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

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EX-99.3 - EXHIBIT 99.3 - MORGAN STANLEY	a51926474ex99_3.htm
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8-K - MORGAN STANLEY 8-K - MORGAN STANLEY	a51926474.htm

Exhibit 99.2

Quarterly Financial Supplement - 4Q 2018

		Page #

	Consolidated Financial Summary	1
	Consolidated Income Statement Information	2
	Consolidated Financial Information and Statistical Data	3
	Consolidated Return on Average Common Equity and Regulatory Capital Information	4
	Consolidated Loans and Lending Commitments	5
	Institutional Securities Income Statement Information	6
	Institutional Securities Financial Information and Statistical Data	7
	Wealth Management Income Statement Information	8
	Wealth Management Financial Information and Statistical Data	9
	Investment Management Income Statement Information	10
	Investment Management Financial Information and Statistical Data	11
	U.S. Bank Supplemental Financial Information	12
	End Notes	13 - 14
	Definition of U.S. GAAP to Non-GAAP Measures and Performance Metrics	15 - 16
	Legal Notice	17

Consolidated Financial Summary

(unaudited, dollars in millions, except for per share data)

	Quarter Ended									Percentage Change From:						Twelve Months Ended						Percentage
	Dec 31, 2018			Sep 30, 2018			Dec 31, 2017			Sep 30, 2018			Dec 31, 2017			Dec 31, 2018			Dec 31, 2017			Change
Net revenues ⁽¹⁾
Institutional Securities	$	3,839		$	4,929		$	4,523			(22	%)		(15	%)	$	20,582		$	18,813			9	%
Wealth Management		4,144			4,399			4,407			(6	%)		(6	%)		17,242			16,836			2	%
Investment Management		684			653			637			5	%		7	%		2,746			2,586			6	%
Intersegment Eliminations		(119	)		(109	)		(67	)		(9	%)		(78	%)		(463	)		(290	)		(60	%)
Net revenues	$	8,548		$	9,872		$	9,500			(13	%)		(10	%)	$	40,107		$	37,945			6	%

Income (loss) from continuing operations before tax
Institutional Securities	$	780		$	1,556		$	1,235			(50	%)		(37	%)	$	6,260		$	5,644			11	%
Wealth Management		1,010			1,194			1,150			(15	%)		(12	%)		4,521			4,299			5	%
Investment Management		74			102			80			(27	%)		(8	%)		464			456			2	%
Intersegment Eliminations		(7	)		(1	)		6			*			*			(8	)		4			*
Income (loss) from continuing operations before tax	$	1,857		$	2,851		$	2,471			(35	%)		(25	%)	$	11,237		$	10,403			8	%

Net Income (loss) applicable to Morgan Stanley
Institutional Securities	$	702		$	1,120		$	357			(37	%)		97	%	$	4,906		$	3,536			39	%
Wealth Management		769			913			315			(16	%)		144	%		3,472			2,325			49	%
Investment Management		65			80			(35	)		(19	%)		*			376			246			53	%
Intersegment Eliminations		(5	)		(1	)		6			*			*			(6	)		4			*
Net Income (loss) applicable to Morgan Stanley	$	1,531		$	2,112		$	643			(28	%)		138	%	$	8,748		$	6,111			43	%
Earnings (loss) applicable to Morgan Stanley common shareholders	$	1,361		$	2,019		$	473			(33	%)		188	%	$	8,222		$	5,588			47	%

Financial Metrics:

Earnings per basic share	$	0.81		$	1.19		$	0.27			(32	%)		200	%	$	4.81		$	3.14			53	%
Earnings per diluted share	$	0.80		$	1.17		$	0.26			(32	%)		*		$	4.73		$	3.07			54	%

Return on average common equity		7.7	%		11.5	%		2.7	%								11.8	%		8.0	%
Return on average tangible common equity		8.8	%		13.2	%		3.1	%								13.5	%		9.2	%

Book value per common share	$	42.20		$	40.67		$	38.52								$	42.20		$	38.52
Tangible book value per common share	$	36.99		$	35.50		$	33.46								$	36.99		$	33.46

