MS

Morgan Stanley MS
1 5 7
Quote Analysis Insiders
20 Performance 22 Financials 25 Valuation / Estimates 27 Key Ratios 30 Ownership
Release date 10-02-2013
Page 1 of 35
Morgan Stanley MS
Last Price Day Change Open Price Day Range 52-Week Range Proj. Yield Market Cap Volume Avg Vol.
Morningstar Analyst Rating . Forward P/E P/B P/S P/CF
27.04
[-0.10 | -0.37 %
26.90
26.83-27.20
15.95-29.50
0.74
53.02 bil
8 mil
14 mil
10.96
0.86
1.82
2.1
Stock Price 2013-01-01 - 2013-10-01

XNYS:MS: 8.02|41.95% 30.00 20.00 10.00
Dividends Declared Date Ex-Dividend Date Latest Indicated Dividend Amount Projected Yield
Recent Dividends & Splits Type
07/18/2013 07/29/2013 0.05 0.74 %

Amount
2013
Morningstars Take Whether because of a hard lesson learned from the recession, or as a necessity resulting from regulation, Morgan Stanley is much more focused on risk-adjusted returns on capital. Expansion of the company's wealth management business via the creation of Morgan Stanley Smith Barney, or MSSB, was a definitive step in that direction. However, we believe new regulations affecting the financial industry following the crisis--and the measures Morgan Stanley took to allay creditor and investor concerns--will make it difficult for the company to earn adequate returns on capital until the economy shows greater vigor, and the company's global wealth management segment is completely integrated. Key Stats
Stock Ind Avg Relative to Industry
Fair Value Estimate Consider Buying Consider Selling Fair Value Uncertainty Economic Moat Stewardship Growth Profitability Morningstar Credit Rating
$ 26.00 $ 15.60 $ 40.30 High Narrow Standard V V BBB
04/26/2013 02/01/2013 10/29/2012 07/27/2012

Purchase Options
Cash Dividends Cash Dividends Cash Dividends Cash Dividends
0.0500 0.0500 0.0500 0.0500
Direct Investment Dividend Reinvestment Plan Competitors

Name Price % Chg
No No
TTM Sales $ mil
Price/Earnings TTM Price/Book Price/Sales TTM Rev Growth (3 Yr Avg) Net Income Growth (3 Yr Avg) Operating Margin % TTM Net Margin % TTM ROA TTM ROE TTM Debt/Equity
22.3 0.9 1.8 3.7 -63 9.5 4.4 0.2 2.1 2.9
16.6 1.2 1.3 7.5 0.4 11.6 8 0.6 7.4 2.6

Avg +
Morgan Stanley $27.04 Goldman Sachs Group $158.73 Inc Nomura Holdings, Inc. $7.67 ADR Charles Schwab Corp $21.24 TD Ameritrade Holding $26.13 Corporation Macquarie Group Ltd. $45.21 ADR Wall St. Recommendations Current Total Analysts: 9 3.7
5.0 Buy
-0.37 [ -0.17 [ -1.41 [ -0.65 [ -1.66 [ 0.16 ]
28,907 36,289 19,120 5,055 2,677 0
3.0 Hold
1.0 Sell
Financials
Annual Income Statement 2012-12 2011-12 2010-12 2013-06 Quarterly 2012-06
Ownership
Fund Owners Star Rating % Shares Held % Total Assets
Revenue Net Interest Income Net Income Earnings Per Share Shares Outstanding
Balance Sheet
26,112.00 -199.00 68.00 -0.02 1,918.81
32,403.00 357.00 4,110.00 1.23 1,675.27
31,622.00 864.00 4,703.00 2.63 1,411.27
8,503.00 204.00 980.00 0.41 1,951.36
6,953.00 -161.00 591.00 0.29 1,911.71
Vanguard Total Stock Mkt Idx QQQQ SPDR S&P 500 Vanguard 500 Index Inv QQQQ QQQQ Vanguard Institutional Index I QQQ MainStay Large Cap Growth A
1.00 0.69 0.68 0.66 0.53
0.20 0.25 0.25 0.25 1.56
Net Loans Total Assets Deposits Total Liabilities Stockholders' Equity

Cash Flow
29,046.00 780,960.00 83,266.00 718,851.00 62,109.00
15,369.00 749,898.00 65,662.00 687,849.00 62,049.00
10,576.00 807,698.00 63,812.00 750,487.00 57,211.00
34,571.00 802,691.00 81,514.00 739,510.00 63,181.00
21,394.00 748,517.00 68,252.00 685,676.00 62,841.00
Cash From Operations Cash From Investing Cash From Financing
24,548.00 -12,414.00 -11,897.00
6,684.00 -2,036.00 -5,148.00
40,307.00 -29,157.00 4,163.00
13,802.00 -3,359.00 -6,227.00
2013 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security. Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 2 of 35
Morgan Stanley MS Quote

Industry Classification NAICS SIC ISIC Investment Banking and Securities Dealing (523110) Other Investment Intermediaries N.E.C. (7299);Other Financial Intermediaries N.E.C. (7499);Security Brokers, Dealers, and Flotation Companies (6211);Investors, Not Elsewhere Classified (6799) Other Financial Service Activities, Except Insurance and Pension Funding Activities, N.E.C. (6499)
Stock Type Last Close 10/02/2013 Fair Value Estimate Morningstar Rating TM
Cyclical
27.04
26.00 Business Description
QQQ
Morgan Stanley is a financial services firm that, through its subsidiaries and affiliates, provides its products and services to a diversified group of clients and customers, including corporations, governments, financial institutions and individuals. 30-day Avg Volume Market Cap Net Income Sales Sector Industry Stock Style Direct Investment Dividend Reinvestment 13.5Mil 52.8Bil 1.5Bil 28.9Bil Financial Services Capital Markets 1 Large Value No No
Operation Details Fiscal Year Ends CIK Year Established Employees (12/31/2012) Full Time Part Time Auditor (12/31/2012) Legal Advisor (08/28/2012) Key Executives 2013-12-31 895421 57,061
DELOITTE & TOUCHE LLP Shearman & Sterling LLP James P. Gorman/Chairman of the Board and Chief Executive Officer; Ruth Porat/Executive Vice President and Chief Financial Officer; Gregory J. Fleming/Executive Vice President and President of Asset Management; President of Global Wealth Management Group; Thomas Colm Kelleher/Executive Vice President and President of Institutional Securities; Jim Rosenthal/Executive Vice President and Chief Operating Officer; Paul C. Wirth/Finance Director, Controller and Deputy Chief Financial Officer; Keishi Hotsuki/Chief Risk Officer and Head of the Market Risk Department; Eric F. Grossman/Executive Vice President and Chief Legal Officer; Martin M. Cohen/Corporate Secretary; Franck Petitgas/Global Co-Heads of Investment Banking; Mark Eichorn/Global Co-Heads of Investment Banking
Page 3 of 35

Industry Peers
Morningstar Rating Market Cap $Mil Net Income $Mil P/S P/B P/E Dividend Yield% 5 Yr Rev CAGR% Med Oper. Margin% Interest Coverage D/E Stock Type Last Close 10/02/2013 Fair Value Estimate Morningstar Rating TM
Cyclical
27.04
26.00
QQQ
Morgan Stanley Goldman Sachs Group Inc Nomura Holdings, Inc. Charles Schwab Corp Macquarie Group Ltd. TD Ameritrade Holding Corporation ASX Limited Onex Corp Raymond James Financial Inc E*Trade Financial Corp Lazard Ltd LPL Financial Holdings Inc ICAP PLC Stifel Financial Corp. MarketAxess Holdings, Inc. Paris Orlans Evercore Partners Inc Monex Group, Inc. Greenhill & Co, Inc. Monex Group, Inc. Tullett Prebon PLC KCG Holdings Inc BGC Partners, Inc. Interactive Brokers Group, Inc. Canaccord Financial Inc Marusan Securities Co., Ltd. Investment Technology Group, Inc. BinckBank GFI Group, Inc. GAIN Capital Holdings, Inc. RCS Capital Corp Cowen Group, Inc. INTL FCStone, Inc. EFG-Hermes Holdings SAE Ladenburg Thalman Financial Services, Inc. FBR & Co Oppenheimer Holdings, Inc. Firm Capital Mortgage Investment Corp SWS Group, Inc. Palmetto Bancshares Inc JMP Group, Inc. Pinetree Capital Ltd. Investors Capital Holdings, Ltd. Siebert Financial Corporation National Holdings Corporation East West Resources PLC Argo Group Ltd Merriman Holdings, Inc. Global Arena Holding Inc Paulson Capital Corp. Grand Peak Capital Corp
QQQ QQQ Q QQQ QQQ
52,782 71,052 28,909 27,162 15,135 14,405 6,400 5,952 5,827 4,736 4,392 4,023 3,927 2,620 2,251 1,618 1,544 1,467 1,384 1,297 1,193 1,048 969 937 686 589 575 534 476 450 443 406 393 382 331 303 242 203 184 166 136 46 38 36 32 18 13 11 9 8 5
1,513 8,595 171,237 920 851 618 348 -898 333 -233 74 171 43 121 68 47 46 2,498 52 2,498 -54 -60 55 38 11 5,926 7 20 -8 20 7 -21 25 -41 -13 110 5 16 -33 9 0 -135 0 -3 1 -3 2 -4 -3 -3 0
1.8 2.2 1.6 5.4 5.4 10.1 0.2 1.3 2.9 2.4 1.1 1.7 1.6 10.3 0.9 2.4 9.1 4.7 8.1 0.9 1.8 0.7 0.8 0.9 1.4 1.2 2.6 0.5 2.4 0.7 1.5 0.0 2.0 0.5 1.3 0.3 12.9 0.7 2.9 1.4 -0.4 0.4 2.1 0.2 0.0 1.5 0.3 0.9 4.0 909.1
0.9 1.0 1.2 3.1 1.4 3.2 2.1 10.5 1.6 1.0 8.5 3.4 2.1 1.4 8.3 0.7 3.7 2.0 5.4 1.8 1.8 0.7 2.1 1.5 0.8 1.2 1.4 0.9 1.1 2.5 10.3 0.8 1.2 0.2 1.9 1.0 0.5 1.1 0.6 1.7 1.1 0.4 5.0 1.3 2.8 0.7 0.5 10.1 -4.6 0.9 3.8
22.1 9.6 17.7 29.4 19.3 23.4 18.1 17.4 61.7 24.3 57.1 22.8 32.9 21.7 37.3 0.6 28.7 0.5
0.7 1.3 0.8 1.1 4.6 1.4 4.8 0.2 1.3 2.5 1.5 5.2 0.8 1.8 26.3 3.6 223.2
18.2 -0.4 4.8 0.4 2.2 7.8 41.1 -0.1 6.8 2.5 16.1 16.3 28.8 14.1 -67.8 -6.6 -67.8 2.5
11.6 32.9 8.7 29.6 -68.1 36.7 70.8 4.4 12.2 7.5 6.5 3.1 15.1 10.5 34.8 14.8 12.3 -474.0 24.7 -474.0 16.5 21.1 3.7 49.5 3.1 44.2 8.6 29.1 6.5 25.4 -45.4 0.0 10.0 -5.3 -16.9 1.9 84.2 -2.5 -45.1 9.2 89.9 -0.3 -24.6 -4.5 -0.1 11.1 -42.0 -14.2 -13.9 -298.9
1.1 2.5 1.9 10.7 1.4 27.6 5.8 1.2 6.1 0.7 2.5 5.6 2.6 7.8 2.8 5.6 1.8 70.4 -1.1 5.9 2.6 9.5 -0.5 34.0 -105.4 4.0 1.0 3.3 -1.0 2.7 0.4 1.0 0.9 1.2 1.2 -21.5 20.1
2.9 2.3 3.6 0.2 4.4 0.2 18.1 0.4 0.7 2.1 1.3 0.4 0.2
QQQ QQQ
QQQ QQ QQ QQQ
0.2 0.2 0.2 0.5 0.2 0.6
QQQ
33.7 23.4 72.5 9.9 80.0 19.3 22.7
8.5 2.1 3.0 4.2 6.0 5.1 1.6 2.2
9.6 -5.1 3.6 -7.1 18.2 -1.0 4.9 -1.7 73.1 46.4
QQQ QQQ
0.1 0.6 0.1
14.9 53.2 4.2 47.8 15.4 17.3 163.9 2.3
0.1 0.5 0.4 0.2 0.6 0.2 0.5 0.3
2.5 6.8
-20.6 1.4 -2.1 -0.3 9.6 -1.4 -9.5 10.2 144.2
14.6 5.6 9.8
-32.1 -23.8 -25.3
-26.4 -1.6 -189.6
1.3
Page 4 of 35

