 14-15 and Legal Notice on page 16.

MORGAN STANLEY
Quarterly Investment Management Income Statement Information
(unaudited, dollars in millions)


	Quarter Ended									Percentage Change From:
	Mar 31, 2014			Dec 31, 2013			Mar 31, 2013			Dec 31, 2013			Mar 31, 2013
Revenues:
Investment banking	$	4		$	4		$	5			--			(20	%)
Trading		(20	)		15			(6	)		*			*
Investments (1)		246			341			193			(28	%)		27	%
Commissions and fees		0			0			0			--			--
Asset management, distribution and admin. fees		473			475			455			--			4	%
Other		42			8			2			*			*
Total non-interest revenues		745			843			649			(12	%)		15	%

Interest income		1			2			2			(50	%)		(50	%)
Interest expense		6			3			6			100	%		--
Net interest		(5	)		(1	)		(4	)		*			(25	%)
Net revenues		740			842			645			(12	%)		15	%

Compensation and benefits		285			295			259			(3	%)		10	%
Non-compensation expenses		192			210			199			(9	%)		(4	%)
Total non-interest expenses		477			505			458			(6	%)		4	%

Income (loss) from continuing operations before taxes		263			337			187			(22	%)		41	%
Income tax provision / (benefit) from continuing operations		91			108			52			(16	%)		75	%
Income (loss) from continuing operations		172			229			135			(25	%)		27	%
Gain (loss) from discontinued operations after tax		1			0			1			*			--
Net income (loss)		173			229			136			(24	%)		27	%
Net income applicable to redeemable noncontrolling interests		0			0			0			--			--
Net income applicable to nonredeemable noncontrolling interests (1)		54			46			51			17	%		6	%
Net income (loss) applicable to Morgan Stanley	$	119		$	183		$	85			(35	%)		40	%

Amounts applicable to Morgan Stanley:
Income (loss) from continuing operations		118			183			84			(36	%)		40	%
Gain (loss) from discontinued operations after tax		1			0			1			*			--
Net income (loss) applicable to Morgan Stanley	$	119		$	183		$	85			(35	%)		40	%

Return on average common equity from continuing operations		19	%		25	%		12	%
Pre-tax profit margin (2)		36	%		40	%		29	%
Compensation and benefits as a % of net revenues		39	%		35	%		40	%

Notes:	-	Pre-tax profit margin is a non-GAAP financial measure that the Firm considers to be a useful measure to assess operating performance.
	-	Refer to End Notes on pages 14-15 and Legal Notice on page 16.

MORGAN STANLEY
Quarterly Financial Information and Statistical Data
Investment Management
(unaudited)

	Quarter Ended									Percentage Change From:
	Mar 31, 2014			Dec 31, 2013			Mar 31, 2013			Dec 31, 2013			Mar 31, 2013

Net Revenues (millions)
Traditional Asset Management	$	437		$	430		$	401			2	%		9	%
Real Estate Investing (1)		131			160			157			(18	%)		(17	%)
Merchant Banking		172			252			87			(32	%)		98	%
Total Investment Management	$	740		$	842		$	645			(12	%)		15	%

Assets under management or supervision (billions)

Net flows by asset class (2)
Traditional Asset Management
Equity	$	2.8		$	(1.1	)	$	(0.2	)		*			*
Fixed Income		(0.7	)		2.2			1.8			*			*
Liquidity		2.3			1.8			(5.0	)		28	%		*
Alternatives		1.8			1.1			0.5			64	%		*
Total Traditional Asset Management		6.2			4.0			(2.9	)		55	%		*

Real Estate Investing		(0.2	)		0.4			0.0			*			*
Merchant Banking		0.0			(0.2	)		0.4			*			*
Total net flows	$	6.0		$	4.2		$	(2.5	)		43	%		*

Assets under management or supervision by asset class (3)
Traditional Asset Management
Equity	$	145		$	140		$	127			4	%		14	%
Fixed Income		61			60			62			2	%		(2	%)
Liquidity		114			112			95			2	%		20	%
Alternatives		34			31			28			10	%		21	%
Total Traditional Asset Management		354			343			312			3	%		13	%

Real Estate Investing		21			21			20			--			5	%
Merchant Banking		7			9			9			(22	%)		(22	%)
Total Assets Under Management or Supervision	$	382		$	373		$	341			2	%		12	%
Share of minority stake assets		7			6			6			17	%		17	%

Notes:	-	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.
	-	Refer to End Notes on pages 14-15 and Legal Notice on page 16.