Excluding intermittent net discrete tax provision / benefit ⁽²⁾⁽³⁾
Adjusted earnings per diluted share	$	0.73		$	1.17		$	0.84			(38	%)		(13	%)	$	4.61		$	3.60			28	%
Adjusted return on average common equity		7.1	%		11.5	%		8.6	%								11.5	%		9.4	%
Adjusted return on average tangible common equity		8.1	%		13.2	%		9.8	%								13.2	%		10.8	%

Notes:

- 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)

	Quarter Ended									Percentage Change From:						Twelve Months Ended						Percentage
	Dec 31, 2018			Sep 30, 2018			Dec 31, 2017			Sep 30, 2018			Dec 31, 2017			Dec 31, 2018			Dec 31, 2017			Change
Revenues:
Investment banking	$	1,488		$	1,567		$	1,548			(5	%)		(4	%)	$	6,482		$	6,003			8	%
Trading		1,736			2,752			2,246			(37	%)		(23	%)		11,551			11,116			4	%
Investments		28			136			325			(79	%)		(91	%)		437			820			(47	%)
Commissions and fees		1,046			932			1,064			12	%		(2	%)		4,190			4,061			3	%
Asset management		3,266			3,251			3,102			--			5	%		12,898			11,797			9	%
Other		(5	)		298			220			*			*			743			848			(12	%)
Total non-interest revenues		7,559			8,936			8,505			(15	%)		(11	%)		36,301			34,645			5	%

Interest income		4,111			3,627			2,586			13	%		59	%		13,892			8,997			54	%
Interest expense		3,122			2,691			1,591			16	%		96	%		10,086			5,697			77	%
Net interest		989			936			995			6	%		(1	%)		3,806			3,300			15	%
Net revenues⁽¹⁾		8,548			9,872			9,500			(13	%)		(10	%)		40,107			37,945			6	%
Non-interest expenses:
Compensation and benefits		3,787			4,310			4,279			(12	%)		(11	%)		17,632			17,166			3	%

Non-compensation expenses:
Occupancy and equipment		358			351			339			2	%		6	%		1,391			1,329			5	%
Brokerage, clearing and exchange fees		598			559			537			7	%		11	%		2,393			2,093			14	%
Information processing and communications		529			513			471			3	%		12	%		2,016			1,791			13	%
Marketing and business development		220			152			190			45	%		16	%		691			609			13	%
Professional services		605			570			547			6	%		11	%		2,265			2,169			4	%
Other		594			566			666			5	%		(11	%)		2,482			2,385			4	%
Total non-compensation expenses ⁽¹⁾		2,904			2,711			2,750			7	%		6	%		11,238			10,376			8	%

Total non-interest expenses		6,691			7,021			7,029			(5	%)		(5	%)		28,870			27,542			5	%

Income (loss) from continuing operations before taxes		1,857			2,851			2,471			(35	%)		(25	%)		11,237			10,403			8	%
Income tax provision / (benefit) from continuing operations ⁽²⁾⁽³⁾		300			696			1,810			(57	%)		(83	%)		2,350			4,168			(44	%)
Income (loss) from continuing operations		1,557			2,155			661			(28	%)		136	%		8,887			6,235			43	%
Gain (loss) from discontinued operations after tax		1			(1	)		2			*			(50	%)		(4	)		(19	)		79	%
Net income (loss)	$	1,558		$	2,154		$	663			(28	%)		135	%	$	8,883		$	6,216			43	%
Net income applicable to nonredeemable noncontrolling interests		27			42			20			(36	%)		35	%		135			105			29	%
Net income (loss) applicable to Morgan Stanley		1,531			2,112			643			(28	%)		138	%		8,748			6,111			43	%
Preferred stock dividend / Other		170			93			170			83	%		--			526			523			1	%
Earnings (loss) applicable to Morgan Stanley common shareholders	$	1,361		$	2,019		$	473			(33	%)		188	%	$	8,222		$	5,588			47	%