Industry Peers Win Global Markets Inc Bonds.com Group, Inc. Capital Financial Holdings, Inc. Armada Mercantile LTD Bear Lake Recreation, Inc. Forex International Trading Corp. Woodstock Holdings, Inc. Novadx Ventures Corp Waterfront Capital Corporation Network 1 Financial Group, Inc. Stark Beneficial, Inc. PAM Holdings Inc Westechcapital Corp Ziegler Companies, Inc. Sunrise Consulting Group, Inc. Omni Financial Services, Inc. Manifold Capital Corp. Concordis Group, Inc. Direct Markets Holdings Corp LBO Capital Corporation Finotec Group, Inc. Graystone Park Enterprises Inc Central Bancompany Blackhawk Cap Group Bdc Banco Bilbao Vizcaya Argentaria Brasil SA Shin Young Securities Co., Ltd. Jesup & Lamont, Inc. First Montauk Financial Corporation AB Watley Group, Inc. ATM Capitol Company Bedford Holdings, Inc. Castle Holding Corporation Carlton Companies, Inc. Mentor Capital, Inc. MidasTrade.com, Ltd. Nortia Capital Partners, Inc. Central Bancompany EFG-Hermes Holdings SAE NZX Ltd Guotai Junan International Holdings Ltd. Swissquote Group Holding Ltd. Marfin Investment Group holdings SA Currency Exchange International Corp Guotai Junan International Holdings Ltd. China Galaxy Securities Co Ltd Industry Average 4,318 2,949 1.3 1.2 16.5 1.1 8.1 -550.1 -4.8 2 1 1 0 0 0 0 0 0 0 0
Stock Type Last Close 10/02/2013 Fair Value Estimate Morningstar Rating TM
Cyclical
27.04
26.00
QQQ
-1 -1 0 0 0 0 0 -10 0 0 0 47 -7 0 6 -1,106 -35 -1 -3
0.9 0.2 0.1 7.2 4.2 0.0 0.1 0.5 0.1
-2.2 0.6 0.3 -25.3 -3.1 -0.7 0.2 -0.0 1.3 1.5 -0.3 0.4 1.1 0.0 -0.0 0.0
14.9 4.1 -13.9
-117.4 -265.8 -0.2 -13.2 -7267.4 -1.4 -200.5 11.9 -20.7
-39.7 -17.1 -0.9 -225.9 -1.1 -7.6 0.6 -16.0
7.6 43.1
0.4 0.4 0.0 -0.0 0.0
64.9 0.0
-4.1 -4.4 32.9 80.8 1.3
-22.6 -0.9 25.8 63.6 -9.6 -22179.5 -120.4
0.6 1.4 1.3 -54.5
0.2 0.5 1.7
0.4 0.2
0 10000.0 56,904 -7 0 -2 0 0
-6.0 3.8 -3.6 12.0 -16.2 -16.7
-12378.7 38.5 -15.5 -1.4 -69.7 -30.4 2.1 -2.3 0.2
0.0 0.0 0.1
0.1 0.1 -0.0
-0.9 0.4
0 -41 13 312 24 -474 2 312
0.1
0.1 0.9 14.5 0.2 94.3
-822.8 10.0 32.8 46.8 31.2 -31.9 30.6 46.8 0.1 37.1 50.1 6.3 -10.6 38.0 50.1
0.6
0.3 2.6
Page 5 of 35
Morgan Stanley MS Analysis

Analyst Note | 23 Jul 2013 | Michael Wong, CFA, CPA, Stock Analyst
We are increasing our fair value estimate for Morgan Stanley MS to $26 from $24 per share. This implies a forward price-to-earnings ratio of 12.4 times and a price-to-tangible book ratio of 1 times. Of the $2 increase in our fair value estimate, approximately $0.50 came from assuming a slightly higher long-term leverage ratio. The remainder of the fair value increase came from higher projected near-term results and a 50-basis-point increase in our long-term modeled normalized operating margin.
Investment Thesis | 09 Apr 2013 | Michael Wong, CFA, CPA, Stock Analyst
Whether because of a hard lesson learned from the recession, or as a necessity resulting from regulation, Morgan Stanley is much more focused on risk-adjusted returns on capital. Expansion of the company's wealth management business via the creation of Morgan Stanley Smith Barney, or MSSB, was a definitive step in that direction. However, we believe new regulations affecting the financial industry following the crisis--and the measures Morgan Stanley took to allay creditor and investor concerns--will make it difficult for the company to earn adequate returns on capital until the economy shows greater vigor, and the company's global wealth management segment is completely integrated. Morgan Stanley has a diversified revenue stream, which helps in riding out cycles. Fixed-income trading, which bore the brunt of asset write-downs during the dark hours of the financial crisis, has been a star performer as the capital markets recovered. Some of the external factors that caused fixed-income trading to perform well during the last couple of years, such as wide trading spreads, have largely gone away. That said, a selective streamlining of the company's fixed-income business could improve returns on capital allocated to the business, even if the absolute level of revenue doesn't grow significantly. As the capital markets and economy move further into the clear, non-trading related
revenue lines will be a significant contributor to earnings. Investment banking revenue should experience healthy growth, as companies that held off going public during the recession are now tapping the capital markets. Additionally, greater confidence in the economy and generally high cash levels on corporate balance sheets will lead to increased mergers and acquisition activity. Rising asset values are also a primary driver of Morgan Stanley's profitability, as its asset management and enlarged wealth management segments' revenues are largely determined by the level of assets under management. There are still many questions surrounding Morgan Stanley's rebirth as a financial holding company regulated by the Federal Reserve, and the imposition of more stringent regulations that will likely reduce returns on equity. Changes on the revenue front include principal investment activity being limited, proprietary trading being prohibited, and rules increasing the transparency of over-the-counter derivatives that could potentially decrease sales and trading margins. Regulatory capital requirements are also increasing by a multiple, as are liquidity requirements. The approximate doubling of Morgan Stanley's equity base, and nearly doubling of its shares outstanding since the end of 2007, puts the company on much firmer financial footing. However, it also makes it nearly impossible for the company to achieve its historical levels of returns on capital and earnings per share. Most of the new regulations affect the company's institutional securities segment, so the company's increased presence in the wealth management industry is encouraging. On the whole, wealth management is a relatively high-return, low-capital-intensity business. The value of MSSB is finally starting to show, with pretax operating margins increasing from approximately 10% in 2011 to 14%, using a more normalized compensation ratio, at the end of 2012. We estimate that the effect of more normalized interest rates on margin loans and bank assets should add over $2 billion of net interest income to the company's wealth management segment. Owing to the high incremental margins on the net interest income, overall wealth management mar-
gins should consequently expand two to four percentage points.

Economic MoatTM | 09 Apr 2013
Morgan Stanley derives its narrow moat from its sticky wealth management client relationships, ability to hire top talent, naturally high return investment banking revenue, and leveraged return trading business. We believe that wealth management, which is increasing as a percentage of its total revenue due to the Citi Smith Barney joint venture, is a moaty business. The JV could increase the percentage of operating income that the company derives from its wealth management group, after including synergy savings, from approximately 15% to over 35%. Productive financial advisors will continually increase their list of clients served, while using the company's already established and scalable infrastructure. This generates high returns on capital over an extended period of time.
Valuation | 23 Jul 2013
We are increasing our fair value estimate for Morgan Stanley to $26 from $24 per share. This implies a forward price-to-earnings ratio of 12.4 times and a price-to-tangible book ratio of 1 times. Of the $2 increase in our fair value estimate, approximately $0.50 came from assuming a slightly higher long-term leverage ratio. The remainder of the fair value increase came from higher projected near-term results and a 50-basis-point increase in our long-term modeled normalized operating margin.We're projecting a net revenue compound annual growth rate of about 9.5% during the next five years. Much of our projected revenue increase comes from asset management and net interest income. We forecast AUM growing at a normalized rate of approximately 5.5% from market appreciation. We project net interest income eventually growing to over $5 billion from negative net interest income in 2012. The increase will come from the effect of higher, more normalized rates on wealth management and bank assets, and the decrease of the net interest income drag caused by borrowing at high long-term rates to fund an out-
Page 6 of 35
Morgan Stanley MS Analysis

sized liquidity buffer. We estimate that wealth management trading commissions will grow at a little over a 7% compound annual rate over the next five-years, due to 2012 being a low trading activity jumping-off point. Our normalized wealth management commission growth rate is 4%. On a reported basis, we're forecasting year-five principal transaction revenue to be about 35% higher than the previous year, as the previous year was affected by debt valuation adjustment charges. On a normalized basis, we're projecting principal transaction revenue growth in line with the balance sheet of approximately 5%. We're also projecting a 6% annual growth rate in investment banking. We model across-a-cycle operating margins of slightly over 22%. This includes a 52.5% compensation ratio. The higher-than-long-run historical compensation ratio is from a larger proportion of revenue coming from the wealth management business. We project noncompensation expenses growing at a low CAGR of about 1% over the next five years due to the company's expense savings program. We believe Morgan Stanley will earn a return of approximately 12.5% on tangible common equity in the medium term and have a long-term gross leverage ratio of 15 times. As we use a cost of equity for the company of 12%, our discounted cash flow model values the company near its tangible book value per share.
Risk | 09 Apr 2013
solvency metrics.
Management | 10 Dec 2012
Overview
James Gorman has been CEO and president of Morgan Stanley since the beginning of 2010. He has been with the firm since 2006 and held responsibilities associated with the company's wealth management, investment management, operations, and corporate strategy. Before joining Morgan Stanley, he was an executive in Merrill Lynch's private client business. Historically, Morgan Stanley earned returns above its cost of capital. Recently, the company survived a couple of instances where some questioned its viability as a going concern, and took a transformative step with the expansion of its wealth management business, a move that should position it well for pending regulation. We believe these are laudable management achievements, but currently--and in the near future--we don't foresee large excess returns on capital. The capital base has grown dramatically, and expenses remain high. Therefore, we believe the company's stewardship of shareholder capital is average.
Bulls Say
Morgan Stanley is a global investment bank whose history, through its legacy firms, can be traced back to 1924. The company has institutional securities, wealth management, and asset management segments and more than 55,000 employees. The company derives about half of its total revenue outside the Americas.
Competitors
Name Price % Chg TTM Sales $ mil
Morgan Stanley $27.04 Goldman Sachs Group $158.73 Inc Nomura Holdings, Inc. $7.67 ADR Charles Schwab Corp $21.24 TD Ameritrade Holding $26.13 Corporation Macquarie Group Ltd. $45.21 ADR Analyst Price 10-02-2013 Fair Value Estimate Uncertainty Consider Buy Consider Sell Economic Moat Stewardship Rating Quantitative Price 10-02-2013 Quantitative Fair Value Quantitative Uncertainty Quantitative Moat As of 10/01/2013
-0.37 [ -0.17 [ -1.41 [ -0.65 [ -1.66 [ 0.16 ]
28,907 36,289 19,120 5,055 2,677 0
27.04 BASE 26.00 BASE High 15.60 BASE 40.30 BASE Narrow Standard
Gradual increases in asset prices and interest rates should have a positive effect on the company's asset management and wealth management segments. Less reliance on trading revenue may allow the firm to weather regulatory changes better than its peers. An expanded wealth management business should increase earnings stability going forward.
Bears Say
27.16 BASE 26.32 BASE Low Narrow
Arguably the largest area of concern for Morgan Stanley is its fixed income and commodities business. The company is shifting its product mix toward more interest rate and foreign exchange products and away from credit and commodities. Along with adjusting its product mix, the firm is also reducing the amount of capital allocated to the business. Improving returns from this segment are less certain than management hitting its wealth management operating margin target. Besides the revenue outlook for fixed income and commodities, it may be challenging for the company to return capital to improve returns on equity, while at the same time stay at the upper end of peers in regards to regulatory liquidity and
The Smith Barney joint venture may fail to meet management expectations. Higher regulatory capital requirements could reduce returns on equity. Off-balance-sheet guarantees and commitments may diminish the company's liquidity.
Page 7 of 35
Morgan Stanley MS Insiders

Total Executive Compensation
82.63 mil 60.82 mil 38.54 mil 17.09 mil 45.24 mil 31.00 93.00
2012 Executive Compensation
Total Compensation 1-Year % Change

Compensation vs. Performance
$45,242,538 25.62 %[
1-Year % Change
62.00
2008
2009
2010
2011
2012
CEO Compensation Stock Return Revenue Return on Equity Net Income
-17.79% 27.69% -19% -101.31% -98.35%
Stock Price
60.00 30.00
2008
2009
2010
2011
2012
Total Return
45.0 0
2008
2009
2010
2011
2012
Revenue
0.00 -1.00
2008
2009
2010
2011
2012
Return of Equity
0.00 -1.00
2008
2009
2010
2011
2012
Net Income
0.00 -1.00
2008
2009
2010
2011
2012
Page 8 of 35

Key Executive Compensation
Key Executive Compensation 2008 2009 2010 2011 2012
Salary Bonus Annual Other Income Restricted Stock Award Securities Options LTIP Payout Non-Equity Compensation Other Compensation Total
James P. Gorman / Chairman of the Board and Chief Executive Officer
322,903 3,970,219 0 4,430,553 0 0 0 2,200,303 11,100,612

2008
1,362,723 12,106,666 0 0 0 0 0 2,418,059 15,993,641

2009
2,980,874 15,177,074 0 32,816,335 0 0 0 1,318,867 53,507,350

2010
3,835,910 16,948,113 0 29,525,654 8,499,967 0 0 792,695 60,824,839

2011
3,826,661 12,086,670 0 26,216,952 0 0 0 328,669 45,242,538

2012
Ruth Porat / Executive Vice President and Chief Financial Officer 2008
734,247 5,706,301 0 0 0 0 0 6,100 6,496,020

2009
800,000 3,880,000 0 10,167,949 0 0 0 6,100 15,185,737

2010
800,000 2,716,011 0 5,942,777 3,499,996 0 0 9,800 12,981,856

2011
800,000 2,575,000 0 6,984,208 0 0 0 20,552 10,672,214

2012
Paul J. Taubman / Executive Vice President and Co-President of Institutional Securities 2008 2009
750,000 3,700,000 0 6,911,340 0 0 0 6,100 11,710,425