MORGAN STANLEY
Quarterly Financial Information
Loans and Lending Commitments
(unaudited, dollars in billions)


	Quarter Ended						Percentage Change From:
	Mar 31, 2014		Dec 31, 2013		Mar 31, 2013		Dec 31, 2013			Mar 31, 2013

Institutional Securities
Corporate Funded Loans
Loans held for investment, net of allowance	$	8.4	$	7.8	$	7.1		8	%		18	%
Loans held for sale		4.7		6.2		4.1		(24	%)		15	%
Loans held at fair value (1)		1.9		2.9		7.0		(34	%)		(73	%)
Total corporate funded loans	$	15.0	$	16.9	$	18.2		(11	%)		(18	%)

Corporate Lending Commitments
Loans held for investment	$	63.5	$	61.4	$	46.4		3	%		37	%
Loans held for sale		10.5		8.1		3.9		30	%		169	%
Loans held at fair value (2)		7.8		9.1		20.7		(14	%)		(62	%)
Total corporate lending commitments	$	81.8	$	78.6	$	71.0		4	%		15	%

Corporate Loans and Lending Commitments (3) (4)	$	96.8	$	95.5	$	89.2		1	%		9	%

Other Funded Loans
Loans held for investment, net of allowance	$	5.7	$	3.8	$	1.6		50	%		*
Loans held for sale		0.0		0.1		0.0		*			--
Loans held at fair value		11.5		9.7		9.4		19	%		22	%
Total other funded loans	$	17.2	$	13.6	$	11.0		26	%		56	%

Other Lending Commitments
Loans held for investment	$	1.6	$	1.3	$	0.3		23	%		*
Loans held for sale		0.0		0.0		0.0		--			--
Loans held at fair value		1.4		0.8		0.8		75	%		75	%
Total other lending commitments	$	3.0	$	2.1	$	1.1		43	%		173	%

Total Other Loans and Lending Commitments (5)	$	20.2	$	15.7	$	12.1		29	%		67	%

Institutional Securities Loans and Lending Commitments (3)	$	117.0	$	111.2	$	101.3		5	%		15	%


Wealth Management

Funded Loans
Loans held for investment, net of allowance	$	27.5	$	24.9	$	17.7		10	%		55	%
Loans held for sale		0.1		0.1		0.1		--			--
Total funded loans	$	27.6	$	25.0	$	17.8		10	%		55	%

Lending Commitments
Loans held for investment	$	5.5	$	4.5	$	3.0		22	%		83	%
Loans held for sale		0.0		0.0		0.2		--			*
Total lending commitments	$	5.5	$	4.5	$	3.2		22	%		72	%

Wealth Management Loans and Lending Commitments (6)	$	33.1	$	29.5	$	21.0		12	%		58	%

Firm Loans and Lending Commitments	$	150.1	$	140.7	$	122.3		7	%		23	%

- Refer to End Notes on pages 14-15 and Legal Notice on page 16

This page represents an addendum to the 1Q 2014 Financial Supplement, Appendix I

MORGAN STANLEY
Earnings Per Share Calculation Under Two-Class Method
Three Months Ended March 31, 2014
(unaudited, in millions, except for per share data)




	Allocation of net income from continuing operations
	(A)	(B)	(C)	(D)	(E)	(F)		(G)
						(D)+(E)		(F)/(A)
	Weighted Average # of Shares	% Allocation (2)	Net income from continuing operations applicable to Morgan Stanley (3)	Distributed Earnings (4)	Undistributed Earnings (5)	Total Earnings Allocated		Basic EPS (8)
Basic Common Shares	1,924	100%		$97	$1,313	$1,410	(6)	$0.73
Participating Restricted Stock Units (1)	3	0%		$0	$2	$2	(7)	N/A
	1,927	100%	$1,412	$97	$1,315	$1,412


	Allocation of gain (loss) from discontinued operations
	(A)	(B)	(C)	(D)	(E)	(F)		(G)
						(D)+(E)		(F)/(A)
	Weighted Average # of Shares	% Allocation (2)	Gain (loss) from Discontinued Operations Applicable to Common Shareholders, after Tax (3)	Distributed Earnings (4)	Undistributed Earnings (5)	Total Earnings Allocated		Basic EPS (8)
Basic Common Shares	1,924	100%		$0	$39	$39	(6)	$0.02
Participating Restricted Stock Units (1)	3	0%		$0	$0	$0	(7)	N/A
	1,927	100%	$39	$0	$39	$39


	Allocation of net income applicable to common shareholders
	(A)	(B)	(C)	(D)	(E)	(F)		(G)
						(D)+(E)		(F)/(A)
	Weighted Average # of Shares	% Allocation (2)	Net income applicable to Morgan Stanley (3)	Distributed Earnings (4)	Undistributed Earnings (5)	Total Earnings Allocated		Basic EPS (8)
Basic Common Shares	1,924	100%		$97	$1,352	$1,449	(6)	$0.75
Participating Restricted Stock Units (1)	3	0%		$0	$2	$2	(7)	N/A
	1,927	100%	$1,451	$97	$1,354	$1,451

Note:

Refer to End Notes on pages 14-15 and Legal Notice on page 16.