Pre-tax profit margin		22	%		29	%		26	%								28	%		27	%
Compensation and benefits as a % of net revenues		44	%		44	%		45	%								44	%		45	%
Non-compensation expenses as a % of net revenues		34	%		27	%		29	%								28	%		27	%
Firm expense efficiency ratio		78	%		71	%		74	%								72	%		73	%
Effective tax rate from continuing operations⁽²⁾⁽³⁾		16.2	%		24.4	%		73.2	%								20.9	%		40.1	%

Notes:

- 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 Financial Information and Statistical Data

(unaudited, dollars in millions)

	Quarter Ended									Percentage Change From:						Twelve Months Ended				Percentage
	Dec 31, 2018			Sep 30, 2018			Dec 31, 2017			Sep 30, 2018			Dec 31, 2017			Dec 31, 2018		Dec 31, 2017		Change

Regional revenues
Americas	$	6,312		$	7,357		$	7,150			(14	%)		(12	%)	$	29,301	$	27,817		5	%
EMEA (Europe, Middle East, Africa)		1,200			1,355			1,294			(11	%)		(7	%)		6,092		5,714		7	%
Asia		1,036			1,160			1,056			(11	%)		(2	%)		4,714		4,414		7	%
Consolidated net revenues	$	8,548		$	9,872		$	9,500			(13	%)		(10	%)	$	40,107	$	37,945		6	%

Balance sheet
Deposits	$	187,820		$	175,185		$	159,436			7	%		18	%
Total Assets	$	853,531		$	865,517		$	851,733			(1	%)		--
Global liquidity reserve	$	249,735		$	214,848		$	192,660			16	%		30	%
Long-term debt outstanding	$	188,117		$	189,949		$	191,063			(1	%)		(2	%)
Maturities of long-term debt outstanding (next 12 months)	$	24,694		$	24,122		$	23,870			2	%		3	%

Common equity	$	71,726		$	70,183		$	68,871			2	%		4	%
Less: Goodwill and intangible assets		(8,847	)		(8,918	)		(9,042	)		(1	%)		(2	%)
Tangible common equity	$	62,879		$	61,265		$	59,829			3	%		5	%

Preferred equity	$	8,520		$	8,520		$	8,520			--			--


Period end common shares outstanding (millions)		1,700			1,726			1,788			(2	%)		(5	%)
Average common shares outstanding (millions)
Basic		1,674			1,697			1,752			(1	%)		(4	%)		1,708		1,780		(4	%)
Diluted		1,705			1,727			1,796			(1	%)		(5	%)		1,738		1,821		(5	%)

Worldwide employees		60,348			59,835			57,633			1	%		5	%

Notes:

- 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 Return on Average Common Equity and Regulatory Capital Information

(unaudited)

	Quarter Ended									Twelve Months Ended
	Dec 31, 2018			Sep 30, 2018			Dec 31, 2017			Dec 31, 2018			Dec 31, 2017
Average Common Equity (billions)
Institutional Securities	$	40.8		$	40.8		$	40.2		$	40.8		$	40.2
Wealth Management		16.8			16.8			17.2			16.8			17.2
Investment Management		2.6			2.6			2.4			2.6			2.4
Parent		10.7			10.0			10.2			9.8			10.0
Firm	$	70.9		$	70.2		$	70.0		$	70.0		$	69.8

Return on Average Common Equity
Institutional Securities		6	%		10	%		2	%		11	%		8	%
Wealth Management		17	%		21	%		7	%		20	%		13	%
Investment Management		10	%		12	%		*			14	%		10	%
Firm		8	%		11	%		3	%		12	%		8	%

Return on Average Tangible Common Equity⁽¹⁾
Institutional Securities		6	%		10	%		2	%		11	%		8	%
Wealth Management		32	%		39	%		12	%		37	%		24	%
Investment Management		15	%		19	%		*			22	%		15	%
Firm		9	%		13	%		3	%		13	%		9	%


Regulatory Capital (millions) ⁽²⁾

Common Equity Tier 1 capital (Fully Phased-in)	$	62,073		$	61,758		$	60,564
Tier 1 capital (Fully Phased-in)	$	70,626		$	70,328		$	69,120