2010
750,000 3,200,003 0 5,667,083 1,499,993 0 0 14,927 11,397,291

2011
750,000 2,250,000 0 4,800,178 0 0 0 15,497 8,093,705

2012
750,000 3,400,018 0 6,279,760 1,499,993 0 0 13,116 12,629,613
750,000 2,425,000 0 5,100,174 0 0 0 13,575 9,925,452
Page 9 of 35

Thomas Colm Kelleher / Executive Vice President and Co-President of Institutional Securities 2008 2009 2010 2011 2012
Gregory J. Fleming / Executive Vice President and President of Global Wealth Management Group and Asset Management
322,903 3,970,219 0 4,430,553 0 0 0 2,200,303 11,100,612

2008
628,476 6,400,365 0 0 0 0 0 2,411,959 9,497,621

2009
757,316 4,097,074 0 6,737,046 0 0 0 1,231,667 13,362,630

2010
785,910 4,232,063 0 6,275,274 1,499,993 0 0 754,852 13,805,309

2011
776,661 2,411,670 0 4,232,218 0 0 0 279,045 8,275,993

2012
673,558 3,500,000 0 9,000,000 0 0 0 75,000 13,248,558
750,000 3,400,018 0 5,360,760 499,992 0 0 0 10,010,770
750,000 2,425,000 0 5,100,174 0 0 0 0 8,275,174
A publicly-traded company is only required to disclose information concerning the amount and type of compensation paid to its CEO, CFO, and the three other most highly compensated executive officers in a given year. Information about compensation for these individuals may be unavailable in prior years if they were not in their current roles or did not qualify as among the most highly compensated officers at the time.
Page 10 of 35

Weekly Insider Transactions
3 mil 1 mil 0 -1 mil Buy Acquisition (Non-open Mkt) Option Exercise Sell Disposition (Non-open Mkt)
Oct
Nov
Dec
2013
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Stock Price
30.00 15.00
Oct
Nov
Dec
2013
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Total Return
20.0 0
Oct
Nov
Dec
2013
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Revenue
0.00 -1.00
Oct
Nov
Dec
2013
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Return of Equity
0.00 -1.00
Oct
Nov
Dec
2013
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Net Income
0.00 -1.00
Oct
Nov
Dec
2013
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Page 11 of 35

Transaction History
Date * Name Title Transaction Shares Value
09/03/2013 08/01/2013 07/31/2013 05/15/2013 05/15/2013 05/14/2013 05/14/2013 05/14/2013 05/14/2013 05/14/2013 05/14/2013 05/14/2013 05/14/2013 05/14/2013 05/14/2013 05/14/2013 05/14/2013 05/14/2013 05/14/2013 05/09/2013 02/13/2013 02/13/2013 02/13/2013 02/13/2013 02/12/2013
Rayford Wilkins James P. Gorman Jim Rosenthal Howard J Davies James P. Gorman Laura D'Andrea Tyson O. Griffith Sexton O. Griffith Sexton Robert H. Herz Howard J Davies Klaus Kleinfeld Thomas Henry Glocer James W Owens Hutham S. Olayan Hutham S. Olayan Erskine B. Bowles Erskine B. Bowles Donald T Nicolaisen C. Robert Kidder Jim Rosenthal Keishi Hotsuki Keishi Hotsuki Keishi Hotsuki Keishi Hotsuki Gregory J. Fleming
Independent Director Chairman of the Board and Chief Executive Officer Executive Vice President and Chief Operating Officer Independent Director Chairman of the Board and Chief Executive Officer Independent Director Independent Director Independent Director Independent Director Independent Director Independent Director Independent Director Independent Director Independent Director Independent Director Independent Director Independent Director Independent Director Lead Independent Director Executive Vice President and Chief Operating Officer Chief Risk Officer and Head of the Market Risk Department Chief Risk Officer and Head of the Market Risk Department Chief Risk Officer and Head of the Market Risk Department Chief Risk Officer and Head of the Market Risk Department Executive Vice President and President of Asset Management; President of Global Wealth Management Group
Acquisition Gift Sale at 27.32 per share. Disposition Gift Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Gift Sale at 23.81 per share. Sale at 23.77 per share. Sale at 23.8 per share. Sale at 23.78 per share. Other Acquisition
7,146 10,805 12,850 817 2,040 10,301 10,301 1,923 10,301 10,301 10,301 10,301 10,301 1,751 10,301 1,957 10,301 10,301 10,301 113,321 1,100 17,200 1,556 3,178 29,853
0 0 351,062 20,131 0 0 0 46,666 0 0 0 0 0 42,499 0 47,500 0 0 0 0 26,191 408,844 37,032 75,572 699,455
* Date represents the date on which the insider initiated the transaction
Page 12 of 35

Holding Summary
Name Title Total Shares Held TTM Change % Shares Outstanding % Market Value
All Key Insiders James P. Gorman Ruth Porat O. Griffith Sexton Gregory J. Fleming Thomas Colm Kelleher Jim Rosenthal Paul C. Wirth C. Robert Kidder Keishi Hotsuki Hutham S. Olayan Erskine B. Bowles Laura D'andrea Tyson Howard J Davies Donald T Nicolaisen Eric F. Grossman James W Owens Klaus Kleinfeld Robert H. Herz Thomas Henry Glocer Rayford Wilkins All Key Insiders
Chairman of the Board and Chief Executive Officer Executive Vice President and Chief Financial Officer Independent Director Executive Vice President and President of Asset Management; President of Global Wealth Management Group Executive Vice President and President of Institutional Securities Executive Vice President and Chief Operating Officer Finance Director, Controller and Deputy Chief Financial Officer Lead Independent Director Chief Risk Officer and Head of the Market Risk Department Independent Director Independent Director Independent Director Independent Director Independent Director Executive Vice President and Chief Legal Officer Independent Director Independent Director Independent Director Independent Director Independent Director
4,506,637 996,881 843,735 730,587 361,885 306,262 201,902 167,707 150,039 116,766 105,209 104,853 85,897 77,905 74,334 64,274 46,273 27,952 25,727 11,301 7,146 4,506,637
-6.16% -6.82 5.92 2.21 -33.23 -37.86 -41.15 -6.01 7.79 -38.52 17.12 17.95 14.12 14.14 17.02 -24.78 29.59 59.73 0 0 0 -6.16%
0.23% 0.05% 0.04% 0.04% 0.02% 0.02% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0.23%
121,453,873 26,865,936 22,738,669 19,689,323 9,752,809 8,253,761 5,441,263 4,519,700 4,043,559 3,146,840 2,835,387 2,825,795 2,314,934 2,099,541 2,003,304 1,732,185 1,247,049 753,309 693,341 304,564 192,595 121,453,873
* Based on MS Last Close Price: 26.95 10/01/2013 4:00:00 PM EST.
Page 13 of 35

Key Executive
James P. Gorman, 54
Chairman of the Board and Chief Executive Officer Since:2006
Mr. Gorman has served as Chairman of the Board and Chief Executive Officer of Morgan Stanley since January 2012. He was President and Chief Executive Officer from January 2010 through December 2011. He was Co-President of Morgan Stanley from December 2007 to December 2009, Co-Head of Strategic Planning from October 2007 to December 2009 and President and Chief Operating Officer of the Global Wealth Management Group from February 2006 to April 2008. Mr. Gorman joined Merrill Lynch & Co., Inc. (Merrill Lynch) in 1999 and served in various positions including Chief Marketing Officer, Head of Corporate Acquisitions Strategy and Research in 2005 and President of the Global Private Client business from 2002 to 2005. Prior to joining Merrill Lynch, he was a senior partner at McKinsey, serving in the firm's financial services practice. Earlier in his career, Mr. Gorman was an attorney in Australia. Other Directorships in the Past Five Years: MSCI Inc. Ruth Porat (55), Executive Vice President and Chief Financial Officer of Morgan Stanley (since January 2010). Vice Chairman of Investment Banking (September 2003 to December 2009). Global Head of Financial Institutions Group (September 2006 to December 2009) and Chairman of the Financial Sponsors Group (July 2004 to September 2006) within Investment Banking. Gregory J. Fleming (49), Executive Vice President (since February 2010), President of Asset Management
Ruth Porat, 55
Executive Vice President and Chief Financial Officer Since:2003
Gregory J. Fleming, 49
Executive Vice President and President of Asset Management; (since February 2010) and President of Global Wealth Management Group of Morgan Stanley (since President of Global Wealth Management Group Since:2010 January 2011). President of Research of Morgan Stanley (February 2010 to January 2011). Senior Research
Scholar at Yale Law School and Distinguished Visiting Fellow of the Center for the Study of Corporate Law at Yale Law School (January 2009 to December 2009). President of Merrill Lynch & Co., Inc. (Merrill Lynch) (February 2008 to January 2009). Co-President of Merrill Lynch (May 2007 to February 2008). Executive Vice President and Co-President of the Global Markets and Investment Banking Group of Merrill Lynch (August 2003 to May 2007).
Thomas Colm Kelleher, 55
Executive Vice President and President of Institutional Securities Since:2007
Colm Kelleher (55), Executive Vice President (since October 2007) and President of Institutional Securities (since January 2013). Co-President of Institutional Securities of Morgan Stanley (January 2010 to December 2012). Chief Financial Officer and Co-Head of Strategic Planning (October 2007 to December 2009). Head of Global Capital Markets (February 2006 to October 2007). Co-Head of Fixed Income Europe (May 2004 to February 2006). James A. Rosenthal (59), Executive Vice President and Chief Operating Officer of Morgan Stanley (since January 2011). Head of Corporate Strategy (January 2010 to May 2011). Chief Operating Officer of Morgan Stanley Wealth Management (January 2010 to August 2011). Head of Firmwide Technology and Operations of Morgan Stanley (March 2008 to January 2010). Chief Financial Officer of Tishman Speyer (May 2006 to March 2008). Paul C. Wirth was, beginning in February 2004, a Managing Director, the Global Controller and Chief services company. Beginning in April 2004, Mr. Wirth also served as the Chief Financial and Accounting Officer of Credit Suisse First Boston (USA), Inc., an investment bank that is part of the Credit Suisse First Boston business unit. From July 2000 to January 2004, Mr. Wirth was the National Managing Partner of the Banking and Finance Practice at Deloitte & Touche LLP, an accounting firm. Prior to July 2000, Mr. Wirth was an assurance partner in the New York Financial Services Practice of KPMG LLP, an accounting firm.
Jim Rosenthal, 59
Executive Vice President and Chief Operating Officer Since:2008
Paul C. Wirth,
Finance Director, Controller and Deputy Chief Financial Officer Accounting Officer of Credit Suisse First Boston, a business unit of Credit Suisse Group, a financial Since:2005
Page 14 of 35

Key Executive
Keishi Hotsuki, 50
Chief Risk Officer and Head of the Market Risk Department Since:2011
Keishi Hotsuki (50), Chief Risk Officer of Morgan Stanley (since May 2011). Interim Chief Risk Officer (January 2011 to May 2011) and Head of Market Risk Department (since March 2008). Director of Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. (since May 2010). Global Head of Market Risk Management at Merrill Lynch (June 2005 to September 2007). Eric F. Grossman (46), Executive Vice President and Chief Legal Officer of Morgan Stanley (since January 2012). Global Head of Legal (September 2010 to January 2012). Global Head of Litigation (January 2006 to September 2010) and General Counsel of the Americas (May 2009 to September 2010). General Counsel of Global Wealth Management Group (November 2008 to June 2009) and General Counsel of Morgan Stanley Wealth Management (June 2009 to September 2010). Partner at the law firm of Davis Polk & Wardwell LLP (June 2001 to December 2005).
Eric F. Grossman, 46
Executive Vice President and Chief Legal Officer Since:2009
Martin M. Cohen,
Corporate Secretary Since:2012
Franck Petitgas,
Global Co-Heads of Investment Banking Since:2012
Morgan Stanley also announced the appointment of Franck Petitgas as Global Co-Heads of Investment Banking with day-to-day responsibility globally for client coverage, M&A and capital markets.
Mark Eichorn,
Global Co-Heads of Investment Banking Since:2012
Morgan Stanley also announced the appointment of Mark Eichorn as Global Co-Heads of Investment Banking with day-to-day responsibility globally for client coverage, M&A and capital markets.
Board of Directors
James P. Gorman, 54
Chairman of the Board and Chief Executive Officer Since:2010
Mr. Gorman has served as Chairman of the Board and Chief Executive Officer of Morgan Stanley since January 2012. He was President and Chief Executive Officer from January 2010 through December 2011. He was Co-President of Morgan Stanley from December 2007 to December 2009, Co-Head of Strategic Planning from October 2007 to December 2009 and President and Chief Operating Officer of the Global Wealth Management Group from February 2006 to April 2008. Mr. Gorman joined Merrill Lynch & Co., Inc. (Merrill Lynch) in 1999 and served in various positions including Chief Marketing Officer, Head of Corporate Acquisitions Strategy and Research in 2005 and President of the Global Private Client business from 2002 to 2005. Prior to joining Merrill Lynch, he was a senior partner at McKinsey, serving in the firm's financial services practice. Earlier in his career, Mr. Gorman was an attorney in Australia. Other Directorships in the Past Five Years: MSCI Inc. Mr. Sexton has served as an adjunct professor at Columbia Business School since 1995 and visiting lecturer at Princeton University since 2000, teaching courses in corporate finance. He was an Advisory Director of Morgan Stanley from 1995 to 2008. Mr. Sexton joined Morgan Stanley in 1973 and was a Managing Director from 1985 to 1995, ultimately serving as Director of the Corporate Restructuring Group within the Advisory Services Department. Other Current Directorships: Investor AB.
O. Griffith Sexton, 69
Independent Director Since:2005
Page 15 of 35