MORGAN STANLEY
End Notes

Page 1:
(1)	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. 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)	At March 31, 2014, the Common Equity Tier 1 capital ratio (transitional) and the Tier 1 capital ratio (transitional) equals Common Equity Tier 1 capital divided by risk-weighted assets (RWAs) and Tier 1 capital divided by
	RWAs, respectively. For a more detailed discussion of these calculations, please refer to page 4 of the Financial Supplement and page 4 End Note 2 below. 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, 2013.
(4)	Book value per common share equals common equity divided by period end common shares outstanding.
(5)	Tangible book value per common share equals tangible common equity divided by period end common shares outstanding.

Page 2:
(1)	On June 28, 2013, the Firm completed the purchase of the remaining 35% interest in the Morgan Stanley Smith Barney Joint Venture from Citi, increasing the Firm’s interest from 65% to 100%. In the quarter ended
	March 31, 2013, Citi’s results related to its 35% interest were reported in net income (loss) applicable to redeemable noncontrolling interests.
(2)	Pre-tax profit margin percentages represent income from continuing operations before income taxes as a percentage of net revenues.

Page 4:
(1)	Reflects 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 10-K for the year ended December 31, 2013.
(2)	The Firm calculates its Common Equity Tier 1 capital, Common Equity Tier 1 capital ratio, Tier 1 capital, Tier 1 capital ratio and RWAs in accordance with the capital adequacy standards for financial holding companies
	adopted by the Federal Reserve Board. Beginning with the first quarter of 2014, the Firm calculates its Common Equity Tier 1 capital and Tier 1 capital (and the numerator of the related Common Equity Tier 1 and
	Tier 1 risk-based capital ratios) using the U.S. Basel III final rule’s definition of capital and regulatory deductions and adjustments, subject to transitional provisions. In the first quarter of 2014, the Firm calculated the
	denominator of its risk-based capital ratios using credit RWAs determined under the Basel I-based rules and market RWAs determined under the existing market risk rules known as “Basel 2.5.” The Firm’s capital
	takes into consideration regulatory capital requirements as well as capital required for organic growth, acquisitions and other business needs. These computations are preliminary estimates as of April 17, 2014
	(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, 2014. The methods for calculating the Firm’s risk-based capital ratios
	will change through 2022 as aspects of the U.S. Basel III final rule are phased in and as the Firm begins calculating RWAs using the U.S. Basel III advanced approaches in the second quarter of 2014,
	subject to a capital floor consisting of the Basel I-based and Basel 2.5 rules through December 31, 2014 and the U.S. Basel III standardized approach from January 1, 2015. 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, 2013.
(3)	The global liquidity reserve, which is 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, FDIC-guaranteed corporate debt and non-U.S. government securities.
(4)	The Firm's interest in the Morgan Stanley Smith Barney Joint Venture for the quarters ended March 31, 2014 and December 31, 2013 was 100% and for the quarter ended March 31, 2013 was 65%. Goodwill and
	intangible balances included only the Firm's share of the Morgan Stanley Smith Barney Joint Venture's goodwill and intangible assets, net of allowable mortgage servicing rights deduction for quarters ended March 31, 2014,
	December 31, 2013 and March 31, 2013 of $6 million, $7 million and $7 million, respectively.
(5)	Tangible common equity equals common equity less goodwill and intangible assets net of allowable mortgage servicing rights deduction and includes only the Firm’s share of the Morgan Stanley Smith Barney Joint Venture’s
	goodwill and intangible assets. The Firm's interest in the Morgan Stanley Smith Barney Joint Venture for the quarters ended March 31, 2014 and December 31, 2013 was 100% and for the quarter ended
	March 31, 2013 was 65%.
(6)	Beginning with the first quarter of 2014, 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 information on the calculation of the Tier 1 leverage ratio 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, 2013.

Page 5:
(1)	The Firm’s capital estimation is based on the Required Capital framework, an internal capital adequacy measure which considers risk, leverage, potential losses from extreme stress events, and diversification under
	a going concern capital concept at a point in time. Beginning with the first quarter of 2014, the Firm calculates its Common Equity Tier 1 capital using the U.S. Basel III final rule’s definition of capital and regulatory
	deductions and adjustments, subject to transitional provisions. In the first quarter of 2014, the Firm calculated the denominator of its risk-based capital ratios using credit RWAs determined under the Basel I-based
	rules and market RWAs determined under the market risk rules known as “Basel 2.5.” The Firm’s capital takes into consideration regulatory capital requirements as well as capital required for organic growth,
	acquisitions and other business needs. These computations are preliminary estimates as of April 17, 2014 (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, 2014.