Standardized Approach (Fully Phased-in)
Risk-weighted assets	$	369,060		$	370,714		$	377,241
Common Equity Tier 1 capital ratio		16.8	%		16.7	%		16.1	%
Tier 1 capital ratio		19.1	%		19.0	%		18.3	%
Tier 1 leverage ratio		8.4	%		8.2	%		8.2	%

Advanced Approach (Fully Phased-in)
Risk-weighted assets	$	364,105		$	357,055		$	358,324
Common Equity Tier 1 capital ratio		17.0	%		17.3	%		16.9	%
Tier 1 capital ratio		19.4	%		19.7	%		19.3	%
Supplementary Leverage Ratio		6.5	%		6.4	%		6.4	%

Notes:	- Return on average common equity excluding net intermittent discrete tax provision / benefit:
	4Q18: Firm: 7%; ISG: 5%; WM: 18%; IM: 7% 4Q18 YTD: Firm: 11%; ISG: 11%; WM: 20%; IM: 13%
	4Q17: Firm: 9%; ISG: 7%; WM: 16%; IM: 11% 4Q17 YTD: Firm: 9%; ISG: 9%; WM: 15%; IM: 14%
	- Return on average tangible common equity excluding net intermittent discrete tax provision / benefit:
	4Q18: Firm: 8%; ISG: 5%; WM: 32%; IM: 10% 4Q18 YTD: Firm: 13%; ISG: 11%; WM: 37%; IM: 21%
	4Q17: Firm: 10%; ISG: 8%; WM: 29%; IM: 16% 4Q17 YTD: Firm: 11%; ISG: 9%; WM: 28%; IM: 20%
	- 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 Loans and Lending Commitments

(unaudited, dollars in billions)

	Quarter Ended						Percentage Change From:
	Dec 31, 2018		Sep 30, 2018		Dec 31, 2017		Sep 30, 2018			Dec 31, 2017

Institutional Securities

Corporate loans⁽¹⁾	$	13.3	$	12.0	$	12.5		11	%		6	%

Corporate lending commitments ⁽²⁾		85.5		86.2		83.0		(1	%)		3	%

Corporate Loans and Lending Commitments ⁽³⁾		98.8		98.2		95.5		1	%		3	%

Other loans		41.0		38.5		34.5		6	%		19	%

Other lending commitments		9.5		11.7		9.6		(19	%)		(1	%)

Other Loans and Lending Commitments ⁽⁴⁾		50.5		50.2		44.1		1	%		15	%

Institutional Securities Loans and Lending Commitments⁽⁵⁾	$	149.3	$	148.4	$	139.6		1	%		7	%


Wealth Management

Loans		72.2		71.1		67.9		2	%		6	%

Lending commitments		10.7		10.7		9.4		--			14	%

Wealth Management Loans and Lending Commitments ⁽⁶⁾	$	82.9	$	81.8	$	77.3		1	%		7	%

Consolidated Loans and Lending Commitments ⁽⁷⁾	$	232.2	$	230.2	$	216.9		1	%		7	%

Notes:

- Refer to End Notes, Definition of U.S. GAAP to Non-GAAP Measures, Definition of Performance Metrics and Legal Notice on pages 13 - 17.

Institutional Securities

Income Statement Information

(unaudited, dollars in millions)

	Quarter Ended									Percentage Change From:						Twelve Months Ended						Percentage
	Dec 31, 2018			Sep 30, 2018			Dec 31, 2017			Sep 30, 2018			Dec 31, 2017			Dec 31, 2018			Dec 31, 2017			Change
Revenues:
Investment banking	$	1,417		$	1,459		$	1,437			(3	%)		(1	%)	$	6,088		$	5,537			10	%
Trading		1,847			2,573			2,054			(28	%)		(10	%)		11,191			10,295			9	%
Investments		(52	)		96			213			*			*			182			368			(51	%)
Commissions and fees		664			589			622			13	%		7	%		2,671			2,433			10	%
Asset management		97			112			91			(13	%)		7	%		421			359			17	%
Other		(13	)		244			188			*			*			535			630			(15	%)
Total non-interest revenues		3,960			5,073			4,605			(22	%)		(14	%)		21,088			19,622			7	%