C. Robert Kidder, 68
Lead Independent Director Since:1997
Mr. Kidder served as Chairman and Chief Executive Officer of 3Stone Advisors LLC, a private investment firm, from 2006 to 2011, and as non-executive Chairman of the Board of Chrysler Group LLC from 2009 to 2011. He was Principal at Stonehenge Partners, Inc., a private investment firm, from 2004 to 2006. Mr. Kidder served as President of Borden Capital, Inc., a company that provided financial and strategic advice to the Borden family of companies, from 2001 to 2003. He was Chairman of the Board from 1995 to 2004 and Chief Executive Officer from 1995 to 2002 of Borden Chemical, Inc. (formerly Borden, Inc.), a forest products and industrial chemicals company. Mr. Kidder was Chairman and Chief Executive Officer from 1991 to 1994 and President and Chief Executive Officer from 1988 to 1991 of Duracell International Inc. Prior to joining Duracell International Inc. in 1980, Mr. Kidder worked in planning and development at Dart Industries. He also previously worked at McKinsey & Co. as a general management consultant. Other Current Directorships: Merck & Co., Inc. Other Directorships in the Past Five Years: Chrysler Group LLC. Ms. Olayan has been a principal and director since 1981 of The Olayan Group, a private multinational enterprise that is a diversified global investor and operator of commercial and industrial businesses in Saudi Arabia. She has been President and Chief Executive Officer of The Olayan Group's U.S. operations for more than 25 years, overseeing all investment activity in the Americas. Ms. Olayan is a member of the International Advisory Board of The Blackstone Group and a former director of Equity International and Thermo Electron Corporation. Mr. Bowles is President Emeritus of the University of North Carolina and served as President from January 2006 through December 2010. He served as Co-Chair of the National Commission on Fiscal Responsibility and Reform during 2010. Mr. Bowles became a senior advisor at BDT Capital Partners, a private investment firm, in 2012. He has been a senior advisor since 2001 and was Managing Director from 1999 to 2001 of Carousel Capital, a private investment firm. He was also a partner at the private investment firm of Forstmann Little & Co. from 1999 to 2001 and a founder of Kitty Hawk Capital, a venture capital firm. Mr. Bowles began his career in corporate finance at Morgan Stanley in 1969 and subsequently helped found and served as Chairman and Chief Executive Officer of Bowles Hollowell Connor & Co., an investment banking firm. Mr. Bowles served as White House Chief of Staff from 1996 to 1998 and Deputy White House Chief of Staff from 1994 to 1995. He was head of the Small Business Administration from 1993 to 1994 and served as United Nations Under Secretary General, Deputy Special Envoy for Tsunami Recovery in 2005. Other Current Directorships: Belk, Inc., Facebook, Inc. and Norfolk Southern Corporation. Other Directorships in the Past Five Years: Cousins Properties Incorporated and General Motors Corporation. Dr. Tyson has served as the S. K. and Angela Chan Professor of Global Management since 2008 and as Professor of Business Administration and Economics from 2007 to 2008 at the Walter A. Haas School of Business, University of California, Berkeley. She was Dean of the London Business School from 2002 to 2006. Dr. Tyson was Dean from 1998 to 2001 and Class of 1939 Professor in Economics and Business Administration from 1997 to 1998 at the Walter A. Haas School of Business, University of California, Berkeley. She served as National Economic Advisor to the President and Chair of the President's National Economic Council from 1995 to 1996 and as Chair of the White House Council of Economic Advisors from 1993 to 1995. Dr. Tyson has served as a member of the Foreign Affairs Policy Board, U.S. State Department, since 2012. She served on the President's Economic Recovery Advisory Board from 2009 to 2011 and was appointed in 2011 to the President's Council on Jobs and Competitiveness. Other Current Directorships: AT&T Inc., CBRE Group, Inc. and Silver Spring Networks, Inc. Other Directorships in the Past Five Years: Eastman Kodak Company.
Hutham S. Olayan, 59
Erskine B. Bowles, 67
Laura D'andrea Tyson, 65
Page 16 of 35

Howard J Davies, 62
Mr. Davies has served as the non-executive Chairman of Phoenix Group Holdings since October 2012 and as a professor at Sciences Po, the Paris School of International Affairs, since 2011. He is Chairman of the International Advisory Board of the China Securities Regulatory Commission and a member of the International Advisory Board of the China Banking Regulatory Commission. Mr. Davies served as Director of the London School of Economics and Political Science from 2003 to 2011. He was Chairman of the U.K. Financial Services Authority, the U.K.'s financial regulator, from 1997 to 2003. Mr. Davies previously served as Deputy Governor of the Bank of England from 1995 to 1997. He was Director General of the Confederation of British Industry from 1992 to 1995 and Controller of the Audit Commission in the U.K. from 1987 to 1992. He worked at McKinsey from 1982 to 1987 and was seconded to the Treasurer as Special Advisor to the Chancellor of the Exchequer. Mr. Davies also previously worked at the U.K. Treasury and the Foreign and Commonwealth Office, including two years as Private Secretary to the British Ambassador in Paris. Other Current Directorships: Prudential plc. Mr. Nicolaisen was Chief Accountant for the U.S. Securities and Exchange Commission (SEC) from 2003 to 2005, where he served as the principal advisor to the SEC on accounting and auditing matters and was responsible for formulating and administering the accounting program and policies of the SEC. He was a partner of PricewaterhouseCoopers, an accounting firm, from 1978 to 2003 and first joined Price Waterhouse in 1967. Mr. Nicolaisen led Price Waterhouse's national office for accounting and SEC services and its financial services practice and was responsible for auditing and providing risk management advice to large, complex multi-national corporations. Other Current Directorships: MGIC Investment Corporation, Verizon Communications Inc. and Zurich Insurance Group. Mr. Owens served as Chairman and Chief Executive Officer of Caterpillar Inc. (Caterpillar), a manufacturer of construction and mining equipment, diesel and natural gas engines and industrial gas turbines, from 2004 to 2010. He served as Vice Chairman of Caterpillar from 2003 to 2004 and as Group President from 1995 to 2003, responsible at various times for 13 of the company's 25 divisions. Mr. Owens served at Caterpillar as Vice President and Chief Financial Officer from 1993 to 1995, Corporate Vice President and President of Solar Turbines Incorporated from 1990 to 1993, and managing director of P.T. Natra Raya, Caterpillar's Indonesian joint venture, from 1987 to 1990. He held various managerial positions in the Accounting and Product Source Planning Departments from 1980 to 1987 and was chief economist of Caterpillar Overseas S.A. in Geneva, Switzerland, from 1975 to 1980. He joined Caterpillar in 1972 as a corporate economist. Mr. Owens served on the President's Economic Recovery Advisory Board from 2009 to 2011. He serves on the boards of the Peter G. Peterson Institute for International Economics and the Council on Foreign Relations and is a senior advisor at Kohlberg Kravis Roberts & Co. Mr. Kleinfeld has served as Chairman and Chief Executive Officer of Alcoa Inc. (Alcoa), the world's leading producer of primary aluminum and fabricated aluminum, since April 2010. He served as President and Chief Executive Officer of Alcoa from 2008 to 2010 and President and Chief Operating Officer of Alcoa from 2007 to 2008. He has served on the Board of Alcoa since 2003. Mr. Kleinfeld served for 20 years at Siemens AG from 1987 to 2007, including as Chief Executive Officer and President from 2005 to 2007, as a member of the Managing Board from 2004 to 2007, and as President and Chief Executive Officer from 2002 to 2004 and Executive Vice President and Chief Operating Officer in 2001 of Siemens AG's principal U.S. subsidiary, Siemens Corporation. He serves on the Brookings Institution Board of Trustees and is Chairman of the U.S.-Russia Business Council. Other Current Directorships: Alcoa and Bayer AG (Supervisory Board).
Donald T Nicolaisen, 68
James W Owens, 67
Klaus Kleinfeld, 55
Page 17 of 35

Robert H. Herz, 59
Mr. Herz has served as President of Robert H. Herz LLC, providing consulting services on financial reporting and other matters, since September 2010. He has also served as a senior advisor to, and as a member of, the Advisory Board of WebFilings LLC, a provider of financial reporting software, since 2011. He served as Chairman of the Financial Accounting Standards Board from July 2002 to September 2010 and as a part-time member of the International Accounting Standards Board from January 2001 to June 2002. Mr. Herz has served on the Accounting Standards Oversight Council of Canada since 2011 and as a member of the Standing Advisory Group of the Public Company Accounting Oversight Board since 2012. Mr. Herz served as a partner in PricewaterhouseCoopers, an accounting firm, from 1985 until his retirement in 2002. Other Current Directorships: Federal National Mortgage Association (Fannie Mae). Mr. Glocer served as Chief Executive Officer of Thomson Reuters Corporation, a news and information provider for businesses and professionals, from April 2008 through December 2011 and as Chief Executive Officer of Reuters Group PLC from July 2001 to April 2008. He joined Reuters Group PLC in 1993 and served in a variety of executive roles before being named Chief Executive Officer. He was a mergers and acquisitions lawyer at the law firm Davis Polk & Wardwell LLP from 1984 to 1993. Other Current Directorships: Merck & Co., Inc. Other Directorships in the Past Five Years: Thomson Reuters Corporation. On July 30, 2013, the Board of Directors of Morgan Stanley elected Rayford Wilkins, Jr. to the Board, effective August 1, 2013. Mr. Wilkins, 61, most recently served as CEO of Diversified Businesses at AT&T, a position from which he retired in March 2012. Previously in his career, Mr. Wilkins held several leadership roles at AT&T and its predecessor companies, including Group President of Marketing and Sales at SBC Communications, President and CEO of SBC Pacific Bell, and President and CEO of Southwestern Bell Telephone, among others. Mr. Wilkins currently serves on the boards of Valero Energy Corporation, America Movil and YP Holdings LLC. He is also a member of the Advisory Council of the McCombs School of Business at the University of Texas at Austin, where he holds a bachelors degree. Mr. Tanaka became Representative Director and Deputy President of MUFG in June 2012. He served as Resident Managing Officer for the United States of MUFG as well as Chief Executive Officer for the Americas of BTMU from July 2010 to June 2012, Senior Managing Executive Officer of BTMU from May 2011 to June 2012 and Managing Executive Officer of BTMU from May 2007 to May 2011. Mr. Tanaka was President and Chief Executive Officer of UnionBanCal Corporation and its primary subsidiary, Union Bank, N.A., from May 2007 until June 2010, and also served on the Board of each entity until July 2012. Following the merger of The Bank of Tokyo-Mitsubishi, Ltd. (BTM) and UFJ Bank, Ltd., which created BTMU, he served as Executive Officer and General Manager of the Corporate Planning Division for BTMU from 2006 to 2007. From 1996 to 2005, Mr. Tanaka served in various capacities in the Corporate Planning Division of BTM and was Executive Officer and General Manager of the Corporate Banking Division with responsibility for relationships with leading corporations. He was also General Manager of the Corporate Business Development Division where he directed strategic planning and coordination of the company's corporate banking business. Mr. Tanaka began his professional career at the Mitsubishi Bank, a predecessor to BTMU, in 1977. Other Current Directorships: MUFG. Other Directorships in the Past Five Years: UnionBanCal Corporation. Mr. Tamakoshi has served as a Senior Advisor of The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) since June 2010. He served as Chairman of MUFG from October 2005 to June 2010 and as Deputy Chairman of BTMU from January 2006 to March 2008. Before the merger between the former Mitsubishi Tokyo Financial Group and UFJ Holdings, Mr. Tamakoshi was President and Chief Executive Officer of UFJ Holdings, Inc. and also Chairman of UFJ Bank, Ltd. Mr. Tamakoshi began his professional career at The Sanwa Bank, one of the legacy banks of BTMU, in 1970. Other Directorships in the Past Five Years: MUFG.
Thomas Henry Glocer, 53
Rayford Wilkins, 61
Masaaki Tanaka, 59
Director Since:2011
Ryosuke Tamakoshi, 65
Director Since:2011
Page 18 of 35
Page 19 of 35

Audit Committee
Name Title
Donald T Nicolaisen Howard J Davies O. Griffith Sexton Robert H. Herz
Independent Director, Chairman Of Operations And Technology Committee, Chairman Of Audit Committee And Member Of Compensation, Management Development And Succession Committee Independent Director, Chairman Of Risk Committee, Member Of Audit Committee And Member Of Operations And Technology Committee Independent Director, Member Of Audit Committee And Member Of Operations And Technology Committee Independent Director And Member Of Audit Committee
Compensation, Management Development And Succession Committee

Name Title
Erskine B. Bowles C. Robert Kidder Donald T Nicolaisen Hutham S. Olayan
Independent Director, Chairman Of Compensation, Management Development And Succession Committee Lead Independent Director, Member Of Nominating And Governance Committee And Member Of Compensation, Management Development And Succession Committee Independent Director, Chairman Of Operations And Technology Committee, Chairman Of Audit Committee And Member Of Compensation, Management Development And Succession Committee Independent Director And Member Of Compensation, Management Development And Succession Committee
Nominating And Governance Committee

Name Title
James W Owens C. Robert Kidder Klaus Kleinfeld
Independent Director, Chairman Of Nominating And Governance Committee And Member Of Risk Committee Lead Independent Director, Member Of Nominating And Governance Committee And Member Of Compensation, Management Development And Succession Committee Independent Director And Member Of Nominating And Governance Committee
Operations And Technology Committee