Page 6:
(1)	Net income applicable to noncontrolling interests primarily represents the allocation to Mitsubishi UFJ Financial Group, Inc. of Morgan Stanley MUFG Securities Co., Ltd, which the Firm consolidates.
(2)	Pre-tax profit margin percentages represent income from continuing operations before income taxes as a percentage of net revenues.

Page 7:
(1)	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 2013 Form 10-K.

MORGAN STANLEY

End Notes


Page 8:
(1)	On June 28, 2013, the Firm completed the purchase of the remaining 35% interest in the Morgan Stanley Smith Barney Joint Venture from Citi, increasing the Firm’s interest from 65% to 100%. In the quarter ended March 31, 2013,
	Citi’s results related to its 35% interest were reported in net income (loss) applicable to redeemable noncontrolling interests.
(2)	Pre-tax profit margin percentages represent income from continuing operations before income taxes as a percentage of net revenues.

Page 9:
(1)	Annualized revenue per representative is defined as annualized revenue divided by average representative headcount.
(2)	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.
(3)	Client assets per representative represents total client assets divided by period end representative headcount.

Page 10:
(1)	The quarters ended March 31, 2014, December 31, 2013 and March 31, 2013 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.
(2)	Pre-tax profit margin percentages represent income from continuing operations before income taxes as a percentage of net revenues.

Page 11:
(1)	Real Estate Investing revenues include 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, 2014, December 31, 2013 and March 31, 2013 are $54 million, $48 million and $52 million, respectively.
(2)	Net Flows by region [inflow / (outflow)] for the quarters ended March 31, 2014, December 31, 2013 and March 31, 2013 were:
	- North America: $4.1 billion, $(2.9) billion and $(5.0) billion
	- International: $1.9 billion, $7.1 billion and $2.5 billion
(3)	Assets under management or supervision by region for the quarters ended March 31, 2014, December 31, 2013 and March 31, 2013 were:
	- North America: $237 billion, $232 billion and $212 billion
	- International: $145 billion, $141 billion and $129 billion

Page 12:
(1)	For the quarters ended March 31, 2014, December 31, 2013 and March 31, 2013 the percentage of Institutional Securities corporate funded loans held at fair value by credit rating was as follows:
	- % investment grade: 45%, 50% and 53%
	- % non-investment grade: 55%, 50% and 47%
(2)	For the quarters ended March 31, 2014, December 31, 2013 and March 31, 2013 the percentage of Institutional Securities corporate lending commitments held at fair value by credit rating was as follows:
	- % investment grade: 74%, 71% and 76%
	- % non-investment grade: 26%, 29% and 24%
(3)	For the quarters ended March 31, 2014, December 31, 2013 and March 31, 2013, Institutional Securities recorded a provision (release) of $(30.4) million, $(10.8) million and $30.7 million, respectively, related to
	funded loans and $18.5 million, $4.3 million and $12.0 million related to unfunded commitments, respectively.
(4)	On March 31, 2014, December 31, 2013 and March 31, 2013, the "event-driven" portfolio of pipeline commitments and closed deals to non-investment grade borrowers were $8.7 billion, $7.3 billion and $6.0 billion,
	respectively.
(5)	In addition to primary corporate lending activity, the Institutional Securities business segment engages in other lending activity. These loans include corporate loans purchased in the secondary market, commercial
	and residential mortgage loans, asset-backed loans and financing extended to equities and commodities customers.
(6)	For the quarters ended March 31, 2014, December 31, 2013 and March 31, 2013, Wealth Management recorded a provision (release) of $1.6 million, $1.2 million and $(3.4) million, respectively, related to funded loans
	and there was no material change to the provision related to unfunded commitments for the quarters ended March 31, 2014, December 31, 2013 and March 31, 2013.

Page 13:
(1)	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.
(2)	The percentage of weighted basic common shares and participating RSUs to the total weighted average of basic common shares and participating RSUs.
(3)	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, 2014 prior to allocations to participating
	RSUs.
(4)	Distributed earnings represent the dividends declared on common shares and participating RSUs for the quarter ended March 31, 2014. The amount of dividends declared is based upon the number of common shares
	outstanding as of the dividend record date. During the quarter ended March 31, 2013, a $0.05 dividend was declared on common shares outstanding and participating RSUs.
(5)	The two-class method assumes all of the earnings for the reporting period are distributed and allocated to the participating RSUs what they would be entitled to based on their contractual rights and obligations of the
	participating security.
(6)	Total income applicable to common shareholders to be allocated to the common shares in calculating basic and diluted EPS for common shares.
(7)	Total income applicable to common shareholders to be allocated to the participating RSUs reflected as a deduction to the numerator in determining basic and diluted EPS for common shares.
(8)	Basic and diluted EPS data are required to be presented only for classes of common stock, as described under the accounting guidance for earnings per share.

MORGAN STANLEY

Legal Notice

This 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 first quarter earnings press release issued April 17, 2014.

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