Interest income		2,847			2,425			1,589			17	%		79	%		9,271			5,377			72	%
Interest expense		2,968			2,569			1,671			16	%		78	%		9,777			6,186			58	%
Net interest		(121	)		(144	)		(82	)		16	%		(48	%)		(506	)		(809	)		37	%
Net revenues ⁽¹⁾		3,839			4,929			4,523			(22	%)		(15	%)		20,582			18,813			9	%

Compensation and benefits		1,179			1,626			1,556			(27	%)		(24	%)		6,958			6,625			5	%
Non-compensation expenses ⁽¹⁾		1,880			1,747			1,732			8	%		9	%		7,364			6,544			13	%
Total non-interest expenses		3,059			3,373			3,288			(9	%)		(7	%)		14,322			13,169			9	%


Income (loss) from continuing operations before taxes		780			1,556			1,235			(50	%)		(37	%)		6,260			5,644			11	%
Income tax provision / (benefit) from continuing operations ⁽²⁾		61			397			861			(85	%)		(93	%)		1,230			1,993			(38	%)
Income (loss) from continuing operations		719			1,159			374			(38	%)		92	%		5,030			3,651			38	%
Gain (loss) from discontinued operations after tax		1			(3	)		2			*			(50	%)		(6	)		(19	)		68	%
Net income (loss)		720			1,156			376			(38	%)		91	%		5,024			3,632			38	%
Net income applicable to nonredeemable noncontrolling interests		18			36			19			(50	%)		(5	%)		118			96			23	%
Net income (loss) applicable to Morgan Stanley	$	702		$	1,120		$	357			(37	%)		97	%	$	4,906		$	3,536			39	%


Pre-tax profit margin		20	%		32	%		27	%								30	%		30	%
Compensation and benefits as a % of net revenues		31	%		33	%		34	%								34	%		35	%

Notes:

- Refer to End Notes, Definition of U.S. GAAP to Non-GAAP Measures, Definition of Performance Metrics and Legal Notice on pages 13 - 17.

Institutional Securities

Financial Information and Statistical Data

(unaudited, dollars in millions)

	Quarter Ended									Percentage Change From:						Twelve Months Ended						Percentage
	Dec 31, 2018			Sep 30, 2018			Dec 31, 2017			Sep 30, 2018			Dec 31, 2017			Dec 31, 2018			Dec 31, 2017			Change
Investment Banking
Advisory revenues	$	734		$	510		$	522			44	%		41	%	$	2,436		$	2,077			17	%
Underwriting revenues
Equity		323			441			416			(27	%)		(22	%)		1,726			1,484			16	%
Fixed income		360			508			499			(29	%)		(28	%)		1,926			1,976			(3	%)
Total underwriting revenues		683			949			915			(28	%)		(25	%)		3,652			3,460			6	%

Total investment banking revenues	$	1,417		$	1,459		$	1,437			(3	%)		(1	%)	$	6,088		$	5,537			10	%

Sales & Trading
Equity	$	1,929		$	2,019		$	1,920			(4	%)		--		$	8,976		$	7,982			12	%
Fixed Income		564			1,179			808			(52	%)		(30	%)		5,005			4,928			2	%
Other		(6	)		(68	)		(43	)		91	%		86	%		(204	)		(632	)		68	%

Total sales & trading net revenues	$	2,487		$	3,130		$	2,685			(21	%)		(7	%)	$	13,777		$	12,278			12	%

Investments & Other
Investments	$	(52	)	$	96		$	213			*			*		$	182		$	368			(51	%)
Other		(13	)		244			188			*			*			535			630			(15	%)
Total investments & other revenues	$	(65	)	$	340		$	401			*			*		$	717		$	998			(28	%)

Institutional Securities net revenues ⁽¹⁾	$	3,839		$	4,929		$	4,523			(22	%)		(15	%)	$	20,582		$	18,813			9	%


Average Daily 95% / One-Day Value-at-Risk ("VaR")
Primary Market Risk Category ($ millions, pre-tax)
Interest rate and credit spread	$	36		$	29		$	29
Equity price	$	13		$	15		$	13
Foreign exchange rate	$	13		$	12		$	8
Commodity price	$	12		$	8		$	8

Aggregation of Primary Risk Categories	$	44		$	37		$	35

Credit Portfolio VaR	$	13		$	12		$	9

Trading VaR	$	49		$	42		$	38

Notes:

- Refer to End Notes, Definition of U.S. GAAP to Non-GAAP Measures, Definition of Performance Metrics and Legal Notice on pages 13 - 17.