Name Title
Donald T Nicolaisen Howard J Davies O. Griffith Sexton Ryosuke Tamakoshi
Independent Director, Chairman Of Operations And Technology Committee, Chairman Of Audit Committee And Member Of Compensation, Management Development And Succession Committee Independent Director, Chairman Of Risk Committee, Member Of Audit Committee And Member Of Operations And Technology Committee Independent Director, Member Of Audit Committee And Member Of Operations And Technology Committee Director And Member Of Operations And Technology Committee
Risk Committee
Name Title
Howard J Davies James W Owens Laura D'andrea Tyson Masaaki Tanaka
Independent Director, Chairman Of Risk Committee, Member Of Audit Committee And Member Of Operations And Technology Committee Independent Director, Chairman Of Nominating And Governance Committee And Member Of Risk Committee Independent Director And Member Of Risk Committee Director And Member Of Risk Committee
Page 20 of 35
Morgan Stanley MS Performance

Growth of 10,000 09-30-2013
30k 20k 15k 10k MS Capital Markets
1-Month Range
52-Week Range
5-Year Range
% Below 52-Week High
% Below 5-Year High
25.76-29.50
15.95-29.50
6.71-35.78
8.32
24.43
4k
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
YTD
History
47.27 48.11 -0.84 1.59 52,130
-2.16 1.56 -3.71 1.80 50,119
4.14 21.98 -17.84 1.90 49,620
45.42 30.69 14.73 1.33 71,555
-19.97 -6.43 -13.54 2.03 56,362
-67.77 -54.26 -13.50 6.73 17,235
87.26 55.62 31.64 1.42 40,274
-7.40 -2.35 -5.05 0.74 41,142
-43.66 -37.92 -5.74 1.32 29,155
27.69 35.48 -7.79 1.05 37,744
41.74 34.17 7.57 52,783
MS Capital Markets +/- Capital Markets Dividend Yield % Market Cap USD Mil
Trailing Total Returns (Daily)

120.00 90.00 60.00 30.00 0.00 MS Capital Markets S&P 500 TR USD
1-Day
1-week
1-Month
3-Month
YTD
1-Year
3-Year
5-Year
10-Year
15-Year
Total Ret % 2013-10-01
0.71 0.65 0.81 0.05 -0.10
-0.48 -1.03 -0.10 0.55 -0.37
5.36 5.72 3.97 -0.37 1.39
10.57 5.99 5.51 4.58 5.06
42.73 35.04 20.76 7.69 21.97
62.84 55.49 19.98 7.34 42.85
3.50 9.49 16.41 -5.99 -12.91
3.21 2.66 10.29 0.54 -7.08
-2.56 2.70 7.41 -5.27 -9.98
5.41 8.85 5.60 -3.44 -0.19
MS Capital Markets S&P 500 TR USD +/- Capital Markets) +/- S&P 500 TR USD
Trailing Total Returns (Month-End)

1-Month
3-Month
6-Month
YTD
1-Year
3-Year
5-Year
10-Year
15-Year
Total Ret % 2013-09-30
4.62 5.04 3.14 -0.42 1.48
10.52 6.18 5.24 4.34 5.27
23.07 16.42 8.31 6.65 14.76
41.74 34.17 19.79 7.57 21.94
62.19 56.21 19.34 5.97 42.84
3.74 9.90 16.27 -6.17 -12.53
4.31 2.88 10.02 1.43 -5.70
-2.33 2.96 7.57 -5.29 -9.89
4.84 8.32 5.33 -3.47 -0.49
Page 21 of 35
Morgan Stanley MS Performance

Trailing Total Returns (Quarter-End)
1-Month Range
52-Week Range
5-Year Range
% Below 52-Week High
% Below 5-Year High
25.76-29.50
15.95-29.50
6.71-35.78
8.32
24.43
1-Month
3-Month
6-Month
YTD
1-Year
3-Year
5-Year
10-Year
15-Year
Total Ret % 2013-09-30
4.62 5.04 3.14 -0.42 1.48
10.52 6.18 5.24 4.34 5.27
23.07 16.42 8.31 6.65 14.76
41.74 34.17 19.79 7.57 21.94
62.19 56.21 19.34 5.97 42.84
3.74 9.90 16.27 -6.17 -12.53
4.31 2.88 10.02 1.43 -5.70
-2.33 2.96 7.57 -5.29 -9.89
4.84 8.32 5.33 -3.47 -0.49
Historical Prices 5-Day

Date Open High Low Close Volume
Split History
Date Ratio
2013-10-01 2013-09-30 2013-09-27 2013-09-26 2013-09-25 Five Year Dividend History

Annual Dividends
26.95 26.69 26.90 27.27 27.32
27.26 27.15 27.14 27.58 27.43
26.94 26.57 26.70 27.02 26.86
27.14 26.95 27.08 27.15 27.22
9.56 Mil 13.65 Mil 12.11 Mil 12.90 Mil 16.38 Mil
2000-01-27 1997-01-15 1991-08-28 1989-02-28 Spin-Off History

Date Child Company
2:1 2:1 2:1 3:2
# of Shares
12-2008
12-2009
12-2010
12-2011
12-2012
2007-07-02
DFS
0.5
Dividend Amount Year-end Yield %
1.08 6.73
0.44 1.48
0.20 0.74
0.20 1.32
0.20 1.05
*Dividend Amount is calculated using the ex-dividend date
Dividend History
Ex-Dividend Date
Declaration Date
Record Date
Payable Date
$ Amount
2013
2012
2011
2010
2009
2008
2013-07-29 2013-04-26 2013-02-01 2012-10-29 2012-07-27 2012-04-26 2012-01-27 2011-10-27 2011-07-27 2011-04-27 2011-01-27 2010-10-27 2010-07-28 2010-04-28 2010-01-27 2009-10-28 2009-07-29 2009-04-28 2009-01-28 2009-04-28 2008-10-15
2013-07-18 2013-04-18 2013-01-18 2012-10-18 2012-07-20 2012-04-20 2012-01-20 2011-10-20 2011-07-21 2011-04-22 2011-01-21 2010-10-21 2010-07-22 2010-04-22 2010-01-21 2009-10-22 2009-07-23 2009-04-22 2008-12-18 2009-04-22 2008-09-19
2013-07-31 2013-04-30 2013-02-05 2012-10-31 2012-07-31 2012-04-30 2012-01-31 2011-10-31 2011-07-29 2011-04-29 2011-01-31 2010-10-29 2010-07-30 2010-04-30 2010-01-29 2009-10-30 2009-07-31 2009-04-30 2009-01-30 2009-04-30 2008-10-17
2013-08-15 USD 0.05 2013-05-15 USD 0.05 2013-02-15 USD 0.05 2012-11-15 USD 0.05 2012-08-15 USD 0.05 2012-05-15 USD 0.05 2012-02-15 USD 0.05 2011-11-15 USD 0.05 2011-08-15 USD 0.05 2011-05-13 USD 0.05 2011-02-15 USD 0.05 2010-11-15 USD 0.05 2010-08-13 USD 0.05 2010-05-14 USD 0.05 2010-02-12 USD 0.05 2009-11-13 USD 0.05 2009-08-14 USD 0.05 2009-05-15 USD 0.05 2009-02-13 USD 0.27 2009-05-15 USD 0.0167 2008-10-31 USD 0.27
Page 22 of 35
Morgan Stanley MS Financials

Income Annual Statement As of Reported
2003-11 2004-11 2005-11 2006-11 2007-11 2008-11 2009-12 2010-12 2011-12 2012-12 TTM
Investment banking Asset mgmt and securities services Interest income Other income Total interest and dividend income Interest expense Revenues, net of interest expense Compensation and benefits Tech, communication and equipment Professional and outside services Advertising and marketing Other special charges Other expenses Total noninterest expense Income before income taxes Income taxes Other income (expense) Income from discontinued operations Cumulative effect of accounting change Net income Preferred dividends Net income available to common shareholders Earnings per share Basic Diluted Weighted average shares outstanding Basic Diluted EBITDA
Fiscal year ends in December USD in Million except per share data
2,440 3,706 15,744 13,043 34,933 12,809 22,124 8,545 6,824 15,369 6,755 1,547 (1,421) 3,787 3,787 3.52 3.45 1,077 1,099 6,125
3,341 3,264 18,590 14,354 39,549 14,859 24,690 9,880 7,528 17,408 7,282 1,803 (970) (23) 4,486 4,486 4.15 4.06 1,080 1,105 7,162
3,843 4,958 28,175 14,794 51,770 24,425 27,345 11,313 (251) 8,355 19,417 7,928 1,858 (878) (302) 49 4,939 4,939 4.70 4.57 1,050 1,080 7,865
4,755 3,810 45,216 22,770 76,551 41,937 34,614 14,387 8,699 23,086 11,528 3,275 (756) (25) 7,472 7,472 7.38 7.07 1,010 1,055 11,648
6,368 6,519 60,083 12,358 85,328 57,302 28,026 16,552 8,080 24,632 3,394 831 646 3,209 68 3,141 3.13 2.98 1,002 1,002 3,869
4,092 5,660 40,725 11,785 62,262 37,523 24,739 12,306 10,146 22,452 2,287 480 (100) 1,707 119 1,588 1.54 1.45 1,028 1,096 3,081
5,019 7,702 17,349 30,070 6,712 23,358 14,438 2,562 1,603 503 3,395 22,501 857 (336) (60) 213 1,346 2,253 (907) (0.77) (0.77) 1,185 1,185 2,081
5,122 7,957 7,278 17,679 38,036 6,414 31,622 16,048 1,665 1,911 582 5,214 25,420 6,202 739 (999) 239 4,703 1,109 3,594 2.64 2.63 1,362 1,411 7,621
4,991 8,502 7,264 18,553 39,310 6,907 32,403 16,403 1,815 1,803 602 5,666 26,289 6,114 1,418 (535) (51) 4,110 2,043 2,067 1.25 1.23 1,655 1,675 7,518
4,758 9,008 5,725 12,545 32,036 5,924 26,112 15,622 1,913 1,923 602 5,537 25,597 515 (239) (648) (38) 68 98 (30) (0.02) (0.02) 1,886 1,919 2,096
5,118 9,338 5,680 14,042 34,178 5,271 28,907 15,882 1,885 1,932 598 5,877 26,174 2,733 370 (741) (109) 1,513 250 1,263 0.67 0.65 1,897 1,938 4,237
Page 23 of 35

Annual Cash Flow As of Reported
2003-11 2004-11 2005-11 2006-11 2007-11 2008-11 2009-12 2010-12 2011-12 2012-12 TTM
Net income Provision for credit losses Depreciation & amortization Investment/asset impairment charges Deferred tax (benefit) expense Investments (gains) losses (Gains) loss on disposition of businesses Stock based compensation Receivable Payables Other assets and liabilities Other operating activities Net cash provided by operating activities Sales/maturity of investments Purchases of investments Changes in loans, net Acquisitions and dispositions Property, and equipments, net Other investing activities Net cash used for investing activities Change in deposits Change in short-term borrowing Long-term debt issued Long-term debt repayment Common stock issued Redemption of preferred stock Repurchases of treasury stock Cash dividends paid Other financing activities Net cash provided by (used for) financing activities Effect of exchange rate changes Net change in cash Cash at beginning of period Cash at end of period
3,787 1,267 637 205 2,346 (5,887) 2,355 (603) 2,366 1,763 (918) (12,043) 23,486 (13,041) (994) (128) (3,638) 480 29,212 29,692
4,486 925 805 (195) (31,320) 793 (24,506) (758) (569) (1,769) (3,096) 938 6,003 37,601 (11,915) (1,096) (810) 30,721 3,119 29,692 32,811
4,939 878 815 (1,076) (6,884) (30,024) (31,352) (323) (540) (3,258) (4,121) 4,886 (5,183) 53,299 (16,735) (1,180) (3,011) 32,076 (3,397) 32,811 29,414
7,472 756 876 212 (72,199) 2,080 (60,803) (2,706) 993 (632) (2,345) 9,647 (2,422) 47,849 (20,643) (1,167) 21,076 54,340 (8,808) 29,414 20,606
3,209 475 (2,046) 47 (26,428) 2,650 (22,093) 4,272 (14,073) (693) (1,469) 525 (11,438) 23,099 (15,957) 74,540 (33,120) (1,219) (8,820) 38,523 4,992 20,606 25,598
1,707 794 (1,224) 73,508 (1,368) 73,417 2,129 (1,400) 729 11,576 (14,682) 42,331 (56,120) (1,227) (422) (18,544) (2,546) 53,056 25,598 78,654
1,406 1,224 823 (932) (606) 1,265 (2,445) 818 (47,013) (491) (45,951) (1,595) (2,877) (4,472) 10,860 (7,724) 43,960 (33,175) 43 (10,950) (50) (1,732) 1,792 3,024 720 (46,679) 78,670 31,991
5,702 1,419 201 (129) (102) (1,238) 1,260 (9,568) 761 40,941 1,060 40,307 999 (29,989) 1,034 (1,201) (29,157) 1,597 878 31,772 (28,201) 5,581 (317) (1,488) (5,659) 4,163 311 15,624 31,991 47,615
4,645 1,404 159 413 (143) (24) 1,300 1,519 (6,963) 3,534 840 6,684 19,998 (20,601) (129) (1,304) (2,036) 1,850 (413) 32,725 (39,232) (317) (1,625) 1,864 (5,148) 197 (303) 47,615 47,312
716 1,581 271 (639) (78) (156) 891 (10,200) (1,283) 33,296 149 24,548 15,136 (24,477) (3,486) 1,725 (1,312) (12,414) 17,604 (705) 23,646 (44,982) (227) (765) (6,468) (11,897) (645) (408) 47,312 46,904
2,254 1,504 350 (93) (78) 832 (111) 6,685 14,822 (681) 25,484 20,737 (32,394) (5,257) 719 (1,459) 116 (17,538) 13,262 378 35,922 (46,220) (350) (1,136) (3,603) (1,747) (1,006) 5,193 42,006 47,199
Page 24 of 35

Annual Balance Sheet As of Reported
2003-11 2004-11 2005-11 2006-11 2007-11 2008-11 2009-12 2010-12 2011-12 2012-12
Cash and cash equivalents Federal funds sold Securities and investments Securities borrowed Receivables Loans Premises and equipment Goodwill Intangible assets Other assets Total assets Deposits Federal funds purchased Payables Short-term borrowing Long-term debt Accrued expenses and liabilities Other liabilities Total liabilities Preferred stock Common stock Additional paid-in capital Retained earnings Treasury stock Accumulated other comprehensive income Total Stockholders' equity Total liabilities and stockholders' equity
29,692 24,133 465,315 9,912 19,382 2,433 1,514 50,462 602,843 12,839 164,690 104,638 28,386 65,600 201,823 577,976 12 4,028 28,038 (6,766) (445) 24,867 602,843
32,811 123,041 505,731 18,508 20,226 2,605 2,199 70,289 775,410 13,777 447,234 140,888 36,303 95,286 13,716 747,204 12 3,696 31,426 (6,614) (314) 28,206 775,410
29,414 174,330 300,745 62,146 22,916 5,878 2,500 300,594 898,523 18,663 147,000 137,208 31,120 110,465 424,885 869,341 12 2,389 35,185 (8,214) (190) 29,182 898,523
50,171 174,866 489,629 17,333 24,173 4,086 3,350 357,037 1,120,645 28,343 267,566 147,288 427,056 190,534 24,494 1,085,281 1,100 12 2,213 41,422 (9,348) (35) 35,364 1,120,645
25,598 366,881 461,716 24,331 11,629 4,372 4,071 146,811 1,045,409 31,179 216,570 213,907 335,530 190,624 1,724 24,606 1,014,140 1,100 12 1,902 38,045 (9,591) (199) 31,269 1,045,409
78,654 158,562 286,851 14,293 6,528 5,057 3,138 105,729 658,812 42,755 229,729 118,366 34,665 163,437 2,584 16,445 607,981 19,155 12 1,619 38,096 (7,926) (125) 50,831 658,812
55,703 143,208 317,186 167,501 51,736 7,067 7,162 5,054 16,845 771,462 62,215 266,784 122,481 2,378 193,374 23,446 54,096 724,774 9,597 15 8,619 35,056 (6,039) (560) 46,688 771,462
66,795 148,253 307,052 138,730 54,150 10,576 6,154 6,739 4,667 64,582 807,698 63,812 276,354 126,612 3,256 213,620 19,090 47,743 750,487 9,597 16 13,521 38,603 (4,059) (467) 57,211 807,698
76,766 130,155 274,267 127,074 48,669 15,369 6,457 6,686 4,285 60,170 749,898 65,662 220,947 121,323 2,843 199,628 2,292 75,154 687,849 1,508 20 22,836 40,341 (2,499) (157) 62,049 749,898
46,904 134,412 290,552 121,701 64,288 29,046 5,946 6,650 3,783 77,678 780,960 83,266 242,796 125,037 2,138 187,797 2,685 75,132 718,851 1,508 20 23,426 39,912 (2,241) (516) 62,109 780,960
Page 25 of 35
Morgan Stanley MS Valuation / Estimates

Valuation History
1,000.00 800.00 600.00 400.00 200.00 MS S&P 500
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
TTM
Price/Earnings
16.8 21.1 2.5 3.1 2.9 1.6 27 11.9 Yields

4.5
13.6 19 2.1 3 2.5 1.6 -2.5 11.4
11.8 17.3 2 2.8 2.2 1.5 -2 10.7
11.5 16.8 2.5 2.9 2.5 1.6 -1.4 11.1
22.4 16.5 1.9 2.7 1.9 1.5 -2.4 11.6
10.4 10.9 0.5 1.7 0.7 0.9 0.2 6.8
-31.8 18.6 1.1 2.2 1.5 1.2 -0.8 9.1
11.1 15.5 0.9 2.2 1.2 1.3 1 9.3
12 13.7 0.5 2 0.8 1.2 3.8 8.5
1000 15 0.6 2.1 1.4 1.3 1.5 9.2
22.3 17 0.9 2.4 1.8 1.5 2.1 10.2
MS S&P 500
Price/Book
MS S&P 500
Price/Sales
MS S&P 500
Price/Cash Flow
MS S&P 500
5.9
Current Rates of Return %
MS
3.7 2.2 0.7

Earnings Yield Dividend Yield Cash Return
4.00
2.00
1.1
S&P 500 Earnings Yield
S&P 500 Dividend Yield
30-year T-Bond Yield
Current Valuation 2013-10-01

MS Industry Avg S&P 500 MS 5Y Avg* Relative to Industry Relative to S&P 500
Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield % Price/Fair Value

*Price/Cash Flow uses 3-year average.
22.3 0.9 1.8 2.1 0.7 1.0
16.6 1.2 1.3 14.6 1.1
17.0 2.4 1.5 10.2 2.2
200.3 0.7 1.1 2.1 2.3

Avg + Avg +
Forward Valuation 2013-10-01

MS Industry Avg S&P 500 Relative to Industry Relative to S&P 500
Forward Price/Earnings PEG Ratio PEG Payback (Yrs)
11.0 1.6
15.2
Avg + Avg +
Page 26 of 35
Morgan Stanley MS Valuation / Estimates

Analyst Ratings
%
Five-Year Growth Forecast Industry Avg Average Rating Last Month Industry Avg S&P 500 Avg
277.9% 3.7
Total Number of Analysts: Buy Outperform Hold Underperform Sell
4 0 4 0 1
Annual Earnings Estimates Data as of10/01/2013

12/2013 USD Growth % USD 12/2014 Growth %
Forward Comparisons
5Y Growth Forecast % Forward P/E PEG Ratio
High Low Mean 30 Days Ago 60 Days Ago 90 Days Ago Number of Estimates
2.33 1.69 1.99 2.00 2.00 1.99
-11750.0 -8550.0 -10050.0 -10100.0 -10100.0 -10050.0 9
2.80 1.60 2.47 2.48 2.47 2.45
20.2 -5.3 24.1 24.0 23.5 23.1 8
MS Industry S&P 500
277.90 9.83
10.99 15.24
0.04
Page 27 of 35
Morgan Stanley MS Key Ratios

Financials
2003-11 2004-11 2005-11 2006-11 2007-11 2008-11 2009-12 2010-12 2011-12 2012-12 TTM
Revenue USD Mil Gross Margin % Operating Income USD Mil Operating Margin % Net Income USD Mil Earnings Per Share USD Dividends USD Payout Ratio % Shares Mil Book Value Per Share USD Operating Cash Flow USD Mil Cap Spending USD Mil Free Cash Flow USD Mil Free Cash Flow Per Share USD Working Capital USD Mil Profitability
Margins % of Sales
22,124 5,488 24.8 3,787 3.45 0.92 1,099 2,355 805
24,690 6,357 25.7 4,486 4.06 1.00 1,105 -24,506 1,147
27,345 7,050 25.8 4,939 4.57 1.08 1,080 -31,352 3,963
34,614 10,772 31.1 7,472 7.07 1.08 1,055 -60,803 1,290
28,026 3,394 12.1 3,209 2.98 1.08 1,002 -22,093 7,304
24,739 2,287 9.2 1,707 1.45 1.08 1,096 73,417 -17,855
23,358 857 3.7 1,346 -0.77 0.42 1,185 27.26 -45,951 -2,877
31,622 6,202 19.6 4,703 2.63 0.20 8.2 1,411 31.49 40,307 -1,201 -5,820 -4.12
32,403 6,114 18.9 4,110 1.23 0.20 15.9 1,675 31.42 6,684 -1,304 -728 -0.43
26,112 515 2.0 68 -0.02 0.20 1000.0 1,919 30.70 24,548 -1,312 8
28,907 2,733 9.5 1,513 0.65 0.20 16.4 1,938 31.49 25,484 -1,459 1,173
2003-11
2004-11
2005-11
2006-11
2007-11
2008-11
2009-12
2010-12
2011-12
2012-12
TTM
Revenue COGS Gross Margin SG&A R&D Other Operating Margin Net Int Inc & Other EBT Margin
Profitability
100.00 42.99 26.47 24.81 30.53
100.00 44.59 25.92 25.75 29.49
100.00 45.62 25.39 25.78 28.99
100.00 45.17 21.53 31.12 33.30
100.00 61.96 25.93 12.11 12.11
100.00 52.88 37.88 9.24 9.24
100.00 74.93 21.40 3.67 3.67
100.00 57.86 22.53 19.61 19.61
100.00 58.08 23.05 18.87 18.87
100.00 69.46 28.57 1.97 1.97
100.00 63.53 27.01 9.45 9.45
Profitability Tax Rate % Net Margin % Asset Turnover (Average) Return on Assets % Financial Leverage (Average) Return on Equity % Return on Invested Capital % Interest Coverage
2003-11 28.19 17.12 0.04 0.67 24.24 16.20 -4.39
2004-11 28.47 18.17 0.04 0.65 27.49 16.91 -4.41
2005-11 27.34 18.06 0.03 0.59 30.79 17.21 -7.75
2006-11 30.47 21.59 0.03 0.74 32.71 23.55 -5.27
2007-11 20.57 11.21 0.03 0.29 34.65 9.75 -7.01
2008-11 21.95 6.42 0.03 0.19 20.80 5.14 -7.05
2009-12 -3.88 0.03 -0.12 20.80 -2.45 -2.14
2010-12 11.92 11.37 0.04 0.46 16.96 8.49 -0.83
2011-12 23.19 6.38 0.04 0.27 12.39 3.82 -1.23
2012-12 -0.11 0.03 12.89 -0.05 -1.51
TTM 13.54 4.37 0.04 0.16 13.02 2.05 -1.39
Page 28 of 35

Growth
Revenue % 2003-11 2004-11 2005-11 2006-11 2007-11 2008-11 2009-12 2010-12 2011-12 2012-12 Latest Qtr
Year over Year 3-Year Average 5-Year Average 10-Year Average

Operating Income %
8.21 -6.74 4.66 16.16
11.60 2.47 1.84 16.22
10.75 10.18 0.05 15.72
26.58 16.09 8.57 16.73
-19.03 4.32 6.51 5.55
-11.73 -3.28 2.26 3.45
-5.16 -11.96 -1.08 0.35
35.38 3.99 2.90 1.48
2.47 9.14 -1.29 3.48
-19.41 3.79 -1.38 2.45
22.29

Net Income %
16.27 -13.66 0.38 18.77
15.83 3.80 -3.83 18.15
10.90 14.31 -3.73 17.73
52.79 25.21 13.64 21.62
-68.49 -18.88 -6.38 -2.28
-32.62 -31.29 -16.06 -8.21
-59.53 -55.95 -32.56 -19.58
623.69 21.56 -2.49 -3.10
-1.42 37.54 -10.53 0.73
-91.58 -15.61 -30.96 -19.71
88.83

EPS %
26.74 -11.46 2.94 20.34
18.46 8.41 -1.31 19.90
10.10 18.24 -1.97 19.31
51.29 25.42 16.24 23.09
-57.05 -10.57 1.44 2.18
-46.81 -29.82 -14.73 -6.31
-19.67 -42.60 -21.07 -11.82
249.41 13.18 -0.96 -1.46
-12.61 32.95 -11.08 1.54
-98.35 -63.03 -53.10 -31.26
Year over Year 3-Year Average 5-Year Average 10-Year Average Cash Flow
Cash Flow Ratios
28.25 -9.98 5.30 12.21
17.68 9.29 -0.20 15.52
12.56 19.32 -0.69 15.12
54.70 27.02 17.85 17.86
-57.85 -9.80 2.07 3.69
-51.34 -31.79 -15.92 -5.90
-3.97 -10.29 -5.65
-53.23 -5.19 -29.09 -8.78
41.38
2003-11
2004-11
2005-11
2006-11
2007-11
2008-11
2009-12
2010-12
2011-12
2012-12
TTM
Operating Cash Flow Growth % YOY Free Cash Flow Growth % YOY Cap Ex as a % of Sales Free Cash Flow/Sales % Free Cash Flow/Net Income
3.64 0.21
4.65 0.26
14.49 0.80
3.73 0.17
26.06 2.28
-72.17 -10.46
12.32
3.80 -18.40 -1.24
4.02 -2.25 -0.18
5.02 0.03 0.12
5.05 4.06 0.78
Page 29 of 35