Wealth Management

Income Statement Information

(unaudited, dollars in millions)

	Quarter Ended									Percentage Change From:						Twelve Months Ended						Percentage
	Dec 31, 2018			Sep 30, 2018			Dec 31, 2017			Sep 30, 2018			Dec 31, 2017			Dec 31, 2018			Dec 31,2017			Change
Revenues:
Investment banking	$	92		$	129		$	128			(29	%)		(28	%)	$	475		$	533			(11	%)
Trading		(125	)		160			191			*			*			279			848			(67	%)
Investments		(2	)		0			0			*			*			1			3			(67	%)
Commissions and fees		455			409			471			11	%		(3	%)		1,804			1,737			4	%
Asset management		2,576			2,573			2,463			--			5	%		10,158			9,342			9	%
Other		53			58			77			(9	%)		(31	%)		248			268			(7	%)
Total non-interest revenues		3,049			3,329			3,330			(8	%)		(8	%)		12,965			12,731			2	%

Interest income		1,486			1,412			1,243			5	%		20	%		5,498			4,591			20	%
Interest expense		391			342			166			14	%		136	%		1,221			486			151	%
Net interest		1,095			1,070			1,077			2	%		2	%		4,277			4,105			4	%
Net revenues		4,144			4,399			4,407			(6	%)		(6	%)		17,242			16,836			2	%

Compensation and benefits		2,286			2,415			2,420			(5	%)		(6	%)		9,507			9,360			2	%
Non-compensation expenses		848			790			837			7	%		1	%		3,214			3,177			1	%
Total non-interest expenses		3,134			3,205			3,257			(2	%)		(4	%)		12,721			12,537			1	%

Income (loss) from continuing operations before taxes		1,010			1,194			1,150			(15	%)		(12	%)		4,521			4,299			5	%
Income tax provision / (benefit) from continuing operations⁽¹⁾		241			281			835			(14	%)		(71	%)		1,049			1,974			(47	%)
Income (loss) from continuing operations		769			913			315			(16	%)		144	%		3,472			2,325			49	%
Gain (loss) from discontinued operations after tax		-			-			-			--			--			0			0			--
Net income (loss)		769			913			315			(16	%)		144	%		3,472			2,325			49	%
Net income applicable to nonredeemable noncontrolling interests		-			-			-			--			--			-			-			--
Net income (loss) applicable to Morgan Stanley	$	769		$	913		$	315			(16	%)		144	%	$	3,472		$	2,325			49	%

Pre-tax profit margin		24	%		27	%		26	%								26	%		26	%
Compensation and benefits as a % of net revenues		55	%		55	%		55	%								55	%		56	%

Notes:

- Refer to End Notes, Definition of U.S. GAAP to Non-GAAP Measures, Definition of Performance Metrics and Legal Notice on pages 13 - 17.

Wealth Management

Financial Information and Statistical Data

(unaudited)

	Quarter Ended									Percentage Change From:
	Dec 31, 2018			Sep 30, 2018			Dec 31, 2017			Sep 30, 2018			Dec 31, 2017


Wealth Management Metrics

Wealth Management representatives		15,694			15,655			15,712			--			--

Annualized revenue per representative (000's)	$	1,058		$	1,125		$	1,120			(6	%)		(6	%)

Client assets (billions)	$	2,303		$	2,496		$	2,373			(8	%)		(3	%)
Client assets per representative (millions)	$	147		$	159		$	151			(8	%)		(3	%)
Client liabilities (billions)	$	83		$	83		$	80			--			4	%

Fee-based asset flows (billions)	$	16.2		$	16.2		$	20.9			--			(22	%)
Fee-based client account assets (billions)	$	1,046		$	1,120		$	1,045			(7	%)		--
Fee-based assets as a % of client assets		45	%		45	%		44	%

Retail locations		591			595			597			(1	%)		(1	%)

Notes:

- Refer to End Notes, Definition of U.S. GAAP to Non-GAAP Measures, Definition of Performance Metrics and Legal Notice on pages 13 - 17.