Financial Health
Balance Sheet Items (in %) 2003-11 2004-11 2005-11 2006-11 2007-11 2008-11 2009-12 2010-12 2011-12 2012-12 Latest Qtr
Cash & Short-Term Investments Accounts Receivable Inventory Other Current Assets Total Current Assets Net PP&E Intangibles Other Long-Term Assets Total Assets Accounts Payable Short-Term Debt Taxes Payable Accrued Liabilities Other Short-Term Liabilities Total Current Liabilities Long-Term Debt Other Long-Term Liabilities Total Liabilities Total Stockholders' Equity Total Liabilities & Equity
Liquidity/Financial Health
4.93 1.64 0.40 0.25 100.00 17.36 4.71 10.88 95.88 4.12 100.00 2003-11 24.24 2.64
4.23 2.39 0.34 0.28 100.00 18.17 4.68 12.29 96.36 3.64 100.00 2004-11 27.49 3.38
3.27 6.92 0.65 0.28 100.00 15.27 3.46 12.29 96.75 3.25 100.00 2005-11 30.79 3.79
4.48 1.55 0.36 0.30 100.00 13.14 38.11 17.00 96.84 3.16 100.00 2006-11 32.71 5.56
2.45 2.33 0.42 0.39 100.00 20.46 32.10 0.16 18.23 97.01 2.99 100.00 2007-11 34.65 6.32
11.94 2.17 0.77 0.48 100.00 17.97 5.26 0.39 24.81 92.28 7.72 100.00 2008-11 20.80 5.16
7.22 6.71 0.92 1.58 100.00 15.88 0.31 0.34 25.07 93.95 6.05 100.00 2009-12 20.80 5.21
8.27 6.70 0.76 1.41 100.00 15.68 0.40 0.32 26.45 92.92 7.08 100.00 2010-12 16.96 4.49
10.24 6.49 0.86 1.46 100.00 16.18 0.38 0.31 26.62 91.73 8.27 100.00 2011-12 12.39 3.30
6.01 8.23 0.76 1.34 100.00 16.01 0.27 0.34 24.05 92.05 7.95 100.00
10.29 8.03 0.74 1.27 100.00 18.13 0.29 22.46 92.13 7.87 100.00
Liquidity/Financial Health Quick Ratio Financial Leverage Debt/Equity Efficiency Ratios

Efficiency
2012-12 Latest Qtr 12.89 13.02 3.10 2.92
2003-11
2004-11
2005-11
2006-11
2007-11
2008-11
2009-12
2010-12
2011-12
2012-12
TTM
Days Sales Outstanding Days Inventory Payables Period Cash Conversion Cycle Receivables Turnover Inventory Turnover Fixed Assets Turnover Asset Turnover
9.41 0.04
9.80 0.04
6.45 0.03
6.95 0.03
6.63 0.03
5.25 0.03
3.31 0.03
4.78 0.04
5.14 0.04
4.21 0.03
4.70 0.04
Page 30 of 35
Morgan Stanley MS Ownership

Equity and Debt
Type Mil USD Current Ownership (8 Qtrs)
1,700.00 1,360.00 1,020.00 680.00 340.00
Current Ownership (10 Yrs)

1,950.00 1,560.00 1,170.00 780.00 390.00
Equity Debt
63,181.0 182,618.0
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
04
05
06
07
08
09
10
11
12
13
Equity Owners
Current Ownership
60,000 40,000
Institutions
1,700.02
1,710.00 1,140.00 570.00
Institutions
1,700.02
1,920.00 1,280.00 640.00
20,000 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 04 05 06 07 08 09 10 11 12 13
Type
Mil USD
Mutual Funds
591.44
600.00 400.00 200.00
Mutual Funds
591.44
1,290.00 860.00 430.00
Institutions Mutual Funds Insiders
45,762.2 15,956.3 121.4

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
04
05
06
07
08
09
10
11
12
13
Insiders
6.00 4.00 2.00 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
4.51
Insiders
6.00 4.00 2.00 04 05 06 07 08 09 10 11 12 13
4.51
Fund Owners' Style

Style # of Funds Shares Buy Sell Net % Chg
Buying Trend SellingTrend
423 14 1
Value
1,159 24 1
Blend
332 10 1
Growth
Large Value Large Blend Large Growth Mid Value Mid Blend Mid Growth Small Value Small Blend Small Growth Total
423 1,159 332 14 24 10 1 1 1 1,965
206,614,533 215,115,814 164,444,074 974,973 3,566,680 668,323 50,000 230 750 591,435,377
16,073,168 8,712,073 16,354,983 40,196 144,212 21,633 --750 41,347,015
4,340,938 8,008,667 18,192,591 17,854 121,939 865,959 --197,582 31,745,530
6.02 0.33 -1.11 2.35 0.63 -55.82 ---99.62 1.65
Large Mid Small
Page 31 of 35

Owner Activity
Institutions Name Current % Chg from Prev Qtr Current Funds % Chg from Prev Qtr
Total Owners New Owners Sold Out # of Owners Buying # of Owners Selling Total Shares Owned (Mil) Total Shares Bought (Mil) Total Shares Sold (Mil) Net Share Change (Mil) Peer Comparison
Equity Ownership
1,207 194 118 351 394 1,700 157 132 25
26.79 68.70 57.33 16.23 12.25 11.59 -2.47 -16.66 935.13
1,965 122 73 559 545 591 41 32 10
15.66 -17.57 -41.60 13.85 8.13 13.37 -29.54 -5.18 -61.90
MS
GS
RJF
SF
Market Cap (Mil USD) # of Institution Owners Equity Ownership

Funds Shares
53,155 1,207
71,407 1,595
5,860 480
2,611 277
Change
% Total Shares Held
% Total Assets
Date
Vanguard Total Stock Mkt Idx SPDR S&P 500 Vanguard 500 Index Inv Vanguard Institutional Index I MainStay Large Cap Growth A American Funds Growth Fund of Amer A Fidelity Contrafund Financial Select Sector SPDR Vanguard Wellington Inv Harbor Capital Appreciation Instl Total: Top 10 funds
Institutions
19,603,516 13,437,639 13,233,108 13,023,825 10,336,400 10,000,000 9,051,523 8,328,288 9,206,200 8,683,004 114,903,503
126,466 -106,216 91,250 -16,903 -237,400 0 373,800 -65,435 1,627,550 -2,694,144 -901,032
1.00 0.69 0.68 0.66 0.53 0.51 0.46 0.43 0.47 0.44 5.87
0.2 0.25 0.25 0.25 1.56 0.21 0.24 1.54 0.31 1.13
07/31/2013 10/01/2013 07/31/2013 07/31/2013 07/31/2013 06/30/2013 08/31/2013 10/01/2013 06/30/2013 06/30/2013
Mitsubishi UFJ Asset Management Co.,Ltd. State Street Corp China Investment Corp Vanguard Group, Inc. T. Rowe Price Associates, Inc. BlackRock Fund Advisors Fidelity Management and Research Company Jennison Associates LLC Invesco Advisers, Inc Eagle Capital Management LLC Total: Top 10 institutions
432,017,152 140,505,345 125,114,454 62,396,267 51,842,553 43,369,603 41,883,695 33,560,304 31,822,777 29,607,974 992,120,124
0 183,368 -25,667,925 -1,021,184 10,589,273 -515,730 -738,009 -9,224,377 2,363,278 861,849 -23,169,457
22.05 7.17 6.34 3.18 2.65 2.21 2.14 1.71 1.62 1.51 50.58
94.58 0.45 0 0.16 0.34 0.19 0.18 0.92 0.58 3.87
06/30/2013 06/30/2013 12/31/2012 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013
Page 32 of 35

Major Shareholders
Funds Star Rating Shares Held % Total Shares Held Shares Change % Chg from Prior Port % Total Assets Date of Portfolio
Vanguard Total Stock Mkt Idx SPDR S&P 500 Vanguard 500 Index Inv Vanguard Institutional Index I MainStay Large Cap Growth A American Funds Growth Fund of Amer A Fidelity Contrafund Financial Select Sector SPDR Vanguard Wellington Inv Harbor Capital Appreciation Instl Templeton Growth A T. Rowe Price Value CREF Stock American Funds New Perspective A Mutual Global Discovery Z SSgA S&P 500 Index Strategy CGM Focus Invesco Growth and Income A Invesco Equity and Income A Eaton Vance Large-Cap Value A
Institutions
QQQQ QQQQ QQQQ QQQ QQQ QQQQ Q QQQQQ QQQQ QQ QQQQ QQQ QQQQ QQQQQ QQQ Q QQQ QQQQ QQ
19,603,516 13,437,639 13,233,108 13,023,825 10,336,400 10,000,000 9,051,523 8,328,288 9,206,200 8,683,004 8,460,730 8,410,000 7,443,982 7,500,000 7,483,920 8,251,847 6,950,000 6,862,092 6,616,330 5,700,000
Shares Held
1.00 0.69 0.68 0.66 0.53 0.51 0.46 0.43 0.47 0.44 0.43 0.43 0.38 0.38 0.38 0.42 0.35 0.35 0.34 0.29
% Total Shares Held
126,466 -106,216 91,250 -16,903 -237,400 0 373,800 -65,435 1,627,550 -2,694,144 0 1,420,000 -63,880 0 0 -40,330 0 413,991 316,490 -100,000
Shares Change
0.65 -0.78 0.69 -0.13 -2.25 0.00 4.31 -0.78 21.48 -23.68 0.00 20.31 -0.85 0.00 0.00 -0.49 0.00 6.42 5.02 -1.72
% Chg from Prior Port
0.2 0.25 0.25 0.25 1.56 0.21 0.24 1.54 0.31 1.13 1.3 1.32 0.17 0.41 0.9 0.21 15.83 2.1 1.46 2.12
% Total Assets
07/31/2013 10/01/2013 07/31/2013 07/31/2013 07/31/2013 06/30/2013 08/31/2013 10/01/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 07/31/2013 06/30/2013 06/30/2013 03/31/2013 06/30/2013 06/30/2013 06/30/2013 07/31/2013
Date of Portfolio
Mitsubishi UFJ Asset Management Co.,Ltd. State Street Corp China Investment Corp Vanguard Group, Inc. T. Rowe Price Associates, Inc. BlackRock Fund Advisors Fidelity Management and Research Company Jennison Associates LLC Invesco Advisers, Inc Eagle Capital Management LLC Templeton Global Advisors Limited Capital World Investors Franklin Mutual Advisers, LLC Northern Trust Investments, N.A. J.P. Morgan Investment Management Inc. Winslow Capital Management, LLC Wellington Management Company, LLP Pzena Investment Management, LLC Eaton Vance Management Dimensional Fund Advisors, Inc.
432,017,152 140,505,345 125,114,454 62,396,267 51,842,553 43,369,603 41,883,695 33,560,304 31,822,777 29,607,974 21,993,545 20,890,000 20,584,758 19,297,167 18,489,275 18,487,320 17,873,086 13,271,340 12,553,316 12,050,056
22.05 7.17 6.34 3.18 2.65 2.21 2.14 1.71 1.62 1.51 1.12 1.07 1.05 0.98 0.94 0.94 0.91 0.68 0.64 0.62
0 183,368 -25,667,925 -1,021,184 10,589,273 -515,730 -738,009 -9,224,377 2,363,278 861,849 -683,310 390,000 -471,082 56,282 3,894,127 18,487,320 3,207,128 1,753,787 9,963,454 583,546
0.00 0.13 -17.02 -1.61 25.67 -1.18 -1.73 -21.56 8.02 3.00 -3.01 1.90 -2.24 0.29 26.68 New 21.87 15.23 384.71 5.09
94.58 0.45 0 0.16 0.34 0.19 0.18 0.92 0.58 3.87 3.18 0.17 1.47 0.17 0.29 1.47 0.14 2.16 0.93 0.28
06/30/2013 06/30/2013 12/31/2012 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013
Page 33 of 35