Investment Management

Income Statement Information

(unaudited, dollars in millions)

	Quarter Ended									Percentage Change From:						Twelve Months Ended						Percentage
	Dec 31, 2018			Sep 30, 2018			Dec 31, 2017			Sep 30, 2018			Dec 31, 2017			Dec 31, 2018			Dec 31, 2017			Change
Revenues:
Investment banking	$	-		$	-		$	-			--			--		$	-		$	-			--
Trading		2			2			(1	)		--			*			25			(22	)		*
Investments⁽¹⁾		82			40			112			105	%		(27	%)		254			449			(43	%)
Commissions and fees		0			0			0			--			--			0			0			--
Asset management		628			604			572			4	%		10	%		2,468			2,196			12	%
Other		(40	)		(3	)		(46	)		*			13	%		(30	)		(37	)		19	%
Total non-interest revenues		672			643			637			5	%		5	%		2,717			2,586			5	%

Interest income		20			19			1			5	%		*			57			4			*
Interest expense		8			9			1			(11	%)		*			28			4			*
Net interest		12			10			0			20	%		*			29			0			*
Net revenues ⁽²⁾		684			653			637			5	%		7	%		2,746			2,586			6	%

Compensation and benefits		322			269			303			20	%		6	%		1,167			1,181			(1	%)
Non-compensation expenses ⁽²⁾		288			282			254			2	%		13	%		1,115			949			17	%
Total non-interest expenses		610			551			557			11	%		10	%		2,282			2,130			7	%

Income (loss) from continuing operations before taxes		74			102			80			(27	%)		(8	%)		464			456			2	%
Income tax provision / (benefit) from continuing operations⁽³⁾		0			18			114			*			*			73			201			(64	%)
Income (loss) from continuing operations		74			84			(34	)		(12	%)		*			391			255			53	%
Gain (loss) from discontinued operations after tax		0			2			0			*			--			2			0			*
Net income (loss)		74			86			(34	)		(14	%)		*			393			255			54	%
Net income applicable to nonredeemable noncontrolling interests		9			6			1			50	%		*			17			9			89	%
Net income (loss) applicable to Morgan Stanley	$	65		$	80		$	(35	)		(19	%)		*		$	376		$	246			53	%

Pre-tax profit margin		11	%		16	%		13	%								17	%		18	%
Compensation and benefits as a % of net revenues		47	%		41	%		48	%								42	%		46	%

Notes:

- Refer to End Notes, Definition of U.S. GAAP to Non-GAAP Measures, Definition of Performance Metrics and Legal Notice on pages 13 - 17.

Investment Management

Financial Information and Statistical Data

(unaudited, dollars in millions)

	Quarter Ended								Percentage Change From:						Twelve Months Ended					Percentage
	Dec 31, 2018			Sep 30, 2018			Dec 31, 2017		Sep 30, 2018			Dec 31, 2017			Dec 31, 2018			Dec 31, 2017		Change

Assets under management or supervision (AUM)

Net flows by asset class ⁽¹⁾
Equity	$	(0.9	)	$	1.6		$	1.5		*			*		$	6.0		$	2.0		200	%
Fixed Income		(2.7	)		1.6			2.3		*			*			(2.6	)		6.1		*
Alternative / Other		0.4			(0.2	)		0.9		*			(56	%)		1.4			3.9		(64	%)
Long-Term Net Flows		(3.2	)		3.0			4.7		*			*			4.8			12.0		(60	%)

Liquidity		13.9			(9.8	)		19.2		*			(28	%)		(13.8	)		10.8		*

Total net flows	$	10.7		$	(6.8	)	$	23.9		*			(55	%)	$	(9.0	)	$	22.8		*

Assets under management or supervision by asset class⁽²⁾
Equity	$	103		$	117		$	105		(12	%)		(2	%)
Fixed Income		68			71			73		(4	%)		(7	%)
Alternative / Other		128			133			128		(4	%)		--
Long‐Term Assets Under Management or Supervision		299			321			306		(7	%)		(2	%)

Liquidity		164			150			176		9	%		(7	%)

Total Assets Under Management or Supervision	$	463		$	471		$	482		(2	%)		(4	%)
Share of minority stake assets	$	7		$	7		$	7		--			--

Notes:	- 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.
	- Refer to End Notes, Definition of U.S. GAAP to Non-GAAP Measures, Definition of Performance Metrics and Legal Notice on pages 13 - 17.