Concentrated Shareholders
Funds Star Rating Shares Held % Total Shares Held Shares Change % Chg from Prior Port % Total Assets Date of Portfolio
CGM Focus Natixis CGM Advisor Targeted Equity A PowerShares KBW Capital Markets CGM Mutual iShares U.S. Broker-Dealers ETF Fidelity Select Brokerage & Invmt Mgmt Roosevelt Multi-Cap Hennessy Large Cap Financial Investor Eaton Vance Focused Value Opp A Columbia Select Large Cap Value ETF Diamond Hill Financial Long-Short A Columbia VP Select Large-Cap Value 3 DH Financial Trends Fund Securiti1 Ariel Focus Investor Madison Covered Call & Eq Strat Columbia Select Large-Cap Value A Madison Equity Income A RidgeWorth Sel Large Cap Growth Stock I Diamond Hill Select A Matrix Advisors Value
Institutions
Q QQ QQ QQ QQQ QQ QQQQ QQQ QQQ QQQQ QQ QQ QQQ Q QQ QQQQ Q
6,950,000 2,330,000 30,021 1,670,000 359,538 1,100,000 262,736 120,000 24,153 5,647 41,775 920,400 79,780 72,650 300,000 800,000 39,200 36,738 71,655 85,000
Shares Held
0.35 0.12 0.00 0.09 0.02 0.06 0.01 0.01 0.00 0.00 0.00 0.05 0.00 0.00 0.02 0.04 0.00 0.00 0.00 0.00
% Total Shares Held
0 0 0 0 -4,181 100,000 0 -30,000 3,967 0 4,100 -20,000 0 -5,800 0 40,000 -50,000 -1,102 0 0
Shares Change
0.00 0.00 0.00 0.00 -1.15 10.00 0.00 -20.00 19.65 0.00 10.88 -2.13 0.00 -7.39 0.00 5.26 -56.05 -2.91 0.00 0.00
15.83 11.25 9.52 8.98 6.88 4.45 4.02 3.97 3.91 3.86 3.83 3.65 3.61 3.54 3.45 3.44 3.28 3.28 3.11 3.09
% Total Assets
06/30/2013 07/31/2013 10/01/2013 06/30/2013 10/01/2013 08/31/2013 08/31/2013 06/30/2013 07/31/2013 08/31/2013 08/31/2013 08/31/2013 02/28/2013 06/30/2013 12/31/2012 08/31/2013 07/31/2013 08/31/2013 08/31/2013 08/31/2013
Date of Portfolio
Mitsubishi UFJ Asset Management Co.,Ltd. MARSHALL WACE ASIA Ltd Scotia Fondos SA de CV GSB Podium Advisors, LLC Capital Growth Mgt Ltd Partnership Korea Investment Management Co., Ltd DSAM Partners LLP Caxton Associates LLC Grisanti Capital Management Red Sky Capital Management Ltd. Proxima Investment Management Ltd TEGEAN CAPITAL MANAGEMENT, LLC New Vernon Investment Management LLC Dalton Investments LLC. Financial Stocks Inc RABOBANK NEDERLAND /FI Wellcome Trust Ltd. Columbus Hill Capital Management, L.P. Bridger Management LLC RBF LLC
432,017,152 865,891 49,300 8,252 10,950,000 50,500 436,124 5,235,004 532,805 14,000 166,490 300,000 186,000 901,100 500,000 531,579 5,400,000 1,363,873 2,450,000 625,000
22.05 0.04 0.00 0.00 0.56 0.00 0.02 0.27 0.03 0.00 0.01 0.02 0.01 0.05 0.03 0.03 0.28 0.07 0.13 0.03
0 -1,003,099 -1,200 8,252 0 8,800 -325,355 -2,142,614 117,536 14,000 17,950 -300,000 30,000 -362,500 500,000 510,759 200,000 -151,347 0 0
0.00 -53.67 -2.38 New 0.00 21.10 -42.73 -29.04 28.30 New 12.08 -50.00 19.23 -28.69 New 2453.21 3.85 -9.99 0.00 0.00
94.58 8.59 7.94 7.29 7.09 6.99 6.94 6.43 6.11 5.88 5.85 5.6 5.36 5.31 4.85 4.81 4.67 4.65 4.4 4.3
06/30/2013 06/30/2013 08/31/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 03/31/2013 07/31/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013
Page 34 of 35

Shareholders Buying
Funds Star Rating Shares Bought % Total Shares Held % Chg from Prior Port % Total Assets Date of Portfolio
Vanguard Windsor II Inv Fidelity Advisor New Insights A T. Rowe Price Blue Chip Growth T. Rowe Price Instl Large Cap Growth Vanguard Wellington Inv T. Rowe Price Value Invesco Comstock A Fidelity Growth Company Schwab Dividend Equity Pioneer Core Equity A Vanguard Windsor Inv JPMorgan US Large Cap Core Plus A AST Prudential Growth Allocation Port Invesco Growth and Income A Vanguard Growth & Income Inv Fidelity Contrafund Fidelity VIP Contrafund Inv Invesco Equity and Income A Fidelity Balanced Putnam S&P 500 Fund: A
Institutions
QQQQ QQQQ QQQQ QQQQ QQQQQ QQQQ QQQ QQQQQ QQQQ QQQ QQQQ QQQ Q QQQ QQQ QQQQ QQQQ QQQQ QQQQ QQQQ
4,400,600 2,390,157 2,183,000 1,780,700 1,627,550 1,420,000 1,185,354 1,075,000 841,300 802,500 488,700 476,390 461,300 413,991 402,020 373,800 333,863 316,490 303,586 284,200
Shares Bought
0.28 0.22 0.24 0.21 0.47 0.43 0.30 0.10 0.05 0.04 0.18 0.18 0.02 0.35 0.04 0.46 0.14 0.34 0.14 0.02
% Total Shares Held
387.48 119.12 87.64 73.47 21.48 20.31 25.31 130.30 614.09 5900.74 15.83 16.11 New 6.42 100.62 4.31 13.35 5.02 12.74 545.49
0.32 0.48 0.65 1.41 0.31 1.32 1.44 0.1 1.35 1.35 0.59 1.06 0.2 2.1 0.41 0.24 0.43 1.46 0.31 0.57
% Total Assets
06/30/2013 08/31/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 08/31/2013 04/30/2013 06/30/2013 06/30/2013 08/31/2013 08/31/2013 06/30/2013 06/30/2013 08/31/2013 08/31/2013 06/30/2013 08/31/2013 06/30/2013
Date of Portfolio
Winslow Capital Management, LLC T. Rowe Price Associates, Inc. Eaton Vance Management Manufacturers Life Insurance Co Lazard Asset Management LLC Putnam Investment Management,LLC Adage Capital Partners Gp LLC J.P. Morgan Investment Management Inc. Pioneer Investment Management Inc GCIC Ltd. MFS Investment Management K.K. Marsh and Mclennan Companies Retirement Plan Wellington Management Company, LLP Managed Account Advisors LLC Enhanced Investment Technologies Inc Invesco Advisers, Inc OppenheimerFunds, Inc. Fidelity International Ltd Pzena Investment Management, LLC New Jersey Division of Pensions and Benefits
18,487,320 10,589,273 9,963,454 8,670,543 8,394,253 6,188,528 5,440,600 3,894,127 3,719,730 3,700,390 3,536,489 3,225,053 3,207,128 2,392,215 2,374,500 2,363,278 2,292,448 2,262,473 1,753,787 1,750,000
0.94 2.65 0.64 0.47 0.48 0.32 0.28 0.94 0.19 0.19 0.44 0.01 0.91 0.20 0.26 1.62 0.22 0.27 0.68 0.13
New 25.67 384.71 1527.40 758.68 New New 26.68 New New 68.34 New 21.87 157.39 87.28 8.02 110.48 74.92 15.23 New
1.47 0.34 0.93 0.43 0.55 0.44 0.41 0.29 0.38 0.4 0.14 0.15 0.14 0.15 0.34 0.58 0.15 0.73 2.16 0.07
06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 12/31/2009 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2010
Page 35 of 35

Shareholders Selling
Funds Star Rating Shares Sold % Total Shares Held % Chg from Prior Port % Total Assets Date of Portfolio
Harbor Capital Appreciation Instl SIIT Large Cap Disciplined Equity A Gateway A Templeton World Fund A Fidelity Series Growth & Income Fidelity Equity-Income Prudential Series Flexible Managed I Mellon Cap EB DL Large Cap Stock Indx Fd Metropolitan Ser Jennison Growth E Fidelity Series Equity-Income Pru Ret Large Cap Value / LSV SP Fidelity VIP Equity-Income Inv Strategic Advisers Core MainStay Large Cap Growth A Janus Global Select D Alger Spectra A Putnam Fund for Growth & Income A Fidelity Advisor Growth & Income A Transamerica Jennison Growth VP Svc Franklin Mutual Shares Securities Cl2
Institutions
QQQQ QQQ QQQQQ QQ QQQQ QQQQ QQQQ QQQ QQQ QQQ Q QQQQ QQ QQ QQQQ QQQQ
-2,694,144 -719,750 -675,200 -474,530 -451,000 -430,400 -425,100 -391,120 -367,719 -353,400 -293,200 -288,818 -269,775 -237,400 -236,353 -235,700 -219,100 -200,400 -190,071 -164,070
Shares Sold
0.44 0.03 0.04 0.26 0.04 0.10 0.01 0.01 0.07 0.11 0.01 0.07 0.04 0.53 0.06 0.09 0.11 0.01 0.02 0.10
% Total Shares Held
-23.68 -53.89 -45.19 -8.43 -36.56 -17.38 -65.80 -77.60 -20.77 -13.97 -54.37 -17.39 -25.33 -2.25 -16.36 -11.99 -9.19 -52.54 -32.27 -7.70
1.13 0.31 0.29 2.26 0.87 0.56 0.14 0.23 1.26 0.95 0.3 0.59 0.19 1.56 1.42 1.54 1.08 0.88 1.16 0.97
% Total Assets
06/30/2013 08/31/2013 07/31/2013 06/30/2013 08/31/2013 08/31/2013 06/30/2013 06/30/2013 06/30/2013 08/31/2013 03/31/2013 08/31/2013 08/31/2013 07/31/2013 06/30/2013 06/30/2013 06/30/2013 08/31/2013 06/30/2013 06/30/2013
Date of Portfolio
China Investment Corp Jennison Associates LLC Citadel Advisors Llc Pyramis Global Advisors, LLC Schroder Investment Management Ltd. Caxton Associates LLC SAC Capital Advisors, LP Pacific Heights Asset Mgmt, LLC Carlson Capital, L.P. UBS Global Asset Mgmt Americas Inc Valinor Management, LLC SG Americas Securities, LLC Bt Alex Brown Inc Vanguard Group, Inc. MARSHALL WACE ASIA Ltd Citigroup Inc Hotchkis & Wiley Capital Management LLC Bank of Nova Scotia QS Investors LLC Sandler O'Neill Asset Management Llc
-25,667,925 -9,224,377 -8,116,313 -4,394,723 -3,686,393 -2,142,614 -1,748,521 -1,500,000 -1,463,070 -1,439,640 -1,271,139 -1,225,202 -1,145,301 -1,021,184 -1,003,099 -996,634 -951,600 -887,513 -859,700 -834,200
6.34 1.71 0.11 0.01 0.28 0.27 0.01 0.10 0.02 0.22 0.16 0.08 0.03 3.18 0.04 0.12 0.13 0.00 0.00 0.03
-17.02 -21.56 -79.31 -96.47 -39.81 -29.04 -93.24 -42.55 -78.59 -24.66 -28.45 -43.88 -67.40 -1.61 -53.67 -29.50 -26.75 -96.63 -96.57 -62.52
-0.92 0.09 0.01 0.56 6.43 0.02 1.2 0.12 0.4 3.23 0.19 0.13 0.16 8.59 0.06 0.32 0 0.03 1.28
12/31/2012 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013

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Morgan Stanley MS

Quote Analysis Insiders

20 Performance 22 Financials 25 Valuation / Estimates 27 Key Ratios 30 Ownership

Release date 10-02-2013

Morningstar Analyst Rating . Forward P/E P/B P/S P/CF

Stock Price 2013-01-01 - 2013-10-01

07/18/2013 07/29/2013 0.05 0.74 %

$ 26.00 $ 15.60 $ 40.30 High Narrow Standard V V BBB

04/26/2013 02/01/2013 10/29/2012 07/27/2012

Cash Dividends Cash Dividends Cash Dividends Cash Dividends

0.0500 0.0500 0.0500 0.0500

Direct Investment Dividend Reinvestment Plan Competitors

TTM Sales $ mil

16.6 1.2 1.3 7.5 0.4 11.6 8 0.6 7.4 2.6

-0.37 [ -0.17 [ -1.41 [ -0.65 [ -1.66 [ 0.16 ]

28,907 36,289 19,120 5,055 2,677 0

26,112.00 -199.00 68.00 -0.02 1,918.81

32,403.00 357.00 4,110.00 1.23 1,675.27

31,622.00 864.00 4,703.00 2.63 1,411.27

8,503.00 204.00 980.00 0.41 1,951.36

6,953.00 -161.00 591.00 0.29 1,911.71

1.00 0.69 0.68 0.66 0.53

0.20 0.25 0.25 0.25 1.56

Net Loans Total Assets Deposits Total Liabilities Stockholders' Equity

29,046.00 780,960.00 83,266.00 718,851.00 62,109.00

15,369.00 749,898.00 65,662.00 687,849.00 62,049.00

10,576.00 807,698.00 63,812.00 750,487.00 57,211.00

34,571.00 802,691.00 81,514.00 739,510.00 63,181.00

21,394.00 748,517.00 68,252.00 685,676.00 62,841.00

Cash From Operations Cash From Investing Cash From Financing

24,548.00 -12,414.00 -11,897.00

6,684.00 -2,036.00 -5,148.00

40,307.00 -29,157.00 4,163.00

13,802.00 -3,359.00 -6,227.00

Release date 10-02-2013

Morgan Stanley MS Quote

26.00 Business Description

Release date 10-02-2013

Morgan Stanley MS Quote

QQQ QQQ Q QQQ QQQ

0.2 0.2 0.2 0.5 0.2 0.6

33.7 23.4 72.5 9.9 80.0 19.3 22.7

8.5 2.1 3.0 4.2 6.0 5.1 1.6 2.2

0.1 0.6 0.1

14.9 53.2 4.2 47.8 15.4 17.3 163.9 2.3

0.1 0.5 0.4 0.2 0.6 0.2 0.5 0.3

-20.6 1.4 -2.1 -0.3 9.6 -1.4 -9.5 10.2 144.2

14.6 5.6 9.8

-32.1 -23.8 -25.3

-26.4 -1.6 -189.6

Release date 10-02-2013

Morgan Stanley MS Quote

-1 -1 0 0 0 0 0 -10 0 0 0 47 -7 0 6 -1,106 -35 -1 -3

0.9 0.2 0.1 7.2 4.2 0.0 0.1 0.5 0.1

14.9 4.1 -13.9

-117.4 -265.8 -0.2 -13.2 -7267.4 -1.4 -200.5 11.9 -20.7

-39.7 -17.1 -0.9 -225.9 -1.1 -7.6 0.6 -16.0

0.4 0.4 0.0 -0.0 0.0

-4.1 -4.4 32.9 80.8 1.3

-22.6 -0.9 25.8 63.6 -9.6 -22179.5 -120.4

0.6 1.4 1.3 -54.5

0.2 0.5 1.7

-6.0 3.8 -3.6 12.0 -16.2 -16.7