U.S. Bank Supplemental Financial Information

(unaudited, dollars in billions)

	Quarter Ended						Percentage Change From:
	Dec 31, 2018		Sep 30, 2018		Dec 31, 2017		Sep 30, 2018			Dec 31, 2017


U.S. Bank assets⁽¹⁾	$	216.9	$	203.2	$	185.3		7	%		17	%

U.S. Bank deposits⁽¹⁾	$	187.1	$	174.4	$	159.1		7	%		18	%

U.S. Bank investment securities portfolio ⁽²⁾	$	69.2	$	60.5	$	59.5		14	%		16	%


Wealth Management U.S. Bank Data
Securities-based lending and other loans	$	44.7	$	44.4	$	41.2		1	%		8	%
Residential real estate loans		27.5		26.7		26.7		3	%		3	%
Total Securities-based and residential loans	$	72.2	$	71.1	$	67.9		2	%		6	%


Institutional Securities U.S. Bank Data
Corporate Lending	$	7.4	$	7.0	$	6.8		6	%		9	%
Other Lending:
Corporate loans		23.5		23.0		17.4		2	%		35	%
Wholesale real estate and other loans		10.5		10.9		12.2		(4	%)		(14	%)
Total other loans	$	34.0	$	33.9	$	29.6		--			15	%
Total corporate and other loans	$	41.4	$	40.9	$	36.4		1	%		14	%

Notes:	- 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 amount of AUM liquidity outflows in the Investment Management segment.
	- Refer to End Notes, Definition of U.S. GAAP to Non-GAAP Measures, Definition of Performance Metrics and Legal Notice on pages 13 - 17.

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)	The 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:

	4Q18	4Q17	FY 2018	FY 2017
Earnings per diluted share impact	$ 0.07	$ (0.58)	$ 0.12	$ (0.53)
Return on average common equity impact	0.6 %	(5.9)%	0.3 %	(1.4)%
Return on average tangible common equity impact	0.7 %	(6.7)%	0.3 %	(1.6)%

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:
(1)	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: 4Q18: ISG: $641mm; WM: $7,604mm; IM: $950mm 4Q18 YTD: ISG: $641mm; WM: $7,604mm; IM: $950mm 3Q18: ISG: $641mm; WM: $7,604mm; IM: $950mm 4Q17 YTD: ISG: $622mm; WM: $7,872mm; IM: $779mm 4Q17: ISG: $622mm; WM: $7,872mm; IM: $779mm
(2)	Commencing 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:
(1)	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%
(2)	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%

(3)	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)	The Institutional Securities business segment engages in other lending activity. These activities include commercial and residential mortgage lending, asset-backed lending, corporate loans purchased in the secondary market and financing extended to equities and commodities customers and municipalities.
(5)	For 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.

End Notes

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)	For 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:
(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. 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.
(2)	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:
(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. 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.

Page 8:
(1)	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:
(1)	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.
(2)	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.
(3)	For 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:
(1)	Net 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 billion
(2)	Assets 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 billion

Page 12:
(1)	U.S. Bank assets and deposits exclude balances between Bank subsidiaries, as well as deposits from the Parent and affiliates.
(2)	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 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 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 Metrics

(a)	Book value per common share represents common equity divided by period end common shares outstanding.
(b)	Preferred stock dividend / Other includes allocation of earnings to Participating Restricted Stock Units (RSUs) for periods prior to 2Q18.
(c)	The 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, 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, 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 Morgan Stanley MUFG Securities Co., Ltd., which the Firm consolidates.
(l)	Institutional 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)	Wealth 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.

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 fourth quarter earnings press release issued January 17, 2019.

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